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FREMONT, Calif. and OXFORD, England, May 11, 2018 /PRNewswire/ -- Cerus Endovascular Ltd., a privately-held, commercial-stage medical device company engaged in the design and development of highly differentiated and proprietary interventional neuroradiology devices and delivery systems for the treatment of acute, life-threatening neurological conditions, specifically, intracranial aneurysm, today announced the promotion of Stephen Griffin, PhD, to president of the company, effective immediately. Dr. Griffin had previously served as the company's chief technology officer since joining in 2014.
"For the past four years, Stephen has been an integral part of the Cerus team, and it gives the Board great satisfaction to recognize his vast contributions through his promotion to president," said Sam J. Milstein, PhD, lead director of the company. "In addition to inventing or co-inventing Cerus's portfolio of interventional neuroradiology devices, including the Contour Neurovascular System™, as well as its intra-saccular coil assist neck bridge technology and microcatheters, Stephen has played a key role in their clinical advancement while also forging relationships with key opinion leaders and pursuing strategic collaborations. The Board looks forward to the continuity of Stephen's leadership as Cerus works to bring its novel aneurysm treatments to market while creating significant value for its investors."
"I am honored to accept the role of president of Cerus Endovascular at this important time in the company's evolution," said Dr. Griffin. "We are working toward a number of important milestones this year, including CE Mark and FDA approval for our family of microcatheters, the first of which has been submitted for approval in the U.S. We are also working toward completion of CE Mark trial enrollment of the Contour Neurovascular System™, and the initiation of activities to support an investigational device exception (IDE) study of both the Contour Neurovascular System™ and the intra-saccular neck bridge device technology. We believe these technologies have the potential to significantly advance the field of aneurysm therapy, and we continue to work diligently to bring these treatment options to patients who need them."
Prior to joining Cerus Endovascular, Dr. Griffin founded a medical device and technology consultancy, Griffin Biomedical, which counted Cerus Endovascular among its clients. Before that, he served as vice president of research and technology development at Covidien (which was acquired by Medtronic in 2015) and, before that, director of research and development at Nellix Endovascular. Prior to joining Nellix, he served as director of research and development at Cordis (a unit of J&J, which was sold to Cardinal Health in 2015). Earlier in his career, Dr. Griffin served in various research and development roles of increasing responsibility at Boston Scientific. He received his PhD and his BS in Materials Science from the University of Limerick.
The company also announced that Todd Derbin is no longer chief executive officer or chairman of the company or its U.S. subsidiary.
About Cerus Endovascular
Founded in 2013, Cerus Endovascular is a privately-held, commercial-stage medical device company engaged in the design and development of highly differentiated and proprietary interventional neuroradiology devices and delivery systems for the treatment of acute, life-threatening neurological conditions, specifically, intracranial aneurysm. The company's first product, the Contour Neurovascular System™, is a pre-shaped structure of fine mesh braid with shape memory properties that is delivered to the aneurysm via an endovascular micro-catheter. The company is also developing a pipeline of complementary devices, leveraging the design concept of the Contour Neurovascular System™ to address the full range of size, type and location of cerebral aneurysms with which a patient can present to the clinician.
Contacts:
Melody A. Carey
Rx Communications Group, LLC
917-322-2571
[email protected]
View original content: http://www.prnewswire.com/news-releases/cerus-endovascular-promotes-stephen-griffin-phd-to-president-300646674.html
SOURCE Cerus Endovascular Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-cerus-endovascular-promotes-stephen-griffin-phd-to-president.html |
LONDON (Reuters) - Britain’s most prestigious flower show, a celebration of the genteel world of gardening, opens this week with a tribute to the “Windrush” generation of Caribbean migrants whose recent treatment has provoked a political scandal.
Britain's Queen Elizabeth looks at a display of roses as she tours the Chelsea Flower Show 2018 in London, Britain May 21, 2018. Richard Pohle/Pool via REUTERS The floral tribute at the Chelsea Flower Show is designed to celebrate the 70th anniversary of the arrival of the HMT Empire Windrush ship, bringing the first in a wave of immigrants who were invited to Britain after World War Two to plug job shortages.
Although fully entitled to live and work in Britain, an unknown number of Windrush descendants have been wrongly identified as illegal immigrants and denied basic rights such as healthcare.
Some have been detained and up to 63 immigrants wrongly deported to the Caribbean in a scandal that engulfed the government and led to the resignation of the government’s Home Secretary, the interior minister.
Slideshow (32 Images) The exhibit at the Royal Horticultural Society’s annual Chelsea Flower Show depicts the moment that the HMT Empire Windrush arrived in Essex, southeast England, in 1948. It features a model of the ship and its passengers and includes flowers and plants from both sides of the Atlantic.
It was designed by the former television presenter and now life peer Baroness Floella Benjamin, who arrived in Britain from Trinidad and Tobago in 1960 aged 11 and worked on the project with the Windrush Foundation and the Birmingham City Council gardening team.
Prime Minister Theresa May was one of the guests to the show in the grounds of London’s Royal Hospital Chelsea on Monday ahead of its official opening on Tuesday with Queen Elizabeth also expected to attend.
Reporting by Ana de Liz; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-flower-chelsea/londons-chelsea-flower-show-display-pays-tribute-to-windrush-generation-idUSKCN1IM1FY |
(Reuters) - Shares of clothing retailer Gap Inc ( GPS.N ) slumped 14 percent on Friday after a surprisingly large fall in same-store sales of its flagship brand weakened overall revenue and dragged quarterly profits down below Wall Street forecasts.
FILE PHOTO: People pass by the GAP clothing retail store in Manhattan, New York, U.S., August 15, 2016. REUTERS/Eduardo Munoz/File Photo At least seven brokerages cut their targets for the stock after what was the first same-store sales miss compared to consensus estimates in six quarters.
Shares last traded down 13.3 percent at $28.54, putting it on course for its biggest one-day percentage fall in 18 months.
Strong results for the apparel retailer’s ever reliable Old Navy brand of clothing failed to offset a fall in comparable store sales for the GAP brand, which has now been struggling to excite shoppers for years.
“Gap brand (is) just plain disappointing; no way to sugarcoat it,” Jefferies analyst Randal Konik said in a note cutting his target for the stock.
Gap Chief Executive Art Peck fired the head of the GAP brand in February citing disappointment with the unit’s performance, and the store has long been heavily discounting its trademark trousers and sweatshirts.
The brand, the company’s second biggest revenue generator, had only just returned to positive comparable sales in the previous two quarters after years of declines.
“The blunt truth is that on the ground little seems to have changed at Gap,” said Neil Saunders from research house GlobalData Retail.
“The product mix still consists of the same boring basics, there is an absence of fashion trends, base prices remain out of kilter, and discounting is rife.”
The San Francisco-based company said in a results call with analysts that it had struggled to clear inventories in an unusually cold quarter, forcing it to discount many of its products.
Overall same-store sales rose 1 percent in the three months ended May 5 compared to analysts expectations of 1.7 percent growth.
Analysts at RBC Capital Markets, cutting their share price target for Gap to $35, said the stock would continue to remain pressured until investors had more confidence that efforts to turn around the Gap brand were having an impact.
Reporting by Uday Sampath in Bengaluru
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gap-results-stocks/gap-shares-slide-after-same-store-sales-disappoint-idUSKCN1IQ1NL |
May 9, 2018 / 12:07 PM / Updated 11 minutes ago BRIEF-Pinnacle Entertainment Reports Q1 Gaap Earnings Per Share $0.35 Reuters Staff
May 9 (Reuters) - Pinnacle Entertainment Inc:
* PINNACLE ENTERTAINMENT REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS * Q1 GAAP EARNINGS PER SHARE $0.35
* Q1 REVENUE $628.4 MILLION VERSUS I/B/E/S VIEW $641 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.29 — THOMSON REUTERS I/B/E/S
* PINNACLE ENTERTAINMENT - 2018 Q1 RESULTS NEGATIVELY IMPACTED BY “ADVERSE WINTER WEATHER CONDITIONS”
* REMAIN ON TRACK TO COMPLETE PENN NATIONAL TRANSACTION IN SECOND HALF OF 2018 Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pinnacle-entertainment-reports-q1/brief-pinnacle-entertainment-reports-q1-gaap-earnings-per-share-0-35-idUSASC0A0YZ |
MARKHAM, Ontario, Extendicare Inc. (“Extendicare” or the “Company”) (TSX:EXE) today announced the results of matters voted on at its annual and special shareholders’ meeting held on May 24, 2018 (the “Meeting”), which included the election as directors of the Company of all of the nominees listed in its management information and proxy circular dated April 6, 2018 (the “Information Circular”). The voting results for each of the matters considered at the Meeting are presented below.
The total number of common shares represented by shareholders present in person or by proxy at the Meeting was 28,424,010, representing 32.31% of the Company’s outstanding common shares.
Election of Directors
On a vote by a show of hands, the election of the following nine nominees as directors of the Company to hold office until the next annual meeting of the Company, or until their respective successors are elected or appointed, was approved. Proxies were received on this matter as follows:
Nominee Votes For % Votes Withheld % Margery O. Cunningham 26,150,228 98.56 383,083 1.44 Michael R. Guerriere 25,927,176 97.72 606,135 2.28 Sandra L. Hanington 26,179,523 98.67 353,788 1.33 Alan R. Hibben 26,126,366 98.47 406,945 1.53 Donna E. Kingelin 25,950,306 97.80 583,005 2.20 Timothy L. Lukenda 26,222,904 98.83 310,407 1.17 Al Mawani 26,124,149 98.46 409,162 1.54 Gail Paech 25,020,885 94.30 1,512,426 5.70 Alan D. Torrie 24,996,920 94.21 1,536,391 5.79 Appointment of Auditors
On a vote by a show of hands, the appointment of KPMG LLP as the auditors of the Company until the next annual meeting of the Company to be held in the year 2019 was approved. Proxies were received on this matter as follows:
Votes For % Votes Withheld % 27,349,148 97.87 594,196 2.13 The Continuation and the Amendment and Restatement of the Shareholder Rights Plan
On a vote conducted by ballot, the ordinary resolution for the continuation and the amendment and restatement of the Company’s shareholder rights plan was approved. The results of the vote were as follows:
Votes For % Votes Against % 25,402,406 94.03 1,611,571 5.97 Approach to Executive Compensation
On a vote conducted by ballot, a non-binding advisory resolution to accept the Company’s approach to executive compensation disclosed in the Company’s Information Circular was approved. The results of the vote were as follows:
Votes For % Votes Against % 24,976,588 92.51 2,021,488 7.49 Board Change
Ben Hutzel did not stand for re-election at the Meeting. The management team and the Board of Directors would like to thank Ben again for his exemplary service as an Extendicare director and for the significant contributions that he has made to Extendicare over the years.
ABOUT EXTENDICARE
Extendicare is a leading provider of care and services for seniors throughout Canada. Through our network of 120 operated senior care and living centres (67 owned/53 managed), as well as our home health care operations, we are committed to delivering care throughout the health care continuum to meet the needs of a growing seniors’ population in Canada. Our qualified and highly trained workforce of 23,700 individuals is dedicated to helping people live better through a commitment to quality service and a passion for what we do.
For further information, contact:
Jillian Fountain
Corporate Secretary
Phone: (905) 470-5534; Fax: (905) 470-4003
Email: [email protected]
Visit Extendicare’s Website at www.extendicare.com
Source:Extendicare Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-extendicare-announces-voting-results-from-the-2018-annual-and-special-meeting-of-shareholders-and-board-change.html |
Investors seeking both high income and low taxes poured billions of dollars into publicly traded energy master limited partnerships. Now many have tax headaches—surprisingly big bills from Uncle Sam and return preparers, writes Laura Sanders. Below, some of the best analysis and insight from WSJ writers and columnists, and occasionally beyond, on investing, the wealth-management WSJ City: Italy's Drama Raises Stakes for Euro, Investors Come Home to U.S. Stocks Next Saudi Arabia to the Oil Market: Jump but Not Too High—Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/29/wsj-wealth-adviser-briefing-small-lenders-clawbacks-speedy-baseballs/ |
May 21 (Reuters) - Fibrocell Science Inc:
* FIBROCELL REPORTS ON INTERIM RESULTS AND PROGRESS OF PHASE 1/2 CLINICAL TRIAL OF FCX-007 GENE THERAPY FOR RECESSIVE DYSTROPHIC EPIDERMOLYSIS BULLOSA
* FIBROCELL SCIENCE INC - FCX-007 WELL-TOLERATED UP TO 52 WEEKS POST-ADMINISTRATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fibrocell-reports-on-interim-resul/brief-fibrocell-reports-on-interim-results-and-progress-of-phase-1-2-clinical-trial-of-fcx-007-gene-therapy-for-recessive-dystrophic-epidermolysis-bullosa-idUSASC0A304 |
May 9, 2018 / 6:32 PM / Updated 18 minutes ago BRIEF-Cellectar Granted Orphan Drug Designation For CLR 131 Reuters Staff 1 Min Read
May 9 (Reuters) - Cellectar Biosciences Inc:
* CELLECTAR GRANTED ORPHAN DRUG DESIGNATION FOR CLR 131 TO TREAT RHABDOMYOSARCOMA Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cellectar-granted-orphan-drug-desi/brief-cellectar-granted-orphan-drug-designation-for-clr-131-idUSFWN1SG1IN |
May 14 (Reuters) - Cadence Bancorp:
* CADENCE BANCORP SAYS FEE OF $37.5 MILLION WILL BE PAYABLE BY STATE BANK UPON DEAL TERMINATION UNDER CERTAIN CIRCUMSTANCES - SEC FILING
* CADENCE BANCORP - EXPENSE REIMBURSEMENT AMOUNT OF $2 MILLION WILL BE PAYABLE BY CO UPON DEAL TERMINATION UNDER CERTAIN CIRCUMSTANCES Source text ( bit.ly/2GaIT7P ) Further company coverage: ([email protected])
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cadence-bancorp-sets-375-mln-termi/brief-cadence-bancorp-sets-37-5-mln-termination-fee-on-state-bank-deal-idUSFWN1SL0MK |
Zverev survives test of nerve in Paris Wednesday, May 30, 2018 - 02:02
Second seed Alexander Zverev was pushed to five sets but advances to the third round after holding his nerve against Serbian Dusan Lajovic ▲ Hide Transcript ▶ View Transcript
Second seed Alexander Zverev was pushed to five sets but advances to the third round after holding his nerve against Serbian Dusan Lajovic Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2J0Sh4f | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/zverev-survives-test-of-nerve-in-paris?videoId=431741940 |
Facebook suspends 200 apps 8:14pm BST - 01:35
Facebook has suspended around 200 apps in a response to a scandal around political consultancy Cambridge Analytica. Aleksandra Michalska reports.
Facebook has suspended around 200 apps in a response to a scandal around political consultancy Cambridge Analytica. Aleksandra Michalska reports. //reut.rs/2rH1gMs | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/facebook-suspends-200-apps?videoId=426910271 |
OAK BROOK, Ill., May 3, 2018 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS) today reported first quarter GAAP loss per fully diluted share of $(0.60) compared to GAAP income of $0.49 reported for the first quarter of 2017. The Company reported adjusted earnings per fully diluted share 1 of $0.18 in the first quarter of 2018 compared to adjusted earnings of $0.61 for the first quarter of 2017.
"In the first quarter, we delivered both revenue and adjusted earnings per share above the midpoint of our guidance range," said Steve Oakland, Chief Executive Officer and President. "Our progress to date has been solid, and I continue to be impressed with the tremendous effort our team is putting towards the key elements of TreeHouse 2020."
"Our work to address near term challenges such as margin recovery is ongoing. More broadly, we are working to better position ourselves to address the evolving retail landscape," continued Mr. Oakland. "As a private label industry leader, we are in the ideal position within food and beverage as private label continues to grow at the expense of brands. This year continues to be one of transition, but I'm encouraged by the progress we are making around TreeHouse 2020, our Structure to Win SG&A initiative, supply chain optimization, and rolling out our TreeHouse Management Operating Structure," Mr. Oakland said.
Matthew Foulston, Chief Financial Officer of TreeHouse, continued, "I'm pleased with our start to the year. First quarter sales increased 1.9%, excluding the (2.8)% impact of the SIF divestiture last year and an approximate (2.7)% drag due to our SKU rationalization efforts. The year-over-year segment direct operating income decline was largely expected and was driven by pricing that has yet to fully cover higher commodity and escalating freight costs; offset, in part, by tighter SG&A expense control."
OUTLOOK
"In today's market, private label is highly relevant and is one of the keys to helping our customers differentiate themselves and build consumer loyalty," said Mr. Oakland. "As we improve our processes and put greater discipline in place, not only will we drive costs out, but we will better align our capabilities with our customers' needs. In turn, I believe we can take advantage of the underlying growth in private label."
The Company reaffirmed its 2018 adjusted guidance of $2.00 to $2.40 in earnings per fully diluted share. Regarding the second quarter of 2018, the Company expects adjusted earnings in the range of $0.20 to $0.30 per fully diluted share. The sequential increase compared to the first quarter of 2018 is driven by pricing realization, continued SG&A expense control, and operational improvement.
Because the Company cannot predict some of the key items impacting reported GAAP results, the second quarter forecast for both GAAP and adjusted earnings is the same. Regarding the full year, TreeHouse provided a GAAP earnings per fully diluted share guidance range of $1.22 to $1.62. The difference between the full year GAAP and adjusted (Non-GAAP) guidance ranges is related to the impact of adjusting for the items noted in the earnings per share reconciliation table for the three months ended March 31, 2018, equating to $0.78 per fully diluted share.
FIRST QUARTER 2018 FINANCIAL RESULTS
Net sales for the first quarter of 2018 totaled $1,481.2 million compared to $1,536.2 million for the same period last year, a decrease of (3.6)%. The change in net sales from 2017 to 2018 was due to the following:
Dollars
Percent
(Dollars in millions)
2017 Net sales
$
1,536.2
Volume/mix
(29.8)
(1.9)%
Pricing
16.5
1.1
Product recalls
(2.4)
(0.2)
Divestiture
(42.6)
(2.8)
Foreign currency
3.3
0.2
2018 Net sales
$
1,481.2
(3.6)%
The change in net sales was mostly explained by the divestiture of the SIF business in May 2017, which contributed 2.8% to the year-over-year decline. Volume/mix was also unfavorable year-over-year driven by the Beverages, Meals, and Snacks segments. Efforts to simplify and rationalize low margin SKUs contributed 2.7% to the volume/mix decline. Excluding the impact of the SIF divestiture in the second quarter of 2017 and SKU rationalization, net sales increased 1.9%. Pricing and foreign exchange were favorable 1.3%, in total, compared to the prior year. Included in first quarter 2017 net sales was a $2.4 million product recall reimbursement that did not repeat in 2018 and contributed a decrease of 0.2% to net sales year-over-year.
Gross profit as a percentage of net sales was 15.7% in the first quarter of 2018, compared to 18.6% in the first quarter of 2017. Included in cost of sales in the first quarter of 2018 was $9.7 million of expense associated with restructuring and other margin improvement activities compared to $4.2 million in the prior year. Also included in cost of sales in the first quarter of 2017 was a $1.4 million reimbursement related to product recalls. These transactions, coupled with the product recall reimbursement outlined above in net sales, decreased gross profit as a percentage of net sales by 0.6% in the first quarter of 2018 and 0.1% in the first quarter of 2017. The remaining 2.4% decrease in gross profit as a percentage of net sales was primarily due to higher operating costs (including costs associated with a labor dispute in the Beverages segment); higher commodity costs (primarily for cashews, durum, almonds, packaging, eggs, and oils), and unfavorable mix, partially offset by favorable pricing.
Operating expenses increased $21.5 million, or 9.8%, in the first quarter of 2018 compared to the first quarter of 2017. Operating expenses as a percentage of net sales increased 2.0 percentage points from 14.3% in the first quarter of 2017 to 16.3% in the first quarter of 2018. Included in operating expenses in the first quarter of 2018 was $13.0 million related to CEO transition costs and $28.9 million related to restructuring and margin improvement activities, which increased operating expenses as a percentage of net sales by 2.9 percentage points. Included in operating expenses in the first quarter of 2017 was $3.5 million related to acquisition, integration, divestiture, and related costs and $6.8 million related to restructuring and margin improvement activities, which contributed 0.7 percentage points to operating expenses as a percentage of net sales. Excluding these charges, operating expenses as a percentage of net sales decreased 0.2 percentage points in the first quarter of 2018 compared to 2017. This decline was primarily related to savings from the Structure to Win initiative, other cost saving measures, and a decrease in amortization expense due to lower intangible asset balances resulting from the impairment of the Snacks segment customer related intangible assets in the fourth quarter of 2017, partially offset by higher freight rates due to lower carrier acceptance rates and higher spot market prices.
Total other expenses, which includes interest expense, interest income, gain on foreign currency exchange, and other expense, net increased $7.6 million compared to the first quarter of 2017, primarily due to higher non-cash, mark-to-market expense from hedging activities and unfavorable fluctuations between the U.S. and Canadian dollar during the respective periods.
Income tax benefit of $9.8 million was recorded in the first quarter of 2018 compared to expense of $11.5 million for the same period of 2017. The effective rate was 22.3% for the first quarter of 2018 compared to 29.0% for the first quarter of 2017. The change in the effective tax rate for the first quarter of 2018 compared to the first quarter of 2017 was primarily a result of the decrease in the U.S. Federal statutory tax rate and an increase in non-deductible executive compensation expense. The Company's effective tax rate may change from period to period based on recurring and non-recurring factors including the jurisdictional mix of earnings, enacted tax legislation, state income taxes, settlement of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits.
Net loss for the first quarter of 2018 was $34.1 million, compared to net income of $28.2 million for the same period of the previous year. Adjusted EBITDAS 2 was $106.8 million in the first quarter of 2018, a 30.7% decrease compared to the first quarter of 2017. The decrease in adjusted EBITDAS was primarily due to higher commodity costs, higher operating/freight costs (including costs associated with a labor dispute in the Beverages segment), and unfavorable mix, partially offset by favorable pricing and cost saving initiatives.
The Company's share repurchase program continued in the first quarter with repurchases totaling $17.1 million, or 0.4 million shares. The Company plans to repurchase $50 million of shares through the plan and up to another $100 million opportunistically (total annual cap of $150 million) throughout 2018. The extent to which the Company repurchases shares and the timing of such repurchases will depend on market conditions and other factors.
The Company's first quarter 2018 results included seven items noted below that, in management's judgment, affect the assessment of earnings period-over-period.
RECONCILIATION OF DILUTED (LOSS) INCOME PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE
Three Months Ended
March 31,
2018
2017
(unaudited)
Diluted earnings per share per GAAP
$
(0.60)
$
0.49
Restructuring and margin improvement activities
0.68
0.19
CEO transition costs
0.23
—
Mark-to-market adjustments
0.10
—
Foreign currency loss (gain) on re-measurement
of intercompany notes
0.03
(0.01)
Acquisition, integration, divestiture, and related costs
—
0.06
Product recall reimbursement
—
(0.06)
Taxes on adjusting items
(0.26)
(0.06)
Adjusted diluted EPS
$
0.18
$
0.61
SEGMENT RESULTS
Baked Goods
Segment Metrics
Three Months Ended
March 31,
2018
2017
(unaudited)
Net sales
$
346.0
$
341.1
Direct operating income
28.0
41.9
Direct operating income percent
8.1
%
12.3
%
Change in Net Sales from Prior Year
Volume/mix
0.2
%
Pricing
0.9
Foreign currency
0.3
Total change in net sales
1.4
%
The change in net sales in the Baked Goods segment in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to favorable pricing, favorable foreign currency, and favorable volume/mix from increased distribution predominantly in the cracker and cookie categories. The change in direct operating income margin in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to higher commodity costs (packaging, wheat, oils, and eggs), higher freight costs due to freight rate increases reflecting the competitive current market spot rates, and higher warehouse costs, partially offset by lower operating costs and lower selling, general, and administrative expenses.
Beverages
Segment Metrics
Three Months Ended
March 31,
2018
2017
(unaudited)
Net sales
$
249.1
$
268.0
Direct operating income
39.4
58.7
Direct operating income percent
15.8
%
21.9
%
Change in Net Sales from Prior Year
Volume/mix
(6.3)
%
Pricing
(0.8)
Total change in net sales
(7.1)
%
The change in net sales in the Beverages segment in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to unfavorable volume/mix related to the labor dispute at a Beverage plant and competitive pressure, principally in the single serve beverages, liquid beverages, and tea categories, and unfavorable pricing from competitive pressure. The change in direct operating income margin in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to unfavorable mix, higher commodity costs (primarily related to oils), and higher freight costs due to freight rate increases reflecting the competitive current market spot rates and a shift in mix from customer pick-up to delivery, partially offset by lower selling, general, and administrative expenses.
Condiments
Segment Metrics
Three Months Ended
March 31,
2018
2017
(unaudited)
Net sales
$
315.2
$
310.1
Direct operating income
27.2
31.7
Direct operating income percent
8.6
%
10.2
%
Change in Net Sales from Prior Year
Volume/mix
(0.3)
%
Pricing
1.1
Foreign currency
0.8
Total change in net sales
1.6
%
The change in net sales in the Condiments segment in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to favorable pricing and favorable foreign currency exchange rates, partially offset by unfavorable volume/mix from simplification and SKU rationalization and competitive pressure in the pickles, sauces, and jams categories. The change in direct operating income margin in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to higher commodity costs (primarily packaging and eggs), higher operating costs, and higher freight costs due to freight rate increases reflecting the competitive current market spot rates, partially offset by favorable foreign currency exchange and lower selling, general, and administrative expenses.
Meals
Segment Metrics
Three Months Ended
March 31,
2018
2017
(unaudited)
Net sales
$
277.0
$
324.0
Direct operating income
29.9
34.0
Direct operating income percent
10.8
%
10.5
%
Change in Net Sales from Prior Year
Volume/mix
(3.1)
%
Pricing
1.7
Divestiture
(13.1)
Total change in net sales
(14.5)
%
The change in net sales in the Meals segment in the first quarter of 2018 compared to the first quarter of 2017 was mostly explained by the divestiture of the SIF business. Also contributing to the decrease in net sales was unfavorable volume/mix from competitive pressure (principally in the dry dinner, pasta, and ready-to-eat cereal categories), partially offset by favorable pricing adjustments due to commodity price fluctuations. The change in direct operating income margin in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to lower operating costs from recent restructuring and margin improvement activities and lower selling, general, and administrative expenses, partially offset by higher commodity costs (primarily in durum) and higher freight costs due to freight rate increases reflecting the competitive current market spot rates.
Snacks
Segment Metrics
Three Months Ended
March 31,
2018
2017
(unaudited)
Net sales
$
293.9
$
290.6
Direct operating income
6.7
12.5
Direct operating income percent
2.3
%
4.3
%
Change in Net Sales from Prior Year
Volume/mix
(1.1)
%
Pricing
2.2
Total change in net sales
1.1
%
The change in net sales in the Snacks segment in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to favorable pricing from commodity-based price increases, partially offset by unfavorable volume/mix from soft consumer trends and competitive pressure. The change in direct operating income margin in the first quarter of 2018 compared to the first quarter of 2017 was primarily due to higher commodity costs (predominantly in cashews), higher operating costs due to weather related issues, and higher freight costs due to freight rate increases reflecting the competitive current market spot rates, partially offset by lower selling, general, and administrative expenses.
COMPARISON OF ADJUSTED INFORMATION TO GAAP INFORMATION
The Company has included in this release measures of financial performance that are not defined by GAAP ("Non-GAAP"). A Non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the Company's Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, and the Condensed Consolidated Statements of Cash Flows. The Company believes these measures provide useful information to the users of the financial statements as we also have included these measures in other communications and publications.
For each of these Non-GAAP financial measures, the Company provides a reconciliation between the Non-GAAP measure and the most directly comparable GAAP measure, an explanation of why management believes the Non-GAAP measure provides useful information to financial statement users, and any additional purposes for which management uses the Non-GAAP measure. This Non-GAAP financial information is provided as additional information for the financial statement users and is not in accordance with, or an alternative to, GAAP. These Non-GAAP measures may be different from similar measures used by other companies.
Adjusted Earnings Per Fully Diluted Share, Adjusting for Certain Items Affecting Comparability
Adjusted earnings per fully diluted share ("adjusted diluted EPS") reflects adjustments to GAAP (loss) income per fully diluted share to identify items that, in management's judgment, significantly affect the assessment of earnings results between periods. This information is provided in order to allow investors to make meaningful comparisons of the Company's earnings performance between periods and to view the Company's business from the same perspective as Company management. This measure is also used as a component of the Board of Director's measurement of the Company's performance for incentive compensation purposes. As the Company cannot predict the timing and amount of charges that include, but are not limited to, items such as acquisition, integration, divestiture, and related costs, mark-to-market adjustments on derivative contracts, and foreign currency exchange impact on the re-measurement of intercompany notes, management does not consider these costs when evaluating the Company's performance, when making decisions regarding the allocation of resources, in determining incentive compensation, or in determining earnings estimates. The reconciliation of adjusted diluted EPS, excluding certain items affecting comparability, to the relevant GAAP measure of diluted EPS as presented in the Condensed Consolidated Statements of Operations, is presented above.
Adjusted Net Income, Adjusted EBIT, and Adjusted EBITDAS, Adjusting for Certain Items Affecting Comparability
Adjusted net income represents GAAP net (loss) income as reported in the Condensed Consolidated Statements of Operations adjusted for items that, in management's judgment, significantly affect the assessment of earnings results between periods as outlined in the adjusted diluted EPS section above. This information is provided in order to allow investors to make meaningful comparisons of the Company's earnings performance between periods and to view the Company's business from the same perspective as Company management. This measure is also used as a component of the Board of Director's measurement of the Company's performance for incentive compensation purposes and is the basis of calculating the adjusted diluted EPS metric outlined above.
Adjusted EBIT represents adjusted net income before interest expense, interest income, and income tax expense. Adjusted EBITDAS represents adjusted EBIT before depreciation expense, amortization expense, and non-cash stock-based compensation expense. Adjusted EBIT and adjusted EBITDAS are performance measures commonly used by management to assess operating performance, and the Company believes they are commonly reported and widely used by investors and other interested parties as a measure of a company's operating performance between periods.
A full reconciliation between the relevant GAAP measure of reported net (loss) income for the three month periods ended March 31, 2018 and 2017 calculated according to GAAP, adjusted net income, adjusted EBIT, and adjusted EBITDAS is presented in the attached tables. Given the inherent uncertainty regarding adjusted items in any future period, a reconciliation of forward-looking financial measures to the most directly comparable GAAP measure is not feasible.
Free Cash Flow
In addition to measuring the Company's cash flow generation and usage based upon the operating, investing, and financing classifications included in the Condensed Consolidated Statements of Cash Flows, we also measure free cash flow which represents net cash provided by operating activities less capital expenditures. The Company believes free cash flow is an important measure of operating performance because it provides management and investors a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities such as funding acquisitions, repaying debt, repurchasing outstanding senior debt, and repurchasing common stock. A reconciliation between the relevant GAAP measure of cash provided by operating activities for the three months ended March 31, 2018 and 2017 calculated according to GAAP and free cash flow is presented in the attached tables.
CONFERENCE CALL WEBCAST
A webcast to discuss the Company's first quarter earnings and its outlook will be held at 8:30 a.m. (Eastern Time) today. The live audio webcast and a supporting slide deck will be available on the Company's website at http://www.treehousefoods.com/investor-relations .
ABOUT TREEHOUSE FOODS
TreeHouse Foods, Inc. is a manufacturer of packaged foods and beverages with over 40 manufacturing facilities across the United States, Canada and Italy that focuses primarily on private label products for both retail grocery and food away from home customers. We manufacture shelf stable, refrigerated, frozen and fresh products, including beverages and beverage enhancers (single serve beverages, coffees, teas, creamers, powdered beverages and smoothies); meals (cereal, pasta, macaroni and cheese and side dishes); retail bakery (refrigerated and frozen dough, cookies and crackers); condiments (pourable and spoonable dressing, dips, pickles, and sauces) and healthy snacks (nuts, trail mix, bars, dried fruits and vegetables). We have a comprehensive offering of packaging formats and flavor profiles, and we also offer natural, organic and preservative free ingredients in many categories. Our strategy is to be the leading supplier of private label food and beverage products by providing the best balance of quality and cost to our customers.
Additional information, including TreeHouse's most recent statements on Forms 10-Q and 10-K, may be found at TreeHouse's website, http://www.treehousefoods.com .
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and other information are based on our beliefs, as well as assumptions made by us, using information currently available. The words "anticipate," "believe," "estimate," "project," "expect," "intend," "plan," "should," and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or intended. We do not intend to update these forward-looking statements following the date of this press release.
Such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this press release and other public statements we make. Such factors include, but are not limited to: the success of our TreeHouse 2020 restructuring and margin improvement plan, our level of indebtedness and related obligations; disruptions in the financial markets; interest rates; changes in foreign currency exchange rates; customer concentration and consolidation; raw material and commodity costs; competition; integration of the Private Brands acquisition and our ability to continue to make acquisitions in accordance with our business strategy or effectively manage the growth from acquisitions; changes and developments affecting our industry, including customer preferences; the outcome of litigation and regulatory proceedings to which we may be a party; product recalls; changes in laws and regulations applicable to us; our ability to attract, hire, and retain key employees; disruptions in or failures of our information technology systems; labor strikes or work stoppages; and other risks that are set forth in the Risk Factors section, the Legal Proceedings section, the Management's Discussion and Analysis of Financial Condition and Results of Operations section, and other sections of our Annual Report on Form 10-K for the year ended December 31, 2017, and from time to time in our filings with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made when evaluating the information presented in this press release. TreeHouse expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in its expectations with regard thereto, or any other change in events, conditions or circumstances on which any statement is based.
FINANCIAL INFORMATION
TREEHOUSE FOODS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except per share data)
March 31,
December 31,
2018
2017
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
128.5
$
132.8
Investments
13.7
14.1
Receivables, net
345.2
329.8
Inventories
940.6
918.3
Prepaid expenses and other current assets
104.9
89.7
Total current assets
1,532.9
1,484.7
Property, plant, and equipment, net
1,279.2
1,294.4
Goodwill
2,178.7
2,182.0
Intangible assets, net
752.8
773.0
Other assets, net
41.9
45.2
Total assets
$
5,785.5
$
5,779.3
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses
$
648.7
$
589.7
Current portion of long-term debt
10.1
10.1
Total current liabilities
658.8
599.8
Long-term debt
2,533.2
2,535.7
Deferred income taxes
175.8
178.4
Other long-term liabilities
197.9
202.1
Total liabilities
3,565.7
3,516.0
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share, 10.0 shares authorized, none issued
—
—
Common stock, par value $0.01 per share, 90.0 shares authorized, 56.4 and 56.6 shares issued and outstanding, respectively
0.6
0.6
Treasury stock
(45.8)
(28.7)
Additional paid-in capital
2,124.2
2,107.0
Retained earnings
213.3
245.9
Accumulated other comprehensive loss
(72.5)
(61.5)
Total stockholders' equity
2,219.8
2,263.3
Total liabilities and stockholders' equity
$
5,785.5
$
5,779.3
TREEHOUSE FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
Three Months Ended
March 31,
2018
2017
(Unaudited)
Net sales
$
1,481.2
$
1,536.2
Cost of sales
1,249.3
1,249.8
Gross profit
231.9
286.4
Operating expenses:
Selling and distribution
108.4
104.6
General and administrative
81.1
79.1
Amortization expense
22.2
28.6
Other operating expense, net
28.9
6.8
Total operating expenses
240.6
219.1
Operating (loss) income
(8.7)
67.3
Other expense:
Interest expense
28.5
29.7
Interest income
(2.0)
(2.8)
Loss on foreign currency exchange
2.5
0.1
Other expense, net
6.2
0.6
Total other expense
35.2
27.6
(Loss) income before income taxes
(43.9)
39.7
Income taxes
(9.8)
11.5
Net (loss) income
$
(34.1)
$
28.2
Net (loss) earnings per common share:
Basic
$
(0.60)
$
0.50
Diluted
$
(0.60)
$
0.49
Weighted average common shares:
Basic
56.5
56.9
Diluted
56.5
57.6
Supplemental Information:
Depreciation and amortization
$
67.0
$
72.4
Stock-based compensation expense, before tax
16.3
7.5
The following table reconciles the Company's net (loss) income to adjusted net income, adjusted EBIT, and adjusted EBITDAS for the three months ended March 31, 2018 and 2017:
TREEHOUSE FOODS, INC.
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME,
ADJUSTED EBIT, AND ADJUSTED EBITDAS
Three Months Ended
March 31,
2018
2017
(unaudited in millions)
Net (loss) income per GAAP
$
(34.1)
$
28.2
Restructuring and margin improvement activities
(1)
38.6
11.0
CEO transition costs
(2)
13.0
—
Mark-to-market adjustments
(3)
5.6
0.2
Foreign currency loss (gain) on re-measurement of intercompany notes
(4)
1.9
(0.8)
Product recall reimbursement
(5)
—
(3.8)
Acquisition, integration, divestiture, and related costs
(6)
(0.1)
3.7
Less: Taxes on adjusting items
(14.8)
(3.5)
Adjusted net income
10.1
35.0
Interest expense
28.5
29.7
Interest income
(2.0)
(2.8)
Income taxes
(9.8)
11.5
Add: Taxes on adjusting items
14.8
3.5
Adjusted EBIT
41.6
76.9
Depreciation and amortization
(7)
58.8
69.7
Stock-based compensation expense
(8)
6.4
7.5
Adjusted EBITDAS
$
106.8
$
154.1
Three Months Ended
Location in Condensed
March 31,
Consolidated Statements of Operations
2018
2017
(unaudited in millions)
(1)
Restructuring and margin improvement activities
Other operating expense, net
$
28.9
$
6.8
Cost of sales
9.7
4.2
(2)
CEO transition costs
General and administrative
13.0
—
(3)
Mark-to-market adjustments
Other expense, net
5.6
0.2
(4)
Foreign currency loss (gain) on re-measurement of intercompany notes
Loss on foreign currency exchange
1.9
(0.8)
(5)
Product recall reimbursement
Net sales
—
(2.4)
Cost of sales
—
(1.4)
(6)
Acquisition, integration, divestiture, and related costs
General and administrative
(0.1)
3.6
Other operating expense, net
—
0.1
(7)
Depreciation included as an adjusting item
Cost of sales
8.2
2.7
(8)
Stock-based compensation expense included as an adjusting item
General and administrative
9.9
—
TREEHOUSE FOODS, INC.
CASH FLOW KEY METRICS
Three Months Ended
March 31,
2018
2017
(In millions)
Net Cash Flows Provided By (Used In):
Operating activities
$
57.8
$
78.5
Investing activities
(41.7)
(43.5)
Financing activities
(20.1)
(30.3)
TREEHOUSE FOODS, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
Three Months Ended
March 31,
2018
2017
(In millions)
Cash flow provided by operating activities
$
57.8
$
78.5
Less: Capital expenditures
(41.4)
(43.4)
Free cash flow
$
16.4
$
35.1
1
Adjusted earnings per fully diluted share is a Non-GAAP financial measure. See "Comparison of Adjusted Information to GAAP Information" below for the definition of adjusted earnings per fully diluted share, information concerning certain items affecting comparability, and a reconciliation of adjusted earnings per fully diluted share to earnings per fully diluted share, the most comparable GAAP financial measure.
2
Adjusted EBITDAS is a Non-GAAP financial measure. See" Comparison of Adjusted Information to GAAP Information" below for the definition of Adjusted EBITDAS, information concerning certain items affecting comparability, and a reconciliation of Adjusted EBITDAS to net loss, the most comparable GAAP measure.
View original content: http://www.prnewswire.com/news-releases/treehouse-foods-inc-reports-first-quarter-2018-results-towards-the-upper-end-of-its-guidance-range-company-reaffirms-full-year-guidance-300641645.html
SOURCE TreeHouse Foods, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-treehouse-foods-inc-reports-first-quarter-2018-results-towards-the-upper-end-of-its-guidance-range-company-reaffirms-full-year.html |
LOME (Reuters) - Togo will provide information to the French judicial inquiry into billionaire Vincent Bollore’s Africa operations if asked to do so, Public Function Minister Gilbert Bawara said on Friday, in the first statement by Togolese authorities on the matter.
“The Togolese state has nothing to add to the dossier which is in process in France,” Bawara told Victoire FM. “However, if ... (Togo) is requested to provide information or any evidence at all, rest assured we will do so willingly.”
Reporting by John Zodzi; Writing by Tim Cocks; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-bollore-togo/togo-willing-to-provide-evidence-to-bollore-inquiry-minister-idUSKBN1I51DI |
× × CBS vs National Amusements is the beginning of the end for dual-share company ownership, says former NBC CEO 1 Hour Ago Bob Wright, former NBC Universal CEO and former GE vice chairman, weighs in on the legal power struggles between CBS and National Amusements. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/cbs-vs-national-amusements-is-the-beginning-of-the-end-for-dual-share-company-ownership-says-former-nbc-ceo.html |
Connecticut will give an $83 million incentive package to General Dynamics Electric Boat in exchange for a commitment from the submarine maker to invest in its Groton-based plant, the company and state officials said on Tuesday.
Electric Boat, which manufactures two naval submarines annually, is gearing up to construct three per year. The company said Tuesday it will make $852 million in capital investments and plans to spend more than $500 million annually buying parts from in-state suppliers.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/submarine-maker-gets-83-million-incentive-from-connecticut-1525205380 |
INDIANAPOLIS, May 16, 2018 /PRNewswire/ -- Sheaff Brock Investment Advisors, LLC, announces the addition of Christy Rogers as Operations and Compliance Coordinator for the firm.
Recognizing the critical role that compliance plays in the firm's operations and in building client relationships, Sheaff Brock created the new position to provide supervision and support for the Client Services and New Accounts departments.
An experienced operations manager prior to joining Sheaff Brock, Rogers was responsible for development and implementation of internal client workflows and procedures for a boutique wealth management firm. There, she maintained processes to support consistent client service in all aspects of business while also overseeing SEC filings for compliance and records maintenance. Prior experience in wealth management services involved creating long-term client relationships and organizing outreach events for enhanced relationship-building.
As the new Operations and Compliance Coordinator at Sheaff Brock, Rogers works with Compliance to facilitate processes currently in place for annual audits and the implementation of new procedures as audit requirements change. Rogers oversees the Management Agreement Repapering project and assists Sheaff Brock's trading department in placing trades for several of the investment advisory's managed portfolios.
Ron Brock, Managing Director of Sheaff Brock Investment Advisors, acknowledged the key support role Rogers will play for the firm. "Christy Rogers rounds out our Compliance efforts by ensuring that critical compliance processes are integrated throughout every facet of internal procedures and client relations work."
An Indianapolis native, Rogers is based in the Sheaff Brock corporate office in Indianapolis, Indiana.
About Sheaff Brock Investment Advisors, LLC:
Sheaff Brock is an SEC-registered, fee-only independent investment firm focusing on innovative investment strategies that strive to enhance the portfolios of both growth- and income-oriented investors. The firm manages $1.04 billion in assets nationwide as of 12/31/2017. Sheaff Brock principal David Gilreath is a contributor of investment news to ABCNews.com . Please visit sheaffbrock.com for more information.
View original content with multimedia: http://www.prnewswire.com/news-releases/sheaff-brock-adds-operations-and-compliance-coordinator-300649183.html
SOURCE Sheaff Brock Investment Advisors, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-sheaff-brock-adds-operations-and-compliance-coordinator.html |
May 10, 2018 / 11:33 AM / Updated 7 minutes ago BRIEF-World Acceptance Reports Q4 Earnings Per Share Of $3.18 Reuters Staff
May 10 (Reuters) - World Acceptance Corp: * Q4 EARNINGS PER SHARE $3.18
* Q4 REVENUE $151.9 MILLION VERSUS I/B/E/S VIEW $147.3 MILLION
* Q4 EARNINGS PER SHARE VIEW $3.94 — THOMSON REUTERS I/B/E/S
* TOTAL REVENUES FOR Q4 INCREASED TO $151.9 MILLION, A 5.0% INCREASE FROM $144.6 MILLION REPORTED FOR SAME QUARTER OF PRIOR YEAR
* Q4 EARNINGS PER SHARE VIEW $3.94, REVENUE VIEW $147.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-world-acceptance-reports-q4-earnin/brief-world-acceptance-reports-q4-earnings-per-share-of-3-18-idUSASC0A1DX |
WASHINGTON—President Donald Trump signed three executive orders making it easier for the federal government to fire employees it considers to be poor performers, the White House said Friday, drawing rebukes from union representatives who said the sweeping changes were a “direct assault” on the rights of millions of workers.
The orders reduce the length of time that an employee can be retained using a “performance improvement period,” currently ranging from 60 to 120 days depending on the agency, encourage agencies to fire... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-issues-orders-making-it-easier-to-fire-federal-workers-1527284794 |
May 6, 2018 / 12:29 PM / in an hour Turkey's main opposition candidate demands more media coverage Tuvan Gumrukcu 4 Min Read
ANKARA (Reuters) - The presidential candidate for Turkey’s main opposition has hit out at a lack of mainstream media coverage for opposition parties and candidates before elections in June. Muharrem Ince, Turkey's main opposition Republican People's Party (CHP) candidate for the upcoming snap presidential election, gestures as he speaks during a party gathering in Ankara, Turkey, May 4, 2018. REUTERS/Umit Bektas
Muharrem Ince, the main opposition Republican People’s Party’s (CHP) candidate to challenge President Tayyip Erdogan in the June 24 snap elections, said a “media embargo” had been placed on opposition parties upon Erdogan’s request.
“Television channels, which even broadcast the AK Party’s provincial congresses live, did not show our rally in Yalova live. We will go on by fighting with this media structure,” Ince said on Twitter on Sunday.
“If the media embargo ordered by the Palace continues, we will hold our rallies in front of TV stations,” he said, referring to the 1,000 room presidential palace built by Erdogan in Ankara.
Neither Erdogan nor the AKP have responded directly to claims that coverage of the opposition is being curbed.
Turkish media is saturated with coverage of Erdogan and his ministers, with the president’s daily routine of two or three speeches being broadcast on all major channels, while opposition parties get little to no coverage.
Rallies by the CHP, pro-Kurdish Peoples Democratic Party (HDP) and the fledgling Iyi (Good) Party, led by former interior minister Meral Aksener, are rarely shown by the main broadcasters.
On Friday, the HDP streamed the nomination of its jailed former leader Selahattin Demirtas as a presidential candidate on social media when broadcasters ignored their announcement.
On April 18, Erdogan called parliamentary and presidential elections for June, more than a year early, to switch to a powerful executive presidency narrowly approved in a referendum last year.
Broadcasters were also criticized ahead of last year’s referendum for giving a disproportionate amount of coverage to political parties, despite Turkey’s radio and television watchdog (RTUK) having the authority to monitor air times.
Erdogan, a masterful campaigner who has ruled Turkey for 16 years, will go into the elections under a state of emergency, which has been in place for nearly two years.
Emergency rule was imposed shortly after a failed coup in 2016, and allows the president to bypass parliament in enacting new laws and grants authorities the ability to suspend rights and freedoms.
A sweeping crackdown in the aftermath of the abortive putsch has seen some 160,000 people detained and nearly the same amount of people dismissed from the jobs, the United Nations said in March.
More than 120 journalists have been detained and more than 180 media outlets have been closed under emergency rule, rights group Amnesty International has said. Reporters Without Borders (RSF) ranked Turkey 157th out of 180 countries in its 2018 press freedom index.
In his first interview with international media since being nominated, HDP leader Demirtas, who has been in jail on security charges for a year and a half, told Reuters a fair election was impossible under the state of emergency.
Ince has called for the release of Demirtas, challenging Erdogan to “let us race like men” in the campaign. Reporting by Tuvan Gumrukcu; Editing by Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-election-media/turkeys-main-opposition-candidate-demands-more-media-coverage-idUSKBN1I70DY |
HAMILTON, Bermuda, May 11, 2018 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today the final results of its "modified Dutch auction" tender offer. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on May 7, 2018.
Based on the final count by the depositary for the tender offer, 584,106 shares were properly tendered and not properly withdrawn at or below the final purchase price of $875 per share.
The tender offer was oversubscribed. Pursuant to the terms of the tender offer, the Company has purchased 575,068 shares at the final purchase price of $875 per share on a pro rata basis, except for tenders of odd lots, which have been accepted in full, for a total cost of approximately $503.2 million, excluding fees and expenses related to the tender offer. White Mountains has determined that the proration factor for the tender offer, after giving effect to the priority of the odd lots, is approximately 98.4%. The shares purchased in the tender offer represent approximately 15.3% of White Mountains's shares outstanding as of April 9, 2018.
Payment for the shares purchased under the tender offer will be made promptly, and all shares tendered and not purchased will be returned promptly to shareholders.
The Company expects to have 3,178,337 common shares outstanding as of the time immediately following payment for the accepted shares.
Shareholders who have questions or would like additional information about the tender offer may contact the information agent for the tender offer, D.F. King & Co., at (800) 893-5865 (toll free) or by email at [email protected] . The dealer managers for the tender offer were J.P. Morgan Securities LLC and Barclays Capital Inc.
White Mountains is traded on the New York Stock Exchange under the symbol "WTM" and the Bermuda Stock Exchange under the symbol "WTM-BH".
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements". All statements, other than statements of historical facts, included or referenced in this press release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains's:
change in adjusted book value per share or return on equity; business strategy; financial and operating targets or plans; incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves; projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; expansion and growth of its business and operations; and future capital expenditures.
These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
Securities and Exchange Commission, including but not limited to White Mountains's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed February 28, 2018;
business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; general economic, market or business conditions; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; an economic downturn or other economic conditions adversely affecting its financial position; and other factors, most of which are beyond White Mountains's control.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. Except for our obligations under Rule 13e-4(c)(3) and Rule 13e-4(e)(3) of the Exchange Act to disclose any material changes in the information previously disclosed to shareholders or as otherwise required by law, the Company assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Todd Pozefsky
(203) 458-5807
View original content: http://www.prnewswire.com/news-releases/white-mountains-announces-final-results-of-its-tender-offer-300646849.html
SOURCE White Mountains Insurance Group, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-white-mountains-announces-final-results-of-its-tender-offer.html |
Kudlow: China has to lower tariff rates 1 Hour Ago 01:08 01:08 | 3 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/kudlow-china-has-to-lower-tariff-rates.html |
Why the Fed is 'a little surprised' by US economic growth: Portfolio manager 8:20 PM ET Mon, 14 May 2018 Margaret Patel of Wells Fargo Asset Management says the Fed has been "quite surprised" by the pace of economic bounce back in the U.S. and is beginning to have an internal debate about whether it should be more aggressive in raising interest rates. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/why-the-fed-is-a-little-surprised-by-us-economic-growth-portfolio-manager.html |
BEIJING, May 29 (Reuters) - China expressed surprise on Tuesday at a White House statement that the United States will continue to pursue action on trade with Beijing, saying it was contrary to the consensus both sides reached recently.
The Commerce Ministry said in a statement that China urged the United States to act in accordance to the spirit of their recent joint statement. China has the confidence, ability and experience to safeguard its core interests, it said. (Reporting by Ryan Woo; Editing by Doina Chiacu and David Alexander)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-response/china-surprised-at-white-house-trade-statement-ministry-idUSL2N1T011B |
Conference Call and Webcast Today at 4:30 p.m. ET
NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- Anavex Life Sciences Corp. (“Anavex” or the “Company”) (Nasdaq:AVXL), a clinical-stage biopharmaceutical company developing differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases including Alzheimer’s disease, Rett syndrome and other central nervous system (CNS) diseases, today reported financial results for the second fiscal quarter ended March 31, 2018.
Clinical Update:
The Phase 2a Alzheimer’s extension study ANAVEX®2-73-003 has been approved by the Ethics Committee in Australia to continue for a further 104 weeks, i.e. additional two (2) years per request by patients, their caregivers and physicians. The ANAVEX®2-73-003 extension study was the continuation of the 57-week ANAVEX®2-73-002 study and is designed to allow participants who complete the first 104 week extension to continue taking ANAVEX®2-73 for an additional 104 weeks, providing an opportunity to gather extended five (5) years of cumulative safety and tolerability data for orally daily dosed ANAVEX®2-73. The further extension is in addition and independent of the Company’s planned larger Phase 2/3 double-blinded, placebo-controlled study of ANAVEX®2-73 in Alzheimer’s disease.
Financial Highlights:
Cash and equivalents of $25.7 million at March 31, 2018, compared to $27.4 million at September 30, 2017.
Cash used to fund operations in the second fiscal quarter was $2.8 million, compared to $0.7 million for the comparative quarter last year. This is in line with the Company’s cash utilization guidance.
Operating expenses in the second fiscal quarter of $4.7 million compared to $3.6 million for the comparative quarter last year. This increase was a result of increased spending on research and development, related to clinical trial preparatory activities.
Net loss for the second fiscal quarter of $4.8 million, or $0.11 per share, compared to a net loss of $1.5 million, or $0.04 per share for the comparative quarter.
“We are looking forward, focusing on executing clinical trials using the inclusion of advanced genomic biomarkers into late-stage CNS precision medicine trials, including our Rett syndrome, Alzheimer’s disease and Parkinson’s disease dementia trials – all indications with high unmet need,” said, Christopher U. Missling, PhD, President and Chief Executive Officer of Anavex.
Recent Corporate Highlights:
April 17, 2018 – Anavex announced that the Company had submitted to regulatory authorities in Europe a Phase 2 Parkinson’s disease dementia study and, pending approval, the Company plans to initiate this clinical trial in calendar H2 2018.
March 7, 2018 – Anavex announced new data for ANAVEX®2-73 in a genetic mouse model of Tuberous Sclerosis Complex (TSC) , a rare genetic disorder characterized by the growth of numerous benign tumors in many parts of the body with a high incidence of seizures. The new preclinical data demonstrate that treatment with ANAVEX®2-73 significantly increases survival and reduces seizures.
March 5, 2018 –Stephan Toutain, MS, MBA joined Anavex as Senior Vice President Operations and Claus van der Velden, PhD was appointed to the Board of Directors.
The financial information for fiscal quarter ended March 31, 2018, should be read in conjunction with the Company’s condensed consolidated interim financial statements, which will appear on EDGAR and will be available on the Anavex website at www.anavex.com .
Conference Call / Webcast Information
Anavex will host a conference call at 4:30 p.m. ET today, May 10, 2018.
The live webcast of the conference call can be accessed online at http://www.wsw.com/webcast/cc/avxl5 . To listen to the live call by phone, interested parties within the U.S. should dial, toll-free, 1 (866) 939-3921 and international callers should dial 1 (678) 302-3550. Please use confirmation number 46931087. A replay of the call will be available approximately one hour after the end of the call at www.anavex.com .
About Anavex Life Sciences Corp.
Anavex Life Sciences Corp. (Nasdaq:AVXL) is a publicly traded biopharmaceutical company dedicated to the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases including Alzheimer’s disease, other central nervous system (CNS) diseases, pain and various types of cancer. Anavex’s lead drug candidate, ANAVEX®2-73, recently completed a successful Phase 2a clinical trial for Alzheimer’s disease. ANAVEX®2-73 is an orally available drug candidate that restores cellular homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research previously awarded Anavex a research grant to develop ANAVEX®2-73 for the treatment of Parkinson’s disease. The grant fully funded a preclinical study, which could justify moving ANAVEX®2-73 into a Parkinson’s disease clinical trial. ANAVEX®3-71, which targets sigma-1 and M1 muscarinic receptors, is a promising preclinical drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies. In preclinical trials, ANAVEX®3-71 has shown beneficial effects on neuroinflammation and mitochondrial dysfunction. Further information is available at www.anavex.com . You can also connect with the company on Twitter, Facebook and LinkedIn .
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may those projected in any of such statements due to various factors, including the risks set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these , which speak only as of the date hereof. All are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
ANAVEX LIFE SCIENCES CORP. CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS March 31, September 30, ASSETS 2018 2017 Current Cash and cash equivalents $ 25,656,584 $ 27,440,257 Sales tax recoverable 5,011 9,748 Prepaid expenses and deposits 150,660 335,928 Total current assets 25,812,255 27,785,933 Deposits 52,396 52,396 Deferred financing charges 30,943 - Total assets $ 25,895,594 $ 27,838,329 LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable and accrued liabilities $ 3,416,737 $ 3,584,334 Total liabilities 3,416,737 3,584,334 Common stock 44,575 43,332 Additional paid-in capital 122,724,029 115,689,221 Accumulated deficit (100,289,747 ) (91,478,558 ) Total stockholders' equity 22,478,857 24,253,995 Total liabilities and stockholders' equity $ 25,895,594 $ 27,838,329
ANAVEX LIFE SCIENCES CORP. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited) 2018
2017
Operating Expenses General and administrative $ 1,489,450 $ 1,116,014 Research and development 3,245,023 2,492,933 Total operating expenses 4,734,473 3,608,947 Operating Loss (4,734,473 ) (3,608,947 ) Other income Grant income - 16,684 Research and development incentive income - 2,022,902 Interest income, net 28,647 18,147 Foreign exchange gain (loss) (18,337 ) 11,722 Total other income 10,310 2,069,455 Net loss before income taxes (4,724,163 ) (1,539,492 ) Income tax expense - current (27,861 ) (9,595 ) Net loss $ (4,752,024 ) $ (1,549,087 ) Net loss per Share Basic and Diluted $ (0.11 ) $ (0.04 ) Weighted Average Number of Shares Outstanding Basic and Diluted 44,545,523 41,159,707
ANAVEX LIFE SCIENCES CORP. CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS SIX MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited) 2018 2017 Operating Expenses General and administrative $ 2,887,253 $ 2,242,198 Research and development 5,939,335 4,535,423 Total operating expenses 8,826,588 6,777,621 Operating Loss (8,826,588 ) (6,777,621 ) Other income (expenses) Grant income - 51,970 Research and development incentive income - 2,022,902 Interest income, net 59,023 21,802 Foreign exchange gain (loss) (6,358 ) 25,804 Total other income 52,665 2,122,478 Net loss before income taxes (8,773,923 ) (4,655,143 ) Income tax expense - current (37,266 ) (40,603 ) Net loss $ (8,811,189 ) $ (4,695,746 ) Net loss per Share Basic and Diluted $ (0.20 ) $ (0.12 ) Weighted Average Number of Shares Outstanding Basic and Diluted 44,210,591 39,761,612 For Further Information:
Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: [email protected]
Investors & Media:
Meggie Purcell
Solebury Trout
[email protected]
Source:Anavex Life Sciences Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-anavex-life-sciences-reports-fiscal-second-quarter-2018-financial-results.html |
FLOWER MOUND, Texas--(BUSINESS WIRE)-- Mannatech, Incorporated (NASDAQ: MTEX ), a global health and wellness company committed to transforming lives to make a better world, announced that its Board of Directors declared a cash dividend of $0.125 per share of common stock, payable on Wednesday, May 30, 2018, to shareholders of record at the close of business on Wednesday, May 23, 2018. The dividend reflects a commitment to rewarding shareholders and encouraging long-term investment in Mannatech’s common stock.
Alfredo “Al” Bala, President and CEO of Mannatech, said, “The company’s financial position supports a dividend and represents our belief in the quality of our products, strength of our sales force, and the future of our company. Mannatech continues its commitment to returning value to our shareholders.”
About Mannatech
Mannatech, Incorporated is committed to transforming lives through the development of high quality integrated health, weight management, fitness and skin care products distributed through its global network of independent associates and members. The company has been operating for more than 20 years with operations in 26 markets^. For more information, visit Mannatech.com .
^ Mannatech operates in China under a cross-border e-commerce platform that is separate from its network marketing model.
Please Note: This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as “may,” “will,” “should,” "hope," “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “approximates,” “predicts,” “projects,” “potential,” and “continues” or other similar words or the negative of such terminology. Similarly, descriptions of Mannatech’s objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Mannatech believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Mannatech’s inability to attract and retain associates and members, increases in competition, litigation, regulatory changes, and its planned growth into new international markets. Although Mannatech believes that the expectations, statements, and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005861/en/
Mannatech, Incorporated
Diane Barton, 972-471-8116
[email protected]
or
Donna Giordano, 972-471-6512
Manager, Executive Office Administration
[email protected]
www.mannatech.com
Source: Mannatech, Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-mannatech-declares-first-quarter-2018-dividend.html |
U.S. markets set to rebound amid Italy uncertainty 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/u-s-markets-set-to-rebound-amid-italy-uncertainty.html |
DUNKIRK, N.Y., May 17, 2018 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ:LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that its Board of Directors has adopted a new stock repurchase program. Under the repurchase program, the Company may repurchase up to 121,190 shares of its common stock, or approximately 5% of its outstanding shares, excluding the shares held by Lake Shore, MHC. As of May 16, 2018 there were 34,101 shares remaining in the existing repurchase plan. The existing repurchase plan was terminated as a result of the new plan. The Company repurchased 83,600 shares under the existing repurchase plan at an average cost of $15.29 per share since the plan’s inception in December 2015.
The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.
About Lake Shore
Lake Shore Bancorp, Inc. (NASDAQ:LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has eleven full-service branch locations in Western New York, with five locations in Chautauqua County, New York and six locations in Erie County, New York. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com .
Safe-Harbor
This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, and market disruptions. Lake Shore Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.
Investor/Media Contact
Rachel A. Foley
Chief Financial Officer and Treasurer
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1220
Source:Lake Shore Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-lake-shore-bancorp-inc-announces-new-stock-repurchase-program.html |
May 9 (Reuters) - L3 Technologies Inc:
* L3 APPOINTS RITA S. LANE TO ITS BOARD OF DIRECTORS * L3 TECHNOLOGIES INC - WITH LANE’S APPOINTMENT, SIZE OF BOARD HAS INCREASED TO 10 MEMBERS
* L3 TECHNOLOGIES INC - WITH APPOINTMENT OF RITA S. LANE, SIZE OF COMPANY’S BOARD HAS INCREASED TO 10 MEMBERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-l3-appoints-rita-lane-to-its-board/brief-l3-appoints-rita-lane-to-its-board-of-directors-idUSASC0A17J |
(LPC) - Royal Bank of Canada is providing the £1.07bn financing backing private equity firm Silver Lake’s £2.2bn acquisition of ZPG ( ZPG.L ), owner of online property platforms Zoopla and PrimeLocation.
Security cameras point towards pedestrians outside the Royal Bank of Canada (RBC) headquarters in Toronto, Ontario, Canada March 16, 2017. Picture taken March 16, 2017. REUTERS/Chris Helgren The leveraged loan financing comprises a £740m seven-year term loan B, a £150m 6.5-year multicurrency revolving credit facility and a £180m eight-year second-lien loan, according to documents posted on ZPG’s website.
Pricing is undisclosed but is based on leverage for the first-lien facilities.
The buyout is due to close in the third quarter of 2018.
ZPG’s largest shareholder Daily Mail & General Trust (DMGT) is recommending the sale of ZPG to Silver Lake.
In March, DMGT sold real estate data and services firm EDR to Silver Lake and Battery Ventures for US$205m.
DMGT has been invested in Zoopla Property Group since 2012, when DMGT’s online property business, the Digital Property Group, merged with Zoopla, holding a 55% stake in the combined company.
DMGT maintained its support through ZPG Plc’s IPO in 2014 and holds a 29.8% stake.
Editing by Christopher Mangham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-leveraged-loans-zpg/rbc-to-provide-financing-for-2-2-billion-zpg-buyout-idUSKBN1IC1CD |
May 15 (Reuters) - Hydro One Ltd:
* HYDRO ONE LIMITED INCREASES DIVIDEND BY 5% AND DECLARES QUARTERLY COMMON SHARE DIVIDEND
* INCREASES QUARTERLY DIVIDEND BY 5 PERCENT * DECLARED A QUARTERLY CASH DIVIDEND TO COMMON SHAREHOLDERS AT NEW RATE OF $0.23 PER SHARE Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hydro-one-limited-increases-divide/brief-hydro-one-limited-increases-dividend-by-5-and-declares-quarterly-common-share-dividend-idUSASC0A27J |
Consumer sentiment comes in slightly higher than forecasts 8 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/consumer-sentiment.html |
May 28, 2018 / 3:05 AM / Updated 13 minutes ago PM Abe says Japan automakers contributing to U.S. economy Reuters Staff 1 Min Read
TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Monday he would seek to convince President Donald Trump that Japanese carmakers have created jobs and made huge contributions to the U.S. economy. FILE PHOTO - Japanese Prime Minister Shinzo Abe speaks during a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Grigory Dukor
Abe made the remark in parliament, when asked by a lawmaker about the Trump administration’s decision last week to begin a national security investigation into auto imports that could lead to new U.S. tariffs. Reporting by Leika Kihara; Editing by Chris Gallagher | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-usa-trade/pm-abe-says-japan-automakers-contributing-to-u-s-economy-idUKKCN1IT06N |
BUPYEONG, South Korea (Reuters) - General Motors Co’s ( GM.N ) South Korean unit canceled a news conference on Monday after a dozen temporary workers forced their way into the event venue minutes beforehand, chanting slogans that called on the automaker to hire them full time.
Microphones are seen on chairs for Kaher Kazem, chief executive of GM Korea, and Barry Engle, head of GM's international operations, as a media briefing was cancelled at a GM Korea's plant in Incheon, South Korea, May 14, 2018. REUTERS/Kim Hong-Ji The news conference was to be the first since GM Korea averted bankruptcy last month after winning major concessions from its union of regular workers as well as government funding, and was to be attended by the heads of both GM Korea and GM International.
But the cancellation illustrated how the status of temporary workers, seeking job security at a time of uncertainty at the automaker, remains a challenge for GM Korea in a country where auto unions are known to be strong and militant.
About 15 minutes before the news conference was scheduled to begin at 10 am local time, temporary workers entered the venue holding signs and chanting slogans such as, “Abolish non-regular positions” and “Let’s fight until the end and return to the factory”.
Slideshow (2 Images) Hwang Ho-in, head of the union of temporary workers at GM Korea’s main factory compound in Bupyeong, said upon entering the venue that he and his colleagues would not interfere with the event and that they were present just to watch proceedings.
“Management thinks we are a terrorist group, a violent group or something like that,” Hwang told reporters, after the event was canceled.
President of GM International Barry Engle and GM Korea Chief Executive Kaher Kazem did not make their planned appearances.
“We are placing top priority on the safety of our employees,” said GM Korea spokesman Park Hae-ho.
Last month, full-time workers entered Kazem’s office and destroyed furniture after the automaker said it was unable to make planned bonus payments because of a shortage of cash.
GM subsequently asked employees overseas to refrain from visiting its South Korean sites until further notice due to security concerns.
A South Korean court on Feb. 13 said GM Korea should recognize temporary workers as full-time employees, in a ruling the automaker has since appealed. On the same day, GM announced the planned closure of one of its four South Korean factories.
GM Korea has some 2,000 temporary workers. They fear more restructuring and job cuts even after the rescue deal as plants struggle with low utilization rates, Hwang said.
Reporting by Hyunjoo JinEditing by Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gm-southkorea/gm-korea-cancels-news-briefing-as-temporary-workers-storm-venue-idUSKCN1IF09Q |
Oil prices are likely to stay elevated in the near-term: Investor 14 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/oil-prices-are-likely-to-stay-elevated-in-the-near-term-investor.html |
TORONTO, May 3 (Reuters) - A group of Canadian coffee chain Tim Horton’s U.S. franchisees said on Thursday it is suing parent company Restaurant Brands International, escalating growing tensions between the company and owners of its U.S. and Canadian coffee shops.
The Great White North Franchisee Association-U.S. is challenging a clause in Restaurant Brands’ franchise agreements that requires all disputes to be resolved in Federal Court in Miami, according to an emailed statement from the group.
Once this is resolved, the U.S association said it plans to file another lawsuit claiming improper use of an advertising fund franchisees pay into. It said the company had used the fund to pay overhead expenses unrelated to promoting the brand.
Tim Hortons did not immediately respond to a request for comment.
The moves by the U.S. franchisees are the latest in a long-running feud between Tim Hortons’ parent company and its franchisees, which has now drawn the attention of the Canadian government. Ottawa is looking into the franchisees’ complaints that the parent company is not meeting the terms set out by the government when it allowed its takeover of the chain.
Tim Hortons fell to 50th from fourth on an annual ranking of brand reputation in Canada based on surveys between Dec. 19 and Jan. 29 by market research firm Leger, local media reported last month. Tim Hortons has 729 locations in the U.S. and 4,258 in Canada, according to its website. Restaurant Brands also owns the Burger King and Popeyes chains.
After the chain’s same-store sales fell for the eighth consecutive quarter in the latest earnings report, Restaurant Brands Chief Executive Daniel Schwartz said last month that “negative media created by this group of franchisees” is hurting customer perceptions of the Tim Hortons brand.
Restaurant Brands shares have fallen 10.4 percent this year, compared with a 4 percent decline in the Toronto stock benchmark.
The U.S. action follows a C$500 million ($389 million) lawsuit filed by their Canadian counterparts in June, also alleging mismanagement of a national advertising fund.
The Canadian franchisee association filed a second, C$850 million, lawsuit in October saying the company was trying to intimidate restaurant owners. Both lawsuits are still trying to obtain certification as class actions, a spokesperson for the association said by email on Thursday.
The franchisee association, whose membership includes 60 percent of Tim Hortons owners in Canada, and half of those in the U.S., was formed in March 2017 in Canada “in response to the mismanagement of the Tim Hortons franchise,” according to the group. The U.S. arm was formed in June.
$1 = 1.2858 Canadian dollars Reporting By Nichola Saminather Editing by Marguerita Choy
Our | ashraq/financial-news-articles | https://www.reuters.com/article/restaurant-brands-tims-franchisees/canadian-coffee-chain-tim-hortons-u-s-franchisees-to-sue-parent-idUSL3N1SA4U6 |
NEW YORK, May 03, 2018 (GLOBE NEWSWIRE) -- Consolidated Edison, Inc. (Con Edison) (NYSE:ED) today reported first quarter net income of $428 million or $1.38 a share compared with $388 million or $1.27 a share in 2017. Adjusted earnings, which exclude the net mark-to-market effects of Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses), were $428 million or $1.38 a share in 2018 compared with $386 million or $1.27 a share in 2017.
“While we continue to face challenging weather events, we remain focused on our long-term strategy of providing customers with the technology and options they need to live and work today,” said John McAvoy, chairman and CEO of Con Edison. “We are expanding our smart meter installations across our service areas, giving customers more information about their energy usage, and giving us more tools to serve them better than ever before. We are making strategic investments in gas and electric transmission, and pursuing non-pipe alternatives that will help the environment and encourage energy efficiency.”
The following table is a reconciliation of Con Edison’s reported earnings per share to adjusted earnings per share and reported net income to adjusted earnings for the three months ended March 31, 2018 and 2017.
Earnings
per Share Net Income
(Millions of Dollars) 2018 2017 2018 2017 Reported earnings per share (basic) and net income (GAAP basis) $1.38 $1.27 $428 $388 Net mark-to-market effects of the Clean Energy Businesses (a) — — — (2) Adjusted earnings per share and adjusted earnings (non-GAAP basis) $1.38 $1.27 $428 $386 (a) After taxes of $(1) million for the three months ended March 31, 2017. For the year of 2018, the company confirms its previous forecast of adjusted earnings in the range of $4.15 to $4.35 per share. Adjusted earnings per share exclude the Clean Energy Businesses' net mark-to-market effects, the amount of which will not be determinable until year end.
The results of operations for the three months ended March 31, 2018, as compared with the 2017 period, reflect changes in the utilities' rate plans and the impact of weather on steam revenues. Con Edison's results of operations for the comparable periods also reflect lower income tax expense for the Clean Energy Businesses and Con Edison Transmission. The utilities' revenues for the 2018 period reflect the deferral for customers of estimated net benefits for the period of the federal Tax Cuts and Jobs Act of 2017 (TCJA). Operations and maintenance expenses for the utilities for the three months ended March 31, 2018 primarily reflect higher storm-related costs. In addition, the utilities' rate plans provide for revenues to cover expected changes in certain operating costs including depreciation, property taxes and other tax matters. See the Attachment to this press release for the estimated effect on earnings per share and net income for the 2018 period compared to the 2017 period resulting from these and other factors.
Refer to the company's First Quarter Form 10-Q, which is being filed with the Securities and Exchange Commission, for the consolidated balance sheets at March 31, 2018 and December 31, 2017 and the consolidated income statements for the three months ended March 31, 2018 and 2017. A first quarter 2018 earnings release presentation will be available at www.conedison.com (select "For Investors" and then select "Press Releases").
This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and speak only as of that time. Actual results or developments may differ materially from those included in the forward-looking statements because of various factors such as those identified in reports the company has filed with the Securities and Exchange Commission, including that the company’s subsidiaries are extensively regulated and are subject to penalties; its utility subsidiaries’ rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries’ rate plans; the intentional misconduct of employees or contractors could adversely affect it; the failure of, or damage to, its subsidiaries’ facilities could adversely affect it; a cyber-attack could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries’ operations; a disruption in the wholesale energy markets or failure by an energy supplier could adversely affect it; it has substantial unfunded pension and other postretirement benefit liabilities; its ability to pay dividends or interest depends on dividends from its subsidiaries; it requires access to capital markets to satisfy funding requirements; changes to tax laws could adversely affect it; its strategies may not be effective to address changes in the external business environment; and it also faces other risks that are beyond its control.
This press release also contains a financial measure, adjusted earnings, that is not determined in accordance with generally accepted accounting principles in the United States of America (GAAP). This non-GAAP financial measure should not be considered as an alternative to net income, which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings excludes from net income the net mark-to-market changes in the fair value of the derivative instruments the Clean Energy Businesses use to economically hedge market price fluctuations in related underlying physical transactions for the purchase or sale of electricity and gas. Adjusted earnings may also exclude from net income certain other items that the company does not consider indicative of its ongoing financial performance. Management uses this non-GAAP financial measure to facilitate the analysis of the company's financial performance as compared to its internal budgets and previous financial results. Management also uses this non-GAAP financial measure to communicate to investors and others the company’s expectations regarding its future earnings and dividends on its common stock. Management believes that this non-GAAP financial measure is also useful and meaningful to investors to facilitate their analysis of the company's financial performance.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $12 billion in annual revenues and $49 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., which through its subsidiaries develops, owns and operates renewable and energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which through its subsidiaries invests in electric and natural gas transmission projects.
Attachment Variation for the Three Months Ended March 31, 2018 vs. 2017 Earnings
per Share Net Income
(Millions of Dollars) CECONY (a) Changes in rate plans $0.22 $67 Reflects higher electric and gas net base revenues of $0.12 a share and $0.08 a share, respectively, and growth in the number of gas customers of $0.02 a share. Electric and gas base rates increased on January 1, 2018 in accordance with their respective rate plans. Weather impact on steam revenues 0.05 14 Operations and maintenance expenses (0.01 ) (2 ) Reflects primarily storm-related costs. Depreciation, property taxes and other tax matters (0.09 ) (29 ) Reflects higher net property taxes of $(0.07) a share and depreciation and amortization expense of $(0.04) a share, offset by a New York State sales and use tax refund of $0.02 a share. Other (0.02 ) — Includes the dilutive effect of Con Edison's stock issuances. Total CECONY 0.15 50 Orange and Rockland Utilities, Inc. (O&R) (a) Changes in rate plans 0.02 7 Reflects higher gas net base revenues. Gas base rates increased on November 1, 2017 in accordance with the rate plan. Operations and maintenance expenses (0.02 ) (7 ) Reflects storm-related costs. Other (0.01 ) (3 ) Includes the dilutive effect of Con Edison's stock issuances. Total O&R (0.01 ) (3 ) Clean Energy Businesses Operating revenues less energy costs 0.19 59 Reflects revenues from engineering, procurement and construction services and higher revenues from renewable electric production projects. Operations and maintenance expenses (0.20 ) (62 ) Reflects primarily engineering, procurement and construction costs. Other 0.01 2 Includes the dilutive effect of Con Edison's stock issuances. Total Clean Energy Businesses — (1 ) Con Edison Transmission, Inc. — 4 Reflects income from equity investments and the dilutive effect of Con Edison's stock issuances. Other, including parent company expenses (0.03 ) (10 ) Reflects lower state income tax benefits and the dilutive effect of Con Edison's stock issuances. Total Reported (GAAP basis) $0.11 $40 Net mark-to-market effects of the Clean Energy Businesses — 2 Total Adjusted (non-GAAP basis) $0.11 $42
a. Under the revenue decoupling mechanisms in the utilities’ New York electric and gas rate plans and the weather-normalization clause applicable to their gas businesses, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. In general, the utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. Contact: Robert McGee
212-460-4111
Source: Consolidated Edison Company Of NY | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-con-edison-reports-2018-first-quarter-earnings.html |
* NSE index down 0.5 pct, BSE index 0.6 pct lower
* ICICI Bank top pct loser
May 29 (Reuters) - Indian shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes.
The broader NSE index closed 0.52 percent lower at 10,633.30 while the benchmark BSE index was down 0.61 percent at 34,949.24.
Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent.
ICICI Bank closed 3.1 percent lower while State Bank of India fell 2.9 percent.
For the mid-day report, click (Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-stocks/indian-shares-end-lower-financials-drag-idUSB8N1SI00C |
U.S. unemployment has fallen to 3.9% for the first time since 2000, shortly before the economy overheated. WSJ's Ken Brown explains what that tells us about today’s economic cycle and whether its sustainable. Photo: Associated Press | ashraq/financial-news-articles | http://live.wsj.com/video/what-39-unemployment-tells-us-about-the-economy/D68F3C56-9109-437C-962F-A9638D64CC62.html |
MALVERN, Pa., May 1, 2018 /PRNewswire/ -- Meridian Bank (Nasdaq: MRBK) today reported net income of $1.3 million, or $0.20 per diluted share for the first quarter of 2018, which generated a return on average assets and return on average equity of 0.61% and 5.07%, respectively.
Christopher J. Annas, Chairman and CEO, commented: "Our strong loan growth continued through the first quarter with commercial/industrial and real estate having equally good performance. Meridian's outreach efforts and building reputation is bringing consistent opportunities in a dynamic market. The new Philadelphia location, opened in April, will bring more loan and deposit potential in a growing metro location."
First Quarter Highlights
Loans increased $45.8 million or 6.6% during the quarter and $112.6 million or 17.9% since March 31, 2017. Total deposits increased $52.2 million or 8.3% during the quarter and $113.5 million or 20.1% year over year. We opened our new Philadelphia office at 1760 Market Street. Borrowings decreased $22.2 million, or 20.5%, during the quarter. Subordinated debt was reduced by $4 million, or 30.1%, due to the partial payoff of certain debt instruments. Asset quality remained strong as net charge-offs were only 0.02% of total average loans for the first quarter of 2018. Non-performing loans were 0.38% of total loans at March 31, 2018. On a year-over-year basis, net income available to common stockholders increased $1.5 million.
Income Statement Summary
Net income attributable to common stockholders was $1.3 million for the first quarter of 2018 compared to a net loss of $186 thousand, or ($0.05) per diluted share, for the same period in 2017. The increase was largely attributable to the loss of $870 thousand incurred by the mortgage division in the first quarter of 2017, compared to the loss of $136 thousand in 2018. In addition, $289 thousand in preferred dividends were eliminated after repurchasing all of the outstanding shares of preferred stock in the previous quarter.
Total interest income for the three months ending March 31, 2018 was $9.8 million, which represented a $1.7 million, or 20.9%, increase compared with the three months ending March 31, 2017. The increase in income was attributable to a $109.1 million increase in average earning assets, year over year, helped by an increase of 15 basis points in yield on earning assets, to 4.95% from 4.74% for same period in 2017. The commercial loan portfolio and home equity loan portfolio yields, in particular, rose 39 and 45 basis points, respectively.
Total interest expense rose $728 thousand or 52.9% to $2.1 million for the first quarter of 2018, compared with $1.4 million for the first quarter of 2017. The year-over-year increase was primarily due to an increase in average interest bearing liabilities of $107.8 million, year over year, as well as an overall increase of 35 basis points in the cost of interest-bearing funds reflective of the overall increase in market rates.
Net interest income increased $964 thousand, or 14.3%, for the three months ended March 31, 2018 to $7.7 million from $6.7 million for the same period in 2017. The net-interest margin remained strong for the first quarter of 2018 at 3.89%, compared with 3.94% for the first quarter of 2017. The strength in the Bank's net-interest margin reflects the size and asset quality of the loan portfolio, as well as the $13.2 million or 13.9% increase in average non-interest bearing deposits period over period. The provision for loan losses increased $395 thousand to $554 thousand for the first quarter 2018 compared to $159 thousand for the same period in 2017 due primarily to the significant level of loan growth in the current quarter.
Total non-interest income for the first quarter of 2018 was $7.1 million, up $120 thousand or 1.7% from the first quarter of 2017. The overall increase in non-interest income came primarily from our mortgage and wealth management divisions. Wealth management revenue increased $975 thousand to $1.1 million for the three months ended March 31, 2018 compared to $103 thousand for the same period in 2017, due to the acquisition in our Wealth Division in the second quarter of 2017. Mortgage banking fee revenue decreased $855 thousand, or 13.1%, from $6.5 million for the three months ended March 31, 2017 to $5.7 million for three months ended March 31, 2018. This decrease was due to lower levels of loans sold, which was $127.7 million for the three months ended March 31, 2018, compared to $142.7 million for the same period in 2017. This was partially offset by an increase in the margin of 13 basis points.
Non-interest expense was $12.6 million for the first quarter of 2018, down $832 thousand, or 6.2%, from $13.4 million in the first quarter of 2017. The decrease is mainly attributable to a reduction in salaries and employee benefits expense, which decreased $1.2 million or 12.3%, as full- time equivalent employees, particularly in the mortgage division were reduced. In addition, loan expenses decreased $173 thousand, or 6.3% reflecting the lower level of mortgage originations. Occupancy and business development expenses, which increased $82 thousand or 9.3% and $159 thousand or 37.7%, respectively, were up due primarily to the new business locations. Professional fees increased $112 thousand or 30.4% due to increased legal and accounting related to public filings. Other expenses were up period over period by $139 thousand or 12.1%. The increase was primarily as the result of higher levels of communication, software and other employee related expenses which amounted to an additional $83 thousand combined year over year, as well as $68 thousand of amortization of intangibles related to the acquisition in our Wealth Division.
Balance Sheet Summary
As of March 31, 2018, total assets were $883.5 million compared with $856.0 million as of December 31, 2017 and $748.7 million as of March 31, 2017. Total assets increased $134.8 million, or 18.0%, on a year-over-year basis primarily due to strong loan growth. Total assets increased $27.5 million, or 3.2%, on a quarter-over-quarter basis mostly due to net new loans of $45.8 million, partially offset by lower levels of cash and the seasonal pay down of the held-for-sale mortgage portfolio.
Total loans, excluding mortgage loans held for sale, grew $45.8 million, or 6.6%, to $740.4 million as of March 31, 2018, from $694.6 million as of December 31, 2017. It is an increase of $112.6 million, or 17.9%, from $627.8 million as of March 31, 2017. The increase in loans for all periods is attributable to several commercial categories as the Bank continues to grow its presence in the Philadelphia market area. Commercial loans increased $21.1 million, or 10.6%, year over year and $15.8 million, or 7.5%, during the quarter. Commercial real estate and commercial construction loans combined increased $90.4 million, or 29.7%, year over year and $16.2 million, or 14.9%, in the first quarter.
Residential loans held in portfolio increased $4.6 million, or 14.0%, in the first quarter and $4.8 million, or 14.9%, year over year as certain loan products or terms were targeted to hold in portfolio. The residential mortgage loans-for-sale portfolio was $30.9 million, $35.0 million and $27.9 million as of March 31, 2018, December 31, 2017 and March 31, 2017, respectively, reflecting the seasonality of the cycle.
Deposits were $679.3 million as of March 31, 2018, up $52.2 million, or 8.3%, from the prior quarter and $113.5 million, or 20.0%, from March 31, 2017. Non-interest bearing deposits increased $5.1 million, or 5.1%, from December 31, 2017 and increased $12.4 million, or 13.3%, from March 31, 2017. New business relationships fueled the increases. Money market accounts/savings accounts decreased $13.1 million, or 5.8%, since December 31, 2017 and $12.2 million, or 5.4%, since March 31, 2017 while interest-bearing checking accounts increased $28.0 million, or 34.3%, during the quarter, and $32.3 million or 41.7% year over year reflecting the customer's preference for checking accounts over money market accounts. Certificates of deposit increased $32.1 million, or 14.7%, during the quarter and $81.0 million, or 47.8%, year over year as a result of wholesale funds management in the rising rate environment.
Capital ratios remain strong, reflecting the capital raise in the fourth quarter. At March 31, 2018, the Tier 1 leverage ratio was 11.69%, Tier 1 risk-based capital was 12.36%, common equity Tier 1 risk based capital was 12.36% and total risk-based capital was 14.46%. Quarter-end numbers show a total shareholder equity-to-total assets ratio of 11.59% and a tangible common equity to tangible assets ratio of 11.03%. Tangible book value per share was $15.16 as of March 31, 2018, compared with $15.00 as of December 31, 2017, and $15.49 as of March 31, 2017.
Asset Quality Summary
Asset quality remained strong. The Bank realized net charge-offs of 0.02% of total average loans for the quarter ending March 31, 2018, compared with net charge-offs of 0.09% for the quarter ending December 31, 2017. Total non-performing assets, including loans and other real estate property, were $3.4 million as of March 31, 2018, $3.6 million at December 31, 2016, and $4.4 million as of March 31, 2017. The ratio of non-performing assets to total assets for quarter end was 0.38% compared to 0.42% as of December 31, 2017. The non-performing loans were 0.38% of total loans as of March 31, 2018, compared to 0.43% as of December 31, 2017. As of March 31, 2018, the ratio of allowance for loan losses to total loans, excluding mortgages available for sale, was 0.99%.
About Meridian Bank
Meridian Bank, is a full-service commercial bank headquartered in Malvern, Pennsylvania with 23 offices in the greater Philadelphia Metro market. The Bank offers a full range of commercial and retail loan and deposit products, along with wealth management and electronic payment services. Meridian Mortgage, a division of the Bank, is a top tier provider of residential mortgage loans. For additional information visit our website at www.meridianbanker.com . Member FDIC.
Quarterly
(Dollars in Thousands, except per share data)
2018
2017
2017
2017
2017
1st QTR
4th QTR
3rd QTR
2nd QTR
1st QTR
Earnings and Per Share Data
Net income
1,270
289
1,398
1,243
103
Net income available to common stockholders
1,270
(11)
1,109
954
(186)
Basic earnings per common share
$0.20
$0.00
$0.30
$0.26
($0.05)
Book value per common share
$16.01
$15.86
$16.12
$15.81
$15.49
Tangible book value per common share
$15.16
$15.00
$14.60
$14.28
$15.49
Common shares outstanding
6,392
6,392
3,685
3,685
3,685
Weighted average common shares outstanding
6,392
4,575
3,685
3,685
3,685
Performance Ratios
Return on average assets
0.61%
0.14%
0.70%
0.66%
0.06%
Return on average equity
5.07%
1.19%
7.77%
7.20%
0.60%
Net interest margin (TEY)
3.89%
3.98%
3.88%
3.91%
3.94%
Efficiency ratio
85%
86%
84%
85%
98%
Asset Quality Ratios
Net charge-offs (recoveries) to average loans
0.02%
0.09%
0.07%
0.02%
(0.02%)
Non-performing loans/Total loans
0.38%
0.43%
0.87%
0.61%
0.67%
Non-performing assets/Total assets
0.38%
0.42%
0.78%
0.53%
0.59%
Allowance for credit loss/Total loans
0.95%
0.91%
0.90%
0.91%
0.87%
Allowance for credit loss/Total loans held for investment
0.99%
0.96%
0.94%
0.96%
0.91%
Allowance for credit loss/Non-performing loans
249.11%
210.71%
102.83%
149.30%
129.85%
Capital Ratios
Total equity/Total assets
11.59%
11.84%
8.99%
9.11%
9.34%
Tangible common equity/Tangible assets
11.03%
11.27%
7.39%
7.47%
7.63%
Tier 1 leverage ratio
11.69%
12.37%
8.62%
8.79%
9.77%
Common tier 1 risk-based capital ratio
12.36%
12.85%
7.46%
7.55%
8.37%
Tier 1 risk-based capital ratio
12.36%
12.85%
9.20%
9.36%
10.25%
Total risk-based capital ratio
14.46%
15.52%
11.93%
12.18%
13.09%
Statements of Income (Unaudited)
Quarter Ended
(Dollars in Thousands)
March 31, 2018
March 31, 2017
Interest Income
Interest and fees on loans
9,493
7,861
Investments
303
243
Total interest income
9,796
8,104
Interest Expense
Deposits
1,659
902
Borrowings
445
474
Total interest expense
2,104
1,376
Net interest income
7,692
6,728
Provision for loan losses
554
159
Net interest income after provision
7,138
6,569
Non-Interest Income
Mortgage banking revenue
5,652
6,507
Wealth management fees
1,078
103
BOLI earnings
78
29
Service charges and other income
248
297
Total non-interest income
7,056
6,936
Non-Interest Expense
Salaries and employee benefits
8,436
9,614
Loan expenses
532
705
Occupancy & equipment
960
878
Professional fees
479
367
Advertising & business development
581
422
Data processing
288
261
Other non-interest expense
1,286
1,147
Total non-interest expense
12,562
13,394
Net income before income tax expense
1,632
111
Income tax expense
362
8
Net Income
1,270
103
Dividends on preferred stock
-
289
Net Income available to common stockholders
$1,270
($186)
Common shares outstanding
6,392
3,685
Net income per common share
$0.20
($0.05)
Fully diluted common shares outstanding
6,426
3,685
Fully diluted net income per common share
$0.20
($0.05)
Statement of Condition (Unaudited)
(Dollars in Thousands)
March 31, 2018
December 31, 2017
September 30, 2017
June 30, 2017
March 31, 2017
Assets
Cash & cash equivalents
$24,964
$35,506
$9,527
$10,349
$17,140
Investment securities
51,372
52,867
50,662
51,027
48,237
Mortgage loans held for sale
30,858
35,024
32,350
36,411
27,908
Loans, net of fees and costs
740,408
694,637
676,334
648,398
627,827
Allowance for credit losses
(7,138)
(6,709)
(6,359)
(6,214)
(5,709)
Bank premises and equipment, net
10,446
9,741
9,321
8,915
8,719
Bank owned life insurance
11,347
11,269
11,187
11,105
11,023
Other real estate owned
427
437
59
-
-
Other assets
20,837
23,263
20,825
20,670
13,540
Total Assets
$883,521
$856,035
$803,906
$780,661
$748,685
Liabilities & Stockholders' Equity
Liabilities
Non-interest bearing deposits
$105,576
$100,454
$101,061
$97,994
$93,205
Interest bearing deposits
Interest checking
109,914
81,872
80,420
79,919
77,591
Money market / savings accounts
213,282
226,374
210,931
209,826
225,482
Certificates of deposit
250,531
218,409
225,270
171,780
169,527
Total interest bearing deposits
573,727
526,655
516,621
461,525
472,600
Total deposits
679,303
627,109
617,682
559,519
565,805
Borrowings
86,366
108,613
92,264
129,817
93,690
Subordinated debt
9,308
13,308
13,376
13,376
13,376
Other liabilities
6,184
5,642
8,350
6,811
5,871
Total Liabilities
781,161
754,672
731,672
709,523
678,742
Stockholder's Equity
102,360
101,363
72,234
71,138
69,943
Total Liabilities & Stockholders' Equity
$883,521
$856,035
$803,906
$780,661
$748,685
Condensed Statements of Income (Unaudited)
Three Months Ended
(Dollars in Thousands)
March 31, 2018
December 31, 2017
September 30, 2017
June 30, 2017
March 31, 2017
Interest income
$9,796
$9,807
$9,191
$8,616
$8,104
Interest expense
2,104
1,974
1,850
1,581
1,376
Net interest income
7,692
7,833
7,341
7,035
6,728
Provision for credit losses
554
716
665
621
159
Non-interest income
7,056
9,177
10,450
10,137
6,936
Non-interest expense
12,562
14,633
15,012
14,651
13,394
Income before income tax expense
1,632
1,661
2,114
1,900
111
Income tax expense
362
1,372
716
657
8
Net Income
$1,270
$289
$1,398
$1,243
$103
Preferred stock dividends and accretion
-
300
289
289
289
Net income available to common stockholders
$1,270
($11)
$1,109
$954
($186)
Weighted average common shares outstanding
6,392
4,575
3,685
3,685
3,685
Net income per common share
$0.20
$0.00
$0.30
$0.26
($0.05)
Fully diluted common shares outstanding
6,426
4,575
3,713
3,715
3,685
Fully diluted net income per common share
$0.20
$0.00
$0.30
$0.26
($0.05)
Chris Annas
484-568-5001
[email protected]
View original content: http://www.prnewswire.com/news-releases/meridian-bank-reports-first-quarter-2018-results-300639923.html
SOURCE Meridian Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-meridian-bank-reports-first-quarter-2018-results.html |
May 31, 2018 / 11:25 AM / Updated an hour ago Highlights of French Open fifth day Reuters Staff 5 Min Read
(Reuters) - Highlights from day five of the French Open tennis championships on Thursday (all times GMT): May 31, 2018, Paris, France: Simona Halep (ROU) in action during her match against Taylor Townsend (USA) on day five of the 2018 French Open at Roland Garros. Susan Mullane-USA TODAY Sports 1700 DEL POTRO ADVANCES
Fifth seed Juan Martin del Potro struck 44 winners on his way to a 6-4 6-3 6-2 victory over French veteran Julien Benneteau, who made his final appearance at his home Grand Slam.
“It wasn’t easy for me to play a guy like Julien in Paris,” Del Potro said. “I’m so proud of him, he made a fantastic career. I should stop speaking, it’s Julien’s time.” 1645 SCHWARTZMAN SAILS THROUGH
Big-hitting Argentine Diego Schwartzman, seeded 11th, continued his steady progress with a 6-1 6-3 6-1 win over Czech Adam Pavlasek in the second round. 1555 RAFA BREEZES PAST PELLA
Top seed Rafa Nadal, chasing his 11th title at Roland Garros, marched into the third round with a 6-2 6-1 6-1 win over Argentine Guido Pella.
Nadal will next face Frenchman Richard Gasquet who the Spaniard has beaten in all their previous 15 meetings.
“Richard is a good friend, I’ve known him since we were 11, 12 years old,” the Spaniard said. “It’s the most important court (Philippe Chatrier) of my career without a doubt, and for him a special place too.” 1515 HALEP RACES INTO ROUND THREE
World number one Simona Halep was not playing her best tennis but still found a way past American Taylor Townsend 6-3 6-1.
The Romanian, twice runner-up at Roland Garros, will meet Andrea Petkovic of Germany in the third round.
1505 POUILLE READY FOR “SPECIAL” KHACHANOV CLASH
Home favourite Lucas Pouille held off a spirited comeback from Briton Cameron Norrie to beat him 6-2 6-4 5-7 7-6(3).
Pouille will next face Russian Karen Khachanov, who teamed up with the French number one for doubles action in Madrid and Rotterdam this season.
“It’s quite special. But we’re used to it, because we know each other,” Pouille told reporters.
“So I don’t think it’s going to be very different from the other matches. And it’s true that we train a lot together. We played doubles together in Marseille and Dubai practically back to back with four days in between.
“It’s going to be a difficult match. He’s a very good player. He’s in full progression and very confident.”
Khachanov edged Pouille over three sets during their last meeting in the final at Marseille in February. 1445 SHARAPOVA OVERCOMES TRICKY VEKIC TEST
Two-time champion Maria Sharapova needed five match points to see off Croatia’s Donna Vekic 7-5 6-4 in the second round.
The Russian will next face sixth seed Karolina Pliskova, who beat fellow Czech Lucie Safarova 3-6 6-4 6-1. 1330 EDMUND ADVANCES
Kyle Edmund, the last Briton standing in the singles, recovered from a mid-match blip to beat Hungarian Marton Fucsovics 6-0 1-6 6-2 6-3.
“(The second set) is something to learn from but I’m happy to come through,” Edmund said.
“When I’m playing at my best it’s very good but I can’t play like that the whole time. When I’m not playing my best, I have to find a way to win. This year I’ve done that a lot better.”
Edmund will face 18th seed Italian Fabio Fognini in the third round. 1300 SHAPOVALOV DISAPPOINTED BUT NOT DISHEARTENED
Canadian teenager Denis Shapovalov was disappointed after his French Open debut ended in the second round but he remains pleased with the progress made this season.
“Not every week is going to be the same,” he said after a 5-7 7-6(4) 7-5 6-4 defeat to Germany’s Maximilian Marterer.
“You run into guys that are playing well, playing hot. You know, in Madrid it was me; today it was Max.
“Obviously I’m disappointed with the loss, but like I said, I’m only 19, so not every week is going to be a semifinals of, you know, of a big tournament.” 1240 CILIC BOOKS THIRD ROUND SPOT
Third seed Marin Cilic experienced a difficult test after wasting a match point in the third set against qualifier Hubert Hurkacz, but did enough to win 6-2 6-2,6-7(3) 7-5.
The Croat will next face American Steve Johnson, who also needed four sets to beat Germany’s Jan-Lennard Struff. 1040 MERTENS DOWNS WATSON
Belgium’s 16th seed Elise Mertens cruised past Britain’s Heather Watson 6-3 6-4 to match her best Roland Garros performance by reaching the third round for the second year in a row. 1035 MUGURUZA EASES PAST FERRO
Former champion Garbine Muguruza, seeded third, looked in fine form as she eased past French wildcard Fiona Ferro 6-4 6-3.
“The French Open is ‘that’ tournament for me, it’s special, I’m so motivated and I’m so happy,” Muguruza, the 2016 winner, said after the match.
She moves into the third round for the fifth consecutive year, where she will face 2010 runner-up Samantha Stosur of Australia. Reporting by Hardik Vyas and Shrivathsa Sridhar in Bengaluru; Editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-highlights/highlights-of-french-open-fifth-day-idUKKCN1IW1GQ |
May 23 (Reuters) - Colony NorthStar Inc:
* COLONY NORTHSTAR, INC. ANNOUNCES ADDITIONAL $300 MILLION STOCK REPURCHASE PROGRAM
* COLONY NORTHSTAR INC - BOARD AUTHORIZED REPURCHASE OF UP TO AN ADDITIONAL $300 MILLION OF OUTSTANDING CLASS A COMMON STOCK
* COLONY NORTHSTAR INC - NEW AUTHORIZATION WILL EXPIRE IN 12 MONTHS, UNLESS OTHERWISE EXTENDED BY COMPANY’S BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-colony-northstar-announces-additio/brief-colony-northstar-announces-additional-300-mln-stock-repurchase-program-idUSASC0A3ED |
Seeds Progress Reuters Staff 2 Min Read May 2 (OPTA) - Seeds Progress Seeds .. Seed Round Rslt Opponent Score 1 Elise Mertens (BEL) qtr to play Sara Errani (ITA) (start 14:00) 2nd won 3-1 (Retired) 1st won Kristina Kucova (SVK) 6-0 6-0 2 Dominika Cibulkova (SVK) 1st lost Polona Hercog (SLO) 2-6 7-5 6-4 3 Petra Martic (CRO) 1st lost Kirsten Flipkens (BEL) 3-6 6-2 6-4 4 Timea Babos (HUN) 1st lost Alexandra Dulgheru (ROU) 2-6 7-6(7) 7-5 6 Zarina Diyas (KAZ) 1st lost Sara Errani (ITA) 6-4 6-4 7 Aleksandra Krunic (SRB) qtr to play (start 10:00) 2nd won 1st won Lara Arruabarrena (ESP) 6-2 6-7(0) 6-2 8 Su-Wei Hsieh (TPE) qtr to play Katarina Zavatska (UKR) (start 16:00) 2nd won 1st won Bethanie Mattek-Sands (USA) 3-6 7-6(3) 6-1 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-rabat-womens-singles-seeds-progress-idUKMTZXEE5249AUN0 |
Why Ethiopian farmers choose Khat over coffee 9:39am EDT - 01:36
Coffee farmers in Ethiopia say climate change and low prices have made it difficult for them to depend on coffee in recent years and as a result many of them in the southern Oromia region are turning to khat instead. As Sonia Legg reports, the narcotic - a flowering plant, native to east Africa - is illegal to chew in many countries but not in the Horn of Africa, where it is an increasingly profitable option for farmers.
Coffee farmers in Ethiopia say climate change and low prices have made it difficult for them to depend on coffee in recent years and as a result many of them in the southern Oromia region are turning to khat instead. As Sonia Legg reports, the narcotic - a flowering plant, native to east Africa - is illegal to chew in many countries but not in the Horn of Africa, where it is an increasingly profitable option for farmers. //reut.rs/2G67SsZ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/why-ethiopian-farmers-choose-khat-over-c?videoId=425885670 |
May 2 (Reuters) - COLIAN HOLDING SA:
* REPORTED ON MONDAY FY NET LOSS OF 30.7 MILLION ZLOTYS VERSUS PROFIT OF 39.7 MILLION ZLOTYS YEAR AGO
* FY REVENUE 962.9 MILLION ZLOTYS VERSUS 930.0 MILLION ZLOTYS YEAR AGO
* FY OPERATING PROFIT 45.4 MILLION ZLOTYS VERSUS 41.5 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S91WL |
May 17, 2018 / 12:13 PM / Updated 11 minutes ago Mexico's landmark energy reforms are mired in regulatory delays David Alire Garcia 6 Min Read
MEXICO CITY, May 17 (Reuters) - Oil firms that have won drilling rights during Mexico’s landmark energy reforms have made little progress on developing about two-thirds of the projects because of the nation’s tangled regulatory regime, according to company executives and government data.
Mexico has auctioned off more than 100 contracts to foreign and local companies since President Enrique Pena Nieto started opening the nation’s oil fields to foreign investment in 2013.
A new oil regulatory framework, much of it adapted from existing rules, has kept most of that oil in the ground, the data show. That’s delaying potential benefits to Mexico and could make the reforms that much easier to unwind if voters elect an anti-reform candidate for president when Pena Nieto leaves office at the end of November.
Securing approvals is a “cumbersome and arduous process resulting in a significant choke point for drilling wells,” said Craig Steinke, chief executive of Renaissance Oil Corp, which has five projects in Mexico, three of them stalled in permitting.
It takes three days to get needed drilling permits for a well in Alberta, Canada, compared to the more than a year in Mexico, Steinke said. Through the life of a project, oil firms are required to submit more than 250 separate documents to about a dozen government agencies overseeing offshore and onshore developments.
Before Mexico’s energy reforms, state-owned oil firm Petroleos Mexicanos, known as Pemex, was the sole operator and largely regulated itself. The opening of development rights to private firms ushered in a new regulator, known as ASEA, operating under a presidential appointee with sweeping powers - but also a legacy of bureaucratic constraints.
ASEA, Mexico’s safety, energy and environment regulator, must decide on about 100 permits for each project, according to Marco Cota, a former head of exploration and production for the energy ministry who now advises oil companies on regulatory compliance. Many of the agency’s industrial safety regulations were inherited from the environment ministry and duplicate paperwork required by other agencies, he said.
ASEA Director Carlos de Regules, a former Pemex official, conceded in an interview that the agency’s decision-making has been too slow. He said he is working to cut permit reviews to 120 days by September - compared to the current process that can stretch nearly a year-and-a-half.
“The regulatory framework is very complicated, and it forces us to take more time than in principle should be necessary to evaluate a project,” he said of rules in place since the energy reform laws were enacted. “We are obligated to ask seven times for the same paperwork.” WAITING FOR MONTHS
Evaluations can take about six months for environmental impacts and three months for a final drilling permit, just two of the approvals required before work can begin on a new well.
Companies also must show they have insurance policies and industrial safety and environmental protection plans approved and in place for each project. The latter requires companies to submit reams of supplemental documents such as safety manuals.
The delays stem in large part from the fact that ASEA is adapting and interpreting laws originally written for general environmental protections and were not specific to the energy industry, said Layla Vargas, who works with oil companies to meet government regulations.
“What they’ve had to do is half-improvise” to fit the energy sector, said Cota.
Staffing shortages are another major bottleneck. The regulator has 465 employees who handle approvals for more than 25,000 project applications since the 2015 oil-market opening, ranging from retail gas stations to multi-million dollar drilling projects. Permits for a service station can take as much as seven months to approve, according to the agency.
The Organization for Economic Cooperation and Development, which promotes economic development, last fall called for ASEA to have more “institutional agility and autonomy” in its evaluation of Mexico’s energy regulators. PROJECTS STUCK IN THE PIPELINE
ASEA’s administrative complexity is the biggest challenge to getting oil and gas projects underway, said Renaissance Oil’s Steinke and other oil company executives.
So far, ASEA has signed off on insurance policies for 37 of 107 oil and gas contracts awarded. The companies’ management system, a custom plan for mitigating risks in 18 environmental, health and safety areas, has been authorized for 51 projects. Approvals for both are needed before drilling can begin.
To date, 107 exploration and production projects won at auction by international oil firms including Exxon Mobil and Royal Dutch Shell are in various stages of regulatory process.
The numbers of approvals “are not great,” said a senior executive at an oil major who oversees contracts in Mexico, speaking on condition of anonymity.
At least one oil company said it has not had problems with unreasonable delays.
“We’ve had a good experience in Mexico,” said Felipe Arbalaez, BP plc’s president for Latin America.
The regulators have “given us approvals at the appropriate time,” he added, referring to the British company’s shallow water Hokchi project, which is run by its Argentine unit Pan American Energy.
But John Padilla, a Bogota-based oil consultant with IPD Latin America, said oil companies who bet big on the Mexican opening are increasingly concerned about the political and regulatory risks.
“No one’s jumping ship,” he said. “But when you have billions of dollars of investment at stake, you can be damn sure that every board out there around the globe that has investments in Mexico is going to be paying close attention to this.” (Additional reporting by Marianna Parraga in Houston; Editing by Gary McWilliams and Brian Thevenot) | ashraq/financial-news-articles | https://www.reuters.com/article/mexico-oil-regulation/mexicos-landmark-energy-reforms-are-mired-in-regulatory-delays-idUSL1N1SE24M |
May 14 (Reuters) - Galway Metals Inc:
* GALWAY METALS INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
* GALWAY METALS - ANNOUNCES PROPOSED NON-BROKERED PRIVATE PLACEMENT FINANCING FOR GROSS PROCEEDS OF UP TO $3.3 MILLION
* GALWAY METALS INC - PROPOSED $3.3 MILLION NON-BROKERED PRIVATE PLACEMENT IS COMPRISED OF FLOW-THROUGH SHARES AND HARD-DOLLAR UNITS Source text for Eikon: Further company coverage:
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Trading Nation: Walmart for the win? 2 Hours Ago Boris Schlossberg, BK Asset Management, and Frank Cappelleri, Instinet, discuss the moves in Walmart with Sara Eisen. 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/trading-nation-walmart-for-the-win.html |
ChinaGÇÖs State Grid to invest $38 bln in Brazil over 5 years Published 34 Mins Ago Reuters
SAO PAULO, May 30 (Reuters) - Power company China State Grid Corp Ltd will invest 140 billion reais ($38 billion) in Brazil over the next five years, including investments in transmission, generation and other segments, an executive said on Wednesday.
Investment in the transmission segment alone will total more than 90 billion reais, said Qu Yang, vice president of State Grids Brazilian unit, speaking in Chinese at a conference in Sao Paulo.
($1 = 3.7240 reais) (Reporting by Jake Spring; Editing by Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-chinagaas-state-grid-to-invest-38-bln-in-brazil-over-5-years.html |
May 31, 2018 / 11:40 AM / Updated 7 hours ago U.S. voices concern over increasingly deadly Bangladeshi anti-drug drive Serajul Quadir 3 Min Read
DHAKA (Reuters) - The United States has expressed concern about a Bangladeshi anti-drugs campaign in which more than 100 people have died but the government has dismissed any suggestion of extra-judicial killings and said the crackdown had popular support.
The Bangladesh government launched the drive against trafficking this month, and police have arrested more than 10,000 people across the country as alarm grows about drugs, in particular the spread of the stimulant methamphetamine.
But the campaign has raised fears among rights activists of a Philippine-style war on drugs and the U.S. ambassador, Marcia Bernicat, voiced concern about the bloodshed.
“Of course I express concern about the number of people dying,” Bernicat told reporters on Wednesday after talks with Home Minister Asaduzzaman Khan in which the campaign was discussed.
“Everyone in a democracy has a right to due process. If there is a violent confrontation people may not survive that, but the goal should be zero tolerance, the goal should be to try and bring everyone to justice,” she said.
The interior minister, Khan, did not comment on Thursday on Bernicat’s concerns, but told Reuters that as of Tuesday, 102 drug traffickers had been killed in gun fights with law enforcement officers.
“These aren’t extra-judicial killings. Our forces are bound to use arms only to save themselves,” Khan said.
In the Philippines, thousands of suspects have been killed since President Rodrigo Duterte took office two years ago. He angrily rejected similar U.S. concern about the violence there.
Prime Minister Sheikh Hasina, who launched the anti-narcotics campaign in early May, said it would go on until Bangladesh was free of the drug menace. No drug “godfathers” would be spared, she said.
“No innocent people are being harassed or targeted, but if any such incidents happen it will be addressed through proper investigation,” Hasina told reporters on Wednesday.
“People in Bangladesh are happy with this drive.”
Bernicat said no one - neither civilians nor police - should take the law into their own hands.
“In our societies we are innocent until proven guilty and so everyone should be afforded that right. I always ask here and at home that human rights are respected,” she said.
The International Federation for Human Rights and its Bangladeshi member organization, Odhikar, called on the government on Thursday to stop the crackdown and investigate what it said were numerous complaints of extrajudicial killing.
Neighboring Myanmar is a major producer of methamphetamines, which have been flowing in ever larger volumes across its border. Reporting by Serajul Quadir; Editing by Euan Rocha, Robert Birsel | ashraq/financial-news-articles | https://www.reuters.com/article/us-bangladesh-drugs/u-s-voices-concern-over-increasingly-deadly-bangladeshi-anti-drug-drive-idUSKCN1IW1IL |
(Reuters) - Factbox on the Mexico national team ahead of the 2018 World Cup:
FIFA ranking: 15 (till June 7)
Previous tournaments:
Mexico have fallen at the last-16 stage in each of the last six World Cups — a record of extraordinary consistency but also a source of deep frustration for a soccer-mad country. Their latest painful exit was a 2-1 defeat by the Netherlands in 2014, after the award of a controversial late penalty.
Coach:
Juan Carlos Osorio, age 56. He had previously coached club sides in the United States, Mexico and his native Colombia, but his appointment in 2015 raised eyebrows because of his lack of experience at international level. Under Osorio, Mexico have 30 wins, eight draws and seven defeats from 45 matches but he has been criticized for his constant experimentation, deploying no fewer than 66 players. He was disciplined by FIFA for insulting match officials at a game against Portugal in the Confederations Cup last year.
Key players:
Guillermo Ochoa: The goalkeeper was Mexico’s standout player at the last World Cup, with two man-of-the-match awards. He shut out hosts Brazil in a draw that put Mexico through to the knockout stage, then repeatedly frustrated the Netherlands before being beaten twice in the closing minutes. His experience and agility will be key assets in a Mexican team that is brimming with attacking talent but could be stretched in defense.
Hirving Lozano: The pacy winger has been a revelation at PSV Eindhoven this season, with 17 goals from 29 appearances in the Dutch top flight. A skilful dribbler and set-piece specialist, he scored twice in an entertaining 3-3 draw away to Belgium last November.
Javier Hernandez: ‘Chicharito’ is Mexico’s record international scorer, with 49 goals, but only three of those came in his two previous appearances at the World Cup finals.
The former Manchester United, Real Madrid and Bayer Leverkusen striker has endured a difficult season on returning to the English Premier League with West Ham United, but at 29 the hugely popular Hernandez is still one of Mexico’s most influential players.
Form guide:
Mexico have three wins, two losses and a draw from their last six games — defeats against Honduras and Croatia, wins over Poland, Bosnia and Iceland, and a draw against Belgium.
How they qualified:
Mexico finished the CONCACAF eliminator in first place with 21 points: six wins, three draws and one defeat. Their only loss in the final qualifying stage came in the last round against Honduras, when they were already assured of top spot.
Prospects:
Mexico are drawn in Group F with Sweden, South Korea and defending champions Germany, whom they play in their opening game in Moscow on June 17. With the Germans expected to top the group, Mexico are likely to face a tough path even if they advance to the knockout stage, where they risk coming up against Brazil in the last 16.
Reporting by Mark Trevelyan and Carlos Pacheco; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-mex-factbox/soccer-mexico-world-cup-factbox-idUSKCN1IO293 |
WASHINGTON (Reuters) - White House national security adviser John Bolton, who has in the past suggested the U.S. government should push for a change in government in Iran, said on Sunday that is not the Trump administration’s current policy.
“That’s not the policy of the administration. The policy of the administration is to make sure that Iran never gets close to deliverable nuclear weapons,” Bolton said on the ABC program “This Week.”
“I’ve written and said a lot of things over the years when I was a complete free agent,” Bolton said when pressed on the issue regime change in Iran on CNN’s “State of the Union.”
Bolton, whom President Donald Trump tapped in March to replace former national security adviser H.R. McMaster, emphasized in the CNN interview that it was his job to advise Trump but that the president is the one who makes the decisions.
“The circumstances in I’m in now is that I’m the national security adviser to the president. I’m not the national security decision maker. He (Trump) makes the decisions and the advice I give him is between us.”
In a Fox News interview in January, Bolton said the United States should take steps such as increasing economic pressure on Iran and providing support to opponents of the government.
“There’s a lot we can do to, and we should do it,” said Bolton, who at the time was with the American Enterprise Institute think tank. “Our goal should be regime change in Iran.”
In 2015, Bolton wrote an op-ed in the New York Times calling for air strikes on Iran’s nuclear facilities. And in 2016, Bolton called for regime change while he was reportedly under consideration to be Secretary of State.
Reporting by Valerie Volcovici and Caren Bohan; Editing by David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-usa-bolton/bolton-regime-change-in-iran-not-policy-of-trump-administration-idUSKCN1IE0VH |
TUNIS (Reuters) - Tunisia’s Islamist Ennahda party claimed victory late on Sunday in the country’s first free municipal elections, a key step in a democratic transition marred by economic disappointment.
Rached Ghannouchi, the head of the Ennahda party, poses after casting his vote at a polling station for the municipal election in Tunis, Tunisia, May 6, 2018. REUTERS/Zoubeir Souissi After polling stations closed at 6 p.m., top Ennahda official Lotfi Zitoun told Reuters the party was more than 5 percent ahead of its secularist rival, Nidaa Tounes, citing vote counts observed by the party.
Ennahda and Nidaa Tounes are also coalition partners in the national government. They were expected to dominate the long-delayed polls, which will see officials elected in 350 municipalities for the first time since a 2011 uprising ended decades of authoritarian rule.
“This result is a reward for the new tolerant and democratic Ennahda ... Ennahda which searched for consensus,” Zitoun said.
Borhan Bsais, a Nidaa Tounes official, said his party probably trailed Ennahda by 3 to 5 percent.
Tunisia has been hailed as the only democratic success of the Arab Spring, because it toppled long-serving autocrat Zine El Abidine Ben Ali without triggering major violence.
A man raises his ink-stained finger after casting his vote at a polling station for the municipal election in Tunis, Tunisia, May 6, 2018. REUTERS/Zoubeir Souissi But enthusiasm for democratic change has long given way to anger over stubbornly low living standards, which have driven some Tunisians to make the dangerous sea crossing to Europe in search of work or have prompted a few to turn to militant Islam.
“I intended to boycott, but I changed my mind at the last moment,” Mohamed Ali Abadi, told Reuters after leaving a polling station. “We are facing a lot of economic problems but will continue our way in a real democracy.”.
At 3.00 p.m, voter turnout had reached 21 percent. Clashes were reported in several areas.
The electoral commission decided to postpone elections in eight centers in Mdhila in the south because of a mistake in the election papers.
Slideshow (3 Images) Political parties have spoken about violations in several towns, including trying to influence voters and distribute money.
Adel Brinsi the member of the Independent Electoral Commission said some abuses occurred at the polling stations, but they were not significant and did not affect the election results or their normal functioning.
Turnout was low in three polling stations visited by Reuters in the capital, Tunis, in the morning. Mostly elderly people were voting while young people were sitting in cafes nearby.
“I want a job,” said a young man who gave his name as Ramzi. “No one cared for us in the past years and we suffer from unemployment.”
The main challenge will be to match voters’ expectations with local budgets in a country where the central government makes the main decisions about how and where money gets spent.
A new law envisages some decision-making being gradually devolved to the local level, though it remains unclear how it will work in practice.
Western donors want to provide funds for councils to start projects from day one.
This comes on top of billions of dollars in loans from the International Monetary Fund and various countries to help plug a budget deficit caused by political turmoil and one of the world’s highest public sector bills.
Writing by by Ulf Laessing and Aidan Lewis; editing by Janet Lawrence, Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tunisia-election/tunisians-vote-in-first-free-municipal-elections-idUSKBN1I708Q |
(Reuters) - New Jersey Governor Phil Murphy signed several legislative initiatives on Wednesday to advance the state’s clean energy goals, including a controversial bill that would subsidize the continued operation of nuclear power plants.
New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, U.S., January 16, 2018. REUTERS/Lucas Jackson The new nuclear law, which could cost about $300 million a year, establishes a Zero Emissions Certificate (ZEC) program to maintain New Jersey’s nuclear energy supply, which contributes close to 40 percent of the state’s electric capacity and is by far its largest source of carbon free energy.
Plants seeking to participate in the program would be required, among other things, to demonstrate that they make a significant contribution to New Jersey air quality and are at risk of closure within three years.
The four reactors operating in New Jersey are capable of generating over 4,100 megawatts (MW) of electricity. Three are located at the Salem-Hope Creek nuclear plant and are operated by a unit of Public Service Enterprise Group Inc, the state’s biggest power company. One megawatt can power about 1,000 U.S. homes.
The other reactor, Oyster Creek, is owned by Exelon Corp, which also owns part of the Salem reactors. Exelon plans to shut Oyster Creek in October 2018 under a long-standing agreement with the state.
“Exelon commends New Jersey Governor Phil Murphy...by signing into law a package of legislation that will help to preserve 90 percent of New Jersey’s carbon-free power, protect 5,800 jobs and save residents and businesses $400 million on their electric bills,” Exelon said in a statement.
PSEG has warned that it could shut its reactors if they do not receive some sort of federal or state assistance.
Nuclear operators have shut several reactors over the past five years and plan to close more as cheap natural gas from shale fields has depressed power prices, making it uneconomic for generators to keep operating some nuclear plants.
The new law makes New Jersey the fourth state after New York, Illinois and Connecticut to adopt a program to provide a new revenue stream to keep nuclear reactors in service to help meet the states’ greenhouse gas reduction goals.
Other states with reactors set to retire over the next few years for economic reasons, like Pennsylvania and Ohio, and officials in the U.S. Energy Department are also looking at programs to keep nuclear plants operating.
In New Jersey, Murphy also signed legislation requiring 50 percent of the state’s power come from renewable sources by 2030, a plan to build 3,500 MW of offshore wind by 2030, a plan to implement energy efficiency programs to reduce electric and gas usage, and a plan to achieve 2,000 MW of energy storage by 2030.
The governor also signed an executive order directing state agencies to develop an Energy Master Plan by June 1, 2019 that provides a path to 100 percent clean energy by 2050.
“These new laws will preserve and create good-paying jobs and spur billions of dollars in investment in clean energy and energy efficiency across the state,” Ralph Izzo, Chief Executive Officer of PSEG said in a statement.
But not everyone is happy with the new nuclear subsidy, including the state’s ratepayer advocate, the Sierra Club, AARP and several power generators that would benefit if the nuclear reactors were to close.
“This bill package will mean New Jersey stays hooked on nuclear power at the expense of renewables like solar and wind. It will essentially block our efforts to get to 100 percent renewable energy and will lead to a crash in our solar market,” said Jeff Tittel, Director of the New Jersey Sierra Club, in a statement.
Reporting by Scott DiSavino; Editing by Chris Reese and Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-jersey-pseg-exelon-nuclear/new-jersey-governor-signs-nuclear-subsidy-bill-into-law-idUSKCN1IO2RL |
MIAMI--(BUSINESS WIRE)-- Vector Group Ltd. (NYSE:VGR) will conduct a conference call and webcast to discuss its first quarter 2018 results on Wednesday, May 9, 2018 at 8:00 a.m. (ET).
Investors can access the call by dialing 800-859-8150 and entering 31213894 as the conference ID number. The call will also be available via live webcast at www.investorcalendar.com . Webcast participants should allot extra time before the webcast begins to register.
A replay of the call will be available shortly after the call ends on May 9, 2018 through May 23, 2018. To access the replay, dial 877-656-8905 and enter 31213894 as the conference ID number. The archived webcast will also be available at www.investorcalendar.com for one year.
Vector Group is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC, which owns a controlling interest in Douglas Elliman Realty, LLC. Additional information concerning the company is available on the Company's website, www.VectorGroupLtd.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006061/en/
Sard Verbinnen & Co
Jared Levy/Emily Claffey/Benjamin Spicehandler
212-687-8080
Source: Vector Group Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-vector-group-to-host-first-quarter-2018-results-conference-call.html |
May 14 (Reuters) - Adecoagro SA:
* ADECOAGRO SA - NET INCOME IN Q1 2018 WAS A GAIN OF $8.5 MILLION, 43.0% HIGHER COMPARED TO Q1 2017 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-adecoagro-q1-net-income-was-a-gain/brief-adecoagro-q1-net-income-was-a-gain-of-8-5-mln-commpared-to-q1-2017-idUSFWN1SL17I |
To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH LIVECHAT - TRADE WARS Cliff Tan, Head of East Asian Research, Bank of Tokyo-Mitsubishi UFJ speaks on the subject at 9:30 am. To join the conversation, click on the link: here INDIA TOP NEWS • India April retail inflation rate climbs for 1st time in four months India's annual retail and wholesale inflation accelerated in April, mainly due to higher fuel and food prices, and in response some economists changed their views to expect a more hawkish central bank at its next policy meeting next month. • Indian police charge former PNB head, 21 others in bank fraud case Indian police on Monday charged 22 people, including the former head of Punjab National Bank and three firms, in the country's largest-ever bank fraud case. • Manipal and TPG swoop in with sweetened bid for India's Fortis Manipal Hospital and private equity firm TPG Capital Management on Monday sweetened their bid to buy Fortis Healthcare, just days after the Fortis board said it favoured a rival offer to the dismay of many shareholders. • Hindustan Unilever Q4 profit rises 14 percent Diversified consumer goods maker Hindustan Unilever reported an about 14 percent increase in profit on Monday, helped by higher sales in its home care business. • Indian diesel, petrol prices hiked after state elections Indian state fuel retailers raised diesel and petrol prices on Monday to their highest in nearly five years, data from the country's biggest fuel retailer shows. GLOBAL TOP NEWS • Israeli forces kill dozens in Gaza as U.S. Embassy opens in Jerusalem Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday when the high-profile opening of the U.S. embassy to Israel in Jerusalem by the Trump administration raised tension to boiling point after weeks of demonstrations. • Musk says 'thorough reorganization' underway at Tesla Tesla chief Elon Musk told employees on Monday the company was undergoing a "thorough reorganization" as it contends with production problems, senior staff departures and recent crashes involving its electric cars. • CBS sues controlling Redstone family in bid for independence CBS filed a lawsuit on Monday to reduce the voting power of controlling shareholder National Amusements, the movie theater company owned by Sumner and Shari Redstone, in an act of defiance aimed at thwarting the Redstones' plan to merge CBS with Viacom. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty nearest-month futures were trading down 0.1 percent at 10,801.50. • The Indian rupee is expected to open lower against the dollar after consumer prices in Asia’s third-largest economy rose more than expected. • Indian government bonds are expected to fall in early trade as retail inflation rose to a three-month high in April on elevated fuel and housing prices, further adding to bets of a monetary tightening going ahead. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.80 percent-7.90 percent wide band today. GLOBAL MARKETS • Wall Street ended a choppy session slightly higher on Monday as weakness in defensive stocks offset optimism following U.S. President Donald Trump's conciliatory remarks toward China's ZTE Corp that calmed the waters of U.S.-China trade tensions. • Asia stocks pulled back, after an uninspiring performance on Wall Street eclipsed support from U.S.-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs. • The dollar inched higher against a basket of currencies, having pulled up from its lowest level in more than a week as hopes for easing global trade tensions pushed U.S. bond yields higher. • Treasury yields edged up on Monday, extending weekend gains as trade tensions eased a day after President Donald Trump pledged to help Chinese telecommunications company ZTE Corp, which has been penalized for violating U.S. sanctions with Iran. • Oil prices held firm as ongoing production cuts by OPEC and looming U.S. sanctions against Iran tightened the market amid strong demand. • Gold prices were little changed, as the dollar held on to gains from the previous session after a Federal Reserve official backed the case for further interest rate hikes in the United States. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.46/67.49 May 14 $106.29 mln -$63.10 mln 10-yr bond yield 8 pct Month-to-date -$510.62 mln -$1.39 bln Year-to-date $671.43 mln -$3.05 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 67.5500 Indian rupees) (Compiled by Erum Khaled in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-morningcall/morning-news-call-india-may-15-idUSL3N1SM1AL |
NEW YORK, May 9, 2018 /PRNewswire/ -- Out for Undergrad (O4U), creator of the nation's most respected LGBTQ+ undergraduate leadership training conferences, is proud to announce that Joy Dunn, member of the O4U Board of Directors and Senior Manager of New Product Introduction @ Space Exploration Technologies Corp at SpaceX), USA has been named one of 100 of the World's Brightest Under 40 by the World Economic Forum of Young Global Leaders. https://widgets.weforum.org/ygl-2018/north-america/
Cindi Love, Executive Director of O4U says, "We are so fortunate to include Joy in our leadership. Joy is one of the world's true thought leaders on a sustainable global future, nominated to the World Economic Forum because of her ground-breaking work, creative approaches to problems and ability to build bridges across cultures and between business, government and civil society. Joy's work will connect the dots for people who may not understand the foundational relationship between diversity, inclusion and sustainability in pursuit of social equity, including workforce inclusion, economic prosperity, environmental health, and ethical behavior. Sustainable development will enable future generations to live comfortably in a safe, clean, and healthy world that respects human work and aspirations. Its success depends on the understanding of interdependencies and the determination to make necessary changes today. O4U works at the intersection of these interdependencies as we bring the nation's highest performing LGBTQ+ undergraduates to our four conferences in Business, Marketing, Tech and Engineering. We encourage students to think as Ralph Waldo Emerson described, that 'every wall is a door.' O4U asks them to bring their authentic and whole selves to work so they can lead highly impactful lives that benefit our nation and the world."
Founded by two Cornell graduates in 2004 and through 2018, O4U has hosted a diverse group of 3500 top-ranked LGBTQ+ students from the leading 30 US universities in its Conferences. More than 130 of America's leading corporations and universities sponsor O4U. These firms send leaders to educate and mentor students about job opportunities in their highly competitive industries. Sponsors get to meet, interview and recruit the best and brightest LGBTQ and otherwise diverse students in the nation. Students report that these weekend immersions and change their lives for the better. http://outforundergrad.org/ .
O4U Press Contact: Cindi Love
[email protected]
866-648-9727
View original content with multimedia: http://www.prnewswire.com/news-releases/out-for-undergrad-o4u-director-joy-dunn-spacex-senior-manager-named-to-top-100-world-economic-forum-300646077.html
SOURCE Out for Undergrad (O4U) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-out-for-undergrad-o4u-director-joy-dunn-spacex-senior-manager-named-to-top-100-world-economic-forum.html |
ISELIN, N.J., May 07, 2018 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) today reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Operating Results
Consolidated Net income for first quarter 2018 increased $0.1 million as compared with the first quarter 2017. Earnings per share on a fully diluted basis were $0.27, unchanged from the same period reported in 2017.
Operating revenues increased in 2018 by $1.0 million to $31.2 million. The increase is attributable to growth in our regulated customer base and non-regulated contract operations in Delaware as well as the November 2017 implementation of a Purchased Water Adjustment Clause and higher commercial and industrial customer water usage in New Jersey.
Operations and maintenance expenses increased in 2018 by $1.9 million from the same period in 2017. Severe weather during the 2018 winter season caused an increase in water main break repair costs of $1.0 million in our Middlesex System, and increased water production costs of $0.5 million, also in our Middlesex system.
Income Tax expense in 2018 decreased by $1.3 million when compared to 2017 due to the lower corporate income tax rate implemented under the Tax Cuts and Jobs Act of 2017 legislation as well as regulatory accounting treatment of tangible property regulations related tax deductions, which were approved in Middlesex’s most recent base rate case.
Middlesex President and Chief Executive Officer Dennis W. Doll said, “Severe weather earlier this year created a busy and challenging time for our field personnel working night and day to mitigate the effects of the sustained frigid weather. We sincerely appreciate their efforts to minimize service disruptions to our customers. We are pleased that our Middlesex rate case, filed in October 2017, received a timely decision from our New Jersey regulators, which resulted in a $5.5 million increase in customer’s base rates. The new rates went into effect April 1, 2018. We’re also preparing to break ground on our Western Transmission Main, a $52 million project, part of our Water for Tomorrow capital program in which Middlesex will be investing up to $305 million in various significant infrastructure projects over the next five years,” said Doll.
Quarterly Dividend Declared
As previously announced in April 2018, the Board of Directors of Middlesex Water Company declared a quarterly cash dividend of $0.22375 per common share to be paid on June 1, 2018 to shareholders of record as of May 15, 2018. The Company has paid cash dividends continually since 1912 and increased its dividend for the forty-fifth consecutive year in 2017. Information about Middlesex’s Direct Share Purchase and Sale and Dividend Reinvestment Plan can be found on our website.
Annual Meeting of Shareholders
The Company will host its Annual Meeting of Shareholders on Tuesday, May 22, 2018, beginning at 11:00 a.m. at its corporate headquarters at 1500 Ronson Road in Iselin, New Jersey. To view the Company’s 2017 Annual Report visit http://investors.middlesexwater.com
About Middlesex Water Company
Middlesex Water Company, organized in 1897, is a water utility serving customers in central and southern New Jersey and in the State of Delaware. The Company and its New Jersey subsidiaries -- Pinelands Water Company and Pinelands Wastewater Company -- are subject to the regulations of the Board of Public Utilities of the State of New Jersey. Middlesex Water Company operates the water and wastewater utilities for the City of Perth Amboy through its subsidiary, Utility Service Affiliates (Perth Amboy) Inc. The Company also provides contract operations services through its non-regulated subsidiary, Utility Service Affiliates, Inc. The Company’s regulated Delaware subsidiaries, Tidewater Utilities, Inc ., together with Southern Shores Water Company and Tidewater Environmental Services Inc., are subject to the regulations of the Public Service Commission in Delaware. White Marsh Environmental Systems, Inc. operates small water and wastewater systems under contract on a non-regulated basis in Delaware. The Company serves customers in Shohola, Pennsylvania through its subsidiary, Twin Lakes Utilities, Inc. These companies are also subject to various Federal and State regulatory agencies concerning water, and wastewater effluent quality standards.
For additional information regarding Middlesex Water Company, visit the Company’s web site at www.middlesexwater.com or call (732) 634-1500.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, our long-term strategy and expectations, the status of our acquisition program, the impact of our acquisitions, the impact of current and projected rate requests and the impact of our capital program on our environmental compliance. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the Securities and Exchange Commission.
MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands except per share amounts) Three Months Ended March 31, 2018 2017 Operating Revenues $ 31,177 $ 30,131 Operating Expenses: Operations and Maintenance 17,834 15,939 Depreciation 3,609 3,308 Other Taxes 3,384 3,309 Total Operating Expenses 24,827 22,556 Operating Income 6,350 7,575 Other Income (Expense): Allowance for Funds Used During Construction 167 119 Other Income (Expense), net 297 206 Total Other Income, net 464 325 Interest Charges 1,138 1,003 Income before Income Taxes 5,676 6,897 Income Taxes 1,182 2,456 Net Income 4,494 4,441 Preferred Stock Dividend Requirements 36 36 Earnings Applicable to Common Stock $ 4,458 $ 4,405 Earnings per share of Common Stock: Basic $ 0.27 $ 0.27 Diluted $ 0.27 $ 0.27 Average Number of Common Shares Outstanding: Basic 16,354 16,299 Diluted 16,510 16,455 Cash Dividends Paid per Common Share $ 0.2238 $ 0.2113 Media Contact:
Bernadette Sohler, Vice President – Corporate Affairs
Middlesex Water Company
[email protected]
(732) 638-7549
Source:Middlesex Water Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-middlesex-water-company-reports-first-quarter-2018-financial-results.html |
Marathon buys Andeavor for $23 bln 01:13
Marathon Petroleum will buy rival Andeavor for more than $23 billion, forming the largest independent U.S. refiner by capacity. Aleksandra Michalska reports. ▲ Hide Transcript ▶ View Transcript
Marathon Petroleum will buy rival Andeavor for more than $23 billion, forming the largest independent U.S. refiner by capacity. Aleksandra Michalska reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KpbKZa | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/04/30/marathon-buys-andeavor-for-23-bln?videoId=422721013 |
BEIJING/SHANGHAI, May 9 (Reuters) - China’s banking and insurance regulator will soon publish detailed rules on banks’ wealth management products (WMPs) as part of Beijing’s effort to curb risks in the financial sector, three sources familiar with the matter told Reuters.
The rules, which would tighten banks’ risk control of the country’s $4.63 trillion WMPs, follow the long-awaited publication by the central bank in April of broad new regulations on the $15 trillion asset management industry that are scheduled to kick-in after 2020.
China is in the third year of an ambitious campaign to reduce risks in its financial system stemming from a rapid build-up in debt, which the Bank for International Settlements has warned could lead to a banking crisis.
The country’s financial regulators are scrambling to keep up with fast-growing financial innovation as lenders and investors scrounge for higher returns while borrowers, unable to secure bank credit, turn to other means for funding, creating potential systemic risk.
In the forthcoming rules, the China Banking and Insurance Regulatory Commission (CBIRC) is likely to adjust the limit for exposure of bank wealth management products to so-called non-standard investments, known widely as “shadow banking” products, said one of the sources.
Currently, such investments by banks cannot exceed 35 percent of the outstanding amount of their wealth management products or 4 percent of their total assets.
$1 = 6.3737 Chinese yuan Reporting by Shu Zhang in Beijing, Li Zheng and John Ruwitch in Shanghai Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/china-regulation-banks/china-to-tighten-rules-on-banks-wealth-management-business-sources-idUSB9N1PB023 |
May 29, 2018 / 12:28 PM / Updated an hour ago U.S. to continue trade actions against China - White House Reuters Staff 3 Min Read
WASHINGTON (Reuters) - The United States said on Tuesday that it still holds the threat of imposing tariffs on $50 billion (37.7 billion pounds) of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property.
Washington will also press ahead with restrictions on investment by Chinese companies in the United States as well as export controls for goods exported to China, the statement from the White House said.
Details of the investment and export controls will be announced by June 30 and the final tariff list will be published by June 15.
The announcement on Tuesday restated comments by administration officials that both the tariffs and the restrictions remained in place even after the United States and China sketched out a deal this month to reduce China’s $375 billion trade surplus with America.
A list of potential tariff targets has already been published by the United States Trade Representative and it largely includes intermediate goods used by companies to make other products as well as some consumer goods like televisions.
Even though Washington had not withdrawn the threatened tariffs on imports from China, Beijing reacted harshly to the announcement, saying it was surprised by Tuesday’s statement and would defend its interests.
Threats of a trade war between the United States and China had hit financial markets hard, although now most economists believe the two will manage to avoid a major economic conflict. Related Coverage China surprised at White House trade statement - ministry
China has repeatedly said that it will push ahead with its development of high-tech industries and will not back down in the face of what it sees as threats from Washington.
The two countries earlier this month agreed to look at measures to reduce China’s trade surplus with the United States in a move that appeared to reduce the risk of a trade war between the world’s two largest economies.
That deal was separate from the U.S. investigation into China’s alleged theft of intellectual property.
Commerce Secretary Wilbur Ross is to visit Beijing this week to try and get China to agree to firm numbers for additional U.S. exports to the country. The United States had wanted China’s trade surplus with America to shrink by $200 billion in two years, a figure seen as fanciful by most economists and trade experts.
There is room to increase exports to China by selling more agricultural commodities and energy products and China has agreed in principle to import more, but the two sides do not have a firm agreement. FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song/File Photo
Economists estimate that U.S. exports could rise by up to $90 billion over a period of years. Reporting by Makini Brice; Editing by Doina Chiacu, David Chance and Andrea Ricci | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-china/u-s-to-continue-trade-actions-against-china-white-house-idUKKCN1IU1GW |
ALACHUA, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- AxoGen, Inc. (NASDAQ:AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerves, announced today that it has priced an underwritten public offering of 3,000,000 shares of its common stock, which was upsized from the previously announced 2,000,000 shares, at a price of $41.00 per share, resulting in gross proceeds (before underwriting discounts and offering expenses) to the Company of approximately $123,000,000. In addition, AxoGen has granted the underwriters a 30-day option to purchase up to an aggregate of 450,000 shares of common stock at the same price. The offering is expected to close on or about May 11, 2018, subject to satisfaction of customary closing conditions.
AxoGen intends to use the net proceeds from the proposed offering for long term facility and capacity expansion and general corporate purposes.
Jefferies LLC and Leerink Partners LLC are acting as joint book-running managers for the offering. William Blair & Company, L.L.C and JMP Securities LLC are acting as co-managers.
The shares of common stock are being offered and sold pursuant to a shelf registration statement on Form S-3 that AxoGen filed with the Securities and Exchange Commission on May 7, 2018 and that became effective upon filing. A final prospectus supplement and the accompanying prospectuses related to the offering are being filed with the SEC and will be available at the SEC’s website located at www.sec.gov . When available, copies of the final prospectus supplement and the accompanying prospectuses relating to this offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by email at [email protected] , or by telephone at 877-821-7388 and Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at [email protected] , or by telephone at (800) 808-7525, ext. 6132.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Cautionary Statements Concerning Forward-Looking Statements
This Press Release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements may include, without limitation, statements regarding our assessment on our internal control over financial reporting, our growth, our 2018 guidance, product development, product potential, financial performance, sales growth, product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events. The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this release should be evaluated together with the many uncertainties that affect AxoGen's business and its market, particularly those discussed in the risk factors and cautionary statements in AxoGen's filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made and, except as required by law, AxoGen assumes no responsibility to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts: AxoGen, Inc. Peter J. Mariani, Chief Financial Officer [email protected] The Trout Group – Investor Relations Brian Korb 646.378.2923 [email protected]
Source:AxoGen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-axogen-inc-announces-upsizing-and-pricing-of-public-offering-of-common-stock.html |
By Hallie Detrick 7:46 AM EDT
GE (ge) has agreed to merge its transportation business with Wabtec, an American manufacturer of train equipment, in a deal worth $11.1 billion, the companies announced . GE will receive a $2.9 billion cash payment up front, and GE and its shareholders will own 50.1% of the combined company.
Among other things, GE’s transportation business manufactures freight and passenger trains, marine diesel engines and mining equipment. Spinning off the division will be the biggest deal yet for CEO John Flannery, who took over in August. Here’s why GE wants the deal. Streamlining
It’s no secret that GE’s share price has plummeted in recent years. Cutting costs and helping the company’s stock recover are the two corner stones of Flannery’s mandate. By spinning off the transportation business, Flannery hopes he’ll be able to start returning value to shareholders. The company’s share price is currently down 14% year to date, and 47% over the last 12 months. Poor performer
The transportation business is the company’s second-smallest unit by sales, and it has struggled to perform amid train industry budget cuts and strong competition. In 2017, the unit posted an 11% decline in revenue. The $4.2 billion the transportation unit made in 2017 was $1.7 billion lower than its earnings just two years prior. Low risk, high reward
The merger with Wabtec is reportedly being managed as a Reverse Morris Trust, in which a company spins off a part of its business and merges it with another one simultaneously. It allows huge tax savings compared with other arrangements. Given GE’s current concerns, the savings are likely an appealing element of this deal. Force of habit
The transportation business is not the first one GE has divested from in recent years. Under CEO Jeff Immelt , the company let go of NBC and their plastics, appliances, and capital businesses. Those decisions helped boost the company’s stock, so it’s no wonder it would seem like an attractive option. Indeed, after news of the potential merger broke, GE’s stock rose nearly 2% in pre-market trading. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/21/ge-wabtec-transportation-merger/ |
Reports Strong Revenue and Record Net Income
First Quarter 2018 Financial Results:
Revenue of $8.3 million GAAP net income of $75,000, an increase of $2.8 million from Q1 2017 Adjusted EBITDA of $974,000 or 11.7% of revenue Adjusted net income of $666,000 or $0.06 per share GAAP operating income of $39,000 Adjusted operating income of $739,000 or 8.9% of revenue
SOMERSET, N.J , May 15, 2018 (GLOBE NEWSWIRE) -- MTBC (the "Company" or "MTBC") (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of proprietary, cloud-based healthcare IT solutions and services, today announced financial and operational results for the first quarter of 2018. The Company's management will conduct a conference call later today at 8:30 a.m. Eastern Time to discuss these results.
Mahmud Haq, Executive Chairman said, "First quarter 2018 was an important milestone, with positive GAAP net income for our first time since we've been a public company. We have dramatically reduced costs, are generating positive cash flow, and our balance sheet has never been stronger, with virtually no debt, $13 million of cash and an untapped credit line of $5 million."
"2017 was a record year for MTBC, and we're pleased to report a strong start to 2018," said Stephen Snyder, Chief Executive Officer. "As a management team, we're committed to eclipsing last year's 30% revenue growth rate during 2018 and we believe we're well positioned to achieve this objective."
"Our industry leading platform, processes, and team are continuing to drive our record revenue and earnings growth," said A. Hadi Chaudhry, President. "During 2018, our proprietary platform will continue to lead the way as we leverage AI, blockchain and other leading technology to further differentiate our offering and enhance the user experience."
First quarter 2018 financial results
"First quarter 2018 was a remarkable quarter for MTBC," said Bill Korn, Chief Financial Officer. "We are reporting quarter over quarter revenue growth, even though across our industry the first quarter is typically materially lower than other quarters due to seasonality. We are very pleased to report our first quarter of positive GAAP net income since the IPO, an increase of $2.8 million from Q1 2017, together with adjusted EBITDA for the first quarter of almost $1 million."
Revenues for first quarter 2018 were $8.3 million, compared to $8.2 million in the same period last year.
Bill Korn further explained, "First quarter revenue is typically at its seasonal lowest for companies like MTBC, where revenues are a percentage of the payments received by our clients, which are generally cyclically low due to annual deductibles. First quarter 2018 revenue compares favorably to $8.2 million in the same period last year. MTBC's revenue growth includes revenue from clients who signed contracts with MTBC during fourth quarter 2017 and began generating revenue during the first quarter of 2018."
Revenue for 2018 is based on the new ASC 606 revenue recognition standard, which did not have a material impact on reported revenue. MTBC adopted the new revenue recognition standard on January 1, 2018. Under the old standard, revenue could not be recognized until it was fixed and determinable, which meant that MTBC recognized revenue at the same time insurance agreed upon payments to our health care provider clients. Under the new standard, revenue is recognized as value is created for clients, which means a portion of the revenue is recognized over a period of weeks after each patient visit, as work is performed, and the final amount of revenue, based on the ultimate payments by insurers and patients, is trued up each quarter.
During first quarter 2018, MTBC recognized $47,000 of additional revenue due to the new revenue standard. We have included a reconciliation of our statement of operations showing the impact of the new standard on our entire statement of operations, which was not material to any line item.
The first quarter 2018 GAAP net income was $75,000, or 0.9% of revenue, an improvement of $2.8 million compared to a net loss of $2.7 million in the first quarter of 2017. This was MTBC's first quarter with positive GAAP net income since our IPO and the purchase of three companies in 2014. First quarter GAAP net income includes 591,000 of non-cash amortization and depreciation expenses.
"The dramatic turnaround from a GAAP net loss of $2.7 million to GAAP net income of $75,000 was due to four factors: a reduction of $739,000 or 14% in direct operating costs, a $385,000 or 13% reduction in general & administrative expenses, a $929,000 reduction in depreciation & amortization expenses, and elimination of $276,000 of restructuring charges, all compared with first quarter 2017," said Bill Korn. "First quarter 2017 included restructuring charges, as we closed offices in Poland and Bangalore, India obtained during prior acquisitions and shifted the work to our teams in Pakistan and Sri Lanka, to gain operating efficiencies. The impact of the new revenue standard on our net income was $51,000, so our net income would have been positive even without the new revenue recognition standard."
The GAAP net loss for first quarter 2018 was ($0.06) per share, calculated using the net loss attributable to common shareholders divided by the weighted average number of common shares outstanding. Bill Korn explained that "GAAP net income is always calculated before the effects of any dividends, and GAAP net income or loss per share is based on the net income or loss attributable to common shareholders, which subtracts the value of dividends paid to our preferred shareholders. That's why there is a GAAP net loss per share even though GAAP net income is positive."
Adjusted EBITDA for first quarter 2018 was $974,000, or 11.7% of revenue, compared to adjusted EBITDA of ($313,000), or (3.8%) of revenue, in the same period last year. "The first quarter 2018 adjusted EBITDA represents an improvement of $1.3 million from the same period last year, reflecting the significant cost savings we have achieved," continued Bill Korn. "This is our third consecutive quarter of positive adjusted EBITDA, which has totaled $3.1 million over the last nine months."
"The difference of $899,000 between adjusted EBITDA and the GAAP net income in the first quarter of 2018 reflects $591,000 of non-cash amortization and depreciation expenses, $69,000 of net interest expense, $128,000 of stock-based compensation, $179,000 of integration and transaction costs associated with prior acquisitions, and a $47,000 provision for income taxes," said Bill Korn.
Non-GAAP adjusted net income for first quarter 2018 was $666,000, an improvement of $1.5 million compared to the adjusted net income of ($852,000) in the same period last year. Non-GAAP adjusted net income per share is $0.06, calculated using the end-of-period common shares outstanding.
The first quarter 2018 GAAP operating income was $39,000, which represents an improvement of $2.4 million from the operating loss in first quarter of 2017. GAAP operating income excludes the provision for income taxes, net interest expense and other income and expenses, which are included in the GAAP net loss. This is the Company's first quarter with positive GAAP operating income since the IPO in 2014.
Non-GAAP adjusted operating income for first quarter 2018 was $739,000, or 8.9% of revenue. "The first quarter 2018 adjusted operating income represents an improvement of $1.3 million from first quarter 2017," continued Bill Korn. "This is our fourth consecutive quarter of positive non-GAAP adjusted operating income, which excludes non-cash expenses such as the amortization of purchased intangible assets, stock-based compensation and integration and transaction costs."
In first quarter 2018, cash flow from operations was $673,000. Management finds that non-GAAP financial measures, such as adjusted operating income and adjusted EBTIDA, are a good proxy for measuring the cash actually generated by the business.
Cash Balance and Capital
As of March 31, 2018, the Company had $3.5 million in cash and positive working capital of approximately $5.4 million. The Company has a $5 million secured revolving credit facility with Silicon Valley Bank ("SVB"), where borrowings are based on 200% of repeatable revenue adjusted by an annualized attrition rate as defined in the agreement. While we have not drawn on the SVB credit facility at any time during 2018, the SVB line can be used for future growth initiatives, including acquisitions with SVB's approval.
The Company raised net proceeds of $9.4 million from the sale of 420,000 additional shares of its non-convertible Series A Preferred Stock via a public offering during the first week of April. The preferred shares trade on the Nasdaq Capital Market under the ticker MTBCP, and pay monthly cash dividends at the rate of 11% per annum. Our Series A Preferred Stock is perpetual, and has no mandatory redemption, although the Company can choose to redeem shares at $25.00 per share starting in November 2020. By the end of April, after this round was closed, the Company had approximately $13 million of cash in the bank and virtually no debt.
According to Bill Korn, "Raising additional capital in early April has further positioned us to take advantage of the opportunities we see for consolidation in the market. For example, we intend to use a portion of our available cash if we close the Orion acquisition opportunity. Our highly scalable proprietary technology and processes, experienced team, and strong balance sheet have made us the leading consolidator in our space. We are uniquely equipped to succeed with opportunities such as Orion, having successfully integrated MediGain's business, which faced a similar situation before we purchased their assets 20 months ago. That transaction allowed MTBC to grow revenues by 30% in 2017 and achieve record profitability, and after successful integration of Orion, we expect to be able to grow our annualized revenues by another 50%, to achieve a scale which will allow us to further expand our profit margins."
Conference Call Information
MTBC management will host a conference call today at 8:30 a.m. Eastern Time to discuss the first quarter 2018 results. The live webcast of the conference call can be accessed under Events & Presentations at ir.mtbc.com or by dialing 412-317-5131 and referencing "MTBC First Quarter 2018 Earnings Call."
A replay of the conference call will be available approximately one hour after conclusion of the call at the same link . An audio replay can also be accessed by dialing 412-317-0088 and providing access code 10119442.
About MTBC
MTBC is a healthcare information technology company that provides a fully integrated suite of proprietary web-based solutions, together with related business services, to healthcare providers practicing in ambulatory care settings. Our integrated Software-as-a-Service (or SaaS) platform helps our customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. MTBC's common stock trades on the NASDAQ Capital Market under the ticker symbol "MTBC," and its Series A Preferred Stock trades on the NASDAQ Capital Market under the ticker symbol "MTBCP."
For additional information, please visit our website at www.mtbc.com .
Follow MTBC on Twitter , LinkedIn and Facebook .
Use of Non-GAAP Financial Measures
In our earnings releases, prepared remarks, conference calls, slide presentations, and webcasts, we may use or discuss non-GAAP financial measures, as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investor Relations section of our web site at ir.mtbc.com .
Forward-Looking Statements
This press release contains various forward-looking statements within the meaning of the federal securities laws. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "might," "will," "should," "intends," "expects," "plans," "goals," "projects," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these terms or other comparable terminology.
Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, increased sales and marketing expenses, and the expected results from the integration of our acquisitions.
These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry's) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company's ability to make successful acquisitions and manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective operations in Pakistan and Sri Lanka, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, and other important risks and uncertainties referenced and discussed under the heading titled "Risk Factors" in the Company's filings with the Securities and Exchange Commission.
The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
MEDICAL TRANSCRIPTION BILLING, CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2018 December 31, 2017 (Unaudited) ASSETS CURRENT ASSETS: Cash $ 3,541,070 $ 4,362,232 Accounts receivable - net of allowance for doubtful accounts of $206,000 and $185,000 at March 31, 2018 and December 31, 2017, respectively 3,776,959 3,879,463 Contract asset 1,389,763 - Current assets - related party 25,203 25,203 Prepaid expenses and other current assets 721,390 662,822 Total current assets 9,454,385 8,929,720 Property and equipment - net 1,339,675 1,385,743 Intangible assets - net 2,091,878 2,509,544 Goodwill 12,263,943 12,263,943 Other assets 469,916 436,713 TOTAL ASSETS $ 25,619,797 $ 25,525,663 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 730,239 $ 991,859 Accrued compensation 960,720 1,137,351 Accrued expenses 828,581 616,778 Deferred rent (current portion) 85,791 81,826 Deferred revenue (current portion) 41,191 62,104 Accrued liability to related party 10,663 10,675 Notes payable - other (current portion) 89,635 168,718 Contingent consideration (current portion) 503,066 505,557 Dividend payable 767,463 747,147 Total current liabilities 4,017,349 4,322,015 Notes payable - other 106,908 120,899 Deferred rent 295,907 333,788 Deferred revenue 27,639 28,615 Contingent consideration 84,983 97,854 Deferred tax liability 410,072 372,072 Total liabilities 4,942,858 5,275,243 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, par value $0.001 per share - authorized 2,000,000 shares; issued and outstanding 1,116,289 and 1,086,739 shares at March 31, 2018 and December 31, 2017, respectively 1,116 1,087 Common stock, $0.001 par value - authorized 19,000,000 shares; issued 12,405,973 and 12,271,390 shares at March 31, 2018 and December 31, 2017, respectively; outstanding, 11,665,174 and 11,530,591 shares at March 31, 2018 and December 31, 2017, respectively 12,406 12,272 Additional paid-in capital 44,239,862 45,129,517 Accumulated deficit (21,990,229 ) (23,509,386 ) Accumulated other comprehensive loss (924,216 ) (721,070 ) Less: 740,799 common shares held in treasury, at cost at March 31, 2018 and December 31, 2017 (662,000 ) (662,000 ) Total shareholders' equity 20,676,939 20,250,420 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,619,797 $ 25,525,663
MEDICAL TRANSCRIPTION BILLING, CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31, 2018 2017 NET REVENUE $ 8,307,325 $ 8,220,074 OPERATING EXPENSES: Direct operating costs 4,484,055 5,222,736 Selling and marketing 305,014 355,511 General and administrative 2,600,734 2,986,663 Research and development 255,880 280,849 Change in contingent consideration 31,749 (11,188 ) Depreciation and amortization 590,771 1,519,545 Restructuring charges - 275,628 Total operating expenses 8,268,203 10,629,744 OPERATING INCOME (LOSS) 39,122 (2,409,670 ) OTHER: Interest income 5,285 3,421 Interest expense (74,081 ) (279,425 ) Other income - net 151,374 38,031 INCOME (LOSS) BEFORE INCOME TAXES 121,700 (2,647,643 ) Income tax provision 46,664 60,302 NET INCOME (LOSS) $ 75,036 $ (2,707,945 ) Preferred stock dividend 775,332 202,579 NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (700,296 ) $ (2,910,524 ) Loss per common share: Basic and diluted loss per share $ (0.06 ) $ (0.29 ) Weighted-average basic and diluted shares outstanding 11,616,938 10,172,108
MEDICAL TRANSCRIPTION BILLING, CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
2018 2017 OPERATING ACTIVITIES: Net income (loss) $ 75,036 $ (2,707,945 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 590,771 1,519,545 Amortization of sales commissions 12,065 - Deferred rent (16,736 ) (12,556 ) Deferred revenue (21,889 ) (15,105 ) Provision for doubtful accounts 78,556 164,745 Provision for deferred income taxes 38,000 54,000 Foreign exchange gain (146,939 ) (30,646 ) Interest accretion 48,712 55,819 Non-cash restructuring charges - 17,001 Stock-based compensation expense 127,691 129,347 Change in contingent consideration 31,749 (11,188 ) Changes in operating assets and liabilities: Accounts receivable 23,948 248,383 Other assets 44,683 86,883 Accounts payable and other liabilities (212,266 ) (365,732 ) Net cash provided by (used in) operating activities 673,381 (867,449 ) INVESTING ACTIVITIES: Capital expenditures (174,242 ) (212,117 ) Net cash used in investing activities (174,242 ) (212,117 ) FINANCING ACTIVITIES: Preferred stock dividends paid (755,016 ) (202,579 ) Settlement of tax withholding obligations on stock issued to employees (213,675 ) - Repayments of debt obligations (92,561 ) (764,791 ) Contingent consideration payments (47,111 ) (23,650 ) Other financing activities (5,674 ) (126,217 ) Net cash used in financing activities (1,114,037 ) (1,117,237 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH (206,264 ) (30,227 ) NET DECREASE IN CASH (821,162 ) (2,227,030 ) CASH - Beginning of the period 4,362,232 3,476,880 CASH - End of period $ 3,541,070 $ 1,249,850 SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends declared, not paid $ 767,463 $ 202,579 SUPPLEMENTAL INFORMATION - Cash paid during the period for: Income taxes $ 20,153 $ 8,017 Interest $ 9,741 $ 129,549
RECONCILIATION OF CHANGES IN REVENUE STANDARD
(UNAUDITED)
The following table provides a bridge between the Statement of Operations as presented under the new revenue recognition standard required for the three months ended March 31, 2018 to the results recorded under the previous revenue recognition standard used for the three months ended March 31, 2017. Total revenue as presented for the three months ended March 31, 2018 varies from revenue that would have been reported under the previous revenue recognition standard for the same period, as the new standard changes the timing and recognition pattern for the majority of our revenue, as well as for a portion of our sales commission expense. The change for each item in our Statement of Operations is calculated as if the three months ended March 31, 2018 were reported under the previous revenue recognition standard for the same period, to separate the impact of the change in the revenue recognition standard from the results of operations.
Three Months Ended March 31, Change 2018 2017 Amount Percent As Presented Impact of New Revenue Standard Previous Revenue Standard ($ in thousands) Revenue $ 8,307.3 $ 47.1 $ 8,260.2 $ 8,220.1 $ 40.1 0 % OPERATING EXPENSES: Direct operating costs 4,484.1 - 4,484.1 5,222.7 (738.6 ) (14 %) Selling and marketing 305.0 (3.5 ) 308.5 355.5 (47.0 ) (13 %) General and administrative 2,600.7 - 2,600.7 2,986.7 (386.0 ) (13 %) Research and development 255.9 - 255.9 280.8 (24.9 ) (9 %) Change in contingent consideration 31.7 - 31.7 (11.2 ) 42.9 (383 %) Depreciation and amortization 590.8 - 590.8 1,519.7 (928.9 ) (61 %) Restructuring charges - - - 275.6 (275.6 ) (100 %) Total operating expenses 8,268.2 (3.5 ) 8,271.7 10,629.8 (2,358.1 ) (22 %) OPERATING INCOME (LOSS) 39.1 50.6 (11.5 ) (2,409.7 ) 2,398.2 (100 %) OTHER: Net interest expense (68.8 ) - (68.8 ) (275.9 ) 207.1 (75 %) Other income - net 151.4 - 151.4 38.0 113.4 298 % INCOME (LOSS) BEFORE INCOME TAXES 121.7 50.6 71.1 (2,647.6 ) 2,718.7 (103 %) Income tax provision 46.7 - 46.7 60.3 (13.6 ) (23 %) NET INCOME (LOSS) $ 75.0 $ 50.6 $ 24.4 $ (2,707.9 ) $ 2,733.0 (101 %)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP MEASURES (UNAUDITED)
The following is a reconciliation of the non-GAAP financial measures used by us to describe our financial results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). An explanation of these measures is also included below under the heading "Explanation of Non-GAAP Financial Measures."
While management believes that these non-GAAP financial measures provide useful supplemental information to investors regarding the underlying performance of our business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP.
Adjusted EBITDA
Set forth below is a reconciliation of our "adjusted EBITDA" to our GAAP net income (loss).
Three Months Ended March 31, 2018 2017 ($ in thousands) Net revenue $ 8,307 $ 8,220 GAAP net income (loss) $ 75 $ (2,708 ) Provision for income taxes 47 60 Net interest expense 69 276 Foreign exchange / other expense (147 ) (38 ) Stock-based compensation expense 128 129 Depreciation and amortization 591 1,520 Integration, transaction and restructuring costs 179 459 Change in contingent consideration 32 (11 ) Adjusted EBITDA $ 974 $ (313 ) Non-GAAP Adjusted Operating Income
Set forth below is a reconciliation of our non-GAAP "adjusted operating income" and non-GAAP "adjusted operating margin" to our GAAP operating income (loss) and GAAP operating margin.
Three Months Ended
March 31, 2018 2017 ($ in thousands) Net revenue $ 8,307 $ 8,220 GAAP net income (loss) $ 75 $ (2,708 ) Provision for income taxes 47 60 Net interest expense 69 276 Other income - net (152 ) (38 ) GAAP operating income (loss) 39 (2,410 ) GAAP operating margin 0.5 % (29.3 %) Stock-based compensation expense 128 129 Amortization of purchased intangible assets 361 1,263 Integration, transaction and restructuring costs 179 459 Change in contingent consideration 32 (11 ) Non-GAAP adjusted operating income $ 739 $ (570 ) Non-GAAP adjusted operating margin 8.9 % (6.9 %) Non-GAAP Adjusted Net Income
Set forth below is a reconciliation of our non-GAAP "adjusted net income" to our GAAP net income (loss).
Three Months Ended March 31, 2018 2017 ($ in thousands) GAAP net income (loss) $ 75 $ (2,708 ) Foreign exchange / other expense (147 ) (38 ) Stock-based compensation expense 128 129 Amortization of purchased intangible assets 361 1,263 Integration, transaction and restructuring costs 179 459 Change in contingent consideration 32 (11 ) Income tax expense related to goodwill 38 54 Non-GAAP adjusted net income $ 666 $ (852 ) For purposes of determining non-GAAP adjusted net income per share, we use the number of common shares outstanding at the end of the period on March 31, 2018 and 2017. Non-GAAP adjusted net income per share does not take into account dividends paid on our preferred stock.
Set forth below is a reconciliation of our non-GAAP "adjusted net income per share" to our GAAP net loss attributable to common shareholders, per share.
Three Months Ended March 31, 2018 2017 GAAP net loss attributable to common shareholders, per share $ (0.06 ) $ (0.29 ) Impact of preferred stock dividend 0.07 0.03 Net income (loss) per end-of-period share 0.01 (0.26 ) Foreign exchange / other expense (0.01 ) 0.00 Stock-based compensation expense 0.01 0.01 Amortization of purchased intangible assets 0.03 0.12 Integration, transaction and restructuring costs 0.02 0.04 Change in contingent consideration 0.00 0.00 Income tax expense related to goodwill 0.00 0.01 Non-GAAP adjusted net income per share $ 0.06 $ (0.08 ) End-of-period shares 11,665,174 10,423,511
Three Months Ended March 31, 2018 2017 Basic shares outstanding 11,665,174 10,174,886 Shares recorded as contingent consideration - 248,625 End-of-period shares 11,665,174 10,423,511 Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of MTBC and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management's ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.
Management uses adjusted EBITDA, adjusted operating income, adjusted operating margin, and non-GAAP adjusted net income to provide an understanding of aspects of operating results before the impact of investing and financing charges and income taxes. Adjusted EBITDA may be useful to an investor in evaluating our operating performance and liquidity because this measure excludes non-cash expenses as well as expenses pertaining to investing or financing transactions. Management defines "adjusted EBITDA" as the sum of GAAP net income (loss) before provision for (benefit from) income taxes, net interest expense, other (income) expense, stock-based compensation expense, depreciation and amortization, amortization of purchased intangible assets, integration costs, transaction costs, restructuring costs and changes in contingent consideration.
Management defines "non-GAAP adjusted operating income" as the sum of GAAP operating income (loss) before stock-based compensation expense, amortization of purchased intangible assets, integration costs, transaction costs, restructuring costs and changes in contingent consideration, and "non-GAAP adjusted operating margin" as non-GAAP adjusted operating income divided by net revenue.
Management defines "non-GAAP adjusted net income" as the sum of GAAP net income (loss) before stock-based compensation expense, amortization of purchased intangible assets, other (income) expense, integration costs, transaction costs, restructuring costs changes in contingent consideration, any tax impact related to these preceding items and income tax expense related to goodwill, and "non-GAAP adjusted net income per share" as non-GAAP adjusted net income divided by common shares outstanding at the end of the period, including the shares which were issued but are subject to forfeiture and considered contingent consideration. Non-GAAP adjusted net income per share does not take into account dividends paid on our preferred stock.
Management considers all of these non-GAAP financial measures to be important indicators of our operational strength and performance of our business and a good measure of our historical operating trends, in particular the extent to which ongoing operations impact our overall financial performance.
In addition to items routinely excluded from non-GAAP EBITDA, management excludes or adjusts each of the items identified below from the applicable non-GAAP financial measure referenced above for the reasons set forth with respect to that excluded item:
Other expense – net. Other expense is excluded because foreign currency gains and losses and other non-operating expenses are expenditures that management does not consider part of ongoing operating results when assessing the performance of our business, and also because the total amount of the expense is partially outside of our control. Foreign currency gains and losses are based on global market factors which are unrelated to our performance during the period in which the gains and losses are recorded.
Stock-based compensation expense. Stock-based compensation expense is excluded because this is primarily a non-cash expenditure that management does not consider part of ongoing operating results when assessing the performance of our business, and also because the total amount of the expenditure is partially outside of our control because it is based on factors such as stock price, volatility, and interest rates, which may be unrelated to our performance during the period in which the expenses are incurred. Stock-based compensation expense includes cash-settled awards based on changes in the stock price.
Amortization of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
Transaction costs. Transaction costs are upfront costs related to acquisitions and related transactions, such as brokerage fees, pre-acquisition accounting costs and legal fees, and other upfront costs related to specific transactions. Management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
Integration costs. Integration costs are severance payments for certain employees relating to our acquisitions and exit costs related to terminating leases and other contractual agreements. Accordingly, management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
Restructuring costs. Restructuring charges primarily represent employee severance costs, remaining lease and termination fees, disposal of property and equipment and professional fees associated with the closing of facilities. Accordingly, management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
Changes in contingent consideration. Contingent consideration represents the amount payable to the sellers of certain acquired businesses based on the achievement of defined performance measures contained in the purchase agreements. Contingent consideration is adjusted to fair value at the end of each reporting period, and changes arise from changes in MTBC's stock price as well as changes in the forecasted revenues of the acquired businesses.
Tax expense related to goodwill. Income tax expense resulting from the amortization of goodwill related to our acquisitions represents a charge to record the tax expense resulting from amortizing goodwill over 15 years for tax purposes. Goodwill is not amortized for GAAP reporting. This expense is not anticipated to result in a cash payment.
Disclaimer:
This press release is for information purposes only, and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
SOURCE MTBC
Company and Investor Contact: Bill Korn Chief Financial Officer MTBC [email protected] 732-873-5133
Source: MTBC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-mtbc-reports-first-quarter-2018-results.html |
Unlike the U.S. and U.K., where inflation has started to pick up, consumer-price growth in the 19-nation eurozone remains stubbornly low despite years of strong economic expansion.
That is a problem for the European Central Bank, which has spent €2.4 trillion ($2.9 trillion) buying eurozone bonds since early 2015 in a bid to drive inflation toward its target rate of 2%. Despite that giant stimulus, underlying inflation—which excludes volatile food and energy prices—hasn’t changed at all over the period, coming in at 0.7%... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-riddle-of-the-eurozones-missing-inflation-1525635726 |
May 5, 2018 / 1:38 AM / in 3 minutes Ship runs aground causing delays on Argentina's Parana near Rosario Maximilian Heath 2 Min Read
BUENOS AIRES, May 4 (Reuters) - Around 60 ships faced delays on Friday near Argentina’s grains hub of Rosario after a vessel on the Parana River ran aground and blocked passage downriver towards the Atlantic Ocean, the head of Argentina’s Chamber of Port and Maritime Activity said.
The cargo ship, contracted by Glencore and en route to Australia, was stranded on Thursday about 85 kilometers (53 miles) south of Rosario on the Rio Parana, the country’s principal commercial waterway.
The grounded boat was loaded with 42,500 tonnes of soybean meal, the chamber said, at a time when farmers in Argentina are beginning their seasonal harvest of corn and soy and port activity is increasing.
“At this time no boats can move downriver and they are starting to hold shipments at port,” said chamber manager Guillermo Wade.
Wade said a tugboat was currently trying to pry the boat, called the Pilatus Venture, off the bottom.
Argentina is the world’s top exporter of soymeal livestock feed and the third biggest supplier of raw soybeans. (Reporting by Maximilian Heath; Writing by Dave Sherwood; Editing by Sandra Maler) | ashraq/financial-news-articles | https://www.reuters.com/article/argentina-shipping/ship-runs-aground-causing-delays-on-argentinas-parana-near-rosario-idUSL1N1SC01V |
May 29, 2018 / 7:46 AM / Updated an hour ago Trump giving Japan's Abe a hard time on trade despite close ties Linda Sieg 5 Min Read
TOKYO (Reuters) - Tariffs on steel, threats of car import levies and intense pressure for a two-way economic deal: despite warm personal ties, U.S. President Donald Trump is giving Japanese Prime Minister Shinzo Abe a decidedly tough time on trade.
Trump has also withdrawn from a multilateral Trans-Pacific Partnership (TPP) promoted by Abe as a counterweight to China, abandoned a climate change accord backed by Tokyo and is pursuing talks with North Korean leader Kim Jong Un notwithstanding Abe’s warnings about past mistakes.
Since Trump was elected, the two leaders have met nine times, shared burgers, played golf three times and spoken nearly two-dozen times by phone. In their latest telephone chat overnight, Abe and Trump agreed to meet again before a U.S.-North Korea summit that could take place next month.
“I think he has penetrated Trump’s mind to a certain degree, but that is different from his pet agenda on trade,” said Keio University professor Toshihiro Nakayama.
“Prime Minister Abe and his team expected a bit more because of the personal chemistry. That was a bit of wishful thinking - look at Macron,” Nakayama added.
Like Abe, French President Emmanuel Macron has developed a strong personal relationship with Trump yet has clashed with him over issues including Iran, climate change and trade.
Trump’s administration decided last week to begin a national security investigation into auto imports that could lead to new U.S. tariffs similar to those already imposed on imported steel and aluminum. Motor vehicles make up about 30 percent of Japanese exports to the United States.
The auto probe follows an April agreement by Trump and Abe to set up a new framework to discuss “free, fair and reciprocal” trade that will be led by U.S. Trade Representative Robert Lighthizer and Japanese Economy Minister Toshimitsu Motegi.
Trump has made clear he prefers a bilateral deal to cut a U.S. trade deficit with Japan that hit 615.7 billion yen ($5.64 billion) last month. However, Abe’s administration insists multilateral pacts are still the best bet.
“FFR is not a negotiation or scoping exercise for a bilateral FTA (Free Trade Agreement),” a Japanese official, speaking on condition of anonymity, told Reuters. “We see it in a broader context.”
Behind Japan’s resistance to a bilateral FTA is in part the fear of pressure to open up its agriculture sector. The farm lobby is an important base for Abe’s ruling party. FAMILIAR PLAYBOOK
For now, Japan is working from a familiar playbook with a strategy combining highlighting past and planned purchases of U.S. goods and investments, possible moves sanctioned by the World Trade Organization (WTO) and expanding a web of trade pacts that Tokyo hopes will eventually lure Washington back to the multilateral order.
Japan has notified the WTO it reserves the right to take counter-measures against the U.S. tariffs on steel and aluminum totaling $440 million, the amount of added duties the U.S. tariffs would impose on its exports of those products.
“We have the right but not the obligation to do it,” the Japanese official said, adding any steps against future tariffs on Japanese car exports would also be WTO-consistent.
As they’ve done since Trump was elected, Japanese officials are highlighting how much Japanese carmakers and other firms contribute to the U.S. economy.
As of 2016, Japan says its companies have invested a cumulative $421 billion in the United State, creating more than 850,000 jobs.
A rise in energy imports is also expected to help trim the bilateral trade imbalance.
Japan received its first shipment of liquefied natural gas (LNG) last week from Dominion Energy Inc’s newly completed Cove Point, Maryland export plant, the beginning of a jump in imports from the United States.
“The balance will tilt toward the United States. Whether it is big enough is open to question but at least things will be happening in the eyes of the president,” the Japanese official said.
Japanese officials deny they are foot-dragging on trade negotiations, but some experts said playing for time could be useful. “It’s not Japan that needs a bilateral FTA. It’s the United States,” said former Japanese trade negotiator Yorizumi Watanabe.
“Japan can take the approach of wait-and-see.”
That tactic, however, risks backfiring.
“The president is, as you know, a man of action and expects us to get results quickly,” U.S. ambassador to Japan William Hagerty said earlier this month. “I think Mr. Abe understands that.” FILE PHOTO: U.S. President Donald Trump speaks as he hosts a joint news conference with Japan's Prime Minister Shinzo Abe at Trump's Mar-a-Lago estate in Palm Beach, Florida, U.S., April 18, 2018. REUTERS/Kevin Lamarque/File Photo Reporting by Linda Sieg. Editing by Lincoln Feast. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-japan/trump-giving-japans-abe-a-hard-time-on-trade-despite-close-ties-idUKKCN1IU0PA |
Opportunity in consumers with mobile devices, but not bank accounts: PayPal CFO 16 Hours Ago Jim Cramer sits down with PayPal CFO John Rainey to discuss how his company sees a nearly two-billion-person global opportunity. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/opportunity-in-consumers-with-mobile-devices-but-not-bank-accounts-paypal-cfo.html |
President Donald Trump has made his decision. The United States is going to withdraw from what he called Tuesday a "defective deal" – the multinational agreement to stop Iran from building nuclear weapons. Reuters Commentary has enlisted leading thinkers to address the global implications of Trump's dramatic course of action.
President Donald Trump announces his intention to withdraw from the JCPOA Iran nuclear agreement during a statement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst - Trump's decision "significantly increases the chances of war" – and that may be exactly what he wants, says State Department veteran Peter Van Buren.
Iran would be further strengthened – and the United States weakened – in the Middle East, writes Nussaibah Younis . Why? Tehran’s efforts to get a pro-Iranian government elected in Iraq’s May 12 vote could force an early exit of U.S. forces, enhance support for Tehran’s agenda and aggravate regional volatility.
Trump made the right call , says Michael Makovsky, a former Pentagon official who now leads the Jewish Institute for National Security of America. The withdrawal offers “clear benefits” to pressure and isolate Iran, as well as more freedom for countries like Israel and the United States to take military action against Iranian nuclear facilities “if that becomes necessary.”
MORE COMMENTARY
Bullying Iran is likely to backfire , says former Iranian diplomat and nuclear negotiator Seyed Hossein Mousavian. “I know from firsthand experience that … the modus operandi of Iranian leaders when it comes to addressing pressure is to become inflexible, steadfast and retaliatory.”
Iranian-made Emad missile is displayed during a ceremony marking the 37th anniversary of the Islamic Revolution, in Tehran February 11, 2016. REUTERS/Raheb Homavandi/TIMA Was there a better way to contain Iran? Yes, says Carlos Pascual, a former U.S. ambassador who led the negotiations to impose sanctions on Iran’s oil exports in 2012. Pascual argues that Trump should have worked for a ceasefire in Yemen instead – especially as sanctions will be harder to impose and less effective this time around.
Don’t expect Trump’s decision to curb Iran’s missile program, writes Maysam Behravesh . “From Tehran’s point of view, the missile program is a question of self-preservation, particularly because decades of Western sanctions have prevented Iran from building up a powerful air force.”
Trump’s objections to the deal are “dead wrong," and won’t help him in his upcoming talks with North Korea, says David E. Wade, chief of staff in the U.S. State Department when the Iran accord was signed.
For more from Reuters Commentary, see Deadline Iran.
BREAKINGVIEWS
Donald Trump just unloaded multiple bullets targeted at America's foot, writes Reuters Breakingviews columnist George Hay.
REUTERS TV
VERBATIM: Trump ditches 'defective Iran deal' U.S. withdraws from Iran nuclear deal | ashraq/financial-news-articles | https://www.reuters.com/article/us-newsnow-iran/special-briefing-u-s-withdraws-from-iran-nuclear-deal-idUSKBN1I939V |
May 11 (Reuters) - Denali Therapeutics Inc:
* DENALI THERAPEUTICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* DENALI THERAPEUTICS INC - QTRLY LOSS PER SHARE $0.26 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-denali-therapeutics-reports-q1-los/brief-denali-therapeutics-reports-q1-loss-of-0-26-per-share-idUSASC0A1RL |
In China’s northwest Xinjiang province, the predominantly Muslim Uighur minority have nowhere to hide. Facial recognition software reportedly alerts authorities if targeted individuals stray more than 1000 feet from their homes and workplaces. Residents face arrest if they fail to download smartphone software that allows them to be tracked, according to social media users. Simply wishing to travel outside China can be cause for arrest, with Beijing detaining family members and using its political clout to force extradition of those abroad.
Men walk past a CCTV surveillance camera after prayer in a mosque in Hotan, Xinjiang Uighur Autonomous Region, China, March 20, 2017. REUTERS/Thomas Peter At least 120,000 Uighurs have been imprisoned in so-called “re-education camps” in the last two years, according to the U.S. government-funded Radio Free Asia. Other reports put that number as high as one million, which a group of U.S. Congress members last month described as the largest current mass incarceration of a minority population anywhere. Any foreign contact is suspect, with those sent to camps reportedly including a leading footballer as well as the Uighur wives of Pakistani merchants trading across the border.
The Chinese government has refused to comment on reports of mass detention. And it denies repression of the Turkic-speaking Uighurs, some of whom have been engaged in a low-level separatist movement for years. Beijing says it faces Islamist insurgency in Xinjiang, and blames Uighur militants for a number of knife and bomb attacks across the country. It has labeled a group of Uighur leaders as terrorists.
Outside experts agree China faces a threat. Several hundred Uighurs were reported to have fought for Islamic State in Iraq and Syria, some vowing to return to spill Chinese blood “in rivers.” Still, what is happening in Xinjiang appears beyond any reasonable response to the danger. Indeed, it looks much more like a deliberate testbed for techniques that, some human rights specialists worry, could become a model for elsewhere in China and beyond.
The world’s most populous nation has become notably more repressive since the rise of President Xi Jinping. Anticorruption drives have seen hundreds of Xi’s political foes arrested, including foreigners and senior officials, while the government has increased its investment in cutting-edge surveillance technology such as facial recognition software, allowing police this month to identify a single suspect in a crowd of 50,000 . Meanwhile, Beijing has become ever more open to using its growing global political clout to intimidate opponents and stymie criticism, both within and outside the country.
No group has felt this more than China’s estimated 11 to 15 million Uighurs. They face many of the same pressures as those in nearby Tibet, another semi-autonomous region in which Beijing holds sway. Unlike the Tibetans, however – with their celebrity supporters and high-profile exiled leader the Dalai Lama – the Uighurs’ challenges have gone frequently unnoticed by the outside world.
Two aspects make this clampdown particularly insidious: its technological sophistication and global reach. While China’s Uighurs have long faced persecution, Beijing’s recent escalation has been dramatic.
Men install a CCTV camera in a shopping street in the old town of Kashgar, Xinjiang Uighur Autonomous Region, China, March 23, 2017. REUTERS/Thomas Peter As early as 2015 , Chinese officials were using a range of techniques to intimidate and infiltrate Uighur communities overseas, threatening individuals that their families at home would suffer if they did not help Beijing gather information on Uighurs whom they consider hostile to the Chinese state. Last year, China began a worldwide campaign to persuade multiple countries to deport Uighur students, with dozens rounded up and sent home from Egypt alone .
Within Xinjiang, Beijing has created what experts say appears the most comprehensive system of high-tech state surveillance anywhere on the planet. Even more than elsewhere in China, infrastructure development in Xinjiang is explicitly linked to bolstering that program. A new Metro system opening later this year will require all passengers to show their ID for every ride, while residents were last year ordered to turn in all smartphones and electronic devices for official checks for “terrorist videos” and other illicit content.
Such technology will become more sophisticated as China aims to become a global leader in both artificial intelligence and wider monitoring techniques.
What Beijing hopes to gain from this isn’t hard to guess. The sheer depth and range of monitoring makes it easier to track, find and stop the small number of militants. But the scope of Beijing’s actions in Xinjiang also sends a powerful signal to all China’s citizens – both Uighur and otherwise – of the strength of the state and the costs of straying out of line.
Beyond the periodic U.S. reports and activity by pro-Uighur groups and media outlets, the rest of the world shows little interest in events in Xinjiang. For Washington, the treatment of the Uighurs doesn’t compete with issues such as trade and North Korea when it comes to handling China. European states, with their own desperation for trade with Beijing, have shown even less appetite to criticize Xi’s administration.
China’s Uighurs now have little chance that those outside the country will support them. Even the Gulf States and Turkey, which might have once seemed a potential source of support, appear ever less interested .
That’s a pity. If this kind of high-tech suppression of minorities and dissent becomes widespread in years to come, we may regret not paying more attention.
About the Author Peter Apps is Reuters global affairs columnist, writing on international affairs, globalization, conflict and other issues. He is founder and executive director of the Project for Study of the 21st Century; PS21, a non-national, non-partisan, non-ideological think tank. Before that, he spent 12 years as a reporter for Reuters covering defense, political risk and emerging markets. Since 2016, he has been a member of the British Army Reserve and the UK Labour Party. @pete_apps
The views expressed in this article are not those of Reuters News.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-apps-china-commentary/commentary-in-chinas-northwest-a-hidden-high-tech-orwellian-nightmare-idUSKCN1IF27B |
OSLO, May 4 (Reuters) - Norway’s Seafood Council said on Friday:
** The value of Norwegian seafood exports rose by 12 pct year-on-year in April to NOK 7.7 billion ($957 million) as prices rose
** Volumes dropped by 4 pct year-on-year to 172,000 tonnes
** The value of salmon exports, the biggest category, was up 9 percent to NOK 5.3 billion after an increase of 4 pct in volumes to 74,000 tonnes, as the average price per kilo rose ($1 = 8.0443 Norwegian crowns) (Reporting by Terje Solsvik, editing by Camilla Knudsen)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-salmon/value-of-norways-april-seafood-export-rose-12-pct-y-y-council-idUSL8N1SB0UR |
BERLIN, May 14 (Reuters) - The International Monetary Fund on Monday stepped up pressure on Chancellor Angela Merkel’s government to reduce Germany’s persistently large current account surplus by hiking public investment.
“The new government’s coalition agreement contains several welcome measures which will continue to address some of these challenges,” the IMF said in its annual policy recommendations.
“Yet, the current favourable economic environment provides an opportunity for the new government to take more forceful policy actions,” the IMF added. (Reporting by Michael Nienaber Editing by Paul Carrel)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-economy-imf/germany-should-invest-more-to-reduce-current-account-surplus-imf-idUSS8N1RV00Y |
LONDON (Reuters) - The London Stock Exchange on Tuesday said it would suspend trading in the global depositary receipts (GDRs) of Russian aluminum and power producer En+ due to U.S. sanctions.
FILE PHOTO: The logo of aluminium and power producer En+ Group is seen on a building in central Moscow, Russia February 13, 2018. REUTERS/Sergei Karpukhin/File Photo The LSE said the GDRs, which allow the company to trade alongside domestic stocks, would be halted at 1615 GMT on Wednesday.
“The exchange will continue to monitor the situation and is in communication with the UK authorities,” the LSE said in a notice on its website.
The London-listed GDRs sank 54 percent in two sessions after the United States on April 6 imposed new sanctions on Russian entities including En+ and aluminum magnate Oleg Deripaska.
En+ owns a stake in Russian aluminum producer Rusal, a major target of the sanctions.
FILE PHOTO: Oleg Deripaska, then president of En+ Group, attends a ceremony with the Krasnoyarsk region's government in Moscow, Russia December 12, 2017. REUTERS/Sergei Karpukhin/File Photo Reuters data showed En+ GDRs last traded on April 9.
According to one source, holders of the GDRs have not been able to sell because designated clearing house Euroclear is not settling the trades.
In its annual results on April 30, En+ said Deripaska held 66.08 percent of the company through two holding companies as of Dec 31.
En+ said in a statement on Friday that Deripaska had agreed in principle to reduce his stake in En+ to less than 50 percent.
Reporting by Pratima Desai and Helen Reid; editing by Alison Williams and Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-russia-sanctions-en-group/london-stock-exchange-to-suspend-en-gdrs-due-to-u-s-sanctions-idUSKBN1I23HZ |
(Updates with closing prices, adds conclusion of IMF meeting)
By Walter Bianchi and Jorge Otaola
BUENOS AIRES, May 10 (Reuters) - Argentina’s peso was stable after the central bank sold foreign currency reserves in the spot market on Thursday for the first time since the country announced it was seeking financing from the International Monetary Fund (IMF) earlier this week.
Stocks and bond prices also rose on Thursday, the first session after the government said it would request a “high access standby” financing deal from the IMF as Argentina tries to tackle one of the world’s highest inflation rates amid general outflows from emerging markets.
The peso closed up 0.04 percent at 22.71 per dollar, following three straight sessions of losses. It had weakened earlier in the day, prompting the central bank to sell$139.5 million in reserves into the spot market.
Through Wednesday the local currency had weakened 9.12 percent in May and 17.5 percent since the start of 2018, prompting the central bank to sell billions of dollars in foreign currency reserves and hike interest rates to 40 percent.
“The recent government measures to contain capital outflows should allow markets to find some stability,” J.P. Morgan said in a note on Thursday, though it said it had reduced the size of its overweight position in the peso due to the recent volatility.
Treasury Minister Nicolas Dujovne met with IMF Managing Director Christine Lagarde in Washington in the afternoon. In a statement after the meeting, Lagarde said the IMF supported Argentina’s reforms and that she had instructed her team to “continue discussions toward a Fund-supported program.”
Finance Minister Luis Caputo said the deal would guarantee financing through the end of President Mauricio Macri’s first term in December 2019 at a “very good” interest rate of around 4 percent.
Bonds have rallied on the IMF talks, with the country’s over-the-counter bonds rising 1.5 percent on average on Thursday. Dollar-denominated debt led the surge.
Stocks continued the rebound that began on Wednesday after Congress passed a reform to the country’s capital markets law. The benchmark Merval index closed up 6.32 percent on Thursday, led by energy companies.
Despite the calm markets, traders and analysts said the tightening of monetary and fiscal policy and conditions the IMF was likely to propose for the loans posed risks to Argentina’s economy. Capital Economics warned the measures would lead to a recession this year, forecasting a 0.5 percent contraction. (Reporting by Jorge Otaola and Walter Bianchi Wwriting by Hugh Bronstein and Luc Cohen Editing by Alistair Bell and Chris Reese)
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-peso/update-3-argentina-central-bank-returns-to-spot-market-as-imf-talks-continue-idUSL1N1SH0VO |
When Sidney Torres was 20 years old, his grandmother co-signed a loan so he could renovate his first home. He successfully flipped the property, used his profit to buy a property next door and has since developed over $250 million in commercial and residential real estate.
Having spent years in the real estate industry, Torres has some advice for first-time homebuyers: Spend plenty of time in the neighborhood you're interested in.
"The biggest mistake the first-time home buyers always make is they fall in love with the house and they don't really do their homework to understand the community, to understand the neighborhood, to understand the street that they're on," the self-made millionaire tells CNBC Make It .
Maarten de Boer/NBC | Getty Images Sidney Torres of "The Deed" Visit the neighborhood you are considering in the morning, the middle of the day and at night, says Torres, who now helps struggling property investors on CNBC's " The Deed ": "Before I buy anything, whether I'm building a resort or I'm just looking to develop a small shotgun house, for me, it's really important to see the sun rise and the sun set. ... You want to spend time there in the morning and you want to spend time there in the evening."
After all, the neighborhood could have a completely different feel at night: "Are there really big street lights that create this light pollution that creates a weird feel for the house in the neighborhood? Is there suspicious activity in the evening that you might run across that you don't see during the day?"
Other things to consider when spending time in the area include how close the property is to good schools, shopping centers and main transportation sites. And you want to be sure the neighborhood infrastructure is sound, Torres says. For example, you want to know that streets drain well when it rains hard and that the city picks up the trash.
Ultimately, buying a home is "probably one of the biggest purchases that most people make," says Torres. "You want to make sure that you understand what you're getting ready to invest in. … If you're going to live there for 10, 15, 20 years, it doesn't hurt to spend 48 to 72 hours there before you actually commit to buying it."
Watch Sidney Torres in CNBC's "The Deed," premiering Wednesday, June 13 at 10:00 PM Eastern.
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show chapters Self-made millionaire: 4 things you need before buying your first flip 9:44 AM ET Tue, 28 Feb 2017 | 01:06 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/sidney-torres-the-top-mistake-first-time-homebuyers-make.html |
The three sectors which could reduce the US-China trade gap: CIO 19 Hours Ago Kingsley Jones of Jevons Global says the U.S. and China could reduce their trade deficit by boosting trade in the energy, agriculture and aerospace sectors. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/the-three-sectors-which-could-reduce-the-us-china-trade-gap-cio.html |
Russell Stockdale’s deep expertise in technology leadership brings unique insight to firm
SEATTLE--(BUSINESS WIRE)-- Point B, Inc. , an integrated management consulting , digital studio , venture investment , and real estate development firm, has appointed Russell Stockdale to its Board of Directors . In this role, Stockdale will help influence continued strategic growth for Point B, which has realized 18% revenue growth and a 50% growth in new clients in the first quarter of 2018.
Stockdale’s appointment expands Point B’s Board to eight members, and his deep understanding of technology trends, product management expertise and go-to-market strategies bring unique insight and perspective to firm leadership.
“We plan to be bold as we expand our capabilities during this transformative wave of technology and digital change for customers,” said Point B Chief Executive Officer Mike Pongon . “Russ’ rich history in the development and growth of major U.S. technology businesses will help our teams and customers succeed in complex, disruptive environments.”
Stockdale brings an impressive track record of rapidly growing technology businesses, defining and operationalizing business strategy and integrating acquisitions to the Point B Board of Directors. He is the former Vice President and General Manager of EMC & Dell EMC’s Cloud Data Protection unit, former Vice President and General Manager of SMB Solutions at VMware, and former Vice President of Microsoft’s Business Solutions and Knowledge Worker Solutions Groups, among other executive leadership positions. Stockdale holds a Master’s of Business Administration from the Wharton School and a Bachelor of Science with Distinction in Industrial Engineering from Stanford University. He currently serves on the Board of Directors for Overlake Hospital Medical Center, Eastside Health Alliance and the Stockdale Family Foundation, and is an Advisory Board member for Tignis. He is a former Advisory Board member for AllSeniorHomes.com , and a former Foundation Board member for the University of Washington Autism Center.
“Point B has 23-year track record of success in helping clients succeed in hyper-competitive, ever-changing environments,” said Russell Stockdale. “The firm is taking bold steps towards the future, and it’s an exciting time to be a part of the organization.”
Point B’s technology practice and digital studio provides tangible, measureable value for clients in cybersecurity, cloud transformation, business collaboration, IT advisory, IT infrastructure, and business and analytics. The firm’s capabilities in these areas help Point B clients realize success with the unprecedented and increasingly complex digital challenges needed to transform, compete and thrive in today’s business environment.
About Point B
Point B, Inc. helps organizations form, execute, and thrive. With capabilities including Management Consulting , Digital Services , Venture Investment and Advisory , and Real Estate Development , our integrated businesses provide value to the organizations and communities we serve. Our 100% employee-owned firm was named the #1 Best Medium Best Workplace in the United States by Fortune magazine , and is regularly honored as an exceptional place to work .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006094/en/
Point B
Jennette Seward, 206-931-3441
[email protected]
Source: Point B, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-point-b-eyes-strategic-technology-growth-with-board-appointment.html |
(Reuters) - Texas Governor Greg Abbott unveiled a $110 million program intended to increase school safety by putting additional trained marshals inside schools and more closely monitoring social media for threats in the aftermath of a deadly school shooting earlier this month.
Community members stood in support as students and administrators returned for the first day of class since a deadly mass shooting in Santa Fe, Texas, U.S., May 29, 2018. REUTERS/Pu Ying Huang The plan was announced nearly two weeks after a 17-year-old armed with a shotgun and pistol killed 10 students and educators at Santa Fe High School in the Houston area.
It followed a shooting at Marjory Stoneman Douglas High School in Parkland, Florida, in February in which 17 people, mostly students, were massacred.
“Everybody in this entire process and everybody in the state of Texas never wants to see another occasion where innocent students are gunned down in their own schools,” Abbott told a news conference in Dallas on Wednesday.
The proposed funding works out to about $20 per student in a state that has about 5.5 million students enrolled in its public schools.
The 40-point plan, which followed meetings last week between Abbott and education and law enforcement officials, calls for enhanced mental health resources for students and new metal detectors for extra security at schools, Abbott said in a statement.
The Texas Democratic Party issued a statement condemning the governor’s plan, claiming that he failed to directly address gun crimes that occur in the United States.
“Nothing in Abbott’s plans address the reality that it is too easy for a weapon to end up in the hands of someone wanting to cause harm,” Texas Democratic Party chair Gilberto Hinojosa said in a statement.
Abbott is an ardent defender of the right to bear arms under the Second Amendment of the U.S. Constitution. Soon after the shooting at Santa Fe High School he said that any proposed legal changes that he would consider to improve school safety would “protect Second Amendment rights.”
His proposals include eliminating a rule that requires some school marshals to store their weapons in a safe while on campus.
Abbott said he would ask lawmakers to consider legislation to allow law enforcement, families, school staff or a district attorney to file a petition seeking the removal of firearms from a potentially dangerous person only after legal due process was provided.
Reporting by Gina Cherelus; Editing by Scott Malone
| ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting-safety/texas-governor-unveils-school-safety-plan-after-deadly-shooting-idUSKCN1IV2MB |
May 14 (Reuters) - Baxter International Inc:
* BAXTER ANNOUNCES U.S. FDA CLEARANCE OF NEW SPECTRUM IQ INFUSION SYSTEM Source text for Eikon: Further company coverage:
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May 21 (Reuters) - Fifth Third Bancorp:
* FIFTH THIRD BANCORP - MITCH FEIGER TO BECOME CHAIRMAN AND CEO OF FIFTH THIRD CHICAGO - SEC FILING
* FIFTH THIRD BANCORP SEES RESTRUCTURING COSTS OF $300 MILLION AFTER-TAX RELATED TO MB FINANCIAL DEAL
* FIFTH THIRD BANCORP - BOARD TO EXPAND TO 14 MEMBERS THROUGH THE ADDITION OF TWO DIRECTORS FROM MB FINANCIAL
* FIFTH THIRD BANCORP - IDENTIFIED EXPECTED NET COST SAVINGS OF $255 MILLION WITH 50% ACHIEVED IN 2019 AND 100% THEREAFTER FROM MB FINANCIAL DEAL
* FIFTH THIRD BANCORP - FOR COST SAVINGS, PERSONNEL REDUCTIONS TO OCCUR PREDOMINANTLY IN NON-CLIENT FACING ROLES
* FIFTH THIRD BANCORP - SEES COST SAVINGS FROM CONSOLIDATION OF SOME BACK OFFICE LOCATIONS, ABOUT 20% COMBINED CHICAGO BRANCHES FROM MB FINANCIAL DEAL Source text: ( bit.ly/2rWcrSb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fifth-third-bancorp-says-mitch-fei/brief-fifth-third-bancorp-says-mitch-feiger-to-become-ceo-of-fifth-third-chicago-idUSFWN1SS0EJ |
7 May 2018
ArcelorMittal ('the Company') announces that it has been granted merger clearance by the European Commission ('EC' or 'the Commission') for AM Investco Italy Srl (AM Investco)'s proposed acquisition of Ilva S.p.A (Ilva).
EC merger clearance follows the conclusion of the Commission's Phase II investigation into the proposed acquisition of Ilva, and has been granted on the basis that the Company has committed to dispose of assets in Italy, Romania, Macedonia, Czech Republic, Luxembourg and Belgium, as previously announced on 13 April 2018.
Approval by the EC is a significant milestone in the transaction to acquire Ilva and represents a major step towards closing the deal, which is now expected to occur as soon as possible.
ENDS
Important Information
This communication does not constitute an offer to purchase or exchange or the solicitation of an offer to buy or to exchange any securities of ArcelorMittal. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of ArcelorMittal.
Forward-Looking Statements
This communication contains forward-looking information and statements about ArcelorMittal and its business after completion of the proposed transaction that have not been audited or independently verified. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations. Although the management of ArcelorMittal believe that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. The combined group may not realize the full benefits of the transaction.
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.
We are one of the world's five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.
In 2017, ArcelorMittal had revenues of $68.7 billion and crude steel production of 93.1 million metric tonnes, while own iron ore production reached 57.4 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
Contact information ArcelorMittal Investor Relations Europe +442075431156 Americas +13128993985 Retail +442075431156 SRI +442075431156 Bonds/Credit +33171921026 Contact information ArcelorMittal Corporate Communications
E-mail:
[email protected] Phone: +442076297988 ArcelorMittal Corporate Communications Paul Weigh +442032142419 Richard Farnsworth +447734776317
Source:Arcelor Mittal S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-arcelormittal-receives-european-commission-approval-for-its-acquisition-of-ilva.html |
May 25, 2018 / 6:21 AM / Updated 6 hours ago When Roland Garros embraced 'Open' grand slam tennis Simon Cambers 4 When the singles champions at this year’s French Open each pocket their 2.2 million euros ($2.7 million) in prize money, they might spare a thought for the players who made it all possible. FILE PHOTO: Tennis - French Open - Roland Garros - Paris, France - 23/05/16. Roland Gorros logo. REUTERS/Benoit Tessier Picture Supplied by Action Images
The tournament marks the 50th anniversary of the first “Open” grand slam event, when the likes of men’s winner Ken Rosewall, who had turned professional in 1957, were allowed back into the fold alongside the amateurs.
Australian Rosewall took away 15,000 French Francs (around $3,000 at 1968 exchange rates), while American Nancy Richey was unable to take the women’s first prize of around $1,250 as she was still an amateur.
Prize money was available to everyone although many of the amateurs, including Richey, did not pick up their cheques for fear they might be banned from team competitions.
Rosewall beat compatriot Rod Laver in four sets to win his second French Open title, 15 years after his first, though his preparation for his return to the grand slam arena was not quite textbook.
“I spent the week before with Bobby Riggs,” Rosewall told Reuters.
Riggs was a former Wimbledon and US Open champion who gained notoriety in 1973 when he lost a grudge match against Billie Jean King that was immortalized on film in 2017 as the ‘Battle of the Sexes’.
“There were a lot of top players who didn’t enter for some reason or other. I was playing OK because (even though) I was playing what you could call ‘rinky-dink tennis’, at least I was hitting the ball,” he said.
“I had these challenge matches with Bobby Riggs, I can look back on it and say it was fun. The French tournament was good, I enjoyed that, I played pretty well.”
The first professional Roland Garros also coincided with protests, riots and strikes that crippled Paris for weeks during May.
“I was staying privately with Philippe Chatrier, who was then the (vice) president of the French Tennis Federation,” Rosewall said.
“When they were having the big demonstration ... Philippe said to me: ‘I’ve got to go to this, this is part of history’, so he went off and I stayed at his place.
“I think there were some demonstrations and some trains were not running (but the) crowds were quite good, everybody seemed to get to the tennis, it was a good event.”
Richey played for the United States against France in a Federation Cup tie at Roland Garros the week before the French Open, having had to get a bus from Brussels because the airports were closed.
“I ended up moving hotels three times to get closer to the courts because the gasoline was running out,” she told Reuters in a telephone interview. “They did have official cars but they were asking the players to move as close to Roland Garros as we could, so I kept moving.
“Unbelievable, it was wild. The garbage was piled up, there was nothing moved up, just stacks of it, telephones were not working.”
Richey, who had won the Australian Open the previous year, beat Billie Jean King in the semi-finals and then came back from a set and 4-1 down to beat Britain’s Ann Jones in the final.
“I finished the second set with two aces and she double-faulted on match point,” Richey said.
“I was down 5-2 in the first set and Cliff (Richey, her brother and a former top-10 player) and I both agreed that pulling it to 5-5 and then her winning it 7-5 was the key to me winning that match because she got tired in that second set and then started making a few errors.”
While Jones took home around $500 for her troubles, all Richey received were daily expenses of $27 - a far cry from today’s riches. Reporting by Simon Cambers; editing by John Stonestreet | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-50years/tennis-when-roland-garros-embraced-open-grand-slam-tennis-idUSKCN1IQ0KR |
Even if you aren't one of the lucky few invited to the wedding of Britain's Prince Harry and actress Meghan Markle, there are still ways to feel like a member of the royal family.
Britain's monarchs are highly selective about the brands they shop and issue businesses preferred by the family an official seal, called a royal warrant. There are only around 800 outfits holding royal warrants today .
"Royal warrants, which have been issued by the British royal family since the 15th century, are a mark of distinction for companies who have provided goods and services for at least five years to Queen Elizabeth II, Prince Philip or Prince Charles," The New York Times explains.
While the list includes luxury jewelers, custom hat makers and Bentley Motors, not all of the royals' favorite businesses cater to only the wealthy. Here are seven affordable gifts, splurges and treats sold by companies stamped with the royals' approval.
1. Luxury socks
Corgi Hosiery has been making socks since 1892, and was awarded a royal warrant in 1989 by Prince Charles. Queen Elizabeth II and her son Charles are both fans of the brand, where socks range from $22 to $209 (for pure cashmere). In 2014, the Duke and Duchess of Cambridge William and Kate were photographed with their son, Prince George, in a Corgi jumper.
Elizabeth is a lover of corgi dogs , and socks from Corgi are available with a pattern of the pups for $35.
2. A stylish umbrella
Chris Jackson | Getty Images A favorite of Queen Elizabeth II, A. Fulton Company set up shop in London in 1956 . The queen is frequently seen carrying the company's "bird cage" clear umbrellas. An umbrella in that style with red trim costs £20.00 , about $27.
The queen's umbrellas are often bespoke and made to match her outfits, according to the company's website.
3. Tea-time treats
Fortnum & Mason, founded in 1707, has served 12 different monarchs under royal warrants, the Times reports . The store, which is known for inventing the Scotch egg (a hard-boiled egg wrapped in sausage and coated in breadcrumbs) boasts warrants from both Queen Elizabeth II and Prince Charles and today sells 181 varieties of tea .
Many choices are affordable, like the " Regal Breakfast Gift Box " for £20.00, or about $27. It includes strawberry preserves and Sir Nigel's Vintage Marmalade — a jam first made in 1920. The box also has Fortnum & Mason's Royal Blend Tea, created in 1902 for King Edward VII.
4. Books
Hatchards is London's oldest bookstore: It first opened its doors in 1797. Britain's Queen Charlotte , who married King George III in 1761, was one of the shop's first customers, according to Hatchards , and the bookseller today holds three royal warrants.
If you can't travel to London to visit Hatchard's five floors of books, the store provides a tailored subscription service , where a store expert selects a title for you every month. A paperback subscription for fiction books is £150, about $204, for a year's worth of titles sent to your door.
5. Chocolates and truffles
Since 1902, Prestat has been hand crafting sweet treats like ginger hunks, chocolate thins and truffles in their shop — famously rumored to be the inspiration for the book "Charlie and the Chocolate Factory." Prestat was awarded a royal warrant in 1975, serving as "Purveyors of Chocolates to Her Majesty The Queen," according to the company's website . For under $20 you can get a box of red velvet flavored truffles (£13.95; around $19), for example.
6. Specialty cheese
Paxton & Whitfield, an artisan cheese shop opened in 1797, was first granted a warrant as "cheesemonger to the Royal Household" in 1850, according to the Times . A sampler of four English cheeses in the store's " Territorials " set includes Cheshire Appleby, Stilton, Lancashire Kirkham and Westcombe Cheddar for £28.00, or about $38.
7. Begonia & delphinium seeds
Blackmore & Langdon's has been breeding begonias and delphiniums — brightly colored flowers with full blooms in yellow, orange, pink and blue — since 1901. The company recently received their royal warrant from Prince Charles , a nature lover and gardening enthusiast , and announced plans to name a new delphinium for young Prince George.
You can order the company's begonia seeds for £7.00 (about $9.50) and its delphinium seeds for £5.00 ($6.80).
Don't miss: Kevin O'Leary had pizza and beer at his wedding—here's why he says you should too
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May 14 (Reuters) - INVESTIS HOLDING SA:
* SUCCESSFULLY ISSUES ANOTHER FIXED-RATE BOND WITH A VOLUME OF CHF 100 MILLION
* PROCEEDS WILL BE USED TO REPAY BANK LOANS FROM LAST TWO REAL ESTATE TRANSACTIONS
* PAYMENT DATE OF BOND IS SCHEDULED FOR 12 JUNE 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-investis-holding-successfully-issu/brief-investis-holding-successfully-issues-fixed-rate-bond-with-volume-of-chf-100-mln-idUSFWN1SL12W |
Spending cuts in Malaysia needed to offset loss of GST revenue: Economist 6 Hours Ago Jeff Ng of Continuum Economics says higher oil prices will likely help Malaysia to make up for some of the losses caused by scrapping the goods and services tax. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/spending-cuts-in-malaysia-needed-to-offset-loss-of-gst-revenue-economist.html |
May 7, 2018 / 6:42 PM / Updated an hour ago Somalia's al Shabaab kills nine Kenyan soldiers: president Reuters Staff 1 Min Read
NAIROBI (Reuters) - The Islamist militant group al Shabaab has killed nine Kenyan soldiers in Somalia, Kenyan President Uhuru Kenyatta said on Monday.
The president’s office offered no other details on the incident that led to the soldiers’ deaths.
“Earlier today, I was appalled and saddened to learn that we had lost nine young patriots to a cowardly terrorist attack in Somalia,” Kenyatta said in a statement.
A military source with knowledge of the incident said the soldiers had been killed by an improvised explosive device in Dobley on Sunday afternoon.
Al Shabaab is fighting to topple Somalia’s central government and establish its own rule based on its strict interpretation of Islamic law.
The group also conducts frequent assaults in Kenya, mostly in the region bordering Somalia, to put pressure on the Kenyan government to withdraw its peacekeeping troops from Somalia.
Kenya forms part of the African Union force AMISOM, which is defending Somalia’s government against al Shabaab. Reporting by Humphrey Malalo in Nairoi and Noor Ali in Isiolo; Writing by George Obulutsa; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/us-somalia-security/somalias-al-shabaab-kills-nine-kenyan-soldiers-president-idUSKBN1I824X |
May 2 (Reuters) - National Bank Holdings Corp:
* ORATION ANNOUNCES 56% INCREASE IN QUARTERLY DIVIDEND * SETS QUARTERLY CASH DIVIDEND OF $0.14PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-national-bank-holdings-corp-announ/brief-national-bank-holdings-corp-announces-56-pct-increase-in-quarterly-dividend-idUSASC09Z8K |
May 29, 2018 / 3:37 PM / Updated 14 minutes ago Ryanair's UK pilot union threatens strike action over promotion system Conor Humphries 2 Min Read
DUBLIN (Reuters) - The union representing Ryanair ( RYA.I ) pilots in Britain, the airline’s largest market, has threatened possible strike action unless the company implements a transparent system to manage promotions and transfers, according to a letter seen by Reuters. FILE PHOTO: Ryanair CEO Michael O'Leary holds a news conference in Brussels, Belgium, March 6, 2018. REUTERS/Yves Herman/File Photo
Ryanair in December recognised trade unions for the first time in its 32-year history, but has since then struggled to reach agreement on the terms of the recognition with some unions and it faces several threats of strike action.
Industrial action in Britain, Ryanair’s first market to agree a formal union recognition agreement, could be particularly damaging. The airline has experienced minor disruption due to industrial action in Germany and Portugal, but has so far avoided a major stoppage.
Ryanair’s Irish union two weeks ago threatened possible strike action unless the airline agrees to new working practices.
In the letter to Chief Executive Michael O’Leary, dated May 24, the BALPA union demanded a seniority system to “provide transparency and fairness to decisions made by management which have a very large impact on the lives of our members and their families.”
Ryanair and BALPA representatives are due to meet to discuss the issue in June, a BALPA spokeswoman confirmed on Wednesday.
The union has said it wants transparent systems for involuntary base transfers, command upgrades and the allocation of annual leave and promotion.
“If it is not possible to immediately negotiate the introduction of such a Seniority Agreement, it is our intention to escalate this matter as a matter of urgency, to seek sanction for industrial action up to and including strike action should that be necessary,” the letter said.
The letter requested a positive response to the letter “on or before” Tuesday, May 29.
A spokesman for Ryanair said the airline did not comment on negotiations with its staff. Reporting by Conor Humphries, additional reporting by Sarah Young; Editing by David Holmes and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ryanair-unions-britain/ryanairs-uk-pilot-union-threatens-strike-action-over-promotion-system-idUKKCN1IU1ZO |
BANGKOK, May 21 (Reuters) - Thai Airways International PCL on Monday said it has found a new president and chief executive, almost two years after the retirement of the national carrier’s former head.
The board has recommended the recruitment of Sumeth Damrongchaitham, 53, after details such as salary are agreed, the airline said in a statement.
Sumeth is listed on the website of the Ministry of Finance as president of state-owned property manager Dhanarak Asset Development Co Ltd. He was also chief operating officer of music and entertainment group GMM Grammy PCL.
If appointed, he will take control of an airline struggling for growth in an environment of high fuel costs and competition from low-cost carriers. Thai Airways reported a 14 percent fall in net profit for January-March, after booking a loss for 2017.
The selection is the culmination of a search which began in September 2016 after Charamporn Jothikastira retired at 60, the compulsory retirement age for employees of state-owned firms. Aviation Business Unit Vice-President Usanee Sangsingkea has been acting CEO while the airline struggled to find a qualified replacement.
Investors and analysts have said potential candidates may have been deterred by the airline’s lack of independence. Its board is comprised of civil servants and former members of the air force, in a country ruled by a military junta. (Reporting by Chayut Setboonsarng Editing by Christopher Cushing)
| ashraq/financial-news-articles | https://www.reuters.com/article/thai-airways-ceo/thai-airways-finds-new-ceo-after-almost-two-year-search-idUSL3N1SS1N3 |
May 30, 2018 / 6:04 PM / Updated 2 minutes ago U.S. factories shift into 'higher gear' despite trade worries: Fed Jason Lange 3 Min Read
WASHINGTON (Reuters) - U.S. factories ramped up production in late April and early May despite the risk of a global trade war, but soft consumer spending kept the economy growing at a moderate rate, the Federal Reserve reported on Wednesday. FILE PHOTO: The Federal Reserve headquarters in Washington, U.S., September 16, 2015. REUTERS/Kevin Lamarque/File Photo
In its periodic “Beige Book” summary of contacts with businesses in its 12 regional districts, the U.S. central bank pointed to strong output in fabricated metals, heavy machinery and electronics equipment.
The assessment of growth across the economy represented a slight upgrade from the Fed’s prior Beige Book report, which said economic activity was expanding at a “modest to moderate pace.”
“Manufacturing shifted into higher gear,” the Fed said in its latest report.
More than half of the Fed’s districts reported a pickup in industrial activity, and a third of them reported the activity as “strong.”
Still, manufacturers worried that tensions between the United States and its trading partners, notably China, could lead to higher tariffs across the world.
“The major concern manufacturers expressed was trade policy,” the Fed said, referring to comments from business contacts in its Boston district, where a maker of testing equipment said it might move some production to Europe to avoid Chinese retaliation for increases in U.S. tariffs.
The Minneapolis Fed’s contacts said they were worried about how recent tariff announcements on steel and aluminum could affect supply chains. The Trump administration has announced tariffs on steel imports from many countries including China while Beijing has targeted U.S. aluminum and other goods.
Only the Dallas Fed found overall economic activity had “sped up to a solid pace,” according to the report. Across the country, growth in auto sales was flat and retail sales excluding autos eased.
The Fed’s districts reported modest-to-moderate growth in employment while contacts said the labor market remained tight. Wage increases, however, were reported to be modest.
The Beige Book was prepared by the Federal Reserve Bank of Cleveland based on information collected on or before May 21. Reporting by Jason Lange Editing by Paul Simao | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-economy-beigebook/u-s-factories-shift-into-higher-gear-despite-trade-worries-fed-idUKKCN1IV2G1 |
May 10 (Reuters) - Ideal Power Inc:
* IDEAL POWER REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * IDEAL POWER INC - QTRLY LOSS PER SHARE $0.15 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ideal-power-reports-q1-loss-per-sh/brief-ideal-power-reports-q1-loss-per-share-0-15-idUSASC0A1JA |
Electric carmaker Tesla said on Tuesday it had hired Snapchat maker Snap's vice president of monetization engineering, Stuart Bowers, as vice president of engineering, to work on its Autopilot software and other projects.
Tesla has seen the departure of several senior executives and also is flattening its management structure as it aims to improve efficiency and clear up production bottlenecks related to its new Model 3 sedan.
Snap confirmed the move and said that Bowers had a passion for robotics and would be working on Tesla's semi-autonomous driving program, Autopilot. Tesla said he would work on that and other projects as well.
Bowers' job at Snap, monetization engineering, involved the social media company's advertising system.
Website Cheddar first reported the move. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/tesla-hires-a-snap-exec-as-its-engineering-vice-president.html |
LONDON, May 8 (Reuters) - Royal Bank of Scotland will not review the size of its branch network in Scotland again until at least 2020, its Chief Executive told lawmakers questioning the bank’s sweeping closures in the country.
Speaking to the Scottish Affairs Committee, Ross McEwan said that the bank, which has closed hundreds of branches across Britain in the past year alone, had to respond to changing consumer behaviours but is now “comfortable” with the size of its network in Scotland.
“I want to be clear, our branches do remain a core part of our service and we will not look at the size of the network again in Scotland until at least 2020,” he told the committee. (Reporting by Emma Rumney, editing by Sinead Cruise)
| ashraq/financial-news-articles | https://www.reuters.com/article/rbs-branches-closures/rbs-ceo-rules-out-further-scottish-branch-closures-before-2020-idUSS8N1KN00M |
May 17, 2018 / 4:28 PM / Updated 22 minutes ago UPDATE 1-FTSE 100 hits all-time record close, Ocado surges on U.S. deal Reuters Staff
* FTSE 100 boosted to record close
* FTSE 250 hits fresh record
* Ocado surges 44 pct
* Royal Mail falls 7.6 pct
* Gambling stocks recover despite stake restriction (Updates prices, adds details, quotes)
By Julien Ponthus and Helen Reid
LONDON, May 17 (Reuters) - Strong oil prices helped Britain’s top share index seal its highest ever closing level on Thursday while online grocery retailer Ocado rocketed up 44 percent after signing a deal with U.S. grocer Kroger.
The FTSE 100 climbed 0.7 percent to close at 7,787.97 points, just a whisker away from its record intraday high of 7,792.56 points hit in mid-January.
The mid-cap FTSE 250 index hit a new record high, surpassing its previous mid-January record, up 0.9 percent on the day. For both indices it marked a full recovery from the turmoil which had dented markets globally since January.
Heavyweights Royal Dutch Shell and BP drove the biggest gains, up 2.1 percent and 1.4 percent respectively as oil prices broke the $80 a barrel barrier.
The star of the session was Ocado, whose shares shot up as much as 81 percent in intra-day trading before closing up 44 percent after it announced that U.S. retailer Kroger would use its technology.
“We think this is just about as positive a deal as could have been expected to have been announced by Ocado,” analysts at Barclays said, adding “the company now has an extremely credible partner in the largest grocery market in the world.”
“This does not preclude other deals outside of the U.S. and given Kroger’s size, they could commit to materially more customer fulfilment centres than the 20 announced, in our opinion,” said Goldman Sachs analysts.
Gambling stocks were initially bruised by the British government’s decision to cut the top stake on betting terminals to 2 pounds.
But they ended the day higher as investors expressed relief the regulatory uncertainty was over, and looked instead to the potential benefits from a U.S. high court ruling which could lead to states legalising sports betting.
Ladbrokes Coral parent GVC and William Hill, which operate some of the 182,000 gaming machines in Britain, recovered to rise 5 percent and 4.2 percent respectively.
Large-cap gambling stock Paddy Power Betfair rose 1.9 percent.
“Whilst £2 max stakes is a negative for the sector, if the implementation date is pushed back past 2020, online taxes come in later and the impact to EBITDA is less bad than feared, then there may be a sense of relief today,” said Barclays analysts.
Leading the FTSE 100 was Experian, the world’s biggest credit data company, adding 5.6 percent after saying 2018 would be another year of growth and reporting revenues for its full financial year grew more strongly than expected.
Royal Mail on the other hand tumbled 7.2 percent after it warned the decline in letter volumes may come in at the higher end of its forecast range while the British holiday company declined 3.1 percent after reporting first-half earnings.
Among smaller companies, Mothercare jumped 24.4 percent after the struggling mother and baby products retailer said it would ask investors for 28 million pounds as part of a restructuring plan that would see a further 50 stores close. (Reporting by Julien Ponthus; Editing by Toby Chopra) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/update-1-ftse-100-hits-all-time-record-close-ocado-surges-on-u-s-deal-idUSL5N1SO5KZ |
PHILADELPHIA, May 08, 2018 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it filed the restatement of its previously issued financial statements for the years ended December 31, 2016, 2015 and 2014 included in the Company’s Annual Reports on Form 10-K and the Quarterly Report on Form 10-Q for the 2017.
The Company plans to file its Quarterly Reports on Form 10-Q for the quarters ended June 30 and September 30, 2017, inclusive of the restatement of prior comparative periods, and its Annual Report on Form 10-K for the year ended December 31, 2017 by the end of second quarter of 2018 and its Quarterly Report on Form 10-Q for the quarter ending March 31, 2018 in the third quarter of 2018, at which point the Company will be current with its regulatory filings. The Company expects to schedule an earnings call for the first quarter 2018 financial results shortly after the Company becomes current in its filings.
Hill International, with more than 3,000 professionals in more than 50 offices worldwide, provides program management, project management, construction management and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com .
Forward Looking Statements
Certain statements contained herein may be considered " " within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any projections of revenues, earnings, EBITDA margin, profit improvement, cost savings or other financial items; any statements of belief, any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are These are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our are reasonable, actual results could differ materially from those projected or assumed in any of our Important factors that could cause our actual results to differ materially from estimates or projections contained in our are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, our expenses may be higher than anticipated, and the review of the Company's accounting, accounting policies and internal control over financial reporting, and the preparation of and the audit or review, as applicable, of restated filings may take longer than currently anticipated or additional restatement adjustments may be identified. We do not intend, and undertake no obligation, to update any forward-looking statement.
Hill International, Inc.
Elizabeth J. Zipf, LEED AP BD+C
Senior Vice President
Hill International, Inc.
One Commerce Square
2005 Market Street, 17th Floor
Philadelphia, PA 19103
Tel: 215-309-7707
[email protected]
Hill International, Inc.
Marco A. Martinez
SVP & Interim Chief Financial Officer
(215) 309-7951
[email protected]
InvestorCom
John Glenn Grau
President
(203) 295-7841
[email protected]
(HIL-G)
Source:Hill International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-hill-international-announces-restatement-filing.html |
May 9, 2018 / 8:19 PM / Updated 16 minutes ago Board game company Asmodee explores sale -sources Harry Brumpton , Pamela Barbaglia 2 Min Read
May 9 (Reuters) - Asmodee Group, the French maker of board game Catan and distributor of Pokemon cards in parts of Europe, is exploring a sale that could value it at more than 1.5 billion euros ($1.7 billion), according to people familiar with the matter.
The Guyancourt, France-based company, owned by private equity firm Eurazeo SE, has hired investment bankers to run a sale process, said the sources, who asked not to be identified because the deliberations are confidential.
The company generates about 100 million euros in 12-month earnings before interest, taxes, depreciation and amortization, according to one of the sources.
A spokesman for Eurazeo declined to comment, while Asmodee did not immediately respond to requests for comment.
Since Eurazeo took over Asmodee in 2013 in a 143 million euro deal, Asmodee has been aggressively expanding beyond Europe and into the United States.
The best-known titles the company publishes or distributes include Catan, Ticket to Ride, Splendor, and the Star Wars: X-Wing board games. (Reporting by Harry Brumpton in New York and Pamela Barbaglia in London; Martinne Geller in London; Editing by Dan Grebler) | ashraq/financial-news-articles | https://www.reuters.com/article/asmodee-ma/board-game-company-asmodee-explores-sale-sources-idUSL1N1SG0XE |
May 22 (Reuters) - Abbott Laboratories:
* FIVE-YEAR STUDY DATA CONFIRM POSITIVE OUTCOMES FOR PATIENTS WHEN ABBOTT DIAGNOSTIC TOOL WAS USED TO GUIDE HEART STENTING DECISIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-5-year-study-data-confirm-positive/brief-5-year-study-data-confirm-positive-outcomes-for-patients-when-abbott-diagnostic-tool-was-used-to-guide-heart-stenting-decisions-idUSFWN1ST0BV |
We're facilitating growth at Amazon and other e-commerce giants: XPO Logistics CEO 9 Hours Ago Jim Cramer sits down with XPO Logistics Chairman and CEO Brad Jacobs, who talks about new offerings, drones and robots at his shipping giant. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/xpo-logistics-ceo-were-facilitating-growth-at-companies-like-amazon.html |
Oil prices are frothy, driven by strong oil demand: BP CFO 2:09 AM ET Tue, 1 May 2018 Brian Gilvary says that "geopolitics is now playing into where the (oil) price is," adding that "you could see an oil price correction quite comfortably." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/oil-prices-are-frothy-driven-by-strong-oil-demand-bp-cfo.html |
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