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PHOENIX--(BUSINESS WIRE)-- Knight-Swift Transportation Holdings Inc. (NYSE: KNX) announced today that its Board of Directors has declared the company’s quarterly cash dividend of $0.06 per share of common stock. This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the company’s financial performance.
The company’s dividend is payable to shareholders of record on June 1, 2018, and is expected to be paid on June 27, 2018.
Knight-Swift Transportation Holdings Inc. is a provider of multiple truckload transportation and logistics services using a nationwide network of business units and service centers to serve customers throughout North America. In addition to operating North America's largest tractor fleet, Knight-Swift also contracts with third-party equipment providers to provide a broad range of truckload services to its customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors.
This press release contains certain statements that may be considered within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed , including, without limitation, statements relating to our declaration of quarterly dividends. Forward-looking statements are based the current beliefs, assumptions, and expectations of management and current market conditions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to those set forth in, contemplated by, or underlying the . There can be no assurance that future dividends will be declared. The declaration of future dividends is subject to approval of our Board of Directors and various risks and uncertainties, including, but not limited to: our cash flow and cash needs; compliance with applicable law; restriction on the payment of dividends under existing or future financing arrangements; changes in tax laws relating to corporate dividends; deterioration in our financial condition or results, and those risks, uncertainties, and other factors identified from time-to-time in our filings with the Securities and Exchange Commission. Readers should review and consider the factors that may affect future results and other disclosures in the Risk Factors section of Knight-Swift Transportation Holdings Inc.'s Annual Reports on Form 10-K for the year ended December 31, 2017, and various disclosures in our Quarterly Reports on Form 10-Q, press releases, stockholder reports, and other filings with the SEC. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any contained herein.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006231/en/
Knight-Swift Transportation Holdings Inc.
David Jackson
President and CEO
or
Adam Miller
CFO
602-606-6349
Source: Knight-Swift Transportation Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-knight-swift-transportation-holdings-inc-announces-quarterly-cash-dividend.html |
(Reuters) - Asian currencies weakened on Tuesday with the South Korean won and Indonesian rupiah falling the most, as easing trade tensions helped shore up the dollar and push up U.S. bond yields.
FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo The dollar index against a basket of six major currencies edged up 0.2 percent to 92.792 at 0502 GMT.
The U.S. 10-year bond yield had inched higher on Monday, as optimism over President Donald Trump’s pledge to aid China’s ZTE Corp helped assuage U.S.-China trade frictions.
“It appears that momentum for earnest trade negotiations has been unlocked and we think this could be a positive for global market sentiment and the U.S. dollar for now,” said Mizuho Bank in a note.
Indonesia’s rupiah weakened to 14,030 a dollar. Its loss for the day increased slightly after Southeast Asia’s largest economy reported that in April it had its biggest trade deficit in four years.
The data showed a trade deficit of $1.62 billion in April which conflicted with most estimates, including a Reuters poll, and was a departure from a $1.12 billion surplus in March.
The rupiah remains perched around two-and-a-half-year lows.
Thailand’s baht fell 0.4 percent. The central bank will leave interest rates at a near record low on Wednesday, a Reuters poll showed.
The Philippine peso fell 0.4 percent to 52.677 to the dollar, its lowest level in nearly 12 years.
The South Korean won declined 0.7 percent, ahead of revised April trade data later in the day.
CHINESE YUAN The Chinese yuan slipped to 6.349 a dollar, following a slew of economic data, which showed China’s industrial output grew 7 percent in April, quicker than expected, while retail sales missed expectations.
Moody’s maintained a cautionary tone on the recent trade discussion between the world’s two largest economics, saying China is “unlikely to meet U.S. demands on bilateral trade”.
Caution was echoed by the U.S. Ambassador to China Terry Branstad, who says the countries are still “very far apart” on resolving trade frictions.
INDIA’S RUPEE The Indian rupee inched down to its lowest in over three months, following data that showed annual retail and wholesale inflation accelerated in April, with many economists expecting a more hawkish central bank at June’s policy meeting.
Annual retail inflation accelerated in April to 4.58 percent, after easing for three straight months, mainly driven by faster increases in food and fuel prices.
The biggest risk Asia’s third-largest economy faces is rising crude oil prices. India meets 80 percent of its oil needs from imports.
An increase in oil prices of $10 a barrel could quicken inflation by about 1 percentage point and reduce economic growth by 0.2 to 0.3 percentage points, a senior finance ministry official told Reuters.
Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Richard Borsuk
| ashraq/financial-news-articles | https://in.reuters.com/article/asia-forex-emerging/asian-currencies-fall-as-rising-u-s-bond-yields-support-the-dollar-idINKCN1IG0KB |
WASHINGTON (Reuters) - A former contractor for the U.S. Central Intelligence Agency pleaded guilty on Friday for removing and retaining classified information from his government office and later lying about it to federal investigators, the Justice Department said.
Prosecutors for the U.S. Attorney’s Office in the Eastern District of Virginia said that Reynaldo B. Regis, 53, of Fort Washington, Maryland, worked for the CIA from August 2006 through November 2016.
They alleged that Regis improperly searched classified databases and copied the information into personal notebooks, which he then took to his house.
During a search of his home, FBI agents uncovered 60 notebooks, which prosecutors say contained “highly sensitive intelligence reports.”
Regis’ attorneys could not be immediately reached for comment.
It was not immediately clear why Regis took the information, nor whether or not he intended to share it with anyone.
When law enforcement agents interviewed Regis, he denied copying the information from the classified databases.
He will be sentenced on September 21.
While he could face a maximum of five years, the sentences imposed under U.S. guidelines are typically less than the maximum.
Reporting by Sarah N. Lynch; Editing by Dan Grebler
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-justice-cia/ex-cia-contractor-pleads-guilty-to-retaining-classified-information-idINKBN1IC25I |
Stocks sell off into the close 47 Mins Ago CNBC's Bob Pisani looks at the day's market action, including trade talk, interest rates and the dollar. 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/2018/05/22/stocks-sell-off-into-the-close.html |
May 25, 2018 / 10:23 UPDATE 2-Super Rugby results Reuters Staff 1 Min Read May 25 (OPTA) - results from the Super Rugby matches on Friday Crusaders (7) 24 Hurricanes (6) 13 Rebels (21) 40 Sunwolves (13) 13 Jaguares v Sharks (18:40) Ground: Estadio Jose Amalfitani Saturday, May 26 fixtures (GMT) Chiefs v Waratahs (06:35) Reds v Highlanders (08:45) Bulls v Brumbies (12:05) Stormers v Lions (14:15) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyunion-super-results/super-rugby-results-idUKMTZXEE5PA4RD56 |
JALALABAD, Afghanistan (Reuters) - Afghan security forces battled for hours against a group of attackers who stormed a government building in the eastern city of Jalalabad on Sunday after a coordinated assault that killed at least 15 people and wounded 42, local officials said.
Afghan security forces inspect a damaged vehicle after blasts in Jalalabad city, Afghanistan May 13, 2018. REUTERS/Parwiz A car bomb was detonated at the entrance to the state accounts office before a group of about six attackers armed with machine guns and rocket-propelled grenades rushed the building, the officials said. There were multiple blasts as they fought off security forces in a gun battle that lasted much of the day.
The attack took place in a busy area of the city with many other official buildings nearby, including a school in which about 1,000 girls were trapped as the fighting raged. There was no immediate claim of responsibility.
Related Coverage Islamic State claims responsibility for attack in Afghanistan: AMAQ It was the latest in a series of high-profile attacks that have killed and wounded hundreds of civilians in Afghanistan this year and put heavy pressure on the Western-backed government of President Ashraf Ghani.
Afghan security forces keep watch during blasts and gunbattle at the site in Jalalabad city, Afghanistan May 13, 2018.REUTERS/Parwiz Most have been in capital city Kabul, but in January gunmen attacked an office of aid group Save the Children in Jalalabad, killing at least five people and wounding 25. That attack, claimed by Islamic State, followed much the same pattern as Sunday’s incident.
After several hours of fighting that sent plumes of smoke rising into the sky above the accounts office, Attahullah Khogyani, a spokesman for the provincial governor, said that Sunday’s clash had ended with all the gunmen killed.
Public health officials said that at least 15 people, including a child, had been killed and 42 wounded. Witnesses said the explosions had caused carnage among passers-by.
Slideshow (6 Images) “I saw two rickshaw drivers on the ground with their arms blown off,” said Khan Mohammad, a local resident who saw the initial blasts and the start of the gun battle.
Violence has escalated across Afghanistan since the announcement of the Taliban’s annual spring offensive last month and there have been heightened security fears around preparations for elections in October.
Dozens of people have been killed in voter registration centres in recent weeks, leading to fears that people could stay away from elections that are seen as a major test of the government’s credibility.
At the same time, Taliban fighters have stepped up the pressure on government forces across the country, from Baghlan province in the north, where they seized a district centre last week, to Farah in the southwest or Ghazni, south of Kabul.
Last year the United States increased its support to struggling Afghan forces, announcing plans for thousands of additional advisers and more air strikes in an effort to force the Taliban to enter peace negotiations.
Additional reporting by Rafiq Sherzad; Writing by James Mackenzie; Editing by Simon Cameron-Moore, Catherine Evans and David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-afghanistan-blast/multiple-blasts-hit-afghan-city-gunbattle-underway-officials-idUSKCN1IE0B0 |
A peek into Warren Buffett’s annual Berkshire Hathaway shareholder’s meeting 4:33 PM ET Fri, 27 April 2018 We’ve got a behind the scenes look at the annual Berkshire Hathaway shareholders meeting. The main attraction: Warren Buffett and Charlie Munger as they answer questions from the shareholder audience. “Warren Buffett: Investor. Teacher. Icon.” premieres May 4 | Friday 10P ET/PT. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/27/warren-buffetts-yearly-berkshire-hathaway-shareholders-meeting.html |
ATHENS, Greece, May 15, 2018 (GLOBE NEWSWIRE) -- TEN, Ltd. (“TEN”) (NYSE:TNP), a leading crude, product, and LNG tanker operator, will host its Board of Directors Meeting and 25 th Annual General Meeting on May 24-25 in Athens, Greece and report earnings for the first quarter ended March 31, 2018, prior to the open of the market in New York on Friday, June 15, 2018.
That same morning, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond that which is included in the earnings press release.
Conference Call details :
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please Quote: "Tsakos" to the operator.
A telephonic replay of the conference call will be available until Friday June 22, 2018 by dialling 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#
Simultaneous Slides and Audio Webcast :
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN's website ( www.tenn.gr ). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr . Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 25 years as a public company, is one of the first and most established public shipping companies in the world today. TEN’s fleet today consists of 64 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 6.9 million dwt. Of these, 46 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.
C OMPANY’S GROWTH TIME-TABLE
# Vessel Name Type Dwt Delivery Status LT Contracts 1 Ulysses VLCC 300,000 May 2016 Delivered Yes 2 Elias Tsakos Aframax 112,700 June 2016 Delivered Yes 3 Thomas Zafiras Aframax 112,700 Aug 2016 Delivered Yes 4 Leontios H Aframax 112,700 Oct 2016 Delivered Yes 5 Parthenon TS Aframax 112,700 Nov 2016 Delivered Yes 6 Sunray Panamax LR1 74,200 Aug 2016 Delivered Yes 7 Sunrise Panamax LR1 74,200 Sep 2016 Delivered Yes 8 Maria Energy LNG 93,616 Oct 2016 Delivered Yes 9 Hercules I VLCC 300,000 Jan 2017 Delivered Yes 10 Marathon TS Aframax 112,700 Feb 2017 Delivered Yes 11 Lisboa DP2 Shuttle 157,000 Mar 2017 Delivered Yes 12 Sola TS Aframax 112,700 Apr 2017 Delivered Yes 13 Oslo TS Aframax 112,700 May 2017 Delivered Yes 14 Stavanger TS Aframax 112,700 July 2017 Delivered Yes 15 Bergen TS Aframax 112,700 Oct 2017 Delivered Yes LT: Long-Term
ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
[email protected]
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
[email protected]
Source:Tsakos Energy Navigation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-ten-ltd-announces-date-for-25th-annual-general-meeting-and-first-quarter-2018-financial-results-conference-call-and-webcast.html |
ISTANBUL, May 10 (Reuters) - Turkey’s Akhisarspor upset Fenerbahce 3-2 in the final to earn their first Turkish Cup title in a game played in the south-eastern province of Diyarbakir on Thursday.
Akhisarspor, 14th in the Turkish standings, scored three goals from Portuguese defender Miguel Lopes, midfielder Abdoulwahid Sissoko and winger Helder Barbosa.
Fenerbahce, second in the table, replied through striker Fernandao and midfielder Josef de Souza, both in the second half.
Akhisarspor knocked out Fenerbahce’s bitter rivals Galatasaray in the semi-finals.
Fenerbahce were declared winners of their semi-final by default last week when Besiktas did not turn up for the replay after the second leg was abandoned due to crowd violence.
Akhisarspor will play in next season’s Europe League.
Writing by Ezgi Erkoyun, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-turkey-akb-fen/soccer-akhisarspor-upset-fenerbahce-to-win-turkish-cup-idUSL8N1SH7K8 |
HANGZHOU, China--(BUSINESS WIRE)-- Alibaba Group Holding Limited (NYSE:BABA) today announced its quarter ended March 31, 2018 and fiscal year then ended.
“Alibaba Group had an excellent quarter and fiscal year, driven by robust growth in our core commerce business and investments we have made over the past several years in longer-term growth initiatives,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “With the continuing roll out of our New Retail strategy, our e-commerce platform is developing into the leading retail infrastructure of China. During the past year we also doubled down on technology development, cloud computing, logistics, digital entertainment and local services so that we are in a position to capture consumption growth in China and other emerging markets.”
“Fiscal 2018 culminated with a quarter we are very proud of. Full year revenue grew 58%, core commerce revenue grew 60%, with profit growth of over 40% and annual free cash flow of US$15.8 billion,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “Looking ahead to fiscal 2019, we expect overall revenue growth above 60%, reflecting our confidence in our core business as well as positive momentum in new businesses. We expect our new growth initiatives will drive long-term, sustainable value for our customers and partners and increase our total addressable market.”
BUSINESS HIGHLIGHTS
In the quarter ended March 31, 2018:
Revenue was RMB61,932 million (US$9,873 million), an increase of 61% year-over-year. Revenue from core commerce increased 62% year-over-year to RMB51,287 million (US$8,176 million). Revenue from cloud computing increased 103% year-over-year to RMB4,385 million (US$699 million). Revenue from digital media and entertainment increased 34% year-over-year to RMB5,272 million (US$840 million). Revenue from innovation initiatives and others increased 8% year-over-year to RMB988 million (US$158 million). Annual active consumers on our China retail marketplaces reached 552 million, an increase of 37 million from the 12-month period ended December 31, 2017. Mobile MAUs on our China retail marketplaces reached 617 million in March 2018, an increase of 37 million over December 2017. Income from operations was RMB9,221 million (US$1,470 million) and adjusted EBITA increased 11% year-over-year to RMB16,805 million (US$2,679 million); adjusted EBITA for core commerce was RMB22,186 million (US$3,537 million), an increase of 19% year-over-year. Adjusted EBITA margin for core commerce was 43%. Excluding New Retail, revenue of which we primarily record on a gross basis, the consolidation of Cainiao Network and investments in Lazada, adjusted core commerce EBITA margin was similar to the prior year period. Our New Retail businesses primarily include Hema, Intime and Tmall Import. Net income attributable to ordinary shareholders was RMB7,561 million (US$1,206 million) and net income was RMB6,641 million (US$1,059 million). Non-GAAP net income was RMB14,099 million (US$2,248 million), an increase of 35% year-over-year. Diluted EPS was RMB2.88 (US$0.46) and non-GAAP diluted EPS was RMB5.73 (US$0.91), an increase of 32% year-over-year. Net cash provided by operating activities was RMB14,180 million (US$2,261 million) and non-GAAP free cash flow was RMB8,564 million (US$1,365 million).
In the fiscal year ended March 31, 2018:
Revenue was RMB250,266 million (US$39,898 million), an increase of 58% year-over-year. Revenue from core commerce increased 60% year-over-year to RMB214,020 million (US$34,120 million). Revenue from cloud computing increased 101% year-over-year to RMB13,390 million (US$2,135 million). Revenue from digital media and entertainment increased 33% year-over-year to RMB19,564 million (US$3,119 million). Revenue from innovation initiatives and others increased 10% year-over-year to RMB3,292 million (US$524 million). Annual active consumers on our China retail marketplaces reached 552 million, an increase of 98 million from the 12-month period ended March 31, 2017. Mobile MAUs on our China retail marketplaces reached 617 million in March 2018, an increase of 110 million over March 2017. GMV transacted on our China retail marketplaces was RMB4,820 billion (US$768 billion), representing an accelerated year-over-year growth rate of 28% (compared to an annual growth rate of 22% in fiscal year 2017). Tmall physical goods GMV increased 45% year-over-year. Income from operations was RMB69,314 million (US$11,050 million) and adjusted EBITA increased 40% year-over-year to RMB97,003 million (US$15,465 million); adjusted EBITA for core commerce was RMB114,100 million (US$18,190 million), an increase of 38% year-over-year. Adjusted EBITA margin for core commerce was 53%. Excluding New Retail, revenue of which we primarily record on a gross basis, the consolidation of Cainiao Network and investments in Lazada, adjusted core commerce EBITA margin would have been 63%. Our New Retail businesses primarily include Intime, Hema and Tmall Import. Net income attributable to ordinary shareholders was RMB63,985 million (US$10,201 million) and net income was RMB61,412 million (US$9,791 million). Non-GAAP net income was RMB83,214 million (US$13,266 million), an increase of 44% year-over-year. Diluted EPS was RMB24.51 (US$3.91) and non-GAAP diluted EPS was RMB32.86 (US$5.24), an increase of 40% year-over-year. Net cash provided by operating activities was RMB125,171 million (US$19,955 million) and non-GAAP free cash flow was RMB99,362 million (US$15,841 million).
BUSINESS AND STRATEGIC UPDATES
Core Commerce
Our Core Commerce segment delivered 60% in year-over-year revenue growth in fiscal year 2018, the highest revenue growth rate since our IPO. The robust performance in this segment benefited from significant contributions from several areas: personalization of our China retail marketplaces through investments in content and technology, expansion of our global and cross-border retail marketplaces through organic growth and acquisitions, and expansion of our total addressable market beyond e-commerce to capture consumer wallet share through online/offline integration (i.e., New Retail).
During fiscal year 2018, our China retail marketplaces recorded total GMV of RMB4,820 billion (US$768 billion), up 28% year-over-year. This robust growth was driven by Tmall physical goods GMV, which increased 45% year-over-year, demonstrating Tmall’s ability to capture incremental B2C market share while operating at scale.
Taobao – redefining the shopping experience. Fiscal year 2018 witnessed the success of Taobao App’s strategy to redefine the shopping experience through innovative content formats and intelligent personal recommendations. These initiatives drove strong growth in user engagement, purchase conversion and annual active consumers. A robust content ecosystem has developed around the Taobao App to propel it into one of the most popular mobile apps in China. As of March 31, 2018, approximately 1.5 million content creators were actively supporting the Taobao App and helping brands on our platform engage with consumers through curated posts, short-form videos and live-broadcast events.
We achieved strong results from investments in user acquisition, engagement and repeat visits and transactions. In March 2018, we achieved a net increase from the prior quarter of 37 million mobile MAUs on our China retail marketplaces to a total of 617 million mobile MAUs. The robust growth of mobile users and a successful Chinese New Year promotional campaign resulted in the increase of annual active consumers to 552 million for the 12 months ended March 31, 2018.
Tmall – reaccelerating growth and furthering market leadership. Tmall continued to gain wallet share and expand our B2C market leadership, with physical goods GMV up 45% year-over-year in fiscal year 2018. For fiscal year 2018, Tmall recorded 45% year-over-year growth for physical goods GMV, reflecting strength in apparels, FMCG, home appliances and consumer electronics categories. Tmall demonstrated its strong value proposition to brands and merchants not only as a distribution platform but also an enabler for brands and merchants to reach new customers and service repeat customers through our marketing tools and consumer data insights.
Tmall continues to be the platform of choice for the world’s top brands. H&M, Marni and Yonex established flagship stores on Tmall this quarter. As of March 31, 2018, there were over 150,000 brands on Tmall. Our newly established Luxury Pavilion now counts close to 50 brands, including Burberry, Dom Perignon, Tod's, Zenith, La Mer, Maserati, and Guerlain.
New Retail – capturing consumption patterns of the future. Through incubation of new concepts and technologies and strategic alliances, our New Retail strategy is shaping consumer behavior of the future by offering a seamless integration of online/offline shopping experience. In the process, we are driving a massive transformation of the traditional retail industry by digitizing the entire retail operation, with a focus on in-store technology, digitized inventory and supply chain systems, consumer insights and mobile payments.
Hema, our unique proprietary grocery retail format, exemplifies the convergence of online and offline activities by using retail stores to warehouse and fulfill online orders in addition to offering a rich and fun experience for customers who shop in-store. Because of the proximity of store locations to consumer communities, Hema can deliver to customers who order online within 30 minutes. Recently, Hema started a 24-hour delivery service in Shanghai and Beijing with an expanding selection of products.
International – investments for long-term growth. Our cross-border and international retail businesses continue to show promising growth. Revenue from our international commerce retail business grew 94% year-over-year in fiscal year 2018.
Over the past year, we have integrated Lazada’s operations into the Alibaba ecosystem by re-architecting its core technology infrastructure and strengthening its management team. Southeast Asia has developed into a very competitive market but is still in the early stages of online retail penetration. Our commitment to the region is reflected in our recent decision to invest US$2 billion, in addition to the approximately US$2 billion we have already invested, into Lazada to accelerate its growth and customer reach.
On the cross-border trade front, Tmall Global is the premier platform for overseas brands and retailers to reach Chinese consumers, build brand awareness and gain valuable Chinese consumer insights without the need for physical operations in China. As of March, 2018, there were 18,000 brands from 74 countries and regions selling into China through Tmall Global. According to Analysys, during the nine months ended in December 2017, Tmall Global was the number one cross-border e-commerce platform in China based on transaction value.
Cainiao Network – data enabled logistics. Cainiao Network continued to develop its data platform and technology as the infrastructure for our New Retail strategy and means to ensure faster and more accurate delivery to consumers. In March, we launched the first e-commerce dedicated intercontinental flight, significantly shortening the delivery time of packages shipped from China to Russia.
Cloud Computing
Cloud computing revenue grew 101% year-over-year to RMB13,390 million (US$2,135 million) in fiscal year 2018, driven by robust growth of paying customers and increasing revenue-per-customer, reflecting higher value-added products. According to IDC, Alibaba Cloud is the leader in China’s market for infrastructure-as-a-service (IaaS) with a 47.6% market share as measured by revenue in the first half of 2017, an increase from 42.4% in the first half of 2016. We are seeing significant traction and diversification of customers and revenue, and will continue to invest to further expand the market by developing value-added products and features.
In the March 2018 quarter, Alibaba Cloud launched 316 new products and features, over 60 of which were focused on artificial intelligence, data management and security. Most recently, we launched Link Edge, a proprietary edge computing software to enable the development of IoT applications in industries such as manufacturing, real estate and public facilities such as airports and train stations.
Alibaba Cloud continues to expand its global footprint and customer base, most recently adding a new data center in Indonesia, increasing Alibaba Cloud’s global footprint to 18 countries and regions worldwide. For the March 2018 quarter, selected large enterprise customers and major partnerships included:
China National Petroleum Corporation , one of the largest petroleum companies in China, is building its procurement platform on Alibaba Cloud, leveraging our private cloud, big data, and security products and services. Malaysia Digital Economy Corporation: The Malaysian Government is adopting our City Brain platform for traffic management in Malaysia’s capital city of Kuala Lumpur. This platform leverages advanced technologies, including AI, big data analytics and computer vision to manage and optimize city traffic. Cathay Pacific , a leading global airline headquartered in Hong Kong, adopted our security and data protection consultancy services to protect its operations in China.
Digital Media and Entertainment
We believe consumer spending on entertainment will continue to increase in China as the country’s growing middle class increase their share of consumption of discretionary items beyond basic material needs. Through our investment in technology, content and talent during fiscal year 2018, we have built a solid foundation to expand into the digital consumption economy beyond our core commerce business. We are well-positioned to execute our strategy to grow the digital media and entertainment business as we leverage our customer base of 552 million annual active consumers and insights about their interests and preferences. The synergy between our commerce business and entertainment can deliver a superior user experience while increasing customer loyalty and subscription revenue, as well as return on investment for advertisers.
During the quarter, our online video unit Youku demonstrated the powerful effects of original content development, as our proprietary reality shows and exclusive drama series drove the growth of daily average subscribers by over 160% year-over-year.
Innovation Initiatives & Technology Development
During fiscal year 2018, several of our innovation initiatives resulted in products that have acquired significant user scale.
AutoNavi is the largest provider of mobile digital maps, navigation and real-time traffic information in China by daily active users as of March 2018, with the number of daily active users reaching approximately 60 million, according to QuestMobile. AutoNavi’s open digital map platform also powers major mobile apps for food delivery, ride hailing service and social networking. During this quarter, AutoNavi’s proprietary navigation system for vehicles (AMAP AUTO 3.0) was launched and implemented in select vehicles of major China automakers.
DingTalk, with messaging as its core product feature, has successfully penetrated the enterprise communication and collaboration market. DingTalk unifies the critical tasks of communication and collaboration in the work place, offering text, photo, voice and video communication, collaboration features and workflow management, such as convenient attendance recording and expense approval features.
Local Services
Ele.me – strategic acquisition that will enlarge our addressable market and better service our consumers. On April 2, 2018, we announced our agreement to acquire the remaining outstanding equity interest in Ele.me, one of the two leading online food delivery platforms in China. According to Analysys, the size of the online food delivery industry in China was RMB208 billion (US$33 billion) in 2017. Through this acquisition, we will integrate Ele.me, which operates in over 600 cities serving millions of consumers, into our ecosystem and its local delivery network will become a core piece of our New Retail strategy. Ele.me’s consumer reach and its relationship with restaurants will be complementary with Koubei, our joint venture with Ant Financial that provides listings of local service establishments including restaurants, bars and beauty salons. By combining Ele.me’s online delivery service with Koubei’s consumer engagement capability for a range of food and beverage-related and other service establishments, we will be able to offer an integrated local services experience to consumers.
Ant Financial
During fiscal year 2018, we agreed to take a 33% equity stake in Ant Financial to strengthen our strategic relationship pursuant to a series of agreements reached with Ant Financial in 2014.
We believe deepening our relationship through an equity stake in Ant Financial would bring key strategic benefits to us, including advancing our New Retail strategy with mobile payments, increasing user acquisition and retention through collaboration with the Alipay digital wallet, and enhancing the execution of our international expansion. In addition, the equity stake in Ant Financial enables Alibaba and our shareholders to participate in the future growth of the financial technology sector.
Ant Financial has built a unique value proposition through its capability to offer integrated financial solutions, such as wealth management and consumer finance services, leading to a fast expanding user base and business scale.
During the March 2018 quarter, Ant Financial continued to aggressively invest in their business leading to robust user acquisition and engagement. These investments resulted in a net loss for Ant Financial in the quarter. During the fiscal year ended March 31, 2018, Alipay, together with its global JV partners, served around 870 million annual active users globally. Ant Financial also supports economic development in China by serving more than 15 million small businesses as of March 2018 through lending, cash management and insurance services.
Cash Flow from Operating Activities and Free Cash Flow
Net cash provided by operating activities in the quarter ended March 31, 2018 was RMB14,180 million (US$2,261 million), an increase of 32% compared to RMB10,746 million in the same quarter of 2017. Free cash flow, a non-GAAP measurement of liquidity, in the quarter ended March 31, 2018 was RMB8,564 million (US$1,365 million), an increase of 7% compared to RMB7,980 million in the same quarter of 2017. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.
KEY OPERATIONAL METRICS*
March 31,
2017
December 31,
2017
March 31,
2018
% Change YoY QoQ China Commerce Retail: Annual active consumers (1) (in millions) 454 515 552 22% 7% Mobile monthly active users (MAUs) (2) (in millions) 507 580 617 22% 6%
* For definitions of terms used but not defined in this results announcement, please refer to our annual report on Form 20-F for the fiscal year ended March 31, 2017. (1) For the twelve months ended on the respective dates. (2) For the month ended on the respective dates. MARCH QUARTER SUMMARY FINANCIAL RESULTS
Three months ended March 31, 2017 2018 RMB RMB US$ (1) YoY % Change (in millions, except percentages and per share amounts) Revenue 38,579 61,932 9,873 61 % Income from operations 9,532 9,221 1,470 (3 )% (3) Operating margin 25 % 15 % Adjusted EBITDA (2) 16,597 19,454 3,101 17 % Adjusted EBITDA margin (2) 43 % 31 % Adjusted EBITA (2) 15,151 16,805 2,679 11 % Adjusted EBITA margin (2) 39 % 27 % Net income 9,852 6,641 1,059 (33 )% (4)
Net income attributable to ordinary shareholders
10,647
7,561
1,206
(29
)% (4)
Non-GAAP net income (2) 10,440 14,099 2,248 35 % Diluted earnings per share/ADS (EPS) 4.12 2.88 0.46 (30 )% (4)
Non-GAAP diluted EPS (2) 4.35 5.73 0.91 32 %
(1) This results announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) for the convenience of the reader. Unless otherwise stated, all translations of RMB into US$ were made at RMB6.2726 to US$1.00, the exchange rate on March 30, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board. The percentages stated in this announcement are calculated based on the RMB amounts. (2) See the sections entitled “Information about Segments,” “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement. (3) The year-over-year decrease was primarily due to the increase in share-based compensation expenses by RMB1,949 million, from RMB4,306 million in the quarter ended March 31, 2017 to RMB6,255 million in the quarter ended March 31, 2018. (4) The year-over-year decrease was primarily due to non-recurring disposal gains arising from sale of certain investments in the same quarter of 2017. MARCH QUARTER INFORMATION BY SEGMENTS
The table below sets forth selected financial information of our operating segments for the periods indicated:
Three months ended March 31, 2018
Digital media Innovation Core
Cloud
and initiatives
commerce
computing
entertainment and others Unallocated (1)
Consolidated
RMB RMB RMB RMB RMB RMB US$ (in millions, except percentages) Revenue 51,287 4,385 5,272 988 — 61,932 9,873 Income (loss) from operations 18,660 (1,063) (3,541) (2,019) (2,816) 9,221 1,470 Add: Share-based compensation expense 2,693 707 536 1,153 1,166 6,255 997 Add: Amortization of intangible assets 833 3 410 6 77 1,329 212
Adjusted EBITA 22,186 (353) (2,595) (860) (1,573) 16,805 2,679 Adjusted EBITA margin 43% (2)
(8)% (49)% (87)%
27% Three months ended March 31, 2017
Digital media Innovation Core
Cloud
and initiatives
commerce
computing
entertainment and others Unallocated (1)
Consolidated
RMB RMB RMB RMB RMB RMB (in millions, except percentages) Revenue 31,570 2,163 3,927 919 — 38,579 Income (loss) from operations 16,500 (505) (2,586) (1,888) (1,989) 9,532 Add: Share-based compensation expense 1,477
335
418
1,043
1,033
4,306 Add: Amortization of intangible assets 602 1 457 163 90 1,313 Adjusted EBITA 18,579 (169) (1,711) (682) (866) 15,151 Adjusted EBITA margin 59% (8)% (44)% (74)% 39%
(1) Unallocated expenses are primarily related to corporate administrative costs and other miscellaneous items that are not allocated to individual segments. (2)
Adjusted EBITA margin is lower than prior year period mainly due to New Retail, the consolidation of Cainiao Network, investments in Lazada and spending in growing user base and improving user experience. Revenue of New Retail, which is included in the core commerce segment, is primarily recorded on a gross basis, which implies lower gross margins. Our New Retail businesses primarily include Hema, Intime and Tmall Import.
MARCH QUARTER OPERATIONAL AND FINANCIAL RESULTS
Revenue
Revenue for the quarter ended March 31, 2018 was RMB61,932 million (US$9,873 million), an increase of 61% compared to RMB38,579 million in the same quarter of 2017. The increase was mainly driven by the robust revenue growth of our China commerce retail business, Alibaba Cloud and international commerce retail business, as well as the consolidation of Cainiao Network and Intime.
The following table sets forth a breakdown of our revenue by segment for the periods indicated:
Three months ended March 31, 2017 2018 % of
% of YoY % RMB Revenue
RMB US$ Revenue Change (in millions, except percentages) Core commerce: China commerce retail - Customer management 17,086 44% 22,993 3,666 37% 35% - Commission 8,205 21% 11,367 1,812 18% 39% - Others 524 2% 5,825 928 10% 1,012% 25,815 67% 40,185 6,406 65% 56% China commerce wholesale 1,469 4% 1,883 300 3% 28% International commerce retail 2,429 6% 3,967 632 6% 63% International commerce wholesale 1,509 4% 1,699 271 3% 13% Cainiao logistics services — — 2,852 455 5% N/A Others 348 1% 701 112 1% 101% Total core commerce 31,570 82% 51,287 8,176 83% 62% Cloud computing 2,163 6% 4,385 699 7% 103% Digital media and entertainment 3,927 10% 5,272 840 8% 34% Innovation initiatives and others 919 2% 988 158 2% 8% Total 38,579 100% 61,932 9,873 100% 61% Core commerce
China commerce retail business
Revenue – Revenue from our China commerce retail business in the quarter ended March 31, 2018 was RMB40,185 million (US$6,406 million), or 65% of total revenue, an increase of 56% compared to RMB25,815 million in the same quarter of 2017. This robust revenue growth reflected the growth of our New Retail initiatives (included in “China commerce retail – Others” above) in the China commerce retail business, mainly the Hema fresh food grocery business, the import business and Intime Department Stores. In addition, revenue from our China retail marketplaces (mainly comprised of Taobao and Tmall) continued to see strong growth. Customer management revenue grew by 35% year-over-year, driven largely by increases in the average unit price per click and to a lesser extent the volume of clicks, reflecting our ability to deliver highly relevant recommendations to consumers through personalization technology and the higher value that merchants put on such technology to reach the relevant users and increase conversion. This growth resulted in higher average spending per merchant on our customer management services. Commission revenue grew by 39% year-over-year, primarily due to strong 40% year-over-year growth in physical goods GMV on Tmall. Other revenue was RMB5,825 million (US$928 million), a significant increase compared to RMB524 million in the same quarter of 2017, primarily driven by our New Retail businesses, including consolidation of Intime and contribution from Tmall Import and Hema.
Annual active consumers – Our China retail marketplaces had 552 million annual active consumers in the 12 months ended March 31, 2018, compared to 515 million in the 12 months ended December 31, 2017, representing a net addition of 37 million from the prior quarter, and a 22% increase from 454 million in the 12 months ended March 31, 2017. The increase in annual active consumers is primarily due to better new customer acquisition in lower tier cities and the successful Chinese New Year promotional campaign. The longer consumers have been with our platform, the more they spend and the more orders they place across more product categories.
Mobile MAUs – Mobile MAUs on our China retail marketplaces grew to 617 million in March 2018, compared to 580 million in December 2017, representing a net addition of 37 million MAUs in the quarter and a 22% increase from 507 million in March 2017. China commerce wholesale business
Revenue from our China commerce wholesale business in the quarter ended March 31, 2018 was RMB1,883 million (US$300 million), an increase of 28% compared to RMB1,469 million in the same quarter of 2017. The increase was primarily due to an increase in the average revenue from paying members on our 1688.com platform. International commerce retail business
Revenue from our international commerce retail business in the quarter ended March 31, 2018 was RMB3,967 million (US$632 million), an increase of 63% compared to RMB2,429 million in the same quarter of 2017. The increase was primarily due to the growth in revenue generated from Lazada and AliExpress, driven by strong GMV growth on these two marketplaces. International commerce wholesale business
Revenue from our international commerce wholesale business in the quarter ended March 31, 2018 was RMB1,699 million (US$271 million), an increase of 13% compared to RMB1,509 million in the same quarter of 2017. Cainiao logistics services
Revenue from Cainiao logistics services represents revenue from the domestic and cross-border fulfilment services provided by Cainiao Network, after elimination of inter-company transactions. We started to consolidate Cainiao Network in mid-October 2017.
Cloud computing
Revenue from our cloud computing business in the quarter ended March 31, 2018 was RMB4,385 million (US$699 million), an increase of 103% compared to RMB2,163 million in the same quarter of 2017, primarily driven by an increase in the number of paying customers and also by an increase in their usage of our cloud computing services including more complex offerings, such as content delivery network and database services.
Digital media and entertainment
Revenue from our digital media and entertainment business in the quarter ended March 31, 2018 was RMB5,272 million (US$840 million), an increase of 34% compared to RMB3,927 million in the same quarter of 2017. The increase was primarily due to an increase in subscription revenue from Youku Tudou and an increase in revenue from mobile value-added services provided by UCWeb, such as news feeds and mobile search.
Innovation initiatives and others
Revenue from innovation initiatives and others in the quarter ended March 31, 2018 was RMB988 million (US$158 million), an increase of 8% compared to RMB919 million in the same quarter of 2017.
Costs and Expenses
The following tables set forth a breakdown of our costs and expenses, share-based compensation expense and costs and expenses excluding share-based compensation expense by function for the periods indicated.
Three months ended March 31, % of
Revenue
YoY
change
2017 2018 RMB
% of
Revenue
RMB US$ % of
Revenue
(in millions, except percentages) Costs and expenses: Cost of revenue 15,490 40% 32,504 5,182 53% 13% Product development expenses 4,518 12% 6,686 1,066 11% (1)% Sales and marketing expenses 4,332 11% 7,641 1,218 12% 1% General and administrative expenses 3,394 9% 4,551 725 7% (2)% Amortization of intangible assets 1,313 3% 1,329 212 2% (1)% Total costs and expenses 29,047 75% 52,711 8,403 85% 10% Share-based compensation expense by function: Cost of revenue 1,226 3% 1,680 268 3% 0% Product development expenses 1,394 4% 2,461 392 4% 0% Sales and marketing expenses 461 1% 671 107 1% 0% General and administrative expenses 1,225 3% 1,443 230 2% (1)% Total share-based compensation expense 4,306 11% 6,255 997 10% (1)% Costs and expenses excluding share-based compensation expense: Cost of revenue 14,264 37% 30,824 4,914 50% 13% Product development expenses 3,124 8% 4,225 674 7% (1)% Sales and marketing expenses 3,871 10% 6,970 1,111 11% 1% General and administrative expenses 2,169 6% 3,108 495 5% (1)% Amortization of intangible assets 1,313 3% 1,329 212 2% (1)% Total costs and expenses excluding share-based compensation expense 24,741 64% 46,456 7,406 75% 11% Cost of revenue – Cost of revenue in the quarter ended March 31, 2018 was RMB32,504 million (US$5,182 million), or 53% of revenue, compared to RMB15,490 million, or 40% of revenue, in the same quarter of 2017. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have increased from 37% in the quarter ended March 31, 2017 to 50% in the quarter ended March 31, 2018. The increase was primarily due to cost of inventory in our New Retail businesses and Lazada, as well as investments in Cainiao Network and our spending in growing user base and improving user experience.
Product development expenses – Product development expenses in the quarter ended March 31, 2018 were RMB6,686 million (US$1,066 million), or 11% of revenue, compared to RMB4,518 million, or 12% of revenue, in the same quarter of 2017. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have decreased from 8% in the quarter ended March 31, 2017 to 7% in the quarter ended March 31, 2018.
Sales and marketing expenses – Sales and marketing expenses in the quarter ended March 31, 2018 were RMB7,641 million (US$1,218 million), or 12% of revenue, compared to RMB4,332 million, or 11% of revenue, in the same quarter of 2017. Without the effect of share-based compensation expense, sales and marketing expenses as a percentage of revenue would have increased from 10% in the quarter ended March 31, 2017 to 11% in the quarter ended March 31, 2018, primarily due to an increase in our discretionary advertising and promotional spending for user acquisition that led to a significant increase in annual active consumers and MAUs during the quarter.
General and administrative expenses – General and administrative expenses in the quarter ended March 31, 2018 were RMB4,551 million (US$725 million), or 7% of revenue, compared to RMB3,394 million, or 9% of revenue, in the same quarter of 2017. Without the effect of share-based compensation expense, general and administrative expenses as a percentage of revenue would have decreased from 6% in the quarter ended March 31, 2017 to 5% in the quarter ended March 31, 2018.
Share-based compensation expense – Total share-based compensation expense included in the cost and expense items above in the quarter ended March 31, 2018 was RMB6,255 million (US$997 million), an increase of 45% compared to RMB4,306 million in the same quarter of 2017. Share-based compensation expense as a percentage of revenue decreased to 10% in the quarter ended March 31, 2018 from 11% in the same quarter of 2017. The following table sets forth our analysis of share-based compensation expense for the quarters indicated by type of share-based awards:
Three months ended March 31, 2017 December 31, 2017 March 31, 2018 % Change % of % of % of
RMB Revenue RMB Revenue RMB US$ Revenue
YoY QoQ (in millions, except percentages) By type of awards: Alibaba Group share-based awards granted to: - Our employees
3,180 8% 4,371 5% 4,176 666 7% 31% (4)% - Ant Financial employees and other consultants (1)
579 2% 293 1% 389 62
1%
(33)%
33%
Ant Financial share-based awards granted to our employees (1)
339
1% 232 0% 1,483 236
2%
337%
539%
Others 208 0% 219 0% 207 33 0% 0% (5)% Total share-based compensation expense
4,306 11% 5,115 6% 6,255 997 10%
45%
22%
(1) Awards subject to mark-to-market accounting treatment. Share-based compensation expense related to Alibaba Group share-based awards granted to our employees in this quarter remained relatively stable as compared to the previous quarter.
Share-based compensation expense related to Ant Financial share-based awards granted to our employees increased in this quarter compared to the previous quarter, mainly due to the effect of mark-to-market accounting treatment.
We expect that our share-based compensation expense will continue to be affected by changes in the fair value of our shares, our subsidiaries’ share-based awards and the quantity of awards we grant to our employees and consultants in the future. Furthermore, our share-based compensation expense will also be affected by the anticipated increase in fair value of share-based awards of Ant Financial Services. As a result of these factors, we expect that our share-based compensation expense will likely increase, although any such increase will be non-cash and will not result in any economic cost or equity dilution to our shareholders.
Amortization of intangible assets – Amortization of intangible assets in the quarter ended March 31, 2018 was RMB1,329 million (US$212 million), an increase of 1% from RMB1,313 million in the same quarter of 2017.
Income from operations and operating margin
Income from operations in the quarter ended March 31, 2018 was RMB9,221 million (US$1,470 million), or 15% of revenue, a decrease of 3% compared to RMB9,532 million, or 25% of revenue, in the same quarter of 2017.
Adjusted EBITDA and Adjusted EBITA
Adjusted EBITDA achieved growth of 17% to RMB19,454 million (US$3,101 million) in the quarter ended March 31, 2018, compared to RMB16,597 million in the same quarter of 2017, despite adjusted EBITDA margin decreasing from 43% in the quarter ended March 31, 2017 to 31% in the quarter ended March 31, 2018. Adjusted EBITA achieved growth of 11% to RMB16,805 million (US$2,679 million) in the quarter ended March 31, 2018, compared to RMB15,151 million in the same quarter of 2017, despite adjusted EBITA margin decreasing from 39% in the quarter ended March 31, 2017 to 27% in the quarter ended March 31, 2018. Adjusted EBITA margin is lower mainly because of New Retail, the consolidation of Cainiao Network, investments in Lazada and spending in growing user base and improving user experience. Revenue of New Retail, which is included in the core commerce segment, is primarily recorded on a gross basis, which implies lower gross margins. Reconciliations of net income to adjusted EBITDA and adjusted EBITA are included at the end of this results announcement.
As many of our newly developed and acquired businesses have different cost structures, we expect that our margin will continue to be negatively impacted by these businesses and the accounting treatment of revenue recorded on a gross basis.
Adjusted EBITA and adjusted EBITA margin by segments
Adjusted EBITA and adjusted EBITA margin by segments are set forth in the table below. See the section entitled “Information about Segments” above for a reconciliation of income from operations to adjusted EBITA.
Three months ended March 31, 2017 2018 % of % of RMB Revenue RMB US$ Revenue (in millions, except percentages) Core commerce 18,579 59% 22,186 3,537 43% Cloud computing (169) (8)% (353) (56) (8)% Digital media and entertainment (1,711) (44)% (2,595) (414) (49)% Innovation initiatives and others (682) (74)%
(860) (137) (87)% Core commerce segment – Adjusted EBITA achieved growth of 19% to RMB22,186 million (US$3,537 million) in the quarter ended March 31, 2018, compared to RMB18,579 million in the same quarter of 2017, despite adjusted EBITA margin decreasing from 59% in the quarter ended March 31, 2017 to 43% in the quarter ended March 31, 2018. Adjusted EBITA margin is lower mainly because of New Retail, Cainiao Network, Lazada and spending to increase user base and improve user experience. Excluding New Retail, the consolidation of Cainiao Network and investments in Lazada, adjusted core commerce EBITA margin was similar to the prior year period. Our New Retail businesses primarily include Hema, Intime and Tmall Import.
Cloud computing segment – Adjusted EBITA in the quarter ended March 31, 2018 was a loss of RMB353 million (US$56 million), compared to a loss of RMB169 million in the same quarter of 2017. Adjusted EBITA margin remained stable at negative 8% in the quarter ended March 31, 2018 compared to the same quarter in 2017.
Digital media and entertainment segment – Adjusted EBITA in the quarter ended March 31, 2018 was a loss of RMB2,595 million (US$414 million), compared to a loss of RMB1,711 million in the same quarter of 2017. Adjusted EBITA margin decreased to negative 49% in the quarter ended March 31, 2018 from negative 44% in the quarter ended March 31, 2017, primarily due to an increase in investment in content costs of Youku Tudou.
Innovation initiatives and others segment – Adjusted EBITA in the quarter ended March 31, 2018 was a loss of RMB860 million (US$137 million), compared to a loss of RMB682 million in the same quarter of 2017. Adjusted EBITA margin decreased to negative 87% in the quarter ended March 31, 2018, compared to negative 74% in the quarter ended March 31, 2017, primarily due to investments in new business initiatives.
Interest and investment income, net
Interest and investment income, net in the quarter ended March 31, 2018 was RMB1,945 million (US$310 million), compared to RMB6,553 million in the same quarter of 2017, which included non-recurring gains arising from disposals of certain investments and businesses in the quarter ended March 31, 2017.
Other income, net
Other income, net in the quarter ended March 31, 2018 was RMB884 million (US$141 million), compared to RMB440 million in the same quarter of 2017. The increase was primarily due to an increase in exchange gain, offset by the net loss sustained by Ant Financial during the quarter as a result of its aggressive marketing and promotion activities which increased expenses. This spending had brought substantial additions in new users of Alipay Wallet. Ant Financial’s net loss in the quarter, in turn, resulted in our reversal of income recognized in respect of royalty fees and software technology services fees from Ant Financial under our profit sharing arrangement. The reversal of income amounted to a charge of RMB713 million (US$114 million) in the quarter ended March 31, 2018, compared to income of RMB789 million recognized in the same quarter ended March 31, 2017.
Income tax expenses
Income tax expenses in the quarter ended March 31, 2018 were RMB4,164 million (US$664 million), compared to RMB4,553 million in the same quarter of 2017.
Our effective tax rate was 38% in the quarter ended March 31, 2018, compared to 29% in the same quarter of 2017. Excluding share-based compensation expense, impairment of investments and other unrealized investment gain/loss, our effective tax rate would have been 24% in the quarter ended March 31, 2018, compared to 23% in the same quarter of 2017. The increase in effective tax rate was primarily due to an increase in operating losses sustained by Youku Tudou, Lazada and Cainiao.
Share of results of equity investees
Share of results of equity investees in the quarter ended March 31, 2018 was a loss of RMB70 million (US$11 million), compared to a loss of RMB1,444 million in the same quarter of 2017 and a loss of RMB18,452 million in the quarter ended December 31, 2017. We record our share of results of equity investees one quarter in arrears. Share of results of equity investees in the quarter ended March 31, 2018 and the comparative periods consisted of the following:
Three months ended March 31, 2017 December 31, 2017 March 31, 2018 RMB RMB RMB US$ (in millions) Share of (loss) profit of equity investees: - Koubei (1)
(505) (580) — — - Cainiao Network (2)
(375) — — — - Other equity investees
(41) 681 480 77 Impairment losses — (18,153) — — Dilution losses (61) (10) (75) (12) Others (3) (462) (390) (475) (76) Total (1,444) (18,452) (70) (11)
(1) Our cumulative share of Koubei’s losses had brought down the carrying value of our investment in Koubei to zero. As a result, we have ceased to recognize further losses for this investment. (2) We started to consolidate Cainiao Network in mid-October 2017 after obtaining control over Cainiao Network. (3) Others mainly include amortization of intangible assets of equity investees and share-based compensation expense. Net income and Non-GAAP net income
Our net income in the quarter ended March 31, 2018 was RMB6,641 million (US$1,059 million), a decrease of 33% compared to RMB9,852 million in the same quarter of 2017. The year-over-year decrease was primarily due to non-recurring disposal gains arising from sale of certain investments in the same quarter of 2017. Excluding non-recurring disposal gains, net income in the quarter ended March 31, 2018 would have increased by 27%.
Excluding share-based compensation expense, non-recurring disposal gains and certain other items, non-GAAP net income in the quarter ended March 31, 2018 was RMB14,099 million (US$2,248 million), an increase of 35% compared to RMB10,440 million in the same quarter of 2017. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement.
Net income attributable to ordinary shareholders
Net income attributable to ordinary shareholders in the quarter ended March 31, 2018 was RMB7,561 million (US$1,206 million), a decrease of 29% compared to RMB10,647 million in the same quarter of 2017.
Diluted EPS and non-GAAP diluted EPS
Diluted EPS in the quarter ended March 31, 2018 was RMB2.88 (US$0.46) on a weighted average of 2,619 million diluted shares outstanding during the quarter, a decrease of 30% compared to RMB4.12 on a weighted average of 2,581 million diluted shares outstanding during the same quarter of 2017. Excluding share-based compensation expense, non-recurring disposal gains and certain other items, non-GAAP diluted EPS in the quarter ended March 31, 2018 was RMB5.73 (US$0.91), an increase of 32% compared to RMB4.35 in the same quarter of 2017. A reconciliation of diluted EPS to non-GAAP diluted EPS is included at the end of this results announcement.
Cash, cash equivalents and short-term investments
As of March 31, 2018, cash, cash equivalents and short-term investments were RMB205,395 million (US$32,745 million), compared to RMB220,380 million as of December 31, 2017. The decrease in cash, cash equivalents and short-term investments during the quarter ended March 31, 2018 was primarily due to cash used in investing activities, including investments in Wanda Cinemas and Easyhome, and cash used to acquire additional shares of Intime, partly offset by free cash flow generated from operations of RMB8,564 million (US$1,365 million).
Cash flow from operating activities and free cash flow
Net cash provided by operating activities in the quarter ended March 31, 2018 was RMB14,180 million (US$2,261 million), an increase of 32% compared to RMB10,746 million in the same quarter of 2017. Free cash flow, a non-GAAP measurement of liquidity, in the quarter ended March 31, 2018 was RMB8,564 million (US$1,365 million), compared to RMB7,980 million in the same quarter of 2017. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.
Net cash used in investing activities
During the quarter ended March 31, 2018, net cash used in investing activities of RMB19,816 million (US$3,159 million) primarily reflected cash outflow of RMB15,572 million (US$2,483 million) for investment and acquisition activities, including investments in Wanda Cinemas and Easyhome, as well as capital expenditures and acquisition of intangible assets of RMB7,152 million (US$1,141 million), which included cash outflow for acquisition of land use rights and construction in progress of RMB1,536 million (US$245 million).
Employees
As of March 31, 2018, we had a total of 66,421 employees, compared to 63,809 as of December 31, 2017. The number of employees as of March 31, 2018 increased by 2,612 from December 31, 2017.
FULL FISCAL YEAR 2018 SUMMARY FINANCIAL RESULTS*
Year ended March 31, 2017 2018 RMB RMB US$ (1) YoY % Change (in millions, except percentages and per share amounts) Annual GMV (in billions) 3,767
4,820 768 28% Revenue 158,273 250,266 39,898 58% Income from operations 48,055 69,314 11,050 44% Operating margin 30% 28% Adjusted EBITDA (2) 74,456 105,792 16,866 42% Adjusted EBITDA margin (2) 47% 42% Adjusted EBITA (2) 69,172 97,003 15,465 40% Adjusted EBITA margin (2) 44% 39% Net income 41,226 61,412 9,791 49% Net income attributable to ordinary shareholders
43,675
63,985
10,201
47%
Non-GAAP net income (2) 57,871 83,214 13,266 44% Diluted earnings per share/ADS (EPS) 16.97 24.51 3.91 44% Non-GAAP diluted EPS (2) 23.44 32.86 5.24 40%
* Our fiscal year ends on March 31 and references to fiscal years 2017 and 2018 are to the fiscal years ended March 31, 2017 and 2018, respectively. (1) This results announcement contains translation of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) for the convenience of the reader. Unless otherwise stated, all translations of RMB into US$ were made at RMB6.2726 to US$1.00, the exchange rate on March 30, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board. The percentages stated in this release are calculated based on the RMB amounts. (2) See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement. FULL FISCAL YEAR 2018 INFORMATION ABOUT SEGMENTS
The table below sets forth selected financial information of our operating segments for fiscal year 2018:
Year ended March 31, 2018
Digital media Innovation Core
Cloud
and initiatives
commerce
computing
entertainment and others Unallocated (1)
Consolidated
RMB RMB RMB RMB RMB RMB US$ (in millions, except percentages) Revenue 214,020 13,390 19,564 3,292 — 250,266 39,898 Income (loss) from operations 102,743 (3,085) (14,140) (6,901) (9,303) 69,314 11,050 Add: Share-based compensation expense 8,466 2,274 2,142 3,707 3,486 20,075 3,201 Add: Amortization of intangible assets 2,891 12 3,693 198 326 7,120 1,135 Add: Impairment of goodwill —
—
—
—
494 494 79 Adjusted EBITA 114,100 (799) (8,305) (2,996) (4,997) 97,003 15,465 Adjusted EBITA margin 53% (2)
(6)% (42)% (91)%
39% Year ended March 31, 2017
Digital media Innovation Core
Cloud
and initiatives
commerce
computing
entertainment and others Unallocated (1)
Consolidated
RMB RMB RMB RMB RMB RMB (in millions, except percentages) Revenue 133,880 6,663 14,733 2,997 — 158,273 Income (loss) from operations 74,180 (1,681) (9,882) (6,798) (7,764) 48,055 Add: Share-based compensation expense
5,994
1,201
1,454
3,017
4,329
15,995
Add: Amortization of intangible assets 2,258 4 1,886 656 318 5,122 Adjusted EBITA 82,432 (476) (6,542) (3,125) (3,117) 69,172 Adjusted EBITA margin 62% (7)% (44)% (104)% 44%
(1) Unallocated expenses are primarily related to corporate administrative costs and other miscellaneous items that are not allocated to individual segments. (2)
Adjusted EBITA margin is lower than prior year mainly due to New Retail, the consolidation of Cainiao Network, investments in Lazada and spending in growing user base and improving user experience. Revenue of New Retail, which is included in the core commerce segment, is primarily recorded on a gross basis, which implies lower gross margins. Our New Retail businesses primarily include Intime, Hema and Tmall Import.
FULL FISCAL YEAR 2018 OPERATIONAL AND FINANCIAL RESULTS
Revenue
Revenue in fiscal year 2018 was RMB250,266 million (US$39,898 million), an increase of 58% compared to RMB158,273 million in fiscal year 2017. The increase was mainly driven by the continued rapid growth of our China and international commerce retail business, Alibaba Cloud as well as the consolidation of newly acquired businesses, mainly Cainiao Network and Intime. The following table sets forth a breakdown of our revenue for the periods indicated.
Year ended March 31, 2017 2018 % of
% of YoY % RMB Revenue
RMB US$ Revenue Change (in millions, except percentages) Core commerce: China commerce retail - Customer management 77,530 49% 114,285 18,220 46% 47% - Commission 34,066 21% 46,525 7,417 19% 37% - Others 2,513 2% 15,749 2,511 6% 527% 114,109 72% 176,559 28,148 71% 55% China commerce wholesale 5,679 4% 7,164 1,142 3% 26% International commerce retail 7,336 5% 14,216 2,266 6% 94% International commerce wholesale 6,001 4% 6,625 1,056 2% 10% Cainiao logistics services — — 6,759 1,078 3% N/A Others 755 0% 2,697 430 1% 257% Total core commerce 133,880 85% 214,020 34,120 86% 60% Cloud computing 6,663 4% 13,390 2,135 5% 101% Digital media and entertainment 14,733 9% 19,564 3,119 8% 33% Innovation initiatives and others 2,997 2% 3,292 524 1% 10% Total 158,273 100% 250,266 39,898 100% 58% Core commerce segment
China commerce retail business
Revenue – Revenue from our China commerce retail business in fiscal year 2018 was RMB176,559 million (US$28,148 million), or 71% of total revenue, an increase of 55% compared to RMB114,109 million in fiscal year 2017. This robust revenue growth reflected the growth of our New Retail initiatives, including Hema fresh food grocery business, the import business and Intime Department Stores.
In addition, revenue from our China retail marketplaces (mainly comprised of Taobao and Tmall) continued to see strong growth. The growth was primarily driven by the robust growth of customer management revenue, which grew 47% year-over-year, primarily driven by increases in the average unit price per clicks and the volume of clicks, reflecting our ability to deliver more relevant recommendations to consumers through personalization technology and the higher value that merchants put on such technology to reach the relevant users and increase conversion. This resulted in higher average spending on our customer management services by an increasing number of brands and merchants. Commission revenue grew by 37% year-over-year, primarily due to strong growth in physical goods GMV on Tmall. The commission revenue growth rate was lower than the physical goods GMV growth rate, because of discounts and rebates we provided to merchants during promotions. Other revenue was RMB15,749 million (US$2,511 million) in fiscal year 2018, a significant increase compared to RMB2,513 million in fiscal year 2017, primarily driven by our New Retail businesses, including the consolidation of Intime and contribution from Tmall Import and Hema.
GMV – GMV transacted on our China retail marketplaces in fiscal year 2018 was RMB4,820 billion (US$768 billion), an increase of 28% compared to RMB3,767 billion in fiscal year 2017. GMV transacted on Taobao Marketplace in fiscal year 2018 was RMB2,689 billion (US$428 billion), an increase of 22% compared to fiscal year 2017. GMV transacted on Tmall in fiscal year 2018 was RMB2,131 billion (US$340 billion), an increase of 36% compared to fiscal year 2017. The growth of total GMV transacted on our China retail marketplaces was primarily driven by an increase in the number of active consumers and an increase in average annual spend per active consumer. China commerce wholesale business
Revenue from our China commerce wholesale business in fiscal year 2018 was RMB7,164 million (US$1,142 million), an increase of 26% compared to RMB5,679 million in fiscal year 2017. The increase was due to an increase in average revenue from paying members on our 1688.com platform. International commerce retail business
Revenue from our international commerce retail business in fiscal year 2018 was RMB14,216 million (US$2,266 million), an increase of 94% compared to RMB7,336 million in fiscal year 2017. The increase was primarily due to an increase in revenue generated from Lazada and AliExpress, primarily driven by robust GMV growth on these two marketplaces. International commerce wholesale business
Revenue from our international commerce wholesale business in fiscal year 2018 was RMB6,625 million (US$1,056 million), an increase of 10% compared to RMB6,001 million in fiscal year 2017. Cainiao logistics services
Revenue from Cainiao logistics services represents revenue from the domestic and cross-border fulfilment services provided by Cainiao Network, after elimination of inter-company transactions. We started to consolidate Cainiao Network in mid-October 2017.
Cloud computing
Revenue from our cloud computing business in fiscal year 2018 was RMB13,390 million (US$2,135 million), an increase of 101% compared to RMB6,663 million in fiscal year 2017, primarily driven by an increase in the number of paying customers, and also to an increase in their usage of our cloud computing services including more complex offerings, such as our content delivery network and database services.
Digital media and entertainment
Revenue from our digital media and entertainment business in fiscal year 2018 was RMB19,564 million (US$3,119 million), an increase of 33% compared to RMB14,733 million in fiscal year 2017. The increase was primarily due to an increase in revenue from mobile value-added services provided by UCWeb, such as news feeds and mobile search, and also to an increase in subscription revenue from Youku Tudou.
Innovation initiatives and others
Revenue from innovation initiatives and others in fiscal year 2018 was RMB3,292 million (US$524 million), an increase of 10% compared to RMB2,997 million in fiscal year 2017. Starting from fiscal year 2018, we reclassified revenue from our fresh food stores Hema, previously reported under this segment, as revenue from China commerce retail because Hema has moved beyond the incubation stage.
Costs and Expenses
The following tables set forth a breakdown of our costs and expenses, share-based compensation expense and costs and expenses excluding share-based compensation expense by function for the periods indicated.
Year ended March 31, % of
Revenue
YoY
change
2017 2018 RMB % of
Revenue
RMB US$ % of
Revenue
(in millions, except percentages) Costs and expenses: Cost of revenue 59,483 38% 107,044 17,065 43% 5% Product development expenses 17,060 11% 22,754 3,628 9% (2)% Sales and marketing expenses 16,314 10% 27,299 4,352 11% 1% General and administrative expenses 12,239 8% 16,241 2,589 6% (2)% Amortization of intangible assets 5,122 3% 7,120 1,135 3% 0% Impairment of goodwill — — 494 79 0% 0% Total costs and expenses 110,218 70% 180,952 28,848 72% 2% Share-based compensation expense by function: Cost of revenue 3,893 2% 5,505 878 2% 0% Product development expenses 5,712 4% 7,374 1,176 3% (1)% Sales and marketing expenses 1,772 1% 2,037 325 1% 0% General and administrative expenses 4,618 3% 5,159 822 2% (1)% Total share-based compensation expense 15,995 10% 20,075 3,201 8% (2)% Costs and expenses excluding share-based compensation expense: Cost of revenue 55,590 36% 101,539 16,187 41% 5% Product development expenses 11,348 7% 15,380 2,452 6% (1)% Sales and marketing expenses 14,542 9% 25,262 4,027 10% 1% General and administrative expenses 7,621 5% 11,082 1,767 4% (1)% Amortization of intangible assets 5,122 3% 7,120 1,135 3% 0% Impairment of goodwill — — 494 79 0% 0% Total costs and expenses excluding share-based compensation expenses 94,223 60% 160,877 25,647 64% 4% Cost of revenue – Cost of revenue in fiscal year 2018 was RMB107,044 million (US$17,065 million), or 43% of revenue, compared to RMB59,483 million, or 38% of revenue, in fiscal year 2017. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have increased from 36% in fiscal year 2017 to 41% in fiscal year 2018. This increase was primarily due to cost of inventory in our New Retail businesses and Lazada, as well as investments in Cainiao Network and our spending in growing user base and improving user experience.
Product development expenses – Product development expenses in fiscal year 2018 were RMB22,754 million (US$3,628 million), or 9% of revenue, compared to RMB17,060 million, or 11% of revenue, in fiscal year 2017. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have decreased from 7% in fiscal year 2017 to 6% in fiscal year 2018 due to operating leverage.
Sales and marketing expenses – Sales and marketing expenses in fiscal year 2018 were RMB27,299 million (US$4,352 million), or 11% of revenue, compared to RMB16,314 million, or 10% of revenue, in fiscal year 2017. Without the effect of share-based compensation expense, sales and marketing expenses as a percentage of revenue would have increased from 9% in fiscal year 2017 to 10% in fiscal year 2018, primarily due to our discretionary advertising and promotional spending for user acquisition that led to significant increase in annual active consumers and MAUs in fiscal year 2018.
General and administrative expenses – General and administrative expenses in fiscal year 2018 were RMB16,241 million (US$2,589 million), or 6% of revenue, compared to RMB12,239 million, or 8% of revenue, in fiscal year 2017. Without the effect of share-based compensation expense, general and administrative expenses as a percentage of revenue in fiscal year 2018 would have decreased from 5% in fiscal year 2017 to 4% in fiscal year 2018.
Share-based compensation expense – Share-based compensation expense included in the cost and expense items above in fiscal year 2018 was RMB20,075 million (US$3,201 million), compared to RMB15,995 million in fiscal year 2017. Share-based compensation expense as a percentage of revenue decreased to 8% in fiscal year 2018 from 10% in fiscal year 2017. The following table sets forth our analysis of share-based compensation expense for the periods indicated by type of share-based awards:
Year ended March 31, 2017 2018 % of % of YoY % RMB Revenue RMB US$ Revenue Change (in millions, except percentages) By type of awards: Alibaba Group share-based awards granted to: - Our employees
11,810 8% 15,267 2,434 6% 29% - Ant Financial employees and other consultants (1)
1,277 1% 1,603 256 1% 26% Ant Financial share-based awards granted to our employees (1) 2,188 1% 2,278 363 1% 4% Others 720 0% 927 148 0% 29% Total share-based compensation expense 15,995 10% 20,075 3,201 8% 26%
(1) Awards subject to mark-to-market accounting treatment. Share-based compensation expense related to Alibaba Group share-based awards granted to our employees increased in fiscal year 2018 as compared to fiscal year 2017. This increase was primarily due to the general increase in the average fair market value of the awards granted.
Amortization of intangible assets – Amortization of intangible assets in fiscal year 2018 was RMB7,120 million (US$1,135 million), an increase of 39% from RMB5,122 million in fiscal year 2017. This increase was due to an increase in intangible assets recognized arising from our strategic acquisitions and investments.
Income from operations
Income from operations in fiscal year 2018 was RMB69,314 million (US$11,050 million), or 28% of revenue, an increase of 44% compared to RMB48,055 million, or 30% of revenue, in fiscal year 2017.
Adjusted EBITDA and Adjusted EBITA
Adjusted EBITDA achieved growth of 42% to RMB105,792 million (US$16,866 million) in fiscal year 2018, compared to RMB74,456 million in fiscal year 2017, despite adjusted EBITDA margin decreasing from 47% in fiscal year 2017 to 42% in fiscal year 2018. Adjusted EBITA achieved growth of 40% to RMB97,003 million (US$15,465 million) in fiscal year 2018, compared to RMB69,172 million in fiscal year 2017, despite adjusted EBITA margin decreasing from 44% in fiscal year 2017 to 39% in fiscal year 2018. Adjusted EBITA margin is lower mainly because of New Retail, the consolidation of Cainiao Network, investments in Lazada and spending in growing user base and improving user experience. Revenue of New Retail, which is included in the core commerce segment, is primarily recorded on a gross basis, which implies lower gross margins. Reconciliations of net income to adjusted EBITDA and adjusted EBITA are included at the end of this results announcement.
As we will continue to invest a portion of our free cash flow in new businesses and acquired businesses, and these newly developed and acquired businesses have different cost structures, we expect our margin will continue to be negatively impacted by these businesses and the accounting treatment of revenue recorded on a gross basis.
Adjusted EBITA and Adjusted EBITA year-on-year growth are illustrated in this chart .
Adjusted EBITA and adjusted EBITA margin by segments
Adjusted EBITA and adjusted EBITA margin by segments are set forth in the table below. A reconciliation of income from operations to adjusted EBITA for each segment is included at the end of this results announcement.
Year ended March 31, 2017 2018 % of % of RMB Revenue RMB US$ Revenue (in millions, except percentages) Core commerce 82,432 62% 114,100 18,190 53% Cloud computing (476) (7)% (799) (127) (6)% Digital media and entertainment (6,542) (44)% (8,305) (1,324) (42)% Innovation initiatives and others (3,125) (104)% (2,996) (478) (91)% Core commerce segment – Adjusted EBITA achieved growth of 38% to RMB114,100 million (US$18,190 million) in fiscal year 2018, compared to RMB82,432 million in fiscal year 2017, despite adjusted EBITA margin decreasing from 62% in fiscal year 2017 to 53% in fiscal year 2018. Core commerce adjusted EBITA margin is lower mainly because of New Retail, Cainiao Network, Lazada and spending to increase user base and improve user experience. Excluding New Retail, the consolidation of Cainiao Network and investments in Lazada, adjusted core commerce EBITA margin would have been 63% for fiscal year 2018. Our New Retail businesses primarily include Intime, Hema and Tmall Import.
Core commerce adjusted EBITA and core commerce adjusted EBITA year-on-year growth are illustrated in this chart .
Cloud computing segment – Adjusted EBITA in fiscal year 2018 was a loss of RMB799 million (US$127 million), compared to a loss of RMB476 million in fiscal year 2017. Adjusted EBITA margin improved to negative 6% in fiscal year 2018 from negative 7% in fiscal year 2017.
Digital media and entertainment segment – Adjusted EBITA in fiscal year 2018 was a loss of RMB8,305 million (US$1,324 million), compared to a loss of RMB6,542 million in fiscal year 2017. Adjusted EBITA margin improved to negative 42% in fiscal year 2018 from negative 44% in fiscal year 2017, primarily due to improved results from UCWeb and other media and entertainment businesses, partially offset by an increase in investment in content costs of Youku Tudou.
Innovation initiatives and others segment – Adjusted EBITA in fiscal year 2018 was a loss of RMB2,996 million (US$478 million), compared to a loss of RMB3,125 million in fiscal year 2017. Adjusted EBITA margin was negative 91% in fiscal year 2018, compared to negative 104% in fiscal year 2017.
Interest and investment income, net
Interest and investment income, net in fiscal year 2018 was RMB30,495 million (US$4,862 million), a significant increase from RMB8,559 million in fiscal year 2017, primarily due to a non-cash gain of RMB22,442 million (US$3,578 million) arising from the revaluation of our previously held equity interest in Cainiao Network when we acquired control over Cainiao Network in mid-October 2017.
Interest expense
Interest expense in fiscal year 2018 was RMB3,566 million (US$568 million), an increase of 34% compared to RMB2,671 million in fiscal year 2017, primarily due to an increase in average debt outstanding reflecting primarily an additional US$7.0 billion unsecured senior notes issued in fiscal year 2018.
Other income, net
Other income, net in fiscal year 2018 was RMB4,160 million (US$663 million), a decrease of 32% compared to RMB6,086 million in fiscal year 2017. The decrease was primarily due to an increase in exchange losses, partly offset by an increase in income recognized in respect of royalty fees and software technology services fees from Ant Financial, which was RMB3,444 million (US$549 million) in fiscal year 2018, compared to RMB2,086 million in fiscal year 2017.
Income tax expenses
Income tax expenses in fiscal year 2018 were RMB18,199 million (US$2,901 million), an increase of 32% compared to RMB13,776 million in fiscal year 2017. Our effective tax rate decreased to 18% in fiscal year 2018 from 23% in fiscal year 2017. Income before income tax and share of results of equity investees in fiscal year 2018 included a gain of RMB22,442 million (US$3,578 million) from revaluation of our previously held equity interest in Cainiao Network when we acquired control over Cainiao Network in mid-October 2017, which were non-taxable, leading to a lower effective tax rate in fiscal year 2018. Excluding share-based compensation expense, impairment of goodwill and investments, as well as other unrealized investment gain/loss, our effective tax rate would have been remained stable at 18% in fiscal year 2018, compared to fiscal year 2017.
Share of results of equity investees
Share of results of equity investees in fiscal year 2018 consisted of the following:
Year ended March 31, 2017 2018 RMB RMB US$ (in millions) Share of (loss) profit of equity investees: - Koubei
(990) (1,340) (214) - Cainiao Network (1)
(1,056) (518) (83) - Others
(838) 1,040 166 Impairment losses (245) (18,153) (2,894) Dilution losses (336) (128) (20) Others (2) (1,562) (1,693) (270) (5,027) (20,792) (3,315)
(1) We started to consolidate Cainiao Network in mid-October 2017 after obtaining control over Cainiao Network. (2) Others mainly include amortization of intangible assets of equity investees and share-based compensation expenses. During fiscal year 2018, we took an impairment loss of RMB18,116 million (US$2,888 million) with respect to Alibaba Pictures, one of our affiliated movie production businesses. The impairment represented the difference between the market value and our carrying value of this investment as of December 31, 2017. In June 2015, following a financing transaction that diluted our shareholding from a controlling position to minority investment, we were required to write up the carrying value to the substantially increased market value of Alibaba Pictures at the time. As a result, we booked a non-cash accounting gain of RMB24,734 million, which increased the carrying value of our investment in Alibaba Pictures from RMB4,818 million to RMB29,552 million. Since June 2015, the market value of Alibaba Pictures has declined and remained below our increased carrying value. The continued low market price combined with Alibaba Pictures’ strategic decision to increase investments and expenses for market share growth of its online movie ticketing business caused us to conclude that the decline in market value against our carrying value may be “other-than-temporary,” which led us to take the impairment in fiscal year 2018.
Net income and Non-GAAP net income
As a result of the foregoing, our net income in fiscal year 2018 was RMB61,412 million (US$9,791 million), an increase of 49% compared to RMB41,226 million in fiscal year 2017. Non-GAAP net income in fiscal year 2018 was RMB83,214 million (US$13,266 million), an increase of 44% compared to RMB57,871 million in fiscal year 2017. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement.
Net income attributable to ordinary shareholders
Net income attributable to ordinary shareholders in fiscal year 2018 was RMB63,985 million (US$10,201 million), an increase of 47% compared to RMB43,675 million in fiscal year 2017.
Diluted EPS and non-GAAP diluted EPS
Diluted EPS in fiscal year 2018 was RMB24.51 (US$3.91) on a weighted average of 2,610 million diluted shares outstanding during the year, an increase of 44% compared to RMB16.97 on a weighted average of 2,573 million diluted shares outstanding in fiscal year 2017. Non-GAAP diluted EPS in fiscal year 2018 was RMB32.86 (US$5.24), an increase of 40% compared to RMB23.44 in fiscal year 2017. A reconciliation of diluted EPS to non-GAAP diluted EPS is included at the end of this results announcement.
Cash, cash equivalents and short-term investments
As of March 31, 2018, cash, cash equivalents and short-term investments were RMB205,395 million (US$32,745 million), compared to RMB146,747 million as of March 31, 2017. The increase in cash, cash equivalent and short-term investments in fiscal year 2018 was primarily due to free cash flow generated from operations and proceeds from our issuance of US$7.0 billion unsecured senior notes, offset by net cash used for investment and acquisition, and cash used to acquire additional shares of Lazada and Intime.
Cash flow from operating activities and free cash flow
Net cash provided by operating activities in fiscal year 2018 was RMB125,171 million (US$19,955 million), an increase of 56% compared to RMB80,326 million in fiscal year 2017. Free cash flow, a non-GAAP measurement of liquidity, in fiscal year 2018 was RMB99,362 million (US$15,841 million), compared to RMB68,790 million in fiscal year 2017. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.
Net cash used in investing activities
During fiscal year 2018, net cash used in investing activities of RMB83,890 million (US$13,374 million) mainly included investment and acquisition activities of RMB66,134 million (US$10,543 million), including investments in Sun Art Retail Group Limited, Ele.me, Wanda Cinema, Easyhome, Tokopedia and Lianhua Supermarket, and privatization of Intime, as well as capital expenditures and acquisition of intangible assets of RMB29,836 million (US$4,756 million), which included cash outflow for acquisition of land use rights and construction in progress of RMB4,027 million (US$642 million), partially offset by cash inflow of RMB13,408 million (US$2,138 million) from disposals of various investments.
Revenue guidance for fiscal year 2019
We expect revenue growth for fiscal year 2019 to be over 60% year over year. Excluding the consolidation of Ele.me and Cainiao Network, we expect revenue growth for fiscal year 2019 to be over 50%. We will continue to invest our operating free cash flow to generate long-term sustainable profit growth.
WEBCAST AND CONFERENCE CALL INFORMATION
Alibaba Group’s management will hold a conference call to discuss the financial results at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Hong Kong Time) on May 4, 2018.
Details of the conference call are as follows:
International: +65 6713 5090
U.S.: +1 845 675 0437
U.K.: +44 203 621 4779
Hong Kong: +852 3018 6771
Conference ID: 6887267
A live webcast of the earnings conference call can be accessed at http://www.alibabagroup.com/en/ir/earnings . An archived webcast will be available through the same link following the call. A replay of the conference call will be available for one week (dial-in number: +61 2 8199 0299; conference ID: 6887267).
Our results announcement and accompanying slides are available at Alibaba Group’s Investor Relations website at http://www.alibabagroup.com/en/ir/home on May 4, 2018.
ABOUT ALIBABA GROUP
Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a company that lasts at least 102 years.
SAFE HARBOR STATEMENTS
This announcement contains . These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Among other things, statements that are not historical facts, including statements about Alibaba’s strategies and business plans, Alibaba’s beliefs and expectations regarding the growth of its business and its revenue, the business outlook and quotations from management in this announcement, as well as Alibaba’s strategic and operational plans, are or contain . Alibaba may also make in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent . A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Alibaba’s expected revenue growth; Alibaba’s goals and strategies; Alibaba’s future business development; Alibaba’s ability to maintain the trusted status of its ecosystem, reputation and brand; risks associated with increased investments in Alibaba’s business and new business initiatives; risks associated with strategic acquisitions and investments; Alibaba’s ability to retain or increase engagement of consumers, merchants and other participants in its ecosystem and enable new offerings; Alibaba’s ability to maintain or grow its revenue or business; risks associated with limitation or restriction of services provided by Alipay; changes in laws, regulations and regulatory environment that affect Alibaba’s business operations; privacy and regulatory concerns; competition; security breaches; the continued growth of the e-commerce market in China and globally; risks associated with the performance of our business partners, including but not limited to Ant Financial; and fluctuations in general economic and business conditions in China and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Alibaba’s filings with the SEC. All information provided in this results announcement is as of the date of this results announcement and are based on assumptions that we believe to be reasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: for our consolidated results, adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), non-GAAP net income, non-GAAP diluted EPS and free cash flow. For more information on these non-GAAP financial measures, please refer to the section entitled “Information about Segments” and the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” in this results announcement.
We believe that adjusted EBITDA, adjusted EBITA, non-GAAP net income and non-GAAP diluted EPS help identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income from operations, net income and diluted EPS. We believe that adjusted EBITDA, adjusted EBITA, non-GAAP net income and non-GAAP diluted EPS provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic corporate transactions, including investing in our new business initiatives, making strategic investments and acquisitions and strengthening our balance sheet. Adjusted EBITDA, adjusted EBITA, non-GAAP net income, non-GAAP diluted EPS and free cash flow should not be considered in isolation or construed as an alternative to income from operations, net income, diluted EPS, cash flows or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data.
Adjusted EBITDA represents net income before (i) interest and investment income, net, other income, net, interest expense, income tax expenses and share of results of equity investees, and (ii) certain non-cash expenses, consisting of share-based compensation expense, amortization, depreciation and impairment of goodwill, which we do not believe are reflective of our core operating performance during the periods presented.
Adjusted EBITA represents net income before (i) interest and investment income, net, other income, net, interest expense, income tax expenses and share of results of equity investees, and (ii) certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of goodwill, which we do not believe are reflective of our core operating performance during the periods presented.
Non-GAAP net income represents net income before share-based compensation expense, amortization, impairment of goodwill and investments, gain on deemed disposals/disposals/revaluation of investments, amortization of excess value receivable arising from the restructuring of commercial arrangements with Ant Financial, immediate recognition of unamortized professional fees and upfront fees upon termination of bank borrowings and others, as adjusted for the tax effects on non-GAAP adjustments.
Non-GAAP diluted EPS represents non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis, including accounting for the effects of the assumed conversion of convertible preference shares.
Free cash flow represents net cash provided by operating activities as presented in our consolidated cash flow statement less purchases of property and equipment and intangible assets (excluding acquisition of land use rights and construction in progress) and others.
The section entitled “Information about Segments” and the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” in this results announcement have more details on the non-GAAP financial measures that are most directly comparable to GAAP financial measures and the related reconciliations between these financial measures.
ALIBABA GROUP HOLDING LIMITED UNAUDITED CONSOLIDATED INCOME STATEMENTS Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions, except per share data) (in millions, except per share data) Revenue 38,579 61,932 9,873 158,273 250,266 39,898 Cost of revenue (15,490) (32,504) (5,182) (59,483) (107,044) (17,065) Product development expenses (4,518) (6,686) (1,066) (17,060) (22,754) (3,628) Sales and marketing expenses (4,332) (7,641) (1,218) (16,314) (27,299) (4,352) General and administrative expenses (3,394) (4,551) (725) (12,239) (16,241) (2,589) Amortization of intangible assets (1,313) (1,329) (212) (5,122) (7,120) (1,135) Impairment of goodwill — — — — (494) (79) Income from operations 9,532 9,221 1,470 48,055 69,314 11,050 Interest and investment income, net 6,553 1,945 310 8,559 30,495 4,862 Interest expense (676) (1,175) (187) (2,671) (3,566) (568) Other income, net 440 884 141 6,086 4,160 663 Income before income tax and share of results of equity investees 15,849 10,875 1,734 60,029 100,403 16,007 Income tax expenses (4,553) (4,164) (664) (13,776) (18,199) (2,901) Share of results of equity investees (1,444) (70) (11) (5,027) (20,792) (3,315) Net income 9,852 6,641 1,059 41,226 61,412 9,791 Net loss attributable to noncontrolling interests 795 1,028 164 2,449 2,681 427 Net income attributable to Alibaba Group Holding Limited 10,647 7,669 1,223 43,675 64,093 10,218 Accretion of mezzanine equity — (108) (17) — (108) (17) Net income attributable to ordinary shareholders 10,647 7,561 1,206 43,675 63,985 10,201 Earnings per share attributable to ordinary shareholders Basic 4.24 2.95 0.47 17.52 25.06 4.00 Diluted 4.12 2.88 0.46 16.97 24.51 3.91 Weighted average number of share used in calculating net income per ordinary share Basic 2,513 2,560 2,493 2,553 Diluted 2,581 2,619 2,573 2,610 ALIBABA GROUP HOLDING LIMITED
REVENUE
The following table sets forth our revenue by segments for the periods indicated:
Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions) (in millions) Core commerce (1) 31,570 51,287 8,176 133,880 214,020 34,120 Cloud computing (2) 2,163 4,385 699 6,663 13,390 2,135 Digital media and entertainment (3) 3,927 5,272 840 14,733 19,564 3,119 Innovation initiatives and others (4) 919 988 158 2,997 3,292 524 Total 38,579 61,932 9,873 158,273 250,266 39,898
(1) Revenue from core commerce is primarily generated from our China retail marketplaces, 1688.com, AliExpress, Alibaba.com, Lazada.com and Cainiao logistics services. (2) Revenue from cloud computing is primarily generated from the provision of services, such as data storage, elastic computing, database and large scale computing services, as well as web hosting and domain name registration. (3) Revenue from digital media and entertainment mainly represents advertising and subscription revenue generated from our digital entertainment business provided by Youku Tudou and mobile Internet services revenue from UCWeb businesses. (4) Revenue from innovation initiatives and others mainly represents revenue generated by AutoNavi and YunOS, as well as fees from Ant Financial related to the SME loan business. ALIBABA GROUP HOLDING LIMITED
INFORMATION ABOUT SEGMENTS
The following table sets forth our income (loss) from operations by segments for the periods indicated:
Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions) (in millions) Core commerce 16,500 18,660 2,975 74,180 102,743 16,379 Cloud computing (505) (1,063) (169) (1,681) (3,085) (492) Digital media and entertainment (2,586) (3,541) (565) (9,882) (14,140) (2,254) Innovation initiatives and others (1,888) (2,019) (322) (6,798) (6,901) (1,100) Unallocated (1,989) (2,816) (449) (7,764) (9,303) (1,483) Total 9,532 9,221 1,470 48,055 69,314 11,050 The following table sets forth our adjusted EBITA by segments for the periods indicated:
Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions) (in millions) Core commerce 18,579 22,186 3,537 82,432 114,100 18,190 Cloud computing (169) (353) (56) (476) (799) (127) Digital media and entertainment (1,711) (2,595) (414) (6,542) (8,305) (1,324) Innovation initiatives and others (682) (860) (137) (3,125) (2,996) (478) Unallocated (866) (1,573) (251) (3,117) (4,997) (796) Total 15,151 16,805 2,679 69,172 97,003 15,465 ALIBABA GROUP HOLDING LIMITED UNAUDITED CONSOLIDATED BALANCE SHEETS As of March 31,
As of March 31,
2017
2018
RMB
RMB
US$
(in millions) Assets Current assets: Cash and cash equivalents 143,736 199,309 31,775 Short-term investments 3,011 6,086 970 Restricted cash and escrow receivables 2,655 3,417 545 Investment securities 4,054 4,815 768 Prepayments, receivables and other assets (1) 28,408 43,228 6,891 Total current assets 181,864 256,855 40,949 Investment securities 31,452 38,192 6,089 Prepayments, receivables and other assets (1) 8,703 16,897 2,694 Investment in equity investees 120,368 139,700 22,271 Property and equipment, net 20,206 66,489 10,600 Land use rights, net 4,691 9,377 1,495 Intangible assets, net 14,108 27,465 4,378 Goodwill 125,420 162,149 25,850 Total assets 506,812 717,124 114,326 Liabilities, Mezzanine Equity and Shareholders’ Equity Current liabilities: Current bank borrowings 5,948 6,028 961 Current portion of unsecured notes 8,949 — — Income tax payable 6,125 13,689 2,181 Escrow money payable 2,322 3,053 487 Accrued expenses, accounts payable and other liabilities (1) 46,979 81,165 12,940 Merchant deposits 8,189 9,578 1,527 Deferred revenue and customer advances 15,052 22,297 3,555 Total current liabilities 93,564 135,810 21,651
(1) Certain reclassifications in prepayments, receivables and other assets, accrued expenses, accounts payable and other liabilities and deferred tax liabilities as of March 31, 2017 were retrospectively adjusted as a result of the adoption of a new accounting standard effective in the first quarter of fiscal 2018. ALIBABA GROUP HOLDING LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS (CONTINUED)
As of March 31,
As of March 31,
2017
2018
RMB
RMB US$ (in millions) Deferred revenue 641 993 158 Deferred tax liabilities (1) 10,361 19,312 3,079 Non-current bank borrowings 30,959 34,153 5,445 Unsecured senior notes 45,876 85,372 13,610 Other liabilities 1,290 2,045 327 Total liabilities 182,691 277,685 44,270 Commitments and contingencies — — — Mezzanine equity
2,992 3,001 478 Alibaba Group Holding Limited shareholders’ equity:
Ordinary shares 1 1 — Additional paid-in capital 164,585 186,764 29,775 Treasury shares at cost (2,823) (2,233) (356) Restructuring reserve (624) (361) (58) Subscription receivables (63) (163) (26) Statutory reserves 4,080 4,378 698 Accumulated other comprehensive income 5,085 5,083 810 Retained earnings 108,558 172,353 27,477 Total Alibaba Group Holding Limited shareholders’ equity 278,799 365,822 58,320 Noncontrolling interests 42,330 70,616 11,258 Total equity 321,129 436,438 69,578 Total liabilities, mezzanine equity and equity 506,812 717,124 114,326
(1) Certain reclassifications in prepayments, receivables and other assets, accrued expenses, accounts payable and other liabilities and deferred tax liabilities as of March 31, 2017 were retrospectively adjusted as a result of the adoption of a new accounting standard effective in the first quarter of fiscal 2018. ALIBABA GROUP HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions) (in millions) Net cash provided by operating activities 10,746 14,180 2,261 80,326 125,171 19,955 Net cash used in investing activities (3,035) (19,816) (3,159) (78,364) (83,890) (13,374) Net cash provided by (used in) financing activities 2,482 (4,605) (734) 32,914 20,359 3,246 Effect of exchange rate changes on cash and cash equivalents (446) (2,646) (422) 2,042 (6,067) (967) Increase (decrease) in cash and cash equivalents 9,747 (12,887) (2,054) 36,918 55,573 8,860 Cash and cash equivalents at beginning of period 133,989 212,196 33,829 106,818 143,736 22,915 Cash and cash equivalents at end of period 143,736 199,309 31,775 143,736 199,309 31,775 ALIBABA GROUP HOLDING LIMITED
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
The table below sets forth a reconciliation of our net income to adjusted EBITA and adjusted EBITDA for the periods indicated:
Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions) (in millions) Net income 9,852 6,641 1,059 41,226 61,412 9,791 Less: Interest and investment income, net (6,553) (1,945) (310) (8,559) (30,495) (4,862) Add: Interest expense 676 1,175 187 2,671 3,566 568 Less: Other income, net (440) (884) (141) (6,086) (4,160) (663) Add: Income tax expenses 4,553 4,164 664 13,776 18,199 2,901 Add: Share of results of equity investees 1,444 70 11 5,027 20,792 3,315 Income from operations 9,532 9,221 1,470 48,055 69,314 11,050 Add: Share-based compensation expense 4,306 6,255 997 15,995 20,075 3,201 Add: Amortization of intangible assets 1,313 1,329 212 5,122 7,120 1,135 Add: Impairment of goodwill — — — — 494 79 Adjusted EBITA 15,151 16,805 2,679 69,172 97,003 15,465 Add: Depreciation and amortization of property and equipment and land use rights 1,446 2,649 422 5,284 8,789 1,401 Adjusted EBITDA 16,597 19,454 3,101 74,456 105,792 16,866 ALIBABA GROUP HOLDING LIMITED
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES (CONTINUED)
The table below sets forth a reconciliation of our net income to non-GAAP net income for the periods indicated:
Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions) (in millions) Net income 9,852 6,641 1,059 41,226 61,412 9,791 Add: Share-based compensation expense 4,306 6,255 997 15,995 20,075 3,201 Add: Amortization of intangible assets 1,313 1,329 212 5,122 7,120 1,135 Add: Impairment of goodwill and investments 133 89 14 2,542 20,463 3,262 Less: Gain on deemed disposals/disposals/revaluation of investments and others (5,603) (153) (24) (7,346) (25,945) (4,137) Add: Amortization of excess value receivable arising from the restructuring of commercial arrangements with Ant Financial 65 65 10 264 264 42 Add: Immediate recognition of unamortized professional fees and upfront fees upon termination of bank borrowings — — — — 92 15 Adjusted for tax effects on non-GAAP adjustments (1) 374 (127) (20) 68 (267) (43) Non-GAAP net income 10,440
14,099
2,248
57,871
83,214
13,266
(1) Tax effects on non-GAAP adjustments comprise of tax provisions on the amortization of intangible assets and certain gains on disposal of investments, as well as tax benefits from share-based awards. ALIBABA GROUP HOLDING LIMITED
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES (CONTINUED)
The table below sets forth a reconciliation of our diluted EPS to non-GAAP diluted EPS for the periods indicated:
Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions, except per share data) (in millions, except per share data) Net income attributable to ordinary shareholders – basic 10,647 7,561 1,206 43,675 63,985 10,201 Dilution effect on earnings arising from option plans operated by a subsidiary and equity investees (5) (11) (2) (11) (21) (3) Net income attributable to ordinary shareholders – diluted 10,642 7,550 1,204 43,664 63,964 10,198 Add: Non-GAAP adjustments to net income (1) 588 7,458 1,189 16,645 21,802 3,475 Non-GAAP net income attributable to ordinary shareholders for computing non-GAAP diluted EPS 11,230 15,008 2,393 60,309 85,766 13,673 Weighted average number of shares on a diluted basis 2,581 2,619 2,573 2,610 Diluted EPS (2) 4.12 2.88 0.46 16.97 24.51 3.91 Add: Non-GAAP adjustments to net income per share (3) 0.23 2.85 0.45 6.47 8.35 1.33 Non-GAAP diluted EPS (4) 4.35 5.73 0.91 23.44 32.86 5.24
(1) See the table above for the reconciliation of net income to non-GAAP net income for more information of these non-GAAP adjustments. (2) Diluted EPS is derived from net income attributable to ordinary shareholders for computing diluted EPS divided by weighted average number of shares on a diluted basis. (3) Non-GAAP adjustments to net income per share is derived from non-GAAP adjustments to net income divided by weighted average number of shares on a diluted basis. (4) Non-GAAP diluted EPS is derived from non-GAAP net income attributable to ordinary shareholders for computing non-GAAP diluted EPS divided by weighted average number of shares on a diluted basis. ALIBABA GROUP HOLDING LIMITED
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES (CONTINUED)
The table below sets forth a reconciliation of net cash provided by operating activities to free cash flow for the periods indicated:
Three months ended March 31, Year ended March 31, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ (in millions) (in millions) Net cash provided by operating activities 10,746 14,180 2,261 80,326 125,171 19,955 Less: Purchase of property and equipment and intangible assets (excluding land use rights and construction in progress) (2,832) (5,616) (896) (12,220) (25,809) (4,114) Add: Others 66 — — 684 — — Free cash flow 7,980 8,564 1,365 68,790 99,362 15,841 ALIBABA GROUP HOLDING LIMITED
SELECTED OPERATING DATA
Annual active consumers
The table below sets forth the number of active consumers on our China retail marketplaces for the periods indicated:
Twelve months ended Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 2016 2016 2016 2017 2017 2017 2017 2018 (in millions) Annual active consumers 434 439 443 454 466 488 515 552 Mobile
The table below sets forth the mobile MAUs on our China retail marketplaces for the periods indicated:
The month ended Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 2016 2016 2016 2017 2017 2017 2017 2018 (in millions) Mobile MAUs 427 450 493 507 529 549 580 617 Revenue per active consumer / mobile revenue per mobile MAU
The table below sets forth information with respect to annual China commerce retail revenue per annual active consumer and annualized mobile revenue per mobile MAU from China commerce retail for the periods presented:
Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 2016 2016 2016 2017 2017 2017 2017 2018 (in RMB) Annual China commerce retail revenue per annual active consumer (1) 202 215 241 251 273 293 315 320 Mobile revenue per mobile MAU from China commerce retail – Annualized (2) 140 151 166 179 196 213 229 230 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-alibaba-group-announces-march-quarter-2018-results-and-full-fiscal-year-2018-results.html |
LONDON, May 24 (Reuters) - Italian government bond futures opened sharply higher on Thursday, in a sign that Italy’s bond market may be stabilising after more than a week of heavy selling on fears of a spendthrift government taking shape in Rome.
At 0615 GMT, Italian BTP futures were almost 80 ticks higher at 132.43. German Bund futures were down 11 ticks at 159.66.
Italian President Sergio Mattarella on Wednesday gave political novice Giuseppe Conte a mandate to lead the first government in Italy made up of anti-establishment parties that have vowed to shake up the European Union. (Reporting by Dhara Ranasinghe)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurzone-bonds/italian-bond-futures-jump-in-early-trade-idUSL5N1SV10R |
NEW YORK (Thomson Reuters Regulatory Intelligence) - New York has revised its proposed regulation for a best-interest standard to spell out the duties of sellers of life insurance and annuity products in the state and included a requirement for insurers to establish protocols to ensure that any advice given to consumers is in their best interest.
New York City skyline is seen at sunrise during a power outage August 15, 2003. The proposed amendment( here ) is intended to ensure that all sales of life insurance and annuities in the state meet the best-interest standard that the state seeks to enforce, irrespective of whether the recommendations are made during a new sale or the renewal of an existing plan, a statement from the department said.
The department plans to have the proposed regulation go into effect on March 1, 2019, after which insurers will have six months to comply with the requirements of the amendment.
“This updated proposal allows an appropriate period of time for regulated entities to review the rule before it becomes final and to put in place protocols for ensuring these important consumer protections,” the New York Superintendent Maria Vullo said in a statement on Friday.
The department had first proposed( here ) the best-interest standard for sellers of life insurance and annuity products in December 2017. The amendment to the proposed regulation was made on Friday after taking into consideration all comments submitted regarding the prior proposed regulation in a public comment period that ended in February, the department said.
The latest proposed amendment is now subject to a 30-day notice and public comment period following publication in the New York State Register before its final issuance, the department added.
If the best-interest standard being proposed by the state of New York comes into force in the near-term, it will be the first such rule applicable to insurers after the 5th Circuit Court of Appeals in March vacated the fiduciary rule by the Obama administration that required financial advisors — including those selling annuity products — to put clients interests ahead of their own while providing retirement advice.
The Securities and Exchange Commission this month has also proposed( here ) a best-interest standard to replace the Department of Labor’s Fiduciary Rule but has emphasized on the standard being applied to brokers who will now be required to clearly explain the fees paid by investors and commissions earned by brokers when providing financial advice.
(Antonita Madonna is a correspondent for Thomson Reuters Regulatory Intelligence, based in New York.)
This article was produced by Thomson Reuters Regulatory Intelligence and initially posted on May. 1. Regulatory Intelligence provides a single source for regulatory news, analysis, rules and developments, with global coverage of more than 400 regulators and exchanges. Follow Regulatory Intelligence compliance news on Twitter: @thomsonreuters
| ashraq/financial-news-articles | https://www.reuters.com/article/bc-finreg-best-interest-rule-insurance-r/new-york-revises-proposed-insurance-best-interest-regulation-to-define-clear-rules-idUSKBN1I249Q |
May 7(Reuters) - Sampo Corp
* Says it plans to retire 15 million shares of its common stock, with record date on Aug. 3
Source text in Chinese: goo.gl/19H4PV
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sampo-to-retire-15-mln-shares/brief-sampo-to-retire-15-mln-shares-idUSL3N1SE2WU |
Jose Iglesias’ two-run single with two outs in the eighth inning scored the tying and go-ahead runs, and the Detroit Tigers defeated the host Seattle Mariners 3-2 Thursday night.
Warwick Saupold (2-1) got the victory and Shane Greene pitched the ninth for his 10th save as the Tigers won at Safeco Field for the first time in eight games.
Mariners right-hander Nick Vincent (1-1) entered in the eighth but couldn’t make it through the inning.
With one out, Victor Martinez singled to left and was replaced by pinch runner Victor Reyes. After John Hicks was caught looking at a called third strike, Mikie Mahtook grounded a single to right field, sending Reyes to second. A walk to James McCann loaded the bases. Iglesias grounded a two-run single to center field to give the Tigers their first lead.
Detroit left-hander Matthew Boyd, who grew up just outside Seattle and was making his first start in his hometown, pitched six strong innings.
Boyd, who was named the Washington state co-player of the year while at Eastside Catholic High School in Sammamish, allowed two runs on six hits with one walk and a career-high nine strikeouts.
The Mariners opened the scoring in the second inning as Kyle Seager led off with a double to right field. With two outs, Guillermo Heredia lined a single to left field to score Seager.
In the third, Jean Segura led off with a double to left and scored on Mitch Haniger’s single to center, making it 2-0.
Seattle left-hander Marco Gonzales pitched 5 2/3 innings, allowing only an unearned run on five hits. He walked one and fanned two.
With two outs in the sixth, Hicks walked and Mahtook grounded a single into center. Gonzales got McCann to hit a chopper down the third base line that Seager fielded easily, but his one-hop throw to first skipped off the edge of the infield grass and under the glove of first baseman Ryon Healy. The throwing error allowed Hicks to scored and left runners at second and third.
Right-hander Ryan Cook, making his Mariners debut after being called up earlier in the day from Triple-A Tacoma, struck out Jose Iglesias on three consecutive pitches to end the inning and preserve a 2-1 lead.
It stayed that way until the Tigers’ winning rally in the eighth.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sea-det-recap/iglesias-hit-pushes-tigers-past-mariners-idUSMTZEE5IWSSQOM |
May 15 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
Bank of England urged to focus on green objectives on.ft.com/2KnLzl7
British Land submits plan for 4 bln stg Canada Water regeneration on.ft.com/2KmP8Yx
U.S. urges UK to push ahead with F-35 fighter jets deal on.ft.com/2wD3uSJ
Overview
Climate change should be placed “front and centre” of the Bank of England’s mandate so that the central bank can boost green investment, according to a new report from the campaign group Positive Money, published on Tuesday.
British Land Company Plc has lodged a formal planning application for a 4 billion pounds ($5.43 billion) redevelopment of 53 acres in southeast London that will create a new town centre and include 3,000 homes.
U.S. Ambassador Woody Johnson has urged Britain to increase defence spending and push ahead with the F-35 programme, echoing President Donald Trump’s warning that U.S. allies had to become more self-sufficient.
$1 = 0.7373 pounds Compiled by Bengaluru newsroom
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-may-15-idUSL2N1SM03M |
May 11, 2018 / 11:15 AM / Updated 2 hours ago Asia Gold-Demand dull as price-wary consumers stay on sidelines Reuters Staff
* Spot gold set to register first weekly gain in four
* Premiums at $6-$8 an ounce in China; India at $1 discount
* Hong Kong, Singapore premiums unchanged
By Rajendra Jadhav and Eileen Soreng
MUMBAI/BENGALURU, May 11 (Reuters) - Physical gold demand lacked vigour this week in top Asian hubs as high domestic prices suppressed appetite for the metal, with prices in India swinging to a discount for the first time in three weeks.
“Wedding season demand has been waning and retail consumers are waiting for a correction in prices,” said Mukesh Kothari, director at Mumbai bullion dealer RiddiSiddhi Bullions.
Dealers in India were offering a discount of up to $1 an ounce from official domestic prices this week, compared with a premium of $1.50 last week.
“The depreciating rupee is making gold expensive for Indian consumers. Jewellers are confused about the price trend and waiting for prices to come below 31,000 rupees,” said a Mumbai-based dealer with a bullion-importing private bank.
In the Indian market, gold futures were trading at about 31,498 rupees per 10 grams, having hit 31,620 rupees last month, the highest level since August 2016.
India’s gold imports were down year on year for a fourth straight month in April, dropping to 57 tonnes on subdued demand after local prices jumped, provisional data from precious metals consultancy GFMS and bank dealers showed.
Demand also remained subdued in most other Asian hubs.
There was some moderate buying when prices were around the $1,310 range, but people are hesitating to make purchases around the $1,320 levels, said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
Benchmark spot gold was on track to register a weekly gain of about 0.7 percent, having traded between $1,304.11 and $1,325.06 an ounce.
In top consumer China, premiums of about $6 to $8 an ounce were being charged, down from $8-$9 last week. In Hong Kong, premiums were unchanged at between 50 cents and $1.50.
“Demand was average, not as good as last week ... In Singapore dollars, gold is more expensive,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore, adding that premiums in the region were unchanged from last week at 80 cents.
“Moving forward, I think we might see more demand from Malaysia because gold is seen as a hedge against political instability.”
Malaysian markets were closed on Thursday and Friday and will reopen on Monday, but overseas investors were nervous about the ousting of Prime Minister Najib Razak after a decade in office.
Demand in Japan remained subdued against the backdrop of high domestic prices, one Tokyo trader said, adding that gold continued to be sold at par with the global benchmark in Japan. ($1=67.26 Indian rupees) ($1=1.33 Singapore dollars) (Reporting by Rajendra Jadhav in Mumbai and Eileen Soreng in Bengaluru Editing by David Goodman) | ashraq/financial-news-articles | https://www.reuters.com/article/asia-gold-demand/asia-gold-demand-dull-as-price-wary-consumers-stay-on-sidelines-idUSL3N1SI3Y6 |
Bryce Harper and Mark Reynolds both homered early, and the visiting Washington Nationals stretched their winning streak to five with a 3-2 victory over the Baltimore Orioles on Tuesday night.
Washington swept Miami over the weekend and now has won the first two games of the series at Camden Yards. The Nationals topped Baltimore 6-0 on Monday afternoon as the Orioles’ offense has struggled in recent days.
Harper homered in the first and Reynolds did the same in the fourth against Orioles starter Dylan Bundy. That helped the Nationals take a 3-1 lead in the fourth.
Washington starter Jeremy Hellickson (2-0), who pitched part of 2017 with the Orioles, returned after blister issues in his previous start and made it through five innings. He allowed two runs on six hits.
The Nationals used four relievers to finish the game, and closer Sean Doolittle earned his 12th save thanks to a scoreless ninth. Baltimore put runners on first and second with one out before Doolittle escaped by striking out the next two batters.
Bundy (3-7) ran into home run troubles again. He gave up two homers and three runs on 11 hits in his six innings, and he has now allowed 16 homers in 68 2/3 innings. Bundy struck out six without issuing a walk.
Harper’s first-inning homer gave Washington a 1-0 lead, and the right fielder went 3-for-5. Baltimore’s Manny Machado, who will be one of the prime free agents on the market after the season along with Harper, answered with a solo shot in the bottom of the first.
Wilmer Difo gave the Nationals a 2-1 lead with an RBI single in the second before Reynolds, also a former Oriole, made it 3-1 with his fourth-inning solo blast.
Adam Jones cut the lead to 3-2 with his RBI double in the fifth. Chance Sisco scored and Jace Peterson tried to score on the play but was thrown out at home on a relay from shortstop Trea Turner.
Washington left fielder Juan Soto, a 19-year-old appearing in his ninth major league game, had his first three-hit contest. He is batting .393 (11-for-28).
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-bal-was-recap/nationals-edge-orioles-for-fifth-win-in-row-idUSMTZEE5UISDB0H |
NEW YORK (Thomson Reuters Regulatory Intelligence) - Thomson Reuters has undertaken its fifth annual survey of how financial services firms are managing conduct risk and embedding cultural change policies to meet growing regulatory expectations. The results highlight year-on-year and regional trends, enabling firms to benchmark their approach to the practical implications of culture and conduct risk with the wider industry. The report provides valuable insight into industry challenges and emerging best practices, with the aim to meet ever-increasing regulatory expectations.
An illustration picture shows a projection of binary code on a man holding a laptop computer, in an office in Warsaw June 24, 2013. Compliance and risk practitioners from more than 600 financial services firms across the world, including G-SIFIs, banks, brokers, asset managers and insurers, took part in the survey, which closed in the fourth quarter of 2017.
TECHNOLOGY From the rise of artificial intelligence to cryptocurrencies, the wave of technological innovation creates both opportunities and challenges for firms and regulators alike. The regulation of fintech and the potential disruption to firms and financial stability have risen to the top of supervisory agendas in recent months, such as the FSB’s findings on the financial stability implications of the growing use of artificial intelligence and machine learning in financial services.
In regard to potential challenges; central banks, firms, and regulators have increasingly cracked down on cryptocurrencies such as Bitcoin amid concerns over price volatility and its threat to financial stability. There has been a notable regulatory response in Asia, where Chinese authorities have reportedly aimed to ban the centralized trading of virtual currencies, as well as regulating Bitcoin miners’ power usage.
The Financial Services Commission (South Korea) announced measures on cryptocurrency trading effective January 30, 2018 to address transparency. Firms too have taken a stance on cryptocurrencies. In January 2018, banking group, Nordea, announced a ban for its employees from trading Bitcoin and other cryptocurrencies due to its high risks. Nordea’s ban will be effective from February 28, 2018.
In 2017, Thomson Reuters Regulatory Intelligence published the findings from its second annual survey on ‘Fintech, Regtech and the Role of Compliance’ . Among the key findings was the shift in opinion over the benefits fintech innovation may have on firms. Eighty-three percent of respondents reported a positive view (27 percent extremely positive). This is almost double from previous year’s results where 42 percent reported a positive view (18 percent extremely positive).
In terms of risk and compliance involvement in assessing the implications of fintech innovation, there was substantially more engagement in 2017. Eighty one percent of respondents reported involvement, with 37 percent being fully engaged and consulted (63 percent in 2016 with 21 percent fully engaged and consulted.) The number of firms who felt that they did not need to be involved in assessing fintech dropped from 16 percent to just 2 percent.
Regtech solutions are increasingly impacting how firms manage compliance and have risen by almost a quarter to 76 percent in 2017 (52 percent in 2016). The number of respondents who reported having already implemented a regtech solution almost doubled in 2017 to 30 percent (17 percent in 2016). The majority of firms (69 percent, and 74 percent G-SIFIs) believe that the successful deployment of fintech/regtech should drive up efficiency and effectiveness, allowing more time to focus on value-added activities.
Click( bit.ly/conduct-figure11 ) to view Figure11- Spotlight Analysis: Firms in Australasia
There is international agreement on the key components of conduct risk with the top three having held their place over the last five years of the survey. This year’s top three key components of conduct risk were again identified as:
- Culture, ethics, integrity (54 percent; 59 percent in 2016)
- Corporate governance, tone from the top (44 percent; 52 percent in 2016)
- Conflicts of interest (41 percent; 49 percent in 2016)
Click( bit.ly/conduct-13 ) to view Figure13- Year on year analysis: Top three key drivers or sources of conduct risk
As with all previous survey results, these results portray a distinct trend since our first conduct risk survey in 2013. Culture, ethics and integrity were reported as the most important component of conduct risk by firms across the UK and Europe, North America, Asia, Africa, Australasia and South America. Firms in the Middle East considered corporate governance and tone from the top as the key component of conduct risk (67 percent in 2017; 75 percent in 2016; 80 percent in 2015).
Although the relative importance of the top three sources of risk has not changed over the years, these findings suggest that there has been an evolution in the sophistication of conduct risk management: the relative share of the top three has shrunk, implying that firms are identifying increasing numbers of risks.
Click( bit.ly/conduct-figure14 ) to view Figure14- Indicators of a sound risk culture
The FSB’s indicators of a sound risk culture remain one the foundational building blocks for firms in assessing their approach to culture and conduct risk management.
TONE FROM THE TOP Despite the apparent progress made in other areas on the approach to culture and conduct risk, the board level tone from the top element has remained static. Of perhaps most concern is the persistent levels of the ‘yes but still to fully embed’ response – if a board has considered and set the tone from the top then it is incumbent on the firm to cascade that message as a matter of urgency and to ensure it is rolled out consistently throughout the business.
Click( bit.ly/conduct-figure15 ) to view Figure15- Year-on year analysis: Does the board level tone from top set the appropriate cultural and governance messages
The implications of conduct risk are a staple in the board room and the focus has risen again this year with over half (57 percent) of firms reporting that the amount of focus on conduct risk at board level has increased over the last year. Firms’ approach to conduct risk also appears to be maturing in recent years. Over a third (36 percent) of firms reported no change over the last year (25 percent in 2016; 21 percent in 2015).
Click( bit.ly/conduct-figure16 ) to view Figure16- Year-on year analysis: At board level, the amount of focus on conduct risk
Click( bit.ly/conduct-figure17 ) to view Figure17- Has your firm developed a formal risk appetite
As part of the suite of resources available to help boards and senior managers to consider conduct risk issues is the list of five conduct questions produced by the UK FCA. The questions set regulatory expectations in the UK but are useful for all financial services firms as a checklist of areas to consider.
Click( bit.ly/conduct-figure18 ) to view Figure18- FCA-Five conduct questions
A further resource to help manage culture is the FCA’s four levers of behavior which are used by the FCA to supervise firms’ cultures. These four levers were reinforced in Discussion paper 18/2: Transforming Culture in Financial Services (March 2018).
Click( bit.ly/conduct-figure19 ) to view Figure19- FCA- Four levers of behavior
IMPACT ON THE BOARD Establishing and embedding an appropriate conduct risk framework, closely followed by adapting to an ever-changing regulatory environment, were identified as the greatest challenges for board in the next 12 months. Other challenges include appropriate metrics and management information, changing business model, and senior management accountability.
Click( bit.ly/conduct-figure21 ) to view Figure21- Analysis: Have you discarded a potentially profitable proposition due to risk
In 2016, a new question was posed to examine the practical ramifications of the regulatory focus on culture and conduct risk, looking at whether culture or conduct risk concerns had affected decision making with regard to potentially profitable business opportunities.
The results have remained about static with more than a quarter of firms (28 percent) continuing to report that they had declined potentially profitable business opportunities due to culture and/or conduct risk concerns. Firms would be well advised to maintain detailed documentation on those opportunities declined as a critical part of their suite of evidence on a positive compliant culture in action.
Conduct risk factors have remained firmly on firms’ agendas when discussing business strategy. In 2017, 75 percent of firms said they considered, or in part considered, conduct risk factors when discussing business strategy, continuing the trend from previous years. In comparison, more than half (52 percent) of G-SIFIs said conduct risk factors were considered in their entirety on business strategy. It is notable though that the proportion of firms responding Yes has fallen from 50 percent in 2013 to 37 percent in 2017, possibly indicating that the passage of time since the global financial crisis is dulling the need in some firms to maintain awareness of the risks they present to the financial system.
Click( bit.ly/conduct-figure22 ) to view Figure22- Are conduct risk factors considered when business strategy is being discussed
To access the full report click ( tmsnrt.rs/2jJO99v ).
(Stacey English is head of regulatory intelligence and Susannah Hammond is senior intelligence expert at Thomson Reuters Regulatory Intelligence.)
This article was produced by Thomson Reuters Regulatory Intelligence and initially posted on May. 10. Regulatory Intelligence provides a single source for regulatory news, analysis, rules and developments, with global coverage of more than 400 regulators and exchanges. Follow Regulatory Intelligence compliance news on Twitter: @thomsonreuters
| ashraq/financial-news-articles | https://www.reuters.com/article/bc-finreg-culture-conduct-report-technol/culture-and-conduct-risk-report-2018-technology-tone-from-the-top-idUSKCN1IJ1WZ |
(Reuters) - General Motors Co’s ( GM.N ) South Korean unit reiterated on Friday that it should return to profitability by 2019 and that it will invest $2.8 billion in a new, small SUV as well as a crossover vehicle for the local market and for export.
The logo of GM Korea is seen at its Bupyeong plant in Incheon, South Korea March 12, 2018. REUTERS/Kim Hong-Ji This followed a more subdued outlook for the troubled unit from the state-run Korea Development Bank (KDB), which said on Friday the unit should swing to a profit from 2022 on the back of cuts in labor costs.
GM had said last month it could return to profitability in 2019 with $400 million to $500 million in annual cost reductions through plant closures, labor and other efficiencies.
GM and South Korea have agreed on a rescue package worth $7.15 billion, including $2 billion of capital spending by GM and a $2.8 billion debt-for-equity swap for existing loans GM Korea owes to its parent.
As part of its plan, GM Korea said it would design, engineer and manufacture an all-new small SUV, and an all-new crossover vehicle for Korean consumers and for export to other markets.
It also plans to engineer and manufacture a small, fuel-efficient three-cylinder gasoline engine in Korea.
“GM Korea now has the right fundamentals to grow a successful business in Korea for the long term,” the company’s Chief Executive Kaher Kazem said in a statement.
Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gm-southkorea/gm-korea-to-turn-a-profit-in-2019-plans-suv-crossover-idUSKBN1IC1VF |
5/3/2018 5:12PM Trump’s Responses to the Stormy Daniels Allegations said Thursday that his lawyer Michael Cohen was reimbursed for a payment Mr. Cohen made to former adult film star Stormy Daniels to keep her quiet about an alleged sexual encounter with Mr. Trump. Here are some of Mr. Trump and the White House’s responses to the allegations over the past few months. Photo: Getty | ashraq/financial-news-articles | http://www.wsj.com/video/trumps-responses-to-the-stormy-daniels-allegations/B2CCA86E-E235-4D7E-9FD5-D68DB5CACCDC.html |
in 10 minutes BRIEF-Nuance Q2 GAAP Loss Per Share $0.56 Nuance Communications Inc: * NUANCE ANNOUNCES SECOND QUARTER 2018 RESULTS
* Q2 NON-GAAP EARNINGS PER SHARE $0.27 * Q2 GAAP LOSS PER SHARE $0.56
* QTRLY GAAP REVENUE OF $514.2 MILLION, UP 3% OVER PRIOR YEAR
* QTRLY NON-GAAP REVENUE OF $518.3 MILLION, UP 1% OVER PRIOR YEAR
* COMPANY REVISED ITS FISCAL YEAR 2018 GROWTH ESTIMATES TO 2% TO 4% ORGANIC GROWTH FROM 3% TO 5% ORGANIC GROWTH
* COMPANY IS REITERATING ITS EXPECTATION FOR 5% TO 7% GROWTH IN NET NEW BOOKINGS IN FISCAL YEAR 2018
* Q2 EARNINGS PER SHARE VIEW $0.28, REVENUE VIEW $516.9 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 REVENUE VIEW $2.08 BILLION — THOMSON REUTERS I/B/E/S | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nuance-q2-gaap-loss-per-share-056/brief-nuance-q2-gaap-loss-per-share-0-56-idUSASC0A12A |
May 22 (Reuters) - Alliance Data Systems Corp:
* ALLIANCE DATA SYSTEMS - EXPANDED RELATIONSHIP WITH SIGNET JEWELERS; CONVERSANT & EPSILON TO PROVIDE DIGITAL MARKETING CAPABILITIES, DATA SERVICES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alliance-data-systems-says-expande/brief-alliance-data-systems-says-expanded-relationship-with-signet-jewelers-conversant-epsilon-to-provide-digital-marketing-capabilities-data-services-idUSFWN1ST0D3 |
May 3 (Reuters) - Uniqure NV:
* UNIQURE NV - ON MAY 2, CO & LEERINK MUTUALLY TERMINATED SALES AGREEMENT RELATED TO AT-THE-MARKET OFFERING PROGRAM, EFFECTIVE ON SAME DATE - SEC FILING Source text: [ bit.ly/2JNMafj ]
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-uniqure-nv-says-on-may-2-co-leerin/brief-uniqure-nv-says-on-may-2-co-leerink-mutually-terminated-sales-agreement-related-to-at-the-market-offering-program-effective-on-same-date-idUSFWN1SA0LN |
May 18, 2018 / 7:12 AM / Updated 19 minutes ago Dramatic South African cash van heist caught on camera Reuters Staff 2 Min Read
JOHANNESBURG (Reuters) - Robbers armed with assault rifles and explosives blew up two armoured cash-carrying vans in Johannesburg this week in a brazen broad-daylight incident that underscored South Africa’s reputation for violent crime.
In dramatic cellphone footage of the incident recorded by a motorist, the assailants seal off a block in the suburb of Boksburg, east of Johannesburg’s commercial centre, before calmly detonating explosives under the cash vans.
Three large explosions are heard, with plumes of grey smoke shooting up into the air. There are also rapid exchanges of gunfire before and after the blasts, although it is not clear where the shots were coming from.
The assailants, who numbered around a dozen, then load sacks into at least two get-away cars before speeding away. Motorists caught up in the shoot-out are seen pulling U-turns across the road to escape the scene.
Police said two security guards in the cash vans were injured in the incident and were treated in hospital. They also said some of the robbers were arrested after being tracked by helicopter to a run-down industrial park.
Security experts quoted in South African media said the way the assailants behaved and handled the weapons suggested they had military backgrounds. Reporting by Ed Cropley; Editing by Mfuneko Toyana and Hugh Lawson | ashraq/financial-news-articles | https://in.reuters.com/article/safrica-heist/dramatic-south-african-cash-van-heist-caught-on-camera-idINKCN1IJ0LW |
TORONTO and SPOKANE, Wash., May 25, 2018 (GLOBE NEWSWIRE) -- Hydro One Limited (“Hydro One”) (TSX:H) and Avista Corporation (“Avista”) (NYSE:AVA) today announced the achievement of an important milestone in the regulatory approval process of their proposed merger. The companies have filed an all-parties, all-issues settlement agreement in the merger proceeding before the Public Utility Commission of Oregon (“OPUC”). This represents a full settlement which all parties have agreed is consistent with the public interest and will provide net benefits to Avista’s Oregon customers. The settlement agreement is subject to review and approval by the OPUC.
“This is yet another key milestone as we navigate the path toward completing this transaction,” said Mayo Schmidt, President and CEO, Hydro One. “Once complete, this merger of two leading institutions will generate tremendous value for our organization, as well as our shareholders, employees and customers. We are very pleased by the progress we have been able to achieve in cooperation with all parties involved.”
“This settlement agreement is a positive next step in the process to finalize our partnership with Hydro One, for the benefit of our customers in Oregon and all of our stakeholders,” Avista Chairman and Chief Executive Officer Scott L. Morris said. “With the broad support of all of the parties in Oregon, we believe the settlement agreement meets the standard for approval in Oregon and affirms the commitments we’ve made to continue to operate as we do today, with local decision-making and increased community support.”
The settlement agreement in Oregon includes financial and non-financial commitments, and confirms Avista’s commitment to its customers and the communities it serves. Under the settlement agreement, customers in Oregon would receive immediate financial benefits in the form of rate credits that would become effective at the close of the transaction, along with additional safeguards to assure the continued financial well-being of Avista.
As a result of this settlement agreement in Oregon, settlement agreements in Washington, Idaho and Alaska and commitments in Montana, the total financial commitment across all states, if approved, would be approximately $78.6 million. No costs associated with the transaction will be recovered from Avista or Hydro One customers.
Please refer to www.puc.state.or.us for the joint application and settlement agreement (which includes the complete list of commitments).
In addition to Hydro One and Avista, the parties to the merger proceeding in Oregon include the OPUC staff, Oregon Citizens’ Utility Board, Alliance of Western Energy Consumers and the Oregon and Southern Oregon District Council of Laborers.
Applications for regulatory approval of the transaction are still pending with utility commissions in Washington, Alaska, Idaho, Oregon and Montana. An all-parties, all-issues settlement agreement was filed with the Washington Utilities and Transportation Commission on March 27, 2018. An all-parties, all-issues settlement agreement was filed with the Regulatory Commission of Alaska on April 3, 2018. An all-parties, all-issues settlement agreement was filed with the Idaho Public Utilities Commission on April 13, 2018. A settlement agreement with the City of Colstrip was filed with the Montana Public Service Commission on May 15, 2018.
Hydro One and Avista received the Federal Communications Commission’s consent on May 4, 2018 to close their merger and antitrust clearance on April 5, 2018 after the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction received approval from the Federal Energy Regulatory Commission on January 16, 2018 and from Avista shareholders on November 21, 2017. The Committee on Foreign Investment in the United States completed its review of the proposed merger on May 18, 2018, and has concluded that there are no unresolved national security concerns with respect to the transaction. Also required is the satisfaction of other customary closing conditions. Hydro One and Avista continue to anticipate closing the transaction in the second half of 2018.
For further information:
Hydro One
Media:
Jay Armitage
Director, Corporate Communications
[email protected] , 416-345-6868
Investors:
Omar Javed
Vice President, Investor Relations
[email protected] , 416-345-5943
Avista
Media:
Casey Fielder, Communications Manager
[email protected] , 509-495-4916
Investors:
Lauren Pendergraft, Investor Relations Manager
[email protected] , 509-495-2998
About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, over C$25 billion in assets and 2017 annual revenues of nearly C$6 billion. Our team of over 7,400 skilled and dedicated regular and non-regular employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km of high-voltage transmission and 123,000 circuit km of primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network through Hydro One Telecom Inc. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX:H).
Forward-Looking Statements and Information
This press release and the joint application and settlement agreement to which it refers may contain “forward-looking information” within the meaning of applicable securities laws. Words such as “expect,” “anticipate,” “intend,” “attempt,” “may,” “plan,” “will”, “can”, “believe,” “seek,” “estimate,” and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One’s filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com . Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
About Avista Corporation
Avista Corporation is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 385,000 customers and natural gas to 350,000 customers. Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company . Avista stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.myAvista.com .
This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2017 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
Source:Avista Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-hydro-one-and-avista-file-a-settlement-agreement-in-oregon-merger-case.html |
Maersk enjoying some benefits from rise in oil prices, CEO says 12 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/2018/05/17/maersk-enjoying-some-benefits-from-rise-in-oil-prices-ceo-says.html |
May 20, 2018 / 5:08 PM / Updated an hour Yorkshire and Warwickshire on Sunday at Leeds, England Warwickshire win by 5 wickets Yorkshire 1st innings Adam Lyth lbw Jeetan Patel 38 Tom Kohler-Cadmore c Olly Stone b Aaron Thomason 39 Cheteshwar Pujara c Tim Ambrose b Olly Stone 73 Harry Brook c Tim Ambrose b Olly Stone 17 Jack Leaning c Tim Ambrose b Jeetan Patel 7 Adil Rashid c Tim Ambrose b Jeetan Patel 4 Andy Hodd b Jeetan Patel 1 Tim Bresnan c Tim Ambrose b Keith Barker 25 James Wainman Not Out 18 Steven Patterson Run Out Jeetan Patel 7 Extras 4b 1lb 2nb 0pen 11w 18 Total (50.0 overs) 247-9 Fall of Wickets : 1-80 Kohler-Cadmore, 2-85 Lyth, 3-112 Brook, 4-133 Leaning, 5-139 Rashid, 6-149 Hodd, 7-204 Bresnan, 8-224 Pujara, 9-247 Patterson Did Not Bat : Coad Keith Barker 10 1 40 1 4.00 Olly Stone 10 1 45 2 4.50 1w Henry Brookes 10 0 59 0 5.90 3w 1nb Aaron Thomason 8 0 51 1 6.38 2w Jeetan Patel 10 2 33 4 3.30 1w Jonathan Trott 2 0 14 0 7.00 Warwickshire 1st innings Ed Pollock b Ben Coad 26 Jonathan Trott Run Out Tim Bresnan 50 Sam Hain Not Out 102 Ian Bell c Tom Kohler-Cadmore b James Wainman 5 Adam Hose c Adil Rashid b Ben Coad 44 Tim Ambrose c Andy Hodd b James Wainman 2 Aaron Thomason Not Out 8 Extras 2b 6lb 0nb 0pen 3w 11 Total (45.4 overs) 248-5 Fall of Wickets : 1-39 Pollock, 2-126 Trott, 3-134 Bell, 4-231 Hose, 5-235 Ambrose Did Not Bat : Barker, Patel, Stone, Brookes Tim Bresnan 5 0 44 0 8.80 Ben Coad 10 0 40 2 4.00 1w Steven Patterson 7.4 0 42 0 5.48 Adil Rashid 10 0 46 0 4.60 1w James Wainman 10 0 53 2 5.30 1w Adam Lyth 3 0 15 0 5.00 Umpire Richard Kettleborough Umpire Graham Lloyd Home Scorer John Potter Away Scorer Melvin Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5K1E4NHM |
May 11 (Reuters) - EMPERIA HOLDING SA
* WARSAW STOCK EXCHANGE (WSE) RESOLVES TO SUSPEND TRADING IN SHARES OF EMPERIA HOLDING SA AS OF MAY 11
* DECISION FOLLOWS THE FACT THAT WSE RECEIVED NOTIFICATION OF INTENTION TO ANNOUNCE MANDATORY SQUEEZE-OUT FOR SHARES OF EMPERIA HOLDING
Source text: bit.ly/2rBXZxK
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SI17Y |
LONDON, May 23 (Reuters) - The cost of insuring exposure to Italian and Spanish sovereign debt rose to new multi-month highs on Wednesday amid mounting concerns over political risk emanating from Rome and broader pressure on markets.
Italy’s 5-year credit default swaps (CDS) hit the highest in nearly 12 months at 152 basis points (bps), up 13 bps from Tuesday’s close, according to data from IHS Markit.
Meanwhile Spain’s 5-year CDS rose to 61 bps, a six-month high and up 6 bps on the day. (Reporting by Karin Strohecker; editing by Sujata Rao)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-debt-cds/italy-cds-hit-highest-in-nearly-a-year-on-political-risk-idUSS8N1MY01W |
May 27, 2018 / 4:29 PM / Updated an hour ago Rugby-England suffer heavy loss to inspired Barbarians Reuters Staff 1 Min Read
LONDON, May 27 (Reuters) - England’s preparations for their tour of South Africa suffered a setback as they lost 63-45 to the Barbarians in a non-cap match at Twickenham on Sunday, their fourth defeat in a row.
The hosts fielded a mixture of regular internationals and young players, but the inexperienced lineup was no match for the power of the Barbarians who ran in nine tries in an entertaining game full of running rugby.
Winger Chris Ashton, who has 39 caps for England, grabbed a hat-trick of tries for the Barbarians inside 25 minutes as they crossed the line five times in the first half.
Danny Cipriani made his return to the England side for the first time since 2015 for the second half, but he could not inspire an England fightback, leaving coach Eddie Jones with much to ponder ahead of the first test in South Africa on June 9. (Reporting by Peter Hall, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-eng-bar/rugby-england-suffer-heavy-loss-to-inspired-barbarians-idUKL2N1SY07H |
(Corrects to remove reference of Ipreo being IHS Markit’s rival in headline and first paragraph)
May 21 (Reuters) - Data firm IHS Markit Ltd said on Monday it will buy Ipreo from private equity funds of BlackStone Group LP and Goldman Sachs for $1.86 billion to expand its contracts business and shore up its financial services operations.
IHS, whose diverse set of businesses range from selling data on automotive and technology industries to publishing Jane’s Defence Weekly, said the deal will be funded through debt financing from HSBC.
The deal is a windfall for the buyout arm of Blackstone and Goldman Sachs, which acquired Ipreo from KKR & Co LP in April 2014 for little less that $975 million. ( reut.rs/2rUKVEW )
Ipreo’s valuation has gained about four times since 2011 when KKR took over Ipreo in a $425 million deal.
The company was created in 2006 when private equity firm Veronis Suhler Stevenson LLC merged i-Deal LLC and Hemscott Group Ltd, with backing from Citigroup Inc and Merrill Lynch.
Ipreo supports banks, public and private companies raise capital. The deal is expected to close in the second half of 2018, subject to regulatory approvals.
Thomson Reuters Corp, the parent company of Reuters News, competes with Ipreo and IHS Markit in some segments of the financial data business.
Barclays and HSBC are the financial advisers for IHS Markit, which is based in London. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur, Bernard Orr)
| ashraq/financial-news-articles | https://www.reuters.com/article/ipreo-ma-ihs-markit/update-1-data-firm-ihs-markit-to-buy-rival-ipreo-for-1-86-bln-idUSL3N1SS3M9 |
May 22, 2018 / 2:05 PM / Updated 7 minutes ago Petrobras CEO says Brazil govt not interfering in fuel pricing Reuters Staff 1 Min Read
BRASILIA, May 22 (Reuters) - The CEO of Brazilian state-run oil company Petroleo Brasileiro SA said on Tuesday that the federal government is not interfering with the firm’s ability to set its own prices, though it is concerned about a steep hike in the price of diesel.
Pedro Parente told reporters in Brasilia after a meeting with the finance and energy ministers that there was no discussion of Petrobras changing its pricing strategy, and that it was not the government’s goal to interfere. A sharp rise in diesel prices in the past year has ignited a nationwide protest by truckers, who are blocking key highways in agricultural and industrial hubs. (Reporting by Matheus Maia Writing by Brad Brooks) | ashraq/financial-news-articles | https://www.reuters.com/article/petrobras-prices-parente/petrobras-ceo-says-brazil-govt-not-interfering-in-fuel-pricing-idUSE6N1QQ052 |
(Adds European futures, updates levels throughout)
* MSCI ex-Japan eases 0.4 pct after three days of gains
* Euro near 6-1/2 month lows on political turmoil in Italy
* Markets fear a snap Italian election will turn into referendum on EU
* Oil remains under pressure, gold flat
By Swati Pandey
SYDNEY, May 29 (Reuters) - Asian shares fell on Tuesday and the euro struggled near 6-1/2 month lows as early elections loomed in Italy, although a revival in diplomatic talks with North Korea and a retreat in oil prices supported sentiment.
European shares looked set to extend losses, spreadbetters showed, as investors feared Italy’s election campaign could focus on the country’s membership of European institutions after the anti-establishment 5-Star and League parties abandoned plans to form a government.
FTSE futures slipped 0.5 percent while Eurostoxx 50 futures eased 0.1 percent.
Adding to the uncertainty, Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday.
All that hit risk appetite, sending MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.4 percent after three consecutive sessions of gains.
E-Mini futures for the S&P500 also gave up early gains.
Japan’s Nikkei skidded 0.6 percent. Chinese shares were in the red, too, with the blue-chip down 0.6 percent and Hong Kong’s Hang Seng index off 0.7 percent.
Liquidity was relatively thin with public holidays in Singapore, Malaysia, Indonesia and Thailand.
“The market has turned its focus to the continuing political situation in Italy,” said Nick Twidale, Sydney-based analyst at Rakuten Securities Australia.
“This should keep the risk trades pressured to the downside,” Twidale added.
“(The) focus will remain on the on-again, off-again U.S.-North Korean summit and the U.S.-China trade relationship as we move through the Asian trading session.”
A top aide to North Korean leader Kim Jong Un arrived in Singapore on Monday night, Japanese public broadcaster NHK reported, and the White House said a “pre-advance” team was traveling to Southeast Asian city-state to meet with the North Koreans.
The reports indicate that planning for the historic summit, initially scheduled for June 12, is moving ahead after Trump called it off last week. A day later, Trump said he had reconsidered, and officials from both countries were meeting to work out details.
CURRENCIES, OIL The euro held at $1.1630 from Monday’s $1.1608, its lowest since early November.
The dollar rose 0.2 percent against a basket of major currencies to stay near the highest since mid-November.
But against safe harbour yen, it dipped to 109 to edge closer to a recent three-week trough of 108.94.
In a sign that investors were flocking to safer bets, U.S. 10-year Treasuries opened at six-week lows at 2.886 percent after a U.S. holiday on Monday.
Analysts will next focus their attention on U.S. inflation data due later in the week which could provide clues to future interest rate rises ahead of the Federal Reserve policy meeting next month.
Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude, even as U.S. oil output rises.
U.S. crude futures tumbled to six-week lows and looked set for a fifth straight day of declines. The July contract was last down 1.6 percent at $66.81 a barrel.
Brent crude futures edged up 0.3 percent after dropping to $74.49 per barrel on Monday, their lowest in about three weeks. They were last at $75.53.
Spot gold was barely changed at $1,298.01 an ounce.
Reporting by Swati Pandey Editing by Kim Coghill and Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-shares-fall-on-italian-turmoil-euro-near-6-1-2-mth-lows-idUSL3N1T0281 |
May 8, 2018 / 9:15 PM / Updated 21 hours ago Sale of NASCAR could be positive step-analysts Frank Pingue 3 Min Read
(Reuters) - A potential sale of NASCAR could be just the ticket the American auto racing circuit needs to return to its former glory after struggling for years with declining ratings and admissions revenues, according to sports industry analysts. FILE PHOTO: Competitors race past the U.S. flag in turn four on race day for NASCAR's Alabama 500 at Talladega Superspeedway in Lincoln, Alabama, U.S. October 15, 2017. Picture taken October 15, 2017. REUTERS/Jonathan Ernst/File Photo
NASCAR’s jaw-dropping speed and collisions once attracted fans in droves but they have been racing away from the sport even faster over the last decade for a variety of reasons, including the failure to register with millennial viewers.
The France family, who own NASCAR, are now exploring options that include a sale of a majority stake of the sanctioning body, as Reuters first reported on Monday.
A sale could prove to be a much-needed positive step forward for stock-car racing’s premier circuit.
“The current ownership is maybe not the most forward thinking, maybe not the quickest to respond,” Bob Dorfman, a sports marketing expert at Baker Street Advertising in San Francisco, said in a telephone interview.
“So maybe it would be a good time for somebody new to be in there and try some new ideas and be a little edgier and see if there are ways to capture a younger market and try to make up for all the older folks that are going away.”
A little over 10 years ago NASCAR was dubbed “America’s Fastest Growing Sport” by Fortune given the mix of soaring TV ratings, packed stadiums and sponsors who flocked to make their brands visible on race cars.
But a slew of factors, including high ticket prices, a steady stream of top drivers retiring, and rule changes that alienated the older fanbase and failed to capture the interest of new fans, saw the once growing sport hit a roadblock. EMPTY SEATS
Attendance declined so much that grandstands built to accommodate the gathering masses were razed to avoid depressing images of swaths of deserted stands.
While empty seats are not uncommon in other sports, they have perhaps a greater impact on NASCAR given that its economic model relies on sponsorship and empty seats shine a light on a lack of interest.
“We’ve seen the price for pro U.S. sports franchises skyrocket but NASCAR’s fortunes have not been as good as the other sports leagues,” said Victor Matheson, a specialist in sports economics at the College of the Holy Cross in Massachusetts.
“As recently as 10 years ago we were starting to talk about maybe NASCAR as the fifth major league in the United States and nowadays no one is talking like that anymore.”
Despite the struggles, analysts say NASCAR remains a strong and recognizable brand that could enjoy better days if a suitable buyer with a vision surfaces.
Analysts say the France family should not shoulder all the blame for the current problems, suggesting part of NASCAR’s struggles are due simply to a younger market of potential viewers who are not into cars like the previous generation.
“Part of it is the times,” said Dorfman. “And part of it is maybe a little cooler, hipper ownership could make a difference.”
NASCAR declined to comment for this story. Reporting by Frank Pingue in Toronto | ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-nascar/sale-of-nascar-could-be-positive-step-analysts-idUSKBN1I937R |
May 9, 2018 / 8:03 AM / Updated 2 minutes ago EU defense of Iran deal brings companies little relief John Irish , John Revill 6 Min Read
PARIS/MUNICH (Reuters) - European governments vowed on Wednesday to try to shield their improved economic ties with Iran from the impact of renewed U.S. sanctions, but business leaders struck a more pessimistic note. FILE PHOTO: Siemens AG headquarters in Munich, Germany June 14, 2016. REUTERS/Michaela Rehle/File Photo
The EU said it remained committed to the 2015 Iran nuclear deal and the suspension of its own sanctions, the day after President Donald Trump announced Washington’s withdrawal from the pact. French Foreign Minister Jean-Yves Le Drian also insisted the deal was “not dead”.
However, companies with active Iranian investments or plans mostly stayed quiet on the viability of those projects beyond a “wind-down” period of three to six months until the United States reimposes sanctions on entities doing business with Tehran.
Siemens is still “assessing the implications of the Iran decision”, the German industrial giant’s Chief Financial Officer Ralf Thomas told reporters on a call.
“One of the strongest industrialized countries in the world has made a political decision - as an industrial company we have to recognize that,” Thomas said. Existing projects will be completed “as far as legally possible”, he added.
Trump’s move will lead to the reimposition of U.S. penalties that were waived under the three-year-old nuclear deal, including financial sanctions that had made it extremely difficult for global companies to do business with or in Iran.
Companies worst affected are likely to include plane manufacturer Airbus ( AIR.PA ), Peugeot maker PSA Group ( PEUP.PA ) and its fellow French automaker Renault ( RENA.PA ).
France is seeking an understanding with the U.S. to safeguard its carmakers’ significant Iran investments, a government official said. PSA, which sold 445,000 vehicles in Iran last year, called on the European Union to maintain a united front in defense of the nuclear agreement. RUFFLED FEATHERS
Germany’s BDI industry association also said the EU, Russia and China should commit clearly to the deal, after Washington’s new ambassador ruffled feathers by tweeting: “German companies doing business in Iran should wind down operations immediately.” Flag with Airbus logo is pictured at the Airbus A380 final assembly line at Airbus headquarters in Blagnac near Toulouse, France, March 21, 2018. REUTERS/Regis Duvignau
The nuclear detente had sparked great hopes for the opening of the Iranian market, BDI head Dieter Kempf said. “These hopes have now clearly been dimmed.”
Government and company officials said business with Iran had slowed recently in anticipation of Washington’s likely withdrawal from the deal.
France, Germany and Italy have introduced euro-denominated export guarantees designed to avoid U.S. dollar exposure and withstand sanctions, while the EU may resort to sanctions-blocking statutes ordering companies not to comply.
In updated advice to businesses, however, the British government said: “How UK companies act in response to U.S. sanctions is a commercial and legal decision for that company.”
The renewed sanctions “may have implications for UK businesses and individuals dealing with Iran”, it added.
British exports to Iran rose nearly 40 percent in 2016 to 262 million pounds ($356 million), dwarfed by the 3 billion euros of German exports recorded last year, up 15 percent.
Volkswagen, which resumed exports to Iran in 2017, said it was monitoring the situation closely. ON HOLD
Some European banks that had resumed financing Iranian entities after the nuclear deal said they had already stopped doing so in anticipation of Trump’s move.
“During recent months the operational and reputational risks associated with doing business in Iran have increased,” Danske Bank’s spokesman Kenni Leth said.
“Earlier this year we decided to phase out and exit all activities to and from Iran and suspend our existing relations with Iran.”
Austria’s Oberbank decided last November not to provide financing to Iranian counterparts “due to the constantly changing political framework,” a spokesman said.
Germany’s Hermes export guarantee scheme for Iran remains in place for the time being, the country’s economy ministry said.
But France’s export finance program, which had been due to launch in May-June, has been “put on hold” in recent weeks pending Trump’s decision, several French officials told Reuters.
Euro-denominated export finance is still being discussed, an Elysee official said, “but it’s not necessarily that simple”.
The bpifrance sovereign fund, which was due to administer the scheme, declined to comment.
French officials will be focused on helping companies exit Iran within the wind-down periods, said one - or on seeking unlikely U.S. waivers or assurances for activities they want to pursue beyond the deadlines.
Companies “will have to choose between their Iranian economic interests and their potential U.S. interests,” said a senior diplomat. “Generally that decision is quickly made in favor of the U.S.”
That is precisely the kind of risk calculation the Trump administration appears to be banking on.
“Companies should not do business in Iran,” a U.S. State Department official said in a phone briefing for reporters on Wednesday, when asked whether foreign business interests could be damaged as an unintended consequence of sanctions.
“That’s an intended consequence, and we thank our ambassador out there for reaffirming that message.” Writing by Laurence Frost; Additional reporting by Gilles Guillaume, Michael Nienaber, Mathieu Rosemain, David Milliken, Teis Jensen and Kirsti Knolle; Editing by Sudip Kar-Gupta and Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-companies/siemens-psa-and-airbus-monitoring-iran-developments-after-trump-move-idUSKBN1IA0WK |
May 1, 2018 / 11:21 AM / Updated 13 minutes ago BRIEF-Dorman Products Q1 Adjusted Earnings Per Share $0.96 Reuters Staff
May 1 (Reuters) - Dorman Products Inc:
* DORMAN PRODUCTS, INC. REPORTS FIRST QUARTER 2018 RESULTS, RE-AFFIRMS 2018 GUIDANCE * Q1 GAAP EARNINGS PER SHARE $0.93
* Q1 REVENUE $227.3 MILLION VERSUS I/B/E/S VIEW $234 MILLION
* Q1 EARNINGS PER SHARE VIEW $1.03 — THOMSON REUTERS I/B/E/S * SEES FY 2018 ADJUSTED EARNINGS PER SHARE $4.10 TO $4.32
* DORMAN PRODUCTS - RE-ITERATED 2018 NET SALES GROWTH BETWEEN 6 PERCENT TO 9 PERCENT Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dorman-products-q1-adjusted-earnin/brief-dorman-products-q1-adjusted-earnings-per-share-0-96-idUSASC09YJ0 |
LONDON/MILAN (Reuters) - Italy’s Trevi ( TFI.MI ) has chosen Bain Capital Credit for a deal worth more than 900 million euros ($1.06 billion) to rescue the engineering firm, four sources told Reuters.
FILE PHOTO: The Leaning Tower of Pisa is seen against blue skies July 19, 2012. The 'Torre di Pisa' is the bell tower of the Cathedral of the Italian city of Pisa, known worldwide for its unintended tilt to one side. The tower began to lean in 1178 due to soft ground on one side support the structure's weight. REUTERS/Clarissa Cavalheiro/File Photo Trevi has done foundation work on the New Library of Alexandria in Egypt, the Tower of Pisa and the sphinxes of Abu-Simbel and is now working on shoring up Iraq’s Mosul Dam. But it has become mired in debt which has forced it into a sale.
Based in the northern Italian city of Cesena, Trevi has been hit by a slowdown in the oil and gas industry and a construction downturn, forcing it to restructure its debt, which has risen due to its capital-intensive business model.
Bain Capital Credit has won the auction, the sources said, beating a rival proposal by U.S. investment fund Sound Point Capital to land one of Italy’s biggest corporate restructurings.
A third offer by Quattro R, an investment fund backed by Italy’s state lender Cassa Depositi e Prestiti (CDP), which ranks as Trevi’s second biggest investor, was pulled earlier this year following due diligence, the sources said.
Bain Capital Credit and Sound Point Capital were not immediately available for comment, while Milan-listed Trevi and Quattro R declined to comment.
Trevi shares have lost more than 90 percent of their value since 2014, falling from 5.7 euros to 0.4 euros, while net debt rose to 620 million euros in 2017 from 500 million in 2016.
FILE PHOTO: Traditional dancers perform during a show about the history of Pharaohs in Hurghada, about 464 km (288 miles) from the capital Cairo, June 17, 2013. Seen in the backdrop are mock-ups of a sphinx (R) and the temples of Abu Simbel (L), Karnak (2nd L) and Luxor (2nd R). REUTERS/Amr Abdallah Dalsh/File Photo The stock rose as high as 0.4065 euros after Reuters reported the Bain decision, before falling 1.6 percent to 0.4030 euros by 1130 GMT.
As part of its rescue deal, Bain will issue 150 million euros of new debt to keep the company afloat, the sources said.
To view a graphic on Trevi share price over the last 4 years, click: reut.rs/2Lkwm5k
EXISTING OWNERSHIP Bain, which is being advised by Mediobanca, will deploy “super senior bonds” which put holders at the top of the pecking order for repayment. Its proposal also involves a partial conversion of Trevi’s debt into financial instruments other than shares, the sources said.
This is aimed at preserving Trevi’s existing ownership structure, with the Trevisani family remaining its top investor through their holding vehicle Ifit, with a 32 percent stake.
CDP has a 16 percent stake, while the third largest investor is U.S. fund Polaris Capital Management with a 10 percent stake.
Trevi has 765 million euros of gross debt, one of the sources said, adding Bain has pledged to reduce the company’s leverage ratio to three times its earnings before interest, taxes, depreciation and amortization (EBITDA) by 2019.
Two of the sources said investors were split on selecting a buyer, adding that Sound Point had made a debt and equity proposal involving a 100 million euro capital increase aimed at cutting Trevi’s leverage ratio to 2.5 times EBITDA by 2019.
This plan was positively received by some investors and could eventually be resurrected if Bain fails to deliver on its promised turnaround, one of the sources said.
Polaris, which was not available for comment, recently contacted Trevi to express concern about any deal that would increase the overall debt load, a letter seen by Reuters shows.
The U.S. fund said it would not back Bain’s proposal, siding instead with Sound Point Capital as it envisaged raising equity.
Reporting by Pamela Barbaglia, editing by Silvia Aloisi/Louise Heavens and Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trevi-m-a-bain-exclusive/exclusive-bain-capital-credit-wins-rescue-deal-for-italys-trevi-sources-idUSKCN1IO1DS |
May 11, 2018 / 5:42 PM / Updated 11 minutes ago UPDATE 2-English Two Leicestershire and Glamorgan on Friday at Leicester, England Glamorgan trail Leicestershire by 109 runs with 10 wickets remaining Leicestershire 1st innings Michael Carberry c Chris Cooke b Michael Hogan 1 Paul Horton lbw Timm van der Gugten 7 Colin Ackermann c Michael Hogan b Timm van der Gugten 0 Mark Cosgrove lbw Marchant de Lange 14 Ateeq Javid c Chris Cooke b David Lloyd 13 Neil Dexter c Jack Murphy b Andrew Salter 87 Lewis Hill b Marchant de Lange 13 Ben Raine b Michael Hogan 2 Callum Parkinson c Nick Selman b Michael Hogan 30 Varun Aaron lbw Marchant de Lange 0 Gavin Griffiths Not Out 0 Extras 1b 14lb 8nb 0pen 1w 24 Total (69.1 overs) 191 9 Horton, 2-9 Ackermann, 3-9 Carberry, 4-33 Cosgrove, 5-45 Javid, 6-67 Raine, 7-147 Parkinson, 8-181 Hill, 9-191 Aaron, 10-191 Dexter Timm van der Gugten 15 5 42 2 2.80 1w Michael Hogan 16 3 41 3 2.56 David Lloyd 14 5 24 1 1.71 1nb Marchant de Lange 18 6 56 3 3.11 3nb Andrew Salter 6.1 3 13 1 2.11 Glamorgan 1st innings Nick Selman Not Out 39 Jack Murphy Not Out 32 Extras 4b 0lb 2nb 0pen 5w 11 Total (24.0 overs) 82-0 Ben Raine 9 4 17 0 1.89 Varun Aaron 7 0 32 0 4.57 1w 1nb Gavin Griffiths 3 1 18 0 6.00 Neil Dexter 3 1 7 0 2.33 Callum Parkinson 2 1 4 0 2.00 Umpire Michael Burns Umpire Peter Hartley | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idUKMTZXEE5BKRQW4H |
May 9 (Reuters) - Chefs’ Warehouse Inc:
* THE CHEFS’ WAREHOUSE REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* SEES FY 2018 SALES $1.4 BILLION TO $1.44 BILLION * Q1 SALES $318.6 MILLION VERSUS I/B/E/S VIEW $319.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.01 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $0.74, REVENUE VIEW $1.42 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-chefs-warehouse-q1-gaap-earnin/brief-the-chefs-warehouse-q1-gaap-earnings-per-share-0-02-idUSASC0A13M |
May 10 (Reuters) - Noble Energy Inc:
* NOBLE ENERGY FINALIZES STRATEGIC PIPELINE AGREEMENT TO MOVE PERMIAN CRUDE OIL TO CORPUS CHRISTI
* NOBLE ENERGY - FINALIZED AGREEMENT WITH EPIC PIPELINE LP TO TRANSPORT CRUDE OIL FROM CO’S DELAWARE BASIN ACREAGE POSITION TO CORPUS CHRISTI, TEXAS
* NOBLE ENERGY INC - SECURED FIRM CAPACITY FOR 100 THOUSAND BARRELS OF OIL PER DAY (MBBL/D) FOR A 10-YEAR PERIOD BEGINNING AT PIPELINE START-UP
* NOBLE ENERGY INC - HAS SECURED OPTIONS TO ACQUIRE UP TO 30 PERCENT OWNERSHIP IN EPIC CRUDE PIPELINE
* NOBLE ENERGY INC - SECURED OPTIONS TO ACQUIRE UP TO 15 PERCENT OWNERSHIP IN EPIC NGL PIPELINE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-noble-energy-finalizes-strategic-p/brief-noble-energy-finalizes-strategic-pipeline-agreement-to-move-permian-crude-oil-to-corpus-christi-idUSFWN1SH1PT |
MOSCOW, May 17 (Reuters) - Russian lawmakers on Thursday voted to postpone the second reading of draft legislation being discussed in the lower house of parliament that would make it a crime to comply with Western sanctions.
The lower house of parliament voted to hold consultations with businesses before proceeding with discussion of the draft law. Russian business lobby groups on Wednesday voiced opposition to the bill. (Reporting by Polina Nikolskaya Writing by Tom Balmforth Editing by Christian Lowe)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-russia-sanctions/russian-lawmakers-postpone-bill-making-u-s-sanctions-compliance-a-crime-idUSR4N1SG02F |
Conference call and webcast scheduled for Tuesday, May 15 th
at 2:30 pm CET/8:30 am EDT
Finalized Phase 3 trial design for eryaspase in second line pancreatic cancer; on track for expected start of patient enrollment in Q3 Selected triple-negative breast cancer as the next solid tumor indication; preparing Phase 2 trial with expected start of patient enrollment in Q3 Reported positive U.S. Phase 1 trial results in adult acute lymphoblastic leukemia; discussion with FDA upcoming Cash position of €171.8 million ($211.6 million) as of March 31, 2018
LYON, France--(BUSINESS WIRE)-- Regulatory News:
ERYTECH Pharma (Euronext: ERYP - Nasdaq: ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances inside red blood cells, today provided a business update and reported its financial results for the quarter ended March 31, 2018.
“Following our successful Nasdaq listing at the end of last year, the first quarter of this year has been focused on the execution of the plan to advance our pipeline into solid tumor indications,” said Gil Beyen, chief executive officer at ERYTECH. “Set up activities are on track for the launch of a pivotal Phase 3 trial in second line pancreatic cancer and a Phase 2 trial in first line triple-negative breast cancer. We are expanding our teams and increasing our manufacturing capacity in Europe and the U.S. Furthermore, we will meet with the FDA to discuss our ALL program and await the CHMP’s feedback on our MAA submission for relapsed and refractory ALL. We look forward to providing updates later this year.”
Business Highlights
Feedback was obtained from the Commission for Human Medicinal Products (CHMP) of the European Medicines Agency (EMA) on the design of the proposed Phase 3 trial with eryaspase in second line pancreatic cancer, confirming earlier feedback by the U.S. Food and Drug Administration (FDA). The proposed Phase 3 trial will evaluate eryaspase in combination with standard chemotherapy, compared to standard chemotherapy alone, in approximately 500 patients in the United States and Europe. The primary endpoint will be overall survival (OS). An interim analysis is foreseen when approximately two-thirds of events have occurred. Set up activities for this pivotal Phase 3 clinical trial are ongoing. Enrollment of the first patient is expected in the third quarter of 2018. Metastatic triple-negative breast cancer (TNBC) was selected as the next solid tumor indication for the development of eryaspase. TNBC is an aggressive and metabolically active form of breast cancer for which limited treatment options are available. The planned proof of concept Phase 2 trial will evaluate eryaspase in combination with standard chemotherapy, compared to standard chemotherapy alone, in approximately 60 previously untreated patients in Europe and the United States. An interim analysis is foreseen. The primary endpoint will be objective response rate. Set up activities are ongoing and start of patient enrollment is expected in the third quarter of 2018. ERYTECH is planning to expand the clinical development of eryaspase to first-line pancreatic cancer, as well as to other solid tumor indications. Program updates are expected later in 2018 and early 2019. Full results from the U.S. Phase 1 trial evaluating eryaspase in combination with chemotherapy for the treatment of first line adult ALL were presented at the annual meeting of the American Association for Cancer Research (AACR). The data showed eryaspase was well tolerated. Based on the pharmaco-kinetic data and the safety findings, the recommended dose for further clinical development was determined to be 100 U/kg. A meeting with the FDA to discuss the next steps in ALL in the United States is upcoming, based on which we expect to be able to provide feedback during the third quarter of 2018. Additionally, the Company also presented pre-clinical data on the combination of eryaspase and erymethionase, methionine-gamma-lyase encapsulated in red blood cells. The data in this study suggested that this combination could be promising in vitro and in vivo in a gastric cancer model with tumor growth inhibition in-vivo and decreased tumor cell viability in vitro. Earlier today, the Company announced the expansion of its executive management team with the addition of Alex Dusek as VP of Commercial Strategy, to lay the groundwork for commercial success and ensure commercial product preparedness, primarily in the U.S. He brings over 25 years of experience including commercial strategic roles at Argos Therapeutics, Bayer, and United Therapeutics.
Financial Highlights
Net loss for the three-month period ended March 31, 2018 was €11.7 million, compared to €6.5 million in the same period of 2017. The €5.2 million increase was primarily attributable to: An increase in R&D expenses by €1.9 million, related to the Company’s intensified clinical and regulatory activities, as well as the additional staffing for preclinical research and clinical development. An increase in G&A expenses by €0.8 million, resulting from continued infrastructure developments in line with the Company’s growth. The accounting of a €2.5 million financial loss, as the Company’s cash position denominated in euros was impacted by the negative currency exchange variation in the period of the U.S. dollar against the euro. As of March 31, 2018, ERYTECH had cash and cash equivalents totaling €171.8 million, compared with €185.5 million as of December 31, 2017. The €13.8 million decrease in total cash and cash equivalents in the three-month period comprised a total net cash utilization of €11.2 million for operating, investing and financing activities, and a €2.6 million negative foreign exchange impact on the Company’s cash position denominated in U.S. dollars. This financial accounting loss had no real cash impact, as the U.S. dollar position is kept in that currency for U.S. dollar disbursements.
Key Upcoming Milestones Expected in 2018
Meeting with the FDA to discuss next steps in ALL Launch of a pivotal Phase 3 clinical trial in second-line pancreatic cancer in Europe and the United States Launch of a Phase 2 proof-of-concept clinical trial in TNBC CHMP opinion on MAA resubmission for GRASPA® in R/R ALL Initiation of a Phase 2 proof-of-concept clinical trial in first-line pancreatic cancer Initiation of Phase 1 clinical trial with erymethionase
First Quarter Results 2018 Conference Call Details
As a reminder, ERYTECH management will hold a conference call and webcast on Tuesday, May 15 th , 2018 at 02:30pm CET / 08:30am EDT to discuss business highlights and financial results for the first quarter of 2018. Gil Beyen, Chairman and CEO, Eric Soyer, CFO and COO and Iman El-Hariry, CMO will deliver a brief presentation, followed by a Q&A session.
The call is accessible via the below teleconferencing numbers, followed by the Conference ID#: 3498017#
USA/Canada : +1 833 818 6807
United-Kingdom : +44 2031070289
Switzerland : +41 445802606
Germany : +49 6922224728
France : +33 176748988
Belgium : +32 24003547
Sweden : +46 856619361
Finland : +358 972519310
Netherlands : +31 207075547
Spain : +34 914142503
The webcast can be followed live online via the link: https://edge.media-server.com/m6/p/wq3dzxoy
An archived replay of the call will be available for 7 days by dialing + 1 800 585 8367, Conference ID: 3498017#
An archive of the webcast will be available on ERYTECH’s website, under the “Investors” section at investors.erytech.com
2018 Financial Calendar:
General Assembly Meeting of Shareholders: Friday, June 22, 2018 at 10:00am CET in Paris Quarterly financial updates: Business Update and Financial Highlights for the 2nd quarter and first-half of 2018: September 17, 2018 (after U.S. market close), followed by a conference call and webcast on September 18, 2018 (2:30pm CET/8:30am ET) Business Update and Financial Highlights for the 3rd quarter of 2018: November 12, 2018 (after U.S. market close), followed by a conference call and webcast on November 13, 2018 (2:30pm CET/8:30am ET)
Upcoming Investor Conferences:
BioEquity Europe 2018, May 16, Ghent Gilbert Dupont Annual Healthcare Conference, May 29, Paris Jefferies 2018 Global Healthcare Conference, June 5-6, New York Journée Valeurs Moyennes SFAF, June 20, Paris JMP Life Sciences Conference, June 20, New York European Midcap Event – Spring, June 26-27, Paris
About ERYTECH: www.erytech.com
Founded in Lyon, France in 2004, ERYTECH is a clinical-stage biopharmaceutical company developing innovative therapies for rare forms of cancer and orphan diseases. Leveraging its proprietary ERYCAPS platform, which uses a novel technology to encapsulate therapeutic drug substances inside red blood cells, ERYTECH has developed a pipeline of product candidates targeting markets with high unmet medical needs. ERYTECH’s initial focus is on the development of products that target the altered amino acid metabolism of cancer cells, depriving them of nutrients necessary for their survival.
The Company’s lead product, eryaspase, also known under the trade name GRASPA®, consists of an enzyme, L-asparaginase, encapsulated inside donor-derived red blood cells. L-asparaginase depletes asparagine, a naturally occurring amino acid essential for the survival and proliferation of cancer cells. L-asparaginase has been a standard component of multi-agent chemotherapy for the treatment of pediatric acute lymphoblastic leukemia (ALL), but side effects limit treatment compliance, especially in adults and patients with weak performance status.
Eryaspase demonstrated positive efficacy and safety results in various clinical trials in ALL, including in a Phase 2 study in patients over 55 years of age and in a Phase 2/3 trial in relapsed or refractory ALL patients, as well as in pancreatic cancer, where it achieved positive results in a Phase 2b trial of second-line treatment of patients with metastatic pancreatic cancer. ERYTECH is preparing for the launch of a pivotal Phase 3 clinical trial in second line pancreatic cancer and Phase 2 trials in first line pancreatic cancer and triple-negative breast cancer.
ERYTECH produces eryaspase at its own GMP-approved and operational manufacturing site in Lyon (France), and at a site for clinical production in Philadelphia (USA). ERYTECH has entered into licensing and distribution partnership agreements for eryaspase for ALL and AML in Europe with Orphan Europe (Recordati Group), and for ALL in Israel with TEVA, which will market the product under the GRASPA® brand name. The European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) have granted orphan drug designations for eryaspase for the treatment of ALL, AML and pancreatic cancer.
In addition to eryaspase, ERYTECH is developing erymethionase, methionine-γ-lyase encapsulated in red blood cells, to target cancer cells’ amino acid metabolism and induce tumor starvation. ERYTECH is also exploring the use of its ERYCAPS platform for developing cancer immunotherapies (ERYMMUNE) and enzyme replacement therapies (ERYZYME).
ERYTECH is listed on the Nasdaq Global Select Market in the United States (ticker: ERYP) and on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: ERYP). ERYTECH is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes.
Forward-looking information
This press release contains , forecasts and estimates with respect to the clinical results from and the development plans of eryaspase, business and regulatory strategy, and anticipated future performance of ERYTECH and of the market in which it operates. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. All statements contained in this press release other than statements of historical facts are , including, without limitation, statements regarding the potential of ERYTECH’s product pipeline, its clinical development and regulatory plans for eryaspase, the timing of ERYTECH’s clinical studies and trials and announcements of data from those studies and trials, and the contents and timing of decisions by the FDA and EMA regarding ERYTECH’s product candidates. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond ERYTECH's control. There can be no guarantees with respect to pipeline product candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Further description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), the Company’s Securities and Exchange Commission (SEC) filings and reports, including in the Company’s 2017 Document de Référence filed with the AMF in April 2018 and in the Company’s Annual Report on Form 20-F filed with the SEC on April 24, 2018 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such , forecasts and estimates. Furthermore, , forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these . ERYTECH disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in ERYTECH’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006177/en/
ERYTECH
Naomi Eichenbaum
Director Investor Relations
+33 4 78 74 44 38
+1 917 312 5151
[email protected]
or
NewCap
Julien Perez
Investor relations
Nicolas Merigeau
Media relations
+33 1 44 71 98 52
[email protected]
Source: ERYTECH Pharma | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-erytech-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
By now you've probably heard the old market adage, "sell in May and go away", at least a dozen times. But is there any truth to it? Using hedge fund analytics tool Kensho, CNBC compared the market's performance from May through October with the returns from the other half of the year.
The strategy refers to a seasonal trading approach where an investor will cash out of equity holdings in May, staying in cash until Halloween, a period which historically sees a jump in volatility, and gets back into the market in November.
Since 1980, however, the rhyming maxim has not really played out.
While it is true the period from May through October underperformed the remainder of the year, on average, but if you implemented the strategy, you would have missed out on some upside.
From May through October the S&P 500 logged an average gain of 1.9 percent, trading positively 68 percent of the time. The Dow rose 1 percent, trading positively 62 percent of the time. The Nasdaq was the top performer of the three during this period, gaining 2.7 percent and trading positively 66 percent of the time. When compounded over a longer period, these gains can add up to significant returns.
Now, those returns significantly underperform the period from November through April. The S&P 500 gained an average of 6.8 percent, trading positively 79 percent of the time. The Dow was the most consistent performer of the three, trading positively 86 percent of the time, while logging an average gain of 7.9 percent. The Nasdaq once again lead on average returns, gaining 8 percent, while trading positively 71 percent of the time.
Disclosure: NBCUniversal was a minority investor in Kensho prior to the firm being acquired by S&P. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/sell-in-may-stock-market-strategy-hasnt-really-worked-since-1980.html |
TransUnion:
* HEATHER RUSSELL JOINS TRANSUNION AS CHIEF LEGAL OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-heather-russell-joins-transunion-a/brief-heather-russell-joins-transunion-as-chief-legal-officer-idUSASC09YQI |
BEIJING, May 19 (Reuters) - The falling market share of foreign banks in China is “not a good thing”, a senior official with China’s banking and insurance regulator said on Saturday.
Chen Wenhui, the vice-chairman of the China Banking and Insurance Regulatory Commission (CBIRC), was speaking at a forum in Beijing.
Central bank governor Yi Gang said last month that China would allow domestic and foreign firms to compete on an equal footing and expand the business scope for foreign banks in China. (Reporting by Kevin Yao; Writing by David Stanway; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-banks/china-regulator-says-foreign-banks-falling-market-share-not-a-good-thing-idUSB9N1MW00I |
May 1 (Reuters) - Plantronics Inc:
* PLANTRONICS ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2018 FINANCIAL RESULTS
* Q4 NON-GAAP EARNINGS PER SHARE $1.05
* Q4 GAAP EARNINGS PER SHARE $0.29 * Q4 REVENUE $216.1 MILLION VERSUS I/B/E/S VIEW $208.8 MILLION
* SEES Q1 GAAP DILUTED EPS OF $0.29 TO $0.41 * SEES Q1 NON-GAAP DILUTED EPS OF $0.66 TO $0.78 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-plantronics-sees-q1-non-gaap-dilut/brief-plantronics-sees-q1-non-gaap-diluted-eps-of-0-66-to-0-78-idUSL8N1S85WN |
TSX:ACB
TSX:LEAF
Transaction to Create Preeminent Global Cannabis Company
EDMONTON and MARKHAM, ON, May 14, 2018 /PRNewswire/ - Aurora Cannabis Inc. ("Aurora") (TSX: ACB) and MedReleaf Corp. ("MedReleaf") (TSX: LEAF) are pleased to announce that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") whereby Aurora intends to acquire all of the issued and outstanding common shares of MedReleaf in an all-share transaction valued at approximately C$3.2 billion on a fully diluted basis (the "Transaction").
Proposed Transaction
Under the terms of the Arrangement Agreement, holders of MedReleaf common shares will receive 3.575 common shares of Aurora for each MedReleaf common share held (the "Exchange Ratio"). Upon completion of the Transaction, existing Aurora and MedReleaf shareholders would own approximately 61% and 39% of the pro forma company, respectively, on a fully diluted basis.
The Exchange Ratio implies a price of C$29.44 per MedReleaf common share and a premium of approximately 34%, based on the 20-day volume weighted average prices of Aurora and MedReleaf common shares on the Toronto Stock Exchange as of May 11, 2018.
Highlights of the Transaction
The proposed Transaction brings together two of Canada's premier cannabis companies with fully-aligned strategic visions and production philosophies, as well as complementary assets, distribution networks, products, and capabilities. The combined company will meet what Aurora and MedReleaf management teams consider to be the critical success factors in the industry, creating a powerful platform for accelerated growth on a global scale:
Industry leading scale : the Transaction brings together two leading operators with a total funded capacity of over 570,000 kg per year of high-quality cannabis, through nine facilities in Canada and two in Denmark. Low production costs and industry leading yields: Aurora's automated greenhouses are expected to deliver industry-leading efficiency and low production costs, delivering sustainably robust margins. MedReleaf's high-yield cultivation is expected to further enhance productivity and reduce costs across the combined entity's facilities. Extensive distribution channels in Canada and internationally: the two companies have established distribution agreements with Alberta's Alcanna (formerly Liquor Stores), Quebec's SAQ, Pharmasave and Shoppers Drug Mart in Canada, among others. Additionally, the companies have a rapidly growing international footprint through a network of in-country sales and distribution capabilities and supply and licensing agreements on five continents, including countries such as Germany, Italy, Brazil and Australia. Both companies are actively engaged in initiatives to further expand their international activities. Proven execution and agility across the value chain: creating a combined company, fully integrated across the entire value chain. The combined entity will be enabled to move with more agility and speed to capitalize on diversified opportunities in both the domestic and international markets, and create new, higher-margin opportunities across the value chain. Enhanced diversification: a more broadly diversified portfolio of award-winning high-quality flower and derivative products will enable the companies to establish strong brands across the various market segments. Brand leadership : three established medical brands, Aurora, CanniMed and MedReleaf, coupled with a portfolio of consumer and wellness brands - San Rafael '71, Woodstock, and AltaVie - all backed by detailed consumer and marketplace insights and advanced analytical frameworks. Innovation and R&D excellence: the expanded scientific team will focus on developing a robust pipeline of marketable IP, accessing higher-margin segments and new revenue streams. Aurora's Medical Centre of Excellence, formed through the combination of the Aurora and CanniMed science and product development teams, together with MedReleaf's ongoing studies with recognized research institutes, are expected to continue to evolve product innovation and create additional momentum for brand equity development on a global scale. Enhanced capital markets profile: the combined entity's expanded capital markets profile is expected to appeal to a broader shareholder audience, enhance trading liquidity and increase weighting in index tracking portfolios.
"This is a transformational transaction that brings together two pioneering cannabis companies, both committed to high technology, high quality and low cost production, to create a powerful platform for accelerated growth and success on a global scale," said Terry Booth, CEO of Aurora. "Our complementary assets, strategic synergies, and strong market positioning will provide us with critical mass and an excellent product portfolio in preparation for the adult consumer use market in Canada. Equally, the combination strengthens our capacity to service the rapidly expanding global medical cannabis markets, and amplifies our early-mover advantage. We are very excited about the combination of our respective science and R&D teams, which will position us exceptionally well for the development of high value-added products, addressing as yet unmet needs in the medical markets, and driving continued innovation for the adult consumer use market."
Neil Closner, CEO of MedReleaf, added, "MedReleaf was founded on the belief that by striving to be the Medical Grade Standard and bringing the highest level of quality and rigor to the cannabis industry, we would produce safe, consistent, and effective products that help improve the quality of life of our patients and, in time, provide an unrivaled experience for the adult use consumer. This, in turn, would drive growth and opportunity for our business. By combining with Aurora, an integrated producer with an exceptionally strong track record for execution, and deep domestic and international distribution capabilities, we will be ideally positioned to set the global standard for our industry at a pace that will be difficult to match."
Board of Directors' Recommendations
The Arrangement Agreement has been unanimously approved by the boards of directors of Aurora and MedReleaf, and each board recommends that their respective shareholders vote in favour of the Transaction.
The board of directors of MedReleaf and the special committee of the MedReleaf board of directors have obtained a fairness opinion from each of Canaccord Genuity Corp. and GMP Securities L.P. that, as of the date of the opinions, and subject to the assumptions, limitations, and qualifications on which such opinions are based, the consideration to be received by MedReleaf's shareholders pursuant to the Arrangement Agreement is fair, from a financial point of view, to the MedReleaf shareholders. The board of directors of Aurora has obtained an opinion from BMO Capital Markets that, as of the date of the opinion, and subject to the assumptions, limitations, and qualifications on which such opinion is based, the Exchange Ratio provided for in the Arrangement Agreement is fair from a financial point of view to Aurora.
Transaction Summary
The Transaction will be effected by way of a plan of arrangement completed under the Business Corporations Act (Ontario). The Transaction will require approval by at least 66 2/3% of the votes cast by the shareholders of MedReleaf present at a special meeting of MedReleaf shareholders. The issuance of Aurora common shares in connection with the Transaction will require the approval of a simple majority of the shareholders of Aurora present at a special meeting. Directors and officers of Aurora and MedReleaf have entered into support agreements pursuant to which they have agreed to vote their shares in favour of the Transaction. In addition, holders of approximately 56% of MedReleaf's issued and outstanding common shares have entered into irrevocable hard lock-ups to vote their shares in favour of the Transaction.
Upon completion of the Transaction, the board of directors of Aurora will be increased to 8 members, with Norma Beauchamp and Ronald Funk, currently independent Directors of MedReleaf, to be appointed to the board of directors of Aurora.
The Arrangement Agreement includes customary provisions including reciprocal non-solicitation provisions, subject to the right of each of MedReleaf and Aurora to accept a superior proposal in certain circumstances, with both Aurora and MedReleaf having a five business day right to match any such superior proposal for the other party. The Arrangement Agreement also provides for reciprocal termination fees of C$80 million if the Transaction is terminated in certain specified circumstances, as well as the payment of a C$15 million expense reimbursement fee if the Transaction is terminated in certain other specified circumstances.
In addition to shareholder approvals, the Transaction is subject to the receipt of certain regulatory court and stock exchange approvals and the satisfaction of other conditions customary in transactions of this nature.
Further information regarding the Transaction will be included in the information circulars that Aurora and MedReleaf will prepare, file, and mail in due course to their respective shareholders in connection with their special meetings to be held to consider the Transaction. The Arrangement Agreement will be filed on the SEDAR profiles of MedReleaf and Aurora on the SEDAR website at www.sedar.com .
None of the securities to be issued pursuant to the Arrangement Agreement have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issued in the Arrangement are anticipated to be issued in reliance upon the exemption from such registration requirements provided by Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Advisors and Counsel
BMO Capital Markets is acting as the exclusive financial advisor to Aurora. McMillan LLP is acting as legal counsel to Aurora.
Canaccord Genuity is acting as the exclusive financial advisor to the special committee of the board of directors of MedReleaf, who also received an independent fairness opinion from GMP Securities, and an independent financial diligence report from Deloitte LLP. Stikeman Elliott LLP is acting as legal counsel to MedReleaf. Davies Ward Phillips & Vineberg LLP is acting as legal counsel to shareholders of MedReleaf.
Press Conference and Analyst Call
Aurora and MedReleaf will hold a press conference at 10:00 a.m. Eastern time, details of which have been disseminated via media advisory. The presentation and multi-media assets will be available at: https://investor.auroramj.com/#/investor-info#aurora-medreleaf
Conference Call and Webcast Access Information
Aurora and MedReleaf will host a webcast conference call, including a slide presentation, to discuss the transaction on Monday, May 14, 2018, at 11:30 a.m. Eastern time.
Participants may join the conference call by dialing (888) 231-8191 or (647) 427-7450.
A live webcast of the conference call, including the slide presentation, will be available at https://bit.ly/2wB9U4z . Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software downloads that may be required to join the webcast. To view the webcast presentation with slides, please choose either the Real Streaming Audio or Windows Streaming Audio option.
About Aurora
Aurora's wholly-owned subsidiary, Aurora Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as "Aurora Mountain", and a second 40,000 square foot high-technology production facility known as "Aurora Vie" in Pointe-Claire, Quebec on Montreal's West Island. In January 2018, Aurora's 800,000 square foot flagship cultivation facility, Aurora Sky, located at the Edmonton International Airport, was licensed. Once at full capacity, Aurora Sky is expected to produce over 100,000 kg per annum of cannabis. Aurora is completing a facility in Lachute, Quebec utilizing its wholly owned subsidiary Aurora Larssen Projects Inc.
The Company's wholly-owned subsidiary CanniMed Therapeutics Inc. ("CanniMed") is Canada's most experienced licensed producer of medical cannabis, with over 20,000 kg per annum in funded capacity. CanniMed forms the heart of Aurora's Medical Cannabis Centre of Excellence, aimed at product and market development.
Aurora also owns Berlin-based Pedanios GmbH, the leading wholesale importer, exporter, and distributor of medical cannabis in the European Union. The Company owns 51% of Aurora Nordic, which will be constructing a 1,000,000 square foot hybrid greenhouse in Odense, Denmark. The Company offers further differentiation through its acquisition of BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home and professional kitchens.
Aurora holds a 25% ownership interest in Alcanna Inc. (formerly Liquor Stores N.A.), (TSX:CLIQ) who are developing a cannabis retail network in Western Canada. In addition, the Company holds approximately 17.23% of the issued shares in extraction technology company Radient Technologies Inc, and has a strategic investment in Hempco Food and Fiber Inc., with options to increase ownership stake to over 50%. Aurora is also the cornerstone investor in two other licensed producers, with a 22.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis, and a 17.62% stake in Canadian producer The Green Organic Dutchman Ltd., with options to increase to majority ownership.
Aurora's Common Shares trade on the TSX under the symbol "ACB", and are a constituent of the S&P/TSX Composite Index
About MedReleaf
Voted Top Licensed Producer at the 2017 Lift Canadian Cannabis Awards, MedReleaf is an R&D-driven company dedicated to innovation, operational excellence and the production of top-quality cannabis. Sourced from around the world and carefully cultivated in one of two state of the art ICH-GMP and ISO 9001 certified facilities in Ontario, the Company delivers a variety of premium products for the global medical market and is committed to serving the therapeutic needs of its medical patients and providing a compelling product assortment for the adult-use recreational consumer. For more information on MedReleaf, its products, research and how the company is helping patients #livefree, please visit MedReleaf.com or follow @medreleaf.
Forward looking statements
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to accretive earnings, anticipated benefits associated with the acquisition of MedReleaf, statements with respect to the effect of the Transaction on the combined company and its strategy going forward, the completion of any capital project or expansions, the timing for the completion of the Transaction; the consideration to be received by shareholders of MedReleaf, which may fluctuate in value due to Aurora common shares forming the consideration; the satisfaction of closing conditions including, without limitation (i) required Aurora and MedReleaf shareholder approvals; (ii) necessary court approval in connection with the plan of arrangement, (iii) receipt of any required approvals under the Competition Act; (iv) certain termination rights available to the parties under the Arrangement Agreement; (v) Aurora obtaining the necessary approvals from the TSX for the listing of its common shares in connection with the Transaction; and (vi) other closing conditions, including, without limitation, compliance by Aurora and MedReleaf with various covenants contained in the Arrangement Agreement. In particular, there can be no assurance that the Transaction will be completed. Forward looking statements are based on certain assumptions regarding Aurora and MedReleaf, including expected growth, results of operations, performance, industry trends and growth opportunities. While Aurora and MedReleaf consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements also necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability of Aurora to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Aurora and MedReleaf disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters referred to above and elsewhere in Aurora's MedReleaf's public filings and the material change reports that will be filed in respect of this Transaction, which are, or will be, available on SEDAR.
Notice to U.S. Holders. Both Aurora and MedReleaf have been formed outside of the United States. Transaction will be subject to disclosure requirements of Canada that are different from those of the United States. Financial statements included in the documents, if any, will be prepared in accordance with Canadian accounting standards and may not be comparable to the financial statements of United States companies. It may be difficult for a securityholder in the United States to enforce his/her/its rights and any claim a securityholder may have arising under the U.S. federal securities laws, since the companies are located in Canada, and some or all of their officers or directors may be residents of Canada or another country outside of the United States. A securityholder may not be able to sue a Canadian company or its officers or directors in a court in Canada or elsewhere outside of the United States for violations of U.S. securities laws. It may be difficult to compel a Canadian company and its affiliates to subject themselves to a U.S. court's judgment.
AURORA CANNABIS INC.
MEDRELEAF CORP.
Terry Booth
Neil Closner
CEO
CEO
View original content: http://www.prnewswire.com/news-releases/aurora-cannabis-to-acquire-medreleaf-300647512.html
SOURCE Aurora Cannabis Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-aurora-cannabis-to-acquire-medreleaf.html |
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr
By Saikat Chatterjee
LONDON, May 17 (Reuters) - Italian yields eased on Thursday a day after notching up their biggest one-day rise in more than a year after reports, subsequently denied, that a potential government had drafted an plan to seek debt forgiveness from the European Central Bank.
The anti-establishment 5-Star Movement and the far-right League party planned to ask the European Central Bank to forgive the 250 billion euros in debt, according to media reports though the League’s economic spokesman told Reuters that debt cancellation was never in an official draft.
While few investors see that as either a realistic proposal or one that would remain in the coalition’s agenda, the tone of the stance toward euro zone rules was seen as confrontational and spooked some investors.
“BTPs should remain under pressure in the near term burdened by the political situation with the overall market sentiment remaining cautious as investors are moderately long” said Orlando Green, interest rate strategist at Credit Agricole CIB in London referring to Italian government debt.
On Thursday, yields on benchmark ten-year Italian debt edged lower to 2.10 after hitting a two-month high of 2.13 percent in the previous session. Yields on two-year maturities fell back to 0.05 percent compared to Wednesday’s close of 0.12 percent.
Wednesday’s spike of 16 basis points in Italian debt was its highest since March 2017, sending shockwaves through other peripheral debt at a time when concerns of a pull back in policy accomodation by the world’s major central banks and rich valuations have weighed on investors’ minds.
Thursday will offer a litmus test to whether appetite for peripheral European debt remains intact with Spain hitting the bond market on Thursday to launch a five-year benchmark bond though some investors remain bullish on the country’s outlook.
David Zahn, head of European fixed income at Franklin Templeton said this week that he remains positive on the outlook for Spanish debt because of improving fundamentals.
On a year-to-date basis, Spain and Greece are the best performing bond markets this year in Europe with returns of more than 2 percent each, according to Thomson Reuters data.
But with U.S. and core German yields pushing higher in recent days, the headroom for yields in peripheral markets to narrow substantially from present levels is shrinking rapidly.
In early trading on Thursday, benchmark 10-year U.S. Treasury yields rose to a near seven-year high of 3.12 percent while yields on two-year maturities climbed to its highest since August 2008 at 2.59 percent. (Reporting by Saikat Chatterjee Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/italian-bonds-ease-after-selloff-though-concerns-remain-idUSL3N1SO32Q |
STEVENAGE, England, May 18, 2018 /PRNewswire/ -- M Group Services, a leading service provider to the regulated infrastructure markets in the UK and Ireland, today announced an agreement to be acquired by PAI Partners ("PAI"), a major private equity investor in businesses across Europe, from First Reserve, a leading private equity firm exclusively focused on energy.
Commenting on today's announcement, Jim Arnold, Chief Executive of M Group Services said: "Over the past two years, First Reserve's strategic investment in our group has enabled the successful delivery of our business strategy. This has resulted in continued profitable growth. We have broadened the markets in which we operate, we have diversified our service offering and we have created a strong foundation for future continued success across the Utilities, Data, Transport and Telecoms markets with their support.
"During the last few months, we have continued to work closely with First Reserve, on the next stage of our growth. As part of this process an opportunity arose that has allowed First Reserve to realise the benefits of their investment to date and for us to introduce PAI, as a new long-term investor to sit alongside the existing senior management and actively support the future development of the group."
Jeff Quake and Neil Hartley, Managing Directors at First Reserve, stated: "We have been proud to work with M Group Services' management to double the size of the company through both organic growth and accretive acquisitions, and we are pleased to see their hard work recognized. The investment in M Group Services began with First Reserve's thematic investment approach targeting the asset integrity sector and ultimately resulted in a tremendous growth story. We wish Jim and his team all the best as they continue to deliver for their customers."
Colm O' Sullivan, Partner at PAI Partners, commented: "We are delighted to be acquiring M Group Services and look forward to the next phase of the company's development. PAI has closely followed the business since 2013 and we have been very impressed by the transformation achieved by its management team – in particular its expansion beyond utilities. We intend to continue the strategy of consolidating the UK infrastructure services market."
Jim Arnold continued: "PAI, which manages €12.3 billion of dedicated funds, is a major investor in businesses across Europe, providing them with the financial and strategic support required to pursue their development. I am delighted that they have chosen, alongside the existing management, to acquire M Group Services. PAI were very keen to invest given our proven track record in successful service delivery within the regulated markets in which we operate and the leading positions we hold in those markets.
"PAI is also hugely supportive of our vision to be the leading service provider for essential infrastructure in the UK and Ireland. We now look forward to forging a strong partnership with PAI as we embark on the next phase of sustainable long-term growth, organically and through strategic acquisitions.
"Our excellent people, long term client relationships, service delivery ethos, focus on safety and ability to deliver reliable and stable revenue streams, margins and cash flow were all instrumental to PAI's decision to invest in M Group Services.
"This acquisition will not involve any change to ownership of the businesses within M Group Services Divisions, which includes Morrison Utility Services, Morrison Data Services, Dyer & Butler, Magdalene, PMP Utilities, M Group Services Plant & Fleet Solutions and any operating businesses within them."
The actual sale of the business will occur following European Commission antitrust approval, which is required for an acquisition of this scale. It is anticipated this will be complete by the end of August.
Press contacts:
M Group Services
Paul Gilbert, Head of Communications,
Tel: 01438 847275 / 07595 014 687 / Email: [email protected]
PAI
James Madsen / Matthieu Roussellier, Greenbrook Communications
Tel: +44 (0) 20 7952 2000 / [email protected]
First Reserve
Jonathan Keehner / Julie Oakes, Joele Frank, Wilkinson Brimmer Katcher
Tel: +1 212 355-4449 / [email protected]
About M Group Services
M Group Services is a leading service provider to the regulated infrastructure markets in the UK and Ireland through its utilities, transport, telecom, and data divisions. The Company operates through its subsidiaries that include Morrison Utility Services, Morrison Data Services, Dyer & Butler, Magdalene, PMP Utilities and M Group Services Plant & Fleet Solutions.
About PAI
PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. PAI manages €12.3 billion of dedicated buyout funds. Since 1994, the company has completed 66 transactions in 11 countries, representing over €50 billion in transaction value. PAI is characterised by its industrial approach to ownership combined with its sector-based organisation. PAI Partners provide the companies they own with the financial and strategic support required to pursue their development and enhance strategic value creation. www.paipartners.com
About First Reserve
First Reserve is a leading global private equity investment firm exclusively focused on energy. With 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. First Reserve has completed over 650 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm's history. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.
View original content: http://www.prnewswire.com/news-releases/pai-partners-acquires-m-group-services-from-first-reserve-300650929.html
SOURCE M Group Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-pai-partners-acquires-m-group-services-from-first-reserve.html |
May 14, 2018 / 8:04 AM / Updated an hour ago Colorado rangers hunt bear that tried to drag away child Reuters Staff 2 Min Read
(Reuters) - Wildlife rangers in Colorado were hunting a bear early Monday that attacked and tried to drag off a five-year-old girl from her yard. FILE PHOTO: A black bear stands in a wooded area in Newton, New Jersey, July 12, 2015. New Jersey, the U.S. State most densely populated by humans, is also thick with black bears, and wildlife officials are set to vote on August 11, 2015 on a plan to expand hunting season months after the state's first fatal attack. Photo taken July 12, 2015. REUTERS/Barbara Goldberg/File Photo
The attack happened about 2:30 a.m on Sunday, when the child went outside to check on a noise she thought her dog had made.
The girl’s mother heard screaming. “When she went outside to investigate, she witnessed a large black bear dragging her ...daughter,” the Colorado Parks and Wildlife (CPW) agency said in a statement.
The bear dropped the child after her mother yelled at it, officials said.
The child, whose name was not released, was in a fair condition early Monday at a local hospital, NBC affiliate KKCO said.
“Our officers are actively searching for the bear and will do so overnight and as long as it takes,” said Mike Porras, a spokesman for the CPW’s Northwest Region office.
Wildlife agents were hunting for the bear with tracking hounds and had set traps to catch it. If captured, the animal would be killed, Porras said.
The attack took place in East Orchard Mesa, a small community near the Colorado River and about 250 miles (400 km) west of Denver. Reporting by Rich McKay in Atlanta; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-colorado-bear/colorado-rangers-hunt-bear-that-tried-to-drag-away-child-idUKKCN1IF0TT |
President Trump expected to withdraw from the Iran nuclear deal 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/president-trump-expected-to-withdraw-from-the-iran-nuclear-deal.html |
By Don Reisinger 12:30 PM EDT
The U.S. Food and Drug Administration (FDA) has approved a new drug that could make your migraines a bit easier to handle.
The medication, called Aimovig, is used to treat migraines in adults by reducing the amount of time the migraine symptoms last. In a statement, the FDA said three clinical trials were performed on Aimovig’s effectiveness. The first found it reduced migraine symptoms by one to two days compared to the placebo. The second found one fewer migraine day, and the third reported 2.5 fewer migraine days.
Migraines affect 10% of the world’s population, though they’re three times more common in women than in men, the FDA said in its statement on Thursday. Migraines are typically characterized by extreme pulsing and throbbing in one area of the head and can also include nausea and sensitivity to light and sound. They also can last for days.
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Aimovig won’t eliminate migraines in those that use the medication, but should reduce the duration of migraine symptoms. In order to get that effect, however, patients need to inject Aimovig into their bodies once a month. The drug then blocks the activity of a molecule that plays a roe in migraines. Some patients in clinical trials reported reactions to the drug at their injection sites. Some also had constipation.
The FDA didn’t say when the drug would go on sale, but The New York Times reported on Thursday that the shot, manufactured by Novartis and Amgen , would be available within a week. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/fda-aimovig-migraine-drug/ |
WASHINGTON (Reuters) - Casino mogul Sheldon Adelson has given $30 million to the Congressional Leadership Fund to shore up Republicans as they work towards retaining control of the House of Representatives in the November elections, Politico reported on Thursday.
Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson greets guests before U.S. Vice President Mike Pence speaks at the Republican Jewish Coalition's annual meeting in Las Vegas, Nevada February 24, 2017. REUTERS/David Becker Two senior Republicans confirmed the donation to the news outlet. The leadership fund did not return a request for comment.
The contribution will become public in the organization’s campaign finance filing this month, Politico said.
Republicans secured the donation last week after they convinced Adelson how crucial it was to protect the Republican majority in the House, the report said.
House Speaker Paul Ryan met with the billionaire at his Venetian Hotel in Las Vegas, along with Adelson’s wife, Miriam and Norm Coleman, the former Minnesota senator who chairs the Republican Jewish Coalition, it said.
Corry Bliss, who oversees the super PAC, and Ryan aide Jake Kastan, also attended, Politico said.
Reporting by Washington newsroom; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-election-adelson/casino-mogul-adelson-gives-30-million-to-help-house-republicans-politico-idUSKBN1IB1W2 |
NEW YORK, May 1(Reuters) - A hit play from the “Harry Potter” franchise joined an acclaimed revival of AIDS drama “Angels in America” to dominate Broadway’s Tony award nominations on Tuesday.
Glenda Jackson and Denzel Washington were nominated for acting Tonys, while “Mean Girls” and “SpongeBob SquarePants: The Musical” scored the most nominations with 12 each, including for best musical.
“Harry Potter and the Cursed Child,” a new play about the grown wizard and his troubled relationship with his teen-aged son, won 10 nominations, including best play and best actor for star Jamie Parker.
The more than five-hour, two-part saga earned raves on Broadway after winning record Olivier awards in London last year.
Another monumental two-part drama, a revival of “Angels in America,” took 11 nominations, including best play revival, best actor Andrew Garfield and best featured actor for Nathan Lane as closeted conservative firebrand Roy Cohn.
Jackson, marking a return to Broadway after three decades, was nominated for best actress in a revival of Edward Albee’s “Three Tall Women” while Washington won a nod for his star turn in “The Iceman Cometh.” Both shows were nominated for best play revival.
Other best musical nominees were “The Band’s Visit,” about Egyptian musicians stranded in a small Israeli town, and “Frozen,” adapted from the hit Disney film.
The other nominees for best new play were “Junk,” “The Children,” “Farinelli and the King” and John Leguizamo’s one-man show “Latin History for Morons.”
The 72nd Tony awards will be presented on June 10 at Radio City Music Hall in New York at a gala ceremony hosted by pop star Josh Groban and singer-songwriter Sara Bareilles, who wrote the musical “Waitress.” (Reporting by Chris Michaud Editing by Frances Kerry)
| ashraq/financial-news-articles | https://www.reuters.com/article/awards-tonys-nominations/harry-potter-angels-in-america-among-top-nominees-for-broadways-tonys-idUSL1N1S6075 |
Calyxt exceeds acre target for high-oleic soybean product launch, contracting over 16,000 acres for planting
Planting of high-oleic soybean crop started
High fiber wheat became Calyxt’s 7th product deemed non-regulated by USDA
After 66% growth in new potential customer engagements, twenty food companies are engaged to evaluate Calyxt’s high-oleic soybean oil
New concept-to-fork facility in Roseville, Minn., on track for completion in the second quarter of 2018
MINNEAPOLIS & ST. PAUL, Minn.--(BUSINESS WIRE)-- Calyxt, Inc. (NASDAQ: CLXT), a consumer-centric, food- and agriculture-focused company, today announced its results for the three-month period ended March 31, 2018.
Investor Call Details
Calyxt will host an investor call on May 8, 2018 at 8:00 am Eastern Time – 7:00 am Central Time to discuss its financial results and provide a general business update.
The live dial-in information for the conference call is:
US & Canada only: 877-407-9747
International: 412-902-0044
In addition, a replay of the call will be available until June 8, 2018 by calling 877-660-6853 (Toll Free US & Canada); 201-612-7415 (Toll Free International). The archived webcast of this event may be accessed through the Calyxt website.
Webcast URL (Archived for 6 months): https://bit.ly/2jCxFQI
“We continue to advance our mission to deliver good-for-you foods in a good-for-everyone way. We are proud of our progress towards evolving the nutrition of food to deliver high quality, trusted ingredients, that are traceably produced for complete transparency. We are transforming the Company, as we transition into a commercial entity with a powerful R&D engine that will expand once we move to our new state-of-the-art concept to fork facility. We have received USDA non-regulated status for seven products and prepared our first product for commercialization. We look forward to continued commercial and supply chain successes for the rest of 2018 while we continue to grow our capability to deliver healthier food to consumers,” said Federico Tripodi, Calyxt Chief Executive Officer.
Corporate highlights
Expansion of total acreage for high-oleic soybean product launch
Calyxt announced on April 5, 2018 that the Company has further expanded its total acreage with farmers across the northern United States for its high-oleic soybean variety. Calyxt has contracted over 16,000 acres with 75 farmers in the Midwest. Overall, these growers collectively farm over 200,000 acres, half of which are expected to produce soybeans. Around 17% of the soybeans that are anticipated to be planted consist of Calyxt’s high-oleic variety. Over 90% of farmers that planted Calyxt’s high-oleic soybeans in 2017 have renewed their Calyxt high-oleic soybeans contracts this year. Furthermore, on average, each repeat farmer is more than doubling his or her Calyxt acres year-over-year. Calyxt successfully launched a Brand Ambassador Program which enrolled progressive, high-quality growers to be early adopters and advocates of gene editing technology.
Planting of high-oleic soybeans
Farmers enrolled in the Calyxt high-oleic soybean program have started planting. The planting will pick up speed over coming weeks and likely to be completed by mid-June.
Calyxt’s high fiber wheat deemed non-regulated by USDA
Calyxt announced on March 21, 2018 that the Company’s high fiber wheat product has been declared a non-regulated article under the “Am I Regulated?” process by Biotechnology Regulatory Services of the Animal and Plant Health Inspection Service (APHIS), an agency of the United States Department of Agriculture (USDA). This is Calyxt’s first consumer-centric wheat product and second wheat product (following Calyxt’s powdery mildew resistant wheat, which received non-regulated status by the USDA in February 2016), and seventh product overall, to be given this designation. High fiber wheat may be the next product to market with anticipated commercialization as early as 2020-21.
Twenty small to large food company customers engaged across food services and food ingredient applications
Engagements with food company customers continue to grow. In Calyxt added 8 more customers taking the total number of customer engagements to 20. These customers are evaluating Calyxt high-oleic soybean oil for end-use applications such as frying potatoes (chips, french fries), meats, snacks (salty and healthy), baking, nut butter and vegan products.
New concept-to-fork facility in Roseville, Minn., on track for completion in the second quarter of 2018
Calyxt will soon open its nearly 40,000-square-foot concept-to-fork facility on an 11-acre site that will house a test kitchen, state-of-the-art research labs and the Company’s headquarters. The new facility is being constructed adjacent to Calyxt’s recently completed 11,000+square-foot greenhouse facility and existing outdoor demonstration plots.
Financial Highlights
Cash and cash equivalents were $50.7 million at March 31, 2018. We intend to continue to judiciously manage the use of cash and expect to have sufficient cash to fund the business for a significant portion of 2019. Cellectis remains our majority shareholder with 79.1% of our common stock as of March 31, 2018.
For the three months ended March 31, 2018, we incurred losses from operations of $4.4 million, and used net cash in operating activities of $6.6 million. Net decrease in cash for the first quarter was $6.0 million. The first quarter cash spend includes spending on high-oleic soybean seed production to support our expected Spring 2018 planting of high-oleic soybeans.
Looking forward for the rest of 2018, we anticipate that our operating cash spend will be in the range of $2.0 to $2.2 million per month excluding working capital for grain purchases in the later part of 2018. Cash will be used to expand our R&D team to advance key products in the portfolio and continue to build our commercial capabilities.
Calyxt, Inc.
Condensed Balance Sheets
(Amounts in Thousands, Except Share Data and Per Share Data)
March 31,
2018 December
31, 2017
(unaudited) Assets Current assets: Cash and cash equivalents $ 50,703 $ 56,664 Trade accounts receivable — — Due from related parties 47 167 Prepaid expenses and other current assets 2,080 626 Total current assets 52,830 57,457 Property and equipment, net 18,767 14,353 Other long-term assets 270 357 Total assets $ 71,867 $ 72,167 Liabilities and stockholders’ equity Current liabilities: Due to related parties $ 742 $ 1,350 Accounts payable 441 1,023 Accrued salaries, wages, and other compensation 490 945 Accrued liabilities 1,256 893 Current deferred revenue 43 43 Total current liabilities 2,972 4,254 Non-current deferred revenue 278 289 Finance lease obligations 14,757 10,148 Total liabilities 18,007 14,691 Stockholders’ equity: Common stock, $0.0001 par value; 275,000,000 shares authorized, 27,954,781 and
27,718,780 shares issued and outstanding as of March 31, 2018 and December
31,2017, respectively
3 3 Preferred stock, $0.0001 par value; 50,000,000 shares authorized, no shares
issued or outstanding as of March 31, 2018 and December 31, 2017 respectively — — Additional paid-in capital 112,775 112,021 Accumulated deficit (58,918) (54,548) Total stockholders’ equity 53,860 57,476 Total liabilities and stockholders’ equity $ 71,867 $ 72,167 Calyxt, Inc.
Condensed Statements of Operations
(Amounts in Thousands except Shares Outstanding and Per Share Amounts)
Three Months Ended
March 31 2018 2017 (unaudited) Revenue $ 11 $ 55 Operating expenses: Cost of revenue — — Research and development 1,093 1,266 Selling, general, and administrative 3,214 1,578 Total operating expenses 4,307 2,844 Loss from operations (4,296) (2,789) Interest expense, net (68) (14) Foreign currency transaction loss (6) (29) Loss before income taxes (4,370) (2,832) Income tax expense — — Net loss $ (4,370) $ (2,832) Basic and diluted loss per share $ (0.16) $ (0.14) Weighted average shares outstanding—basic and diluted 27,851,162 19,600,000 Calyxt, Inc.
Condensed Statement of Stockholders’ Equity
(Amounts in Thousands except Shares Outstanding)
Shares
Outstanding
Common
Stock
Additional
Paid-In
Capital
Accumulated
Deficit
Total
Stockholders’
Equity
Balances at December 31, 2017 27,718,780 $ 3 $ 112,021 $ (54,548) $ 57,476 Net loss — — — (4,370) (4,370) Common shares issued upon
exercise of options and other
236,001 — 714 — 714 Stock-based compensation — — 40 — 40 Balances at March 31, 2018 (unaudited) 27,954,781 $ 3 $ 112,775 $ (58,918) $ 53,860 Calyxt, Inc.
Condensed Statements of Cash Flows
(Amounts in Thousands)
Three Months Ended
March 31, 2018 2017 (unaudited) Operating activities Net loss $ (4,370) $ (2,832) Adjustments to reconcile net loss to net cash used in operating
activities:
Depreciation 156 133 Stock-based compensation 40 134 Unrealized transaction gain (loss) on related party activity 8 (27) Changes in operating assets and liabilities: Trade accounts receivable — 110 Due to/from related parties (496) 490 Prepaid expenses and other assets (880) (426) Accounts payable (581) 337 Accrued salaries, wages, and other compensation (456) (89) Accrued liabilities 25 418 Deferred revenue (11) 45 Net cash used in operating activities (6,565) (1,707) Investing activities Purchases of property and equipment (41) (312) Net cash used in investing activities (41) (312) Financing activities Deferred costs (69) — Proceeds from the exercise of stock options 714 — Net cash provided by financing activities 645 — Net decrease in cash and cash equivalents (5,961) (2,019) Cash and cash equivalents—beginning of period 56,664 5,026 Cash and cash equivalents—end of period $ 50,703 $ 3,007 Supplemental cash flow information Interest paid 124 14 Supplemental non-cash investing and financing transactions: Property and equipment included in financing lease obligation 4,529 — Deferred costs in accounts payable and accrued liabilities 417 About Calyxt
Calyxt, Inc. is a consumer-centric, food- and agriculture-focused company. Calyxt is pioneering a paradigm shift to deliver healthier food ingredients, such as healthier oils and high fiber wheat, for consumers and crop traits that benefit the environment and reduce pesticide applications, such as disease tolerance, for farmers. Calyxt develops non-transgenic crops leveraging processes that occur in nature by combining its leading gene-editing technology and technical expertise with its innovative commercial strategy. Calyxt is located in Minneapolis-St. Paul, MN, and is listed on the Nasdaq market (ticker: CLXT).
For further information please visit our website: www.calyxt.com
Calyxt™ and the corporate logo are trademarks owned by Calyxt, Inc.
TALEN ® is a registered trademark owned by the Cellectis S.A.
Calyxt Forward-Looking Statements
This communication contains “ ” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These , which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the , including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do not assume any obligation to publicly provide revisions or updates to any , whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by applicable laws.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006084/en/
Calyxt
Media:
Jennifer Moore, 917-580-1088
VP Communications
[email protected]
or
KCSA Strategic Communications
Caitlin Kasunich, 212-896-1241
[email protected]
or
Nick Opich, 212-896-1206
[email protected]
or
Investor Relations
Simon Harnest, 646-385-9008
VP Corporate Strategy and Finance
[email protected]
Source: Calyxt | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-calyxt-reports-financial-results-for-first-quarter-2018.html |
May 1 (Reuters) - American Assets Trust Inc:
* AMERICAN ASSETS TRUST, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* SEES FY 2018 FFO PER SHARE $2.01 TO $2.09 * QTRLY SAME-STORE CASH NOI INCREASED 7% YEAR-OVER-YEAR FOR Q1
* AFFIRMS ITS GUIDANCE RANGE FOR FULL YEAR 2018 FFO PER DILUTED SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-assets-trust-reports-q1-f/brief-american-assets-trust-reports-q1-ffo-per-share-0-51-idUSASC09YRV |
Ford is scrambling to limit the impact of stopping F-Series production Phil LeBeau Reblog Ford is facing the daunting prospect of seeing a major drop in the supply of its best selling and most profitable vehicle, the F-150 pickup truck. If production is halted, Ford will likely temporarily lay off thousands of workers until it can get assembly lines running again. Just as auto sales start to heat up, Ford F is facing the daunting prospect of seeing a major drop in the supply of its best selling and most profitable vehicle, the F-150 pickup truck. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/ford-is-scrambling-to-limit-the-impact-of-stopping-f-series-production.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
BOSTON--(BUSINESS WIRE)-- American Tower Corporation (NYSE: AMT) today announced the pricing of its registered public offering of senior unsecured notes due 2026, in an aggregate principal amount of 500.0 million Euros (approximately $596.4 million). The notes will have an interest rate of 1.950% per annum and are being issued at a price equal to 99.313% of their face value. The net proceeds of the offering are expected to be approximately 493.2 million Euros (approximately $588.3 million), after deducting underwriting discounts and estimated offering expenses. American Tower intends to use the net proceeds to repay existing indebtedness under its senior unsecured revolving credit facility entered into in June 2013, as amended.
Barclays Bank PLC, Banco Bilbao Vizcaya Argentaria, S.A., Citigroup Global Markets Limited, J.P. Morgan Securities plc and Merrill Lynch International are acting as Joint Book-Running Managers for the offering.
This press release shall not constitute an offer to sell or a solicitation to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the Securities and Exchange Commission’s website at www.sec.gov . Alternatively, you may request these documents by calling Barclays Bank PLC at 1-888-603-5847, Banco Bilbao Vizcaya Argentaria, S.A. at 1-800-422-8692, Citigroup Global Markets Limited at 1-800-831-9146, J.P. Morgan Securities plc collect at +44-20-7134-2468 or Merrill Lynch International at 1-800-294-1322.
About American Tower
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 160,000 communications sites.
Cautionary Language Regarding Forward-Looking Statements
This press release contains statements about future events and expectations, or “ ,” all of which are inherently uncertain. American Tower has based those on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the expectations of the amount to be received in net proceeds, American Tower’s ability to complete the offering and its expectations for the use of proceeds from the offering. These involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such include market conditions for corporate debt generally, for the securities of telecommunications companies and for American Tower’s indebtedness in particular. For other important factors that may cause actual results to differ materially from those indicated in American Tower’s , we refer you to the information contained in the prospectus supplement for this offering and Item 1A of the Form 10-K for the year ended December 31, 2017 under the caption “Risk Factors” and in other filings American Tower makes with the Securities and Exchange Commission. American Tower undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006623/en/
American Tower Corporation
Igor Khislavsky, 617-375-7500
Senior Director, Investor Relations
Source: American Tower Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-american-tower-corporation-prices-senior-notes-offering.html |
May 2 (Reuters) - Reditus Sociedade Gestora de Participacoes Sociais SA (Reditus):
* REPORTED ON TUESDAY FY OPERATING REVENUE AT 42.0 MILLION EUROS VERSUS 44.9 MILLION EUROS, DOWN 6.3 PCT YEAR-ON-YEAR
* FY NET LOSS NARROWED TO 1.6 MILLION EUROS VERSUS LOSS OF 2.9 MILLION EUROS YEAR AGO
* FY EBITDA INCREASED TO 4.9 MILLION EUROS VERSUS 2.8 MILLION EUROS YEAR AGO
* FY EBITDA MARGINS INCREASED TO 11.6 MILLION EUROS VERSUS 6.1 MILLION EUROS YEAR AGO
* FY INTERNATIONAL SALES REPRESENT 46 PERCENT OF TOTAL REVENUE VERSUS 39 PERCENT IN 2016
Source text: bit.ly/2KpBswJ
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S90LY |
British royal family releases first official photographs of Prince Louis 4:16pm BST - 00:20
Britain's royals released the first official photographs of Prince Louis on Sunday (May 6), which were taken by the baby prince's mother the Duchess of Cambridge. Rough cut (no reporter narration)
Britain's royals released the first official photographs of Prince Louis on Sunday (May 6), which were taken by the baby prince's mother the Duchess of Cambridge. Rough cut (no reporter narration) //reut.rs/2KEiH96 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/06/british-royal-family-releases-first-offi?videoId=424369791 |
(Corrects to “futures” in headline)
* Futures down: Dow 0.73 pct, S&P 0.61 pct, Nasdaq 0.93 pct
By Medha Singh
May 23 (Reuters) - U.S. stock index futures were lower on Wednesday on fresh uncertainty over U.S.-China trade talks and ahead of a Federal Reserve report that would be watched for cues on pace of future interest rate hikes.
Earlier optimism of trade talks progressing reversed on Tuesday after U.S. President Donald Trump said he was not pleased with recent trade talks between the United States and China and also raised doubts about the upcoming North Korea summit.
The comments tempered expectations that the United States and China would be able to avert a damaging global trade war.
The Federal Reserve’s May meeting minutes, scheduled for release at 2:00 p.m. ET, will be scrutinized for indications of how many rate hikes are likely this year.
The U.S. central bank lifted borrowing costs in March and policymakers are split between those who expect another two rate hikes this year and those who forecast three, in the backdrop of low unemployment, moderate growth and rising inflation.
At 7:28 a.m. ET, Dow e-minis were down 182 points, or 0.73 percent. S&P 500 e-minis were down 16.5 points, or 0.61 percent and Nasdaq 100 e-minis were down 64.5 points, or 0.93 percent.
U.S. 10-year Treasury yields fell to eight-day lows as investors shunned risk. Twenty-eight of the 30 Dow Jones Industrial Average components were trading premarket and all indicated a lower open.
Target sank 5.6 percent after the retailer’s quarterly profit rose less than expected as increasing investments dented margins.
Tiffany jumped 11.7 percent after the jeweler’s quarterly results blew past estimates and the company also raised its full-year profit forecast and announced a $1 billion share buyback program.
On the economic front, new home sales numbers for April are expected to fall to 679,000 units, from 694,000 units the month before. The data is expected at 10 a.m. ET. (Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-future-dip-as-trumps-comments-spark-trade-talk-uncertainty-idUSL3N1SU4EB |
SOMERSET, N.J., May 07, 2018 (GLOBE NEWSWIRE) -- MTBC (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of cloud-based healthcare IT and revenue cycle management solutions, today announced that it has entered into an Asset Purchase Agreement ("APA") to acquire substantially all of the revenue cycle, practice management, and group purchasing organization assets of Orion Healthcorp, Inc. and 13 of its affiliate companies (together "Orion"), as the primary bidder in a Section 363 sale under the U.S. Bankruptcy Code . Upon a successful closing, management expects the transaction would increase MTBC's annualized revenues by at least 50%.
"The Orion acquisition has the potential to be transformative," said Stephen Snyder, MTBC Chief Executive Officer. "Our last major acquisition enabled us to achieve record revenue growth and earnings during 2017 as we helped our acquired customers increase practice collections and leverage our industry leading platform. With Orion, we see an even greater opportunity to add value to Orion's customers, its employees, and our shareholders, as we have done with prior transactions."
"At closing, the Orion transaction would likely expand our service offerings to include long-term practice management services, niche hospital offerings, and a pharmaceutical group purchasing organization that provides discounts to its physician customers," said Snyder. "These new offerings and customer relationships present compelling opportunities for cross-selling our solutions and driving additional growth."
"The opportunity presented by Orion is tailor-made for MTBC," said Bill Korn, MTBC Chief Financial Officer. "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 the Orion transaction, 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 at least another 50%, to achieve a scale which will allow us to further expand our profit margins."
Orion provides revenue cycle management and other services to independent healthcare practices and hospitals throughout the country. Orion maintains offices in 10 states and employs more than 300 team members.
Under the APA, MTBC would acquire most of Orion's assets, including customer contracts, accounts receivable, certain equipment, and goodwill, free and clear of all liabilities except for those that are expressly assumed. The purchase price, which MTBC expects to pay from its available cash balance, is expected to be between $10 and $12 million, but is subject to adjustment or the receipt of higher offers.
Global investment bank, Houlihan Lokey (NYSE: HLI), is advising the sellers in this transaction. The sale process will be administered by the United States Bankruptcy Court for the Eastern District of New York (the "Court") and governed by the United States Bankruptcy Code. Other interested parties will be provided the opportunity to submit bids prior to a deadline set by the Court. If other qualified bids are submitted, an auction process will be conducted, in which case the agreement with MTBC would set the floor value for the auction. Approval of a final sale to either MTBC or a competing bidder is expected to take place shortly after completion of an auction. The transaction is expected to close within 60 to 90 days, subject to customary closing conditions. Additional information regarding this transaction, including a list of the Orion entities from whom MTBC is acquiring assets, can be found in MTBC’s filing on Form 8-K with the Securities and Exchange Commission, dated May 7, 2018.
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. 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 .
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Forward Looking Statement
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.
We cannot provide any assurances that the transaction described in this press release will be consummated, or that if consummated, it will be consummated on the terms as described in this press release.
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 manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, 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.
SOURCE MTBC
Company and Investor Contact: Bill Korn Chief Financial Officer Medical Transcription Billing, Corp. [email protected] 732-873-5133
Source: MTBC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-mtbc-signs-acquisition-agreement-that-could-increase-revenues-by-at-least-50-percent.html |
May 9 (Reuters) - FirstEnergy Corp:
* FIRSTENERGY - PER OBLIGATIONS UNDER ASSET PURCHASE AGREEMENT, ON MAY 3 AE SUPPLY GAVE NOTICE OF OPTIONAL REDEMPTION OF ABOUT $305 MILLION SENIOR NOTES
* FIRSTENERGY CORP - AGC OPTIONALLY REDEEMED ITS $100 MILLION AGGREGATE PRINCIPAL AMOUNT OF SENIOR NOTES
* FIRSTENERGY -AS RESULT OF OPTIONAL REDEMPTIONS "MAKE-WHOLE" PREMIUMS REQUIRED TO BE PAID TO NOTEHOLDERS AND TOTALED ABOUT $90 MILLION - SEC FILING Source text: ( bit.ly/2I2qO1z ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-firstenergy-on-may-3-ae-supply-gav/brief-firstenergy-on-may-3-ae-supply-gave-notice-of-optional-redemption-of-about-305-mln-senior-notes-idUSFWN1SG1P8 |
1 ST QUARTER GAAP NET INCOME OF $1.22 PER COMMON SHARE 1 ST QUARTER CORE EARNINGS (1) OF $0.58 PER COMMON SHARE GAAP BOOK VALUE OF $17.12 PER COMMON SHARE REPURCHASED $15 MILLION OF COMMON STOCK
NEW YORK--(BUSINESS WIRE)-- Chimera Investment Corporation (NYSE:CIM) today announced its financial results for the first quarter ended March 31, 2018. The Company’s GAAP net income for the first quarter was $230 million or $1.22 per common share. Core earnings (1) for the first quarter ended March 31, 2018 was $109 million or $0.58 per common share. Economic return on book value for the first quarter was 4.5%. (2) The Company sponsored two mortgage loan securitizations during the first quarter for $549 million and incurred $1.1 million in securitization deal related expenses. The Company also repurchased $15 million of common stock at an average price of $16.81 per share.
“Chimera’s book value increased to $17.12 per share contributing to our total economic return of 4.5% for the first quarter 2018,” said Matthew Lambiase, Chimera’s CEO and President. “We remain focused on our core investment strategy while continuing to generate a favorable return for our shareholders.”
(1) Core earnings is a non-GAAP measure. See additional discussion on page 5.
(2) Economic return on book value is based on the change in GAAP book value per common share plus the dividend declared per common share.
Other Information
Chimera Investment Corporation is a publicly traded real estate investment trust, or REIT, that is primarily engaged in the business of investing directly or indirectly through our subsidiaries, on a leveraged basis, in a diversified portfolio of mortgage assets, including residential mortgage loans, Non-Agency RMBS, Agency CMBS, Agency RMBS, and other real estate related securities.
Please visit www.chimerareit.com and click on Investor Relations for additional information about us.
CHIMERA INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except share and per share data) March 31, 2018 December 31, 2017 Assets: Cash and cash equivalents $ 100,752 $ 63,569 Non-Agency RMBS, at fair value 2,760,711 2,851,316 Agency MBS, at fair value 4,557,799 4,364,828 Loans held for investment, at fair value 13,619,995 13,678,263 Accrued interest receivable 98,669 100,789 Other assets 99,631 114,391 Derivatives, at fair value, net 93,171 48,914 Total assets (1) $ 21,330,728 $ 21,222,070 Liabilities: Repurchase agreements ($8.7 billion and $8.8 billion, pledged as collateral, respectively) $ 7,202,924 $ 7,250,452 Securitized debt, collateralized by Non-Agency RMBS ($1.5 billion and $1.6 billion pledged as collateral, respectively) 194,967 205,780 Securitized debt at fair value, collateralized by loans held for investment ($13.2 billion and $13.3 billion pledged as collateral, respectively) 9,321,154 9,388,657 Payable for investments purchased 766,250 567,440 Accrued interest payable 69,929 61,888 Dividends payable 95,335 95,365 Accounts payable and other liabilities 9,426 17,191 Derivatives, at fair value, net — 320 Total liabilities (1) $ 17,659,985 $ 17,587,093 Stockholders' Equity: Preferred Stock, par value of $0.01 per share, 100,000,000 shares authorized: 8.00% Series A cumulative redeemable: 5,800,000 shares issued and outstanding, respectively ($145,000 liquidation preference) $ 58 $ 58 8.00% Series B cumulative redeemable: 13,000,000 shares issued and outstanding, respectively ($325,000 liquidation preference) 130 130 Common stock: par value $0.01 per share; 300,000,000 shares authorized, 186,969,715 and 187,809,288 shares issued and outstanding, respectively 1,870 1,878 Additional paid-in-capital 3,814,391 3,826,691 Accumulated other comprehensive income 709,244 796,902 Cumulative earnings 3,206,859 2,967,852 Cumulative distributions to stockholders (4,061,809 ) (3,958,534 ) Total stockholders' equity $ 3,670,743 $ 3,634,977 Total liabilities and stockholders' equity $ 21,330,728 $ 21,222,070 (1) The Company's consolidated statements of financial condition include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Chimera Investment Corporation). As of March 31, 2018 and December 31, 2017, total assets of consolidated VIEs were $14,878,283 and $14,987,464,
respectively, and total liabilities of consolidated VIEs were $9,553,852 and $9,631,820, respectively.
CHIMERA INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except share and per share data) (Unaudited) For the Quarters Ended March 31, 2018 March 31, 2017 Net interest income: Interest income (1) $ 297,132 $ 251,344 Interest expense (2) 149,251 110,231 Net interest income 147,881 141,113 Other-than-temporary impairments: Total other-than-temporary impairment losses (294 ) (2,713 ) Portion of loss recognized in other comprehensive income (864 ) (15,988 ) Net other-than-temporary credit impairment losses (1,158 ) (18,701 ) Other investment gains (losses): Net unrealized gains (losses) on derivatives 81,419 4,896 Net realized gains (losses) on derivatives 13,085 (9,358 ) Net gains (losses) on derivatives 94,504 (4,462 ) Net unrealized gains (losses) on financial instruments at fair value 14,466 72,243 Net realized gains (losses) on sales of investments — 5,167 Gains (losses) on extinguishment of debt 9,670 — Total other gains (losses) 118,640 72,948 Other expenses: Compensation and benefits 8,411 7,556 General and administrative expenses 5,489 4,040 Servicing fees 11,334 9,588 Deal expenses 1,088 11,353 Total other expenses 26,322 32,537 Income (loss) before income taxes 239,041 162,823 Income taxes 34 16 Net income (loss) $ 239,007 $ 162,807 Dividend on preferred stock 9,400 5,283 Net income (loss) available to common shareholders $ 229,607 $ 157,524 Net income (loss) per share available to common shareholders: Basic $ 1.22 $ 0.84 Diluted $ 1.22 $ 0.84 Weighted average number of common shares outstanding: Basic 187,553,281 187,761,748 Diluted 188,176,753 188,195,061 Dividends declared per share of common stock $ 0.50 $ 0.50 (1) Includes interest income of consolidated VIEs of $235,026 and $192,989 for the quarters ended March 31, 2018 and 2017, respectively. (2) Includes interest expense of consolidated VIEs of $99,614 and $82,684 for the quarters ended March 31, 2018 and 2017, respectively. CHIMERA INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (dollars in thousands, except share and per share data) (Unaudited) For the Quarters Ended March 31, 2018 March 31, 2017 Comprehensive income (loss): Net income (loss) $ 239,007 $ 162,807 Other comprehensive income: Unrealized gains (losses) on available-for-sale securities, net (88,816 ) (3,910 ) Reclassification adjustment for net losses included in net income for other-than-temporary credit impairment losses 1,158 18,701 Reclassification adjustment for net realized losses (gains) included in net income — (5,186 ) Other comprehensive income (loss) (87,658 ) 9,605 Comprehensive income (loss) before preferred stock dividends $ 151,349 $ 172,412 Dividends on preferred stock $ 9,400 $ 5,283 Comprehensive income (loss) available to common stock shareholders $ 141,949 $ 167,129 Core earnings
Core earnings is a non-GAAP measure and is defined as GAAP net income excluding unrealized gains on the aggregate portfolio, impairment losses, realized gains on sales of investments, realized gains or losses on futures, realized gains or losses on swap terminations, gain on deconsolidation, extinguishment of debt and certain other non-recurring gains or losses. As defined, core earnings include interest income and expense as well as realized losses on interest rate swaps used to hedge interest rate risk. Management believes that the presentation of core earnings is useful to investors because it can provide a useful measure of comparability to our other REIT peers, but has important limitations. We believe core earnings as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, core earnings should not be viewed in isolation and is not a substitute for net income or net income per basic share computed in accordance with GAAP.
The following table provides GAAP measures of net income and net income per basic share available to common stockholders for the periods presented and details with respect to reconciling the line items to core earnings and related per average basic common share amounts:
For the Quarters Ended March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 (dollars in thousands, except per share data) GAAP Net income available to common stockholders $ 229,607 $ 98,208 $ 129,832 $ 105,617 $ 157,524 Adjustments: Net other-than-temporary credit impairment losses 1,158 18,179 11,468 13,509 18,701 Net unrealized (gains) losses on derivatives (81,419 ) (28,074 ) (9,204 ) (5,802 ) (4,896 ) Net unrealized (gains) losses on financial instruments at fair value (14,466 ) 47,637 (19,042 ) (67,762 ) (72,243 ) Net realized (gains) losses on sales of investments — 586 (1 ) (4,541 ) (5,167 ) (Gains) losses on extinguishment of debt (9,670 ) (12,742 ) 1 48,014 — Realized (gains) losses on terminations of interest rate swaps — — — 16,143 — Net realized (gains) losses on Futures (1) (16,424 ) (8,204 ) 3,267 6,914 2,084 Core Earnings $ 108,786 $ 115,590 $ 116,321 $ 112,092 $ 96,003 GAAP net income per basic common share $ 1.22 $ 0.52 $ 0.69 $ 0.56 $ 0.84 Core earnings per basic common share (2) $ 0.58 $ 0.62 $ 0.62 $ 0.60 $ 0.51 (1) Included in net realized gains (losses) on derivatives in the Consolidated Statements of Operations. (2) We note that core and taxable earnings will typically differ, and may materially differ, due to differences on realized gains and losses on investments and related hedges, credit loss recognition, timing differences in premium amortization, accretion of discounts, equity compensation and other items. The following tables provide a summary of the Company’s MBS portfolio at March 31, 2018 and December 31, 2017.
March 31, 2018 Principal or
Notional Value
at Period-End
(dollars in
thousands)
Weighted
Average
Amortized
Cost Basis
Weighted
Average
Fair Value
Weighted
Average
Coupon
Weighted
Average Yield at
Period-End (1)
Non-Agency RMBS Senior $ 2,627,375 $ 53.96 $ 81.96 4.6
% 17.1 % Senior, interest-only 4,646,297 5.42 4.25 1.3 % 7.0 % Subordinated 495,128 67.34 81.13 4.1 % 9.3 % Subordinated, interest-only 196,208 3.68 4.12 0.8 % 12.4 % Agency MBS Residential pass-through 2,265,632 105.56 102.07 3.9 % 3.0 % Commercial pass-through 2,153,980 102.15 99.71 3.6 % 3.3 % Interest-only 2,960,181 3.53 3.29 0.7 % 3.2 % December 31, 2017 Principal or
Notional Value at
Period-End
(dollars in
thousands)
Weighted
Average
Amortized
Cost Basis
Weighted
Average
Fair Value
Weighted
Average
Coupon
Weighted
Average Yield at
Period-End (1)
Non-Agency RMBS Senior $ 2,733,926 $ 54.04 $ 81.62 4.6 % 16.7 % Senior, interest-only 4,862,461 5.41 4.34 1.3 % 8.0 % Subordinated 501,455 66.77 80.01 4.1 % 9.6 % Subordinated, interest-only 201,378 3.66 3.89 0.8 % 11.8 % Agency MBS Residential pass-through 2,227,128 105.53 104.27 3.8 % 2.9 % Commercial pass-through 1,894,594 102.26 102.31 3.6 % 3.2 % Interest-only 3,021,840 3.68 3.45 0.7 % 3.4 % (1) Bond Equivalent Yield at period end. At March 31, 2018 and December 31, 2017, the repurchase agreements collateralized by MBS had the following remaining maturities.
March 31, 2018 December 31, 2017 (dollars in thousands) Overnight $ — $ — 1 to 29 days 4,140,691 4,745,342 30 to 59 days 1,538,864 1,206,769 60 to 89 days 685,239 592,865 90 to 119 days — — Greater than or equal to 120 days 838,130 705,476 Total $ 7,202,924 $ 7,250,452 The following table summarizes certain characteristics of our portfolio at March 31, 2018 and December 31, 2017.
March 31, 2018 December 31, 2017 Interest earning assets at period-end (1) $ 20,938,505 $ 20,894,407 Interest bearing liabilities at period-end $ 16,719,045 $ 16,844,889 GAAP Leverage at period-end 4.6:1 4.6:1 GAAP Leverage at period-end (recourse) 2.0:1 2.0:1 Portfolio Composition, at amortized cost Non-Agency RMBS 5.7 % 5.9 % Senior 2.7 % 2.9 % Senior, interest only 1.3 % 1.3 % Subordinated 1.7 % 1.7 % Subordinated, interest only 0.0 % 0.0 % RMBS transferred to consolidated VIEs 4.4 % 4.6 % Agency MBS 23.5 % 22.2 % Residential 12.0 % 11.8 % Commercial 11.0 % 9.8 % Interest-only 0.5 % 0.6 % Loans held for investment 66.4 % 67.3 % Fixed-rate percentage of portfolio 94.0 % 93.7 % Adjustable-rate percentage of portfolio 6.0 % 6.3 % Annualized yield on average interest earning assets for the periods ended 6.2 % 6.3 % Annualized cost of funds on average borrowed funds for the periods ended (2) 3.7 % 3.6 % (1) Excludes cash and cash equivalents.
(2) Includes the effect of realized losses on interest rate swaps.
Economic Net Interest Income
Our “Economic net interest income” is a non-GAAP financial measure, that equals interest income, less interest expense and realized losses on our interest rate swaps. Realized losses on our interest rate swaps are the periodic net settlement payments made or received. For the purpose of computing economic net interest income and ratios relating to cost of funds measures throughout this section, interest expense includes net payments on our interest rate swaps, which is presented as a part of Realized gains (losses) on derivatives in our Consolidated Statements of Operations and Comprehensive Income. Interest rate swaps are used to manage the increase in interest paid on repurchase agreements in a rising rate environment. Presenting the net contractual interest payments on interest rate swaps with the interest paid on interest-bearing liabilities reflects our total contractual interest payments. We believe this presentation is useful to investors because it depicts the economic value of our investment strategy by showing actual interest expense and net interest income. Where indicated, interest expense, including interest payments on interest rate swaps, is referred to as economic interest expense. Where indicated, net interest income reflecting interest payments on interest rate swaps, is referred to as economic net interest income.
The following table reconciles the GAAP and non-GAAP measurements reflected in the Management’s Discussion and Analysis of Financial Condition and Results of Operations.
GAAP
Interest
Income
GAAP
Interest
Expense
Net Realized
Losses on
Interest
Rate
Swaps
Economic
Interest
Expense
GAAP
Net
Interest
Income
Net
Realized
Losses on
Interest
Rate
Swaps
Other (1) Economic
Net
Interest
Income
For the Quarter Ended March 31, 2018 $ 297,132 $ 149,251 $ 2,612 $ 151,863 $ 147,881 $ (2,612 ) $ 143 $ 145,412 For the Quarter Ended December 31, 2017 $ 301,957 $ 144,204 $ 4,369 $ 148,573 $ 157,753 $ (4,369 ) $ (61 ) $ 153,323 For the Quarter Ended September 30, 2017 $ 296,813 $ 140,358 $ 3,489 $ 143,847 $ 156,455 $ (3,489 ) $ (167 ) $ 152,799 For the Quarter Ended June 30, 2017 $ 288,644 $ 137,955 $ 3,486 $ 141,441 $ 150,689 $ (3,486 ) $ (350 ) $ 146,853 For the Quarter Ended March 31, 2017
$ 251,344 $ 110,231 $ 4,106 $ 114,337 $ 141,113 $ (4,106 ) $ (519 ) $ 136,488 (1) Primarily interest income on cash and cash equivalents.
The table below shows our average earning assets held, interest earned on assets, yield on average interest earning assets, average debt balance, economic interest expense, economic average cost of funds, economic net interest income, and net interest rate spread for the periods presented.
For the Quarter Ended March 31, 2018 March 31, 2017 (dollars in thousands) (dollars in thousands) Average
Balance Interest Average
Yield/Cost Average
Balance Interest Average
Yield/Cost Assets: Interest-earning assets (1) : Agency MBS $ 3,880,870 $ 33,342 3.4 % $ 3,730,939 $ 27,632 3.0 % Non-Agency RMBS 1,150,135 22,004 7.7 % 1,372,359 30,205 8.8 % Non-Agency RMBS transferred to consolidated VIEs 896,139 52,107 23.3 % 1,141,388 60,134 21.1 % Residential mortgage loans held for investment 13,265,821 189,822 5.7 % 9,091,646 132,854 5.8 % Total $ 19,192,965 $ 297,275 6.2 % $ 15,336,332 $ 250,825 6.5 % Liabilities and stockholders' equity: Interest-bearing liabilities: Repurchase agreements collateralized by: Agency MBS (2)
$ 3,253,529 $ 16,140 2.0 % $ 3,120,531 $ 11,473 1.5 % Non-Agency RMBS 411,143 3,025 2.9 % 745,920 5,532 3.0 % Re-Remic repurchase agreements 828,745 7,727 3.7 % 605,366 4,669 3.1 % RMBS from loan securitizations 2,763,631 25,358 3.7 % 1,328,324 9,978 3.0 % Securitized debt, collateralized by Non-Agency RMBS 200,374 2,825 5.6 % 318,756 5,012 6.3 % Securitized debt, collateralized by loans 9,185,049 96,788 4.2 % 7,121,397 77,673 4.4 % Total $ 16,642,471 $ 151,863 3.7 % $ 13,240,294 $ 114,337 3.5 % Economic net interest income/net interest rate spread $ 145,412 2.5 % $ 136,488 3.0 % Net interest-earning assets/net interest margin $ 2,550,494 3.0 % $ 2,096,038 3.6 % Ratio of interest-earning assets to interest bearing liabilities 1.15 1.16 (1) Interest-earning assets at amortized cost (2) Interest includes cash paid on swaps The table below shows our Net Income, Economic Net Interest Income and Core Earnings, each as a percentage of average equity. Return on average equity is defined as our GAAP net income (loss) as a percentage of average equity. Average equity is defined as the average of the Company’s beginning and ending equity balance for the period reported. Economic Net Interest Income is a non-GAAP financial measure, that equals interest income, less interest expense and realized losses on our interest rate swaps. Core Earnings is a non-GAAP measures as defined in previous section.
Return on
Average Equity
Economic Net
Interest
Income/Average
Equity *
Core Earnings/Average
Equity
(Ratios have been annualized) For the Quarter Ended March 31, 2018 26.17 % 15.92 % 11.91 % For the Quarter Ended December 31, 2017 11.82 % 16.85 % 12.70 % For the Quarter Ended September 30, 2017 15.42 % 16.92 % 12.88 % For the Quarter Ended June 30, 2017 12.98 % 16.57 % 12.65 % For the Quarter Ended March 31, 2017 19.63 % 16.46 % 11.57 % * Includes effect of realized losses on interest rate swaps.
The following table presents changes to Accretable Discount (net of premiums) as it pertains to our Non-Agency RMBS portfolio, excluding premiums on IOs, during the previous five quarters.
For the Quarters Ended Accretable Discount (Net of Premiums) March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 (dollars in thousands) Balance, beginning of period $ 582,193 $ 622,982 $ 627,724 $ 648,659 $ 683,648 Accretion of discount (37,309 ) (39,640 ) (43,502 ) (42,625 ) (43,715 ) Purchases — (2,914 ) 1,723 (108 ) (3,642 ) Sales and deconsolidation 174 — 5,792 212 (7,303 ) Transfers from/(to) credit reserve, net 10,386 1,765 31,245 21,586 19,671 Balance, end of period $ 555,444 $ 582,193 $ 622,982 $ 627,724 $ 648,659 Disclaimer
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among other things, those described in our most recent Annual Report on Form 10-K, and any subsequent Quarterly Reports on Form 10-Q, under the caption “Risk Factors.” Factors that could cause actual results to differ include, but are not limited to: the state of credit markets and general economic conditions; changes in interest rates and the market value of our assets; the rates of default or decreased recovery on the mortgages underlying our target assets; the occurrence, extent and timing of credit losses within our portfolio; the credit risk in our underlying assets; declines in home prices; our ability to establish, adjust and maintain appropriate hedges for the risks in our portfolio; the availability and cost of our target assets; our ability to borrow to finance our assets and the associated costs; changes in the competitive landscape within our industry; our ability to manage various operational risks and costs associated with our business; interruptions in or impairments to our communications and information technology systems; our ability to acquire residential mortgage loans and successfully securitize the residential mortgage loans we acquire; our ability to oversee our third party sub-servicers; the impact of any deficiencies in the servicing or foreclosure practices of third parties and related delays in the foreclosure process; our exposure to legal and regulatory claims; legislative and regulatory actions affecting our business; the impact of new or modified government mortgage refinance or principal reduction programs; our ability to maintain our REIT qualification; and limitations imposed on our business due to our REIT status and our exempt status under the Investment Company Act of 1940.
Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chimera does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Chimera’s most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Readers are advised that the financial information in this press release is based on company data available at the time of this presentation and, in certain circumstances, may not have been audited by the Company’s independent auditors.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005710/en/
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Source: Chimera Investment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-chimera-investment-corporation-reports-1st-quarter-2018-earnings.html |
With a full year of data from the CNBC/SurveyMonkey Small Business Survey now in, it's become clear that on Main Street business owners are increasingly positive in the Trump era. In the second quarter, the broad CNBC/SurveyMonkey Small Business Confidence Index remains near a record-high, and the details show small business owners to be increasing their expectations in two critical areas: revenue and hiring.
Small-business owners are now more apt than they were a year ago to anticipate higher revenue over the next 12 months (60 percent vs. 55 percent a year ago) and to increase their staff (31 percent vs. 27 percent a year ago).
The CNBC/SurveyMonkey Small Business Survey , an online poll with responses from more than 2,000 small-business owners each quarter, now finds that more than half (53 percent) of small-business owners rate their current business conditions positively , the first time a majority has voiced that view. The percentage seeing things as good has been steadily climbing each quarter; the second-quarter 2018 reading is 15 percentage points higher than it was in the second quarter of 2017, when the survey started (38 percent).
While the increases in sentiment on business conditions were gradual and consistent, other components had wilder swings. Revenue expectations saw their largest quarter-to-quarter change from the last quarter of 2017 to the first quarter of 2018, when the proportion of small- business owners expecting an increase in revenue jumped from 53 percent to 60 percent. This change coincided with a significant shift in small-business owners' expectations regarding tax policy — and with the debate and passage of major tax-reform legislation.
Tax reform swings confidence President Donald Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017, the largest piece of tax-reform legislation since 2001. The law was framed as a boon for small businesses, many of which file their taxes as pass-through entities and would therefore benefit from the increase in the standard deduction. However, the law's passage required weeks of back-and-forth between the administration and members of Congress as they hammered out key provisions, many of which were unclear until well after the bill was signed into law.
This uncertainty was evident in our quarterly survey. In the final quarter of 2017, 36 percent of small-business owners expected changes in tax policy to have a negative effect on their business (up from 27 percent the previous quarter), and 38 percent expected them to have a positive effect (up from 31 percent). The proportion of small-business owners who said that tax policy would have no effect on their business fell from 40 percent in the third quarter to 25 percent in the fourth quarter of 2017.
By the first quarter of 2018, things had turned around. About a quarter (23 percent) of small-business owners now expect tax policy to have a negative effect on their business, while twice as many, nearly half (46 percent), came to expect tax policy to have a positive effect.
Despite the ups and downs, expectations around tax policy are now back to where they were a year ago, showing how quickly political machinations can yield to facts on the ground for business owners.
Trade policy is the new tax policy Trump's recent announcement of tariffs on steel and aluminum has spurred other countries to declare their own retaliatory tariffs on American agriculture and manufacturing industries, rattling expectations among business owners.
This quarter 28 percent of small-business owners say they expect changes in trade policy to have a negative effect on their business in the next year, the most to say so in five quarters of surveys, and up sharply from 17 percent last quarter. Just 18 percent of small-business owners now anticipate trade policy will have a positive effect on their business in the next year, down from 27 percent in the second quarter of 2017.
If this political conflict can be resolved quickly — much like the tax-reform debate was settled in a matter of weeks — this drag on small-business owners' confidence could prove a mere blip. But if the United States engages in trade wars with real-world consequences, the uncertainty among small-business owners could be a lasting pull.
Overall stability The year-over-year stability of the overall index score, which was 60 a year ago and stands at 61 now, does not reflect the quarter-to-quarter changes it has cycled through in the past year. After falling to a value of 57 in the third and fourth quarters of 2017, then jumping up to a high of 62 in the first quarter of 2018, the index is indeed nearly back where it started a year ago, but with a great deal of change under the surface.
Much of the substantial variation among the index components is masked in the overall index calculation, as quarter-to-quarter changes for individual items often cancel each other out. For example, the increase in trade policy concerns this quarter were offset by the boosted expectations for revenue, hiring and, above all, "good" conditions reported by small-business owners.
That is the advantage of a regular index: It summarizes several key components into an overall picture of confidence among small-business owners, while also allowing the observation of much more granular details.
Of the eight key index components included in our score, just one has held steady every quarter of the last year. A year ago 42 percent of small-business owners expected changes in technological innovation to have a positive effect on their business — and since that time, that number has not budged. Through the course of this year, the index components that have undergone the largest shifts in sentiment are those that have been tied to political upheaval.
— By Laura Wronski, research scientist, and Jon Cohen, chief research officer at SurveyMonkey . The CNBC/SurveyMonkey Small Business Survey is conducted quarterly using SurveyMonkey's online platform and based on its survey methodology . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/after-a-year-with-trump-main-street-is-poised-to-go-on-a-hiring-spree.html |
NEW YORK (Reuters) - Thousands of people have signed an online petition calling for the disbarment of a New York lawyer accused of threatening to have cafe workers deported after he heard them speaking Spanish, an incident caught on video that went viral.
The clip, recorded on Tuesday by a customer at Fresh Kitchen in Midtown Manhattan and posted on Facebook, shows a man who appeared to be about 40 years old, with short dark hair and a white dress shirt, growing enraged and loudly complaining to the sandwich shop staff after hearing conversations in Spanish.
“Your staff are speaking Spanish to customers when they should be speaking English. It’s America!” he shouts in the video, which has garnered more than 5.4 million views.
“My guess is they are not documented so my next call is to ICE to ask each of them to get out of my country,” he says, referring to the U.S. Department of Homeland Security’s Immigration and Customs Enforcement.
“I pay for their welfare - the least they can do is speak English,” he said.
Other customers are heard on the video denouncing what they describe as his racist comments.
The tirade went viral at a time when many Americans are frustrated by what they view as a wave of illegal immigration into the United States, a sentiment that Donald Trump exploited in his successful campaign for the presidency.
A petition started on Change.org on Thursday urges the New York State Bar Association and the First Judicial Department Attorneys Grievance Committee to disbar the man, whom it names and identifies as a lawyer. As of late Thursday afternoon, more than 12,000 people had signed the petition.
The bar association said complaints against attorneys are investigated by grievance committees appointed by the Appellate Division of State Supreme Court.
Neither the man nor the appellate division immediately responded to Reuters’ requests for comment. Reuters was not immediately able to reach Fresh Kitchen for comment.
Reporting by Barbara Goldberg; Editing by Frank McGurty and Richard Chang
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-immigration/new-york-mans-tirade-against-spanish-speakers-prompts-online-petition-idUSKCN1II319 |
A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: [email protected] TRUMP OFFERS NORTH KOREA’S KIM POLITICAL SAFEGUARDS, BUT WARNS OF ‘TOTAL DECIMATION’ The White House is offering sticks and carrots to convince North Korea’s government that it should abandon […]
WSJ Wealth Adviser Briefing: Credit-Card Boom, Tech Titans, Top Frequent-Flier Programs Next Copper Is Sending a Bearish Signal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/18/energy-journal-nuclear-conundrums-and-oil-headaches-dominate-world-agenda/ |
May 2, 2018 / 5:29 PM / Updated 16 minutes ago BRIEF-Nevada Gold & Casinos Says Is In Exclusive Discussions To Sell The Company Reuters Staff
May 2 (Reuters) - Nevada Gold & Casinos Inc:
* NEVADA GOLD & CASINOS ANNOUNCES EXCLUSIVE SALE DISCUSSIONS
* NEVADA GOLD & CASINOS INC - ANNOUNCED THAT IT IS IN EXCLUSIVE DISCUSSIONS TO SELL COMPANY Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nevada-gold-casinos-says-is-in-exc/brief-nevada-gold-casinos-says-is-in-exclusive-discussions-to-sell-the-company-idUSFWN1S9103 |
SINGAPORE, May 30 (Reuters) - Fujairah Oil Industry Zone on Wednesday published, via industry information service S&P Global Platts, the following weekly inventory data for oil products for the week ended May 28. Volumes are in thousands of barrels. Figures in brackets represent volume change from prior week calculated by Reuters. Week Light Middle Residual Fuels Distillates Distillates 2018 May 28 5,750 (-1,754) 2,306 (-367) 8,720 (-482) May 21 7,504 (+434) 2,673 (+159) 9,202 (+1,337) May 14 7,070 (+127) 2,514 (+225) 7,865 (-1,154) May 7 6,943 (-399) 2,289 (+259) 9,019 (-542) April 30 7,342 (-882) 2,030 (+281) 9,561 (+83) April 23 8,224 (+837) 1,749 (-370) 9,478 (+850) April 16 7,387 (+78) 2,119 (-736) 8,628 (+172) April 9 7,309 (-498) 2,855 (+1,116) 8,456 (+1,407) April 2 7,807 (-386) 1,739 (-478) 7,049 (-100) March 26 8,193 (+532) 2,217 (-355) 7,149 (-240) March 19 7,661 (+973) 2,572 (+653) 7,389 (+34) March 12 6,688 (-954) 1,919 (-652) 7,355 (+856) March 5 7,642 (-784) 2,571 (-141) 6,499 (+1,659) Feb 26 8,426 (+224) 2,712 (+201) 4,840 (-1,221) Feb 19 8,202 (-453) 2,511 (+146) 6,061 (+763) Feb 12 8,655 (+809) 2,365 (+386) 5,298 (-1,702) Feb 5 7,846 (+321) 1,979 (-613) 7,000 (+338) Jan 29 7,525 (+321) 2,592 (+696) 6,662 (-493) Jan 22 7,204 (+1,256) 1,896 (-287) 7,155 (-1,374) Jan 15 5,948 (-320) 2,183 (+113) 8,529 (-545) Jan 8 6,268 (+876) 2,070 (+744) 9,074 (+448) Jan 1 5,392 (+609) 1,326 (-556) 8,626 (-1,661) 2017 25 Dec 4,783 (-186) 1,882 (+442) 10,287 (+70) 18 Dec 4,969 (+414) 1,440 (+34) 10,217 (-447) 11 Dec 4,555 (-101) 1,406 (+194) 10,664 (-1,650) 4 Dec 4,656 (+389) 1,212 (-278) 12,314 (+1,406) 27 Nov 4,267 (-425) 1,490 (-41) 10,908 (+1,267) 20 Nov 4,692 (+43) 1,531 (-590) 9,641 (+1,321) 13 Nov 4,649 (-196) 2,121 (+377) 8,320 (-321) 6 Nov 4,845 (+579) 1,744 (-501) 8,641 (-743) 30 Oct 4,266 (-110) 2,245 (-236) 9,384 (+163) 23 Oct 4,376 (-1,344) 2,481 (-363) 9,221 (+547) 16 Oct 5,720 (+1,166) 2,844 (-113) 8,674 (+171) 9 Oct 4,554 (-198) 2,957 (+482) 8,503 (-782) 2 Oct 4,752 (-250) 2,475 (-146) 9,285 (-2,384) 25 Sept 5,002 (-707) 2,621 (+197) 11,669 (+820) 18 Sept 5,709 (+407) 2,424 (-596) 10,849 (+188) 11 Sept 5,302 (-378) 3,020 (-382) 10,661 (-73) 4 Sept 5,680 (+286) 3,402 (+254) 10,734 (-53) 28 Aug 5,394 (-1,393) 3,148 (-39) 10,787 (+76) 21 Aug 6,787 (+371) 3,187 (-852) 10,711 (-1,348) 14 Aug 6,416 (-298) 4,039 (+221) 12,059 (+536) 7 Aug 6,714 (+251) 3,818 (-160) 11,523 (+694) 31 July 6,463 (-134) 3,978 (-226) 10,829 (+10) 24 July 6,597 (-243) 4,204 (+100) 10,819 (-2,637) 17 July 6,840 (+695) 4,104 (+638) 13,456 (+1,354) 10 July 6,145 (-49) 3,466 (+196) 12,102 (-25) 3 July 6,194 (+305) 3,270 (+48) 12,127 (-9) 26 June 5,889 (+670) 3,222 (-350) 12,136 (+432) 19 June 5,219 (-278) 3,572 (+512) 11,704 (+555) 12 June 5,497 (+8) 3,060 (+579) 11,149 (+292) 5 June 5,489 (+145) 2,481 (-307) 10,857 (+773) 29 May 5,344 (-639) 2,788 (-48) 10,084 (+987) 22 May 5,983 (+255) 2,836 (-39) 9,097 (-513) 15 May 5,728 (0) 2,875 (+88) 9,610 (-628) 8 May 5,728 (-590) 2,787 (-958) 10,238 (-647) 1 May 6,318 (-891) 3,745 (-559) 10,885 (+6) 24 April 7,209 (-978) 4,304 (+197) 10,879 (+717) 17 April 8,187 (+837) 4,107 (+133) 10,162 (-1,472) 10 April 7,350 (+405) 3,974 (+61) 11,634 (+182) 3 April 6,945 (+204) 3,913 (-933) 11,452 (-876) 27 March 6,741 (+1,082) 4,846 (+309) 12,328 (+1,409) 20 March 5,659 (+69) 4,537 (+277) 10,919 (+1,058) 13 March 5,590 (+336) 4,260 (+242) 9,861 (+254) 6 March 5,254 (-269) 4,018 (-246) 9,607 (-133) 27 Feb 5,523 (+485) 4,264 (+283) 9,740 (+1,687) 20 Feb 5,038 (-867) 3,981 (-267) 8,053 (+174) 13 Feb 5,905 (-441) 4,248 (-1,029) 7,879 (-1,406) 6 Feb 6,346 (+1,330) 5,277 (+527) 9,285 (+1,035) 30 Jan 5,016 (-518) 4,750 (+373) 8,250 (-901) 23 Jan 5,534 (+1,196) 4,377 (-235) 9,151 (-1,206) 16 Jan 4,338 (NA) 4,612 (NA) 10,357 (NA) * Fujairah Oil Industry Zone hosts the Middle East's largest commercial storage capacity for refined products. * The data can be viewed at fujairah.platts.com/ (Reporting by Roslan Khasawneh)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/oil-inventories-fujairah/table-uaes-fujairah-oil-inventory-data-for-week-ended-may-28-idUSL3N1T1316 |
May 23 (Reuters) - Sanchez Midstream Partners LP:
* SANCHEZ MIDSTREAM PARTNERS ANNOUNCES EXPANSION OF MIDSTREAM JOINT VENTURE WITH TARGA RESOURCES IN SOUTH TEXAS
* SANCHEZ MIDSTREAM PARTNERS LP - HAS EXECUTED SERIES OF AGREEMENTS WITH TARGA RESOURCES
* SANCHEZ MIDSTREAM - PARTIES MERGED 50 PERCENT INTERESTS IN ENTITIES WITH HIGH PRESSURE CARNERO GATHERING LINE, RAPTOR GAS PROCESSING FACILITY TO FORM EXPANDED 50/50 JV
* SANCHEZ MIDSTREAM PARTNERS LP - JV HAS ACQUIRED TARGA’S 200 MILLION CUBIC FEET PER DAY SILVER OAK II GAS PROCESSING PLANT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sanchez-midstream-partners-expands/brief-sanchez-midstream-partners-expands-midstream-jv-with-targa-resources-in-south-texas-idUSFWN1SU0I3 |
Fighters loyal to Islamic State killed four American soldiers in Niger last fall, surprising even some Members of Congress who apparently had no idea the U.S. is fighting ISIS in Africa. Last week the Pentagon published a highly critical summary of its investigation into the incident, but it should lead to military improvements not a U.S. retreat from Africa.
The report blamed the deaths on “individual, organizational, and institutional failures and deficiencies.” On Oct. 4 a platoon-size force of Nigeriens, accompanied by... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-african-terror-fight-1526246064 |
A man was arrested early Friday after exchanging gunfire with officers, shouting about President Donald Trump and draping a flag over the counter in the lobby of the Trump National Doral Golf Club near Miami that's owned by Trump, police said.
Police were notified of an "active shooter" about 1:30 a.m., Doral Police Chief Hernan Organvidez told news reporters. He said officers from Doral and Miami-Dade confronted him immediately and exchanged gunfire with the man who was "neutralized" and taken into custody.
Miami-Dade Police Director Juan Perez said the man was shouting about Trump, and "actively shooting."
"He was yelling and spewing some information about President Trump and that's what we know so far. And he had an American flag that he did drape over the counter," Perez said.
Perez said a Doral officer received an unspecified injury.
"You know, these officers did not hesitate one second to engage this individual that was actively shooting in the lobby of the hotel," he said. "They risked their lives knowing that that they had to get in there to save lives in that hotel."
Perez said the Secret Service and FBI were on the way, but that local police were in charge for the time being.
The golf resort previously known as the Doral Resort & Spa was purchased by the Trump Organization in 2012. Its signature course is the Blue Monster at Doral. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/police-man-arrested-after-firing-shots-at-trump-golf-club.html |
NEW YORK, May 17 (Reuters) - A New York state appeals court on Thursday rejected U.S. President Donald Trump’s bid to put on hold a defamation lawsuit by a former contestant on his reality TV show “The Apprentice”.
The state Appellate Division in Manhattan did not in a one-page order explain its reasons for denying Trump’s motion to stay the lawsuit by Summer Zervos, while he appeals a lower court ruling letting the case proceed. (Reporting by Jonathan Stempel in New York Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-apprentice-lawsuit/ny-appeals-court-rejects-trump-bid-to-halt-defamation-lawsuit-idUSL2N1SO16Q |
This CEO says schools today are 'trained to teach the past' 8 Hours Ago Yat Siu of Outblaze says parents should get their children to think about the problems that they want to solve instead of what kind of job they want to do. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/this-ceo-says-schools-today-are-trained-to-teach-the-past.html |
Published: May 10, 2018 11:36 a.m. ET Share
The card would carry the Apple Pay brand and could launch early next year Getty Images Two giant corporations are teaming up to try to crack the fintech payments nut.
By Tripp Mickle Liz Hoffman
Apple Inc. AAPL, +1.35% and Goldman Sachs Group Inc. GS, +1.02% are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.
The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said. Apple will replace its longstanding rewards-card partnership with BCS, +0.56% PLC, the people said.
The Apple-Goldman card could help the companies combat weaknesses in their core businesses. As new iPhone sales growth slows, Apple is focusing on services such as mobile payments, streaming-music subscriptions, and App Store sales. Apple Pay, which generates revenue on each transaction, is a key contributor, but adoption has been slower than executives hoped. | ashraq/financial-news-articles | https://www.wsj.com/articles/goldman-sachs-apple-team-up-on-new-credit-card-1525965387 |
May 21, 2018 / 4:10 PM / Updated 3 hours ago Strong grip may predict longer life at all ages Carolyn Crist 5 Min Read
(Reuters Health) - Grip strength may be a better predictor of future health than some measurements doctors currently use to gauge risk, a large UK study suggests.
Although grip strength has long been a good indicator of frailty or health in older people, it could help doctors understand adults’ risk profile at all ages, including the odds of heart and lung disease, cancer and overall mortality, the study team writes in The BMJ.
“Grip strength is easy to measure and may be useful in helping to predict future disease,” said senior study author Stuart Gray of the University of Glasgow.
“Grip strength showed a stronger association with cardiovascular disease than blood pressure and physical activity, which was a bit of a surprise,” Gray told Reuters Health by email. “It highlights nicely just how strong the association is.”
The researchers studied more than half a million participants in the UK Biobank project, who were aged 40 to 69 years when they were recruited in 2007-2010. Periodically over the years, participants underwent medical exams, provided samples and answered extensive questionnaires about health and lifestyles.
Gray’s team also tracked participants through medical records for an average of seven years. During that time, more than 13,000, or nearly 3 percent, had died, while close to 6 percent developed heart disease, about 2 percent developed respiratory disease and close to 6 percent were diagnosed with cancer.
After accounting for age and a wide range of other factors, such as diet, sedentary time and socioeconomic status, the researchers found that muscle weakness, defined as a grip-strength measurement of less than 26 kilograms (57 pounds) for men and less than 16 kg (35 lb) for women, was associated with higher overall risk of death and higher risk for specific illnesses.
Each 5-kg (11-lb) increment of grip strength below these thresholds was tied to a 20 percent increase for women and a 16 percent increase for men in the risk of death from all causes.
For death from heart disease, the risk increased 19 percent for women and 22 percent for men. For death from respiratory disease, the increase was 31 percent for women and 24 percent for men, and for deaths from all cancers, the increase was 17 percent for women and 10 percent for men.
Weaker grip strength was not linked with risk of dying from prostate cancer, colon cancer among women or lung cancer in both sexes.
Overall, the researchers note, people with the lowest grip strengths tended to have lower socioeconomic status and were more likely to smoke, to be obese and to have higher waist circumference and body fat percentage. They also ate fewer fruits and vegetables, exercised less and watched TV more.
The study doesn’t prove whether or how muscle strength might influence health, the Biobank participants are not necessarily representative of the general UK population or that of other countries.
Still, skeletal muscle’s critical role is often underrated, the researchers write. It controls body movements, serves as the body’s primary protein store and plays an important role in regulating blood sugar.
“This isn’t just about frail adults . . . This is important for adults in the prime of their life,” said Carrie Karvonen-Gutierrez of the University of Michigan School of Public Health in Ann Arbor, who wasn’t involved in the study.
“If this is a robust indicator of underlying disease risk, we should consider incorporating it into clinical care . . . particularly in areas around the world where we have limited resources,” she said in a telephone interview.
Researchers have also found that grip strength can be a good overall marker for aging. In Norway, for instance, researchers found that elders’ grip strength in their 80s and 90s can predict the likelihood of making it into the 100s.
Some are also looking at whether more recent generations have better health and strength as they age compared with previous generations. “Is 70 the new 60?” said Bjorn Heine Strand of the University of Oslo’s Institute of Health and Society, who wasn’t involved in the current study.
“The research around that particular question is scarce and inconclusive right now,” Strand said by email. “But we know grip strength is a powerful indicator - and a potential biomarker of aging.”
SOURCE: bit.ly/2Lhe6Kk The BMJ, online May 8, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-grip-strength/strong-grip-may-predict-longer-life-at-all-ages-idUKKCN1IM1TA |
May 14 (Reuters) - Songa Bulk Asa:
* ENTERS INTO AN AGREEMENT TO COMBINE ITS FLEET WITH STAR BULK
* AGREEMENT REGARDING SALE OF ALL OF CO’S VESSELS AGAINST CONSIDERATION OF 13,688,000 SHARES OF STAR BULK AND $144.55 MILLION IN CASH
* STAR BULK WILL ACQUIRE AND CANCEL SONGA’S OUTSTANDING WARRANT PROGRAM FOR 37K SHARES OF STAR BULK AND $450K IN CASH
* STAR BULK TO FINANCE CASH PORTION OF TRANSACTION THROUGH PROCEEDS OF A NEW FIVE-YEAR CAPITAL LEASE WITH CHINA MERCHANTS BANK LEASING
* STAR BULK INTENDS TO APPLY FOR A SECONDARY LISTING OF ITS COMMON SHARES FOR TRADING ON OSLO BØRS 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-songa-bulk-enters-into-an-agreemen/brief-songa-bulk-enters-into-an-agreement-to-combine-its-fleet-with-star-bulk-idUSASO0004RD |
TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- The Shawcor Ltd. (TSX:SCL) Board of Directors today declared a dividend of fifteen cents (15.00 cents) per share on the outstanding common shares of the Corporation payable on the 31 st day of May 2018, to shareholders of record at the close of business on the 18 th day of May 2018.
For Canadian resident shareholders, these dividends are designated as "eligible dividends" for purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.
For further information, please contact:
Gaston Tano
Senior Vice President, Finance and CFO
Telephone: 416.744.5539
Email: [email protected]
shawcor.com
Source: Shawcor Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-shawcor-declares-quarterly-dividend.html |
HEALDSBURG, Calif., April 30, 2018 /PRNewswire/ -- Truett-Hurst, Inc. (the "Company") today announced the appointment of Karen Weaver as Chief Financial Officer (CFO) of the Company, effective April 27, 2018, in which capacity Ms. Weaver will also serve as the Company's Principal Financial Officer and Principal Accounting Officer.
Mr. Phillip Hurst, the Company's Chief Executive Officer stated, "Karen has done outstanding work as our Corporate Controller and will bring extensive experience managing public company finance teams across industries and a process-driven approach to the position of CFO. We look forward to working with Karen in this new role."
Ms. Weaver has served as Vice President, Corporate Controller of the Company since December 18, 2017. She was previously employed by Amyris, Inc. ("Amyris"), a publicly-traded biotechnology company as Vice President and Corporate Controller from 2012 until 2014 and Vice President, Finance from 2014 until 2017. In August 2013, she was appointed Principal Accounting Officer of Amyris. From 2009 until 2011, Ms. Weaver served as Vice President and Corporate Controller of Sonic Solutions, a publicly-traded global digital media software and entertainment solutions provider, where Ms. Weaver oversaw a global finance team. Ms. Weaver has approximately 30 years of management, leadership and industry experience leading finance functions for early stage to public companies, with domestic and foreign operations in the technology, biotechnology, manufacturing and financial services industries.
About Truett-Hurst, Inc.
Truett-Hurst, Inc. (NASDAQ: THST) is a holding company and its sole asset is the controlling equity interest in H.D.D. LLC., an innovative super-premium, ultra-premium and luxury wine sales, marketing and production company based in the acclaimed Dry Creek Valley of Sonoma County, California. Truett-Hurst, Inc. is headquartered in Healdsburg, California.
Contact:
Lori Green
707-431-4445
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/truett-hurst-inc-announces-appointment-of-new-chief-financial-officer-300639364.html
SOURCE Truett-Hurst, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-truett-hurst-inc-announces-appointment-of-new-chief-financial-officer.html |
May 1, 2018 / 6:34 PM / Updated 2 hours ago Trump says location, date of North Korea summit may be announced soon Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday the location and date of a summit with North Korean leader Kim Jong Un may be announced soon. U.S. President Donald Trump addresses a joint news conference with Nigeria's President Muhammadu Buhari in the Rose Garden of the White House in Washington, U.S., April 30, 2018. REUTERS/Kevin Lamarque
Trump made the remark to reporters at the White House. Trump said on Saturday the meeting with Kim could happen over the next three or four weeks. Reporting by James Oliphant; Writing by Mohammad Zargham; Editing by Lisa Lambert | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles-usa-trump/trump-says-location-date-of-north-korea-summit-may-be-announced-soon-idUKKBN1I246Y |
President Donald Trump said Sunday that he will "demand" that the Justice Department open an investigation into whether the FBI infiltrated his presidential campaign, an extraordinary order that came hours before his legal team said that the special counsel indicated its investigation into the president could be concluded by September.
Trump tweeted: "I hereby demand, and will do so officially tomorrow, that the Department of Justice look into whether or not the FBI/DOJ infiltrated or surveilled the Trump Campaign for Political Purposes - and if any such demands or requests were made by people within the Obama Administration!"
Donald Trump tweet
Trump's pressure on the Justice Department —it asked its watchdog later Sunday to expand an existing probe of FBI actions — reached a new intensity with the demand, and came amid a White House strategy to combat the threat posed by special counsel Robert Mueller's ongoing investigation into potential ties between Russia and the Trump campaign. And the president's lawyer, Rudy Giuliani , said that Mueller recently shared a timetable that suggested that its probe could end by Sept. 1 if Trump were to sit for an interview in July, which is the legal team's new working plan.
"We said to them, 'If we're going to be interviewed in July, how much time until the report gets issued?'" Giuliani told The Associated Press on Sunday, referring to the report Mueller is expected to issue to Congress at the conclusion of his investigation. "They said September, which is good for everyone, because no one wants this to drag into the midterms."
Giuliani said he did not want a repeat of what happened in 2016, when FBI Director James Comey announced in the campaign's final days that he was reopening the investigation into Hillary Clinton's use of a private email server, a decision Democrats believe cost Clinton the race. Giuliani, the former mayor of New York, also said that Mueller's team indicated that the entire probe could end by September, not just its investigation into potential obstruction of justice.
"This would be the culmination of the investigation into the president," Giuliani said.
The special counsel's office did not respond to a request for comment.
It is not certain if Trump will sit for an interview with Mueller, though the president has publicly said he would. Giuliani said a decision on that would not be made until after Trump's summit with North Korean leader Kim Jong Un in Singapore , which is slated for June 12. The former mayor said Sunday the two sides "were getting closer" to agreeing on the parameters on a potential interview but would not put the odds of it happening at better than 50/50.
Giuliani's apparent attempt to publicly pressure Mueller amid interview negotiations came just hours after Trump's demand for a new inquiry, which moved beyond his usual blustery accusations of institutional wrongdoing and into the realm of applying presidential pressure on the Justice Department, a move few of his predecessors have made.
Trump made the order amid days of public venting about the special counsel investigation, which he has deemed a "witch hunt" that has yielded no evidence of collusion between his campaign and Russia. In response, the Justice Department moved Sunday to defuse a growing confrontation with the White House by asking its inspector general to expand an existing investigation into the Russia probe by examining whether there was any improper politically motivated surveillance
It was not immediately clear if that move would satisfy Trump, or if any further demands could lead to a confrontation with FBI Director Christopher Wray or Deputy Attorney General Rod Rosenstein , who is overseeing the Mueller investigation. Rosenstein released a statement Sunday that read, "If anyone did infiltrate or surveil participants in a presidential campaign for inappropriate purposes, we need to know about it and take appropriate action."
The Justice Department probe had begun in March at the request of Attorney General Jeff Sessions and congressional Republicans. Sessions and the lawmakers had urged Inspector General Michael Horowitz to review whether FBI and Justice Department officials abused their surveillance powers by using information compiled by Christopher Steele, a former British spy, and paid for by Democrats to justify monitoring Carter Page, a former campaign adviser to Trump.
Horowitz said his office will look at those claims as well as communications between Steele and DOJ and FBI officials.
Trump did not elaborate on the promised "demand," which he included in one of a series of tweets he sent throughout the day Sunday. On Saturday, Trump tweeted, "If the FBI or DOJ was infiltrating a campaign for the benefit of another campaign, that is a really big deal." He said only the release or review of documents the House Intelligence Committee is seeking from the Justice Department "can give conclusive answers."
Rep. Adam Schiff of California, the senior Democrat on the House Intelligence Committee, called Trump's claim of an embedded spy "nonsense."
"His 'demand' DOJ investigate something they know to be untrue is an abuse of power, and an effort to distract from his growing legal problems," Schiff said on Twitter. "Never mind that DOJ has warned that lives and alliances are at risk. He doesn't care."
Adam Schiff tweet
Trump's extraordinary demand of the Justice Department alarmed many observers, who felt it not only violated presidential protocol but could have a chilling effect on federal law enforcement or its use of informants. Giuliani defended the president's actions.
"As the president's lawyer, I can't be concerned on what effect it may have," he said. "To me, there's not much of a difference between an informant's ongoing collection of information in a surreptitious way or a spy.
"If this guy was an FBI implant into the campaign," Giuliani said, "that's as offensive as Watergate."
Giuliani said the information discovered by the source, who was first reported by The New York Times to have met several times with Trump campaign officials who had suspicious contacts linked to Russia, should eventually be made public and released to Congress, even if his identity is kept confidential.
The GOP-led House Intelligence Committee closed its Russian meddling probe last month, saying it found no evidence of collusion or coordination between Trump's campaign and Russia, which Mueller is looking into. Schiff and other committee Democrats were furious and argued that Republicans had not subpoenaed many witnessed they considered essential to the committee's work.
Sunday was not the first time that Trump accused his predecessor of politically motivated activity against him.
Without substantiation, Trump tweeted in March 2017 that former President Barack Obama had conducted surveillance the previous October at Trump Tower, the New York skyscraper where Trump ran his campaign and transition and maintains a residence. Comey later testified to Congress that internal reviews found no information to support the president's tweets. Trump later fired Comey over the bureau's Russia investigation. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/as-trump-pressures-the-justice-dept-giuliani-says-mueller-investigation-may-end-by-september.html |
May 9 (Reuters) - Hostess Brands Inc:
* HOSTESS BRANDS, INC. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.23 * Q1 EARNINGS PER SHARE VIEW $0.14 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $208.7 MILLION VERSUS I/B/E/S VIEW $200.8 MILLION
* REAFFIRMS FULL YEAR 2018 OUTLOOK * FY2018 EARNINGS PER SHARE VIEW $0.69, REVENUE VIEW $862.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hostess-brand-reports-q1-earnings/brief-hostess-brand-reports-q1-earnings-per-share-0-23-idUSASC0A13B |
May 11, 2018 / 11:34 PM / Updated an hour ago Top Trump aide says protected immigrants need path to citizenship Reuters Staff 3 Min Read
WASHINGTON (Reuters) - Immigrants from Honduras, Haiti, El Salvador and other countries who were given protected status to live in the United States should have a path to citizenship, White House Chief of Staff John Kelly told National Public Radio on Friday.
Kelly said many of those with temporary protected status, or TPS, resulting from natural disasters or conflict have lived in the United States for decades, and that Congress should act.
“We should fold all of the TPS people that have been here for a considerable period of time and find a way for them to be on a path to citizenship,” Kelly, one of President Donald Trump’s top aides, said in an interview.
The Trump administration, under U.S. Secretary of Homeland Security Kirstjen Nielsen, has moved to revoke this special status and to expel tens of thousands of protected immigrants.
Earlier this month, the Department of Homeland Security said it would end protections for 57,000 Hondurans in January 2020, leaving them vulnerable to deportation.
Around 200,000 Salvadorans, 59,000 Haitians and 5,300 Nicaraguans will lose their status in 2019. Protections have also ended for 9,000 Nepalese immigrants and certain immigrants from Liberia.
Trump has pursued his crackdown on legal and illegal immigration since becoming president, promising to strengthen the nation’s borders and to build a wall along the U.S.-Mexico border.
Critics, citing the nation’s history of immigration, say Trump’s policies are hostile to vulnerable people who work in the fast food, hospitality, child care and agriculture sectors, often for low wages.
Some U.S. lawmakers want immigration legislation before the November midterm election after previous bipartisan efforts failed. Their plan, however, is aimed at so-called “Dreamers,” immigrants brought to the United States illegally as children, and border security issues.
Kelly said that while most illegal immigrants “are not bad people ... they’re also not people that would easily assimilate” into modern American society.
“They’re overwhelmingly rural people,” he told NPR. “They don’t speak English ... They don’t integrate well. They don’t have skills.”
Questions were raised about Nielsen’s tenure after the New York Times reported that she had considered resigning after Trump criticized her at a meeting on Wednesday for what he said was her failure to secure U.S. borders.
A DHS spokesman denied the story. Fox News Channel, however, quoted Kelly as saying in an interview on Friday that he called Nielsen after the meeting urging her not to quit. White House Chief of Staff John Kelly looks on before the arrival of the three Americans formerly held hostage in North Korea, at Joint Base Andrews, Maryland, U.S., May 10, 2018. REUTERS/Jim Bourg Reporting by Susan Heavey; Editing by Bernadette Baum and Cynthia Osterman | ashraq/financial-news-articles | https://in.reuters.com/article/usa-immigration/top-trump-aide-says-protected-immigrants-need-path-to-citizenship-idINKBN1IC2PT |
May 23 (Reuters) - Eiger BioPharmaceuticals Inc:
* EIGER BIOPHARMACEUTICALS ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK
* EIGER BIOPHARMACEUTICALS INC - COMMENCED AN UNDERWRITTEN PUBLIC OFFERING OF ITS COMMON STOCK
* EIGER BIOPHARMACEUTICALS - PLANS TO USE NET PROCEEDS TO FUND PLANNED PHASE 3 CLINICAL TRIAL OF LONAFARNIB IN HEPATITIS DELTA VIRUS INFECTION, OTHERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eiger-biopharmaceuticals-announces/brief-eiger-biopharmaceuticals-announces-proposed-public-offering-of-common-stock-idUSASC0A3GC |
NEW YORK (Reuters) - The quest to free Tommy and Kiko may have reached the end of the line.
New York state’s highest court on Tuesday rejected an appeal by the Nonhuman Rights Project seeking to transfer the chimpanzees to a sanctuary, and end their confinement in cages by private owners.
By a 5-0 vote, the court let stand a June 2017 ruling by an intermediate state appeals court in Manhattan that chimpanzees are not legal persons, and that it is up to legislators to decide what rights animals deserve.
The Nonhuman Rights Project believes chimpanzees are, like humans, entitled to bodily liberty, and has for several years sought to persuade courts to afford legal rights to the animals.
The group did not immediately respond to requests for comment.
While agreeing with Tuesday’s outcome, Judge Eugene Fahey said the question of whether animals are entitled to writs of habeas corpus, entitling them to freedom from detention, touches on a “deep dilemma of ethics and policy” that must be addressed.
He said chimpanzees share at least 96 percent of their DNA with humans, and that eminent primatologists have said the animals have advanced cognitive skills including the abilities to recognize themselves, remember, plan, imitate, exercise self-control, and display compassion and humor.
“While it may be arguable that a chimpanzee is not a ‘person,’ there is no doubt that it is not merely a thing,” Fahey wrote.
The Nonhuman Rights Project previously failed to win freedom for two chimpanzees from the State University of New York at Stony Brook. They moved after the school stopped using them for research.
The cases are In re: Nonhuman Rights Project Inc on behalf of Tommy v Lavery et al, and In re: Nonhuman Rights Project Inc on behalf of Kiko v Presti et al, New York Court of Appeals, Motion No. 2018-268.
Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-chimpanzees/new-yorks-top-court-refuses-to-free-chimps-from-cages-idUSKBN1I925W |
PORT WASHINGTON, N.Y., - Systemax Inc. (NYSE: SYX) today announced financial results for the first quarter ended March 31, 2018.
Performance Summary*
(U.S. dollars in millions, except per share data)
Highlights
Quarter Ended
March 31,
GAAP Results**
2018
2017
Net sales
$
355.2
$
302.5
Gross profit
$
96.7
$
81.8
Gross margin***
27.2
%
27.0
%
Operating income
$
20.1
$
12.4
Operating margin
5.7
%
4.1
%
Net income from continuing operations
$
14.2
$
10.3
Net income per diluted share from continuing operations
$
0.37
$
0.28
Net income (loss) from discontinued operations
$
0.4
$
(28.8)
Net income (loss) per diluted share from discontinued operations
$
0.01
$
(0.78)
Non-GAAP Results**
Operating income
$
20.8
$
13.3
Operating margin
5.9
%
4.4
%
Net income from continuing operations
$
14.5
$
8.8
Net income per diluted share from continuing operations
$
0.38
$
0.24
First Quarter 2018 Financial Summary:
Consolidated sales increased 17.4% to $355.2 million in U.S. dollars. On a constant currency basis, average daily sales increased 11.7%. Industrial Products Group ("IPG") sales grew 11.6% to $212.2 million in U.S. dollars. On a constant currency basis, average daily sales increased 11.5%. France sales increased 27.3% to $143.0 million in U.S. dollars. On a constant currency basis, average daily sales increased 12.1%. Consolidated operating income grew 62.1% to $20.1 million compared to $12.4 million last year on a GAAP Basis. On a Non-GAAP basis, consolidated operating income grew 56.4% to $20.8 million. Net income per diluted share from continuing operations grew 32.1% to $0.37. Non-GAAP net income per diluted share from continuing operations grew 58.3% to $0.38.
Larry Reinhold, Chief Executive Officer, said, "Our Industrial and France businesses both delivered outstanding financial performance in the first quarter, generating double digit local currency revenue increases and significant gains in operating income. Industrial revenue grew over 11% on a constant currency average daily sales basis with strength in both our core and expanding product categories and across our end markets. Gross and operating margins showed improvement as we increased leverage across our operations and continued to capitalize on our productivity initiatives. As a result, Industrial's operating income grew 30% in the first quarter. France generated strong revenue growth of 12% on a constant currency average daily sales basis, as it continued to outperform the local market. It delivered exceptional operating margin of almost 7%, and a 60% increase in operating income. With a strong reputation for customer service, excellent vendor relationships and a growing service offering, France is deepening relationships with its loyal customer base and strengthening its position as a one stop shop for business IT."
"2018 is off to a great start and we remain well positioned to execute on our business plans and enhance the value of our businesses. Industrial and France are both highly successful and we remain focused on driving long-term performance through our growth and optimization initiatives. We are generating strong cash flows and continue to return capital to shareholders through our dividend, while maintaining significant financial flexibility to pursue strategic acquisitions that can enhance our growth."
At March 31, 2018, the Company had total working capital of $190.3 million, cash and cash equivalents of $141.0 million and excess availability under its credit facility of approximately $71.1 million. The Company has significant flexibility to return capital to shareholders, execute on its business plans, invest in strategic M&A, and continue investing in growth opportunities. The Company's board of directors has declared a cash dividend of $0.11 per share to common stock shareholders of record at the close of business on May 14, 2018, payable on May 21, 2018. The Company anticipates continuing a regular quarterly dividend in the future.
Earnings Conference Call Details
Systemax Inc. will provide pre-recorded remarks on its first quarter 2018 results today, May 1, 2018 at 5:00 p.m. Eastern Time. A live webcast of the remarks will be available on the Company's website at www.systemax.com in the investor relations section. The webcast will also be archived on www.systemax.com for approximately 90 days.
About Systemax Inc.
Systemax Inc. ( www.systemax.com ), through its operating subsidiaries, is a provider of industrial products in North America and technology products in France, going to market through a system of branded e-Commerce websites and relationship marketers. The primary brands are Global Industrial and Inmac Wstore.
Forward-Looking Statements
This press release contains forward looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Statements contained in this press release that are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are based on management's estimates, assumptions and projections and are not guarantees of future performance. The Company assumes no obligation to update these statements. Forward looking statements may include, but are not limited to, projections or estimates of revenue, income or loss, exit costs, cash flow needs and capital expenditures, statements regarding future operations, expansion or restructuring plans, including our exit from and winding down of our sold NATG and European operations, financing needs, compliance with financial covenants in loan agreements, plans relating to products or services of the Company, assessments of materiality, predictions of future events and the effects of pending and possible litigation, as well as assumptions relating to the foregoing. In addition, when used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward looking statements.
Other factors that may affect our future results of operations and financial condition include, but are not limited to, unanticipated developments in any one or more of the following areas, as well as other factors which may be detailed from time to time in our Securities and Exchange Commission filings: risks involved with e-commerce, including possible loss of business and customer dissatisfaction if outages or other computer-related problems should preclude customer access to our products and services; the Company's management information systems and other technology platforms supporting our sales, procurement and other operations are critical to our operations and disruptions or delays have occurred and could occur in the future, and if not timely addressed would have a material adverse effect on us; we could suffer a data security breach due to our e-commerce and data storage systems being hacked by those seeking to steal Company information and customer personal information, or due to employee error, resulting in disruption to our operations, loss of information and privacy, legal claims and adverse material impact on our business; general economic conditions, will continue to impact our business; extreme weather conditions could disrupt our product supply chain and our ability to ship or receive products, which would adversely impact sales; our international operations are subject to risks such as fluctuations in currency rates, foreign regulatory requirements, and political uncertainty; and managing various inventory risks, such as being unable to profitably resell excess or obsolete inventory and/or the loss of product return rights and price protection from our vendors.
Investor/Media Contacts:
Mike Smargiassi
The Plunkett Group
212-739-6740
[email protected]
* Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal quarters ended on March 31, 2018 and April 1, 2017. The first quarter of both 2018 and 2017 included 13 weeks.
** On December 1, 2015 the Company closed on the sale of certain assets of its North American Technology Group ("NATG"). Pursuant to this transaction, the Company continues to wind down the remaining operations of NATG during 2018. Costs of the wind down in 2018 and 2017 are included in discontinued operations. On March 24, 2017, the Company closed on the sale of its European Technology Group businesses, other than its operations in France. Prior and current year results of these divested businesses, along with the associated loss on the sale recorded in 2017, have been classified as discontinued operations.
*** During the second quarter of 2017, the Company decided to amend its presentation of certain costs associated with operating our Distribution Centers as well as costs associated with our Purchasing and Product Development Teams. Historically these costs have been included as a component of costs of goods sold. We are now including those costs as a component of Selling, Distribution, and Administrative Expenses. This change is reflected in current and prior year periods and is not a restatement of any amounts, rather, an amendment to the presentation of these costs to better align with the Company's MRO-oriented peer group in North America.
Condensed Consolidated Statements of Operations – GAAP - Unaudited
(In millions, except per share amounts)
Quarter Ended
March 31,
2018
2017
Net sales
$
355.2
$
302.5
Cost of sales
258.5
220.7
Gross profit
96.7
81.8
Gross margin
27.2
%
27.0
%
Selling, distribution and administrative expenses
76.6
69.4
Operating income from continuing operations
20.1
12.4
Operating margin
5.7
%
4.1
%
Interest and other (income) expense, net
0.1
(0.2)
Income from continuing operations before income taxes
20.0
12.6
Provision for income taxes
5.8
2.3
Net income from continuing operations
14.2
10.3
Net income (loss) from discontinued operations
0.4
(28.8)
Net income (loss)
$
14.6
$
(18.5)
Net income per common share from continuing operations:
Basic
$
0.38
$
0.28
Diluted
$
0.37
$
0.28
Net income (loss) per common share from discontinued operations:
Basic
$
0.01
$
(0.78)
Diluted
$
0.01
$
(0.78)
Net income per common share:
Basic
$
0.39
$
(0.50)
Diluted
$
0.38
$
(0.50)
Weighted average common and common equivalent shares:
Basic
37.2
37.2
Diluted
37.9
37.2
SYSTEMAX INC.
Condensed Consolidated Balance Sheets – GAAP - Unaudited
(In millions)
March 31,
December 31,
2018
2017
Current assets:
Cash and cash equivalents
$
141.0
$
184.5
Accounts receivable, net
186.3
174.3
Inventories
130.9
131.5
Prepaid expenses and other current assets
5.5
3.8
Total current assets
463.7
494.1
Property, plant and equipment, net
14.7
15.1
Goodwill, intangibles and other assets
41.9
42.2
Total assets
$
520.3
$
551.4
Current liabilities:
Accounts payable and accrued expenses
$
273.4
$
260.1
Dividend payable
—
55.7
Total current liabilities
273.4
315.8
Deferred tax liability
0.1
0.1
Other liabilities
22.8
23.7
Shareholders' equity
224.0
211.8
Total liabilities and shareholders' equity
$
520.3
$
551.4
Supplemental Continuing Operations
Business Unit Summary Results - Unaudited (In millions)
Industrial Products Group
Quarter Ended March 31,
2018
2017
Change
Sales
$
212.2
$
190.2
11.6
%
Average daily sales*
$
3.3
$
3.0
11.6
%
Gross profit
$
72.5
$
63.4
14.4
%
Gross margin
34.2
%
33.3
%
Operating income (Non-GAAP)**
$
16.7
$
12.9
29.5
%
Operating margin (Non-GAAP)
7.9
%
6.8
%
European Technology Products Group (France)
Quarter Ended March 31,
2018
2017
Change
Sales
$
143.0
$
112.3
27.3
%
Average daily sales*
$
2.2
$
1.7
29.3
%
Gross profit
$
24.2
$
18.4
31.5
%
Gross margin
16.9
%
16.4
%
Operating income (Non-GAAP)**
$
9.4
$
6.0
56.7
%
Operating margin (Non-GAAP)
6.6
%
5.3
%
Corporate & Other
Quarter Ended March 31,
2018
2017
Change
Operating expenses (Non-GAAP)**
$
(5.3)
$
(5.6)
5.4
%
Consolidated (1,2)
Quarter Ended March 31,
2018
2017
Change
Sales
$
355.2
$
302.5
17.4
%
Gross profit
$
96.7
$
81.8
18.2
%
Gross margin
27.2
%
27.0
%
Operating income (Non-GAAP)**
$
20.8
$
13.3
56.4
%
Operating margin (Non-GAAP)
5.9
%
4.4
%
*
Percentages are calculated using sales data in hundreds of thousands. In Q1 2018 both IPG and France had 64 selling days and in Q1 2017 IPG and France had 64 and 65 selling days, respectively.
**
See Reconciliation of Segment and Consolidated GAAP Operating Income (Loss) from Continuing Operations to Segment and Consolidated Non-GAAP Operating Income (Loss) from Continuing Operations – Unaudited
1
On December 1, 2015 the Company closed on the sale of certain assets of its North American Technology Group ("NATG"). Pursuant to this transaction, the Company continues to wind down the remaining operations of NATG during 2018. Costs of the wind down in 2018 and 2017 are included in discontinued operations. On March 24, 2017, the Company closed on the sale of its European Technology Group businesses, other than its operations in France. Prior and current year results of these divested businesses, along with the associated loss on the sale recorded in 2017, have been classified as discontinued operations.
2
Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal quarter ended on March 31, 2018 and April 1, 2017. The first quarters of both 2018 and 2017 included 13 weeks.
SYSTEMAX INC.
Reconciliation of Segment and Consolidated GAAP Operating Income (Loss) from Continuing Operations to Segment and Consolidated Non-GAAP Operating Income (Loss) from Continuing Operations – Unaudited
(In millions)
Quarter Ended
March 31,
2018
2017
Industrial Products
$
16.3
$
12.5
Technology Products - Europe
9.3
5.8
Corporate and Other
(5.5)
(5.9)
GAAP operating income
20.1
12.4
Non-GAAP adjustments:
Industrial Products:
Intangible asset amortization
0.3
0.3
Stock based compensation
0.1
0.1
Total Non-GAAP Adjustments – Industrial Products
0.4
0.4
Technology Products - Europe:
Reverse results of Germany included in GAAP continuing operations
—
0.1
Intangible asset amortization
—
0.1
Stock based compensation
0.1
—
Total Non-GAAP Adjustments: Technology Products Europe
0.1
0.2
Corporate and Other:
Stock based compensation
0.2
0.3
Total Non-GAAP Adjustments: Corporate and Other
0.2
0.3
Industrial Products
16.7
12.9
Technology Products- France
9.4
6.0
Corporate and Other
(5.3)
(5.6)
Non-GAAP operating income
$
20.8
$
13.3
SYSTEMAX INC.
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Non-GAAP
Net Income (Loss) from Continuing Operations – Unaudited
(In millions)
Quarter Ended
March 31,
2018
2017
GAAP
Net income from continuing operations
$
14.2
$
10.3
Provision for income taxes from continuing operations
5.8
2.3
Income from continuing operations before income taxes
20.0
12.6
Interest and other (income) expense from continuing operations, net
0.1
(0.2)
Operating income from continuing operations
20.1
12.4
Non-GAAP adjustments:
Reverse results of Germany included in GAAP operating income from continuing operations
—
0.1
Recurring adjustments
0.7
0.8
Adjusted operating income
20.8
13.3
Interest and other expense (income), net
0.1
(0.2)
Income before income taxes
20.7
13.5
Normalized provision for income taxes
6.2
4.7
Normalized effective tax rate (1)
30.0
%
35.0
%
Non-GAAP net income from continuing operations
$
14.5
$
8.8
GAAP net income per diluted share from continuing operations
$
0.37
$
0.28
Non-GAAP net income per diluted share from continuing operations
$
0.38
$
0.24
(1) Effective tax rate of 30% used in the first quarter of 2018 and 35% in the first quarter of 2017.
releases/systemax-reports-first-quarter-2018-financial-results-300640430.html
SOURCE Systemax Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-systemax-reports-first-quarter-2018-financial-results.html |
The NFL and its Players Coalition officially established a partnership to commit at least $90 million for efforts and programs combating social inequality.
San Francisco 49ers outside linebacker Eli Harold (58), quarterback Colin Kaepernick (7) and free safety Eric Reid (35) kneel in protest during the playing of the national anthem before a NFL game against the Arizona Cardinals in Santa Clara, California, Oct 6, 2016. Mandatory Credit: Kirby Lee-USA TODAY Sports/File Photo The partnership aims to bring players, teams and other groups together for a focused purpose, including a community improvement program that was agreed to in principle during the Fall League Meeting.
NFL owners voted during league meetings in Florida in March to implement a local matching funds component to the social justice initiative with the Players Coalition.
Player demonstrations during the national anthem before games last season created a polarizing divide among owners, including an exchange between Texans owner Bob McNair and Robert Kraft of the New England Patriots. McNair infamously referred to players as “inmates” in comments reportedly made during a committee meeting last year.
NFL owners and players, including Seattle Seahawks wide receiver Doug Baldwin and Philadelphia Eagles safety Malcolm Jenkins, formed the Players Coalition before joining a league meeting last October to discuss social issues important to players.
In January, they cooperatively launched a campaign called “Let’s Listen Together” to highlight efforts made by teams and players in their local communities.
The subject of player protests during the national anthem is on the agenda for Tuesday, according to NFL Network.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-players-coalition/nfl-players-agree-to-90-million-social-justice-pact-idUSKCN1IN2ZI |
May 9, 2018 / 5:49 PM / Updated an hour ago Boeing CEO says end of Iran deal won't hurt 737 production Reuters Staff 2 Min Read
WASHINGTON (Reuters) - Boeing Co’s ( BA.N ) chief executive said on Wednesday the company will ensure its 737 production will not be hurt after the United States revoked its license to sell jets to IranAir and that none of the 737 aircraft it had expected to sell to Iran were in its backlog of orders. The Boeing Company logo is projected on a wall at the "What's Next?" conference in Chicago, Illinois, U.S., October 4, 2016. REUTERS/Jim Young
Dennis Muilenburg, who spoke at a luncheon for the Economic Club in Washington, also said the company continued to make progress in talks with Brazil’s Embraer SA ( EMBR3.SA ), adding the deal is not something Boeing “must do.”
U.S. Treasury Secretary Steven Mnuchin said on Tuesday that licenses for Boeing Co and Airbus ( AIR.PA ) to sell passenger jets to Iran would be revoked as part of sanctions imposed following President Donald Trump’s decision to pull the United States out of the 2015 Iran nuclear agreement.
IranAir had ordered 200 passenger aircraft: 100 from Airbus SE ( AIR.PA ), 80 from Boeing and 20 from Franco-Italian turboprop maker ATR. All the deals are dependent on U.S. licenses because of the heavy use of American parts in commercial planes.
Regarding the Brazilian deal, Boeing and Embraer were discussing a tie-up to create a new company in which the U.S. planemaker would have an 80.01 percent stake and the Brazilian firm 19.99 percent. Reporting by Mike Stone; editing by Marguerita Choy and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-boeing-iran/boeing-ceo-says-end-of-iran-deal-wont-hurt-737-production-idUSKBN1IA2YV |
May 1, 2018 / 8:17 PM / Updated 5 minutes ago Anadarko posts quarterly profit as oil prices rebound Reuters Staff 1 Min Read
May 1 (Reuters) - Anadarko Petroleum Corp reported a quarterly profit on Tuesday as higher crude prices helped the oil and gas producer earn more per barrel.
The company posted net income attributable to shareholders of $121 million, or 22 cents per share, in the first quarter ended March 31, compared with a net loss of $318 million, or 58 cents per share, a year earlier.
Anadarko said it sold per barrel of oil at $63.66, higher than the $50.34 a year earlier. Oil production fell 19 percent to 643,000 barrels per day (bbl/d). (Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila) | ashraq/financial-news-articles | https://www.reuters.com/article/anadarko-petrol-results/anadarko-posts-quarterly-profit-as-oil-prices-rebound-idUSL3N1S83R3 |
in 12 minutes Foreigners buy fewer U.S. Treasuries at auctions in late April Reuters Staff 2 Min Read
NEW YORK (Reuters) - Foreign investors and central banks purchased fewer U.S. shorter Treasuries in late April, marking a second straight series of auctions where they showed less appetite for U.S. government debt, Treasury Department data released on Monday showed.
Nearly two weeks ago, the Treasury auctioned $32 billion of two-year notes, $35 billion in five-year debt and $29 billion of seven-year notes.
Analysts and traders have increased their attention on foreign holdings of Treasuries as speculation has grown on whether China and other nations may consider reducing their U.S. debt holdings as a way to retaliate against tariffs and other trade restrictions imposed by the Trump administration.
There have also been concerns about the willingness of overseas investors to own Treasuries as the government has ramped up its borrowing to meet a widening budget gap stemming from the dramatic tax overhaul last December and a two-year spending agreement inked in February.
Foreign investors, a major group of holders of U.S. government debt, bought $3.092 billion of the latest two-year note supply, which was their lowest amount since November.
This compared with $3.941 billion in two-year supply they purchased in March, according to the Treasury Department’s auction allotment data.
They bought $3.341 billion of the latest five-year supply, which was the lowest level since September and down from $5.059 billion they purchased the previous month.
Overseas investors purchased the fewest seven-year Treasuries at auction since October at $3.924 billion. This was less than $4.609 billion they bought at the seven-year auction in March.
While foreigners have pulled back their Treasuries purchases, domestic fund managers stepped up their buying of these Treasury maturities to their highest levels since September.
In late April, investment managers bought $13.930 billion of two-year notes, $19.569 billion in 5-year notes and $18.074 billion in 7-year debt, Treasury data showed. Reporting by Richard Leong | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-auction-allotment/foreigners-buy-fewer-u-s-treasuries-at-auctions-in-late-april-idUSKBN1I82CF |
BROOKWOOD, Ala.--(BUSINESS WIRE)-- Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”) today announced that certain of its existing stockholders (the “selling stockholders”) intend to offer 8,000,000 shares of the Company’s common stock in an underwritten secondary offering, of which the Company intends to repurchase from the underwriter 500,000 shares of common stock.
The selling stockholders will receive all of the net proceeds from the offering. The Company is not offering any shares of common stock in the offering and will not receive any proceeds from the sale of shares in the offering. The underwriter intends to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The Company’s per-share purchase price for the repurchased shares would be the same as the per-share purchase price payable by the underwriter to the selling stockholders. The Company expects to fund the stock repurchase with cash on hand. The stock repurchase would be made pursuant to, and would count toward, the Company’s recently announced stock repurchase program. The closing of the stock repurchase is contingent on the consummation of the offering. In addition, the closing of the offering is conditioned on the satisfaction or waiver of various conditions including, without limitation, the consummation of the stock repurchase.
Credit Suisse Securities (USA) LLC is acting as the sole underwriter for the offering. The offering is being made pursuant to an effective automatic shelf registration statement on Form S-3 previously filed by the Company with the Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained on the website of the SEC, www.sec.gov , or, when available, from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, Telephone: 1-800-221-1037, E-mail: [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Warrior
Warrior is a large scale, low-cost U.S. based producer and exporter of premium hard coking coal (“HCC”), operating highly efficient longwall operations in its underground mines located in Alabama. The HCC that Warrior produces from the Blue Creek coal seam contains very low sulfur and has strong coking properties and is of a similar quality to coal referred to as the premium HCC produced in Australia. The premium nature of Warrior’s HCC makes it ideally suited as a base feed coal for steel makers and results in price realizations near the Platts Premium Low Volatility Free-On-Board Australia Index price. Warrior sells all of its met coal production to steel producers in Europe, South America and Asia. For more information about Warrior, please visit www.warriormetcoal.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “project,” “target,” “foresee,” “should,” “would,” “could,” “potential,” or other similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements represent management’s good faith expectations, projections, guidance or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. Specifically, the Company cannot assure you that the proposed transactions described above will be consummated on the terms the Company currently contemplates, if at all. Information concerning these and other factors can be found in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2017, Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 and other reports filed from time to time with the SEC. The Company’s filings with the SEC are available on the SEC's website at www.sec.gov .
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005923/en/
Warrior Met Coal, Inc.
For Investors:
Dale W. Boyles, 205-554-6129
[email protected]
or
For Media:
William Stanhouse, 205-554-6131
[email protected]
Source: Warrior Met Coal, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-warrior-met-coal-announces-launch-of-secondary-offering-by-certain-selling-stockholders.html |
BOSTON (Reuters) - Facebook Inc named a new director this month and timed his appointment to avoid a shareholder vote, raising concern among some investors who want to see more accountability from the social media company.
FILE PHOTO: Jan Koum, co-founder and CEO of WhatsApp speaks at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake/File Photo The decision by Facebook’s board comes as the company is under scrutiny from regulators and shareholders about its internal controls and oversight after it failed to protect the data of some 87 million users that was shared with now-defunct political data firm Cambridge Analytica.
Jeffrey Zients’ appointment does not take effect until “immediately following the conclusion” of the company’s May 31 shareholder meeting, according to a securities filing on May 8, meaning he could be able to serve a year without facing shareholder approval.
“The optics of this are questionable,” said John Wilson, head of governance at Cornerstone Capital Group, whose clients have about 30,000 Facebook shares.
For one thing, Wilson said, some shareholders could be looking for the largest social media network to add a board member with more of a background on privacy issues and will not have the chance to register objections to Zients, president of holding company Cranemere Group.
Zients and Mark Zuckerberg, the company’s chairman and chief executive, declined to comment via a Facebook spokeswoman. The spokeswoman, Nora Chan, said the board has authority to appoint directors between annual meetings.
“Since this appointment is effective after this year’s annual meeting, it is not on the ballot this year. It would be on the ballot at future annual meetings,” Chan said via e-mail.
Exactly when Zients should be voted in is something of an academic question since Facebook’s structure gives Zuckerberg a majority of its voting power.
Still Facebook has been at pains to address its issues in order to reassure investors. Its share price fell during the first three months of the year as details of its data-protection problems emerged. The shares have since recovered, but a number of funds that call themselves socially responsible are selling the stock, concerned Facebook has not fully addressed its issues.
Proxy adviser Institutional Shareholder Services on May 16 recommended investors withhold support from five of eight directors on the company’s ballot including Zuckerberg, and vote in favor of shareholder proposals aimed at improving its response to problems like election interference and harassment.
In recommending that investors withhold support from Zuckerberg, ISS cited the lack of a formal board-nominating committee, a concern it has raised in past years.
ISS Special Counsel Patrick McGurn said the lack of a vote on Zients is “suboptimal.”
“Best governance practice generally dictates that a board should provide shareholders with a timely opportunity, typically at the next scheduled meeting, to elect a director who is appointed by the existing board members to fill a vacancy,” he said.
However, McGurn said the timing may not have been entirely in Facebook’s control, given that departing director Jan Koum did not immediately leave the company’s board at the same time he quit as a company executive.
James McRitchie, a private investor who filed one of two pending shareholder resolutions calling on Facebook to revamp its voting rules, said the lack of a vote on Zients will not look good at a time when the company needs to seem responsive and not be seen as “cutting out shareholders.”
Reporting by Ross Kerber; Editing by Frances Kerry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-director/facebook-director-to-start-after-annual-meeting-avoid-shareholder-vote-idUSKCN1IN2GT |
Reuters Newsmaker: Nicola Sturgeon 61:12
Nicola Sturgeon, First Minister of Scotland and leader of the Scottish National Party joins Reuters for a discussion about Scotland’s economic and political future as Europe prepares for Britain’s withdrawal from the European Union in March 2019. ▲ Hide Transcript ▶ View Transcript
Nicola Sturgeon, First Minister of Scotland and leader of the Scottish National Party joins Reuters for a discussion about Scotland’s economic and political future as Europe prepares for Britain’s withdrawal from the European Union in March 2019. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Ios2ED | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/reuters-newsmaker-nicola-sturgeon?videoId=427424613 |
May 17 (Reuters) -
* AVTOVAZ PLANS TO INCREASE PRODUCTION BY 12 PCT TO 350,000 CARS IN 2018 - TASS CITES CO’S PRESENTATION
* AVTOVAZ SEES CARS AND KIT CARS PRODUCTION INCREASE BY 13 PCT, TO 570,800 UNITS IN 2018 - TASS
* AVTOVAZ EXPECTS TO MAINTAIN ITS MARKET SHARE IN RUSSIA OF ABOUT 20 PCT - TASS
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SO3ML |
TORONTO, April 30, 2018 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) announces that it will release its First Quarter 2018 financial and operating results early morning on Wednesday, May 9, 2018, followed by a conference call hosted by senior management.
First Quarter 2018 Conference Call and Webcast
Date : Wednesday, May 9, 2018
Time : 9:00 am (EST)
Webcast access:
A live audio webcast of the conference call will be available on the Company’s website at www.torexgold.com
Telephone access:
Please call the numbers below approximately ten minutes prior to the scheduled start of the call.
Toronto local or international 1 (416) 915-3239
Toll-Free (North America) 1 800-319-4610
Toll-Free (France) 0 800-900-351
Toll-Free (Switzerland) 0-800-802-457
Toll-Free (United Kingdom) 0 808-101-2791
The webcast will be archived on the Company’s website.
About Torex
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (the “ELG Mine Complex”), comprised of the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill, El Limón Deep and 71, and the processing plant and related infrastructure, which is in the commercial production stage as of April 1, 2016, and the Media Luna deposit, which is an early stage development project, and for which the Company issued a preliminary economic assessment in 2015. The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC. Fred Stanford
President and CEO
Tel.: (647) 260-1502
Email: [email protected] Gabriela Sanchez
Vice President Investor Relations
Tel.: (647) 260-1503
Email: [email protected]
Source: Torex Gold Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-torex-gold-provides-notice-of-first-quarter-2018-financial-and-operational-results.html |
April 30 (Reuters) - Rent-A-Center Inc:
* RENT-A-CENTER, INC. REPORTS FIRST QUARTER 2018 RESULTS
* Q1 GAAP LOSS PER SHARE $0.37 * Q1 REVENUE $698 MILLION VERSUS I/B/E/S VIEW $700.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.08 — THOMSON REUTERS I/B/E/S
* RENT-A-CENTER - IDENTIFIED ANNUALIZED COST SAVINGS OPPORTUNITIES OF $75 TO $95 MILLION, INCREASED FROM RANGE OF $65 TO $85 MILLION
* FIELD OVERHEAD WAS REDUCED BY ABOUT 60 POSITIONS, IN APRIL, RESULTING IN $9 MILLION IN ANNUALIZED RUN-RATE SAVINGS
* EXPECTS TWO THIRDS OF BENEFIT FROM ANNUALIZED COST SAVINGS TO BE REALIZED IN 2018
* EXPECTS TO REALIZE A ONE-TIME WORKING CAPITAL BENEFIT OF $15 MILLION DUE TO ELIMINATION OF THIRD PARTY DISTRIBUTION CENTERS IN 2018
* CORE U.S. Q1 REVENUES OF $482.0 MILLION DECREASED 1.8 PERCENT
* SEES 2018 2018 FREE CASH FLOW OF AT LEAST $170 MILLION, AN INCREASE FROM PREVIOUS GUIDANCE OF AT LEAST $130 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rent-a-center-reports-q1-gaap-loss/brief-rent-a-center-reports-q1-gaap-loss-per-share-of-0-37-idUSASC09YD1 |
HANOI (Reuters) - Rosneft Vietnam BV, a unit of Russian state oil firm Rosneft, is concerned that its recent drilling in an area of the South China Sea that is claimed by China could upset Beijing, two sources with direct knowledge of the situation told Reuters on Wednesday.
FILE PHOTO: The logo of Russia's oil company Rosneft is pictured at the Rosneft Vietnam office in Ho Chi Minh City, Vietnam April 26, 2018. REUTERS/Maxim Shemetov/File Photo Rosneft said on Tuesday its Vietnamese unit had started drilling at the LD-3P well, part of the Lan Do “Red Orchid” offshore gas field in Block 06.1, 370 kms (230 miles) southeast of Vietnam. The block is “within the area outlined by China’s nine-dash line,” according to energy consultancy and research firm Wood Mackenzie.
When asked about the Reuters report of the drilling, China’s foreign ministry spokesman said that no country, organisation, company or individual can, without the permission of the Chinese government, carry out oil and gas exploration or exploitation activities in waters under Chinese jurisdiction.
“We urge relevant parties to earnestly respect China’s sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region’s peace and stability,” the spokesman, Lu Kang, told a regular news briefing on Thursday.
China’s U-shaped “nine-dash line” marks a vast expanse of the South China Sea that it claims, including large swathes of Vietnam’s Exclusive Economic Zone. Maps of the area indicate the block is around 85 kms (53 miles) inside the contested area.
A series of dashes, the line is not continuous making China’s claims often ambiguous. In recent years, though, China has increasingly patrolled and enforced the area, claiming historic rights to the resources and features within it.
In March, Vietnam halted an oil drilling project in the nearby “Red Emperor” block following pressure from China, sources told Reuters.
That block is licensed to Spanish energy firm Repsol, which has asked Vietnam to pay compensation over the issue.
The Vietnamese foreign ministry did not respond to a request from Reuters for comment.
Rosneft had no consultations with the Kremlin on drilling in the South China Sea, Kremlin spokesman Dmitry Peskov said on Thursday.
“As far as we know, the company has already made a statement that it works exactly in line with the obtained licenses,” Peskov told a regular conference call with reporters.
Fearing repercussions and pressure from China, Rosneft Vietnam had wanted to begin drilling with as little attention as possible, despite the statement by its parent company on Tuesday, the sources said.
On Thursday, its parent company said its drilling in the block was within Vietnam’s territorial waters, and in accordance with Vietnamese legislation.
Related Coverage Rosneft says South China Sea drilling is within Vietnam waters China says no one can carry out oil, gas activities in Chinese waters without Beijing's permission PETROVIETNAM WARNED OVER PRODUCTION Both Rosneft and Russia’s Gazprom have significant development projects in Vietnamese waters that fall within the area claimed by China, said Ian Storey, a regional security expert at Singapore’s ISEAS-Yusof Ishak Institute.
“Although Russian diplomats have privately expressed concerns to their U.S. counterparts that China may one day put pressure on Moscow to terminate those projects, so far Beijing has refrained from doing so because of the ever-closer strategic partnership between the two countries,” said Storey.
“It would be a serious blow to the burgeoning Sino-Russian entente if Beijing asked Moscow to end its energy projects in Vietnam.”
China has become Russia’s top destination for exports, largely because Russia is the largest supplier of oil and gas to China, mainly through pipelines.
The drilling in the “Red Orchid” gas field within the block will be undertaken using the “Hakuryu-5” equipment made by Japanese company Japan Drilling Co., Ltd, Rosneft said in that statement.
The Hakuryu-5 arrived in the disputed area on May 6, according to Thomson Reuters Eikon ship tracking data and was still recorded as being inside the block late on Wednesday.
The drilling is significant for Vietnam, which has been struggling to maintain its crude oil and gas output amid already declining production from its key fields and the continuing pressure from China in the disputed waters.
Vietnam already gets about 30 percent of its gas needs from block 06.1 because of oil and gas operations established there as long as 15 years ago.
It lies just south of blocks 05.3 and 05.2, where in 2007 British Petroleum suspended work following a threat of “economic consequences” from China, according to a September, 2007 U.S. State Department cable leaked by WikiLeaks.
In April, Vietnam’s state oil firm PetroVietnam said that maritime tensions with China will hurt its offshore exploration and production activities this year.
Hanoi and Beijing have long been embroiled in disputes over the maritime boundary, which is a politically sensitive issue in Vietnam.
Police in the central province of Khanh Hoa have launched an investigation into a group of Chinese tourists who were pictured in a local airport wearing T-shirts printed with a map showing the “nine-dash line”, state media reported on Wednesday.
Airport authorities asked the tourists, who arrived at Cam Ranh Airport on Sunday, to take off their T-shirts after going through customs, the Van Hoa (Culture) newspaper reported.
To view a graphic on Drilling in contested waters, click: tmsnrt.rs/2wPREom
Additional reporting by Khanh Vu in HANOI, Greg Torode in HONG KONG, Christian Shepherd in BEIJING and Andrey Ostroukh in MOSCOW; Editing by Martin Howell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-rosneft-vietnam-southchinasea-exclusv/exclusive-vietnam-unit-of-russias-rosneft-fears-beijing-backlash-over-south-china-sea-drilling-idUSKCN1II09H |
(Reuters Health) - Women who were exposed to the synthetic estrogen diethylstilbestrol (DES) in utero, and who subsequently developed a rare type of vaginal and cervical cancer, continue to face a higher rate of death between the ages of 35 and 65, according to a new study in the New England Journal of Medicine.
Dezheng Huo of the University of Chicago Medicine and his colleagues found that for DES-exposed women diagnosed with clear cell adenocarcinoma (CCA), the death rate from all causes was five times higher at ages 35 to 49 and twice as high for women 50 to 65, compared to unexposed women in the same age groups.
“We found that patients with clear-cell adenocarcinoma had increased mortality across their lifespan,” Huo’s team writes.
The highest risk was seen when the cancer had been diagnosed in adolescents or young adults. For those with a diagnosis between ages 10 and 34, the odds of death were 27-fold higher compared to the general female population in the same age ranges. The tumor is normally rare in younger women.
Roughly 5 million to 10 million fetuses worldwide were exposed to DES between 1938 and 1971, when doctors tried to use the drug to prevent miscarriage and premature delivery, according to the U.S. Centers for Disease Control and Prevention ( bit.ly/2JDOpBO ).
So-called DES daughters also carry an increased risk of pregnancy complications, infertility and structural abnormalities in the reproductive tract.
Existing data suggest that when CCA appears in women exposed to DES in the womb, it tends to be less aggressive than normal and, if it does reappear, it recurs later than it would if a woman had not been exposed to the synthetic estrogen, according to the CDC.
It’s those late recurrences of the tumor that may be responsible for excess mortality between ages 35 and 49, the study team notes.
The higher death risk from ages 50 to 65 may be due to other life-threatening health conditions common to middle age, which is why women exposed to DES should continue to be followed, they write.
“Later in their life is when other health conditions that increase their risk appear - breast cancer and heart disease,” Huo told Reuters Health in a telephone interview.
The estimates come from 695 patients in the Registry for Research on Hormonal Transplacental Carcinogenesis who developed CCA. Eighty percent of those women received their cancer diagnosis between ages 15 and 30, and 64 percent had a documented history of DES exposure.
Women with documented exposure to DES while in the womb had a five-year survival rate after diagnosis of 86.1 percent compared to a rate of 81.2 percent when there was no clear evidence of exposure to the drug, an indication that DES-exposed women were caught early and treated aggressively, Huo said.
The overall 20-year survival rate in the group was 69 percent, with DES-exposed women with CCA living just as long as those who were not exposed.
DES was approved by the U.S. Food and Drug Administration in 1941 but it didn’t become common until around 1945.
In 1953, a study showed it did not prevent miscarriage as advertised. Nonetheless the hormone continued to be prescribed for that purpose. Huo said use of DES peaked in the 1960s. It was withdrawn shortly after a 1971 paper exposed the CCA risk.
Males exposed to the drug may develop abnormalities in the reproductive tract, including a higher risk of undescended testicles.
Huo said no obvious problems have appeared in the children of DES daughters, but the matter continues to be studied.
SOURCES: bit.ly/2HGhMqP The New England Journal of Medicine, online May 2, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-mortality-des-daughters/des-daughters-with-rare-cancer-continue-to-face-higher-death-rates-idUSKBN1I32YC |
Trade represents a real risk to the global economy and markets, but the greater and more likely risk stems from monetary policy, strategist David Lebovitz told CNBC on Thursday.
He expects the Federal Reserve to hike rates a total of four times this year , and possibly another three times next year depending on inflation. The Fed already approved one quarter-point hike, in March .
"For investors that have become very accustomed to low interest rates and excess liquidity, the tide really is beginning to change," said Lebovitz, global market strategist at J.P. Morgan Asset Management.
Not only are interest rates rising in the U.S., the European Central Bank is likely to hike rates for the first time since the financial crisis late next year, he told " Power Lunch ."
"This is an economy which is late cycle and inflation is being driven higher, not only by higher wages but by fiscal stimulus as well."
It was concerns about a trade war that weighed on the market Thursday . Stocks fell after President Donald Trump said he doubts ongoing talks between the U.S. and China will succeed . Observers are hoping the negotiations will avoid major tariffs proposed by both countries.
Lebovitz thinks cyclical stocks will outperform over the short to medium term, despite the risk he sees ahead. He specifically like financials, technology and energy.
"With fiscal stimulus in the U.S., the economy is going to keep growing at least until the middle of next year at an above-trend rate," he said.
"That above-trend growth should put further downward pressure on the unemployment rate, leading wage growth to pick up and subsequently leading the Fed to continue hiking rates. To me that is a very robust late-cycle environment."
However, in about 12 to 18 months Lebovitz would start to get a "bit nervous" and perhaps take some chips off the table.
— CNBC's Jacob Pramuk contributed to this report.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/monetary-policy-not-trade-is-a-greater-risk-to-market-jp-morgan.html |
* Shanghai stocks lower, blue-chip CSI300 index down
* Gains in Shanghai stocks led by Hainan Haiqi Transportation Group Co Ltd and losses by Shanghai Baosight Software Co Ltd
* China’s A-shares are at a 20.41 percent premium over H-shares
SHANGHAI, May 24 (Reuters) - China stocks extended losses on Thursday, after falling the most in a month in the previous session, as caution prevailed amid renewed concerns over China-U.S. trade tensions.
** The blue-chip CSI300 index closed down 0.7 percent at 3,827.22 points, while the Shanghai Composite Index ended 0.5 percent lower at 3,154.65 points. ** U.S. President Donald Trump signalled a new direction in U.S.-China trade talks and said any deal would need “a different structure,” fuelling uncertainty over current negotiations. ** Adding to investor worries, the Trump administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminium in March. ** “China opposes the abuse of national security clauses, which will seriously damage multi-lateral trade systems and disrupt normal international trade order,” Gao Feng, spokesman at the Ministry of Commerce, said at a regular news briefing on Thursday, which focused largely on whether Beijing and Washington are making progress in their trade dispute. ** Market reaction to German Chancellor Angela Merkel’s visit to China was largely muted. Chinese premier Li Keqiang, in a joint media appearance with Merkel at Beijing’s Great Hall of the People, said China and Germany both upheld global free trade, and stressed the huge potential for cooperation between them.
** Most sectors lost ground for the day, led by consumer and industry firms. ** Bucking the broad trend, dairy producers gained as Beijing plans more measures to boost dairy industry, with Lanzhou Zhuangyuan Pasture up 10 percent in Shenzhen. firmer by 0.16 percent, while closed down 1.11 percent . ** At 0704 GMT, the yuan was Quote: d at 6.3885 per U.S. dollar, percent weaker 6.3883. ** The largest percentage gainers in the main Shanghai Composite index were Hainan Haiqi Transportation Group Co Ltd up 10.02 percent, followed by Zhejiang Tieliu Clutch Co Ltd gaining 10.02 percent and Shanghai Tianyong Engineering Co Ltd up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Shanghai Baosight Software Co Ltd down 6.91 percent, followed by TVZone Media Co Ltd losing 6.17 percent and Wuxi Hongsheng Heat Exchanger Manufacturing Co Ltd down by 5.92 percent. ** So far this year, the Shanghai stock index is down 4.6 percent, the CSI300 has fallen 5 percent while China’s H-share index listed in Hong Kong is up 3.5 percent. Shanghai stocks have risen 2.36 percent this month. ** As of 0705 GMT, China’s 20.41 (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-close/china-stocks-extend-losses-amid-renewed-trade-concerns-idUSZZN2RB100 |
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