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May 17 (Reuters) - Kane Biotech Inc:
* KANE BIOTECH ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS, GRANTING OF OPTIONS AND INVESTOR RELATIONS IMPROVEMENTS
* KANE BIOTECH INC QTRLY LOSS PER SHARE (POST CONSOLIDATION) $0.011 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kane-biotech-reports-qtrly-loss-pe/brief-kane-biotech-reports-qtrly-loss-per-share-0-011-idUSASC0A2VH |
BOSTON, May 31, 2018 /PRNewswire/ -- FinMason , a rapidly growing international FinTech firm and leading provider of Investment Analytics as a Service, today announced the appointments of industry veterans Rahul Prakash Sheth, FRM ® , and John Stahr, CFA ® , to their analytics department. Sheth joins as head of analytics and will oversee the data science team, serve as a subject-matter expert on financial and risk models, and help to manage and improve FinMason's high-performance investment analytics architecture. Stahr comes aboard as vice president of product – analytics and will be responsible for leading the product vision, strategy and execution as FinMason manages, enhances and expands its investment analytics offering.
"The fact that we are able to attract seasoned industry leaders like Rahul and John is just about the best compliment a platform can get," said Kendrick Wakeman, CEO of FinMason. "Their demonstrated ability to create great products will help FinMason in reaching our stated near-term goal to more than double the number of analytics available on our system, including ever more complex and robust analytics, such as performance attribution, private asset valuation and liquidity risk."
Sheth is a specialist in quantitative modeling with expertise spanning financial risk management and technology leadership. He has more than 20 years of industry experience, including 17 years at Fidelity Investments in various roles, most recently as director, investment risk management. Sheth holds the Financial Risk Manager designation and earned his dual MBA/MS finance degrees from Boston College and a bachelor's of engineering from Mumbai University.
"Kendrick's vision for FinMason's pioneering platform is a game-changer for the financial analytics space," commented Sheth. "I am thrilled to be part of this FinTech team taking a novel approach to solve compute-intensive quantitative finance and risk modeling challenges. Harnessing advances in cloud-based technology allows FinMason's high-performing architecture to be scalable and flexible while remaining cost-effective for our clients."
Stahr has had a career-long data-analysis software focus and has taken multiple software products from start-up to industry-leading success. He has more than 20 years of financial services experience, specializing in performance, attribution and risk. Prior to joining FinMason, he served as principal product manager at Eagle Investment Systems and as lead quantitative analysis software developer at Fidelity Investments before that. Stahr earned his MS in engineering at the University of California, Berkeley and his bachelor's in mechanical engineering at the Massachusetts Institute of Technology.
"FinMason's approach of combining the best front-office analytical languages and tools with the latest cloud-data technologies is exactly what the financial services industry desperately lacks today," said Stahr. "I'm excited to be joining the FinMason team as we scale up, expand our Investment Analytics as a Service platform and offer our unique capabilities to the financial services industry."
This announcement comes on the heels of FinMason's appointments of Peter Vitale as director of enterprise sales and Stefan Thielen as director of strategic relationships which rounded out their North American client effort. FinMason has been aggressively expanding to meet demand, building staff from just 11 to 34 in the past seven months.
ABOUT FINMASON INC.
FinMason is the world's largest independent investment analytics engine for financial services platforms. The Boston-based financial technology firm provides access to more than 700 calculations on every publicly traded asset in the world delivered through one simple API. Developed by FinMason's team of seasoned data practitioners and nine Ph.D.s, the cutting-edge platform delivers institutional-grade analytics in milliseconds via two core products: FinRiver™ – a lightning-fast API that delivers any analytics anywhere in a financial services firm's platform with just a few keystrokes; and, FinScope™ – a bulk processing platform that can analyze millions of portfolios every night for compliance screening and performance attribution. For more information, visit www.FinMason.com and follow FinMason on Twitter , LinkedIn and Facebook .
CONTACT
Jessica Taylor Shores
Impact Communications
913-649-5009
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/finmason-expands-analytics-team-300657085.html
SOURCE FinMason | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-finmason-expands-analytics-team.html |
May 11, 2018 / 8:42 PM / Updated 23 minutes ago SpaceX launches new rocket primed for future crewed missions Joey Roulette 1 Min Read
CAPE CANAVERAL, Fla. (Reuters) - An updated version of the SpaceX Falcon 9 rocket, tailored for eventual crewed missions into orbit, made its debut launch on Friday from Florida’s Cape Canaveral carrying a communications satellite for Bangladesh.
The newly minted Block-5 edition of the Falcon 9, equipped with about 100 upgrades for greater power, safety and reusability than its Block-4 predecessor, successfully lifted off at 4:14 p.m. EDT from the Kennedy Space Center. Reporting by Joey Roulette in Cape Canaveral; Writing by Steve Gorman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-space-spacex/spacex-launches-new-rocket-primed-for-future-crewed-missions-idUKKBN1IC2J0 |
May 14, 2018 / 7:15 AM / Updated 6 minutes ago China's night-owl retail investors leverage up to dominate oil futures trade Meng Meng , Josephine Mason 7 Min Read
BEIJING (Reuters) - As 9 pm approaches every weekday night in China, a small army of individual investors from around the country log onto trading apps on their mobile phones and laptops. FILE PHOTO: A company logo of Shanghai Futures Exchange is displayed at a booth during LME Week Asia in Hong Kong, China June 14, 2016. REUTERS/Bobby Yip/File Photo
Wall Street may be about to open but these night owls are interested in trading something much closer to home – the new Shanghai crude oil futures contracts <0#ISC:> that were launched in late March.
Armed with risky loans from online firms or digging into their own savings, they threaten to play an outsized role in the new market, which has got off to a roaring start.
It is not for the fainthearted – one contract of 1,000 barrels costs about 476,000 yuan ($75,160) and traders are required to place a deposit – as much as 500,000 yuan – before they are allowed to trade.
On average, volume between 9 pm and midnight accounts for almost 60 percent of daily turnover, equivalent to about 22 million barrels of oil worth more than 10 billion yuan.
And executives of online lending platforms, managers at major brokerages, and traders interviewed by Reuters all said that most of the orders in that period come from retail investors – and a lot of it involves borrowed money.
Their dominance is a reflection of the interest among China’s burgeoning middle class for investments in the country’s vast commodities market – many of the crude oil traders also dabble in other commodities such as iron ore and steel. This is especially the case after the authorities in recent years succeeded in damping down speculative activity in stocks and in real estate.
It is also a sign of the kind of mania that is high-risk not only for the individual investors – who can quickly lose a lot of money borrowed on margin – but also for the long-term prospects of China’s oil futures market.
The retail investors can exaggerate price swings – they tend to close out positions every day, for example, to avoid holding costs - and the market could lose liquidity quickly if a sell-off prompts a sudden outflow of their money.
Liquidity, measured by open interest, hit 15,000 lots, equivalent to 15 million barrels, last Thursday, a record and almost double levels at the start of May after Washington withdrew from the Iran nuclear deal and renewed sanctions on the oil exporter. That does suggest a pick up in interest from institutional investors in recent days.
But uncertainty about the role of retail players could in the longer run deter foreign institutional investors, potentially undermining China’s attempts to become a major force in oil trading, which so far has been seen largely as a success. NIGHT SESSION PREFERRED
The market is also open for two short sessions between 9 a.m. and 3 p.m. but the retail crowd prefers the night time because many of them have day jobs and because they can also trade the Shanghai contracts alongside the established benchmarks for crude oil futures, London’s Brent <0#LCO:> and WTI in the United States <0#CL:>.
The Shanghai market closes at 2.30 a.m but volume drops off after midnight as the part-time traders head off to bed.
“The crude markets tend to have more volatility at night, providing an opportunity for us to trade,” said Lv Peng, a 35-year-old investor based in Zhengzhou, a second-tier city in central Henan province. “Domestic retail investors often find cues for trading from international oil prices.”
Peng, a data analyst at a hedge fund, says he has on average been doing between 8 and 15 trades each week - and has been up most nights until 1 a.m. since the launch on March 26.
He uses his own money. But that is not the case with a lot of the other night traders.
For example, a bank employee in Nanjing in southern Jiangsu province who would only provide his surname, Liu, said he piled on trades in the nascent market with money borrowed from online financing platforms.
But Liu, who is in his mid-40s, lost 1 million yuan ($157,900) in the first two weeks after his bets that prices would rally went against him. Instead prices fell 11 percent.
He said he concluded that “retail investors are not able to make money in the crude futures market”, paid back his loans and quit the market feeling burned out. LENDERS SAY PLAY CRUCIAL ROLE
The Shanghai Futures Exchange said in an emailed statement that investors should not use grey-market loans which have been banned by the government to trade their products and they should be aware of the risks of doing so.
Market regulator China Securities Regulatory Commission (CSRC) did not respond to a request for comment.
“Small investors have made the crude futures trading market more active,” said Xu Wei, head of derivatives trading at software developer Fuxing Online Software Co, which has around 4,000 retail investors using its product to trade oil futures.
“At the same time, they are less experienced in the market and could easily lose all they have.”
Still, lenders say that if they weren’t providing margin financing the contract wouldn’t have had as successful a start.
“We provided almost two thirds of total volume contributed by retail investors. Imagine what would have happened to the market if we pulled out,” said an official, who spoke on the condition of anonymity, at a lender called FindOil.
His clients traded a total of 20,000 to 30,000 barrels of crude each night, he said. That equates to 30 lots each. But with investors borrowing ten times the money they’re putting down, there is a real danger that some will lose their shirts.
With that kind of leverage, a small move in oil crude futures could be very costly for an investor if they were on the wrong side, said a client manager at a medium-sized broker in central Henan province.
Xiamen-based Gold and Forex Management Co is one of many firms advertising online as an asset management firm offering loans. Sources at loan companies say interest rates can be as high as 1 percent a day.
The company has more than 100 retail customers who needed help paying the deposit. Their combined deposit reached as high as 200 million yuan at one point, a company source said.
Still, there is one person who won’t be embarking on any more night-time trading adventures anytime soon. That’s Liu - the Nanjing banker.
He said he can handle the financial losses and his wife, though angry, did not blame him. From now on though, he’s going to invest in “less exciting” treasury bonds and is sticking to doing it during daylight hours. Reporting by Meng Meng and Josephine Mason; Editing by Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-oil-futures-insight/chinas-night-owl-retail-investors-leverage-up-to-dominate-oil-futures-trade-idUKKCN1IF0PP |
ROCHESTER, N.Y., May 21, 2018 (GLOBE NEWSWIRE) -- Monro, Inc. (Nasdaq:MNRO), a leading provider of automotive undercar repair and tire services, today announced that it has acquired Johnson City, Tennessee-based Free Service Tire Company.
The asset acquisition includes Free Service Tire’s 12 retail and commercial stores, four wholesale distribution centers and one retread facility, adding to Monro’s more than 130 existing retail, commercial and wholesale locations in Tennessee, North Carolina, and Virginia. Monro will continue to operate all Free Service Tire locations and retain store-level, wholesale and retread associates.
“This acquisition expands our footprint in the South, while providing Monro with an even stronger platform for further growth in these markets,” said Brett Ponton, President and Chief Executive Officer of Monro. “Equally important, we are extremely pleased to welcome these outstanding teammates and locations to our company, and look forward to working with the entire Free Service Tire team.”
Lewis Wexler, Jr., Free Service Tire’s President stated, “We are incredibly excited to join the Monro team to continue Free Service Tire’s 99-year history of success into the future. We have been approached by many companies over the years, but it wasn’t until Monro came along that we found the right fit for our customers, our employees and our company. Monro has a tradition and business model much like ours, and I am confident that Free Service Tire’s tradition of outstanding customer service will continue under Monro’s ownership.”
The transaction closed on May 13, 2018, and is expected to add approximately $47 million in annualized sales, representing a sales mix of 15% service and 85% tires.
About Monro, Inc.
Headquartered in Rochester, New York, Monro is a chain of 1,166 company-operated stores, 98 franchised locations, nine wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services. The Company operates in 27 states, serving the Mid-Atlantic and New England regions and portions of the Great Lakes, Midwest and Southeast. The predecessor to the Company was founded by Charles J. August in 1957 as a Midas Muffler franchise. In 1966, Monro began to diversify into a full line of undercar repair services. The Company has experienced significant growth in recent years through acquisitions and, to a lesser extent, the opening of newly constructed stores. The Company went public in 1991 and trades on the Nasdaq under the symbol MNRO.
CONTACT:
Brett Ponton
Chief Executive Officer
(585) 647-6400
Brian D’Ambrosia
Senior Vice President – Finance
Chief Financial Officer
(585) 647-6400
Investors and Media: Effie Veres
FTI Consulting
(212) 850-5600
Source:Monro, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-monro-inc-acquires-free-service-tire.html |
(Reuters) - Los Angeles police said on Tuesday that they had launched a criminal investigation into accusations that a gynecologist at the University of Southern California engaged in sexually inappropriate conduct with students over a 26-year period.
FILE PHOTO: The Engemann Student Health Center is shown at the University of Southern California in Los Angeles, California, U.S., May 22, 2018. REUTERS/Mike Blake/File Photo Officials said the investigation would have international scope as they seek input from up to 10,000 women who were treated by Dr. George Tyndall at USC’s student health clinic.
The scandal has prompted more than a dozen lawsuits and forced the resignation of the institution’s president.
Police so far have the names of 52 women who have said that Tyndall, 71, touched them, spoke to them inappropriately or engaged in other misconduct while examining them as a USC doctor from 1990 to 2016, Deputy Chief Justin Eisenberg said at a news conference in Los Angeles.
Police will work closely with the Medical Board of California, which licenses doctors, and will ultimately refer any evidence of criminal wrongdoing to prosecutors, Eisenberg said.
Tyndall, who resigned from USC last year, could not be reached by Reuters for comment on Tuesday. In interviews with the Los Angeles Times he has denied any wrongdoing and defended his medical exams.
The university has acknowledged failing to properly act on at least eight complaints made against Tyndall between 2000 and 2014. Several former patients have filed civil lawsuits, and one accusation made in a sworn declaration that was made public last week dates back to 1991.
Last week, 200 of the university’s faculty members called for the resignation of USC President C.L. Max Nikias, and more than 2,200 students, alumni and others at USC signed a similar petition online. He stepped down over the weekend.
Tyndall resigned from the university after an internal inquiry found that some of his examination practices were beyond accepted medical standards and that he had harassed patients.
Captain William Hayes, who heads the LAPD’s Robbery-Homicide division, said so far 39 former patients had agreed to speak with investigators. He said police were seeking input from as many as 10,000 women who were his patients over the years.
It was too soon to know if criminal charges would be brought against Tyndall, Hayes said.
A hotline set up by USC has received nearly 400 reports from patients, the Los Angeles Times reported Tuesday.
The Chinese government has also voiced “deep concern” over reports that many of Tyndall’s alleged victims were students from China.
Reporting by Sharon Bernstein in Sacramento, California; Editing by Toni Reinhold
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usc-gynecologist/los-angeles-police-launch-sexual-misconduct-probe-of-college-doctor-idUSKCN1IV03D |
AMSTERDAM (Reuters) - Dutch art dealer Jan Six made the discovery of a lifetime at an auction house in 2016, when he saw the hand of Rembrandt in an unknown painting that had gone unnoticed for four centuries.
The portrait of a well-dressed young man with red hair was presented on Wednesday as the first “new” Rembrandt to surface since 1974. It will be on display at the Hermitage museum in Amsterdam for a month.
With the help of an unnamed investor, Six snapped up “Portrait of a Young Gentleman”, painted around 1634, for a bargain at 137,000 pounds ($185,000) at the London auction. Given past sales, it will likely now be worth very much more.
“Finding a Rembrandt is a tremendous feeling”, Six told Reuters.
Six has a special relationship with Rembrandt, having grown up in a house filled with classic Dutch artwork, including a Rembrandt portrait of one of his ancestors, a former Amsterdam mayor, also called Jan Six, as the centrepiece.
With his knowledge of the artist and the period, Six noticed a particular type of collar the subject of the painting wears, which was only in fashion for a short time around 1633 and was painted in a style that only Rembrandt used in those days.
The specialist on Dutch and Flemish old masters then spent 18 months using X-ray techniques and analysis of paint samples to prove he had in fact bought a real Rembrandt.
The 39-year-old art dealer eventually won the backing of more than a dozen Rembrandt experts, including the former leader of the Rembrandt Research Project, who spent a year verifying its authenticity.
Dutch art dealer Jan Six poses next to a Rembrandt painting called "Portrait of a Young Man" at Hermitage Amsterdam, Netherlands, May 16, 2018. REUTERS/Francois Lenoir “Seeing all these experts agreeing to what you’ve found is truly special. With the support of this vast body of knowledge, anybody contesting the painting would clearly represent a minority,” Six said.
Until now, the existence of the painting had been completely unknown, as there was no previous literary reference to it. This makes the discovery different from other paintings attributed to Rembrandt over the years, as they were already known to exist.
But Six says he knew exactly what he saw when he laid eyes on the painting at Christie’s.
“I saw so many details pointing in Rembrandt’s direction, that I was totally convinced,” he said.
The newly discovered Rembrandt, measuring just under a metre high, is thought to have been painted when the artist was 28. It was almost certainly cut out of a larger painting, experts say, probably also depicting the young man’s wife.
Six said he will now try to find a buyer for his discovery, but he did not want to speculate on how much it might be worth.
Slideshow (3 Images) ($1 = 0.7407 pounds)
Reporting by Bart Meijer; Editing by Anthony Deutsch and Alison Williams
| ashraq/financial-news-articles | https://in.reuters.com/article/netherlands-rembrandt/dutch-art-dealer-discovers-first-new-rembrandt-in-44-years-idINKCN1IH167 |
May 4 (Reuters) - Xiamen King Long Motor Group Co Ltd :
* SAYS IT SOLD 5,717 BUSES IN APRIL, UP 53.85 PERCENT Y/Y * SAYS IT SOLD 18,000 BUSES IN JAN-APRIL, UP 29.9 PERCENT Y/Y Source text in Chinese: bit.ly/2JQIppv Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xiamen-king-long-motors-sales-up-i/brief-xiamen-king-long-motors-sales-up-in-april-jan-april-idUSH9N1S9008 |
May 21, 2018 / 9:15 PM / Updated an hour ago Huesca reach La Liga for the first time Reuters Staff 1 Min Read
BARCELONA (Reuters) - Huesca sealed promotion to Spain’s La Liga for the first time in the club’s history with a 2-0 win at Lugo on Monday.
Alejandro Gallar Falguera and Jorge Pulido struck to send the north-eastern club top of the table on 75 points after 40 matches, seven clear of third place Sporting Gijon with two games to go.
Pulido had another effort ruled out for offside but it did not matter, and the club staff piled onto the pitch to celebrate with the players at the fulltime whistle.
Formed in 1910, the club from the Aragon region was created by Barcelona supporters and still wear the same colours as the Spanish champions. Their coach Rubi was a former assistant at the Nou Camp under Tito Vilanova.
Huesca came close to promotion last season but were beaten by Getafe in the playoffs. Reporting by Rik Sharma; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-huesca/huesca-reach-la-liga-for-the-first-time-idUKKCN1IM2CF |
May 4 (Reuters) - S&T AG:
* STRONG Q1 2018: DOUBLING OF NET INCOME * REVENUES UP 11% TO EUR 203.6 MILLION (PY: EUR 182.8 MILLION)
* EBITDA INCREASES 40% TO EUR 17.1 MILLION (PY: EUR 12.2 MILLION)
* EARNINGS PER SHARE RISE SIGNIFICANTLY – ON A Y-ON-Y BASIS FROM 5 CENTS TO 12 CENTS
* OBJECTIVE FOR EBITBA IN 2018 IS AT LEAST EUR 80 MILLION. OUR GOAL FOR 2023 IS EUR 2 BILLION IN REVENUES
* SEES REVENUES AT AROUND 1 BILLION EURO IN 2018 Source text for Eikon: Further company coverage: (Reporting by Riham Alkousaa)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-st-ag-q1-ebitda-jumps-40-pct/brief-st-ag-q1-ebitda-jumps-40-pct-idUSFWN1SA1FA |
May 9, 2018 / 5:40 PM / Updated 11 minutes ago Victims of bank fraud criticise Britain's financial watchdog Reuters Staff 3 Min Read
LONDON (Reuters) - Britain’s financial watchdog faced sharp criticism on Wednesday from former small business owners who say they have been mistreated by big banks. FILE PHOTO: The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren
Responding to questions from the influential Treasury Committee, the ex-business owners said the Financial Conduct Authority (FCA) was ill-suited to handle serious complaints against the lenders it regulates.
The questioning centred on how small firms could be protected in future and came ahead of a parliamentary debate on Thursday on redress for victims of banking misconduct.
Asked what would have been the best course of action following the regulator’s investigation into malpractice at the Royal Bank of Scotland ( RBS.L ), Nikki Turner said: “Sack the FCA and start again.”
Turner helped uncover one of the largest financial frauds in Britain at the Reading branch of HBOS, a unit of Lloyds Banking Group ( LLOY.L ), after it destroyed her family firm, and she now heads small business group the SME Alliance.
She said the FCA’s objective to protect market integrity could prevent it from properly fulfilling its other remit - to protect consumers.
Turner’s comments added to criticism of the FCA over the way it dealt with allegations that RBS pushed thousands of struggling firms into bankruptcy.
The committee went head to head with the watchdog last year over its reluctance to publish a confidential report it had commissioned into the RBS scandal.
Lawmaker Martin Whitfield, who will lead Thursday’s debate in parliament, said in a statement that the government must force the FCA to pass the next phase of the investigation into RBS on to an independent body.
“I do not believe the FCA can allow an investigation of this magnitude to be taken in-house,” he said.
A spokesman for the FCA said it aims to make markets work well for individuals, businesses large and small and for the economy as a whole, and that it supports the committee’s inquiry into the issues facing small firms.
“Over the past few years we have secured billions of pounds in redress for SMEs and consumers and where we see breaches we have, and will, take tough action.” Reporting by Emma Rumney; Editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-banks-uk-smallbusinesses/victims-of-bank-fraud-criticise-britains-financial-watchdog-idUKKBN1IA2Y9 |
May 30, 2018 / 1:44 PM / Updated 3 hours ago Tennis-Off-target Djokovic does enough to reach round three Reuters Staff 1 Min Read
PARIS, May 30 (Reuters) - Novak Djokovic’s target practice often failed to hit the bullseye but that did not prevent the Serbian eking out a 7-6(1) 6-4 6-4 second round win over Spanish qualifier Jaume Munar at the French Open on Wednesday.
The Serb started off by serving a fault, ended the opening game with a double fault and fired plenty of wayward shots wide and long as he tried to subdue the 155th-ranked Munar.
Djokovic was so restless that after being broken in the ninth game of the first set, instead of sitting down and taking in some fluids, he simply walked over to the other side of the net and went through the motions of playing some air shots.
While it was obvious his game is still a long way from the form he produced to win four slams on the trot from 2015 to 2016, his surgically repaired elbow got a workout before he set up a third-round clash with Spain’s Roberto Bautista Agut. (Reporting by Pritha Sarkar, editing by Ken Ferris) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-djokovic/tennis-off-target-djokovic-does-enough-to-reach-round-three-idUKL3N1T14W2 |
May 26, 2018 / 1:21 PM / Updated 2 hours ago Give Serena Williams time to find top form, says Clijsters Simon Cambers 3 Min Read
PARIS (Reuters) - Former world number one Kim Clijsters believes Serena Williams will get back to the top, but warned it may take time for her to regain full strength after childbirth. FILE PHOTO: Tennis - French Open Womens Singles Semifinal match - Roland Garros - Serena Williams of the U.S. vs Kiki Bertens of the Netherlands - Paris, France - 03/06/16. Serena Williams reacts. REUTERS/Benoit Tessier Picture Supplied by Action Images/File Photo
Williams will play her first Grand Slam for more than 15 months at the French Open after having her daughter, Alexis Olympia. She has played just two events since she first returned to the Tour in March.
“Pregnancy is very hard to (come back from),” Clijsters told Reuters in an interview. “Everything is a lot looser, it takes time to get that back to where it once was.
“I remember doing an interview when Serena was pregnant and people were asking me constantly, do you think she can do it? My thing was, you don’t know how your body will react, how you will react emotionally.
“I admire both Serena and Venus because they have a perseverance that is incredible. They’re able to do a lot of things that other people can’t do, physically and mentally, so I don’t doubt that she will come back, I don’t doubt it, but it just takes a little bit of time.”
Clijsters, who is working as an expert summariser for Eurosport and Eurosport Player, who will be broadcasting Roland Garros from May 27 to June 10, retired from tennis in 2007.
She returned to the sport in 2009, a year and a half after having her first child, Jada.
Then 26, Clijsters enjoyed a hugely successful return, winning the U.S. Open in just her third event back and then going on to win two more Grand Slams to take her career tally to four. FILE PHOTO: Belgium's Kim Clijsters waves as she arrives to play an exhibition tennis match against Venus Williams of the U.S., marking the end of Clijsters' professional career in Antwerp December 12, 2012. REUTERS/Francois Lenoir /File Photo
Williams has been working hard with her coach, Patrick Mouratoglou, at his academy near Nice, balancing her training regime with her new family life.
Clijsters said getting back into the old routine may have had a rejuvenating effect on Williams.
“Every body reacts differently,” she said, of the physical demands.
“Having a baby is emotional and physically very draining – at times you’re on a high, at times you’re low.
“I fell in love all over again with the sport and I enjoyed taking those few hours off from home to go and work out and play tennis, because I needed it, for various reasons, not just because I wanted to get back into shape.
“I’d just lost my father at the start of 2009 and for me it was a mindset, to get away from it and just focus on tennis. Then I would come home, I’d be with Jada, we’d do family things and I felt like my balance was good and I needed it.”
Williams will play Kristyna Pliskova of the Czech Republic in the first round in Paris and could face her old foe, Maria Sharapova, in the last 16. Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-serena/give-serena-williams-time-to-find-top-form-says-clijsters-idUKKCN1IR0EL |
May 4 (Reuters) - Oriflame Holding AG:
* Q1 OPERATING MARGIN WAS 9.2% (8.8%), NEGATIVELY IMPACTED BY 320 BPS FROM CURRENCIES, AND OPERATING PROFIT WAS EUR 30.6M (EUR 29.8M)
* Q1 LOCAL CURRENCY SALES INCREASED BY 8% * Q1 EURO SALES DECREASED BY 2% TO EUR 334.1M (EUR 340.1M). EURO SALES AMOUNTED TO EUR 330.8M* IN ACCORDANCE WITH IFRS
* MARKET EXPECTATIONS FOR Q1 SALES WERE AT 340 MLN EUR, EBIT AT 33.3 MLN IN REUTERS SURVEY OF 3 ANALYSTS
* SAYS DEVELOPMENT IN Q2 TO DATE IS APPROXIMATELY -2% IN LOCAL CURRENCY
* SAYS RUSSIA SHOWED A NOTABLE SLOWDOWN DURING SECOND PART OF Q1 DUE TO BOTH A WEAKER CONSUMER OFFERING AND TOUGHER COMPETITIVE ENVIRONMENT
* SAYS START OF Q2 HAS BEEN NEGATIVELY IMPACTED BY TIMING OF CATALOGUES IN CIS AS WELL AS CONFERENCES IN MOST REGIONS
* SAYS WE ARE TAKING MEASURES WHERE WE MEET SALES CHALLENGES AND REMAIN CONFIDENT IN OUR LONG-TERM STRATEGY Source text for Eikon: Further company coverage: (Reporting by Stockholm Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oriflame-q1-operating-profit-sales/brief-oriflame-q1-operating-profit-sales-below-forecasts-idUSFWN1SA1IU |
FINCASTLE, Va., May 1, 2018 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] announced today its quarterly financial report for the first quarter of 2018. For the quarter ended March 31, 2018, the bank had unaudited net income of $190,000, compared to first quarter of 2017 net loss of $2,487,000.
The Bank of Fincastle exceeds the BASEL III capital requirements. As of March 31, 2018, The Bank of Fincastle reported total capital of 16.16% and tier 1 leverage capital of 11.91%. Both common equity tier 1 and tier 1 capital ratios were 14.89%.
"Our first quarter earnings are a positive reflection of The Bank of Fincastle's strategic commitment to improve its asset quality," said Scott Steele, President and CEO. "This earnings report confirms that we are on track to achieve positive results based on the corporate goals established by our team." Steele added, "The successful sale of Ashley Plantation Country Club and 70 acres of surrounding real-estate to Runk and Pratt Healthcare was one of many achievements in the first quarter that allowed us to continue our focus on loan growth and realizing increases in deposits."
Key Highlights
Net income of $190,406 versus net income of ($2,486,508) in the 1 st quarter of 2017. Asset quality continues to improve. Total nonperforming assets have been reduced by 23.4% during the past 12 months. 1 st quarter Net Interest Income has increased by 14.63% over the 1 st quarter of 2017 as the bank continues to generate strong loan growth. Quarterly Non-Interest Expenses have dramatically decreased by 58.4% versus the same quarter in 2017 as expenses related to non-performing loans continues to decline. Total assets increased by $4,157,320 or 2.07% since 12/31/2017 Total deposits increased by $3,611,716 or 2.09% since 12/31/2017 Strong capital position exceeding the BASEL III capital requirements.
For a detailed news release on our first quarter 2018 earnings, including our income statement and balance sheet, please click here or visit our website at https://www.bankoffincastle.bank/investor-relations/ .
The Bank of Fincastle has been a leading financial services provider for consumers and small businesses since 1875, and offers a full range of banking, lending and investment products. Headquartered in Fincastle, Virginia, the bank has six full-service branches, thirteen ATM locations, three 7 am to 7 pm drive through locations and offers online banking, mobile banking, 24/7 telephone banking and online real estate applications. To reach one of our professionals visit https://www.bankoffincastle.bank or call 540-473-2761. The Bank of Fincastle is a Member FDIC, Equal Housing Lender and Equal Opportunity Employer.
For additional information, please contact Michael Jasper (Chief Financial Officer) or Scott Steele (President and CEO) at 540-473-2761 or visit us online at https://www.bankoffincastle.bank/investor-relations/
Information in this press release may contain forward-looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.
Media Contact:
Cindy Bailey, Marketing Director
[email protected]
540-473-2761
View original content: http://www.prnewswire.com/news-releases/the-bank-of-fincastle-announces-first-quarter-earnings-for-2018-300640343.html
SOURCE The Bank of Fincastle | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-the-bank-of-fincastle-announces-first-quarter-earnings-for-2018.html |
More than two-thirds of people around the world work away from the office at least once every week, according to researchers.
A study released Tuesday by Luxembourg-based serviced office provider IWG found that 70 percent of professionals work remotely — a phenomenon known as telecommuting — at least one day a week, while 53 percent work remotely for at least half of the week.
The ability to work from home and the emergence of digital office rental services has led to changing attitudes around where people should work and whether they should stick to the traditional nine-to-five working hours.
For instance, WeWork — a competitor of IWG, which owns Regus and Spaces — provides shared workspaces for companies and freelancers.
IWG said the study related to full-time employees rather than the self-employed or contractors. Chief Executive Mark Dixon said that technology was the primary driver of changing perceptions around locations and working hours.
"The biggest driver is digital changing every industry in the world," Dixon told CNBC in a phone interview. "On the one hand, it's changing how real estate needs to be offered, but it's also companies wanting something different in the digital world."
Dixon said that firms are less inclined to invest in real estate and were looking to digital services instead to hire out office spaces. He added that the idea of remote working allowed employees to be more flexible.
"If you offer workers the chance to work where they need to be, and not where they are told to go to, it completely transforms their view of the company, they are more productive," Dixon said. "If they can work at an office near to where they live or near to where they need to be, it's totally transformational."
IWG surveyed 18,000 business professionals across 96 international companies for the study. Dixon said established corporates were leading the charge into remote working, to boost productivity and job satisfaction.
HSBC, for example, rented out more than 300 hot desks in a space run by WeWork in Hong Kong last year. WeWork, reportedly worth $20 billion after an investment led by Japan's SoftBank, counts Microsoft, Salesforce and Spotify among its enterprise clients.
Last year, a report by U.S. market research firm Gallup found that the number of American employees working remotely rose to 43 percent in 2016 from 39 percent in 2012. Another study , by telecommuting research firm Global Workplace Analytics and recruitment firm FlexJobs, found that 3.9 million American workers said they telecommuted at least half of the time in 2015, representing an increase of 115 percent from the 1.8 million U.S. employees that said the same in 2005. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/70-percent-of-people-globally-work-remotely-at-least-once-a-week-iwg-study.html |
Strategic transaction will establish an immediate leadership position for Polaris in an attractive and growing market
Iconic portfolio of premium brands together with a leading powersports company Market leader in one of the largest and fastest growing segments in the marine industry Offers compelling financial benefits, including strong track record of profitable revenue growth and cash generation Transaction expected to close in the third quarter of 2018 and is anticipated to be immediately accretive to earnings
MINNEAPOLIS--(BUSINESS WIRE)-- Polaris Industries Inc. (NYSE: PII) (“Polaris”) announced today that it has signed a definitive agreement to acquire Boat Holdings, LLC (“Boat Holdings”), a boat manufacturer owned by the Vogel family, management and Balmoral Funds, in an all-cash transaction valued at a net present value (NPV) of approximately $805 million. Polaris also expects that approximately $100 million NPV of future net tax benefits will accrue to the combined Company. When adjusted for the net tax benefit of $100 million, the transaction is valued at approximately $705 million. The 2017 Boat Holdings EBITDA multiple including the expected net tax benefits is approximately 9.5 times. The transaction is expected to close in the third quarter of 2018 and is subject to customary closing conditions.
Boat Holdings is the largest manufacturer of pontoon boats in the U.S., one of the largest and fastest growing segments in the marine industry. With a full offering of pontoon, deck and cruiser boats, Boat Holdings’ four recognized brands – Bennington, Godfrey, Hurricane and Rinker – are strategically positioned with over 200 base models across a range of price points and fully-custom built options. Boat Holdings leverages an asset-light manufacturing model, and offers boats through a robust network of dealers primarily in the United States and Canada. In 2017, Boat Holdings generated approximately $560 million in sales.
“Boat Holdings is renowned for innovation and quality and we are excited to have them become part of our portfolio of industry-leading powersports vehicles. This transaction epitomizes our disciplined growth strategy of entering attractive markets where we can establish and extend our leadership position. In addition to market share leadership, Boat Holdings expands Polaris’ footprint in the recreational outdoors market, commanding more of consumers’ discretionary spending. Our product lineup will offer options to be enjoyed on the roads, trails, sand, dirt, snow and water,” said Polaris Chairman and Chief Executive Officer Scott W. Wine. “With their passion to create premium products and experiences, Boat Holdings is a strong cultural fit with Polaris as well, sharing our commitment to quality, innovation, safety, flexibility and efficiency. Further, Boat Holdings’ long-term relationships with its national dealer network speaks to the brand’s strength with both dealers and consumers.”
“Over the past 20 years, Boat Holdings has established premier brands synonymous with innovation and quality through its broad portfolio of boats, unmatched dealer network and commitment to our customers. With similar cultures, both businesses share the same passion for product and people, which has driven both our and their long-term success. As a trailblazer in its own right, Polaris is the perfect partner as we look to drive continued expansion and growth in this attractive segment,” said Boat Holdings Chairman Steve Vogel.
Wine concluded: “We look forward to Boat Holdings’ best-in-class management team and skilled and experienced workforce joining the Polaris family. Together, we believe we can increase shareholder value driven by ongoing innovation and growth, as we further leverage their unique position within the large and growing boating industry.”
Strategic and Financial Benefits
Establishes an Immediate Leadership Position in a New Category for Polaris: Boat Holdings is currently the number one manufacturer of pontoon boats in the United States. Its brand portfolio also includes deck boats and cruiser options through its Hurricane and Rinker brands, respectively. In a highly fragmented market, Boat Holdings’ extensive, experienced and loyal network of approximately 500 active dealers is a competitive advantage, helping to generate steady demand. Expands Polaris Footprint of Outdoor Product Offerings : The move into the recreational marine market expands Polaris’ already recognizable presence in the overall outdoor powersports space. Through this acquisition, Polaris will be able to offer customers a range of motor-powered options to help consumers enjoy the great outdoors on land or in the water. More so, customer demographics across the off-road vehicle and boating segments are similar, with approximately 30 percent of Polaris customers owning a boat. Polaris expects that these cross-selling opportunities will increase sales and provide additional value to shareholders. Adds an Additional Avenue for Growth in an Attractive Market: The addition of Boat Holdings and its brands will broaden and diversify Polaris’ range of powersports offerings, and Polaris expects that it will boost its overall growth rate. The U.S. market for new powerboats is an $8 billion market, and pontoon is one of the largest and fastest growing segment within the industry – consistently outgrowing the rest of the powerboat market. Sales in the pontoon boat category have grown at an 11-percent compounded annual growth rate (CAGR) since 2010, while Boat Holdings’ leading pontoon brands, Bennington and Godfrey, have grown at an even faster pace over the same time period. Polaris expects that this acquisition offers Polaris a unique opportunity to meaningfully increase its addressable market and growth profile. Boat Holdings is Revolutionizing the Industry : With deep understanding and clear focus on the market and customers, Boat Holdings has been at the forefront of a shift towards high-featured, high-performance luxury boats, across price points. Over the years, the company has revolutionized the industry through innovation in lighting, handling, speed, performance and quality. Boat Holdings remains focused on next generation innovation in both styling and performance in order to maintain its cadence of new product development that meet the evolving needs and wants of its customers. Offers Compelling Return Profile: The transaction is expected to be immediately accretive to Polaris’ earnings, and approximately $100 million of present value future tax benefits are expected to drive additional cash flow accretion. Further, Boat Holdings’ differentiated operating model enables fast, flexible production with low fixed assets and capital spending, leading to strong margins and naturally high free cash flow conversion.
Following the closing of the transaction, Boat Holdings will operate as a distinct business unit reporting to Bob Mack, president of Global Adjacent Markets and senior vice president of Corporate Development and Strategy at Polaris. Boat Holdings will maintain its headquarters and manufacturing facilities in Elkhart, Indiana.
Transaction Timeline
The transaction, which has been approved by the Polaris Board of Directors, is subject to the satisfaction of customary closing conditions, including regulatory approvals, and is expected to close by the third quarter of 2018.
Advisors
Goldman Sachs & Co. LLC acted as financial advisor to Polaris; and Simpson, Thacher & Bartlett LLP acted as Polaris’ legal advisor. Stephens Inc. acted as Boat Holdings’ financial advisor and Jones Day acted as legal advisor to Boat Holdings.
Call and Webcast information
Today at 8:00 am (CDT), Polaris Industries Inc. will host a conference call and webcast to further discuss the Boat Holdings LLC acquisition. The call will be hosted by Scott Wine, chairman and CEO; Mike Speetzen, executive vice president, Finance and CFO; and Bob Mack, president of Global Adjacent Markets, and senior vice president, Corporate Development and Strategy. A slide presentation and link to the webcast will be posted on the Polaris Investor Relations website at ir.polaris.com .
To listen to the conference call by phone, dial 877-883-0383 in the U.S., or 412-902-6506 internationally. The Conference ID is #7371978.
A replay of the conference call will be available after the call for a one-week period by accessing the same link on our website.
About Polaris
Polaris Industries Inc. (NYSE: PII) is a global powersports leader that has been fueling the passion of riders, workers and outdoor enthusiasts for more than 60 years. With annual 2017 sales of $5.4 billion, Polaris’ innovative, high-quality product line-up includes the RANGER®, RZR® and Polaris GENERAL™ side-by-side off-road vehicles; the Sportsman® and Polaris ACE® all-terrain off-road vehicles; Indian Motorcycle® midsize and heavyweight motorcycles; Slingshot® moto-roadsters; and Polaris RMK®, INDY®, Switchback® and RUSH® snowmobiles. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets globally include military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. Visit www.polaris.com for more information.
About Boat Holdings, LLC
Based in Elkhart, Indiana, Boat Holdings, LLC is a privately held boat company founded in 1997, among whose shareholders includes Balmoral Funds, a private equity firm based in Los Angeles, California. The company, through its subsidiaries, manufacturers industry-leading boats under the brands Bennington® , Godfrey Pontoon Boats® , Hurricane and Rinker® .
Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding the effective purchase price, financing of the purchase price, timing of closing, synergies and other benefits of the acquisition, and future performance of Boat Holdings and the combined companies are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include factors such as the proposed transaction may not be completed, or completed within the expected timeframe; costs relating to the proposed transaction may be greater than expected; the possibility that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval in connection with the proposed transaction; anticipated tax benefits may not be achieved by Polaris; problems may arise in integrating the businesses of the two companies and the integration may not be successful; the combined companies may be unable to achieve any anticipated synergies or any benefits of the transaction may take longer to realize than expected; the businesses of one or both companies may suffer as a result of uncertainties surrounding the proposed transaction including disruption of relationships with customers, employees, suppliers or dealers; increased competition and its effect on pricing; the combined companies may not perform as expected following the closing; and other risks beyond the control of either party. Investors are also directed to consider other risks and uncertainties discussed in documents filed by Polaris with the Securities and Exchange Commission. Polaris does not undertake any duty to any person to provide updates to its forward-looking statements.
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View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005437/en/
Polaris Industries Inc.
Investor Contact:
Richard Edwards, 763-542-0500
[email protected]
or
Media Contact:
Jessica Rogers, 763-513-3445
[email protected]
Source: Polaris Industries Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-polaris-industries-inc-signs-definitive-agreement-to-acquire-boat-holdings-llc-the-leading-manufacturer-of-pontoon-boats-in.html |
SUNNYVALE, Calif., Accuray Incorporated (NASDAQ: ARAY) today reported, as required by NASDAQ Stock Market Rules, equity inducement awards to Patrick Spine, the company's new Senior Vice President, Human Resources. As a material inducement to Mr. Spine joining the company, and in accordance with NASDAQ Listing Rule 5635(c)(4), the Board of Directors of the company unanimously approved granting Mr. Spine (i) an award of 18,750 restricted stock units covering shares of the company's common stock, (ii) a stock option to purchase 46,875 shares of the company's common stock, and (iii) an award of a target number of 37,500 performance units covering shares of the company's common stock, in each case effective as of April 30, 2018 (collectively, the "Inducement Awards"). The Inducement Awards were made outside of the company's current equity plan, but are subject to terms and conditions generally consistent with those in the company's 2016 Equity Incentive Plan.
Twenty-five percent of the restricted stock units subject to the restricted stock unit award will vest on each anniversary of the restricted stock unit award's grant date, subject to Mr. Spine's continued service through each applicable vesting date.
The stock option award has a ten-year term and a per share exercise price of $5.00, representing the closing price of the company's common stock as Quote: d on the NASDAQ Global Select Market on the stock option award's date of grant. Twenty-five percent of the shares subject to the option will vest on the first anniversary of the option's grant date and an additional 1/48 th of the aggregate number of shares subject to the option will vest each month thereafter, subject to Mr. Spine's continued service through each applicable vesting date.
The performance unit award is divided into two equal portions, each of which vests based on the total shareholder return of the company's common stock for the relevant performance period as compared to the total return of the Russell 2000 Index for the relevant performance period, subject to Mr. Spine's continued service through each applicable vesting date. The first performance period begins on November 1, 2017 and ends on October 31, 2019, and the second performance period begins on November 1, 2017 and ends on October 31, 2020. The actual number of performance units that vest will be calculated on a sliding scale based on the company's stock price performance above and below the Russell 2000 Index for the applicable performance period, all in accordance with a formula determined by the company's Board of Directors. Up to a maximum of 150% of the target number of performance units under the performance unit award may be earned.
About Accuray
Accuray Incorporated (Nasdaq: ARAY) is a radiation oncology company that develops, manufactures and sells precise, innovative treatment solutions that set the standard of care with the aim of helping patients live longer, better lives. The company's leading-edge technologies deliver the full range of radiation therapy and radiosurgery treatments. For more information, please visit www.accuray.com .
Media Contact
Beth Kaplan
Public Relations Director, Accuray
+1 (408) 789-4426
[email protected]
releases/accuray-incorporated-reports-inducement-awards-under-nasdaq-listing-rules-300642503.html
SOURCE Accuray Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-accuray-incorporated-reports-inducement-awards-under-nasdaq-listing-rules.html |
ROME, May 29 (Reuters) - Italy’s highest administrative court on Tuesday temporarily denied a request by a New Delhi court for two former Leonardo executives to appear as defendants in an alleged corruption case.
The decision by Italy’s State Council - seen in court documents - means the top managers will not have to show up at a May 30 hearing in India related to a 2010 helicopter contract the defence group signed with the Indian government.
In Italy Giuseppe Orsi, former chief executive of the Italian state-controlled defence group previously known as Finmeccanica, and Bruno Spagnolini, former head of its helicopter unit AgustaWestland, were both cleared of corruption charges in January.
The case was a big political issue in Italy and India when it opened in 2012 and severely tarnished the company’s reputation at a time when India had established itself as one of the world’s biggest arms buyers.
The decision overturns one by a lower Italian court on Friday, which said the top managers had to take part in the trial.
Had the position not been changed and if the executives did not present themselves, the Indian court could have issued an international arrest warrant.
But the State Council’s ruling is only temporary and a final decision over whether they should take part or not will be taken on June 21.
Leonardo is involved in the Indian case because of “corporate liability” of the “mother” company as per Indian law.
India cancelled the 560 million euro ($649 million) contract to supply a dozen helicopters to New Delhi in 2013 after Orsi was arrested. AgustaWestland opposed India’s decision and the contract remains suspended and the subject of international arbitration in Paris.
$1 = 0.8634 euros Reporting by Domenico Lusi; writing by Giulia Segreti; editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/leonardo-india-corruption/former-leonardo-executives-temporarily-relieved-from-having-to-appear-in-india-trial-idUSL5N1T04X2 |
SANTA CLARA, Calif.--(BUSINESS WIRE)-- Agilent Technologies, Inc. (NYSE: A) today announced that it has completed the acquisition of Lausanne, Switzerland-based Genohm, a developer of highly differentiated, on-premise and cloud-based software solutions for laboratory management.
Genohm’s main laboratory software automation suite, SLIMS, is a digital platform that provides laboratories with a rapidly deployable and seamless laboratory information management system (LIMS) and electronic lab notebook (ELN) environment that is used in biobanks, research labs and next gen sequencing facilities. This acquisition enhances Agilent’s current software portfolio, adding LIMS and workflow management, while expanding ELN capability. This combination will allow Agilent to bring greater context to analytical data, enabling scientists to generate results more efficiently.
“We are pleased to complete our acquisition of Genohm,” said John Sadler, Vice President and General Manager of Agilent’s Software and Informatics Division. “Agilent and Genohm are both focused on customer-centric innovation and committed to helping our customers do more with their data. The addition of Genohm’s SLIMS platform is an outstanding strategic fit with our company, and together we look forward to accelerating development of the digital lab.”
Financial terms are not being disclosed.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in life sciences, diagnostics, and applied chemical markets. With more than 50 years of insight and innovation, Agilent instruments, software, services, solutions, and people provide trusted answers to its customers' most challenging questions. The company generated revenues of $4.47 billion in fiscal 2017 and employs 14,200 people worldwide. Information about Agilent is available at www.agilent.com .
Forward-Looking Statements
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Agilent’s future revenue, earnings and profitability; planned new products; market trends; the future demand for the company’s products and services; customer expectations; and revenue and non-GAAP earnings guidance for the second quarter and full fiscal year 2018. These forward-looking statements involve risks and uncertainties that could cause Agilent’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of our customers’ businesses; unforeseen changes in the demand for current and new products, technologies, and services; unforeseen changes in the currency markets; customer purchasing decisions and timing, and the risk that we are not able to realize the savings expected from integration and restructuring activities. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on our operations, our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability of our supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the first quarter ended January 31, 2018. Forward-looking statements are based on the beliefs and assumptions of Agilent’s management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.
NOTE TO EDITORS: Further technology, corporate citizenship and executive news is available on the Agilent news site at www.agilent.com/go/news .
//www.businesswire.com/news/home/20180514005668/en/
Agilent Technologies:
EDITORIAL CONTACTS:
Victoria Wadsworth-Hansen (Business), +1 408-553-2005
+ 45 29336980
[email protected]
or
Stefanie Notaney (Enterprise), +1 408-345-8955
[email protected]
or
INVESTOR CONTACT:
Alicia Rodriguez, +1 408-345-8948
[email protected]
Source: Agilent Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-agilent-completes-acquisition-of-genohm.html |
May 9 (Reuters) - ZTO Express (Cayman) Inc:
* ZTO REPORTS FIRST QUARTER 2018 UNAUDITED FINANCIAL RESULTS
* Q1 REVENUE RMB 3.544 BILLION VERSUS I/B/E/S VIEW RMB 3.4 BILLION
* QTRLY BASIC AND DILUTED EARNINGS PER AMERICAN DEPOSITARY SHARE WERE RMB0.78 (US$0.12)
* Q1 EARNINGS PER SHARE VIEW CNY 0.97 — THOMSON REUTERS I/B/E/S
* PARCEL VOLUME FOR Q2 OF 2018 IS EXPECTED TO BE IN RANGE OF 2,020 MILLION TO 2,060 MILLION
* SEES Q2 ADJUSTED NET INCOME TO BE IN RANGE OF RMB1,000 MILLION (US$159.4 MILLION) TO RMB1,050 MILLION (US$167.4 MILLION) Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zto-q1-revenue-rmb-3544-bln-vs-i-b/brief-zto-q1-revenue-rmb-3-544-bln-vs-i-b-e-s-view-rmb-3-4-bln-idUSASC0A18V |
A world of privilege and entitlement, seen through the eyes of an articulate British junkie, takes center stage in the new television series “Patrick Melrose.”
The five-part Showtime show, whose first episode is set to air Saturday, stars Benedict Cumberbatch and is adapted from Edward St. Aubyn’s series of semi-autobiographical novels.
“Patrick... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-patrick-melrose-the-heroin-addict-is-born-with-a-silver-spoon-in-his-mouth-1525871572 |
May 22, 2018 / 4:33 PM / Updated 4 hours ago 'Solo' director says new 'Star Wars' film puts character first Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - “Star Wars” movies are known for high-stakes battles to save the galaxy far, far away from the forces of evil, but director Ron Howard said he viewed the latest film installment as simply the personal journey of a young man.
“Solo: A Star Wars Story,” which begins rolling out in international theaters on Wednesday, is Walt Disney Co’s origin tale for Han Solo, the swaggering smuggler made famous by Harrison Ford in 1977.
In the new movie, 28-year-old Alden Ehrenreich plays a younger Solo who is just beginning his pilot training.
“This is not a war story. There isn’t politics,” Howard told Reuters about the new film. “This is about a character.”
Disney brought in Howard mid-way through production to film extensive reshoots of the film after the studio fired original co-directors Phil Lord and Chris Miller.
Oscar winner Howard said he tackled the challenge by approaching it in a similar way to some of the biopics he has directed such as “A Beautiful Mind” and “Apollo 13.”
“It’s a lot like doing a true story,” Howard said. “You use the framework and you discover the drama, you discover the humor, you discover the suspense within those stories. I treated the world as if it was real in a very authentic and organic way and then built from there.”
“Solo” has scored generally positive marks from critics who said Howard had succeeded in making a fun film that should please the franchise’s fervent fans.
Box office experts predict “Solo” could set a Memorial Day weekend record in the United States and Canada. The movie could take in up to $170 million at domestic theaters over its first four days, according to Boxoffice.com.
In the film, the young Solo’s early adult life becomes intertwined with his childhood friend, Qi’ra, played by “Game of Thrones” star Emilia Clarke. Solo also meets his future co-pilot, Chewbacca, and gambles with the smooth-talking Lando Calrissian (Donald Glover).
“Those relationships really matter,” Howard said, “and they really define the events.” FILE PHOTO: Director of the movie Ron Howard poses for a portrait while promoting the movie "Solo: A Star Wars Story" in Pasadena, California, U.S., May 12, 2018. REUTERS/Mario Anzuoni/File Photo Reporting by Rollo Ross; editing by Diane Craft | ashraq/financial-news-articles | https://in.reuters.com/article/us-film-solo-howard/solo-director-says-new-star-wars-film-puts-character-first-idINKCN1IN2CF |
May 17, 2018 / 11:11 AM / Updated 18 minutes ago Thyssenkrupp, Voestalpine subsidiaries seek U.S. tariff exemptions Reuters Staff 2 Min Read
FRANKFURT (Reuters) - U.S. subsidiaries of European steelmakers Thyssenkrupp ( TKAG.DE ) and Voestalpine ( VOES.VI ) have applied for exemptions from looming import tariffs in the United States, according to company comments and public filings. FILE PHOTO: The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company's annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File Photo
The filings, first reported by German magazine WirtschaftsWoche, have been made by Thyssenkrupp Presta Danville LLC, which requires assembled camshaft tubes, and U.S. subsidiaries of Voestalpine.
“Voestalpine (U.S.) companies (which import the steel) have already submitted numerous applications for exemptions from the announced U.S. punitive tariffs on their products. The bureaucratic effort has proven to be very high,” a spokesman for the Austrian steelmaker said in e-mailed comments.
He said none of the applications have been approved so far.
U.S. President Donald Trump has imposed import duties of 25 percent on steel and 10 percent on aluminum on grounds of national security, but granted European Union producers a temporary exemption until June 1 pending the outcome of ongoing negotiations. Reporting by Christoph Steitz, Tom Kaeckenhoff and Alexandra Schwarz-Goerlich. Editing by Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-steel-thyssenkrupp/thyssenkrupp-voestalpine-subsidiaries-seek-u-s-tariff-exemptions-idUSKCN1II1HB |
WILMINGTON, Del., May 24, 2018 (GLOBE NEWSWIRE) -- Navient today held its 2018 Annual Meeting of Shareholders in Wilmington, Del. Shareholders voted to reelect the nine nominees to serve as directors for one-year terms.
Navient shareholders voted to reelect the nine nominees to serve as directors for one-year terms.
The directors are Chairman Bill Diefenderfer III, Anna Escobedo Cabral, Katherine Lehman, Linda Mills, Jack Remondi, Jane Thompson, Laura Unger, Barry Williams and David Yowan.
Director Diane Suitt Gilleland retired at the annual meeting. Gilleland has served on the board since 1997, appointed by U.S. President Bill Clinton when the company was a government-sponsored enterprise. Since then, she has been integral to the company’s transformation , including privatization in 2004 and the creation of Navient in 2014. Her distinguished career in higher education also includes leadership positions at the Arkansas Department of Higher Education, the American Council on Education, the Institute for Higher Education Policy and the Illinois Board of Higher Education. She is currently an adjunct professor at the University of Arkansas in Little Rock.
“For more than two decades Diane has provided invaluable leadership for our company and the industry,” said Jack Remondi, president and CEO, Navient. “Her experience in higher education and dedication to helping Americans navigate an ever-changing federal student loan program has greatly distinguished our company.”
“Diane is a pioneer on the frontier of higher education finance,” added William Diefenderfer, chairman of the board. “She has great experience and expertise, and an incredible heart for helping people on a path to financial success.”
John Adams Jr. also completed his term with the board. He has served on the board since November 2014.
Today, five of the nine directors are women, representing 55 percent of the company’s board. The company has attracted nationwide recognition for gender parity on its board from 2020 Women on Boards , the Women's Forum of New York , The Forum of Executive Women and the New York Stock Exchange Governance Services .
Shareholders voted in accordance with the recommendations of the company’s board of directors on each of the four proposals at the meeting. Represented by proxy or present in person at the meeting were 92 percent of the company's total shares outstanding.
About Navient
Navient (Nasdaq:NAVI) is a leading provider of asset management and business processing solutions for education, health care and government clients at the federal, state and local levels. The company helps its clients and millions of Americans achieve financial success through services and support. Headquartered in Wilmington, Delaware, Navient also employs team members in western New York, northeastern Pennsylvania, Indiana, Tennessee, Texas, Virginia, Wisconsin, California and other locations. Learn more at navient.com .
Contact:
Media: Nikki Lavoie, 302-283-4057, [email protected]
Investors: Joe Fisher, 302-283-4075, [email protected]
Customers: 888-272-5543
NAVICF
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3c4780f9-d9be-4dc3-8b6c-d22f435dac61
Source: Navient Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-navient-reelects-board-at-annual-shareholder-meeting.html |
May 19, 2018 / 8:00 AM / Updated 19 minutes ago India's Modi to inaugurate hydro project in Kashmir, Pakistan protests
SRINAGAR, India (Reuters) - Indian Prime Minister Narendra Modi will inaugurate on Saturday a hydroelectric power plant in the state of Jammu and Kashmir, prompting protest from neighbour Pakistan that says the project on a river flowing into Pakistan will disrupt water supplies. FILE PHOTO: India's Prime Minister Narendra Modi speaks with the media during his visit at Janaki Mandir, a Hindu temple dedicated to goddess Sita, in Janakpur, Nepal May 11, 2018. REUTERS/Navesh Chitrakar
The 330 megawatt Kishanganga hydropower station, work on which started in 2009, is one of the projects that India has fast-tracked in the volatile state under Modi amid frosty ties between the nuclear-armed countries.
Pakistan has opposed some of these projects, saying they violate a World Bank-mediated treaty on the sharing of the Indus river and its tributaries upon which 80 percent of its irrigated agriculture depends.
“Pakistan is seriously concerned about the inauguration (of the Kishanganga plant),” its foreign ministry said in a statement on Friday. “Pakistan believes that the inauguration of the project without the resolution of the dispute is tantamount to violation of the Indus Waters Treaty (IWT).”
The Kishanganga project was delayed for several years as Pakistan dragged India to the International Court of Arbitration, which ruled in India’s favour in 2013.
India has said the hydropower projects underway in Jammu and Kashmir are “run-of-the-river” schemes that use the river’s flow and elevation to generate electricity rather than large reservoirs, and do not contravene the treaty.
A day before Modi’s trip to the northern state, at least nine people were killed on both sides of the border due to firing by each other’s security forces, officials said.
The two countries have fought three wars, two over Kashmir that they rule in part but claim in full.
India accuses Pakistan of promoting militancy in Kashmir, a charge that Islamabad denies.
Modi’s nationalist party has formed a government in Jammu and Kashmir for the first time, and the federal interior ministry announced on Wednesday it would suspend all operations against militants in the region during the holy Muslim month of Ramadan.
More than 130 people have been killed this year in militant violence in the Kashmir valley.
Modi, who is on a day-long visit to the state, will also flag off the construction of the 14 kilometre Zojila tunnel to provide all-weather connectivity between Srinagar, Kargil and Leh cities.
The government said it would be the longest road tunnel in India and Asia’s longest bidirectional tunnel, to be constructed at a cost of $1 billion. Reporting by Promit Mukherjee in MUMBAI and Fayaz Bukhari in SRINAGAR; Editing by Krishna N. Das and Muralikumar Anantharaman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-power-pakistan/indias-modi-to-inaugurate-hydro-project-in-kashmir-pakistan-protests-idUKKCN1IK07Y |
BURTON ON TRENT, England (Reuters) - With only two England appearances in his career and not even 50 games under his belt in club football, Ruben Loftus-Cheek will not be a known quantity for opposition coaches at the World Cup.
Soccer Football - England Training - St. George’s Park, Burton Upon Trent, Britain - May 22, 2018 England's Nathaniel Chalobah and Ruben Loftus-Cheek during training Action Images via Reuters/Carl Recine England manager Gareth Southgate hopes the attacking midfielder, who impressed on debut in a November friendly against Germany, can be his secret weapon, and the 22-year-old says he is ready for the intensity of the tournament in Russia.
“One hundred percent I feel ready for it. I know how to deal with pressure. As a youth player, I played for England and got used to it and I have just to carry it on to the bigger stage,” he told reporters at England’s St. George’s training camp.
“I won’t be intimidated by any player or team, I think that is fundamental in football if you want to do well. I take that mindset into the World Cup.”
Loftus-Cheek is one of several inexperienced young players that have been included in Gareth Southgate’s World Cup squad and the tall midfielder believes none of them will be overawed.
“I think this squad is used to playing under pressure, most of us haven’t been to a World Cup before but for me, individually, I am just excited to play at the World Cup and I think if you enjoy it, you play your best football,” he said.
Loftus-Cheek is a product of Chelsea’s youth system but got regular Premier League football under his belt with former England manager Roy Hodgson at Crystal Palace this season.
The Londoner doesn’t know where he will be playing next season but says he has to put that uncertainty out of his mind for the next few weeks.
“I am not thinking about that too much to be honest right now – I am trying to focus on this summer, this tournament is too big.
“I’ll be back at Chelsea in pre-season anyway and then I will decide when that comes along. I am not too worried it will get sorted when the time comes.”
Southgate worked with Loftus-Cheek during his time in charge of England’s under-21 team and the player says he enjoys the approach of the former Aston Villa defender.
“He has been there and played for England and so he knows what it is like,” said Loftus-Cheek.
“He has been in these situations, with his knowledge that he can pass on to us players, it is great for us.
“As a manager he is very good with players one-on-one and tries to help you as much as he can.”
If England, drawn with Tunisia, Belgium and Panama in Group G, are to provide a surprise run in Russia, it will require the younger elements in the squad, such as Loftus-Cheek, to deliver.
“In training you look about at the talent and it is frightening. I think we have a good chance,” said Loftus-Cheek.
“The squad is so young but so good at the same time. If we can deliver when it matters — and I think the boys can do that — we could have a really good tournament.”
Reporting by Simon Evans; Editing by Ian Ransom
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-eng-loftus-cheek/secret-weapon-loftus-cheek-says-he-can-handle-big-stage-idUSKCN1IO0FO |
May 2 (Reuters) - Global International Credit Group Ltd :
* GICL TO GRANT A SECURED LOAN IN AMOUNT OF HK$3 MILLION FOR A TERM OF 12 MONTHS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-international-credit-group/brief-global-international-credit-group-to-grant-secured-loan-of-hk3-million-for-a-term-of-12-months-idUSFWN1S90JY |
May 2 (Reuters) - Automatic Data Processing Inc:
* SEES FY 2018 REVENUE UP 7 TO 8 PERCENT * Q3 REVENUE $3.7 BILLION VERSUS I/B/E/S VIEW $3.67 BILLION
* Q3 EARNINGS PER SHARE VIEW $1.44 — THOMSON REUTERS I/B/E/S
* Q3 ADJUSTED EARNINGS PER SHARE $1.52 * AUTOMATIC DATA PROCESSING INC - EXPECTS FULL YEAR DILUTED EPS TO BE UP 11% TO 12% COMPARED TO OUR PRIOR FORECAST OF UP 8% TO 9%
* AUTOMATIC DATA PROCESSING INC - EXPECTS FULL YEAR ADJUSTED DILUTED EPS GROWTH TO BE 16% TO 17% COMPARED TO OUR PRIOR FORECAST OF 12% TO 13% GROWTH
* AUTOMATIC DATA PROCESSING INC - FOR FISCAL 2018 ANTICIPATED PRE-TAX CHARGES OF ABOUT $46 MILLION RELATED TO TRANSFORMATION INITIATIVES
* AUTOMATIC DATA PROCESSING INC - BOARD ANTICIPATES CONSIDERATION OF ANOTHER DIVIDEND INCREASE IN NOVEMBER 2018
* AUTOMATIC DATA PROCESSING INC - ADP ANTICIPATES RECORDING A SPECIAL TERMINATION CHARGE IN Q4 OF FISCAL 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-adp-reports-q3-earnings-per-share/brief-adp-reports-q3-earnings-per-share-1-45-idUSASC09YXK |
May 9, 2018 / 3:07 PM / Updated 12 minutes ago BRIEF-Eutelsat Renews Its Partnership With Polish Broadcaster TVN Reuters Staff
May 9 (Reuters) - EUTELSAT COMMUNICATIONS SA: * RENEWS ITS PARTNERSHIP WITH POLISH BROADCASTER TVN
* AND TVN SIGNED MULTIYEAR, MULTI-TRANSPONDER AGREEMENT, RENEWING CAPACITY AT HOTBIRD POSITION Source text for Eikon: Further company coverage: (Gdynia Newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-eutelsat-renews-its-partnership-wi/brief-eutelsat-renews-its-partnership-with-polish-broadcaster-tvn-idUSFWN1SG1AR |
The Golden State Warriors have listed two starters — guard Klay Thompson and forward Andre Iguodala — as questionable for Game 5 of their Western Conference finals series against the Houston Rockets on Thursday.
May 22, 2018; Oakland, CA, USA; Houston Rockets forward P.J. Tucker (4) sets a screen against Golden State Warriors guard Klay Thompson (11) for Houston Rockets guard Chris Paul (3) during the fourth quarter in game four of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: Kelley L Cox-USA TODAY Sports The best-of-seven series returns to Houston tied two games apiece.
Thompson strained his left knee in Game 4 on Tuesday when he tumbled to the floor on a drive to the basket in the second quarter. He left the game briefly and ended up scoring 10 points on 4-of-13 shooting in 39 minutes, well below his 19.4 points per game average this postseason.
Warriors coach Steve Kerr told reporters Thompson “is moving around really well. I think Klay is going to be fine.”
May 20, 2018; Oakland, CA, USA; Golden State Warriors forward Andre Iguodala (9) shoots the basketball against Houston Rockets guard Chris Paul (3) during the first half in game three of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. The Warriors defeated the Rockets 126-85. Mandatory Credit: Kyle Terada-USA TODAY Sports Kerr said Iguodala, who sat out Tuesday’s game with a sore left knee after banging knees with the Rockets’ James Harden in the Warriors’ blowout win in Game 3 on Sunday, is feeling better and making progress.
Iguodala is averaging 7.9 points and 4.9 rebounds per game in the postseason.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-thompson-iguodala/warriors-thompson-iguodala-questionable-for-game-5-idUSKCN1IP09H |
14 Hours Ago | 02:35
Global growth could pay the price if the U.S. and China keep fighting over trade, warned Paul Gruenwald, chief economist at S&P Global Ratings.
"The trade by itself doesn't really move the needle in terms of the macro. But what we're worried about is the trade spat drags on … consumers stop spending so much, firms stop investing, confidence goes down, and we go to a less good growth path," he said.
And if the world's two biggest economies enter a full-fledged trade war, it could cause a "significant reduction" in growth — although a global recession is unlikely, he told CNBC's Oriel Morrison at the Asian Development Bank's annual meeting in Manila.
Trade talks are ongoing in Beijing between the two countries, which have announced plans to levy tariffs against each other.
China has canceled several shipments of U.S. soybeans in the past month. Scott Olson/Getty Images A soybean field near Salem, South Dakota.
U.S. Treasury Secretary Steve Mnuchin and Chinese Vice Premier Liu He are leading their respective delegations in China, but a breakthrough deal is viewed as highly unlikely.
What should be expected from the talks is not an agreement on trade, Gruenwald said, but the start of discussions on investment and the protection of intellectual property (IP).
"I think the relationship between U.S. and China is much more complicated," he said. "So it would be nice if the trade were an initial salvo into discussions about investment, IP, reciprocal investment — sort of go back to the strategic economic dialogue we had 10 years ago. That would start to go down the road to a better outcome."
"But right now if it's just a trade thing, that path doesn't look too good to us," he concluded. Weizhen Tan Markets Editor, CNBC Asia Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/trade-war-us-vs-china-fight-could-hurt-growth-says-sp-economist.html |
Albuquerque, New Mexico, May 22, 2018 (GLOBE NEWSWIRE) -- TriCore Reference Laboratories is pleased to announce that it has named Steve Ayer as its Chief Information Officer, as well as CEO for The Rhodes Group, TriCore’s subsidiary. Both positions are effective immediately.
After a lengthy search, Steve’s appointment sets the stage for the continued growth and development of TriCore’s information technology infrastructure. For the past several months, Steve has served as TriCore’s interim CIO and has begun implementing a vision that will support the company’s long-term strategy.
Dr. Michael Crossey, President and CEO of TriCore Reference Laboratories, made this comment to the media: “As TriCore Reference Laboratories continues to excel in healthcare and the information technology realm, we couldn’t be happier with Steve accepting this pivotal position.”
###
TriCore Reference Laboratories is an independent, not-for-profit, clinical reference laboratory founded and headquartered in Albuquerque, New Mexico, co-sponsored by Presbyterian Healthcare Services and University of New Mexico Health Sciences Center. TriCore provides over 2,900, full-service, state-of-the-art laboratory tests to healthcare professionals and their patients. TriCore also provides analytics and research services, supporting healthcare and scientific organizations worldwide.
For more information, visit tricore.org .
Attachment
steve photo Nick Dayan TriCore Reference Laboratories 5059388991 [email protected]
Source:TriCore Reference Laboratories | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-tricore-announces-steve-ayer-as-chief-information-officer.html |
May 31, 2018 / 6:18 AM / Updated 27 minutes ago FirstGroup replaces CEO after disappointing year Reuters transport company FirstGroup replaced its chief executive after what its chairman called a disappointing year and said it was putting its Greyhound bus business in the U.S. under review.
FirstGroup, which rejected two approaches from a private equity firm earlier this year, reported a 5 percent fall in adjusted pretax profit to 197 million pounds ($262 million) for the year to March 31, slightly behind a consensus forecast.
The bus and rail operator said its CEO Tim O’Toole would be replaced by Wolfhart Hauser, who becomes executive chairman, on Thursday and Matthew Gregory, who takes on a chief operating officer role in addition to his duties as chief finance officer. $1 = 0.7511 pounds Reporting by Sarah Young, Editing by Paul Sandle | ashraq/financial-news-articles | https://www.reuters.com/article/firstgroup-results/firstgroup-replaces-ceo-after-disappointing-year-idUSFWN1T115B |
The Canadian federal government says it taking further steps to prevent foreign steel and aluminum from being dumped into the North American market just ahead of a U.S. decision on whether to slap punishing duties on those products.
Canada, Mexico , and Europe were exempted from import duties of 25 percent on steel and 10 percent on aluminum when they were first imposed in March but those exemptions expire on Friday.
Finance Minister Bill Morneau said in a statement late Wednesday that Canada has expanded the scope of its country of origin marking regime for steel and aluminum products to better determine where they come from.
Morneau said this builds on new funding announced in late April of an initial outlay of more than $30 million over five years to hire 40 new officers to investigate trade-related complaints, including those linked to steel and aluminum.
That announcement came about a month after the Canada Border Services Agency was granted extra powers to identify businesses that try to dodge import duties and ship cheap foreign steel and aluminum through the Canadian market.
The latest federal attempt to ward off the tariffs coincided with a concerted effort by Canada and its European allies to try to stop the Trump administration from imposing the tariffs this week.
The Associated Press reported late Wednesday, however, that the Trump administration is planning to impose tariffs on European steel and aluminum imports after failing to win concessions from the European Union.
Two people familiar with the discussions said the administration's plans could change if the two sides are able to reach a last-minute agreement before the reprieve expires. The Associated Press report did not indicate if Canada would also be hit with the tariffs.
In addition to discussing the matter on Wednesday with French President Emmanuel Macron , Canadian Prime Minister Justin Trudeau also spoke by phone with the premiers of Ontario, Quebec, and Saskatchewan.
The Prime Minister's Office said they "all agreed to continue to defend the Canadian steel and aluminum industry from unwarranted tariffs and to stand up for the best interests of all Canadian workers and businesses."
Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting on Tuesday in Washington with U.S. trade czar Robert Lighthizer, has also made it clear that Canada would retaliate if the duties are imposed. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/canada-beefs-up-its-anti-dumping-measures-ahead-of-the-us-decision-on-tariffs.html |
May 15 (Reuters) - Exelon Corp:
* DEAL TO SUPPLY GRIDSTAR LITHIUM ENERGY STORAGE SYSTEM TO COMED Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lockheed-martin-selected-to-supply/brief-lockheed-martin-selected-to-supply-gridstar-lithium-energy-storage-system-to-comed-idUSFWN1SM19D |
May 2 (Reuters) - TKH GROUP NV:
* Q1 EBITA EUR 45.9 MILLION VERSUS EUR 39.7 MILLION YEAR AGO
* Q1 REVENUE EUR 398.0 MILLION VERSUS EUR 360.1 MILLION YEAR AGO
* TKH MAINTAINS ITS FORECAST MADE AT THE PRESENTATION OF THE ANNUAL RESULTS IN MARCH 2018
* Q1 NET PROFIT BEFORE AMORTIZATION, ONE–OFF INCOME, EXPENSES ATTRIBUTABLE TO SHAREHOLDERS EUR 29.9 MILLION VERSUS EUR 25.1 MILLION YEAR AGO Source text : bit.ly/2I40AuK Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tkh-group-q1-net-profit-up-at-299/brief-tkh-group-q1-net-profit-up-at-29-9-million-euros-idUSFWN1S80RF |
WEST PALM BEACH, Fla., May 29, 2018 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) (“Ocwen” or the “Company”), a leading financial services holding company, today announced that Executive Vice President and Chief Financial Officer (“CFO”) Michael Bourque has made the decision to resign to accept a position with another financial services company. Mr. Bourque’s resignation is not due to any disagreement with Ocwen relating to the Company’s operations, policies, or practices. Mr. Bourque’s resignation is effective June 22, 2018. He will remain active and engaged in his role with Ocwen through June 22.
“We would like to thank Michael for his financial leadership and his many contributions over the last four years,” said Ron Faris, President and CEO of Ocwen. “While at Ocwen, Michael has focused his efforts on ensuring the Company is in solid financial standing and is well positioned for future success. We respect Michael’s personal decision, and we wish him the best in his new position.”
Ocwen has begun a search to identify qualified internal and external candidates to fill the CFO position. Ocwen has a strong and talented financial team in place that will continue to support the Company’s strategy during the search process.
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, services and originates loans. We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands as well as operations in India and the Philippines. We have been serving our customers since 1988. We may post information that is important to investors on our website ( www.Ocwen.com ).
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. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. by their nature address matters that are, to different degrees, uncertain. Our business has been undergoing substantial change which has magnified such uncertainties. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements. involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include those described in Ocwen’s reports and filings with the Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K for the year ended December 31, 2017 and its current and quarterly reports since such date. Anyone wishing to understand Ocwen’s business should review its SEC filings. Ocwen’s forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION CONTACT:
Investors: Media: Stephen Swett John Lovallo Dan Rene T: (203) 614-0141 T: (917) 612-8419 T: (202) 973-1325 E: [email protected]
E: [email protected] E: [email protected]
Source:Ocwen Financial Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-ocwen-financial-corporation-announces-resignation-of-michael-bourque-as-chief-financial-officer.html |
CNBC.com Anthony Wallace/AFP | Getty Images
A bitcoin ATM manufacturer based in Prague says it has installed 10 new cryptocurrency-dispensing machines throughout the European city's subway system.
The company, General Bytes, posted a map on its website showing where the bitcoin ATMs are located in 10 different metro stops in the city of 1.3 million in the Czech Republic. The machines can be used to purchase bitcoin — currently trading at more than $7,500 per unit — as well as other digital currencies, according to the company's website.
And Prague isn't alone. There are bitcoin ATMs all over America, according to Coin ATM Radar , an online tool that tracks the machines.
Coin ATM Radar's tracking shows that the United States boasts the most bitcoin ATMs in the world by far, with 1,960 of them.
Los Angeles, where bitcoin ATMs reportedly date back to 2014, is the U.S. city with the most of the machines, with 250, according to Coin ATM Radar. There are also nearly 170 of the ATMs in Chicago and over 120 in both New York City and Atlanta. Washington, D.C. has more than 60 of the machines, and Texas-based company Coinsource is reportedly set to install 20 more machines in the nation's capital by the end of the year.
Canada comes in second as a nation, with 540 crypto ATMS. show chapters 7:10 PM ET Tue, 30 Jan 2018 | 00:59
There are roughly 46 bitcoin ATMs in the Czech Republic, and more than 3,150 active located in 70 countries around the world, according to Coin ATM Radar.
The machines, which are made by a variety of different manufacturers , allow prospective cryptocurrency investors to buy their own digital currency on the spot by inserting cash to initiate a digital transaction that transfers the purchased bitcoin (or other cryptocurrency) via either a paper receipt or an online " wallet ," where digital currency can be safely stored. Also, some bitcoin ATMs support two-way transactions, which means you can even sell your bitcoin and have cash dispensed on the spot.
A two-minute tutorial video posted on the website of General Bytes, the second-largest producer of bitcoin ATMs, shows how a customer can insert cash into the machines to purchase bitcoin while scanning a QR code to choose the digital address where they want to receive the bitcoin. The company sells its bitcoin ATMs online , with models selling for as much as $9,499. General Bytes said in a press release in April 2018 that it had sold more than 1,500 bitcoin ATMs worldwide, though Coin ATM Radar puts the number at 850.
U.S.-based Genesis Coin has installed its own bitcoin ATMs in 1,065 locations.
Meanwhile, bitcoin's price has rebounded somewhat recently, but the digital currency has still been a highly volatile investment for much of 2018, as its value is still more than 60 percent off its peak from December 2017.
Don't miss: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/bitcoin-atms-in-america-and-around-the-world.html |
May 13 (Reuters) - Hewlett Packard Enterprise Co:
* GATWICK AIRPORT INSTALLS NEXT GENERATION IT NETWORK WITH HPE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hpe-says-gatwick-airport-installed/brief-hpe-says-gatwick-airport-installed-cos-next-generation-it-network-idUSFWN1SK00V |
LOS ANGELES (AP) _ Oaktree Strategic Income Corp. (OCSI) on Tuesday reported fiscal second-quarter earnings of $8.7 million.
On a per-share basis, the Los Angeles-based company said it had net income of 29 cents. Earnings, adjusted for investment gains, came to 16 cents per share.
The specialty finance company posted revenue of $10.6 million in the period.
Oaktree Strategic Income shares have declined slightly more than 2 percent since the beginning of the year. The stock has climbed nearly 3 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on OCSI at https://www.zacks.com/ap/OCSI | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-oaktree-strategic-income-fiscal-2q-earnings-snapshot.html |
May 4 (Reuters) - Chuang’s China Investments Ltd:
* SEES DECREASE IN FY PROFIT ATTRIBUTABLE * EXPECTED RESULT DUE TO ABSENCE OF NET GAIN ON DISPOSAL OF UNITS THAT HELD A PROPERTY DEVELOPMENT PROJECT AT DONGGUAN Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-chuangs-china-investments-sees-dec/brief-chuangs-china-investments-sees-decrease-in-fy-profit-attributable-idUSL8N1SB3ML |
KUALA LUMPUR (Reuters) - As results poured in from polling stations around Malaysia on the night of May 9, with one parliamentary seat after another falling to the opposition, a stunned Prime Minister Najib Razak stared defeat in the face.
FILE PHOTO: Ousted Malaysian Prime Minister Najib Razak speaks during a news conference in Kuala Lumpur, Malaysia May 12, 2018. REUTERS/Stringer There was no hiding the fact: the Najib-led Barisan Nasional coalition that had run Malaysia for the six decades since its independence from Britain, had lost the election.
Voter anger over a goods and services tax, as well as allegations of corruption that had swirled for years around Najib’s government, and the apparently lavish lifestyle of his wife, had finally taken its toll.
A consultant who was in Najib’s office as the reality of the defeat sank in said the prime minister was stunned. “When he knew that the numbers were not on his side, Najib broke down,” he said.
Explaining Najib’s shock on election night, one political strategist with ties to the now-defeated government said it was not unusual for him to be out of the loop when there were unwelcome developments.
“Najib lives in a bubble,” he said. His advisers “don’t accept others’ views,” he added. “They don’t listen to bad news.”
Najib’s remove, and the disarray in his camp during the campaign and the election, was pieced together from interviews with about a dozen political operatives and members of the ruling coalition and the opposition.
TRUMP’S FAVORITE PRIME MINISTER The electoral defeat was a humiliating turn for Najib, who had ruled for almost a decade and had projected himself as a statesman who enjoyed a warm relationship with Chinese President Xi Jinping, and played golf with U.S. presidents. Donald Trump showered him with praise during a White House visit last year, and according to local media once gave Najib a photograph of them together inscribed with the words: “To my favorite prime minister.”
Dubbed ‘The Survivor’ on the cover of a magazine before the election, Najib, 64, had for three years weathered a scandal over the billions of dollars that went missing from the state fund 1Malaysia Development Berhad (1MDB). He consistently denied wrongdoing in connection with 1MDB.
Najib went into the poll confident of victory, according to the interviews with politicians and party officials. But his week went off-script quickly and - despite frantic efforts - he failed to pull it back.
Reuters was unable to reach Najib or any close aides for comment.
An official who worked on Najib’s campaign said his camp had been sure of victory several days before the vote.
That confidence sagged as election day loomed with mounting evidence that momentum was with the opposition.
The political strategist said that two cabinet ministers were so unnerved that they stopped country-wide campaigning to concentrate on defending their own parliamentary seats.
Despite growing evidence of huge turnouts at opposition rallies, the ruling coalition remained confident of victory, even if with a weaker mandate, banking on its traditional Malay vote base.
Ten hours before polling stations opened, Najib went on national television and made voters a trio of promises.
If they returned him to power, he said, his government would scrap income tax for the young, declare two extra public holidays and make toll roads free for a few days during the Islamic festival of Eid.
“It was desperation,” said the campaign official.
Opinion polls showed that voters were angry over living costs after the introduction of the goods and services tax, but they were also disgusted by the allegations of corruption surrounding Najib.
“It was conflated with so many other things - with higher costs of living, with inflation, with the goods and services tax,” said Khairy Jamaluddin, the youth and sports minister in Najib’s government, explaining the public discontent. “But at the root of it was scandal.”
A senior official in one of the opposition parties said that Barisan Nasional had been wrong to count on votes from the country’s majority ethnic Malays on the basis of the affirmative-action policies that benefit them.
That shortcoming was underlined by the large crowds turning out for rallies for the opposition’s Mahathir Mohamad, the 92-year-old former prime minister, in predominantly Malay areas that had long been bastions of support for the ruling coalition.
“Sometimes on the ground, we were telling ourselves this is too good to be true,” said one leader of Mahathir’s Pakatan Harapan, or Alliance of Hope.
On election day, opposition party officials said they were sure of victory by early evening thanks to results that their representatives at polling stations had passed on.
The mood was jubilant in the opposition camp as it became clear its candidates had beaten leading Barisan Nasional politicians and made significant gains across the country.
By midnight, Mahathir felt confident enough to declare victory.
Najib did not concede, however, apparently having recovered his composure as the night went on.
Khairy visited Najib at his house that night and said the prime minister was “calm” and “poised”, but that the people around him were “stunned, shocked and somber”.
When the Election Commission eventually announced the result, hundreds of jubilant Mahathir supporters waved flags and cheered in central Kuala Lumpur.
The next day, Mahathir, who was once Najib’s mentor and later his bitter adversary, was sworn in as prime minister.
Mahathir’s challenges for the multi-ethnic nation are substantial: how to keep together an alliance made up of former foes, and implement populist measures and reforms without disrupting economic growth - even as he has promised to cede power to Anwar Ibrahim, the opposition leader jailed by Najib.
Mahathir’s immediate attention appeared to focus on Najib. During the election campaign, Mahathir had vowed to hold Najib to account for his alleged role in the disappearance of billions of dollars from a government fund.
As he assumed power last week, he said that those who had broken the law would be punished.
Meanwhile, Najib’s estranged step-daughter, Azrene Ahmad, took to social media to hail “the end of an era of tyranny”.
ANGER AT THE AIRPORT With Mahathir in power, speculation swirled about Najib’s future. Would Mahathir have him arrested? Would Najib try to leave the country?
On the Saturday after the election, an angry crowd gathered outside a small airport near Kuala Lumpur. Online, another 30,000 people tuned into a Facebook live event, streaming from the airfield entrance.
A report had leaked that Najib and his wife, Rosmah Mansor, were going to try to leave Malaysia aboard a private plane.
“Stop them running away!” said one watcher of the Facebook Live event.
Amid the commotion at the airport, Najib announced on social media that he would indeed be leaving, to take a holiday overseas. But he and his wife never showed up at the airport.
What Najib hadn’t realized then was that, just minutes before his announcement, the Immigration Department had issued a statement that Najib and Rosmah were barred from leaving the country – a final humiliation for the former prime minister.
Later that day, a somber Najib appeared at a news conference that appeared to signal the end of his political career.
Struggling to get a microphone to work, he put on a brave face as he announced that he was resigning as leader of both his political party, the United Malays National Organisation (UMNO), and Barisan Nasional.
“Anyone who is the leader and failed, it is the responsibility of that person to accept defeat. With an open heart, I accept it,” he said.
‘COLLECTIVE DENIAL’ Looking back at the evening of the election, Khairy, the Barisan Nasional lawmaker, discounted speculation that Najib had been hoping to find some way out of his predicament. Once the results had sunk in, Najib’s priority had been figuring out how to achieve an orderly transition, he said.
“There were a lot of concerns that he was going to declare martial law, emergency rule, not hand over power,” Khairy said. “Those were never ever options that were even discussed, thought or entertained in any way. It was just about accepting it and how we would concede.”
Now, without Najib at the helm, the priority for the former ruling coalition was figuring out how to become the opposition for the first time, Khairy said.
“We were in a state of collective denial,” he said, adding that the coalition had misunderstood the anger of the population. “We were too drunk on our own Kool-Aid, and this is a sobering lesson for us which we’ll remember for the rest of our lives.”
Additional reporting by Liz Lee and John Chalmers; Writing by John Chalmers; Editing by Philip McClellan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-najib-insight/the-week-that-malaysian-leader-najibs-world-fell-apart-idUSKCN1IG148 |
May 31, 2018 / 12:49 Japan's factory output growth slumps in April, dims production prospects Stanley White 2 Min Read
TOKYO (Reuters) - Japan’s industrial output was well short of market expectations in April, official figures showed on Thursday, adding to fears for the outlook after the economy contracted in the first quarter. FILE PHOTO - A worker checks steel coils and steel sheets at a distribution warehouse in Urayasu, east of Tokyo April 19, 2012. REUTERS/Toru Hanai/File Photo
Industrial output rose just 0.3 percent in April from the previous month, official data showed on Thursday, well below the median forecast for a 1.2 percent increase and a 1.4 percent rise in March.
Much of the slowdown was due to a 5.6 percent decline in production of electronic parts while inventories rose for a third straight month, adding to fears of weakening overseas demand.
Output is seen likely to weaken further as companies focus on lowering inventories of unsold goods, suggesting Japan’s economic performance peaked last year and this year growth will be more modest.
“Production is slowing overall because companies with high inventories are cutting their output,” said Asuka Sakamoto, economist at Mizuho Research Institute.
“Output will fall in the coming months, but I expect consumer spending to rebound in the second quarter, which should be supportive for economic growth. I’m not worried about a recession.”
Manufacturers surveyed by the Ministry of Economy, Trade and Industry expected output to rise 0.3 percent in May but to fall 0.8 percent in June.
Japan’s economy contracted in the first quarter as weak investment, consumption and exports took their toll, with Thursday’s output data and forecasts adding to concerns over how quickly the economy can return to growth.
On the positive side, production of cars and machines used in factories accelerated in April. Reporting by Stanley White; Editing by Eric Meijer | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-economy-output/japans-factory-output-growth-slumps-in-april-casts-doubt-on-quick-recovery-idUKKCN1IW02U |
SANTA ANA, Calif.--(BUSINESS WIRE)-- Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three months ended March 31, 2018.
Paul Arling, UEI’s chairman and CEO, stated, “The audio-video industry is transforming again; this time next-generation platforms are adopting advanced, intuitive 2-way home entertainment systems enabling one-touch view and connected voice. Our customers are working feverishly to bring automatic speech recognition (ASR) and voice navigation capabilities to their users. Some are in the design stages; some are testing; and some have already launched award-winning voice-enabled devices and system control solutions using UEI’s technology. Similar to prior technology sea changes – such as the historical shifts from analog to digital, from non-DVR to DVR and from standard definition to high definition – we expect this transition to span more than a few years. During this transition, we will continue to innovate, create more industry leading technology and improve our operations, all of which will contribute to shareholder value.”
Financial Results for the Three Months Ended March 31: 2018 Compared to 2017
GAAP net sales were $164.7 million, compared to $161.4 million; Adjusted Non-GAAP net sales were $170.6 million, compared to $162.3 million. GAAP gross margins were 22.6%, compared to 25.4%; Adjusted Non-GAAP gross margins were 25.6%, compared to 26.7%. GAAP operating income was $0.9 million, compared to an operating loss of $0.4 million; Adjusted Non-GAAP operating income was $11.3 million, compared to $11.8 million. GAAP net loss was $0.6 million, or $0.04 per diluted share, compared to GAAP net income of $0.1 million or $0.01 per diluted share; Adjusted Non-GAAP net income was $8.8 million, or $0.62 per diluted share, compared to $9.2 million, or $0.62 per diluted share. At March 31, 2018, cash and cash equivalents were $40.2 million.
“During the first quarter of 2018, as expected, our revenue grew year-over-year and our gross margin percentage increased sequentially as a result of process improvements made at our China factories. We also signed several more PayTV and TV OEM advanced device projects that will drive growth,” stated UEI’s CFO Bryan Hackworth. “Although certain customers are currently reducing orders to rebalance inventory levels, preserve capital and/or manage their platform transitions, our long-term outlook is still strong based on a growing list of customer engagements.”
Financial Outlook
For the second quarter of 2018, the company expects GAAP net sales to range between $158 million and $166 million, compared to $177.6 million in the second quarter of 2017. GAAP loss per diluted share for the second quarter of 2018 is expected to range from $0.18 to $0.28, compared to GAAP earnings per diluted share of $0.32 in the second quarter of 2017.
For the second quarter of 2018, the company expects Adjusted Non-GAAP net sales to range between $158 million and $166 million, compared to $177.9 million in the second quarter of 2017. Adjusted Non-GAAP earnings per diluted share are expected to range from $0.35 to $0.45, compared to Adjusted Non-GAAP earnings per diluted share of $0.78 in the second quarter of 2017. The second quarter Adjusted Non-GAAP earnings per diluted share estimate excludes $0.63 per share related to stock-based compensation, amortization of acquired intangibles, changes in contingent consideration relating to acquisitions, effects of foreign currency fluctuations and the related tax impact of these adjustments.
Conference Call Information
UEI’s management team will hold a conference call today, Thursday, May 3, 2018 at 4:30 p.m. ET / 1:30 p.m. PT, to discuss its first quarter 2018 earnings results, review recent activity and answer questions. To access the call in the U.S. please dial 877-843-0414, and for international calls dial 315-625-3071 approximately 10 minutes prior to the start of the conference. The conference ID is 6098323. The conference call will also be broadcast live at www.uei.com where it will be available for replay for one year. In addition, a replay will be available via telephone for two business days beginning two hours after the call. To listen to the replay, in the U.S. please dial 855-859-2056, and internationally dial 404-537-3406. The access code is 6098323.
Use of Non-GAAP Financial Metrics
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, UEI provides Adjusted Non-GAAP information as additional information for its operating results. References to Adjusted Non-GAAP information are to non-GAAP financial measures. These measures are not required by, in accordance with, or an alternative for, GAAP and may be different from non-GAAP financial measures used by other companies. UEI’s management uses these measures for reviewing the financial results of UEI, for budget planning purposes, and for making operational and financial decisions and believes that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors evaluate UEI’s core operating and financial performance and business trends consistent with how management evaluates such performance and trends. Additionally, management believes these measures facilitate comparisons with the core operating and financial results and business trends of competitors and other companies.
We present certain elements of our results of operations excluding the impact of foreign currency exchange rate fluctuations (constant currency). To present this information, current period results for entities reporting in currencies other than the U.S. Dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the average exchange rate in effect during the current fiscal year. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. We believe that presenting constant currency results of operations provides useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets.
Adjusted Non-GAAP net sales is defined as net sales excluding the impact of stock-based compensation for performance-based warrants, the impact of the adoption of Accounting Standards Codification 606, "Revenue from Contracts with Customers" (“ASC 606”) and the impact of foreign currency exchange rate fluctuations. Adjusted Non-GAAP gross profit is defined as gross profit excluding stock-based compensation expense, depreciation expense related to the increase in fixed assets from cost to fair market value resulting from acquisitions, amortization of intangibles acquired, excess manufacturing costs, the impact of the adoption of ASC 606 and the impact of foreign currency exchange rate fluctuations. Adjusted Non-GAAP operating expenses are defined as operating expenses excluding amortization of intangibles acquired, stock-based compensation expense, employee related restructuring costs, changes in contingent consideration related to acquisitions, the impact of the adoption of ASC 606 and the impact of foreign currency exchange rate fluctuations. Adjusted Non-GAAP net income is defined as net income excluding the aforementioned items, foreign currency gains and losses, and the related tax effects of all adjustments. Adjusted Non-GAAP diluted earnings per share is calculated using Adjusted Non-GAAP net income. A reconciliation of these financial measures to the most directly comparable GAAP financial measures is included at the end of this press release.
About Universal Electronics
Universal Electronics Inc. is the worldwide leader in universal control and sensing technologies for the smart home. For more information, please visit www.uei.com/about .
Note on Forward-looking Statements
This press release and accompanying schedules contain " " within the meaning of federal securities laws, including net sales, profit margin and earnings trends, estimates and assumptions; our expectations about new product introductions; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those we identify below and other risk factors that we identify in our most recently filed Annual Report on Form 10-K. Risks that could affect in this press release include the continued adoption by our customers of our advanced intuitive 2-way home entertainment systems and technologies as anticipated by management, including our one-touch view and voice control technologies; our ability to successfully improve our manufacturing operations and maintain and/or improve our margins and cost effective operations. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these as of May 3, 2018. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
– Tables Follow –
UNIVERSAL ELECTRONICS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share-related data)
(Unaudited)
March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 40,229 $ 62,438 Restricted cash 5,080 4,901 Accounts receivable, net 160,055 151,578 Contract assets 22,269 — Inventories, net 139,408 162,589 Prepaid expenses and other current assets 12,229 11,687 Assets held for sale 12,685 12,517 Income tax receivable 3,828 1,587 Total current assets 395,783 407,297 Property, plant, and equipment, net 117,004 110,962 Goodwill 48,620 48,651 Intangible assets, net 27,776 29,041 Deferred income taxes 7,119 7,913 Other assets 4,535 4,566 Total assets $ 600,837 $ 608,430 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 105,470 $ 119,165 Line of credit 141,000 138,000 Accrued compensation 33,323 34,499 Accrued sales discounts, rebates and royalties 7,581 8,882 Accrued income taxes 2,865 3,670 Other accrued liabilities 29,111 28,719 Total current liabilities 319,350 332,935 Long-term liabilities: Long-term contingent consideration 9,360 13,400 Deferred income taxes 4,485 4,423 Income tax payable 2,520 2,520 Other long-term liabilities 1,595 1,603 Total liabilities 337,310 354,881 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding — — Common stock, $0.01 par value, 50,000,000 shares authorized; 23,830,353 and 23,760,434 shares issued on March 31, 2018 and December 31, 2017, respectively 238 238 Paid-in capital 268,645 265,195 Treasury stock, at cost, 9,716,412 and 9,702,874 shares on March 31, 2018 and December 31, 2017, respectively (262,680 ) (262,065 ) Accumulated other comprehensive income (loss) (12,953 ) (16,599 ) Retained earnings 270,277 266,780 Total stockholders’ equity 263,527 253,549 Total liabilities and stockholders’ equity $ 600,837 $ 608,430 UNIVERSAL ELECTRONICS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Net sales $ 164,698 $ 161,406 Cost of sales 127,496 120,372 Gross profit 37,202 41,034 Research and development expenses 6,051 5,498 Factory transition restructuring charges — 5,250 Selling, general and administrative expenses 30,247 30,651 Operating income (loss) 904 (365 ) Interest income (expense), net (1,070 ) (393 ) Other income (expense), net (587 ) 583 Income (loss) before provision for income taxes (753 ) (175 ) Provision for income taxes (benefit) (166 ) (294 ) Net income (loss) $ (587 ) $ 119 Earnings (loss) per share: Basic $ (0.04 ) $ 0.01 Diluted $ (0.04 ) $ 0.01 Shares used in computing earnings (loss) per share: Basic 14,087 14,449 Diluted 14,087 14,717 UNIVERSAL ELECTRONICS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017 Cash provided by (used for) operating activities: Net income (loss) $ (587 ) $ 119 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation and amortization 8,243 7,645 Provision for doubtful accounts 4 23 Provision for inventory write-downs 756 659 Deferred income taxes 913 (496 ) Shares issued for employee benefit plan 335 346 Employee and director stock-based compensation 2,204 2,623 Performance-based common stock warrants 471 932 Changes in operating assets and liabilities: Accounts receivable and contract assets (266 ) (3,689 ) Inventories 1,372 (1,564 ) Prepaid expenses and other assets (454 ) (905 ) Accounts payable and accrued liabilities (21,160 ) (16,182 ) Accrued income taxes (3,774 ) (2,064 ) Net cash provided by (used for) operating activities (11,943 ) (12,553 ) Cash used for investing activities: Acquisitions of property, plant, and equipment (9,314 ) (6,460 ) Acquisitions of intangible assets (571 ) (410 ) Net cash used for investing activities (9,885 ) (6,870 ) Cash provided by (used for) financing activities: Borrowings under line of credit 13,000 53,000 Repayments on line of credit (10,000 ) (14,987 ) Proceeds from stock options exercised 439 237 Treasury stock purchased (615 ) (11,389 ) Contingent consideration payments in connection with business combinations (3,858 ) — Net cash provided by (used for) financing activities (1,034 ) 26,861 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 832 25 Net increase (decrease) in cash, cash equivalents, and restricted cash (22,030 ) 7,463 Cash, cash equivalents, and restricted cash at beginning of year 67,339 59,834 Cash, cash equivalents, and restricted cash at end of period $ 45,309 $ 67,297 Supplemental cash flow information: Income taxes paid $ 2,893 $ 2,925 Interest paid 376 414 UNIVERSAL ELECTRONICS INC.
RECONCILIATION OF ADJUSTED NON-GAAP FINANCIAL RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Net sales: Net sales - GAAP $ 164,698 $ 161,406 Stock-based compensation for performance-based warrants 471 932 Adoption of ASC 606 (1) 7,490 — Constant currency adjustment (2) (2,108 ) — Adjusted Non-GAAP net sales $ 170,551 $ 162,338 Cost of sales: Cost of sales - GAAP 127,496 120,372 Adjustments to acquired tangible assets (3) (158 ) (258 ) Stock-based compensation expense (17 ) (15 ) Excess manufacturing overhead (4) (1,553 ) (1,181 ) Amortization of acquired intangible assets (37 ) — Adoption of ASC 606 (1) 6,760 — Constant currency adjustment (2) (5,523 ) — Adjusted Non-GAAP cost of sales 126,968 118,918 Adjusted Non-GAAP gross profit $ 43,583 $ 43,420 Gross margin: Gross margin - GAAP 22.6 % 25.4 % Stock-based compensation for performance-based warrants 0.2 % 0.4 % Adjustments to acquired tangible assets (3) 0.1 % 0.2 % Stock-based compensation expense 0.0 % 0.0 % Excess manufacturing overhead (4) 0.9 % 0.7 % Amortization of acquired intangible assets 0.0 % — % Adoption of ASC 606 (1) (0.6 )% — % Constant currency adjustment (2) 2.4 % — % Adjusted Non-GAAP gross margin 25.6 % 26.7 % Operating expenses: Operating expenses - GAAP $ 36,298 $ 41,399 Amortization of acquired intangible assets (1,399 ) (1,268 ) Stock-based compensation expense (2,188 ) (2,608 ) Employee related restructuring costs (112 ) (5,359 ) Change in contingent consideration 751 (500 ) Adoption of ASC 606 (1) 163 — Constant currency adjustment (2) (1,237 ) — Adjusted Non-GAAP operating expenses $ 32,276 $ 31,664 UNIVERSAL ELECTRONICS INC.
RECONCILIATION OF ADJUSTED NON-GAAP FINANCIAL RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Operating income (loss): Operating income (loss) - GAAP $ 904 $ (365 ) Stock-based compensation for performance-based warrants 471 932 Adjustments to acquired tangible assets (3) 158 258 Excess manufacturing overhead (4) 1,553 1,181 Amortization of acquired intangible assets 1,436 1,268 Stock-based compensation expense 2,205 2,623 Employee related restructuring costs 112 5,359 Change in contingent consideration (751 ) 500 Adoption of ASC 606 (1) 567 — Constant currency adjustment (2) 4,652 — Adjusted Non-GAAP operating income $ 11,307 $ 11,756 Adjusted Non-GAAP operating income as a percentage of net sales 6.6 % 7.2 % Net income (loss): Net income (loss) - GAAP $ (587 ) $ 119 Stock-based compensation for performance-based warrants 471 932 Adjustments to acquired tangible assets (3) 158 258 Excess manufacturing overhead (4) 1,553 1,181 Amortization of acquired intangible assets 1,436 1,268 Stock-based compensation expense 2,205 2,623 Employee related restructuring costs 112 5,359 Change in contingent consideration (751 ) 500 Adoption of ASC 606 (1) 567 — Constant currency adjustment (2) 4,652 — Foreign currency (gain) loss 605 (564 ) Income tax provision on adjustments (1,649 ) (2,500 ) Adjusted Non-GAAP net income $ 8,772 $ 9,176 Diluted shares used in computing earnings (loss) per share: GAAP 14,087 14,717 Adjusted Non-GAAP 14,233 14,717 Diluted earnings (loss) per share: Diluted earnings (loss) per share - GAAP $ (0.04 ) $ 0.01 Total adjustments $ 0.66 $ 0.61 Adjusted Non-GAAP diluted earnings per share $ 0.62 $ 0.62 (1) Reflects the impact of adopting ASC 606, "Revenue from Contracts with Customers", which was adopted on a modified retrospective basis effective January 1, 2018. (2) Adjustment to remove the translation impact of fluctuations in foreign currency exchange rates in material jurisdictions on sales, cost of sales and operating expenses whereby the average exchange rates used in current periods are adjusted to be consistent with the average exchange rates in effect during the comparative prior period. (3) Consists of depreciation related to the mark-up from cost to fair value of fixed assets acquired in business combinations. (4) Excess manufacturing costs incurred resulting from factory underutilization. For the three months ended March 31, 2018, we truncated production at our China factories in the month of March as a result of our ERP transition to an Oracle platform which went live in early April 2018. For the three months ended March 31, 2017, excess manufacturing overhead was incurred resulting from the transition of manufacturing activities from our Guangzhou factory to our other China factories.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006521/en/
UEI
Paul Arling, 714-918-9500
Chairman & CEO
or
LHA Investor Relations
Becky Herrick, 415-433-3777
Source: Universal Electronics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-universal-electronics-reports-first-quarter-2018-financial-results.html |
May 29, 2018 / 4:57 PM / Updated an hour ago Zimbabwe investigates bribe allegations after hunter indicted in U.S. Reuters Staff 2 Min Read
HARARE (Reuters) - Zimbabwe’s wildlife agency said on Tuesday it was investigating allegations that a South African national bribed officials to allow a Colorado-based tourist to take the ivory tusks of an elephant illegally shot in a Zimbabwe game park.
Their inquiry comes after U.S. prosecutors accused the South African, who was with a hunting party in Gonarezhou National Park in southern Zimbabwe, of paying up to $8,000 in bribes to Zimbabwean government officials to kill the elephant inside the park and to have the animal’s ivory released.
“We are investigating the matter,” said Tinashe Farawo, spokesman for the Zimbabwe Parks and Wildlife Management Authority. He gave no further details.
A government official, who declined to be named because he was not authorized to speak to the media, said Zimbabwean authorities had contacted the South African but he was not forthcoming with information.
A statement by the U.S. Department of Justice in Colorado dated May 21 said the South African conspired with the unidentified Colorado hunter to export the tusks by falsely saying in official documents the hunter was a South African resident and that the elephant was shot outside Gonarezhou.
It is illegal under Zimbabwean law for hunters to shoot animals inside a state game park.
In 2015, a U.S. dentist touched off a global storm when he killed a rare black-maned lion named Cecil with a bow and arrow outside Hwange National Park in western Zimbabwe, forcing the United States to suspend importation of elephant trophies from Africa. Reporting by MacDonald Dzirutwe; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/us-zimbabwe-usa-wildlife/zimbabwe-investigates-bribe-allegations-after-hunter-indicted-in-u-s-idUKKCN1IU28E |
Brian Dozier drove in three runs with a pair of doubles, Lance Lynn tossed 6 2/3 scoreless innings, and the Minnesota Twins downed the slumping Detroit Tigers 6-0 on Tuesday night.
Ehire Adrianza also hit a pair of run-scoring doubles and he scored twice, while Byron Buxton also scored two runs and drove in another. Lynn (2-4) allowed five hits and a walk while striking out four. A trio of relievers completed the shutout.
The Twins have won three straight following a three-game losing streak. They have given up just three runs during the upswing.
Nicholas Castellanos, James McCann and JaCoby Jones had two hits apiece for the Tigers, who have lost five straight.
Detroit starter Matthew Boyd (2-4) was taken out after four-plus innings with a left oblique spasm. He allowed two runs on one hit and four walks without a strikeout.
Detroit was blanked for the sixth time this season. The Tigers have scored two or fewer runs in five of their last seven games.
The Tigers had runners in scoring position in the second when McCann rapped a two-out single and Jones followed with a double. But Lynn responded by retiring Jose Iglesias on a flyout.
Boyd was removed after issuing walks to Mitch Garver and Logan Morrison in the fifth. Warwick Saupold replaced him and got an out before Adrianza broke the scoreless deadlock with a double to right to knock in Garver. Following a fielder’s choice, Dozier smacked a two-run double to right for a 3-0 Twins lead.
Lynn came out after two batters reached with two outs in the seventh. Ryan Pressly struck out pinch-hitter Mikie Mahtook to end that threat.
Minnesota then put the game away with three runs in the bottom of the inning.
Max Kepler and Adrianza hit back-to-back one-out doubles off Buck Farmer. Buxton drove home Adrianza with a single and Dozier drilled another double to make it 6-0.
The teams close out the three-game series with a day game on Wednesday.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-min-det-recap/twins-win-third-straight-shut-out-tigers-idUSMTZEE5N5W3ZEF |
FORT COLLINS, Colo., May 07, 2018 (GLOBE NEWSWIRE) -- Advanced Energy Industries, Inc. (NASDAQ:AEIS), a global leader in innovative power and control technologies, announced that its Board of Directors has approved a $50 million increase to its authorization to repurchase shares of the Company’s common stock. When combined with the remaining prior authorization of $41.5 million, the Company has $91.5 million in total share repurchase authorization. Year to date, the company has repurchased shares of approximately $28.5 million and $108.5 million since the beginning of the program.
“Today’s announcement is in-line with our strategy to effectively deploy our cash and return value to shareholders,” said Yuval Wasserman, president & CEO of Advanced Energy. “Our differentiated business model continues to drive profitability and cash flow generation, allowing us the flexibility to pursue organic and inorganic initiatives and enhance capital returns.”
Purchases under the program may be made from time-to-time in the public or private markets, through block trades, Rule 10b5-1 trading plans or other available means and may include the use of derivative contracts and structured and accelerated share repurchase agreements. There is no minimum number of shares to be repurchased under the program, and it may be suspended or discontinued at any time.
About Advanced Energy
Advanced Energy (NASDAQ:AEIS) is a global leader in innovative power and control technologies for high-growth, precision power solutions for thin films processes and industrial applications. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com .
Advanced Energy and the Advanced Energy logo are trademarks of Advanced Energy Industries, Inc. or one of its Affiliates in the United States and elsewhere.
For more information, contact:
Paul Oldham
Advanced Energy Industries, Inc.
(970) 407-6326
[email protected] Rhonda Bennetto
Advanced Energy Industries, Inc.
(970) 407-6555
[email protected] Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934 that involve a number of risks and uncertainties. Such forward-looking statements include statements which may be preceded by the words "plan," "will," "expect," "believe," or similar words. Other risks are described in Advanced Energy's Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission. These reports and statements are available on the SEC's website at www.sec.gov . Copies may also be obtained from Advanced Energy's website at www.advancedenergy.com or by contacting Advanced Energy's investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the company on the date of this press release. The company assumes no obligation to update the information in this press release.
Source:Advanced Energy Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-advanced-energy-announces-increase-of-share-repurchase-authorization.html |
May 11, 2018 / 3:13 PM / Updated 22 minutes ago Monte dei Paschi profit points to better times for Italy's banks Valentina Za 5 Min Read
MILAN (Reuters) - A return to profit for troubled Italian bank Monte dei Paschi di Siena ( BMPS.MI ) added impetus to signs of a tentative recovery among the country’s battered lenders on Friday.
Italian banks have been laid low by a recession that pushed soured loans up to nearly one fifth of total lending, forcing them to write down debt for 138 billion euros ($165 billion)in the past five years — wiping out profits and capital in the process.
But an economic recovery has brought default rates among Italian companies back down to pre-crisis levels, easing the pressure on banks.
Monte dei Paschi reported better than expected first-quarter net profit of 188 million euros on reduced loan losses and cost cutting on Friday, sending its shares 15 percent higher.
“The surprise element in the earnings - which made you think we’re at a turning point - was the lower-than-expected loan losses,” said Pietropaolo Rinaldi, a fund manager at Anthilia Capital Partners in Milan.
“This was true for nearly all of the banks, from Monte dei Paschi to UniCredit and also mid-tier players such as BPER, the only exception was Banco BPM.”
“If the level of loan losses seen in this quarter is confirmed going forward I think we can safely say the worst is behind us,” he added. DIFFERENT JOURNEY
Unable to raise cash from investors to fund a clean-up, Monte dei Paschi last year turned to the state for help and is now 68 percent owned by the government following an 8 billion euro rescue which also hit its bondholders.
The Tuscan bank has been for years the biggest threat to Italy’s financial stability and lingering concerns about its future had pushed its shares down 40 percent since they returned to trade in Milan in late October following a 10-month hiatus.
“We’re confident we’re back on track ... the first quarter is the first step of a journey which for all of us from now on is a different journey,” CEO Marco Morelli said.
Carige ( CRGI.MI ), a smaller rival which managed with difficulty to raise capital at the end of last year to stave off being wound down, also swung to a first-quarter net profit on Friday. The entrance of Monte dei Paschi bank headquarters is seen in downtown Siena, Italy, October 27, 2017. Picture taken October 27, 2017. REUTERS/Stefano Rellandini
Earlier this week, heavyweights Intesa Sanpaolo ( ISP.MI ) and UniCredit ( CRDI.MI ) both topped forecasts with their best first quarter results in a decade, fuelling share gains.
“Another striking element ... has been the ability to cut costs to counter weak revenues amid low interest rates. And on the background you have decent capital levels and falling bad loans - still high in some cases but rapidly falling bad loans,” Rinaldi said.
RE-RATING
With the exception of Intesa, Italian banks trade below their book value as investors feared they may need to raise capital to shed soured debts.
The discount versus European peers however has been narrowing as sales of bad debts have finally gained steam after stalling for years as banks were reluctant to sell at a loss.
Italy’s banking index .FTIT8300 has gained 13 percent so far this year against a near 3 percent drop in the wider European sector .SX7P.
Yielding to regulatory demands, all major Italian banks raised their bad loan reduction targets at the end of last year, stepping up writedowns under a favorable phase-in regime linked to a new accounting rule kicking in this year.
“Italian banks continued to re-rate ... despite ongoing political uncertainties and the lack of a government,” Credit Suisse analysts said.
“The market is giving credibility to the more ambitious non-performing loan disposal plans.”
Monte dei Paschi on Thursday completed a jumbo 24 billion euro bad loan securitization sale. CEO Morelli said on Friday the bank would look to lower its soured loans to around 10 percent of total lending by 2021, improving on a previous 13 percent target.
After shedding 75 billion euros in soured debts from a post-recession peak of 360 billion euros, Italian banks in aggregate still held problematic loans equivalent to 15 percent of total lending in December — three times the European average.
(Adds dropped word to quote in paragraph 10) Editing by Keith Weir | ashraq/financial-news-articles | https://in.reuters.com/article/us-eurozone-banks-italy-monte-dei-paschi/monte-dei-paschi-profit-points-to-better-times-for-italys-banks-idINKBN1IC1UT |
May 18 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
- CBS Corp said on Thursday its board voted to strip National Amusements President Shari Redstone and her family of their voting control over the media company. on.wsj.com/2KvkU5N
- PayPal Holdings Inc has agreed to buy European financial-technology startup iZettle AB for about $2.2 billion, a move that would catapult the U.S. digital-payments giant into hundreds of thousands of brick-and-mortar retailers around the world. on.wsj.com/2Ir0PBb
- United Continental Holdings Inc is looking for a new CFO after Andrew Levy left the company. The airline said Thursday that veteran finance executive Gerry Laderman will act as CFO until a replacement is found for Andrew Levy. on.wsj.com/2wTnErC
- As U.S. President Donald Trump sought to forge a delicate China trade deal on Thursday, lawmakers from both sides of Congress looked set to advance a bill that would give the U.S. greater power to block deals between American and Chinese companies that could risk national security. on.wsj.com/2LbYPuk
- Uber Technologies Inc's chief product officer, Jeff Holden, said he is leaving the company after a four-year stint that included the development of the company's carpool service and oversight of its flying-taxi initiative. on.wsj.com/2rRcXQK
- Suzanne Scott, the long-time programming chief of Twenty-First Century Fox Inc's Fox News, has been named chief executive officer of the top-rated cable news channel in an executive reorganization. on.wsj.com/2k4rp4a
- U.S. President Donald Trump acknowledged new doubts about the fate of his coming meeting with North Korean leader Kim Jong Un, expressing surprise over the uptick in harsh language from Pyongyang while shifting blame to China for the latest uncertainty. on.wsj.com/2LaiQRK (Compiled by Bengaluru newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-may-18-idUSL3N1SP22H |
May 3 (Reuters) - Teva Pharmaceutical Industries Ltd :
* TEVA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.94
* RAISING 2018 FULL YEAR GUIDANCE * RESTRUCTURING PLAN ON-TRACK TO ACHIEVE $1.5 BILLION OF SAVINGS IN 2018 AND $3.0 BILLION BY END OF 2019
* 2018 FREE CASH FLOW GUIDANCE RAISED TO $3.0-3.2 BILLION FROM $2.6-2.8 BILLION
* 2018 NON-GAAP EPS GUIDANCE RAISED TO $2.40-2.65 FROM $2.25-2.50
* COPAXONE REVENUES IN OUR NORTH AMERICA SEGMENT IN Q1 OF 2018 DECREASED BY 40% TO $476 MILLION
* COPAXONE REVENUES IN OUR EUROPE SEGMENT IN Q1 OF 2018 INCREASED BY 1% TO $153 MILLION
* SEES 2018 REVENUES $18.5 BILLION TO $19.0 BILLION * TEVA PHARMACEUTICAL INDUSTRIES - GENERIC PRODUCTS REVENUE IN NORTH AMERICA SEGMENT IN Q1 2018 FELL BY 23% TO $1.1 BILLION, COMPARED TO Q1 OF 2017
* TEVA PHARMACEUTICAL - DO NOT EXPECT TO RECEIVE FDA APPROVAL ON BIOLOGICS LICENSE APPLICATIONS (BLA) FOR FREMANEZUMAB ON MID-JUNE PDUFA DATE
* TEVA PHARMACEUTICAL INDUSTRIES - GENERIC PRODUCTS REVENUE IN EUROPE SEGMENT IN Q1 2018, INCLUDING OTC PRODUCTS, ROSE 17% TO $997 MILLION, VERSUS Q1 2017
* TEVA - REGARDING FREMANEZUMAB, CO SEES FDA PRE-APPROVAL INSPECTION TO TAKE PLACE IN COMING MONTHS & TO RECEIVE FDA APPROVAL & LAUNCH BEFORE 2018 END Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-teva-reports-q1-non-gaap-earnings/brief-teva-reports-q1-non-gaap-earnings-per-share-0-94-idUSASC09ZGA |
May 26, 2018 / 4:57 PM / Updated an hour ago In Northern Ireland, abortion rights groups clamour for change Amanda Ferguson 3 Min Read
BELFAST (Reuters) - Abortion rights activists in Northern Ireland called on the British government to end what one group described as the province’s “Victorian-era abortion ban” after neighbouring Ireland voted by a landslide to liberalise its laws.
Voters in the once deeply Catholic Irish republic were estimated to have backed a referendum by more than two-to-one, according to two exit polls, prompting campaigners across the border to step up their demands for change.
A socially conservative province where the Catholic and Protestant faiths exert strong influence, Northern Ireland allows abortion only when a mother’s life is in danger. The penalty for undergoing or performing an unlawful abortion is life imprisonment.
“It must not be forgotten that us women in Northern Ireland are still persecuted by a Victorian-era abortion ban,” Grainne Teggart, Northern Ireland campaign manager for Amnesty International said in a statement on Saturday.
“It’s hypocritical, degrading and insulting to Northern Irish women that we are forced to travel for vital healthcare services but cannot access them at home. We cannot be left behind in a corner of the UK and on the island of Ireland as second-class citizens.”
Dublin plans to bring in legislation this year to allow abortions with no restriction up to 12 weeks into a pregnancy, raising the prospect that women in Northern Ireland may start travelling south of the border for terminations.
The Supreme Court in London is expected to make a ruling in the next few months on a case considering whether Northern Ireland abortion law breaches women’s rights.
Northern Ireland’s elected assembly has the right to bring its abortion laws in line with the rest of the United Kingdom, but voted against doing so in February 2016 and the assembly has not sat since the devolved government collapsed in January 2017.
Calls on Saturday, including an appeal by the British Pregnancy Advisory Service (Bpas), were instead directed at Prime Minister’s Theresa May’s government in London.
The British government’s Northern Ireland Office did not immediately respond to a request for comment.
A demonstration for change was due to take place at Belfast City Hall on Monday, the Solidarity with Repeal group said.
Jim Wells, a member of the socially conservative Democratic Unionist Party that props up May’s minority government, said the outcome in the south was “an extremely worrying development for the protection of the unborn child in Northern Ireland.”
“Whilst deeply disappointed by yesterday’s vote the Pro Life movement must now redouble its efforts to prevent any change in law in Northern Ireland,” he said in a statement. Editing by Padraic Halpin and Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ireland-abortion-nireland/in-northern-ireland-abortion-rights-groups-clamour-for-change-idUKKCN1IR0KJ |
May 16 (Reuters) - Macy’s Inc reported on Wednesday a much better-than-expected increase in same-store sales for the first quarter, boosted by strong performance across its businesses, sending its shares up 13 percent premarket.
Sales at Macy’s stores open more than 12 months, including sales in departments licensed to third parties, surged 4.2 percent, above the average analyst estimate of a 1.4 percent rise, according to Thomson Reuters I/B/E/S.
Net income attributable to Macy’s shareholders rose to $139 million, or 45 cents per share, in the first quarter ended May 5, from $78 million, or 26 cents per share, a year earlier. (Reporting by Aishwarya Venugopal in Bengaluru Editing by Saumyadeb Chakrabarty)
| ashraq/financial-news-articles | https://www.reuters.com/article/macys-results/macys-same-store-sales-growth-trumps-estimates-shares-rise-idUSL3N1SN4OM |
Strengthens the company’s organizational structure for its next phase of growth
NEW YORK--(BUSINESS WIRE)-- IEX, a next-generation stock exchange, announces two leadership appointments to help drive its next phase of growth.
Sara Furber is promoted to Chief Financial Officer, which includes leadership of corporate development and IEX Ventures. Before joining IEX in 2016, Ms. Furber held numerous senior roles over her 20-year career in investment banking and finance, including serving as the Chief Operating Officer of Wealth Management at Morgan Stanley.
“With our core equities business continuing to gain strength, IEX is in a unique position to focus on our next phase of growth, opportunistically diversifying our business while continuing to drive our mission of building fairer markets,” said Brad Katsuyama, co-founder and CEO of IEX. “Sara has been a critical player in shaping IEX’s long-term strategy and is the right leader to run these forward-looking business functions.”
“IEX’s brand and technology enable us to strategically diversify into areas that complement our core business. Our incubation of Tradewind and our collaboration with LTSE are good examples of the range of opportunities we will continue to pursue,” said Ms. Furber.
To increase IEX’s focus on serving the needs of public companies, IEX hired Dan Cummings as Head of Corporate Advisory, which includes overseeing IEX’s listings business. Previously Executive Vice Chairman at Bank of America Merrill Lynch, Mr. Cummings will use his deep global capital markets expertise, including leading over 400 book-run deals and 100 IPOs, to drive and build key corporate relationships. Mr. Cummings will report to IEX co-founder and President, Ronan Ryan.
IEX will bring all client-facing businesses, including the equities exchange and Corporate Advisory, under Mr. Ryan’s leadership. In his expanded role, Mr. Ryan will continue to develop corporate, buyside and sellside relationships, and drive innovation in trading. These changes strengthen the business’ focus on serving current and new clients’ needs.
“We’ve already made a major impact in equities, from leveling the playing field for investors to pioneering machine learning in exchange technology and advocating for market structure improvements. This progress has been fueled by the addition of experts from different segments of the market to our team,” said Mr. Ryan. “As a proven leader in equities, Dan further strengthens our capabilities at IEX and allows us to invest in serving corporates, which, like investors, have been underserved in this market.”
“I am thrilled to join IEX, an innovative company that is a significant change agent in financial markets. I was drawn to their creativity, passion and drive – this is a team that has integrity and is on a mission” said Mr. Cummings. “I look forward to helping accelerate their path to even greater success.”
Mr. Ryan and Ms. Furber will continue to report to Mr. Katsuyama.
About IEX
IEX is on a mission to build fairer markets. Founded in 2012 and headquartered in New York City, IEX introduced its first trading venue in 2013 and launched as a U.S. stock exchange in 2016. IEX is the stock exchange that believes that exchanges should put the interests of companies and long-term investors front and center. As the only independent U.S. stock exchange seeded by the buyside, IEX uses technology to protect investors and is the only exchange operating without the conflicts of rebates and co-location revenue. Learn more at: iextrading.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005444/en/
IEX
Sara Forster, 646-343-2131
[email protected]
Source: IEX | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-iex-promotes-sara-furber-to-cfo-and-hires-dan-cummings-to-lead-corporate-advisory.html |
May 17 (Reuters) - Zion Oil and Gas Inc:
* ZION OIL & GAS OPERATIONAL UPDATE ON MEGIDDO-JEZREEL #1 WELL IN ISRAEL
* ZION OIL AND GAS - EXPECTS TO COMMENCE PERFORATION, STIMULATION AND FLOW BACK OPERATIONS ON MEGIDDO-JEZREEL #1 WELL BY NEXT WEEK IN ISRAEL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zion-oil-and-gas-provides-operatio/brief-zion-oil-and-gas-provides-operational-update-on-megiddo-jezreel-1-well-in-israel-idUSFWN1SO0J7 |
NEW YORK (AP) — Twitter says it's adding special labels to tweets from some U.S. political candidates ahead of this year's midterm elections.
Twitter says the move is to provide users with "authentic information" and prevent spoofed and fake accounts from fooling users. The labels will include what office a person is running for and where.
Both the candidate's account and the tweets from it will get labels. The labels will appear on retweets as well as tweets off of Twitter, such as when they are embedded in a news story.
Twitter, along with Facebook and other social media companies, has been under heavy scrutiny for allowing their platforms to be misused by malicious actors trying to influence elections around the world.
The labels will start to appear next week for candidates for governor and Congress. Twitter wouldn't say whether it will extend this outside the U.S., where elections interference has also been a big issue.
The San Francisco-based company is working with the nonprofit, nonpartisan Ballotpedia to help identify the relevant Twitter accounts.
Beyond labelling accounts, Twitter and other companies have previously said they would label political ads as such and provide information on who paid for them.
Facebook said in March that it is making progress in addressing election abuse ahead of the U.S. midterms. Its efforts include expanding its fact-checking efforts and using artificial intelligence to block malicious accounts before they can spread misinformation. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/the-associated-press-twitter-to-add-special-labels-to-political-candidates-in-us.html |
May 1 (Reuters) - New Delhi Television Ltd:
* APPROVED TRANSFER OF UPTO 7.38 PERCENT STAKE OF CO AT 59,824 RUPEES PER SHARE IN RED PIXELS VENTURES TO A R CHADHA & CO (INDIA)
* CO AND NDTV CONVERGENCE CURRENTLY HOLD 37.04 PERCENT AND 55.57 PERCENT RESPECTIVELY IN RED PIXELS VENTURES Source text - bit.ly/2Fvmv8Z Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-delhi-television-approves-tran/brief-new-delhi-television-approves-transfer-of-upto-7-38-pct-stake-in-red-pixels-ventures-idUSFWN1S71GQ |
WASHINGTON (Reuters) - The United States and Gulf partners imposed additional sanctions on Lebanon’s Hezbollah leadership on Wednesday, targeting its top two officials, Sayyed Hassan Nasrallah and Naim Qassem.
Lebanon's Hezbollah leader Sayyed Hassan Nasrallah is seen on a video screen as he addresses his supporters in Beirut, Lebanon May 14, 2018. REUTERS/Aziz Taher The U.S. Treasury Department said four other individuals were also sanctioned, as was the group ISIS in the Greater Sahara, which was designated as a foreign terrorist organization.
It was the third round of sanctions announced by Washington since the United States pulled out of the Iran nuclear deal last week.
Wednesday’s sanctions targeted members of the primary decision-making body of Hezbollah, Treasury said in a statement.
“By targeting Hezbollah’s Shura Council, our nations collectively rejected the false distinction between a so-called ‘Political Wing’ and Hezbollah’s global terrorist plotting,” Treasury Secretary Steven Mnuchin said.
The move expands U.S. sanctions against Nasrallah, who was sanctioned by Washington in 1995 for threatening to disrupt the Middle East peace process and again in 2012 over Syria. It is, however, the first time that the U.S. Treasury has acted against Qassem, who is being listed for his ties to Hezbollah.
The measures were imposed jointly by Washington and its partners in the Terrorist Financing and Targeting Center (TFTC), which includes Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and United Arab Emirates, it said.
The Gulf states targeted four of the movement’s committees and ordered individuals’ assets and bank accounts frozen.
A number of those targeted by the TFTC had been previously blacklisted by the United States.
Earlier on Wednesday, U.S. Secretary of State Mike Pompeo and his Qatari counterpart, Sheikh Mohammed bin Abdulrahman Ali Thani, discussed Qatar’s efforts to counter terrorism financing, the State Department said.
Nasrallah last year dismissed the prospect of tougher U.S. sanctions against his group.
“The American administration, with all available and possible means, will not be able to damage the strength of the resistance,” Nasrallah said on Aug.13 in a televised address to mark the anniversary of the end of Hezbollah’s 2006 war with Israel.
Shi’ite Hezbollah was formed to combat Israel’s 1982-2000 occupation of Lebanon. It and its political allies made significant gains in Lebanon’s parliamentary election earlier this month, boosting an Iranian-backed movement fiercely opposed to Israel and underlining Tehran’s growing regional clout.
The Trump administration has sought in recent days to choke off funding for Iran’s overseas operations, including its backing for Hezbollah, in what Washington says are its malign activities in the Middle East.
On Tuesday, the U.S. Treasury imposed sanctions on Iran’s central bank governor and an Iraq-based bank for funneling millions of dollars on behalf of Iran’s elite revolutionary guards.
Last week, the U.S. Treasury imposed sanctions against six individuals and three companies it said were funneling millions of dollars to the Revolutionary Guard’s external arm, Quds Force.
Female supporters of Lebanon's Hezbollah hold pictures of Lebanon's Hezbollah leader Sayyed Hassan Nasrallah and Hezbollah commander Mustafa Badreddine, who was killed in an attack in Syria, as Lebanon's Hezbollah leader Sayyed Hassan Nasrallah addresses his supporters in Beirut, Lebanon May 14, 2018. REUTERS/Aziz Taher Reporting by Tim Ahmann, Doina Chiacu and Lesley Wroughton; Editing by Jonathan Oatis, Peter Cooney and Susan Thomas
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-hezbollah-sanctions/u-s-targets-hezbollah-leader-nasrallah-deputy-qassem-with-sanctions-idINKCN1IH2Q4 |
April 30 (Reuters) - Helvetia Holding AG:
* SST RATIO OF HELVETIA HOLDING WAS 212% AS AT 1 JANUARY 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-helvetia-holding-reports-sst-ratio/brief-helvetia-holding-reports-sst-ratio-of-212-as-at-jan-1-idUSFWN1S606V |
May 21, 2018 / 10:07 AM / Updated 11 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 3 Min Read
May 21 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:
** Australia’s BWX Ltd, a marketer of branded skin and hair care products, said it received an unsolicited takeover proposal from two senior company officers in partnership with Bain Capital Private Equity, valuing the company at A$803.4 million ($603.1 million).
** South Korea’s Hyundai Mobis Co Ltd said it has dropped a restructuring proposal due to “uncertainty” about gaining shareholder approval next week in the face of opposition from U.S. hedge fund Elliott Management Corp and other investors.
** Six institutional investors from the United States and Europe are in talks with Kuwait’s Noor Financial Investment to buy a combined 9.59 percent stake in Pakistan’s top Islamic lender Meezan Bank from the Gulf company, sources familiar with the matter said.
** Japan’s Hitachi targets Elliott’s stake in Ansaldo STS in order to fully control the rail-signalling company, Hitachi Rail Chief Executive was quoted as saying in an Italian paper.
** Australia’s top power producer AGL Energy turned down a A$250 million ($188 million) offer for an ageing coal-fired energy plant from Chinese-owned Alinta Energy and shunned government pleas to keep the facility open beyond 2022.
** U.S.-based Harbour Energy made a final offer of $10.8 billion for Australia’s Santos Ltd, hiking its bid for a fifth time in nine months after a steep rise in oil prices and potentially deterring any rival bids.
** New Zealand’s Comvita Ltd said that talks with an unnamed third party for a possible takeover of the company have ended without a deal due to a “considerable distance” on price, sending its shares tumbling 7 percent.
** General Electric Co is nearing a deal to merge its transportation business, which manufactures train engines, with Wabtec Corp, a U.S. maker of equipment for the rail industry, two people familiar with the matter said on Sunday.
** Egypt’s Beltone Financial is seeking a controlling stake in Oragroup, which owns banks in 12 African countries, as the company looks to expand its financial services on the African continent, Beltone said in a statement late on Saturday.
** U.S. hospital operator HCA Healthcare Inc and private equity firm KKR & Co have joined forces to make an offer for U.S. physician services provider Envision Healthcare Corp, people familiar with the matter said on Friday. (Compiled by Tamara Mathias in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SS39S |
Some employees in a Wells Fargo & Co. unit that handles business banking improperly altered information on documents related to corporate customers, according to people familiar with the matter.
The behavior again raises questions about Wells Fargo’s risk-management practices and controls. The bank has been sanctioned in recent months by federal regulators for problems in these areas and as a result can’t grow its balance sheet.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/wells-fargo-employees-altered-information-on-business-customers-documents-1526564170 |
Purchase price of US $83 per share in cash, or approximately $2.0 billion in aggregate Enhances Zoetis’ presence in veterinary diagnostics, a category of the animal health industry with approximately 10% compound annual growth over the last three years 1 Brings to Zoetis a proven line of diagnostic instruments and consumables, providing a new platform for growth that Zoetis can accelerate with sales of its products in more than 100 countries Further enables Zoetis to support veterinarians with comprehensive solutions to predict, prevent, detect and treat diseases in animals Affirms strategy to deploy capital in complementary, high-growth segments of animal health industry
PARSIPPANY, N.J. and UNION CITY, Calif.--(BUSINESS WIRE)-- Zoetis Inc . (NYSE:ZTS) and Abaxis, Inc. (NASDAQ:ABAX) today announced a definitive merger agreement pursuant to which Zoetis will acquire Abaxis, a leader in the development, manufacture and marketing of diagnostic instruments for veterinary point-of-care services for US $83 per share in cash, or approximately $2.0 billion in aggregate. The acquisition is expected to enhance Zoetis’ presence in veterinary diagnostics, a category of the animal health industry with approximately 10% compound annual growth over the last three years 1 .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180516005611/en/
Abaxis, founded in 1989 and headquartered in Union City, Calif., is a leading provider of diagnostic instruments and consumable discs, kits and cartridges to the animal health industry. Abaxis reported revenue of $244.7 million for its fiscal year ended March 31, 2018, an increase of 8% compared to its 2017 fiscal year. Its VetScan ® portfolio of benchtop and handheld diagnostic instruments and consumables serves a large customer base of veterinary practices in North America and is poised for expansion in international markets.
Acquisition Gives Zoetis a New Platform for Growth
“This acquisition brings Zoetis a company that has a proven, competitive diagnostic platform for growth that we can help to accelerate in the U.S. and worldwide with our global scale and direct customer relationships in approximately 45 countries,” said Juan Ramón Alaix, Chief Executive Officer of Zoetis. “Together we can bring more veterinarian customers a broader range of products that fit into our comprehensive solutions and innovations, from prediction and early detection of disease in animals to prevention and treatment. We are very excited by the passion for customers that Abaxis and Zoetis colleagues share.”
“We see a prime opportunity to grow our business as part of Zoetis,” said Clint Severson, Chairman and Chief Executive Officer of Abaxis. “We recently invested in expanding operations in Europe, Latin America, and the Asia Pacific Region, with 20% of revenue in fiscal year 2018 coming from our international operations. Zoetis has the global presence and direct veterinary customer relationships to deliver greater value to more customers around the world and accelerate the growth of our international operations. This acquisition gives recognition to our record of success and the highly skilled, dedicated employees of Abaxis who helped build our company over the course of nearly three decades.”
Abaxis’ Veterinary Diagnostics Portfolio
The Abaxis VetScan portfolio includes chemistry and hematology diagnostic instruments and companion discs, kits and cartridges, which are consumables that create a recurring revenue stream. Abaxis recently launched the VetScan FLEX4 Rapid Test to detect Heartworm, Lyme, Ehrlichia and Anaplasma diseases in dogs, as well as its VetScan Canine Pancreatic Lipase Rapid Test, its UA urine chemistry instrument and the Urine Sediment Analyzer.
Abaxis has a near-term pipeline of products, including an update to the capabilities of its VetScan FUSE ® , a bi-directional connectivity system that provides integration between Abaxis point-of-care instruments and veterinary practice management systems worldwide.
Abaxis derived 83% ($201.9 million) of its annual revenue in fiscal year 2018 from diagnostic products and services for the veterinary market. Approximately 16% ($38.6 million) of the company’s revenues were generated by sales of its Piccolo ® portfolio of analyzers and tests for the human medical market. Sales of consumables accounted for approximately 78% ($191.3 million) of Abaxis’ fiscal 2018 revenue. Abaxis has more than 580 employees worldwide.
Veterinary Diagnostics: A Growing and Vital Category of Animal Health
The veterinary diagnostics category, which includes reference laboratory and point-of-care diagnostics, is estimated to be more than $3 billion 1 , with compound annual growth of 10% over the past three years 1 . Zoetis expects the diagnostics category to continue to grow faster than the animal health industry, with growth in the mid to high single digits, driven by international adoption of point-of-care diagnostic instruments due to rising medicalization rates, increasing standard of veterinary care and the convenience of in-clinic testing 1 .
The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Abaxis shareholders. Zoetis expects to complete the acquisition before the end of 2018, and it intends to fund the purchase through a combination of existing cash and new debt.
Zoetis anticipates the transaction will have an impact on 2018 reported earnings related to customary closing activities; however, on an adjusted basis, the company does not expect a material impact. Zoetis will provide additional updates as the transaction progresses towards closing. Zoetis expects the transaction to be accretive to the company’s earnings in 2019.
Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Zoetis, and Guggenheim Securities and Barclays are acting as financial advisors. Cooley LLP is acting as legal advisor to Abaxis, and Piper Jaffray is acting as its exclusive financial advisor.
Webcast and Conference Call Details
Zoetis and Abaxis will host a webcast and conference call at 8 a.m. (ET) today, during which company executives will discuss the agreement and respond to questions from financial analysts. Investors and the public may access the live webcast by visiting the Zoetis website at http://investor.zoetis.com/events-presentations . A replay of the webcast will be archived and made available by May 17, 2018. Investors and analysts may also dial-in by calling 877-876-9176 or 785-424-1667; Conference ID: ZTS0516.
About Zoetis
Zoetis is the leading animal health company, dedicated to supporting its customers and their businesses. Building on more than 60 years of experience in animal health, Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products, genetic tests, biodevices and a range of services. Zoetis serves veterinarians, livestock producers and people who raise and care for farm and companion animals with sales of its products in more than 100 countries. In 2017, the company generated annual revenue of $5.3 billion with approximately 9,000 employees. For more information, visit www.zoetis.com .
About Abaxis
Abaxis is a worldwide developer, manufacturer and marketer of portable blood analysis systems that are used in a broad range of medical specialties in human or veterinary patient care to provide clinicians with rapid blood constituent measurements. Abaxis’s mission is to improve the efficiency of care delivery to and the quality of life of patients in the medical and veterinary markets. Abaxis provides leading edge technology and tools that support best medical practices, enabling physicians and veterinarians to respond to the health needs of their clients at the point of care while operating economical and profitable practices. For more information, visit http://www.abaxis.com .
Cautionary Statement Regarding Forward-Looking Information
Statements included in this communication which are not historical in nature or do not relate to current facts are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as other similar words and expressions of the future, are intended to identify forward-looking statements. Zoetis Inc. (“Zoetis”) and Abaxis (“Abaxis”) caution readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from anticipated results. Such risks and uncertainties, include, among others, the following possibilities: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Zoetis and Abaxis; the outcome of any legal proceedings that may be instituted against Zoetis or Abaxis; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) or Abaxis shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Zoetis and Abaxis do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the acquisition and integration of Abaxis successfully; and other factors that may affect future results of Zoetis and Abaxis. Additional factors that could cause results to differ materially from those described above can be found in Zoetis’ Annual Report on Form 10-K for the year ended December 31, 2017, which is on file with the Securities and Exchange Commission (the “SEC”) and in other documents Zoetis files with the SEC, and in Abaxis’ Annual Report on Form 10-K for the year ended March 31, 2017, and Quarterly Report on Form 10-Q for the quarter ended December 31, 2017, which are on file with the SEC and in other documents Abaxis files with the SEC.
Important Additional Information
In connection with the proposed transaction between Zoetis and Abaxis, Abaxis expects to file with the SEC a proxy statement of Abaxis, as well as other relevant documents concerning the proposed transaction. This communication is not a substitute for the proxy statement or for any other document that Abaxis may file with the SEC and send to its shareholders in connection with the proposed transaction. The proposed transaction will be submitted to Abaxis’ shareholders for their consideration. Before making any voting decision, shareholders of Abaxis are urged to read the proxy statement regarding the transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about the proposed transaction.
Shareholders of Abaxis will be able to obtain a free copy of the proxy statement, as well as other filings containing information about Zoetis and Abaxis, without charge, at the SEC’s website ( http://www.sec.gov ). Copies of the proxy statement and the filings with the SEC that will be incorporated by reference therein can also be obtained, without charge, by directing a request to Abaxis, Inc., 3240 Whipple Road, Union City, CA 94587, Attention: Corporate Secretary; telephone (510) 675-6500, or from Abaxis’ website www.abaxis.com .
Participants in the Solicitation
Abaxis, Zoetis and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Abaxis’ directors and executive officers is available in Abaxis’ definitive proxy statement, which was filed with the SEC on September 19, 2017, and certain of its Current Reports on Form 8-K. Information regarding Zoetis’ directors is available in Zoetis’ definitive proxy statement, which was filed with the SEC on April 2, 2018, and information regarding Zoetis’ executive officers is available in Zoetis’ Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 15, 2018. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement to be filed with the SEC in connection with the proposed transaction. Free copies of this document may be obtained as described in the preceding paragraph.
1 Based on internal estimates and publicly available information
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005611/en/
Zoetis Media:
Elinore White, 1-973-443-2835 (o)
[email protected]
or
Bill Price, 1-973-443-2742 (o)
[email protected]
or
Zoetis Investors:
Steve Frank, 1-973-822-7141 (o)
[email protected]
or
Abaxis Media & Investors:
Clint Severson, 510-675-6500 (o)
Source: Zoetis Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-zoetis-to-acquire-abaxis-a-leading-global-provider-of-veterinary-point-of-care-diagnostic-instruments.html |
By David Meyer 4:49 AM EDT
Throughout the many arguments over encrypted communications , there has been at least one constant: the venerable tools for strong email encryption are trustworthy. That may no longer be true.
On Tuesday, well-credentialed cybersecurity researchers will detail what they call critical vulnerabilities in widely-used tools for applying PGP/GPG and S/MIME encryption. According to Sebastian Schinzel, a professor at the Münster University of Applied Sciences in Germany, the flaws could reveal the “plaintext” that email encryption is supposed to cover up—in both current and old emails.
The researchers are advising everyone to temporarily stop using plugins for mail clients like Microsoft Outlook and Apple Mail that automatically encrypt and decrypt emails—at least until someone figures out how to remedy the situation. Instead, experts say, people should switch to tools like Signal, the encrypted messaging app that’s bankrolled by WhatsApp co-founder Brian Acton .
“There are currently no reliable fixes for the vulnerability,” Schinzel tweeted Monday morning. “If you use PGP/GPG or S/MIME for very sensitive communication, you should disable it in your email client for now.” We'll publish critical vulnerabilities in PGP/GPG and S/MIME email encryption on 2018-05-15 07:00 UTC. They might reveal the plaintext of encrypted emails, including encrypted emails sent in the past. #efail 1/4
— Sebastian Schinzel (@seecurity) May 14, 2018
When contacted by Fortune , Schinzel declined to divulge further details ahead of Tuesday’s announcement, but he pointed to a blog post from the world’s biggest digital rights group, the Electronic Frontier Foundation (EFF,) for further advice.
The EFF’s post is also light on detail, but the organization has seen what the researchers are preparing to announce and said it “can confirm that these vulnerabilities pose an immediate risk to those using these tools for email communication, including the potential exposure of the contents of past messages.”
“Our advice, which mirrors that of the researchers, is to immediately disable and/or uninstall tools that automatically decrypt PGP-encrypted email. Until the flaws described in the paper are more widely understood and fixed, users should arrange for the use of alternative end-to-end secure channels, such as Signal, and temporarily stop sending and especially reading PGP-encrypted email,” the EFF wrote.
Specifically, the group urged everyone to temporarily disable these mail client encryption add-ons: Enigmail for Thunderbird, GPGTools for Apple Mail, and Gpg4win for Outlook.
GPGTools and Gpg4win are Mac- and Windows-friendly versions of GnuPG—an open-source version of the 27-year-old PGP encryption toolkit. In a tweet on Monday morning, the GnuPG project said the security researchers had found vulnerabilities in the mail clients, not in the underlying protocols. They figured out mail clients which don't properly check for decryption errors and also follow links in HTML mails. So the vulnerability is in the mail clients and not in the protocols. In fact OpenPGP is immune if used correctly while S/MIME has no deployed mitigation.
— GNU Privacy Guard (@gnupg) May 14, 2018
Werner Koch, the German free software developer who started GnuPG in 1997, wrote that he found the EFF’s warnings “pretty overblown.” He said the researchers had not contacted the GnuPG team, but he had accessed their paper anyway.
Despite what the EFF said, Werner insisted, the encrypted email plugin for Outlook was not vulnerable. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/14/email-encryption-tool-vulnerability-cybersecurity-warning/ |
May 7(Reuters) - Hubei Century Network Technology Co Ltd
* Says its wholly owned unit plans to acquire 13 percent stake in a Wuhan-based microfinance company for 65 million yuan
Source text in Chinese: goo.gl/i791kY
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hubei-century-network-technology-u/brief-hubei-century-network-technology-unit-to-acquire-13-pct-stake-in-microfinance-firm-for-65-mln-yuan-idUSL3N1SE1CV |
May 31, 2018 / 12:14 PM / Updated an hour ago European shares fall on trade tensions, Deutsche troubles Danilo Masoni , Julien Ponthus 3 Min Read
LONDON (Reuters) - European shares fell on Thursday as trade war concerns weighed and Deutsche Bank tumbled to a record low after a report the U.S. Fed last year deemed its U.S. operations as troubled.
Germany's DAX .DAX was the worst performer among the main country indexes, down 1.4 percent, while efforts in Italy to avert a new snap election helped Italy's FTSE MIB .FTMIB limit losses to 0.1 percent after a volatile session.
The pan-European STOXX 600 index fell 0.6 percent, weighed down later in the session after the U.S. said it will impose tariffs on aluminum and steel imports including from the European Union, ending months of uncertainty about potential exemptions and reigniting fears of a global trade war..
Shares in steel pipe maker Tenaris ( TENR.MI ) fell 3.2 percent, while steelmakers Thyssenkrupp ( TKAG.DE ) and Salzgitter ( SZGG.DE ) fell more than 1 percent.
Deutsche Bank ( DBKGn.DE ) however was the biggest STOXX loser, down 7.1 percent at 9.157 euros, its lowest closing level on record.
The Wall Street Journal reported that the Fed last year designated its U.S. operations to be in “troubled condition”, one of the lowest designations employed by the central bank.
“The news clearly indicates the pressure Deutsche bank is under from US regulators and the need to quickly restructure operations,” Thomas Hallett, banking analyst at KBW said. FILE PHOTO: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 20, 2018. REUTERS/Staff/Remote
“The bank has failed to sufficiently restructure the business to operate in a low interest rate and regulatory constrained environment,” he added.
Deutsche declined to comment but said it was working to remedy weaknesses in its U.S. business identified by regulators.
Earlier on Thursday, German magazine Wirtschaftswoche reported that U.S. President Donald Trump wanted to block German luxury cars from the U.S. market.
Shares of BMW ( BMWG.DE ), Daimler ( DAIGn.DE ) and Volkswagen ( VOWG_p.DE ) fell between 0.9 and 2 percent.
Elsewhere, CRH ( CRH.I ) rose 3.7 percent after the Irish building materials group announced it would streamline some European and American businesses by combining them, in a move to improve profit margins.
News that Italy’s Enel ( ENEI.MI ) outbid Spain’s Iberdrola ( IBE.MC ) with a 2 billion dollar bid for Brazilian grid operator Eletropaulo ( ELPL3.SA ) did not support the utilities’share price. Enel fell 1 percent and Iberdrola was down 1.6 percent. Reporting by Julien Ponthus; Editing by Kit Rees and John Stonestreet | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/european-shares-edge-up-italys-political-crisis-in-focus-idUSKCN1IW1M3 |
May 2, 2018 / 6:15 AM / Updated 17 minutes ago RPT-Rushed testing, poor communication played role in British TSB outage - contractors Reuters Staff
(Repeats Tuesday’s story with no changes to text)
* Customers still complaining as IT outage enters second week
* Testing that might have prevented problems was skipped -insiders
* Lawmakers to grill bank executives on Wednesday
By Lawrence White
LONDON, May 1 (Reuters) - A computer systems migration at Britain’s TSB bank that left up to 1.9 million customers unable to access their accounts was hindered by rushed and inadequate testing and poor internal communication, two contractors who worked on the project said.
TSB, bought in 2015 by Spain’s Sabadell Bank from Lloyds Banking Group, was migrating to Sabadell’s in-house developed system, Proteo, from legacy systems for which it had been paying Lloyds around a hundred million pounds a year.
TSB customers started reporting problems making bill and mortgage payments within hours of the migration over the weekend of April 21-22. On Tuesday, clients were still complaining on social media.
Two IT contractors who managed employees involved in the migration up until late last year told Reuters that testing of the different systems was not as thorough as it could have been at that time because TSB rushed as it neared a self-imposed deadline of November 2017, later extended to April 2018. TSB rejected that view, telling Reuters testing was “extensive”.
“There wasn’t time to test everything, digital and mobile payment testing weren’t properly scoped, so it wasn’t a surprise to me when it went live last week and those parts didn’t work,” said one source, a project manager who oversaw people working on the upgrade, referring to the testing up to the first deadline.
A second source, a software tester, said tests were in some cases poorly designed or rushed in order to meet the initial project launch date. He also cited a lack of communication between IT and the business about who was managing the testing.
“There were multiple daily failures in Proteo that would go on sometimes for five days and a lack of adequate training on Proteo, meaning testing was conducted based on knowledge of the legacy systems,” the tester said.
The project manager stopped working for the company when his contract ended in December. The tester left around the same time. Both said they have kept in touch with colleagues still working at the bank and were told the situation had not changed.
Reuters contacted several contractors and TSB staff currently working on the project but none were willing to talk.
TSB, which has apologised to customers and pledged an investigation, declined to comment on the specific allegations but disputed any shortcomings in its testing.
“We are working round the clock to put things right and to keep our customers informed about the latest position. This is our priority at the moment,” it said in a statement to Reuters.
“There was extensive testing that was completed before migration. There will of course be an investigation into why the migration did not go as expected.”
TSB chief executive Paul Pester and chairman Richard Meddings are due to appear at a parliamentary hearing on Wednesday to explain how the problems occurred and what they are doing to fix them. SOFTWARE UPGRADES
Banks around the world face the potential for similar crises as they upgrade aging computer systems after decades of under-investment and stitch together different platforms from a wave of mergers.
The sources described the Lloyds system as complicated because it was created by amalgamating many systems as Lloyds acquired rivals leading up to the 2008 financial crisis.
Banks have been fined in the past for technical problems. The Royal Bank of Scotland was fined 56 million pounds by regulators in 2014 over a botched software upgrade in June 2012 that left millions of customers unable to access accounts.
TSB said it will cancel overdraft fees for the month of April and increase interest payments to savers as it tries to prevent a customer exodus in the wake of the outage. Sabadell said it is too early to estimate the costs of the incident.
It has had to bring in remedial teams from IBM to help try and stem the crisis, while Britain’s Financial Conduct Authority has sent in its own team to investigate.
An FCA spokeswoman said: “We are working with the firm to ensure customers are properly communicated with and are not left out of pocket. We’ll be talking to the firm to understand exactly what went wrong.”
On a call to discuss the bank’s annual results on Thursday, Pester told Reuters he did not know whether the problem was in infrastructure, servers or the software communications layer.
Asked whether the issue could be poor testing and communications, he said he was not aware of problems in those areas.
“If he (your source) is so knowledgeable, he can come and help IBM fix it,” he said. (Additional reporting by Eric Auchard, Emma Rumney and Huw Jones Editing by Sonya Hepinstall) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-tsb/rpt-rushed-testing-poor-communication-played-role-in-british-tsb-outage-contractors-idUSL8N1S912D |
Phase 1 Dose Escalation Trials Progressing for Lead Programs XMT-1522 and XMT-1536
Presented Data of Dolaflexin ® Platform Unique DolaLock Technology and XMT-1522 Synergy with a Checkpoint Inhibitor at AACR 2018
CAMBRIDGE, Mass., May 14, 2018 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody drug conjugates (ADCs) based on its Dolaflexin ® and other proprietary platforms, today reported financial results and a business update for the first quarter
“During the quarter, we continued to execute our clinical development plans for our innovative ADC therapeutics,” said Anna Protopapas, President and CEO of Mersana Therapeutics. “Both of our lead product candidates are currently progressing through dose escalation, and we are excited to be presenting our first interim data for XMT-1522 at the upcoming ASCO 2018 medical meeting.”
Recent Highlights and Updates
Clinical Programs
Continuing dose escalation in the ongoing Phase 1 study of XMT-1522. XMT-1522 is a Dolaflexin ADC targeting all types of HER2-expressing breast cancer, non-small cell lung cancer (NSCLC) and gastric cancer. Once MTD is established, enrollment will begin in the next portion of the trial, which will establish efficacy in distinct expansion cohorts. Mersana will present XMT-1522 early dose escalation data in June at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting.
Continuing dose escalation in the ongoing Phase 1 study of XMT-1536. XMT-1536 is a first-in-class Dolaflexin ADC targeting NaPi2b, which is broadly expressed in epithelial ovarian cancer and non-squamous NSCLC, as well as several other rare tumor types. XMT-1536 is progressing quickly through the dose escalation phase of the trial, and Mersana intends to present an update at a future medical meeting.
Presented data on XMT-1522 synergy with a checkpoint inhibitor at the American Association for Cancer Research (AACR) Annual Meeting 2018. Mersana co-authored a study with its partner Takeda characterizing the ability of both XMT-1522 and the free AF-HPA payload to induce immunogenic cell death. In a novel syngeneic mouse model expressing HER2, XMT-1522 and Kadcyla were compared in combination with a checkpoint inhibitor. The XMT-1522 combination showed significantly better anti-tumor efficacy than the Kadcyla combination, resulting in multiple complete responses.
Discovery & Platform Progress
Presented a more in-depth characterization of the Dolaflexin platform DolaLock technology at the AACR Annual Meeting 2018. Mersana scientists demonstrated the intra-tumor cell conversion of the initial drug release product, AF-HPA, to AF. AF-HPA is a cell-permeable auristatin drug payload and has bystander-killing capabilities. This allows for the diffusion of the payload to adjacent tumor cells and enhances efficacy. AF-HPA converts to AF, which is non-cell permeable, highly potent and is not a substrate for drug efflux pumps. This unique design of the payload can result in improved efficacy and tolerability of Mersana’s ADC candidates by “locking” the payload into the tumor.
Mersana continues to expand its patent portfolio. U.S. Patent No. 9849191, entitled “Protein-Polymer-Drug Conjugates” was recently awarded. This patent provides Mersana broad coverage for its Fleximer polymer-based Dolaflexin platform comprising its proprietary auristatin payload. Mersana currently has 14 issued US patents and 27 issued foreign patents across its platforms and programs.
Upcoming Events
The Company will present its first interim clinical data for XMT-1522 at the upcoming American Society of Clinical Oncology (ASCO) 2018 medical meeting on June 4 in Chicago. The Company will give a corporate presentation at The Jefferies 2018 Global Healthcare Conference, which will take place from June 5-8 in New York City.
Financial Results
Cash, cash equivalents and marketable securities as of March 31, 2018 were $108.0 million, compared to $88.5 million as of March 31, 2017. The Company expects that its cash, cash equivalents and marketable securities will enable it to fund its operating plan into the second half of 2019. Collaboration revenue for the first quarter 2018 was approximately $3.1 million, compared to $4.3 million for the same period in 2017, primarily due to reduction in efforts required to support collaboration activities. Research and development expenses for the first quarter 2018 were approximately $12.3 million, compared to $10.1 million for the same period in 2017, driven by increases in expenses supporting the Company's two lead programs, including headcount, research expenses related to platform expansion, offset by a $1.5m milestone payment in 2017. General and administrative expenses for the first quarter 2018 were approximately $3.6 million, compared to $2.3 million for the same period in 2017, driven by headcount, and external costs incurred as Mersana scales as a public development stage company. Net loss for the first quarter 2018 was $12.4 million, or $0.54 per share, compared to a net loss of $8.1 million, or $6.02 per share, for the same period in 2017. Weighted average common shares outstanding for the quarter ended March 31, 2018 were 22,816,521 and 1,388,475 for the quarter ended March 31, 2017. Additionally, resulting as part the adoption of the new revenue recognition guidance, an increase of $2.0 million in deferred revenue and accumulated deficit was recorded as of January 1, 2018.
Conference Call
Mersana Therapeutics will host a conference call and webcast today at 5:00 p.m. ET to report financial results for the first quarter 2018 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 7589367. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com .
About Dolaflexin
The Dolaflexin platform is designed to increase the efficacy, safety, and tolerability of ADCs by overcoming key limitations of existing technologies based on direct conjugation of a payload molecule to an antibody. Dolaflexin consists of Fleximer, a biodegradable, highly biocompatible, water soluble polymer, to which are attached multiple molecules of Mersana's proprietary auristatin drug payload using a linker specifically optimized for use with Mersana's polymer. The high water-solubility of the Fleximer polymer compensates for the low solubility of the payload, surrounding the payload and protecting it from aggregation and maintaining stability in circulation. Multiple molecules of this Dolaflexin polymer-drug conjugate can then be attached to an antibody of choice, which significantly increases the payload capacity of the resulting ADC. This approach differs from most other ADC technologies that conjugate the payload directly to the antibody. Using its Dolaflexin platform, Mersana has been able to generate ADCs with a very high Drug-to-Antibody Ratio (DAR), between 12 to 15, while maintaining desirable pharmacokinetics and drug-like properties in animal models. This represents a three to four-fold increase in DAR relative to traditional ADC approaches. The Dolaflexin platform also incorporates DolaLock technology, an engineered controlled bystander effect. AF-HPA, the initial auristatin drug release product, is freely cell permeable and has bystander-killing capabilities. Intra-tumor metabolism then facilitates the conversion of AF-HPA to AF, which is non-cell permeable, highly potent, and “locked” into the tumor. This enhancement improves both the efficacy and tolerability of Mersana’s ADC candidates.
About Mersana Therapeutics
Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to develop highly targeted drugs with increased tolerability and expanded opportunities to deliver meaningful clinical benefit to patients. Mersana’s first product candidate XMT-1522 is in Phase 1 clinical trials in patients with advanced tumors expressing HER2, including breast cancer, non-small-cell-lung-cancer (NSCLC) and gastric cancer. Mersana’s second product candidate, XMT-1536, is in Phase 1 clinical trials in patients with tumors expressing NaPi2b, including ovarian cancer, NSCLC and other rare cancers. In addition, multiple partners are using Mersana’s platform to advance their ADC pipelines.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of federal securities laws. These are not statements of historical facts and are based on management’s beliefs and assumptions and on information currently available. They are subject to risks and uncertainties that could cause the actual results and the implementation of the Company’s plans to vary materially. These risks are discussed in the Company’s SEC filings including, without limitation, the Company’s Annual Report on Form 10-K filed on March 28, 2018. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, even if new information becomes available in the future.
Mersana Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
March 31, 2018 December 31, 2017 Cash, cash equivalents and marketable securities $ 107,959 $ 125,216 Working capital (1) 82,021 85,662 Total Assets 115,755 130,715 Total stockholders' equity 56,547 69,994 (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.
Mersana Therapeutics, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
(unaudited)
Three months ended March 31, March 31, 2018 2017 Collaboration revenue $ 3,064 $ 4,290 Operating expenses: Research and development 12,256 10,106 General and administrative 3,571 2,296 Total operating expenses 15,827 12,402 Other income 360 51 Net income (loss) $ (12,403 ) $ (8,061 ) Net income (loss) per share attributable to
common stockholders — basic and diluted $ (0.54 ) $ (6.02 ) Weighted-average number of common shares
used in net loss per share attributable to common
stockholders — basic and diluted 22,816,521 1,338,475 Media Contact
Paul Kidwell
[email protected]
617-680-1088
Investor Contact
Stern Investor Relations, Inc.
Christina Tartaglia
[email protected]
212-362-1200
Source:Mersana Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-mersana-therapeutics-announces-first-quarter-2018-financial-results-and-provides-business-updates.html |
May 8 (Reuters) - Jazz Pharmaceuticals PLC:
* JAZZ PHARMACEUTICALS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 GAAP EARNINGS PER SHARE $0.75 * Q1 REVENUE $445 MILLION VERSUS I/B/E/S VIEW $434.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $2.78 — THOMSON REUTERS I/B/E/S
* UPDATED FINANCIAL GUIDANCE FOR 2018. * SEES FULL YEAR 2018 GAAP NET INCOME PER DILUTED SHARE $6.60-$7.70
* SEES FULL YEAR 2018 NON-GAAP ADJUSTED NET INCOME PER DILUTED SHARE $12.75-$13.25
* SEES FULL YEAR 2018 TOTAL NET PRODUCT SALES $1,865 MILLION -$1,910 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jazz-pharmaceuticals-reports-q1-ad/brief-jazz-pharmaceuticals-reports-q1-adjusted-earnings-per-share-2-98-idUSASC0A0NI |
KRUPANJ, Serbia (Reuters) - Ivan Isailovic, mayor of the small Serbian town of Krupanj, is off next week to seek investors not in Munich or Paris, but in Istanbul - a sign of Turkey’s growing influence across the western Balkans that worries some EU states.
A genera view of the Cevahir Sky City towers the highest buildings in Skopje, Macedonia May 16, 2018. REUTERS/Ognen Teofilovski With European Union enlargement sidelined by Brexit plus the consequences of the debt and migration crises, the region is becoming a playing field of power between the EU and Turkey, with Russia and China also vying for influence.
Isailovic wants jobs for his poor, isolated community that nestles in wooded hills near Serbia’s western border with Bosnia. And his choice of where to court companies reflects Turkey’s willingness to invest money and project “soft” power in Balkan countries which were once ruled by the Ottoman empire.
A Turkish company has already created 300 jobs at a textile plant in Krupanj, with political ties between Belgrade and Ankara helping to secure the biggest investment in 30 years for a town that was badly hit by floods in 2014.
“They are good investors ... and they have not asked for subsidies,” Isailovic told Reuters, saying this was why he was going to Turkey in the hope of attracting more money, this time into the local wood industry.
A perception is growing that western European governments and investors alike are neglecting the small and divided markets of a region in their own backyard. “Turkish investors go to underdeveloped areas unlike investors from Western countries,” Marko Cadez, head of Serbia’s Chamber of Commerce said.
EU leaders met their counterparts from Serbia, Albania, Bosnia, Montenegro, Macedonia and Kosovo on Thursday, agreeing to build more energy links and work more closely on issues from countering radicalism to controlling migration.
But this was the first such meeting for 15 years and the EU made clear they could not expect a fast-track to membership of the bloc. “We didn’t pretend today that everything is clear and simple,” EU chairman Donald Tusk said at the Sofia summit.
According to the Serbian Chamber of Commerce, 20 Turkish plants either opened in the past year or are under construction in the country, which also has historic ties with Russia.
A general view of the new highways worth around $2 billion in Kacanik, Kosovo May 16, 2018. REUTERS/Hazir Reka Trade volumes between Turkey and the six aspiring EU states in the western Balkans have climbed steadily for years, rising from $435 million in 2002 to $3 billion in 2016, with Serbia accounting nor nearly one third of the total.
With 340 million euros ($400 million) invested in Kosovo, most of it to buy an airport and power transmission company, Turkey is the third largest investor in that country.
SOFT POWER Some Europeans are frustrated that the region may drift into Turkey’s sphere of influence as it projects power culturally as well through business deals.
“Figures show that the European Union is the number one trading partner in the region, but some member states are worried about soft power Turkey has in the region,” a Western diplomat who declined to be named told Reuters.
In Bosnia, an ethnically divided country in which Muslims make up majority, Turkey has spent 300 million euros in projects including reconstruction of mosques and Ottoman-era monuments.
Turkish President Tayyip Erdogan, who has frosty relations with a number of EU leaders, will even hold an election rally in the Bosnian capital of Sarajevo on Sunday. Erdogan has been looking to hold a rally for expatriate Turks in Europe, and chose Bosnia after Germany and Austria turned him down.
Slideshow (10 Images) “Some are disturbed by our activities in the Balkans and by our strong cooperation that we have established with Serbia and Bosnia-Herzegovina,” Erdogan said earlier this month after meeting Serbian President Aleksandar Vucic this month.
Erdogan spoke after French President Emmanuel Macron played down the likelihood of the EU, whose member states are due to fall to 27 when Britain leaves next year, expanding rapidly.
“I don’t want a Balkans that turns toward Turkey or Russia, but I don’t want a Europe that, functioning with difficulty at 28 and tomorrow as 27, would decide that we can continue to gallop off, to be tomorrow 30 or 32, with the same rules,” he told the European Parliament in April.
FILMS, SOAPS AND SCHOOLS EU voters are wary of expanding into a region with a series of problems including organized crime and border disputes. But Turkey has different attitudes, expressed through everything from religion - Erdogan founded the ruling AK Party which is rooted in Islam - to education and popular culture.
“Turkish influence I think will continue through religion and religious investment. The cultural impact is expected to grow through Turkish film, soap operas and schools,” said Vehbi Kajtazi, the editor-in-chief of Insajderi.com, an investigative news portal in Kosovo.
Kajtazi said countries like Kosovo are too weak and small to resist potential political pressure that comes from Turkey.
Last month Kosovo arrested and deported six Turkish nationals wanted by Ankara over alleged links to schools financed by the Gulen movement, which Erdogan blames for a failed 2016 coup. Activists said the arrest violated human rights and the interior minister was dismissed.
Since 2000 Turkey has been involved in a number of regional initiatives, promoting closer cooperation between Bosnia and Serbia, and Bosnia and Croatia - all of which fought wars in the 1990s as Yugoslavia broke up. Earlier this year it pledged to finance construction of a highway from Belgrade to Sarajevo.
“Turkey has managed to exploit all its historical, cultural and personal ties with the region to build stronger bonds,” Alida Vracic, an author of German Institute for International and Security Affairs paper on Turkish influence in the region told Reuters.
“I think European Union officials could learn from Turkey and use the same model to bond stronger with the region and build up influence.”
Additional reporting by Tulay Karadeniz in Ankara, Fatos Bytyci in Pristina and Maja Zuvela in Sarajevo; editing by David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-balkans-turkey/spurned-by-eu-investors-balkans-looks-to-eager-turkey-idUSKCN1IJ20Y |
A blast that killed one woman at a day spa in Southern California was caused by a explosive device and wasn’t an accident, authorities said on Wednesday.
Investigators don’t know who set off the explosion or why, but it is being investigated as a criminal act, said Don Barnes, Orange County Undersheriff.
Bomb technicians have been sorting... | ashraq/financial-news-articles | https://www.wsj.com/articles/deadly-california-blast-caused-by-explosive-device-1526502453 |
BOSTON, May 16, 2018 /PRNewswire/ -- LevelUp , the growth engine for restaurants, announced today the appointment of industry veteran, Mike Mirkil, to the newly created role of Vice President of Restaurant Insights and Analytics. Mr. Mirkil brings over 20 years of restaurant experience working with brands such as Taco Bell and The Habit Burger Grill to support branding, marketing and business development efforts. In this role, he will be responsible for helping LevelUp's restaurant partners— some of the nation's largest and fastest-growing restaurant chains—develop highly personalized digital experiences to connect with their guests through industry-leading ordering, payment and loyalty technology.
"I was immediately impressed with LevelUp; their people, culture and breakthrough approach to restaurant technology is disrupting how restaurants connect and interact with today's on-demand consumer," said Mr. Mirkil. "This is a company focused on providing premium offerings for restaurants, and they are continually evaluating and improving these offerings to maintain a leadership position for restaurants eager to embrace digital. I feel fortunate to now be a part of this great team."
As LevelUp continues to grow and work with some of the best names in the restaurant business, the Company is bolstering its team to provide expert guidance from professionals who have worked in the space. Mr. Mirkil, for example, has led multiple successful strategies to drive restaurant sales and increase check sizes at multi-unit brands, and during his time at Taco Bell and The Habit Burger Grill he championed successful efforts that drove awareness, new customer trial and led to continued growth.
"We are very excited to welcome Mike to the LevelUp team," said Christina Dorobek, Chief Sales Officer of LevelUp. "We created this role to ensure that our restaurant customers are able to provide a seamless, efficient and personalized digital experience to consumers. With Mike's extensive background and knowledge of the restaurant space, we are confident that he is the right choice to propel LevelUp and its clients to further growth and success."
About LevelUp
LevelUp connects restaurants and guests with a seamless customer experience that blends analytics, loyalty, and rewards. LevelUp brings its technology to market in multiple ways: embedded into partner restaurant apps to provide a full-stack customer engagement solution; via an open developer platform that powers over 200 mobile apps; and through the LevelUp's partner distribution channels, which lets consumers order ahead and avoid the line at their favorite lunch spots using the apps already on their phone. Based in Boston, MA, LevelUp is backed by leading investors such as Google Ventures, Highland Capital and JPMorgan Chase.
View original content with multimedia: http://www.prnewswire.com/news-releases/levelup-appoints-mike-mirkil-vice-president-of-restaurant-insights-and-analytics-300649345.html
SOURCE LevelUp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-levelup-appoints-mike-mirkil-vice-president-of-restaurant-insights-and-analytics.html |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Namaste Technologies Inc. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : N Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 8 :25 am IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--n.html |
CHICAGO, May 31, 2018 /PRNewswire/ -- ParkWhiz announced today that it has acquired CodiPark, a Tel Aviv-based company known for industry-leading solutions that deliver a friction-free parking experience. With the acquisition, ParkWhiz will add drive-up mobile payments to its Parking Platform, which powers numerous third party mobile apps, as well as its own ParkWhiz and BestParking brands. In addition to having the option of pre-booking parking, consumers will now also be able to simply drive up to a lot or garage, pull a ticket and pay by scanning it in whichever ParkWhiz-powered app they are using. Payment and validation are managed without ever visiting a kiosk, or blocking traffic at a gate while fumbling for a credit card or cash.
The company is working collaboratively with parking access control systems and parking operators to offer drivers more seamless ingress and egress options via mobile devices and connected vehicles. The acquisition is part of a broader strategy by ParkWhiz aimed at solving the last mile of connected and autonomous mobility.
"CodiPark's world-class technology and inspired engineering talent further enhances the ParkWhiz Platform by delivering more friction-free parking options to drivers and their vehicles," said Yona Shtern, CEO of ParkWhiz. "It will also reduce the burden on operators of handling cash and improve the flow in and out of their facilities. This is another strategic step ParkWhiz is taking to advance connected mobility and to enable consumers in their platform of choice, whether it be through app, voice or in-dash."
With the acquisition, ParkWhiz will maintain an office in Tel Aviv--a city known as a global connected mobility hub with specific heritage in wireless communications and navigation--to continue to develop new mobility solutions for its partners.
"ParkWhiz is a highly innovative company that is consistently one step ahead. We are excited to integrate our technology into their Platform, and to work with our industry partners to make parking a more connected and efficient experience for everyone," said Tavor Ilan, co-founder and CEO of CodiPark.
About ParkWhiz
ParkWhiz is the leading transactional platform that enables drivers, fleets and connected vehicles to find and book parking. The company offers the largest inventory of parking spaces for drivers to reserve before reaching their destinations, saving both time and money. Working with all major parking operators, it delivers transactional parking as a value-added service to major brands in sports and entertainment, travel, automotive and navigation. ParkWhiz has built partnerships with brands including Ford, Ticketmaster, Groupon, Madison Square Garden and others. The company operates two consumer-facing brands of its own—ParkWhiz and BestParking—available for Apple, Android and Amazon Alexa. ParkWhiz has parked over seven million vehicles and is operational in over 190 cities in North America and expanding rapidly. For more information, visit ParkWhiz.com .
ParkWhiz Contact:
Christie Dooley
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/parkwhiz-acquires-tel-aviv-based-codipark-300657357.html
SOURCE ParkWhiz | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-parkwhiz-acquires-tel-aviv-based-codipark.html |
April 30 (Reuters) - Reitmans Canada Ltd:
* REITMANS (CANADA) LIMITED ANNOUNCES THE APPOINTMENT OF RICHARD WAIT AS VICE-PRESIDENT, FINANCE AND CHIEF FINANCIAL OFFICER AND THE RETIREMENT OF ERIC WILLIAMS
* REITMANS CANADA LTD - RETIREMENT OF ERIC WILLIAMS EFFECTIVE ON AUGUST 17, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-reitmans-canada-appoints-richard-w/brief-reitmans-canada-appoints-richard-wait-cfo-idUSASC09YDM |
DUBLIN (Reuters) - It was hardly surprising to hear the words “rain stopped play” echo around Malahide Cricket Club when test cricket came to Ireland for the first time on Friday.
Cricket - Test Match - Ireland vs Pakistan - The Village, Malahide, Ireland - May 11, 2018. Umpires inspect the pitch as play is suspended for the day. REUTERS/Clodagh Kilcoyne Yet the grey skies around Dublin did not dampen the enthusiasm of the fans in green, many of whom had waited decades for the day Ireland might at last be granted the opportunity to play in the five-day format so steeped in tradition.
“I played cricket way back in the ‘50s and as a child, of course, you dreamed of playing the international stuff,” said Barry Ramsey, 76, who travelled from the north-west county of Donegal with his son, Barclay, to see the landmark match against Pakistan.
“Now to be at this stage, even though it’s a long time since I played, is absolutely phenomenal.”
Despite a World Cup win against Pakistan in 2007, an even more celebrated one over England in 2011 and their elevation to full test match status last year, Ireland has always seen cricket very much as a minority game, way behind soccer, rugby and the traditional sports of Gaelic football and hurling.
Ramsey recalled playing in the cricket street leagues in Donegal, a Gaelic football stronghold, and having to bow his head in team photos for fear the Gaelic Athletic Association, which until 1971 banned members from playing or attending so-called “foreign games”, would forbid him from playing football.
Others were attending their first cricket game, keen to savour the occasion, while teachers brought lines of school children into the temporary stands, which were close to a 6,300 sell-out on the opening day.
Australians John Stewart and Jeremy Jastrzav had flown from Sydney just for the test before returning home next Tuesday.
The pair are members of the Randwick Petersham Cricket Club, an amateur team Ireland played against in a World Cup warm-up three years ago.
“Coming here and watching a test in Ireland is a bit of a unique experience, this is a bit different to the SCG (the world-famous Sydney Cricket Ground) for us. It’s an historic game,” Stewart said.
As the rain fell, those that stuck around sank some late morning pints while others decamped to the local pubs and coffee shops of the coastal suburban town.
“I’m here with a friend who’s flown over from Manchester so we’ll have good company and a bit of craic (fun) anyway,” said Jen Delaney, 45, who left the south-western county of Wexford for London 25 years ago and flew in for the weekend.
“I got into cricket in England, the Ashes is a good gateway drug!” she said.
No longer just constrained to the one-day game however, Ireland’s enthusiastic fans will at least get four more shots at enjoying test cricket for the first time.
“Could I swing Monday or Tuesday? Maybe,” said Barclay Ramsey. “We’d be making nice phone calls into work!”
Cricket - Test Match - Ireland vs Pakistan - The Village, Malahide, Ireland - May 11, 2018 Umpires inspect the pitch REUTERS/Clodagh Kilcoyne Reporting by Padraic Halpin; Editing by Ian Chadband
| ashraq/financial-news-articles | https://in.reuters.com/article/cricket-test-irl-pak-fans/rain-fails-to-dampen-irish-enthusiasm-for-test-cricket-idINKBN1IC1RY |
OTTAWA, May 1 (Reuters) - Canada has repeated its position that imposing punitive measures would hurt jobs in both countries, in reaction to U.S. President Donald Trump’s decision to postpone the imposition of steel and aluminum tariffs.
The Trump administration said on Monday that tariffs on steel and aluminum from Canada and Mexico would be suspended until June 1.
Speaking a few hours before the announcement, Canadian Prime Minister Justin Trudeau said tariffs were a “very bad idea” guaranteed to disrupt trade between the two nations.
“As the Prime Minister said today, we remain confident that the U.S. administration understands that tariffs would hurt American jobs as much as they would Canadian jobs,” said Adam Austen, a spokesman for Foreign Minister Chrystia Freeland.
In a statement e-mailed late on Monday, Austen also said Canada would work to secure good jobs for steel and aluminum workers on both sides of the border.
Trudeau and Freeland have already made clear they expect Canada to be granted a permanent exemption from the tariffs. (Reporting by David Ljunggren Editing by Jeffrey Benkoe)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-metals-canada/canada-repeats-that-u-s-steel-tariffs-would-hurt-american-jobs-idUSL1N1S80BG |
May 2, 2018 / 2:13 PM / Updated 3 hours ago US STOCKS-Wall St edges lower on Fed nerves, Apple limits loss Reuters Staff
* U.S. private employers add 204,000 jobs in April vs est 200,000
* Apple jumps after results, buyback
* Snap slides as redesign weighs on results
* Indexes down: Dow 0.33 pct, S&P 0.34 pct, Nasdaq 0.02 pct (Updates to open)
By Sruthi Shankar
May 2 (Reuters) - U.S. stocks fell on Wednesday as caution set in ahead of the Federal Reserve’s regular policy statement, while strong results from Apple kept losses in check.
Expectations the U.S. central bank will sound more hawkish on policy tightening kept investors wary of big market moves, especially after currency markets were roiled this week by the dollar’s surge to 3-1/2-month highs against a basket of currencies.
The U.S. two-year Treasury yields, most sensitive to monetary policy, hit a 9-1/2-year high after data showed U.S. private-sector payrolls for April came roughly in line with market forecasts, cementing expectations for a rate increase in June.
Despite U.S. companies being on track to post their strongest quarterly profit growth in seven years, worries about inflation and rising raw material costs have weighed on investors’ minds.
Cleaning products maker Clorox was the latest firm to warn its gross margins were affected by higher commodity and logistics costs.
Apple was a bright spot, rising 4 percent after it posted resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks.
Its suppliers Cirrus Logic, Lumentum Holdings and Skyworks Solutions were all up between 2.5 percent and 10 percent.
Mastercard rose 2.8 percent after the company reported a better-than-expected quarterly profit, boosted by higher consumer spending on credit and debit cards.
The gains kept the S&P technology index in the positive territory, up 0.41 percent.
At 9:58 a.m. ET, the Dow Jones Industrial Average was down 78.36 points, or 0.33 percent, at 24,020.69, the S&P 500 was down 9.13 points, or 0.34 percent, at 2,645.67 and the Nasdaq Composite was down 1.38 points, or 0.02 percent, at 7,129.33.
Recent data showed inflation hit the Fed’s 2-percent target, while another set of data showed commodity prices have been rising in the wake of the Trump administration’s tariffs on steel and aluminum imports.
“Our colleagues expect the Committee to upgrade the inflation language to note that inflation has risen and is near their 2 percent objective,” Deutsche Bank strategist Jim Reid wrote in a note to clients.
“They could also note that market-based measures of inflation compensation have risen further in recent months.”
Traders have priced in a 94.3 percent chance that the Fed will raise rates a quarter percentage point in June, according to the CME Group’s Fedwatch tool.
Data showed U.S. private payrolls rose 204,000 in April, beating expectations by 4,000, but notched their smallest increase since November. The data comes ahead of the more comprehensive U.S. non-farm payrolls report on Friday.
Among decliners was Snap, whose shares plunged more than 21.4 percent after the Snapchat owner fell short of Wall Street forecasts for revenue and regular users.
Declining issues outnumbered advancers for a 1.24-to-1 ratio on the NYSE and for a 1.03-to-1 ratio on the Nasdaq.
The S&P index recorded five new 52-week highs and 13 new lows, while the Nasdaq recorded 34 new highs and 18 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-edges-lower-on-fed-nerves-apple-limits-loss-idUSL3N1S94DD |
(Reuters) - Venezuela holds a presidential election on Sunday with incumbent leftist leader Nicolas Maduro expected to win, given a boycott by the mainstream opposition, which says the vote is rigged to perpetuate a “dictatorship.”
Venezuela's President Nicolas Maduro great the International observers for the upcoming May 20 election at the presidential palace in Caracas, Venezuela May 18, 2018. REUTERS/Carlos Jasso The election comes amid a crippling economic and social crisis in the once-wealthy OPEC nation.
Following are some details about the main candidates:
NICOLAS MADURO The 55-year-old former union leader and bus driver does not have a university degree and proudly calls himself Venezuela’s first “worker president.”
Maduro has long promoted himself as the heir to “Chavismo,” the political movement begun by his late predecessor, Hugo Chavez. His policies have remained very much in line with the maverick former leader.
His friendship with Chavez began in 1993 when Chavez was in jail following a coup attempt. “I will follow that man wherever he goes, I told myself. And that’s the way it was,” Maduro has said.
Maduro first entered politics in 2000 as a National Assembly legislator. He rose to become the body’s president, a role his powerful wife, Cilia Flores, would eventually take over.
As foreign minister from 2006, Maduro was a faithful ambassador expounding Chavez’s views around the world. He won plaudits from diplomats for his affable style and cultivated important friendships in Russia and China.
FILE PHOTO: Venezuelan presidential candidate Henri Falcon of the Avanzada Progresista party, delivers a speech to supporters during a campaign rally in Caracas, Venezuela May 14, 2018. REUTERS/Carlos Garcia Rawlins/File Photo In late 2012, Chavez, suffering from cancer, named Maduro vice president before endorsing him as his heir. “He was a bus driver. How the bourgeoisie mock him!” Chavez laughed.
That vote of confidence helped Maduro narrowly win the presidency in an election in the April 2013, soon after Chavez’s death.
Maduro largely continued Chavez’s policies of nationalization, currency and price controls and social handouts. Critics saw this as further damaging Venezuela’s economy and say reforms then would have helped avoid today’s crisis.
During Maduro’s tenure, hyperinflation has set in and supermarket shelves have emptied. Looting and rioting are common across the country given shortages and power outages. Voter disaffection propelled the opposition to win the 2015 parliamentary election, its first major electoral victory in nearly a decade.
Maduro blames Venezuela’s crisis on an “economic war” waged by Washington and the opposition. He promises to win that war should he be re-elected, although critics point to his lack of reforms over the last five years.
HENRI FALCON Falcon is a 56-year-old former soldier and governor of Lara state. From humble roots, he studied law at a Caracas university.
FILE PHOTO: Venezuelan presidential candidate Javier Bertucci of the "Esperanza por el Cambio" party delivers a speech to supporters during his closing campaign rally in Valencia, Venezuela May 16, 2018. REUTERS/Carlos Jasso His candidacy has been criticized by much of the opposition, which decided to boycott the election. In the eyes of many, Falcon only serves to legitimize Maduro’s inevitable win.
On the pro-government side, Falcon is widely seen as a traitor, having initially backed Chavez and then broken with the Socialist Party in 2010.
His key policy is to dollarize Venezuela’s economy, replacing the bolivar, which has weakened well over 99 percent against the dollar since Maduro came to power. At rallies, he likes to give out mock $100 bills.
If elected, he says he will give a monthly welfare stipend of $25 to every adult and $10 to every child, and raise the minimum monthly wage to $75. He would also end strict currency controls.
Falcon and Wall Street heavyweight Francisco Rodriguez, his chief economic adviser, also plan to reform state oil company PDVSA, the government’s cash cow, by separating it from the Oil Ministry, asking the Organization of the Petroleum Exporting Countries to raise quotas and strengthening the role of foreign partners.
Falcon plans to free more than 200 jailed activists and politicians should he be elected, and allow foreign humanitarian aid into Venezuela.
Some see Falcon as a possible transitional figure, able to unite two heavily divided groups.
JAVIER BERTUCCI An evangelical pastor, Bertucci, 48, currently trails both Maduro and Falcon in the presidential polls. He is the founder of the Maranatha Church, which says it has fed millions across Venezuela.
Bertucci, like many evangelicals in Latin America, ardently opposes abortion and insists adoption should not be available for same-sex couples.
His candidacy has gained more traction than expected, not least thanks to popular soup handouts, but he is still seen as having little chance of success. He has no known political experience and had little name recognition in Venezuela prior to running.
Reporting by Leon Wietfeld; Writing by Girish Gupta; Editing by Alexandra Ulmer, Tom Brown and Steve Orlofsky
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election-factbox/factbox-venezuelas-presidential-election-candidates-idUSKCN1IL05S |
May 2 (Reuters) - Australian grocery giant Woolworths Group Ltd on Wednesday said its third-quarter sales rose 4.3 percent, helped by strong domestic demand.
Total sales from continuing operations were A$14.24 billion ($10.67 billion) for the 13 weeks to April 1, up from A$13.66 billion a year earlier.
Australian food sales rose 4.4 percent on a comparable store basis, Woolworths said in a statement. ($1 = 1.3348 Australian dollars) (Reporting by Chris Thomas in Bengaluru; editing by Byron Kaye and G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/woolworths-grp-results/australias-woolworths-3rd-qtr-sales-up-4-3-pct-idUSL3N1S41SS |
BUFFALO, N.Y., May 31, 2018 /PRNewswire/ -- ROAR Logistics ( www.roarlogistics.com ) announced today that it has acquired Integra Logistics Services, LLC. With this acquisition, ROAR further extends its reach across North America. The acquisition strategically positions ROAR with offices in eight major markets and over 120 Associates.
Founded in 2003, Integra has built an extensive offering of transportation services and logistics solutions for its clients throughout North America, transporting a wide range of packaged materials and finished goods via intermodal and highway transportation services. Integra will integrate its corporate headquarters and technology center in Houston, Texas, and full-service sales and support operations in Dallas, Texas, and Chicago, Illinois, into the ROAR network. Integra Chairman Fred Beasley has joined ROAR in an executive capacity as Chief Commerce Officer.
"Fred has earned tremendous respect in the industry throughout his career and we have always shared a mutual appreciation for each other's companies and business approaches," said Robert Rich III, President, ROAR Logistics. "Integra and ROAR share a similar culture and set of values. Fred and I both believe that our customers will benefit greatly from the combined experience of all our Associates. Our Associates are what truly set us apart from the competition. The coming together of our companies deepens our commitment to our customers, the industry, and to all of our Associates."
As a subsidiary of Rich Products Corporation ( www.rich.com ), ROAR entered the transportation industry in 2003 as an intermodal marketing company, approaching the transportation industry from the perspective of a shipper rather than that of a transportation service provider. ROAR rapidly expanded its service offering to include highway transportation, international freight forwarding, and U.S. customs brokerage services. ROAR was ranked No. 67 by Transport Topics on its 2018 "Top 100 Freight Brokerage Firms" list.
Integra's customer-centric model closely parallels ROAR's model, with an unwavering commitment to empowering an experienced team to act as an extension of its customers' transportation departments. With strong partnerships forged by a dedicated family of Associates, Integra quickly distinguished itself through cutting-edge technology and an unwavering commitment to its customers.
"It was clear from the beginning that our companies would be a great complement to one another, and our customers would be the beneficiaries," said Beasley. "From a customer perspective, there is very little overlap, which will make the integration of our operations and sales teams that much easier."
About ROAR Logistics
Based in Buffalo, ROAR Logistics ( www.roarlogistics.com ) is a domestic Intermodal Marketing Company (IMC), Transportation Brokerage, Non-Vessel Operating Common Carrier (NVOCC), and U.S. Licensed Customs Broker, with eight offices and more than 120 Associates in North America and agent offices in over 125 countries around the globe. Through its unwavering commitment to world-class customer service, ROAR has raised the bar for other transportation service providers.
For more information about ROAR Logistics, visit www.roarlogistics.com , Facebook or Twitter (@ROAR_Logistics).
View original content: http://www.prnewswire.com/news-releases/roar-logistics-acquires-integra-logistics-services-300657097.html
SOURCE ROAR Logistics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-roar-logistics-acquires-integra-logistics-services.html |
LONDON (Reuters) - Britain agreed on Tuesday to order its overseas territories such as the Cayman Islands and the British Virgin Islands to make secretive company ownership information public by the end of 2020 to try to tackle corruption and tax avoidance.
FILE PHOTO: Margaret Hodge, Labour Party Member of Parliament and chairwoman of the Public Accounts Committee (PAC), poses for a portrait after speaking to Reuters about corporate taxation, in Westminster, central London April 24, 2013. REUTERS/Andrew Winning The move was hailed as a major victory by campaigners in the fight against tax avoidance and money laundering.
“This is the news we have been waiting for,” said Simon Kirkland, a campaigner at Christian Aid. “This is a major step forward in the fight against the tax avoidance, evasion and corruption that costs developing countries so dearly.”
Overseas territories and crown dependencies have come under increasing pressure to reveal who is behind anonymously owned companies, with campaign groups saying such secrecy aids money laundering, tax evasion and corrupt diversion of public funds from developing economies.
Several politicians in the ruling Conservative party teamed up with opposition Labour lawmakers to back the changes, which were first pushed by former Prime Minister David Cameron, but resisted by the overseas territories.
Many of these territories have large financial services sectors because they levy low taxes and ownership of businesses lacks transparency.
Despite repeated calls for more openness, British crown dependencies and overseas territories are only required to reveal information on the true owners of offshore companies to law enforcement bodies, and then only if asked.
Alan Duncan, a junior foreign office minister, told parliament the government would support an amendment brought by two Members of Parliament calling for a central register of company ownership in these territories as lawmakers debated an amendment on an anti-money laundering law.
Britain has been trying to clamp down on tax evasion and corrupt flows of money through its large financial services sector, but has faced resistance from some of its overseas territories because the secrecy and low taxes are what makes their finance sectors attractive.
Margaret Hodge, the opposition Labour Member of Parliament who introduced the amendment, said it would help prevent tax evasion and disrupt the activities of criminals and militant groups.
“It will stop them exploiting our secret regime, hiding their toxic wealth and laundering money into the legitimate system, often for nefarious purposes,” she said.
“With open registers we will then know who owns what and where, and we will be able to see where the money flows, and then we will better equipped to root out dirty money and deal with the issues that arise from that.”
RUSSIAN MONEY? Naomi Hirst, a spokeswoman for the Global Witness anti-corruption Non-Governmental Organisation, said the move comes after four similar amendments submitted before parliament in the past have failed.
She added the poisoning of a former Russian double agent in England in March had probably pressured the government to tackle the web of offshore shell companies used to invest in Britain.
Seven times the amount of money from Russia has flowed to British overseas territories rather than directly into Britain over the last decade, she said.
“This has really fired up imaginations and pointed out to even the most squeamish of politicians concerned about Russian’s role in the world that they need to look at this,” she said.
The amendment does not apply to the Isle of Man and the Channel Islands, because parliament does not have the right to impose its will on them.
Editing by Stephen Addison and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-tax-territories/uk-territories-ordered-to-open-up-about-secretive-companies-idUSKBN1I23RR |
Soon it may be nearly as easy to trade in an old home for a new one as it is to dispense with a used car.
Open Door Labs Inc., a San Francisco startup that buys homes in cash and turns around and flips them, is getting into business with home builders. The partnerships will offer new-home buyers a “trade-in” feature that will allow them to... | ashraq/financial-news-articles | https://www.wsj.com/articles/who-needs-a-down-payment-trade-in-your-old-home-instead-1527023558 |
CHARLOTTE, N.C., May 30, 2018 (GLOBE NEWSWIRE) -- The German based SSI SCHAEFER Group, one of the world’s leading suppliers of intralogistics products and solutions acquired Incas S.p.A.—a leading Italian automation and warehouse management software solutions provider.
From left to right: Ermanno Rondi, CEO Incas and Benno Reichmuth, CEO South West Europe of SSI Schaefer
Established in northern Italy in 1981, Incas offers its customers industrial automation solutions for logistics and production monitoring—as well as integrated software solutions. The deal between the two automation companies fosters the creation of the leading automation provider in Italy. Incas management will continue to manage daily activities, but will benefit tremendously from the expertise and the rich technology portfolio of SSI SCHAEFER thanks to this acquisition.
Benno Reichmuth, CEO South West Europe of SSI SCHAEFER, commented, “The acquisition of Incas, with its strong competence in system integration and IT software, fits perfectly into the overall strategy of SSI SCHAEFER. Incas strengthens our local presence in southwestern Europe substantially. With Incas being a member of the SSI SCHAEFER Group, we now become the strongest player within the Italian intralogistics market. Our customers within the region will benefit from the global power of the SSI SCHAEFER Group, while we provide professional and local expertise for after-market sales and customer service.”
Incas’ CEO, Ermanno Rondi added, “Becoming part of SSI SCHAEFER, where we share the same values and strategies, allows us to continue our efforts in developing an innovative product and service portfolio. This is extremely important due to today’s need for digitalization and networking. This acquisition allows us to further our portfolio and guarantees stability and flexible operations as we fulfill these growing requirements from our local customers."
Both parties are on site this week during the international trade fair, Intralogistics, from May 29 to June 1. This venue provides a joint opportunity to meet customers and suppliers. During Aperitivo Tecnologico on May 31, Incas and SSI SCHAEFER will give an overview of cutting-edge logistics technology at 11 a.m. local time.
About SSI Schaefer Systems International:
Schaefer Systems International, Inc. is a leading supplier of innovative automation systems, integrated warehouse management technology, and storage solutions for various industries. Schaefer Systems International, Inc. provides end-to-end solutions for distribution and warehouse operation facilities including picking solutions, vertical lift storage, automated guided vehicles, and warehouse management software. Schaefer Systems International, Inc. is part of the SSI SCHAEFER Group, a global leader in intralogistics and material handling solutions. Founded in 1937, SSI SCHAEFER is a privately owned family company, with over 70 office locations, 10 manufacturing facilities, and over 10,000 associates worldwide. For more information, visit SSI SCHAEFER and WAMAS online.
About Incas :
Incase employs more than 200 people in the headquarter location of Vigiliano Biellese and northeast of Bologna. Incas specializes in design and development of turnkey solutions in intra- and factory-logistics. Experience gained through hundreds of systems completed since 1981 has allowed Incas to develop specific competences within the intralogistics and manufacturing flow processes. A software suite, that integrates the worlds of WMS, TMS, and a production flow monitoring system, answers specific needs for small- and medium-sized enterprises along with major corporations. A complete after-sales service—including predictive maintenance, coupled with carefully selected powerful machines and components—guarantee future-proof projects. For more information, visit Incas online .
Media Contact
Sharon Wahrmund
SSI Schaefer International
(704) 944-4500 ext. 5511
[email protected]
www.ssi-schaefer.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f26ed157-0e9e-455c-b0d0-1f993fc0d280
Source:Schaefer Systems International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-incas-becomes-part-of-the-ssi-schaefer-group.html |
Check out the companies making headlines after the bell :
Booking Holdings stock slumped 6 percent post-market. The travel and restaurant website company reported earnings and revenue that surpassed analyst estimates but those figures were overshadowed by weak guidance for the second quarter.
Roku shares gained nearly 5 percent after hours. The smart TV streaming product company reported revenues that beat estimates and a smaller-than-expected loss. Guidance for both the second quarter and full year was higher than expected.
Nuance Communications stock plunged 11 percent in the extended session after the company gave disappointing guidance. The company said it expects adjusted third-quarter earnings between 25 cents and 28 cents per share and revenue between $490 million and $504 million. Wall Street had forecast adjusted earnings of 30 cents a share on $520 million in revenue, according to Thomson Reuters consensus estimates.
Shares of Hostess Brands rallied 3 percent in after-hours trading. The bakery company reported earnings in-line with estimates and higher-than-expected revenue. The company also reiterated its full-year guidance.
Qualcomm stock hiked 2 percent post-market after the chipmaker announced a $10 billion stock buyback. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/after-hours-buzz-bkng-roku-nuan-twnk-qcom.html |
May 21 (Reuters) - FireEye Inc:
* FIREEYE, INC. ANNOUNCES $525.0 MILLION CONVERTIBLE NOTES OFFERING
* FIREEYE INC SAYS ITS INTENTION TO OFFER $525.0 MILLION AGGREGATE PRINCIPAL AMOUNT OF CONVERTIBLE SENIOR NOTES DUE 2024 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fireeye-inc-announces-5250-million/brief-fireeye-inc-announces-525-0-million-convertible-notes-offering-idUSASC0A301 |
COLUMBIA, Md., May 14, 2018 (GLOBE NEWSWIRE) -- W. R. Grace & Co. (NYSE:GRA) today announced that by mutual agreement Thomas E. Blaser, Senior Vice President and Chief Financial Officer, will resign from the company effective May 31, 2018 to pursue other interests. The company has retained an executive search firm and begun a formal search for his replacement. Blaser’s departure is not related to any financial performance, policy, or control issues or any disagreements on accounting or financial reporting matters. Grace reaffirmed its full-year 2018 outlook.
Following Blaser’s resignation, William C. Dockman, Vice President and Controller, will assume the role of interim Chief Financial Officer along with his current duties. Dockman has been the company’s Vice President and Controller and Chief Accounting Officer since 2012.
About Grace
Built on talent, technology, and trust, Grace is a leading global supplier of catalysts and engineered materials. The company’s two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. With approximately 3,900 employees, Grace operates and/or sells to customers in over 60 countries. More information about Grace is available at grace.com .
This announcement contains forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. Forward-looking statements include, without limitation, expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. For these statements, Grace claims the protections of the safe harbor for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Like other businesses, Grace is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to differ materially from those contained in the forward-looking statements include, without limitation: risks related to foreign operations, especially in emerging regions; the costs and availability of raw materials, energy and transportation; the effectiveness of its research and development and growth investments; acquisitions and divestitures of assets and businesses; developments affecting Grace’s outstanding indebtedness; developments affecting Grace's pension obligations; its legal and environmental proceedings; environmental compliance costs; the inability to establish or maintain certain business relationships; the inability to hire or retain key personnel; natural disasters such as storms and floods, and force majeure events; changes in tax laws and regulations; international trade disputes, tariffs and sanctions; the potential effects of cyberattacks; and those additional factors set forth in Grace's most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the Internet at www.sec.gov . Reported results should not be considered as an indication of future performance. Readers are cautioned not to place undue reliance on Grace's projections and forward-looking statements, which speak only as of the dates those projections and statements are made. Grace undertakes no obligation to release publicly any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
Media Relations
Rich Badmington
T +1 410.531.4370
[email protected] Investor Relations
Jeremy Rohen
T +1 410.531.8234
[email protected]
Source:W. R. Grace & Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-grace-announces-departure-of-cfo-and-appointment-of-interim-cfo.html |
May 8, 2018 / 11:16 PM / Updated 18 hours ago Investor Bill Gross to auction renowned stamp collection Elizabeth Dilts , Jennifer Ablan 3 Min Read
NEW YORK (Reuters) - When legendary bond investor Bill Gross graduated high school, his mother gave him a stack of U.S. postal stamps that she had purchased over the years and which she hoped he could sell in order to pay for college. Part of Bill GrossÕs stamp collection, a block of 24-cent stamps from 1869 that depicts John TrumbullÕs painting The Declaration of Independence upside down and expected to sell at auction for as much as $1 million, is documented in this image released by Robert A. Siegel Auction Galleries in New York, NY, U.S., on May 8, 2018. Courtesy Robert A. Siegel Auction Galleries/Handout via REUTERS
Unfortunately, Gross found that the mass-produced stamps were worth less than their face value. But the gesture drove him to build one of the world’s most valuable U.S. stamp collections, valued at $42 million, part of which will be auctioned in October.
Charles Shreve, Gross’s philately adviser for more than 20 years, said Gross collected the stamps “to prove that (his) mother was right - that buying stamps can be fun and make money. She just bought the wrong ones.”
Gross, co-founder of Pimco, one of the world’s largest bond managers, is worth $2.5 billion, according to Forbes magazine. He abruptly quit the Newport Beach, California-based firm in September 2014 and soon after joined Janus Henderson Investors, where he runs the $2.1 billion Janus Henderson Global Unconstrained Bond Fund.
Items from Gross’s collection, managed by Robert A. Siegel Auction Galleries, where Shreve is the director, were on display Tuesday in New York, including a block of six stamps featuring George Washington’s portrait from 1847 that are expected to sell for as much as $750,000. Part of Bill Gross's stamp collection, a block of 1847 stamps called the "bible block" which is expected to sell at auction for $750,000, is documented in this image released by Robert A. Siegel Auction Galleries in New York, NY, U.S., on May 8, 2018. Courtesy Robert A. Siegel Auction Galleries/Handout via REUTERS
The block, called the “bible” block because it was found stuffed in a bible sometime before 1912, is just one of three remaining blocks because 5- and 10-cent stamps from 1847 were mostly thrown out after they were devalued by newer stamps the U.S. Post Office issued in 1951.
The most valuable stamps in the collection may be a set of four, 24-cent-stamps from 1869 that depict American artist John Trumbull’s painting “Declaration of Independence” upside down. The inverted stamps were part of the first batch of multi-colored stamps the Post Office printed, and could sell for $1 million.
Gross has sold part of his collection before. Between 2007 and 2014, he sold his non-U.S. stamps for a total of $27 million, money he donated to charities including Doctors Without Borders. The proceeds of this sale will also go to charity, which has yet to be named.
Shreve said Gross is selling his U.S. collection now because he accomplished a long-time goal of collecting one of every U.S. stamp ever issued.
Gross’s stamp collection will be auctioned in three or four phases starting Oct. 3. Reporting by Elizabeth Dilts and Jennifer Ablan; Editing by Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stamps-gross/investor-bill-gross-to-auction-renowned-stamp-collection-idUSKBN1I93H0 |
May 18, 2018 / 7:51 AM / Updated 20 minutes ago Shots fired at Trump's golf resort in Doral, Florida - police Reuters Staff 1 Min Read
(Reuters) - Shots were fired and a suspect was taken into custody at Trump National Doral Golf Club, a resort owned by President Donald Trump, early on Friday morning, police said.
No victims were reported, the Doral Police Department said on Twitter.
Trump National Doral Golf Club, an 800-acre resort outside of Miami, is home to four championship golf courses, including the Blue Monster, which plays host to a PGA Tour event each year. Trump bought the property for $150 million in 2012. Reporting by Brendan O'Brien in Milwaukee; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-florida-crime-doral/shots-fired-at-trumps-golf-resort-in-doral-florida-police-idUKKCN1IJ0QQ |
May 12, 2018 / 12:55 PM / Updated an hour ago Israel closes Gaza border crossing damaged by Palestinians Nidal al-Mughrabi 4 Min Read
GAZA (Reuters) - Israel closed a main border crossing with the Gaza Strip and destroyed a Hamas militant tunnel on Saturday, a day after renewed violence between Palestinian protesters and Israeli forces on the edge of the coastal enclave. FILE PHOTO: Road sign pointing to the directions of border crossings, positioned next to the entrance of the Kerem Shalom border crossing terminal, Israel January 16, 2018. REUTERS/Amir Cohen/File Photo
Dozens of Palestinian demonstrators had broken into the Gaza side of the Kerem Shalom terminal, the main conduit for goods in and out of the territory, on Friday. They set alight a pipeline that delivers gas from Israel, torched a conveyor belt and damaged a fuel pipe.
“The crossing will remain closed until the damage caused by the riots are repaired and will reopen in accordance with a situation assessment,” the Israeli military said.
It will be opened for humanitarian cases only in the meantime, it said.
Later on Saturday, Israeli war planes destroyed an underground attack tunnel near the border that was being built by Hamas, the Islamist group that controls Gaza, to help militants cross into Israel, the military said.
The tunnel had reached just a few meters from the border, adjacent to Israeli communities, the military said.
“It was approximately one kilometre long. It was dug over a number of months and we have been following it for a number of weeks,” spokesman Lt. Col. Jonathan Conricus said. Related Coverage
Israel says it has destroyed several cross-border militant tunnels in recent months. Palestinian gunmen used tunnels to blindside Israeli forces during the 2014 Gaza war. EMBASSY TO OPEN
More than two million people are packed into the narrow Gaza Strip, where poverty and unemployment rates are high. Kerem Shalom is one of three main Gaza border crossings with Israel and Egypt, but it is where most goods pass through daily.
The incursion into Kerem Shalom took place during a weekly mass protest in which thousands of Palestinians gathered along the Israel-Gaza border.
Palestinian health officials said a man and a teenager were killed by Israeli fire on Friday. The Israeli military said the crowd had grown violent and that troops were defending the border. FILE PHOTO: A truck parks next to a security barrier inside the Kerem Shalom border crossing terminal between Israel and Gaza Strip January 16, 2018. REUTERS/Amir Cohen/File Photo
More than 40 Palestinians have been killed during six weeks of protests and tens of thousands of Gazans are expected at tented border encampments in the coming days.
It was unclear to some Gaza residents why the demostrators chose to attack the terminal.
“I cannot find one good reason for what happened, what is the wisdom behind this?” said one gas station owner, who asked not to be identified.
“Some petrol stations have storage for maybe a day or two, so the crisis will begin by Monday or Tuesday should the crossing remained closed,” he said.
The Palestinian National Committee said it was surprised by the “non-deliberate and unfortunate incident” at Kerem Shalom and called on Palestinians to preserve the crossings.
Gaza is run by Hamas, which Israel and the West designate a terrorist organisation. Citing security concerns, Israel maintains tight control over its land and sea borders. Egypt also restricts movement in and out of Gaza.
The border protests are building to a climax on May 15, the day Palestinians call the “Nakba” or “Catastrophe”, marking the displacement of hundreds of thousands of Palestinians in the conflict surrounding the creation of Israel in 1948.
They take place at a time of growing frustration over the prospects for an independent Palestinian state. Peace talks between Israel and the Palestinians have been stalled for several years and Israeli settlements in the occupied territories have expanded.
U.S. President Donald Trump’s decision last year to recognise disputed Jerusalem as Israel’s capital and move the U.S. Embassy there further fuelled Palestinian anger. The new embassy is due to open on Monday. Reporting by Nidal al-Mughrabi and Ari Rabinovitch, Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-crossing/israel-closes-gaza-border-crossing-damaged-by-palestinians-idUKKCN1ID0FI |
May 22 (Reuters) - JD.com Inc:
* PROFESSOR DINGBO XU JOINS JD.COM’S BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-professor-dingbo-xu-joins-jdcoms-b/brief-professor-dingbo-xu-joins-jd-coms-board-of-directors-idUSASC0A36A |
MOSCOW, May 22 (Reuters) - Russia’s Sberbank said on Tuesday it had signed a definitive agreement on selling its 99.85 percent stake in Turkey’s Denizbank to Emirates NBD for 14.6 billion Turkish lira ($3.2 billion).
The closing of the transaction is subject to regulatory approval in Turkey, Russia, the United Arab Emirates and other relevant jurisdictions where Denizbank operates. The transaction is expected to close in 2018.
Sberbank also said Emirates NBD will pay interest on the consideration for the period between Oct. 31, 2017 and the transaction closing date.
$1 = 4.5832 liras Reporting by Vladimir Soldatkin; Editing by Biju Dwarakanath
| ashraq/financial-news-articles | https://www.reuters.com/article/sberbank-denizbank-sale-emirates/sberbank-to-sell-stake-in-denizbank-to-emirates-nbd-for-3-2-bln-idUSL5N1ST0EE |
LONDON (Reuters) - Global investors clung to their preference for the tech sector in May, with shares in so-called FAANG and BAT companies remaining the most crowded trade for the fourth straight month, according to a survey by Bank of America Merrill Lynch.
FILE PHOTO: The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip The bank said on Tuesday that surveyed fund managers found “FAANG + BAT” shares most widely liked by the market and most often held in portfolios. FAANG groups the U.S. tech giants Facebook, Apple, Amazon, Netflix and Google while BAT comprises the Chinese trio of Baidu, Alibaba and Tencent.
Being “short” U.S. Treasury bonds as well as the dollar were also seen as very crowded trades, according to the survey of 233 fund managers managing $643 billion.
Investors saw shorting bank stocks and buying utilities as the best hopes of successfully swimming against the current, picking them as the top contrarian trades.
Overall, investors remained concerned about the global economy as signs multiply that growth is decelerating.
Only a net one percent of the investors thought the global economy will strengthen over the next 12 months, the lowest proportion since February 2016, BAML said.
The survey’s macroeconomic indicator fell into negative territory for the first time since November 2016, while concern about indebtedness was rising: one-third of investors said companies were too levered, the highest proportion since December 2009.
This concern was reflected in profit expectations, which fell to post-Brexit vote lows with just 10 percent of investors expecting faster profit growth over the next 12 months.
Investors also kept relatively high cash holdings in portfolios; while average cash balances edged down to 4.9 percent in May from 5 percent in April, they remained above the 10-year average of 4.5 percent.
However, more than three-quarters of those surveyed thought equities had not yet peaked, with a majority saying the peak would not come until 2019 or beyond.
A hawkish policy mistake from the Fed or the ECB - i.e. tightening monetary policy too soon or too fast - was considered the biggest risk by investors, taking the top spot from trade war as talks between China and the U.S. progressed.
Asset allocators were watching U.S. Treasury yields, waiting for them to hit 3.6 percent to switch from stocks to bonds.
BANKS AND TECH RULE, ETFS PREFERRED FOR EQUITY EXPOSURE Banks and technology stocks were the top two most-preferred sectors among global investors. Allocation to bank stocks rose to a net 36 percent overweight this month, the second highest level on record, while investors also added to tech positions.
Allocation to commodities stayed at its highest since 2012. Investors increased their allocations to UK stocks, though the region remains the consensus short among fund managers.
Allocations to emerging market equities saw their biggest drop since November 2016 as investors cut their exposure to the highly dollar-sensitive asset class.
New survey questions on passive investment showed the method of investing is widely used.
Some 53 percent of investors now use exchange-traded funds (ETFs) within portfolios, with an average allocation of one-fifth. Just nine percent of investors are using leveraged ETFs, which imply more risky bets on certain indices.
The index-tracking method of investing is still applied much more to equities than any other asset class, the BAML survey also found.
Reporting by Helen Reid; editing by Sujata Rao, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-funds-allocation-baml/big-tech-shares-the-most-crowded-trade-for-4th-straight-month-baml-fund-survey-idUSKCN1IG1MY |
The bottles used for major food and drink group Princes' soft drinks and oils ranges are now being made with more than 50 percent recycled plastic, the business said Friday.
By the end of September, all branded and own-label bottles are expected to contain 51 percent recycled polyethylene terephthalate (RPET), it said. Princes claims to produce around 7 percent of all plastic bottles used in the U.K. each year.
The issue of plastic waste is a serious one. Europeans produce 25 million tons of plastic waste per year, according to the European Commission. Less than 30 percent of this is collected for recycling.
"We want to increase the recycled content of all the plastic we use and have been working for some time to implement 51 percent RPET, as it's by far our biggest area of plastic usage," David McDiarmid, Princes' corporate relations director, said in a statement.
McDiarmid described the development as a significant step, not only for Princes, but "the wider grocery industry too, as we will reach millions of households through our supply of brands and customer own-brand soft drinks and oils."
A number of businesses are looking to tackle the issue of plastic waste and pollution.
Earlier this year, Evian, whose parent company is Danone, announced it would produce all its plastic bottles from 100 percent recycled plastic by the year 2025. Elsewhere, U.K. supermarket Iceland, which specializes in frozen food, has made a commitment to eliminate plastic packaging from its own-brand products by the end of 2023. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/major-food-and-drink-producer-goes-big-on-using-recycled-plastic.html |
VANCOUVER, British Columbia,
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that it has agreed to invest $500,000 for a 10% interest in a limited liability company (the "Arizona Operator"), providing turn-key services related to the management, administration and operation of a 70,000 square foot licensed medical marijuana cultivation and processing facility in the State of Arizona. The transaction is expected to close in the next 45 days.
In December 2010, Arizona voters passed the Arizona Medical Marijuana Act, which became effective on April 14, 2011. As of March 31, 2018, Arizona had 162,528 active Qualifying Patient Registry Card holders, a 31% increase from the year before. Additionally, in March 2018, Arizona dispensaries transacted for more than 9,534 pounds of medical marijuana, a 44% increase over the year before.
The Arizona Operator entered into an exclusive Management Services Agreement with an Arizona nonprofit organization (the "Arizona Licensee"), that was awarded a Medical Marijuana Dispensary Registration Certificate ("License") by the Arizona Department of Health Services ("AZDHS"), pursuant to the AZDHS Medical Marijuana Program. The License allows for the operation of an offsite cultivation and processing facility. The Arizona Licensee has granted the Arizona Operator the exclusive right to develop, manage and operate that facility and will pay the Arizona Operator management fees for doing so.
"We are thrilled to execute on this opportunity in Arizona, which adds a new geography to our existing portfolio of assets," stated William Gildea, Future Farm's CEO. "The Arizona medical marijuana program has witnessed significant growth and strong demand continues to fuel the market. This operating team has proven successful in cultivation management, and we see great potential for their execution here as well. We look forward to the development and construction of the state-of-the-art cultivation and processing facility."
All material terms will be disclosed in the final press release issued upon closing the transaction.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
For further information, contact
William Gildea
Director
+1-888-387-3761
SOURCE Future Farm Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-future-farm-agrees-to-acquire-10-percent-of-arizona-medical-marijuana-cultivation-and-processing-management-company.html |
BOGOTA (Thomson Reuters Foundation) - Hundreds of suspected victims of modern slavery were rescued in a major crackdown on human traffickers in 13 countries in the Caribbean, Central and South America, Interpol said on Monday.
About 350 possible victims of sexual exploitation and forced labor were discovered and 22 people arrested this month in an Interpol-led swoop in nations such as Barbados, Belize, Brazil, Jamaica and Venezuela, the global police organization said.
Men, women and children were discovered working in nightclubs, farms, mines, factories and open-air markets, having been lured across borders by traffickers targeting desperate and vulnerable people with promises of a better life, Interpol said.
“What traffickers don’t advertise are the working conditions their victims will be subject to once their final destination is reached,” Cem Kolcu of Interpol said in a statement.
“During this operation, we identified women being forced to work out of spaces no bigger than coffins, for example,” added Kolcu, the coordinator of its trafficking in human beings unit.
In Guyana, young women were found selling sex next to remote gold mines from which they could not escape, while in Saint Vincent and the Grenadines, Asians at a factory had been stripped of their passports and freedom, according to Interpol.
“The magnitude of this operation, it also shows .. the magnitude of how organized crime networks are operating, particularly in Latin America,” said Carlos Perez, a project coordinator at the United Nations Office on Drugs and Crime (UNODC) in Colombia, which works on human trafficking.
Following the cross-border operation - the culmination of 30 months of preparation - social services and charities conducted interviews and provided support to victims, the agency said.
Tens of thousands of women and children across Latin America are trafficked every year, yet few receive the support they need to rebuild their lives and conviction rates for the crime remain extremely low, human rights experts said last year.
“Most often once trafficked children are rescued ... the daunting task remains of helping them to recover from their trauma and be reunited and reintegrated with their families and communities,” Dorothy Rozga, head of anti-child trafficking group ECPAT International, told the Thomson Reuters Foundation.
About 25 million people globally are estimated to be trapped in forced labor, with women and girls accounting for 60 percent of victims, according to the United Nations’ International Labour Organization (ILO) and rights group Walk Free Foundation.
Reporting by Anastasia Moloney, Writing By Kieran Guilbert, Editing by Claire Cozens Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-americas-trafficking-police/hundreds-of-people-rescued-in-interpol-human-trafficking-raids-in-the-americas-idUSKBN1I10YT |
May 27, 2018 / 5:44 PM / Updated 15 minutes ago Watson's unbeaten hundred hands Chennai third IPL crown Reuters Staff 3 Min Read
MUMBAI (Reuters) - Australian Shane Watson overcame a slow start on his way to an unbeaten 117 to guide the Chennai Super Kings to their third Indian Premier League title with a eight-wicket win over the Sunrisers Hyderabad on Sunday.
Chasing 179 for victory at the Wankhede Stadium, the Mahendra Singh Dhoni-led Chennai eased to the target with nine deliveries to spare to complete a fairytale comeback to the popular Twenty20 tournament.
Chennai, easily the most consistent team in the tournament with four runner-up trophies, returned to the 11th edition having served a two-year ban along with the Rajasthan Royals following a spot-fixing and illegal betting scandal in 2013.
Former India captain Dhoni won the toss and opted to field first and his bowlers never allowed the Hyderabad batsmen to score too freely.
Hyderabad captain Kane Williamson top-scored for his side with a 47 off 36 balls while Yusuf Pathan scored a brisk unbeaten 45 off 25 deliveries to take Hyderabad to 178-6 in their 20 overs.
The total appeared big enough when Chennai started their chase with retired Australian international Watson unable to score off the first 10 balls he faced.
Chennai were 20 for one after five overs and looking down the barrel when the burly opening batsman decided to open his arms.
The 36-year-old peppered all corners of the stadium overlooking the Arabian Sea with powerfully-hit boundaries and ended up with 11 fours and eight sixes in his 57-ball knock.
Watson added 117 for the second wicket with Suresh Raina, who scored 32, and picked up a single off teenaged Afghan leg-spinner Rashid Khan to complete his hundred, his second of the season.
Rashid, 19, was the biggest threat to Chennai’s chase having single-handedly dismantled the Kolkata Knight Riders in Friday’s playoffs with an all-round show. But Chennai kept him wicketless in his four overs while scoring 25.
Chennai had finished behind table toppers Hyderabad in the group stage but defeated them in the playoffs at the same venue on Tuesday. They picked up their third IPL trophy after a gap of seven years. Reporting by Sudipto Ganguly; editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-t20-ipl/watsons-unbeaten-hundred-hands-chennai-third-ipl-crown-idUKKCN1IS0NV |
VANCOUVER, Wash., May 01, 2018 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ:BBSI), a leading provider of business management solutions, reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Financial Summary vs. Year-Ago Quarter
Net revenues up 7% to $224.0 million.
Gross billings up 10% to $1.3 billion.
Net loss of $9.1 million, or $(1.25) per diluted share, compared to net loss of $11.2 million, or $(1.55) per diluted share.
“We continue to evolve our value proposition in support of the small business owner, and we are seeing validation of those efforts both through client referrals and expanded referral channels,” said Michael Elich, president and CEO of BBSI. “As evidence of this, we added 152 net new clients in the quarter.”
First Quarter 2018 Financial Results
Net revenues in the first quarter of 2018 increased 7% to $224.0 million compared to $210.0 million in the first quarter of 2017.
Total gross billings in the first quarter increased 10% to $1.3 billion compared to $1.2 billion in the same year-ago quarter (see “Key Performance Metrics and Non-GAAP Financial Measures” below). The increase was primarily due to the continued build in the Company’s PEO client count and same-customer sales growth, which was partially offset by a decrease in staffing revenue.
Net loss for the first quarter of 2018 was $9.1 million, or $(1.25) per diluted share, compared to net loss of $11.2 million, or $(1.55) per diluted share, in the year-ago quarter. The Company historically incurs losses in the first quarter due to the higher effective payroll taxes at the beginning of each year.
Outlook
For the full year 2018, the Company continues to expect diluted earnings per share to be approximately $4.45. This continues to assume approximately $0.06 per diluted share in estimated legal costs associated with accounting and securities law issues, as well as an effective tax rate of approximately 20%.
BBSI continues to expect gross billings growth for the next rolling 12-month period to be approximately 14%.
Conference Call
BBSI will conduct a conference call tomorrow, May 2, 2018, at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2018. The Company’s President and CEO Michael Elich and CFO Gary Kramer will host the call, followed by a question and answer period.
Date: Wednesday, May 2, 2018
Time: 12:00 p.m. Eastern time (9:00 a.m. Pacific time)
Toll-free dial-in number: 1-800-239-9838
International dial-in number: 1-323-794-2551
Conference ID: 6327353
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the BBSI website at www.barrettbusiness.com .
A replay of the conference call will be available after 3:00 p.m. Eastern time on the same day through June 2, 2018.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 6327353
Key Performance Metrics and Non-GAAP Financial Measures
We report PEO revenues net of direct payroll costs because we are not the primary obligor for wage payments to our clients’ employees. However, management believes that gross billing amounts and wages are useful in understanding the volume of our business activity and serve as an important performance metric in managing our operations, including the preparation of internal operating forecasts and establishing executive compensation performance goals. We therefore present for purposes of analysis gross billing and wage information for the three months ended March 31, 2018 and 2017.
(Unaudited) Three Months Ended March 31, (in thousands) 2018 2017 Gross Billings $ 1,319,844 $ 1,199,549 PEO and staffing wages $ 1,114,707 $ 1,011,690 Because safety incentives represent consideration payable to PEO customers, safety incentive costs are netted against PEO revenue in our consolidated statements of operations. Management considers safety incentives to be an integral part of our workers’ compensation program because they encourage client companies to maintain safe-work practices and minimize workplace injuries. We therefore present below for purposes of analysis non-GAAP gross workers’ compensation expense, which represents workers’ compensation costs including safety incentive costs. We believe this non-GAAP measure is useful in evaluating the total costs of our workers’ compensation program.
(Unaudited) Three Months Ended March 31, (in thousands) 2018 2017 Workers' compensation $ 57,121 $ 55,437 Safety incentive costs 7,565 6,572 Non-GAAP gross workers' compensation $ 64,686 $ 62,009 In monitoring and evaluating the performance of our operations, management also reviews the following ratios, which represent selected amounts as a percentage of gross billings. Management believes these ratios are useful in understanding the efficiency and profitability of our service offerings.
(Unaudited) Percentage of Gross Billings Three Months Ended March 31, 2018 2017 PEO and staffing wages 84.5% 84.3% Payroll taxes and benefits 9.4% 9.6% Non-GAAP gross workers' compensation 4.9% 5.2% About BBSI
BBSI (NASDAQ:BBSI) is a leading provider of business management solutions, combining human resource outsourcing and professional management consulting to create a unique operational platform that differentiates it from competitors. The Company’s integrated platform is built upon expertise in payroll processing, employee benefits, workers’ compensation coverage, risk management and workplace safety programs, and human resource administration. BBSI’s partnerships help businesses of all sizes improve the efficiency of their operations. The Company works with more than 5,600 clients across all lines of business in 24 states. For more information, please visit www.barrettbusiness.com .
Forward-Looking Statements
Statements in this release about future events or performance, including expectations regarding revenue growth, costs related to outstanding accounting and securities law issues, future effective tax rates, and earnings per share, are which involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from any future results expressed or implied by such . Factors that could affect future results include economic conditions in the Company's service areas, the effect of changes in the Company's mix of services on gross margin, the Company's ability to retain current clients and attract new clients, the availability of financing or other sources of capital, the Company's relationship with its primary bank lender, the potential for material deviations from expected future workers' compensation claims experience, the workers’ compensation regulatory environment in the Company’s primary markets, litigation costs, the ongoing investigation of accounting issues by the Securities and Exchange Commission and the United States Department of Justice, security breaches or failures in the Company's information technology systems, the collectability of accounts receivable, changes in executive management, the carrying value of deferred income tax assets and goodwill, and the effect of conditions in the global capital markets on the Company’s investment portfolio, among others. Other important factors that may affect the Company’s prospects are described in the Company’s 2017 Annual Report on Form 10-K. Although help to provide complete information about the Company, readers should keep in mind that are less reliable than historical information. The Company undertakes no obligation to update or revise in this release to reflect events or changes in circumstances that occur after the date of this release.
Barrett Business Services , Inc.
Condensed Consolidated Balance Sheets
(Unaudited) March 31, December 31, (in thousands) 2018 2017 Assets Current assets: Cash and cash equivalents $ 24,000 $ 59,835 Trade accounts receivable, net 147,058 136,664 Income taxes receivable 4,747 1,686 Prepaid expenses and other 9,002 5,724 Investments 472 674 Restricted cash and investments 104,939 103,652 Total current assets 290,218 308,235 Investments 1,607 1,199 Property, equipment and software, net 25,068 24,909 Restricted cash and investments 302,697 291,273 Goodwill 47,820 47,820 Other assets 15,322 3,215 Deferred income taxes 7,389 5,834 $ 690,121 $ 682,485 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 221 $ 221 Accounts payable 3,884 5,166 Accrued payroll, payroll taxes and related benefits 190,738 181,639 Other accrued liabilities 8,124 9,024 Workers' compensation claims liabilities 99,861 97,673 Safety incentives liability 27,361 28,532 Total current liabilites 330,189 322,255 Long-term workers' compensation claims liabilities 279,013 265,844 Long-term debt 4,116 4,171 Customer deposits and other long-term liabilities 1,363 1,381 Stockholders' equity 75,440 88,834 $ 690,121 $ 682,485
Barrett Business Services, Inc.
Condensed Consolidated Statements of Operations
(Unaudited) (Unaudited) (in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Revenues: Professional employer service fees $ 188,961 $ 172,209 Staffing services 35,014 37,788 Total revenues 223,975 209,997 Cost of revenues: Direct payroll costs 26,404 28,710 Payroll taxes and benefits 124,188 115,400 Workers' compensation 57,121 55,437 Total cost of revenues 207,713 199,547 Gross margin 16,262 10,450 Selling, general and administrative expenses 29,428 26,610 Depreciation and amortization 1,004 942 Loss from operations (14,170 ) (17,102 ) Other income, net 1,993 75 Loss before income taxes (12,177 ) (17,027 ) Benefit from income taxes (3,054 ) (5,800 ) Net loss $ (9,123 ) $ (11,227 ) Basic loss per common share $ (1.25 ) $ (1.55 ) Weighted average basic common shares outstanding 7,304 7,249 Diluted loss per common share $ (1.25 ) $ (1.55 ) Weighted average diluted common shares outstanding 7,304 7,249 Investor Relations:
Liolios
Cody Slach
Tel 1-949-574-3860
[email protected]
Source:Barrett Business Services Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-bbsi-reports-first-quarter-2018-financial-results.html |
5/8/2018 6:23PM Will Trump's Iran Bet Pay Off? After President Donald Trump's big gamble to pull the U.S. out of the Iran nuclear deal, the focus now shifts to Tehran, the Iranian people and America's allies. Gerald F. Seib explains the high stakes. Photo: Getty | ashraq/financial-news-articles | http://www.wsj.com/video/will-trump-iran-bet-pay-off/BC40372F-E197-4ED1-95AA-C0FB588E42C0.html |
May 3 (Reuters) - Concentric AB:
* Q1 NET SALES: MSEK 603 (546) - UP 15% Y-O-Y, AFTER ADJUSTING FOR CURRENCY (-5%).
* Q1 OPERATING INCOME: MSEK 120 (100), GENERATING AN OPERATING MARGIN OF 19.9% (18.3).
* SAYS LOOKING FORWARD, ORDERS RECEIVED, AND EXPECTED TO BE FULFILLED DURING Q2 OF 2018, WERE SLIGHTLY AHEAD OF SALES LEVELS OF Q1 IN 2018
* SAYS WE EXPECT THAT CURRENT STRONG DEMAND FOR NORTH AMERICAN AND EUROPEAN END MARKETS WILL CONTINUE DURING YEAR
* MARKET INDICES SUGGEST THAT PRODUCTION VOLUMES BLENDED TO CONCENTRIC’S END MARKETS AND REGIONS WILL BE UP 10% YEAR-ON-YEAR FOR 2018 Source text for Eikon: (Stockholm Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-concentric-q1-operating-profit-up/brief-concentric-q1-operating-profit-up-20-pct-yr-yr-idUSFWN1SA03R |
May 30, 2018 / 7:13 AM / Updated 7 hours ago RBS finance chief quits ahead of AGM, possible UK stake sale Dasha Afanasieva 2 Min Read
LONDON (Reuters) - Royal Bank of Scotland ( RBS.L ) announced the surprise departure of its finance chief on Wednesday, on the day of its annual shareholder meeting and amid speculation the British government will soon sell some of its controlling stake in the bank. FILE PHOTO: sign is displayed outside of a branch of The Royal Bank of Scotland in central London, Britain May 20, 2015. REUTERS/Neil Hall/File Photo
RBS said Ewen Stevenson was leaving to take up an opportunity elsewhere and it would start looking for a successor immediately.
“The Board and I are sorry to learn that Ewen has decided to move elsewhere. He will go with our thanks for a job well done and our good wishes,” Chairman Howard Davies said in a statement.
Rescued in a 45.5 billion pound ($60 billion) bailout by the British government in the 2008 financial crisis, RBS has spent the last decade shedding trillions of dollars of assets and dealing with the legal and regulatory hangover from its pre-2008 global expansion.
The effective date of departure for Stevenson, who is also resigning as executive director, will be confirmed in due course, the bank said. Stevenson was appointed chief financial officer in May 2014 after 25 years at Credit Suisse ( CSGN.S ).
RBS’s senior management has come under scrutiny since the settlement of its biggest outstanding regulatory matter several weeks ago, with questions raised among shareholders about the leadership of the bank through its next phase of recovery and the long awaited transfer back to full private ownership.
Speculation has centered on the future of CEO Ross McEwan, a fellow New Zealander, and the possibility of his departure following the conclusion of a U.S. Department of Justice probe which resulted in a $4.9 billion pound settlement over the mis-selling of mortgage backed securities.
McEwan has dismissed the speculation.
RBS shares were little changed in early trading.
($1 = 0.7537 pounds) Reporting by Dasha Afanasieva; Additional reporting by Sinead Cruise and Lawrence White; Editing by Silvia Aloisi and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-rbs-agm/rbs-finance-chief-quits-ahead-of-agm-possible-uk-stake-sale-idUKKCN1IV0O4 |
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