text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
TORONTO, May 16, 2018 (GLOBE NEWSWIRE) -- Ventripoint Diagnostics Ltd. (“ Ventripoint ” or the “ Company ”) (TSXV:VPT) announces that it has received market clearance from the US Food and Drug Administration (“FDA”) to sell its VMS+™ machine with the 4-chamber heart analysis system in the United States. The intended use is for the analysis of ejection fraction (function) and volumes of any chamber of the heart, where they are warranted or desired.
”The VMS+ is the first simple echocardiography system to be approved by the FDA for the 3D volumetric analysis of all four chambers of the heart using 2D ultrasound,” stated Dr. George Adams, CEO of Ventripoint. “Now we can offer the VMS+ to American physicians so they can accurately and easily evaluate and monitor hearts in children and adults during a routine cardiology appointment.”
The USA is the largest medical device market in the world with over 40 million cardiac ultrasound exams per year. 2D ultrasound is the modern stethoscope and is employed worldwide as the first step in evaluating heart disease.
The VMS+ product allows for the determination of heart function, expressed as ejection fraction or volumes of any of the four chambers of the heart using conventional 2D ultrasound. These measurements are increasingly recognized as critically important in monitoring the heart and predicting outcomes of patients. This applies to patients with heart failure, abnormal heart rhythms, congenital heart disease, pulmonary hypertension and hypertension. With the VMS+, it is now possible to obtain this valuable information quickly, easily and cost effectively.
Forward Looking Statements:
The information in this release may contain certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information, Contact: Dr. George Adams, CEO T: (519) 803-6937 E: [email protected]
Source: Ventripoint Diagnostics Ltd. - CDN Funds | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-ventripoint-receives-market-clearance-from-us-fda-for-complete-heart-analysis-system-using-2d-ultrasound.html |
TORONTO, May 16, 2018 (GLOBE NEWSWIRE) -- HARTE GOLD CORP. (“ Harte Gold ” or the “ Company ”) (TSX:HRT) (OTC:HRTFF) (Frankfurt:H4O) is pleased to announce its results for the three months ended March 31, 2018.
Longitudinal Projection Illustrating Gold Grade Contours, Drill Results And Future Mine Development
Stephen G. Roman, President and CEO of Harte Gold commented, “Harte Gold has had a very productive start to 2018. The Company tripled its mineral resource estimate, arranged a debt financing solution that fully funds the Sugar Zone Project to production, delivered a Preliminary Economic Assessment with significantly improved project economics and signed an Impact Benefits Agreement with Pic Mobert First Nation. The Company’s focus now is on achieving commercial production, targeted for Q3 2018 and continuing aggressive infill and expansion drill programs, expected to improve grade and add resources.”
HIGHLIGHTS
P&E Mining Consultants Inc. (“P&E”) completed an updated National Instrument 43-101 (“NI 43-101”) Mineral Resource Estimate, announced February 15, 2018, based on drilling to December 8, 2017 and summarized as follows:
Indicated Resources: 714,200 ounces of contained gold at a grade of 8.52 g/t; and Inferred Resources: 760,800 ounces of contained gold at a grade of 6.59 g/t. Mineralization at the Sugar and Middle Zones is continuous. Inferred Resource grades were conservatively calculated due to wide spaced drilling.
On May 3, 2018, the Company released an updated Preliminary Economic Assessment (“PEA”), undertaken by P&E, based on a mine plan of 540 tpd increasing to 1,400 tpd. Highlights include:
80,700 ounces of average gold production at a C1 cash cost of US$507/oz. and AISC of US$708/oz., over an 11 year mine life. 904,000 ounces of life-of-mine (“LOM”) gold production, from potentially mineable mineralization, incorporating approximately two-thirds of the combined Indicated and Inferred Resource. Pre-Tax NPV 5% of C$344 million (50% IRR) at US$1,250/oz Au, which increases to C$425 million (60% IRR) at US$1,350/oz Au. C$58 million of capex remains to be spent in 2018 (as of March 31, 2018) on process plant completion, surface infrastructure and underground development, of which C$36 million is to be spent on the process plant and surface infrastructure. Multiple opportunities identified to potentially improve project economics, including infill drilling of existing Inferred Resources to convert additional material into the Mine Plan, and potential resource growth outside of the existing resource shell.
Overall project development advancing rapidly towards production:
Processing plant over 80% complete, completion scheduled for end of June. Power line construction is well underway, completion scheduled for early July. Redpath Canada Limited appointed as contract miner for the first 24 months of operations. 40,000 tonnes of development ore stockpiled on surface, providing initial feed for the process plant. 79,000 tonnes of stope material readily accessible by completed underground development. US$70 million financing announced on May 3, 2018, which provides funding for remaining 2018 capex, start-up of operations, working capital, exploration and corporate costs. Impact Benefits Agreement (“IBA”) signed with the proximal First Nations Band; Pic Mobert First Nation. Aggressive infill and exploration drill program continued in Q1 2018, with 27,605 meters of drilling completed: Infill drilling of Sugar and Middle Zones are delivering good results which should positively impact resource classification and grade. Assays returned from the Middle Zone include 21.16 g/t over 4.78 meters in hole WZ-18-142 and 16.46 g/t over 6.55 meters in hole WZ-18-138. Drilling has led to the new Footwall Zone discovery, approximately 50 meters into the footwall of the Middle Zone area. Hole WZ-18-129 returned 5.41 g/t over 7.66 meters including a high grade core of 14.80 g/t over 2.12 meters. Drilling at the Wolf Zone confirmed mineralization north of the Gabbro intrusion. Hole WZ-18-151 returned 3.04 g/t over 6.07 meters, including a high grade core of 8.87 g/t over 1.87 meters. Overall land position increased to 83,850 hectares.
OUTLOOK
Target closing the US$70 million financing by the end of May. Receipt of all outstanding permits to begin mining operations are expected in June. Process plant commissioning scheduled to commence in July; targeting declaration of commercial production in Q4 2018. Drill programs will continue to focus on infill and expansion drilling: Middle Zone drilling is focused on upgrading Inferred Resources to the Indicated Resource category and increasing the grade, delineating the Footwall Zone and extending the deposit at depth. The Wolf Zone continues to be evaluated as additional drill results are received. High potential exploration targets have been identified, including the Eagle Zone and Highway Zone. Field work, including geochemical analysis, mapping and surface and downhole geophysics will begin in June to define additional new targets for drilling.
PRELIMINARY ECONOMIC ASSESSMENT
P&E was retained to complete a PEA for the Sugar Zone and Middle Zone deposits (see press release dated May 3, 2019). The PEA envisions a 540 tpd mine plan increasing to 1,400 tpd in year 2021. The Mineral Resource incorporated into the PEA is based on the NI 43-101 resource, effective February 15, 2018. Approximately 534,000 ounces of the Mineral Resource Estimate were excluded from the PEA mine plan due to drill density.
The Company has recognized several opportunities to further enhance value at the Sugar Zone Project by increasing drill density to improve head grade, adding resources to the mine plan by conversion of existing Mineral Resources from the Inferred to Indicated category, growing the property wide resource base, as well as optimizing mine scheduling to reduce mining cost.
The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
FINANCING
On May 3, 2018, the Company announced a US$70 million financing package which fully funds capital cost, start-up and working capital requirements. The financing is comprised of a US$50 million secured debt facility from Sprott Private Resource Lending (Collector) L.P. (“Sprott”) and US$20 million secured subordinated facility from Appian Natural Resources Fund (“Appian”). Closing of both facilities is in May. For further details on the financing, please see press release dated May 3, 2018.
Benefits of the financing package include:
Provides immediate liquidity to fund the completion of construction. Flexible principal and interest schedule to support the ramp-up of operations. No equity commitment. No hedging requirement, cash flow sweep or debt service reserve account. No off-take or royalty agreements. No commitment to draw the full US$70 million.
IMPACT BENEFITS AGREEMENT
On May 2, 2018, the Company announced it signed an IBA with Pic Mobert First Nation (“PMFN”). The IBA applies to mines that may be developed on the 83,850 hectare Sugar Zone property and provides a framework within which Harte Gold and PMFN will continue to work together during the production phase of the Sugar Zone Mine. Please see press release dated May 2, 2018 for key IBA terms.
EXPLORATION AND EVALUATION EXPENDITURES
In Q1 2018, 15,970 meters were drilled at the Sugar Zone, 4,998 meters were drilled at the Wolf Zone and 6,637 meters were drilled at other regional targets. Drilling in Q1 2018 is currently not factored into the NI 43-101 resource estimate and will be additive to any future updates. The following image illustrates key near mine drill results returned to-date. Please see press release dated March 19, 2018 for further detail.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/49714605-f6e6-49d9-9a66-2c45573c316f
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
For the quarter ended March 31, 2018, the Company’s cash and cash equivalent position decreased to $5,470,198 from $24,789,164 at December 31, 2017. Cash was largely used to fund the processing plant construction and exploration costs.
On May 3, the Company announced debt financing of US$70 million which is expected to close at the end of May. With this financing, the Company expects to have sufficient funds to complete budgeted 2018 expenditures, including:
Remaining capex for completion of the process plant, surface infrastructure and underground development. Start-up of operations, working capital and corporate costs. Currently planned exploration expenditures.
In the event of an increase in planned levels of exploration or other expenditures, the Company may need to seek additional financing, either by way of equity or debt. While the Company has been successful in raising funds to date, there can be no assurance that such funds will be available to the Company on terms that it finds acceptable.
QA/QC Statement
The Company has implemented a quality assurance and control (“ QA/QC ”) program to ensure sampling and analysis of mine and exploration work is conducted in accordance with industry standards. Drill core is sawn in half with one half of the core shipped to Actlabs Laboratories located in Thunder Bay, ON, while the other half is retained at the Company’s core facilities in White River, ON, for future verification. Certified reference standards and blanks are inserted into the sample stream on a regular interval basis and monitored as part of the QA/QC program. Gold analysis is performed by fire assay using atomic absorption, gravimetric or pulp metallic finish. The Mineral Resource Estimate was prepared in compliance with NI 43-101 guidelines.
Qualified Persons and NI 43-101 Disclosure
Robert Kusins, P. Geo., Harte Gold’s Senior Mineral Resource geologist, is the Company’s Qualified Person and has prepared, supervised the preparation, or approved the scientific and technical disclosure in this news release.
Independent Qualified Person, Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc. has reviewed and approved the technical contents of this news release.
About Harte Gold Corp.
Harte Gold Corp. is focused on the exploration and development of its 100% owned Sugar Zone Property where it has recently completed a 70,000 tonne Advanced Exploration Bulk Sample at the Sugar Zone Deposit and mined 30,000 tonnes under its Phase I Commercial Production Permit. The Sugar Zone Property is located 80 kilometers east of the Hemlo Gold Camp. Using a 3 g/t Au cut-off, the Mineral Resource Estimate dated February 15, 2018 contains an Indicated Mineral Resource Estimate of 2,607,000 tonnes grading 8.52 g/t for 714,200 ounces of contained gold and an Inferred Mineral Resource Estimate of 3,590,000 tonnes, grading 6.59 g/t for 760,800 ounces of contained gold. Harte Gold also holds the Stoughton-Abitibi property located on the Destor-Porcupine Fault Zone, east of Timmins, Ontario, and adjacent to the Holloway Gold Mine.
For further information, please contact:
Stephen G. Roman
President and CEO
Tel: 416-368-0999
Email: [email protected]
Shawn Howarth
Vice President, Corporate Development
Tel: 416-368-0999
E-mail: [email protected]
This press release contains forward-looking information under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Harte Gold’s development potential and timetable of its operating, development and exploration assets; Harte Gold’s ability to raise additional funds necessary; the future price of gold; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Harte Gold to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Harte Gold and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Harte Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Harte Gold does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Harte Gold’s annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Source:Harte Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-harte-gold-reports-first-quarter-2018-results.html |
May 15 (Reuters) - Stamper Oil & Gas Corp:
* STAMPER OIL & GAS PROVIDES CORPORATE UPDATE ON STATE AND SUDAN
* NOTIFIED BY STATE OIL CORP THAT MOU BETWEEN STATE AND SUDAPET COMPANY LTD IS NOT IN GOOD STANDING
* COMPANY IS ALSO WORKING HARD AT THIS TIME ON EVALUATING OTHER OIL AND GAS PROJECTS IN LATIN AMERICA AND AFRICA
* STATE WILL BE IN DISCUSSIONS WITH MINISTER AT MINISTRY OF OIL AND GAS THROUGH LOCAL MANAGER MEKKI MOSSAD FOR EXTENSION TO MOU
* STATE AND STAMPER ARE IN CONTINUED TALKS WITH OPERATOR IN SUDAN AND ARE WORKING HARD TO SIGN AN UPDATED MOU Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-stamper-oil-gas-provides-corporate/brief-stamper-oil-gas-provides-corporate-update-on-state-oil-corporation-and-sudan-idUSASC0A26G |
May 15, 2018 / 4:04 AM / Updated 11 minutes ago Modi's ruling party leading in Indian state election, vote count shows Aditya Kalra 2 Min Read
NEW DELHI (Reuters) - India’s ruling party was leading on Monday but was short of an outright majority as votes were counted from an election in a big southern state seen as a gauge of Prime Minister Narendra Modi’s popularity ahead of general elections next year. FILE PHOTO: Voters wait in queues to cast their ballot outside a polling station during Karnataka assembly elections in Bengaluru, India, May 12, 2018. REUTERS/Abhishek N. Chinnappa
Karnataka, currently ruled by the Congress party, is home to the technology hub of Bengaluru. It is the first major state electing an assembly this year and will be followed by three more.
Modi’s Bharatiya Janata Party was leading in 95 seats in the elections to the 225-seat state assembly, versus 77 for Congress, the Times Now news channel said. Another channel, CNN News 18, showed the BJP leading in 104 seats and Congress in 60.
The BJP now rules 21 of India’s 29 states.
A regional group, Janata Dal (Secular) together with smaller ally the Bahujan Samaj Party (BSP), was leading in 41 seats and is likely to play kingmaker if no party emerges a clear winner. FILE PHOTO: India's Prime Minister Narendra Modi addresses an election campaign rally ahead of the Karnataka state assembly elections in Bengaluru, India, May 8, 2018. REUTERS/Abhishek N. Chinnappa
Janata Dal leader H.D. Deve Gowda said his party would decide its position “once all the results are out”, CNN News 18 quoted the former Indian prime minister as saying.
Investors are watching the contest closely as they worry a loss for Modi would force him to double down on populist measures, such as extending farm loan waivers a year before the 2019 elections.
India’s benchmark NSE Index extended gains to nearly 1 percent as the BJP improved its tally.
If Modi failed to capture Karnataka, a state of 66 million people, that would re-energise Congress under Rahul Gandhi, the fifth-generation scion of the Nehru-Gandhi dynasty that is trying to exploit dissatisfaction over a lack of jobs for young people and rising fuel prices.
Both Gandhi and Modi addressed rallies across the state to drum up support. Reporting by Aditya Kalra; Editing by Sanjeev Miglani and Clarence Fernandez | ashraq/financial-news-articles | https://www.reuters.com/article/uk-india-election/modis-party-congress-in-close-fight-in-indian-state-early-vote-count-idUSKCN1IG0CG |
May 10 (Reuters) - Synlogic Inc:
* SYNLOGIC ANNOUNCES LEADERSHIP CHANGE * SYNLOGIC INC - JOSE CARLOS GUTIÉRREZ-RAMOS RESIGNS AS SYNLOGIC’S PRESIDENT AND CHIEF EXECUTIVE OFFICER AND MEMBER OF ITS BOARD OF DIRECTORS
* SYNLOGIC INC - AOIFE BRENNAN, CURRENT SYNLOGIC CHIEF MEDICAL OFFICER, NAMED INTERIM PRESIDENT AND CHIEF EXECUTIVE OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-synlogic-announces-leadership-chan/brief-synlogic-announces-leadership-change-idUSFWN1SH1JB |
LIMA (Reuters) - Peru captain and top scorer Paolo Guerrero on Friday asked Switzerland’s highest court to overturn a drugs-related ban that will keep him out of Peru’s first World Cup in 36 years, the Peruvian Football Federation said.
FILE PHOTO - Peruvian soccer player Paolo Guerrero arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo Guerrero had just completed a six-month ban by FIFA after testing positive for a byproduct of cocaine consumption when the Court of Arbitration for Sport (CAS) extended the suspension, ruling him out of the World Cup.
Guerrero denies having used cocaine.
The world players’ union FIFPro and the captains of Peru’s World Cup group rivals in Russia next month have appealed to soccer’s world governing body FIFA to lift the ban. Both FIFA and CAS are based in Switzerland.
Guerrero filed an appeal before the Federal Swiss Federal Tribunal with written support from the head of the Peruvian Football Federation, Edwin Oviedo, the federation said.
“He is the unquestioned captain of the Peruvian team and a national emblem of hope for the whole country,” Oviedo said in his sworn statement to the court that the federation published on Twitter.
“I beg with all my heart to take into account not just Paolo’s interest but the entire nation’s,” Oviedo said.
Guerrero has said that benzoylecgonine, a metabolite of cocaine, was found in his system because of an herbal infusion he drank that was contaminated with coca leaf, an ingredient in cocaine which is also widely used as a non-narcotic traditional remedy in South America.
The players’ union and the captains of Australia, Denmark and France, the three teams drawn to play Peru, have pointed out that CAS itself recognized that Guerrero ingested the substance unknowingly and did not seek to gain an advantage.
Guerrero, 34, unsuccessfully sought amnesty from FIFA president Gianni Infantino during a visit to Switzerland this week.
Reporting by Mitra Taj; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-peru-guerrero/peru-captain-guerrero-asks-swiss-court-to-overturn-doping-ban-federation-idUSKCN1IQ33Z |
Fortt Knox: Big tools for small business with GoDaddy CEO 1 Hour Ago CNBC's Jon Fortt speaks with GoDaddy CEO Scott Wagner about his journey to becoming CEO, building a domain name and creating an online presence at Recode's Code Conference in Rancho Palos Verdes, Ca. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/fortt-knox-big-tools-for-small-business-with-godaddy-ceo.html |
May 15 (Reuters) - AZZ Inc:
* . REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER, FOURTH QUARTER, FISCAL YEAR 2018, AND ISSUES GUIDANCE FOR FISCAL YEAR 2019
* SEES FY 2019 REVENUE $900 MILLION TO $960 MILLION * SEES FY 2018 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.35
* Q4 EARNINGS PER SHARE $0.90 * Q4 REVENUE $200.7 MILLION VERSUS I/B/E/S VIEW $209.9 MILLION
* Q4 EARNINGS PER SHARE VIEW $0.48 — THOMSON REUTERS I/B/E/S
* BACKLOG AT END OF 2018 FISCAL YEAR WAS $265.4 MILLION, A DECREASE OF 16.5% COMPARED TO BACKLOG AT END OF PRIOR YEAR OF $317.9 MILLION
* BOOKINGS FOR FISCAL 2018 WERE $746.5 MILLION, COMPARED TO $858.9 MILLION FOR PRIOR YEAR, A DECREASE OF 13.1% Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-azz-inc-reports-q4-earnings-per-sh/brief-azz-inc-reports-q4-earnings-per-share-0-90-idUSASC0A270 |
May 7, 2018 / 2:16 PM / in 7 hours Ribery signs Bayern Munich contract extension Reuters Staff 2 Min Read
(Reuters) - Bayern Munich winger Franck Ribery has signed a one-year contract extension until the end of next season, the Bundesliga club said on Monday. FILE PHOTO: Soccer Football - Champions League Semi Final Second Leg - Real Madrid v Bayern Munich - Santiago Bernabeu, Madrid, Spain - May 1, 2018 Bayern Munich's Franck Ribery REUTERS/Juan Medina
The 35-year-old Frenchman, who was out of contract at the end of the season, scored five goals in 19 appearances to win his eighth Bundesliga title with Bayern.
“We’re very pleased that Franck is staying with us,” Bayern sporting director Hasan Salihamidzic said in a statement.
“Franck has once again proven, in the Bundesliga as well as the Champions League and DFB Cup, what excellent performances he’s capable of and the great quality he possesses. As well as that, he’s one of our fan favourites.”
Ribery has scored 80 goals in 247 league appearances for Bayern since moving from Olympique de Marseille in 2007.
“I’m very happy that I’ll get to play for this great club for another year,” he said.
“Munich has long since become home for me and my family and I’m therefore very proud that I’ll be able to wear the FC Bayern shirt again next season.” Reporting by Hardik Vyas in Bengaluru, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-germany-bay-ribery/ribery-signs-bayern-munich-contract-extension-idUKKBN1I81IY |
May 22, 2018 / 8:11 PM / Updated 23 minutes ago Pompeo says confident U.S. can develop common approach with Europeans on Iran Reuters Staff 1 U.S. Secretary of State Mike Pompeo said on Tuesday the changes Washington has demanded that Iran make are not difficult to implement and he is confident a common diplomatic approach can be developed with European countries. U.S. Secretary of State Mike Pompeo arrives to deliver remarks on the Trump administration's Iran policy at the Heritage Foundation in Washington, U.S. May 21, 2018. REUTERS/Jonathan Ernst
“I’m confident that there is a set of overlapping values and interests here that will drive us to the same conclusion about the need to respond to the Islamic Republic of Iran’s threats to the world,” Pompeo told reporters at the State Department. Reporting by Arshad Mohammed; Writing by Mohammad Zargham; Editing by Eric Beech | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa-pompeo/pompeo-says-confident-u-s-can-develop-common-approach-with-europeans-on-iran-idUSKCN1IN2TS |
May 7 (Reuters) - Vmoto Ltd:
* UNIT SALES FOR 1Q18 TOTALLED 2,159 UNITS VERSUS 17,168 UNITS YEAR AGO
* IS CONFIDENT COMPANY WILL CONTINUE TO INCREASE INTERNATIONAL SALES IN FY18 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vmoto-says-unit-sales-for-1q18-tot/brief-vmoto-says-unit-sales-for-1q18-totalled-2159-units-versus-17168-units-a-year-ago-idUSFWN1SD00J |
May 19, 2018 / 11:29 AM / Updated 7 hours ago Germany sees migration-related spending of 78 billion euros through 2022 - report Reuters Staff 2 Min Read
BERLIN (Reuters) - Germany expects to spend around 78 billion euros on migration-related issues through 2022, including 31 billion euros to combat the root causes driving people to leave their homes and head to Europe, Der Spiegel magazine reported on Saturday. FILE PHOTO: People walk in front of an office building of the Federal Office for Migration and Refugees (BAMF) in Berlin, Germany, October 15, 2017. REUTERS/Fabrizio Bensch
The magazine cited a document drafted by the German Finance Ministry which estimates federal spending of around 70 billion euros through 2022, plus an additional eight billion euros that the federal government agreed to transfer to states and local communities to cover their costs through 2021.
Social payments to migrants in Germany are projected to account for about 21 billion euros through 2022, with another 13 billion to be spent on language courses and other integrative measures, the magazine cited the document as saying.
Processing, registration and accommodations for refugees would cost 5.2 billion, according to the estimate.
German is working to integrate over a million migrants who entered the country in 2015 and 2016 after a key decision by German Chancellor Angela Merkel that has hit her popularity.
A public backlash against the decision helped catapult the far-right, eurosceptic Alternative for Germany (AfD) party into the lower house of parliament in the September national elections. Reporting by Andrea Shalal, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-budget-migrants/germany-sees-migration-related-spending-of-78-billion-euros-through-2022-report-idUKKCN1IK0EO |
May 17, 2018 / 9:11 PM / Updated 4 hours ago Nadal, Djokovic romp into Rome quarter-finals Reuters Staff 3 Min Read
(Reuters) - Rafa Nadal swept into the quarter-finals of the Italian Open on Thursday with a ruthless 6-4 6-1 victory over Canadian teenager Denis Shapovalov. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 17, 2018 Spain's Rafael Nadal in action during his third round match against Canada's Denis Shapovalov REUTERS/Max Rossi
The top seed, who will reclaim the world number one ranking from Roger Federer if he wins his eighth title in Rome, turned in a near-flawless performance, losing only five service points as he honed in on victory in an hour and 22 minutes.
“It was a solid match for me,” Nadal said. “I started with some mistakes on the return but with my serve, I didn’t lose many points.”
The Spaniard will resume his quest for his first title in Rome in five years against Italian Fabio Fognini.
Fognini battled hard to reach the quarters, coming from 2-4 down in the opening set to beat German Peter Gojowczyk 6-4 6-4.
Former world number one Novak Djokovic is also in the quarter-finals for the first time this year.
Djokovic, back after a troublesome elbow injury, showed flashes of his formidable best as he beat Spain’s Albert Ramos-Vinolas 6-1 7-5 and will meet Japan’s Kei Nishikori in the next round. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 17, 2018 Serbia's Novak Djokovic celebrates winning his third round match against Spain's Albert Ramos-Vinolas REUTERS/Tony Gentile
Nishikori, who like Djokovic is trying to come back from injury, was in complete control against Philipp Kohlschreiber, defeating the German 6-1 6-2.
Defending champion Alexander Zverev scraped past Britain’s Kyle Edmund 7-5 7-6(11) after squandering seven match points, and claimed an 11th consecutive victory that set up a quarter-final clash with ninth seed David Goffin.
Belgian Goffin was leading 6-2 4-5 against fifth seed Juan Martin del Potro when the Argentine was forced to retire with what appeared to be a groin injury that throws his participation at the French Open into doubt. The Paris major begins on May 27.
“I was worried so I decided to stop the game at the end of the second set to see the doctor and see what they say,” Del Potro said. “I will do all of the exams now and then I will try to make a good decision for the future.”
Fourth seed Marin Cilic displayed plenty of patience during his 6-3 6-4 win over Frenchman Benoit Paire.
The Croatian dropped his serve early in the second set, but stayed calm, controlling play from the baseline and picking his moments to turn up the heat.
Cilic will face Pablo Carreno Busta for a place in the semi-finals. Reporting by Simon Jennings in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-rome-men/nadal-djokovic-romp-into-rome-quarter-finals-idUKKCN1II2Y4 |
LOS ANGELES, May 10 (Reuters) - Pride, celebrity, escapism and a fascination with all things British are driving U.S. TV networks to go to town on the wedding of Prince Harry and Meghan Markle with week-long specials, live streaming, and romantic movies.
Documentaries about Markle’s biracial California roots, reruns of Princess Diana’s 1981 wedding to Prince Charles, and features on British pageantry and fashion are just some of the programming in store in the week leading up to the May 19 nuptials.
Despite the U.S. War of Independence some 240 years ago, Americans have long been obsessed with British royals, who regularly feature on the front pages of celebrity magazines.
Harry’s choice of Markle, an American former actress and campaigner for gender equality, makes the wedding even more special.
“We are incredibly proud to say: ‘Harry, you are a smart man,’” said TV anchor Meredith Vieira, who will co-host a five-part nightly series of royal programming on PBS with the BBC.
“Harry is just an adorable prince. Everybody here seems to love him,” Vieira said. He and Markle “exude youth, positivity, optimism and they care about other people. They are a very attractive couple anyway that you cut it.”
Multiple U.S. networks, each with “experts” ranging from former royal butlers to royal biographers, will stream the wedding in England live from 4 a.m. on the U.S East coast.
On the lighter front, celebrity network E! will offer “The Real Princess Diaries,” about the lives of Diana, Markle and Kate Middleton, the wife of Harry’s older brother, Prince William, while the Hallmark Channel will offer a day-long run of made-for-TV romantic movies deemed “fit for a princess.”
Lifetime has a new biographical movie, “Harry & Meghan: A Royal Romance,” which it promoted in Los Angeles with an English high tea complete with cucumber sandwiches, scones, jam and clotted cream.
“It’s an escape for all of us. It’s a peek into fantasy - the prince finding his princess,” said Tanya Lopez, Lifetime’s executive vice president of movies.
Since Markle is also both biracial and divorced, their marriage “has so much more relevance. It really speaks to how the world is changing,” said Lopez.
Those seeking a less awestruck take on the tiaras, carriages and royals, can turn to satirical show “Funny or Die” on HBO , where Will Ferrell and Molly Shannon play mock TV anchors.
A trailer for their royal wedding special showed Ferrell, sporting a ginger beard and broad Union Jack tie, fighting to get out of a traditional British red public phone box. (Reporting by Jill Serjeant; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-americans/american-tv-goes-to-town-on-meghan-and-harrys-royal-wedding-idUSL1N1SG01U |
NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (NASDAQ:FBIO) (“Fortress”), a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products, today announced financial results and recent corporate highlights for the first 2018.
Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “We have made significant advancements in the four years since we created and implemented our unique and efficient business model to benefit all stakeholders. The centralization of a number of critical corporate and R&D functions at Fortress allows our subsidiaries, or “Fortress Companies,” to leverage internal synergies and minimize costs, so they can focus on getting drugs into the hands of people who need them. Our focus on continuing to build value through our strong business development engine and R&D team has led to the launch of nine development-stage subsidiaries, one specialty dermatology subsidiary and the in-licensing of more than 25 development-stage therapies since January 2014. The long-term success of our subsidiaries benefits Fortress through modest royalties on sales and annual and event-driven equity grants.”
Dr. Rosenwald added, “By offering investment opportunities to finance specific Fortress Companies, we enable investors to select more concentrated exposure in innovative therapeutic areas, like CAR-T therapy and checkpoint inhibitors. We have done just that in the 18 months since we completed a successful tender offer for the majority of shares in National Holdings Corporation. This unique relationship enables us to offer National Holdings’ clients the opportunity to invest in drug candidates across a range of developmental stages and therapeutic areas. We are pleased with our synergistic collaboration with National Holdings and the significant progress National Holdings has made in the past 18 months to transform its firm culture.”
Accomplishments since launch of Fortress business model in January 2014:
Research and development
Established 9 development-stage Fortress Companies in areas including CAR-T therapy, checkpoint inhibitors, gene therapy, rare diseases and pain management Established Journey Medical Corporation, a specialty dermatology company with four marketed products (Targadox®, Ceracade®, Triderm™ and Luxamend®) and a contract sales and marketing operation of more than 30 professionals In-licensed more than 25 development-stage programs across multiple therapeutic areas, which are currently in development at Fortress and the Fortress Companies Established a 27,000 sq. foot CAR-T processing facility at UMass Medicine Science Park in Worcester, Massachusetts, to manufacture Mustang Bio’s CAR-T therapies
Corporate
Established a business development / search and evaluate team, and expanded headcount to approximately 20 employees Built a corporate operations team (finance, accounting, legal, investor relations and human resources) of 15 employees and expanded manufacturing, quality, regulatory, clinical and R&D staff to 34 employees
Financial Results:
As of March 31, 2018, Fortress’ consolidated cash, cash equivalents, short-term investments (certificates of deposit), cash deposits with clearing organizations and restricted cash totaled $179.4 million, compared to $168.3 million as of December 31, 2017, an increase of $11.1 million for the quarter. Net revenue totaled $55.4 million for the first quarter of 2018, compared to $44.7 million for the first quarter of 2017. Total revenue as of March 31, 2018, includes $5.9 million of Fortress revenue and $49.5 million of revenue from National Holdings. Total revenue as of March 31, 2017, included $2.8 million of Fortress revenue and $41.9 million of revenue from National Holdings. Research and development expenses were $25.0 million for the first quarter of 2018, of which $22.8 million was related to Fortress Companies. This compares to $7.1 million for the first quarter of 2017, of which $5.4 million was related to Fortress Companies. Non-cash, stock-based compensation expenses included in research and development were $2.3 million for the first quarter of 2018, compared to $0.8 million for the first quarter of 2017. Research and development expenses from license acquisitions totaled $0.1 million for the first quarter of 2018, compared to $1.3 million for the first quarter of 2017. General and administrative expenses were $13.5 million for the first quarter of 2018, of which $8.4 million was related to Fortress Companies. This compares to $10.3 million for the first quarter of 2017, of which $6.7 million was related to Fortress Companies. Non-cash, stock-based compensation expenses included in general and administrative expenses were $2.5 million for the first quarter of 2018, compared to $2.1 million for the first quarter of 2017. National Holdings’ operating expenses totaled $50.8 million for the first quarter of 2018, compared to $43.1 million for the first quarter of 2017. Net loss attributable to common stockholders was $21.0 million, or $0.49 per share, for the first quarter of 2018, compared to a net loss attributable to common stockholders of $12.0 million, or $0.30 per share, for the first quarter of 2017.
Recent Fortress and Fortress Company Highlights:
Aevitas Therapeutics, Inc.
In January 2018, Aevitas entered into a sponsored research agreement with the laboratory of Guangping Gao, Ph.D., at the University of Massachusetts Medical School to evaluate construct optimization for Aevitas’ AAV gene therapy treatment for complement-mediated diseases.
Avenue Therapeutics, Inc.
In March 2018, Avenue received Notices of Allowance from the U.S. Patent and Trademark Office (“USPTO”) for three patent applications covering methods of administration for IV tramadol. Issuance of these patents is expected in the second quarter of 2018. In April 2018, Avenue completed enrollment in its Phase 3, multicenter, randomized, double-blind, three-arm clinical trial evaluating the efficacy and safety of IV tramadol 50 mg and 25 mg versus placebo for the treatment of moderate to moderately severe pain in patients following bunionectomy surgery. Avenue expects to report topline data in the second quarter of 2018.
Caelum Biosciences, Inc.
In March 2018, a new analysis of data from the Phase 1b trial of Caelum’s CAEL-101 (mAb 11-1F4) for the treatment of relapsed or refractory amyloid light chain (“AL”) amyloidosis was presented at the 16th International Symposium on Amyloidosis. The data demonstrated a correlation between a sustained decrease in N-terminal pro-brain natriuretic peptide (NT-proBNP) levels and an improvement in global longitudinal strain (“GLS”) following CAEL-101 treatment in patients with cardiac AL amyloidosis.
Checkpoint Therapeutics, Inc.
In March 2018, Checkpoint completed an underwritten public offering that raised net proceeds of $20.8 million. Also in March 2018, Checkpoint completed the dose escalation portion of the ongoing Phase 1 trial of CK-301, a fully human anti-PD-L1 antibody, in selected recurrent or metastatic cancers, and initiated the first dose expansion cohort, which is evaluating an 800 mg dose of CK-301 administered every two weeks. In April 2018, Checkpoint presented preclinical data on BET inhibitor CK-103 at the American Association for Cancer Research Annual Meeting. CK-103 demonstrated combinatorial effects in an in vivo model with anti-PD-1 antibodies, which may support the development of CK-103 as an anti-cancer agent alone and in combination with Checkpoint’s anti-PD-L1 antibody CK-301.
Mustang Bio, Inc.
In March 2018, Mustang announced that Sadik Kassim, Ph.D., was appointed Chief Scientific Officer, and Knut Niss, Ph.D., was named Chief Technology Officer.
National Holdings Corporation:
Fortress acquired approximately 57% of National Holdings Corporation (“National Holdings”) in September 2016. Accomplishments since closing the tender include: Established new client-focused leadership team at National Holdings and at its wholly-owned operating companies National Securities Corporation and National Asset Management, Inc.; Invested in new technology infrastructure geared toward risk management and improved client performance; and Continued to increase revenues, particularly in investment banking, as described in its Q1 10-Q, filed February 14, 2018.
About Fortress Biotech
Fortress is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain subsidiary companies, also known as Fortress Companies. In addition to its internal development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensing arrangements, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com .
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; risks relating to the timing of starting and completing clinical trials; our dependence on third-party suppliers; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law.
Company Contact:
Jaclyn Jaffe
Fortress Biotech, Inc.
(781) 652-4500
[email protected]
Investor Relations Contact:
Jeremy Feffer
Managing Director, LifeSci Advisors, LLC
(212) 915-2568
[email protected]
Media Relations Contact:
Laura Bagby
6 Degrees
(312) 448-8098
[email protected]
FORTRESS BIOTECH, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
($ in thousands except for share and per share amounts)
March 31, December 31, 2018 2017 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 124,020 $ 113,915 Accounts receivable 8,314 7,758 Short-term investments (certificates of deposit) 37,002 36,002 Cash deposits with clearing organizations 1,041 1,041 Receivables from broker-dealers and clearing organizations 8,464 7,395 Forgivable loans receivable 1,534 1,616 Securities owned, at fair value 4,278 1,985 Inventory 222 171 Other receivables - related party 944 618 Prepaid expenses and other current assets 14,338 12,680 Total current assets 200,157 183,181 Property and equipment, net 12,278 9,513 Restricted cash 17,387 17,387 Long-term investments, at fair value 1,272 1,390 Intangible assets 14,400 15,223 Goodwill 18,645 18,645 Other assets 936 611 Total assets $ 265,075 $ 245,950 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 44,725 $ 36,127 Accounts payable and accrued expenses - related party 124 222 Accrued commissions and payroll payable 10,713 10,065 Deferred clearing and marketing credits 733 786 Securities sold, not yet purchased, at fair value - 151 Warrants issued - National 6,671 5,597 Interest payable 332 315 Interest payable - related party 657 669 Notes payable, short-term (net of debt discount of $0 and $973 at March 31, 2018
and December 31, 2017, respectively) - 8,528 Subsidiary convertible note, short-term, at fair value 12,651 4,700 Deferred revenue 690 - Derivative warrant liability 78 87 Other current liabilities 1,952 181 Total current liabilities 79,326 67,428 Notes payable, long-term (net of debt discount of $1,047 and $62 at March 31,
2018 and December 31, 2017, respectively) 73,444 43,222 Subsidiary convertible note, long-term, at fair value - 10,059 Other long-term liabilities 4,759 4,739 Total liabilities 157,529 125,448 Stockholders' equity Preferred stock, $.001 par value, 15,000,000 authorized, 5,000,000 designated
Series A shares 1,000,000 shares issued and outstanding as of March 31, 2018 and
December 31, 2017; liquidation value of $25.00 per share 1 1 Common stock, $.001 par value, 100,000,000 shares authorized, 52,686,537 and
50,991,285 shares issued and outstanding as of March 31, 2018 and December 31,
2017, respectively 52 51 Common stock issuable, 104,958 and 158,015 shares as of March 31, 2018 and
December 31, 2017, respectively 489 500 Additional paid-in-capital 374,254 364,148 Accumulated deficit (333,145 ) (312,127 ) Total stockholders' equity attributed to the Company 41,651 52,573 Non-controlling interests 65,895 67,929 Total stockholders' equity 107,546 120,502 Total liabilities and stockholders' equity $ 265,075 $ 245,950 FORTRESS BIOTECH, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
($ in thousands except for share and per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenue Fortress Product revenue, net $ 5,509 $ 2,085 Revenue - from a related party 394 693 Net Fortress revenue 5,903 2,778 National Commissions 25,618 24,506 Net dealer inventory gains 2,190 2,511 Investment banking 12,704 7,061 Investment advisory 5,333 3,385 Interest and dividends 631 716 Transfer fees and clearing services 2,297 2,498 Tax preparation and accounting 523 856 Other 226 371 Total National revenue 49,522 41,904 Net revenue 55,425 44,682 Operating expenses Fortress Cost of goods sold - product revenue 1,472 469 Research and development 24,958 7,110 Research and development – licenses acquired 97 1,294 General and administrative 13,548 10,252 Total Fortress operating expenses 40,075 19,125 National Commissions, compensation and fees 43,561 37,258 Clearing fees 743 738 Communications 760 722 Occupancy 955 1,008 Licenses and registration 637 405 Professional fees 1,393 1,263 Interest 2 4 Underwriting costs 145 - Depreciation and amortization 859 506 Other administrative expenses 1,781 1,230 Total National operating expenses 50,836 43,134 Total operating expenses 90,911 62,259 Loss from operations (35,486 ) (17,577 ) Other income (expenses) Interest income 284 136 Interest expense and financing fee (2,083 ) (698 ) Change in fair value of derivative liabilities (1,065 ) 4,342 Change in fair value of subsidiary convertible note 250 (97 ) Change in fair value of investments (118 ) (668 ) Total other income (expenses) (2,732 ) 3,015 Net loss (38,218 ) (14,562 ) Less: net loss attributable to non-controlling interests (17,200 ) (2,580 ) Net loss attributable to common stockholders $ (21,018 ) $ (11,982 ) Basic and diluted net loss per common share $ (0.49 ) $ (0.30 ) Weighted average common shares outstanding—basic and diluted 42,518,403 40,357,711
Source:Fortress Biotech, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-fortress-biotech-reports-first-quarter-2018-financial-results-and-recent-corporate-highlights.html |
May 7 (Reuters) - Mediclin AG:
* Q1 GROUP EBIT IMPROVED BY EUR 1.2 MILLION FROM EUR –0.5 MILLION TO EUR 0.7 MILLION
* Q1 SALES OF EUR 157.7 MILLION, WHICH WAS EUR 10.6 MILLION OR 7.2% HIGHER THAN IN Q1 2017
* Q1 CONSOLIDATED RESULT ATTRIBUTABLE TO SHAREHOLDERS ON MEDICLIN WAS EUR 0.2 MILL. (Q1 2017: EUR –0.8 MILL.) Source text - bit.ly/2KIwxr8 (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mediclin-q1-group-ebit-turns-posit/brief-mediclin-q1-group-ebit-turns-positive-at-eur-0-7-million-idUSFWN1SE0GA |
For centuries, the world's seas and oceans have been used to trade goods and services. Today, the shipping industry remains a crucial cog in the global economy.
The scale of the industry is significant. In 2016, global seaborne trade hit 10.3 billion tons, according to the 2017 edition of the United Nations Conference on Trade and Development's Handbook of Statistics. Asia remained the world's largest trading region, with Asian seaports loading 4.1 billion tons of goods and unloading 6.3 billion tons in 2016.
In Europe, efforts are underway to revamp the shipping industry. The Motorways of the Sea (Mos) concept, for example, has the overarching aim of promoting "green, viable, attractive and efficient sea-based transport links integrated in the entire transport chain," according to the European Commission (EC).
The Innovation and Networks Executive Agency of the EC has described MoS as being the "maritime pillar of the Trans-European Transport Network." They are made up of everything from short-sea routes to ports, facilities and simplified administrative formalities.
Authorities are also looking to the skies for inspiration. "STM, sea traffic management, as an idea comes out of aviation, where they have one air traffic control system for the whole of Europe," Brian Simpson, the European Coordinator for Motorways of the Sea, told CNBC. Simpson added that STM represented "the start of a project to bring that kind of principle to the maritime aspect of our work."
Simpson added that an STM system improved safety. "It stops collisions. And when you've got a busy seaway like the English Channel… that's very important, and in bad weather it's vital."
The environmental impact of the shipping industry is not insignificant. In 2012, international shipping was responsible for an estimated 796 million tons of carbon dioxide (CO2) emissions — around 2.2 percent of total global CO2 emissions that year, according to the International Maritime Organization.
The issue of ships switching from diesel to other sources of fuel is an intriguing one. "Changing to alternative fuels means changing the vessels and their engine technology," Anne Goodchild, professor of civil and environmental engineering at the University of Washington, said.
"That's a huge… undertaking, that's a big cost," she added. "And so I think the most practical approach is an incremental one. But for smaller scales, for kind of feeder vessels that are doing shorter distances and may be closer to power, then that might be an area where we could look to trying to introduce some real bigger changes, bigger innovations."
Speed may be another area where environmental benefits can be found. Goodchild said the tactic of slowing vessels down as they near the coast, to reduce energy consumption, had been implemented domestically to beneficial effect. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-ideas-that-could-transform-the-shipping-industry.html |
If Trump answers Mueller's questions, it will 'end his presidency' Andrew Stoltmann, attorney • May 1, 2018 Dozens of questions Special Counsel Robert Mueller wants to ask President Trump were leaked to the New York Times and published on Monday. Trump has expressed a desire to be interviewed by Mueller in hopes that it will end the investigation. It would be extraordinarily unwise for President Donald Trump to speak with Special Counsel Robert Mueller III about his Russian ties and whether he obstructed justice. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/if-trump-answers-muellers-questions-it-will-end-his-presidency.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
Santa Fe HS students return to school 7:56pm IST - 00:43
Santa Fe High School students were returning to school on Tuesday for the first time since the May 18th shooting rampage that killed 10 people. Rough cut
Santa Fe High School students were returning to school on Tuesday for the first time since the May 18th shooting rampage that killed 10 people. Rough cut //reut.rs/2IQFLUG | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/santa-fe-hs-students-return-to-school?videoId=431437784 |
May 15 (Reuters) - Exponent Inc:
* EXPONENT ANNOUNCES TWO-FOR-ONE STOCK SPLIT Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-exponent-announces-two-for-one-sto/brief-exponent-announces-two-for-one-stock-split-idUSASC0A2EM |
The veteran Washington lawyer tapped to represent President Donald Trump in the special counsel’s investigation is known as a skilled criminal defense attorney who could take a more aggressive approach to the intensifying probe.
White House officials said Wednesday that the latest member of Mr. Trump’s legal team would be Emmet Flood, a former White House lawyer best known for his role representing then-President Bill Clinton during his impeachment proceedings in the late 1990s. He takes the place of Ty Cobb, who is leaving... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-trump-lawyer-emmet-flood-is-known-for-tough-approach-1525306842 |
New eruptions at the summit of Kilauea volcano on Hawaii’s Big Island shot ash thousands of feet in the air. Scientists expect sporadic bursts to continue for at least two more weeks. Photo: Getty Images | ashraq/financial-news-articles | http://live.wsj.com/video/footage-of-new-kilauea-volcano-eruptions/6A2CCBB1-6E05-4F83-ACEB-637742EBE898.html |
Published: May 28, 2018 9:03 a.m. ET Share Getty Images July 4, 2017 picture of North -Un (C) celebrating the successful test-fire of the intercontinental ballistic missile
By Andrew Jeong Chun Han Wong
U.S. and North Korean officials met to try to forge an agreement on denuclearization that the leaders of both countries could sign at a summit next month, despite doubts over Pyongyang’s willingness to dismantle its nuclear arsenal.
The former U.S. ambassador to Seoul, Sung Kim, met with senior North Korean official Choe Son Hui at the inter-Korean demilitarized zone on Monday to discuss the agenda of the planned summit between President Donald Trump and North Un, originally scheduled to be held June 12 in Singapore.
Separate teams from the U.S. and North Korea were due to arrive in Singapore later Monday ahead of preparatory meetings there this week, a person with knowledge of the process said. The delegations are respectively led by Joe Hagin, a White House deputy chief of staff, and Kim Chang Son, a close aide to the North Korean dictator, the person said.
The flurry of diplomatic activity signaled an effort by both sides to salvage the talks, which only days ago appeared to have collapsed. Trump had said on Thursday that he would withdraw from the summit with Kim, citing “open hostility” from North Korea. But a hastily arranged meeting of the North and South Korean leaders over the weekend, and a conciliatory statement from Trump, appeared to put the meeting back on course. | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-north-korea-meet-to-try-to-salvage-summit-1527500643 |
HONOLULU, May 8, 2018 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company") today announced financial results for the first quarter of 2018.
"Our core segment—Commercial Real Estate—continued its strong financial and operating performance in the first quarter with 8.4% growth in operating profit, 2.8% growth in same-store net operating income 1 and 10.2% re-leasing spreads. Strategically, we completed the successful migration of our mainland commercial real estate portfolio to Hawai`i with the acquisition of three premier Hawai`i neighborhood and community retail centers and the sale of our last six mainland properties. We also advanced our commercial development pipeline by turning over the first tenant spaces at our Lau Hala Shops project in Kailua and breaking ground on Ho`okele Shopping Center in March. The excellent financial, operational and strategic performance in Commercial Real Estate provided a positive start to 2018, and we expect to hit our earlier guidance for full-year same-store NOI growth," said Chris Benjamin, A&B president and chief executive officer.
"The Land Operations segment's financial results for the quarter were challenged by construction- and remediation-related costs within a builder joint venture. On the positive side, we sold a Kahala property, and several units at Kamalani, Keala o Wailea, Ka Milo and Kukui`ula, which resulted in sales proceeds and cash distributions from our partners of $28 million. Meanwhile, Grace Pacific had a particularly challenging quarter, even as it advanced important operating initiatives that should produce improving results as the year progresses."
Corporate Highlights
Net income available to A&B shareholders for the first quarter of 2018 was $47.3 million or $0.66 per diluted share. The Company closed the sale of its last six mainland portfolio assets in the quarter, thus completing its mainland to Hawai`i migration. All of the Company's commercial real estate assets are now located in Hawai`i. In connection with its conversion to a REIT, the Company distributed $783.0 million (approximately $15.92 per share) to its shareholders (the "Special Distribution") on January 23, 2018, consisting of $156.6 million in cash and $626.4 million in shares. As of March 31, 2018, the Company had 72.0 million shares outstanding.
Commercial Real Estate ("CRE") Highlights
CRE operating profit was $15.5 million in the first quarter of 2018, as compared to $14.3 million in the prior year first quarter, an increase of 8.4%. Same-store cash NOI 1 increased 2.8% in the first quarter of 2018, as compared to the prior year first quarter. All same-store assets are located in Hawai`i as of the end of the quarter. Signed 61 leases covering 306,000 square feet of gross leasable area ("GLA") in the first quarter. Leasing spreads for signed leases when compared to previously escalated rents on the same spaces were 10.2% higher for the first quarter of 2018. Leasing spreads on Hawai`i retail spaces were 7.5% higher for the first quarter of 2018. Occupancy decreased by 190 basis points to 91.8% as of March 31, 2018, as compared to March 31, 2017, primarily due to the previously anticipated termination of one large tenant at Komohana Industrial Park. Occupancy in the Hawai`i retail portfolio was 93.1% at the end of the quarter, a decrease of 10 basis points. Major strategic lease transactions this year-to-date included: A ground lease with Wendy's on a 24,000-square-foot, vacant parcel in Kailua. Seven new leases at the recently acquired Honokohau Industrial property at an aggregate leasing spread of 22.5%. Year-to-date highlights in redevelopment and development for hold included: Groundbreaking and commencement of construction at the 94,000-square-foot Ho`okele Shopping Center adjacent to Maui Business Park in Kahului. Began turning spaces over to tenants at the 50,500-square-foot Lau Hala Shops center, which was 88% pre-leased as of March 31, 2018, and is scheduled to open in late 2018.
CRE Acquisition and Disposition Highlights
In February 2018, the Company closed on the purchase of a 415,200-square-foot portfolio of three, newly constructed, premier retail centers located in Hawai`i ("TRC Asset Acquisition"), for $256.7 million (consideration of $254.1 million paid to the seller, and construction and acquisition-related costs of $2.6 million paid to third parties). The acquisition was financed with sources from property sales including the sale of six mainland properties for an aggregate sales price of $159.2 million, which closed in the first quarter 2018, and from proceeds from the sale of one mainland property, which closed in the fourth quarter 2017. In addition, the Company assumed mortgage debt in the acquisition. Sales of improved properties and a ground lease in the first quarter of 2018 amounted to $49.6 million, or $0.69 per diluted share.
Land Operations Highlights
Land Operations operating loss was $5.4 million for the first quarter of 2018, as compared to a $2.4 million loss in the prior year first quarter. The first quarter 2018 operating loss principally resulted from $4.2 million of construction- and remediation-related costs at a builder joint venture project in which the Company is a passive investor. Sold a Kahala property, and several units at Kamalani, Keala o Wailea, Ka Milo and Kukui`ula that generated $28 million of cash proceeds and joint venture distributions. Advanced diversified agriculture lease discussions and plans for the sale and lease of lands for the expansion of the Kula Agricultural Park.
Materials & Construction Highlights
Materials & Construction operating profit was $0.2 million for the first quarter of 2018, as compared to $5.6 million profit in the prior year first quarter. Adjusted EBITDA 1 was $3.1 million for the three months ended March 31, 2018, as compared to $7.9 million for the prior year. Twenty-six percent of the available crew days in the first quarter were lost to weather, which reduced asphalt deliveries by 19.3% to 108.7 thousand tons during the three months ended March 31, 2018, as compared to the prior year. Crew days lost to weather more than doubled in the quarter, increasing from 51 days in the first quarter of 2017 to 109.5 days in the first quarter of 2018. Backlog 2 for the Company's Materials & Construction segment was $198.4 million as of March 31, 2018, as compared to $213.2 million for the comparable prior year period.
Financing Highlights
Recent financings in 2018 included the following: In February 2018, assumed a $62.0 million mortgage secured by Laulani Village, which was acquired as part of the TRC Asset Acquisition. The loan carries a fixed interest rate of 3.93% and matures in 2024. In February 2018, closed a $50 million, bank term loan facility maturing in 2023, which carries interest at LIBOR plus a margin that is determined using a leverage-based pricing grid. On April 18, 2018, refinanced the 3.9% fixed rate $62.5 million Prudential Series E loan that matured in 2024, with three new Prudential financings: $10 million at a fixed interest rate of 4.66% maturing in 2025; $34.5 million at a fixed interest rate of 4.81% maturing in 2027; and $18 million at a fixed interest rate of 4.89% maturing in 2028. At March 31, 2018, the Company's debt has a weighted-average maturity of 5.6 years with a weighted-average interest rate of 4.16%. Pro forma for the refinancing of Prudential Series E and Syndicated Term loan, the weighted-average maturity increased to 6.0 years. Seventy-two percent of debt was at a fixed rate.
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
SEGMENT DATA & OTHER FINANCIAL INFORMATION
(In millions, except per share amounts; unaudited)
Three Months Ended
March 31,
2018
2017
Operating Revenue:
Commercial Real Estate
$
35.2
$
33.7
Land Operations
29.3
11.0
Materials & Construction
48.8
48.5
Total operating revenue
113.3
93.2
Operating Profit (Loss):
Commercial Real Estate
15.5
14.3
Land Operations
(5.4)
(2.4)
Materials & Construction
0.2
5.6
Total operating profit
10.3
17.5
Interest expense
(8.4)
(6.2)
General corporate expenses
(6.7)
(5.7)
REIT evaluation/conversion costs
—
(4.8)
Income (Loss) from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties and Ground Leased Land
(4.8)
0.8
Income tax benefit (expense)
2.7
0.8
Income (Loss) from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties and Ground Leased Land
(2.1)
1.6
Net gain (loss) on the sale of improved properties and ground leased land
49.6
3.0
Income (Loss) from Continuing Operations
47.5
4.6
Income (loss) from discontinued operations, net of income taxes
(0.1)
2.4
Net Income (Loss)
47.4
7.0
Income attributable to noncontrolling interest
(0.1)
(0.7)
Net Income (Loss) Attributable to A&B Shareholders
$
47.3
$
6.3
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders
$
0.71
$
0.09
Discontinued operations available to A&B shareholders
—
0.05
Net income (loss) available to A&B shareholders
$
0.71
$
0.14
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders
$
0.66
$
0.09
Discontinued operations available to A&B shareholders
—
0.05
Net income (loss) available to A&B shareholders
$
0.66
$
0.14
Weighted-Average Number of Shares Outstanding:
Basic
66.4
49.1
Diluted
72.2
49.6
Amounts Available to A&B Shareholders:
Continuing operations available to A&B shareholders, net of income taxes
$
47.4
$
4.4
Discontinued operations available to A&B shareholders, net of income taxes
(0.1)
2.4
Net income (loss) available to A&B shareholders
$
47.3
$
6.8
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, unaudited)
March 31, 2018
December 31, 2017
ASSETS
Current Assets
$
178.5
$
274.8
Investments in Affiliates
397.0
401.7
Real Estate Developments
142.0
151.0
Property – Net
1,317.6
1,147.5
Intangible Assets – Net
80.5
46.9
Deferred Tax Asset
18.6
16.5
Goodwill
102.3
102.3
Restricted Cash
17.1
34.3
Other Assets
57.1
56.2
Total assets
$
2,310.7
$
2,231.2
LIABILITIES AND EQUITY
Current Liabilities
$
123.3
$
926.8
Long-term Liabilities:
Long-term debt
795.8
585.2
Accrued pension and post-retirement benefits
20.1
19.9
Other non-current liabilities
38.3
40.2
Redeemable Noncontrolling Interest
8.0
8.0
Equity
1,325.2
651.1
Total liabilities and equity
$
2,310.7
$
2,231.2
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOWS
(In millions, unaudited)
Three Months Ended
March 31,
2018
2017
Cash Flows from Operating Activities:
Net income (loss)
$
47.4
$
7.0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization
10.2
10.5
Deferred income taxes
(2.7)
0.8
Gains on asset transactions, net of asset write-downs
(50.0)
(7.9)
Share-based compensation expense
1.3
1.1
Investments in affiliates, net of distributions
4.8
7.8
Changes in operating assets and liabilities:
Trade, contracts retention, and other receivables
(4.2)
4.2
Costs and estimated earnings in excess of billings on uncompleted contracts - net
2.1
(2.8)
Inventories
2.3
15.2
Prepaid expenses, income tax receivable and other assets
(1.4)
(2.8)
Accrued pension and post-retirement benefits
1.1
0.3
Accounts payable
(8.7)
(3.2)
Accrued and other liabilities
(8.6)
(38.2)
Real estate inventory sales (real estate developments held for sale)
22.1
2.3
Expenditures for real estate inventory (real estate developments held for sale)
(7.2)
(4.9)
Net cash provided by (used in) operations
8.5
(10.6)
Cash Flows from Investing Activities:
Capital expenditures for acquisitions
(194.7)
—
Capital expenditures for property, plant and equipment
(12.7)
(6.1)
Proceeds from disposal of property and other assets
155.4
8.0
Payments for purchases of investments in affiliates and other investments
(9.2)
(14.5)
Proceeds from investments in affiliates and other investments
5.1
0.6
Net cash provided by (used in) investing activities
(56.1)
(12.0)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt
504.1
57.0
Payments of long-term debt and deferred financing costs
(355.7)
(19.0)
Borrowings (payments) on line-of-credit agreement, net
(2.3)
6.9
Distribution to noncontrolling interests
—
(0.2)
Cash dividends paid
(156.6)
(3.4)
Proceeds from issuance (repurchase) of capital stock and other, net
(1.5)
(4.0)
Net cash provided by (used in) financing activities
(12.0)
37.3
Cash, Cash Equivalents and Restricted Cash:
Net increase (decrease) in cash, cash equivalents, and restricted cash
(59.6)
14.7
Balance, beginning of period
103.2
12.3
Balance, end of period
$
43.6
$
27.0
USE OF NON-GAAP FINANCIAL MEASURES
The Company uses non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' core operating results, and/or the underlying business trends affecting performance on a consistent and comparable basis from period to period. These measures generally are provided to investors as an additional means of evaluating the performance of ongoing core operations. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP. The Company's methods of calculating non-GAAP measures may differ from methods employed by other companies and thus may not be comparable to such other companies.
Cash Net Operating Income ("Cash NOI") is a non-GAAP measure used by the Company in evaluating the CRE segment's operating performance as it is an indicator of the return on property investment, and provides a method of comparing performance of operations, on an unlevered basis, over time. Cash NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Cash NOI is calculated as total property revenues less direct property-related operating expenses. Cash NOI excludes straight-line rent adjustments, amortization of favorable/unfavorable leases, amortization of tenant incentives, general and administrative expenses, impairments of commercial real estate, lease termination income, and depreciation and amortization (including amortization of maintenance capital, tenant improvements and leasing commissions).
The Company reports Cash NOI on a same store basis, which includes the results of properties that were owned and operated for the entirety of the prior calendar year. The same-store pool excludes properties under development or redevelopment and also excludes properties acquired or sold during the comparable reporting periods. While there is management judgment involved in classifications, new developments and redevelopments are moved into the same store pool upon one full calendar year of stabilized operation, which is typically upon attainment of market occupancy.
A reconciliation of CRE operating profit to CRE Cash NOI and Same-Store Cash NOI is as follows:
Three Months
Ended March 31,
(in millions, unaudited)
2018
2017
Change
Commercial Real Estate Operating Profit (Loss)
$
15.5
$
14.3
Plus: Depreciation and amortization
6.3
6.6
Less: Straight-line lease adjustments
(0.1)
(0.5)
Less: Favorable/(unfavorable) lease amortization
(0.6)
(0.8)
Less: Termination income
(1.1)
—
Plus: Other (income)/expense, net
—
0.1
Plus: Selling, general, administrative and other expenses
1.8
1.7
Commercial Real Estate Cash NOI
21.8
21.4
1.9%
Acquisitions / dispositions and other adjustments
(3.0)
(3.1)
Commercial Real Estate Same-Store Cash NOI
$
18.8
$
18.3
2.8%
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA for the Materials & Construction segment are non-GAAP measures used by the Company in evaluating the Materials & Construction segment's operating performance on a consistent and comparable basis from period to period. The Company provides this information to investors as an additional means of evaluating the performance of the segment's ongoing core operations. EBITDA and Adjusted EBITDA should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
EBITDA is calculated for the Materials & Construction segment by adjusting segment operating profit (which excludes interest and tax expenses), by adding back depreciation and amortization. Adjusted EBITDA is calculated for the Materials & Construction segment by adjusting for income attributable to noncontrolling interests from EBITDA.
A reconciliation of Materials & Construction operating profit to Materials & Construction EBITDA and Adjusted EBITDA is as follows:
Three Months
Ended March 31,
(in millions, unaudited)
2018
2017
Operating Profit (Loss)
$
0.2
$
5.6
Depreciation and amortization
3.0
3.0
EBITDA
3.2
8.6
Income attributable to noncontrolling interest
(0.1)
(0.7)
Adjusted EBITDA
$
3.1
$
7.9
1
See above for a discussion of management's use of non-GAAP financial measures and reconciliations from GAAP to non-GAAP measures.
2
Backlog represents the amount of revenue that Grace Pacific and Maui Paving, LLC, a 50-percent-owned unconsolidated affiliate, expect to realize on contracts awarded and government contracts in which Grace Pacific has been confirmed to be the lowest bidder and formal communication of the award is perfunctory.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions. Such forward-looking statements speak only as of the date the statements were made and are not guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include, but are not limited to, prevailing market conditions and other factors related to the Company's REIT status and the Company's business generally discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. The information in this release should be evaluated in light of these important risk factors. We do not undertake any obligation to update the Company's forward-looking statements.
ABOUT ALEXANDER & BALDWIN
Alexander & Baldwin, Inc. is Hawai`i's premier commercial real estate company and the state's foremost owner of grocery-anchored retail centers. With a portfolio of approximately 87,000 acres in Hawai`i, A&B is the state's fourth largest private landowner. A&B is a fully integrated real estate investment trust and owns, operates and manages 3.3 million square feet of primarily retail and industrial space in Hawai`i. A&B's interests extend beyond commercial real estate into diversified agriculture, renewable energy, and land stewardship. A&B also is Hawai`i's largest construction materials company and paving contractor. Over its nearly 150-year history, A&B has evolved with the state's economy and played a lead role in the development of the agricultural, transportation, tourism, construction and real estate industries. Learn more about A&B at www.alexanderbaldwin.com .
Contact:
Suzy Hollinger
(808) 525-8422
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/alexander--baldwin-inc-reports-first-quarter-2018-results-300644805.html
SOURCE Alexander & Baldwin, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-alexander-baldwin-inc-reports-first-quarter-2018-results.html |
May 18, 2018 / 12:08 PM / Updated 12 minutes ago Explosions heard near airport in central Syria - state media Reuters Staff 1 Min Read
BEIRUT (Reuters) - Explosions were heard near Hama airport inSyria on Friday, Syrian state media said without giving details.
The Syrian Observatory for Human Rights said the series of explosions were near Hama’s military airport and had been heard in Hama city. Reporting by Dahlia Nehme; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-explosions/explosions-heard-near-airport-in-central-syria-state-media-idUKKCN1IJ1HR |
May 7 (Reuters) - Green Brick Partners Inc:
* GREEN BRICK PARTNERS, INC. REPORTS RECORD FIRST QUARTER RESULTS
* QTRLY REVENUE OF $128.3 MILLION, UP 29.1% * DOLLAR VALUE OF BACKLOG UNITS AS OF MARCH 31, 2018 WAS $226.5 MILLION, AN INCREASE OF 56.0%
* HOMES UNDER CONSTRUCTION INCREASED 21.6% TO 760 AS OF MARCH 31, 2018, COMPARED TO 625 AS OF MARCH 31, 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-green-brick-partners-q1-earnings-p/brief-green-brick-partners-q1-earnings-per-share-0-29-idUSASC0A06H |
May 15, 2018 / 1:20 AM / Updated 19 hours ago ATP World Tour Masters 1000 / WTA Premier, Rome Masters Men's Doubles Seeds Progress Reuters Staff 2 Min Read May 15 (OPTA) - Seeds Progress from the ATP World Tour Masters 1000 / WTA Premier, Rome Masters Men's Doubles matches on Monday .. Seeds .. Seed Round Rslt Opponent Score 1 Lukasz Kubot (POL) and Marcelo Melo (BRA) 2nd to play Santiago Gonzalez (MEX) and (start 08:00) Aisam-Ul-Haq Qureshi (PAK) 1st won (Bye) 2 Oliver Marach (AUT) and Mate Pavic (CRO) 2nd to play (start 08:00) 1st won (Bye) 3 Bob Bryan (USA) and Mike Bryan (USA) 2nd to play Sam Querrey (USA) and Rajeev (start 08:00) Ram (USA) 1st won (Bye) 4 Henri Kontinen (FIN) and John Peers (AUS) 2nd to play (start 08:00) 1st won (Bye) 5 Jamie Murray (GBR) and Bruno Soares (BRA) 2nd to play Raven Klaasen (RSA) and (start 08:00) Michael Venus (NZL) 1st won (Bye) 6 Juan Sebastian Cabal (COL) and Robert Farah (COL) 2nd to play (start 08:00) 1st won (Bye) 7 Rohan Bopanna (IND) and Edouard Roger-Vasselin (FRA) 2nd to play (start 08:00) 1st won (Bye) 8 Feliciano Lopez (ESP) and Marc Lopez (ESP) 2nd to play (start 08:00) 1st won (Bye) (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-seeds-mens-doubles/atp-world-tour-masters-1000-wta-premier-rome-masters-mens-doubles-seeds-progress-idUKMTZXEE5FQX1MPS |
Cryptocurrencies mirror some of the most famous failed currency experiments throughout history, according to Nobel-winning economist Robert Shiller.
Enthusiasm around the thousands of existing cryptocurrencies including bitcoin remains strong despite warnings from investors like Warren Buffet that they're worthless. That mania, and attempts to launch new units of money have existed in different forms since the 1800s, Shiller said.
Shiller, best-known for warning about the housing and dot-com bubbles, pointed to the early 19th century when merchants tried to replace the gold standard with "time money." The "Cincinnati Time Store" for example sold merchandise in units of work, and closed just three years after it launched. One hundred years later during the Great Depression, economist John Pease Norton, proposed a dollar by electricity, which also failed to catch on.
"Each of these monetary innovations has been coupled with a unique technological story," Shiller wrote in a blog post Monday. "But, more fundamentally, all are connected with a deep yearning for some kind of revolution in society."
Bitcoin and cryptocurrencies are no different, he said. They were introduced by a community of entrepreneurs who as Shiller put it, "hold themselves above national governments, which are viewed as the drivers of a long train of inequality and war."
The mania around bitcoin today is also due in part to its mystery, the Yale University professor said.
"Practically no one, outside of computer science departments, can explain how cryptocurrencies work, and that mystery creates an aura of exclusivity, gives the new money glamour, and fills devotees with revolutionary zeal," Shiller said. "None of this is new, and, as with past monetary innovations, a seemingly compelling story may not be enough."
The height of the public's fascination was also undoubtedly tied to bitcoin's meteoric rise in price. The world's first cryptocurrency rose to near $20,000 last year before losing roughly half of its value in the first quarter of 2018.
Here is the full post by Shiller. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/bitcoin-could-be-another-failed-currency-robert-shiller-says.html |
Democrats on the House Intelligence Committee are preparing to release 3,000 Russia-linked Facebook ads, according to people familiar with the matter, in what would offer the broadest picture yet of how the social network was manipulated during and after the 2016 U.S. presidential election.
The ads, which Facebook Inc. identified as bought by the pro-Kremlin Internet Research Agency, could be released as early as this week, some of the people said. But the timing could slip to next week or later as Facebook and Democrats haggle... RELATED VIDEO How Russian Trolls Collected Americans' Personal Information The Kremlin-backed Internet Research Agency, a.k.a. the Troll Factory, used fake social media accounts before and after the 2016 U.S. election to collect sensitive personal information on Americans, a Wall Street Journal investigation has found. Shelby Holliday explains how the Russian schemes worked. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/house-democrats-plan-to-release-3-000-russian-linked-facebook-ads-1525650705 |
May 3, 2018 / 5:40 PM / Updated 23 minutes ago U.S. investigators wiretapped phone lines of Trump lawyer - NBC Roberta Rampton , Jan Wolfe 5 Min Read
WASHINGTON/NEW YORK (Reuters) - Federal investigators wiretapped the phone lines of U.S. President Donald Trump’s longtime lawyer Michael Cohen before the FBI seized records and documents in a raid last month on his offices, hotel room and home, NBC News reported on Thursday. FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 15, 2018. REUTERS/Lucas Jackson/File Photo
NBC, citing sources familiar with legal proceedings involving Cohen, said it was unclear how long the wiretap had been authorized, but it was in place in the weeks before the April 9 raids in New York targeting the lawyer. At least one call between a phone line associated with Cohen and the White House was intercepted, NBC quoted one source as saying.
White House spokeswoman Sarah Sanders told a news briefing she could not verify the NBC report and said she had not talked to Trump about the wiretap issue.
The raids were part of a federal criminal investigation of Cohen in New York in part over a $130,000 (£95,748) payment he made to adult film star Stormy Daniels a month before the 2016 U.S. presidential election to keep her quiet about a sexual encounter she said she had with Trump in 2006.
Earlier on Tuesday, Trump said on Twitter that Cohen was reimbursed for that payment through a monthly retainer, not campaign funds, to stop “false and extortionist accusations” Daniels has made about a sexual relationship with the president.
The wiretapping of Cohen, if confirmed, would represent the latest ominous development for Trump, who faces legal difficulties on several fronts. The investigation of Cohen is an offshoot of the ongoing probe by U.S. Special Counsel Robert Mueller into potential collusion between Trump’s 2016 campaign and Russia and whether Trump has unlawfully sought to obstruct the investigation. Russia and Trump deny any collusion.
Daniels also has filed two lawsuits against Trump. FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 13, 2018. REUTERS/Jeenah Moon/File Photo
Like a search warrant, a wiretap can be authorized when a judge determines there is probable cause to believe a person has committed a crime. But there is an added burden of showing the criminal behaviour is ongoing and that there is no other way to reasonably obtain the information. Authorities must re-apply for the wiretap every 30 days.
It was not immediately clear when the warrant for surveillance was obtained or what evidence the Federal Bureau of Investigation had to support its request. ‘A MOCKERY’
Rudy Giuliani, the former New York mayor who is a member of Trump’s legal team, told the Washington Post that, if true, the wiretaps would be “not appropriate,” according to a Twitter post by a Post reporter.
“You mean, I call up my lawyer and the government is wiretapping him?” Giuliani asked in comments to the Post. “... They’ve already eviscerated the attorney-client privilege. This would make a mockery of it.” Slideshow (2 Images)
Attorney-client privilege generally shields communications between a lawyer and a client.
Giuliani did not immediately return a call for comment from Reuters.
A spokesman for the Manhattan U.S. Attorney’s office, which is handling the Cohen investigation, declined to comment.
Cohen and a lawyer for him did not immediately respond to requests for comment.
Because Cohen is a lawyer, prosecutors likely took multiple steps to address concerns that a wiretap would violate attorney-client privilege, said Chris Slobogin, a professor of criminal law at Vanderbilt University Law School.
At the time of their wiretap application, prosecutors likely would have needed to convince a judge that Cohen was not acting as lawyer or was engaging in criminal conduct, both exceptions to attorney-client privilege, Slobogin said.
The agents who conducted the wiretap would also have been instructed to turn off eavesdropping equipment off if they determined at the start of a conversation that it might be protected by attorney-client privilege, Slobogin added.
In an April 13 court filing, federal prosecutor Robert Khuzami said the government had previously obtained covert search warrants on several of Cohen’s email accounts and had used a “filter team” to examine the materials gathered in the raid. Their review found Cohen was performing little to no legal work, Khuzami said. Reporting by Makini Brice, Karen Freifeld, Roberta Rampton and Jan Wolfe; Writing by Will Dunham; Editing by Mohammad Zargham and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia-cohen/federal-investigators-wiretapped-phone-lines-of-trump-lawyer-nbc-idUKKBN1I42A1 |
May 14, 2018 / 7:04 AM / Updated an hour ago Australian climbs Everest, sets fastest seven summit record - hiking official Gopal Sharma 2 Min Read
KATHMANDU (Reuters) - Australian Steve Plain became the fastest climber to scale the highest peaks in seven continents, taking 117 days for a feat popularly called the “Seven Summits”, after he scaled Mount Everest early on Monday, his expedition company in Nepal said.
Plain, 36, from Albury, Australia, reached the 8,850-metre (29,035-foot) peak of the world’s tallest mountain after climbing more than seven hours from the final camp, at the 8,000 m (26,246-foot) South Col, to claim the record.
“He has set the record of climbing Seven Summits in the shortest time of 117 days,” said Ishwari Paudel, an official of the Himalayan Guides hiking company that handled logistics for the climber. Few details of the climb were available.
A Polish climber held the previous record of 126 days to complete the Seven Summits.
Apart from Everest, the six highest peaks are Denali (North America), Elbrus (Europe), Vinson (Antarctica), Aconcagua (South America), Kilimanjaro (Africa) and Papua New Guinea’s Carstensz Pyramid (Australasia/Oceania).
More than 340 foreigners, each paying $11,000 for a climbing permit, and their sherpa guides, are at the Everest base camp or other high camps in Nepal.
The peak, first scaled by New Zealander Sir Edmund Hillary and Sherpa Tenzing Norgay in 1953, can also be climbed from Tibet, where about 180 climbers are waiting to ascend. Reporting by Gopal Sharma; Editing by Sanjeev Miglani and Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nepal-everest/australian-climbs-everest-sets-fastest-seven-summit-record-hiking-official-idUKKCN1IF0OC |
May 2 (Reuters) - Bajaj Auto Ltd:
* SAYS APRIL TOTAL SALES OF 415,168 VEHICLES VERSUS 329,800 VEHICLES LAST YEAR
* SAYS APRIL MOTORCYCLES SALES OF 349,617 VEHICLES VERSUS 293,932 VEHICLES LAST YEAR
* SAYS APRIL COMMERCIAL VEHICLES SALES OF 65,551 VEHICLES VERSUS 35,868 VEHICLES LAST YEAR
* SAYS APRIL TOTAL EXPORTS 185,704 VEHICLES VERSUS 151,913 VEHICLES LAST YEAR Source text - bit.ly/2I5CKyS Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-bajaj-auto-april-total-sale/brief-indias-bajaj-auto-april-total-sales-up-26-pct-idUSFWN1S9004 |
CHICAGO, May 3 (Reuters) - Illinois’ move earlier this year to withhold state money from cities over pension underfunding has raised a red flag that the practice could endanger bond payments.
The credit concerns by rating agencies on Thursday arise from an Illinois law that aims to get municipal retirement systems 90 percent funded by 2040 and that allows the systems to seek state withholding of revenue due municipalities if pension contributions fall below required levels. So far, state money has been withheld from the cities of Harvey and North Chicago, according to the Illinois Comptroller’s Office.
Moody’s Investors Service said that the state supreme court’s recent refusal to allow Harvey to immediately free the money underscores that “municipal pensions are ‘must-pay’ obligations under Illinois law and have greater protection against default than a city’s general obligation bond.”
Meanwhile, sales taxes that Chicago and one other Illinois city have assigned to corporations they created to sell debt backed by the revenue are immune from a state intercept over pensions, Fitch Ratings said.
The Illinois Supreme Court last week vacated an appellate court order directing the state comptroller to return about $1.7 million in tax revenue it withheld from the cash-strapped Chicago suburb of Harvey at the request of the city’s police and firefighter retirement systems.
“The city is now unable to afford state-mandated pension contributions to improve funding levels while also maintaining spending on other service priorities, calling into question the ultimate affordability of its debt,” Moody’s said.
The credit rating agency said Harvey missed eight GO bond payments over the last two fiscal years.
Meanwhile, financing corporations created by Illinois cities “have no pension obligations and therefore there is no legal basis by which their revenues would be diverted by the state comptroller,” Fitch said.
Chicago last year created a Sales Tax Securitization Corporation as a vehicle for refinancing up to $3 billion of outstanding sales tax revenue and GO bonds under a structure that gives bondholders a statutory lien on the city’s state-collected sales taxes. The bonds earned higher ratings, allowing the city to reduce its borrowing costs.
The fiscally stressed suburb of Bridgeview also formed a similar corporation.
Chicago, which is rated BBB-minus by Fitch and Ba1 by Moody’s, has taken steps in recent years to increase contributions to its four pension funds. (Reporting by Karen Pierog in Chicago Editing by Matthew Lewis)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/illinois-moodys/local-illinois-pension-funding-woes-raise-credit-concerns-idUSL1N1SA1QB |
To subscribe to the newsletter, please sign up here MUST READS Quotas Make a Comeback as Countries Seek U.S. Tariff Exemptions: European Union officials have bristled at accepting hard limits on exports, saying such pacts violate World Trade Organization rules, but the Trump administration has already struck one agreement with South Korea and is seeking to replicate Metals Investors Had Nowhere to Hide in Volatility Surge Next Mercedes Wants to Borrow Money From You. Should You Bite? | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/11/europe-bristles-at-quota-comeback/ |
European stocks closed mixed Monday afternoon as investors focused on Italian politics, trade relations between the U.S. and China, and a dip in oil prices.
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The pan-European Stoxx 600 closed down 0.05 percent. While major bourses and most sectors were in the red, strong performances from the health care and travel sectors boosted the broader index.
Financial services stocks fell the furthest on Monday, closing 1.1 percent lower. Close behind were telecoms, 0.9 percent lower. The U.K.'s BT was among the poorest performing companies within the sector, down 2.4 percent. Last week the firm announced that it would cut 13,000 jobs in the next three years.
Meanwhile, travel and leisure surged in afternoon trade to close up 1.4 percent. The sector was led by gambling firms Paddy Power Betfair and William Hill , boosted by news of a U.S. Supreme Court ruling that would allow for states to legalize sports betting. The firms closed up 11.9 percent and 10.7 percent respectively.
Health care was one of the few other sectors in positive territory, closing up 1 percent. It recovered from last week's slump after President Donald Trump unveiled plans to lower prescription drug prices.
Oil and gas stocks recovered from negative trade earlier on in the day, climbing in the afternoon session to close 0.5 percent higher. In fact, Brent crude hit a new 3-1/2 year high on Monday afternoon, despite push back in Europe and Asia against U.S. sanctions on crude exporter Iran, as well as rising U.S. drilling. Brent crude was trading up 85 cents, or 1.1 percent, at $77.97 a barrel by 3:20 p.m. London time.
Iwg topped the European benchmark, up by 23 percent after three different companies signaled an interest in buying the firm.
The Portuguese energy firm EDP also rose 9 percent by the end of Monday's trade after the Chinese group Three Gorges presented a takeover bid.
ABN Amro fell to the bottom of the index, closing 6 percent lower as the Dutch bank's first-quarter profits took a hit from larger-than-expected loan impairments.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
In Europe, the focus was on Italy where the two anti-establishment parties could form the next government. The left-wing Five Star Movement (M5S) and the right-wing Lega met the Italian president Sergio Mattarella Monday afternoon, potentially breaking months of political deadlock. However, as reported by Reuters, the head of Five Star Movement, Luigi Di Maio, asked the president for "a few more days" in order to reach an agreement on who will head the new coalition.
US stocks higher on trade breakthrough hopes Stocks traded higher on Monday amid hopes of a potential breakthrough in trade tensions between the U.S. and China, the world's two largest economies.
The Dow Jones industrial average rose 150 points, with UnitedHealth and Walmart as the best-performing stocks in the index. The S&P 500 gained 0.4 percent, with energy, health care and tech outperforming. The Nasdaq composite advanced 0.6 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/european-markets-italy-political-uncertainty-eases-china-us-trade.html |
A federal appeals court on Thursday revived a proposed wage-and-hour class action against a Southern California hospital, ruling the plaintiffs could use inadmissible evidence to support their request for class certification.
A unanimous three-judge panel of the 9th U.S. Circuit Court of Appeals reversed a decision from a Los Angeles federal judge denying class certification to former Corona Regional Medical Center nurses because they could not show the financial harm they allegedly suffered was typical of the proposed class. The judge had struck evidence of their injuries after deeming it inadmissible.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2HR9Dfh
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment-classaction/9th-circuit-allows-inadmissible-evidence-toward-nurses-wage-class-cert-idUSL1N1SB00T |
May 9, 2018 / 1:00 PM / Updated 6 hours ago Virgin Money chairwoman says board still reviewing CYBG's takeover bid Reuters Staff 1 Min Read
LONDON (Reuters) - Virgin Money is still reviewing a takeover offer by rival British bank CYBG and an announcement will be made in due course, Chairwoman Irene Dorner said on Wednesday. FILE PHOTO: Signage is see outside a branch of Virgin Money in Manchester, Britain September 21, 2017. Picture taken September 21, 2017. REUTERS/Phil Noble
CYBG has made a 1.6 billion pound all-share offer for Virgin Money which the lenders said on Monday could create one of Britain’s biggest banks.
Dorner, who was speaking at the bank’s annual shareholder meeting, made no further comment on the bid. Analysts had expected Virgin Money to quickly dismiss the offer as too low.
Virgin Money shares were down 1.2 percent at 1244 GMT, after rising almost 10 percent on Tuesday compared to Friday’s close. Monday was a public holiday in Britain. Reporting by Emma Rumney, editing by Sinead Cruise and Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-virgin-money-m-a-cybg/virgin-money-chairwoman-says-board-still-reviewing-cybgs-takeover-bid-idUKKBN1IA1YF |
BOSTON (Reuters) - Stephen Fraidin, a lawyer who joined Bill Ackman’s Pershing Square Capital Management as vice chairman in 2015, is leaving the activist hedge fund, Ackman told investors on Tuesday.
Fraidin, who was most recently a partner at Kirkland & Ellis LLP, will return to practicing law, Ackman said on an investor call but did not name the firm he will be joining.
Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hedgefunds-pershingsquare-fraidin/pershing-squares-vice-chairman-fraidin-to-leave-hedge-fund-idUSKCN1IG2K4 |
For a while, it seemed like MoviePass was backtracking from its earlier model of offering a movie per day for a subscription fee lower than the cost of a single ticket. However, the plan is available once again.
MoviePass’s $9.95 a month offer to watch a single movie each day is available on its website again along with a $7.95 plan that let’s you see three movies in a month and throws in a three-month free trial of iHeartRadio All-Access.
Last month, MoviePass only offered a three-month plan for $30 that let users see three movies a month and included the iHeartRadio trial. The change seemed like the end of the unlimited option forever, which many already felt was likely too good to be true , especially after MoviePass CEO Mitch Lowe told The Hollywood Reporter he didn’t know if the movie-per-day plan would ever return just last month. | ashraq/financial-news-articles | http://fortune.com/2018/05/02/moviepass-unlimited-plan-returns/ |
May 2 (Reuters) - Zhejiang Tiantie Industry Co Ltd :
* SAYS IT WINS BID FOR RAILWAY CONSTRUCTION CONTRACT WORTH 102.9 MILLION YUAN ($16.19 million) Source text in Chinese: bit.ly/2I8gWCx Further company coverage: ($1 = 6.3572 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhejiang-tiantie-wins-bid-for-rail/brief-zhejiang-tiantie-wins-bid-for-railway-construction-contract-worth-102-9-mln-yuan-idUSH9N1S402F |
U.S. government debt yields slipped Thursday after U.S. consumer spending data increased more than expected and personal income data matched expectations.
The yield on the benchmark 10-year Treasury note was lower at around 2.826 percent at 2:12 p.m. ET, while the yield on the 30-year Treasury bond ticked down to 2.991 percent. Bond yields move inversely to prices.
U.S. consumer spending increased more than anticipated in the month of April, according to the Commerce Department, yet another sign of healthy economic growth in the second quarter. Personal consumption expenditures also continued to rise at a steady rate, matching expectations.
The Commerce Department said Thursday that consumer spending, which accounts for two-thirds of domestic economic activity, jumped 0.6 percent last month. The increase was the biggest gain in five months, topping expectations from economists polled by Reuters for a 0.4 percent increase.
The government said purchases of gasoline and other energy products spurred the rise.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- Prices also continued their trek upward, with the personal consumption expenditures (PCE) price index excluding food and energy increasing 0.2 percent for the third consecutive month. The latest print brings the year-over-year increase in the so-called core PCE price index to 1.8 percent.
The core PCE index is the Federal Reserve's preferred inflation measure. The U.S. central bank has a 2 percent inflation target
Global rates have whipsawed over the past week as political turmoil in Italy sparked worries about the security of the European Union over the weekend. Concerns about a global credit blight and anemic interest rates appeared to push investors toward safer assets on Tuesday.
Ten-year U.S. Treasury yields posted their largest one-day drop since June 2016 on Tuesday, while the yield on Italy's two-year debt note posted its biggest one-day jump in 26 years as the troubles in Rome fueled a flight to safe-haven assets, according to Reuters.
Italy's 2-year yield briefly spiked more than 150 basis points to 2.73 percent, while the Italian 10-year bond yield jumped 50 basis points to its highest level since March 2014 at 3.38 percent.
The developments spurred dormant fears concerning the stability of the euro zone and default risk concerning Italy's €2.3 trillion ($2.68 trillion) in debt.
For his part, BMO Capital Markets rates strategist Aaron Kohli believes that viewing the recent credit worries in isolation could be shortsighted; they could, in fact, be suggestive of a more systemic issue.
"The question you have to ask is whether the global and political system can withstand higher yields. The globe is still a pretty fragile place," Kohli said. "The fact is that the liquidity that the central banks have been providing is important because it pushes against some adverse effects."
Should central banks continue to unwind historic quantitative easing programs and raise rates, "you're just going to find these random cracks showing up all over the place," he added. "As Mark Twain said, history doesn't repeat itself, but it certainly does rhyme."
—CNBC's Sam Meredith contributed to this report | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/bonds-and-fixed-income-economic-data-and-fed-remarks-in-focus.html |
[The stream is slated to start at 2 p.m. ET. Please refresh the page if you do not see a player above at that time.]
White House deputy press secretary Raj Shah is set to brief reporters Monday afternoon following the opening of the new U.S. embassy in Jerusalem , a highly controversial move that angered the people of Palestine .
In December, President Donald Trump announced the embassy would move from Tel Aviv when he formally recognized Jerusalem as Israel 's capitol. The announcement drew criticism from Palestinians, since Jerusalem is known for its holy sites for the Jewish, Christian and Islam faiths. The | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/watch-white-house-briefs-press-after-us-embassy-opens-in-jerusalem.html |
PUEBLA, Mexico (Reuters) - Glancing constantly at his rear view mirror, truck driver “El Flaco” journeys the highways of Mexico haunted by the memory of when he was kidnapped with his security detail by bandits disguised as police officers two years ago.
Trailers are pictured on the Mexico-Puebla highway, on the outskirts of Mexico City, Mexico, March 8, 2018. REUTERS/Edgard Garrido Back then, El Flaco, who spoke on condition of anonymity for fear of reprisals, was beaten, blindfolded and taken to a house near Mexico City where his captors threatened to kill him. Three days later he managed to escape and flee.
Today he travels with a machete and a satellite tracking device in his cab that can pinpoint him in emergencies.
Truckers covering Mexico’s vast territory often move in convoys to reduce the risk of robberies, which in 2017 almost doubled to nearly 3,000. Some drive with armed escorts traveling alongside them. Others remove the logos from their trucks.
Companies like brewer Grupo Modelo, a unit of AB InBev, and the Mexican subsidiary of South Korea’s LG Electronics have stepped up efforts to protect their drivers, deploying sophisticated geo-location technology and increasing communication with authorities.
The problem is part of a wider Latin American scourge of highway robbery that acts as a further drag on a region long held back by sub-par infrastructure.
“Roads are getting more and more dangerous, you try not to stop,” the 50-year-old El Flaco said, as he drove in the central state of Puebla, the epicenter of highway freight theft.
“Since I was kidnapped, I’ve gotten into the habit of looking in the mirror, checking car number plates, looking at who’s gone past me,” he added. “I look at everything.”
On the most dangerous roads, like those connecting Mexico City with major ports on the Gulf of Mexico and the Pacific, it is almost certain that one in every two truckers will be held up, a study by U.S.-based security firm Sensitech showed.
While no official data on losses exist, insurers paid out almost $100 million in 2016 to crime-hit cargo operators, up 4.5 percent on 2015, Mexican insurance association AMIS says.
The true sum is likely far higher: only one in three loads is insured due to the cost, according to industry estimates.
More than 80 percent of goods are transported by road and rail in Mexico, and the thefts are hurting competitiveness at a time the country is seeking to diversify trade and tap new sources of business.
Fuels, food and beverages, building materials, chemicals, electronic goods, auto parts and clothing are all top targets, Sensitech said.
A trailer passes on the Mexico-Puebla highway, on the outskirts of Mexico City, Mexico, March 8, 2018. REUTERS/Edgard Garrido COMPETITION SQUEEZE Upon taking office in December 2012, President Enrique Pena Nieto promised to get a grip on gang violence and lawlessness. But after some initial progress, the situation deteriorated and murders hit their highest level on record last year.
Highway robberies of trucks fell through 2014. But they almost doubled in 2015 to 985, hit 1,587 in 2016 and reached 2,944 last year.
The government has responded by stepping up police patrols in affected areas and lengthening prison sentences for freight robbery to 15 years.
But robberies are still rising and most are not even reported due to the arduous bureaucratic process involved, Sensitech says.
“It’s hurting productivity and competitiveness,” said Leonardo Gomez, who heads a transportation national industry body.
Some drivers are armoring cabs in trucks made by companies like U.S. firm Kenworth, an expensive move that still only covers a tiny fraction of the almost 11 million trucks crisscrossing Latin America’s second-largest economy.
Last year, 53 trucks were armored against high-caliber weapons, up 40 percent from 2016, according to the Mexican Association of Automotive Armorers.
Attacks are not confined to roads. Some 1,752 robberies were recorded on railways last year, official data show.
Criminals have also become more sophisticated.
They are turning to high-caliber weapons and employ devices to block Global Positioning Systems (GPS) to prevent trucks communicating their whereabouts, experts say.
Slideshow (6 Images) Previously, companies that suffered robberies were generally able to recover their vehicles. Not any more.
“It’s not just the goods they want, it’s the trucks too,” said Carlos Jimenez of Mexican insurance association AMIS.
Reporting by Noe Torres and Lizbeth Diaz, Writing by Dave Graham, Editing by Christian Plumb and Rosalba O'Brien
| ashraq/financial-news-articles | https://in.reuters.com/article/us-mexico-crime-transport/mexican-truckers-travel-in-fear-as-highway-robberies-bleed-economy-idINKCN1IN1D2 |
FREMONT, Calif., May 22, 2018 /PRNewswire/ -- Ardelyx, Inc. (Nasdaq: ARDX) today announced the pricing of an underwritten public offering of 12,500,000 shares of its common stock at a public offering price of $4.00 per share, before underwriting discounts and commissions, for gross proceeds of $50,000,000. In addition, the Company has granted the underwriters of the offering the right for a period of 30 days to purchase up to an additional 1,875,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
Ardelyx currently expects to use its existing cash, cash equivalents and short-term investments and the net proceeds of the offering to support its clinical development and pre-commercialization efforts for tenapanor for the treatment of hyperphosphatemia in patients with end-stage renal disease who are on dialysis, including the ongoing second Phase 3 clinical trial evaluating tenapanor for such indication, its manufacturing efforts for tenapanor, research and development efforts for its RDX013 program, the preparation and submission of a New Drug Application for tenapanor for irritable bowel syndrome with constipation and for general corporate purposes and working capital.
Jefferies and Leerink Partners are acting as joint book-running managers for the proposed offering.
The offering is expected to close on or about May 25, 2018, subject to customary closing conditions.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and became effective on July 20, 2015. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement, copies of which may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by e-mail at [email protected] or by phone at (877) 821-7388; or Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at [email protected] or by phone at (800) 808-7525, ext. 6132.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ardelyx
Ardelyx is focused on enhancing the way people with renal diseases are treated by developing first-in-class medicines. Ardelyx's renal pipeline includes the Phase 3 development of tenapanor for the treatment of hyperphosphatemia in people with end-stage renal disease who are on dialysis and RDX013, a potassium secretagogue program for the potential treatment of high potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease. In addition, Ardelyx has completed Phase 3 development of tenapanor for the treatment of irritable bowel syndrome with constipation and anticipates submitting a New Drug Application to the U.S. Food and Drug Administration for this indication in the second half of 2018. To efficiently bring its treatments to market, Ardelyx is pursing strategic collaborations in the U.S. and outside the U.S., including through established agreements with Kyowa Hakko Kirin in Japan, Fosun Pharma in China and Knight Therapeutics in Canada.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Ardelyx, they are reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including the expected closing of the public offering, Ardelyx's expected use of proceeds from the public offering, Ardelyx's future development plans for its product candidates and the timing and costs thereof and Ardelyx's ability to enter into strategic collaborations to commercialize its product candidates. Such involve substantial risks and uncertainties that could cause the development of Ardelyx's product candidates, or Ardelyx's future results, performance or achievements to differ significantly from those expressed or implied by the . Such risks and uncertainties include, among others, the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, the uncertainties inherent in research and the clinical development process. Ardelyx undertakes no obligation to update or revise any . For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these , as well as risks relating to Ardelyx's business in general, please refer to Ardelyx's preliminary prospectus supplement filed Commission, including the documents incorporated by reference therein, which includes Ardelyx's annual report on Form 10-K filed Commission on March 14, 2018, its quarterly report on Form 10-Q filed Commission on May 8, 2018, and its future current and periodic reports to be filed Commission.
View original content with multimedia: http://www.prnewswire.com/news-releases/ardelyx-announces-pricing-of-public-offering-of-common-stock-300653171.html
SOURCE Ardelyx | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-ardelyx-announces-pricing-of-public-offering-of-common-stock.html |
May 24 (Reuters) - Indian shares ended higher on Thursday as IT stocks such as Infosys Ltd and Tata Consultancy Services Ltd (TCS) gained on the back of a weaker rupee.
The broader NSE index closed 0.8 percent higher at 10,513.85 while the benchmark BSE index ended 0.93 percent stronger at 34,663.11.
Nifty IT index ended 2.31 percent higher with Infosys gaining 2.96 percent and TCS firming up 3.31 percent.
Financial stocks also advanced with HDFC Bank gaining 0.9 percent and Housing Development Finance Corp Ltd ending 1.3 percent higher.
For the mid-day report, click (Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-stocks/indian-shares-end-higher-it-stocks-lead-idUSB8N1SB007 |
BANGALORE, India, May 29, 2018 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading provider of solar microinverters, and Waaree Energies Ltd., India’s largest Tier 1 solar panel manufacturer, announced today a 4.5 MW solar power plant installation using Waaree Enphase AC modules. This solar power plant, located in Hosapet, India will be the largest Enphase microinverter-based solar installation globally.
The system’s owner, an independent power producer (IPP) chose the Waaree Enphase AC module (ACM) due to its ability to generate solar power in low-light, diffused light or shaded conditions, maximizing its energy harvest in India’s harsh, dusty environment. Occupying 18 acres and powered by 13,235 Enphase Energy™ microinverters, the system is expected to provide more than 7,500 MWh of clean power annually to businesses in Bangalore and the state of Karnataka through a mix of short- and long-term power purchase agreements. The combination of Waaree’s high quality and high reliability monocrystalline solar PV modules with Enphase Microinverters attached to the back will make the installation of 13,235 solar modules easier and faster than with conventional solar system components.
“This 4.5MW power plant installation represents Enphase’s entry into India’s utility scale photovoltaic (PV) segment, and proves that Enphase’s value proposition of outstanding reliability, safety and performance translates to large scale systems,” said David Ranhoff, vice president and chief commercial officer at Enphase Energy. “This is a truly exciting opportunity for Enphase as it furthers our expansion into India.”
“The Waaree Enphase AC module is a high-quality product that provides an efficient and cost effective installation process,” said Hitesh Doshi, chairman and managing director, Waaree Energies Ltd. “We are pleased to be working with Enphase to offer our IPP customer unmatched reliability, as well as leading intelligence and control capabilities desired by commercial and industrial asset managers.”
Diwakar Soltec Pvt. Ltd., a leading engineering, procurement and construction (EPC) firm based in Hosapet, India is due to commission the system in July 2018.
“We are delighted to install Waaree’s mono-crystalline ACMs with Enphase Energy’s microinverters,” said K. Shreedhar, founder and director, Diwakar Soltec Pvt. Ltd. “Enphase’s made for India microinverter technology ensures superior performance under hot and humid conditions, and delivers increased yields because of its higher system availability. The system will provide us peace of mind due to its module-level monitoring capabilities.”
Enphase also announced today that Ramesh SubbaRao has been appointed Vice President and General Manager, India Commercial Operations. Mr. SubbaRao will oversee Enphase’s commercial operations in the India region, with a focus on the country’s dominant commercial and industrial (C&I) segment.
“We are pleased to have Ramesh join our team in India,” said David Ranhoff. "He brings to Enphase many years of managing C&I and utility operations for the India market and experience leading international teams. With Ramesh joining Enphase, we are adding executive-level leadership to help grow our customer base in India, while leveraging his C&I and utility experience to strengthen our commercial operations worldwide.”
Ramesh has more than 23 years of semiconductor and renewable energy experience. Prior to joining Enphase, he was the chief operating officer for Asia at Lightsource BP, Europe’s largest solar developer with more than 1.3GW developed and 2GW assets under management. Before his role at Lightsource BP, Ramesh was managing director, APAC operations at SunEdison where he led a team of 150 people responsible for the engineering, construction and commissioning of over $1 billion in solar and wind projects across India, China, Japan, and Southeast Asia. Ramesh received his Bachelor of Science degree in computer science from Birla Institute of Science and Technology, Pilani.
“I am thrilled to join Enphase during its pivotal growth stage in India,” said Ramesh SubbaRao. “India has set a target to deliver more than 100GW of grid-connected solar power projects by 2022, offering Enphase an opportunity to build a strong footprint and expand its share in one of the world’s largest and fastest growing solar markets. I look forward to working with the talented team to implement innovative go-to-market strategies that will further strengthen Enphase’s position, customer base and value proposition."
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. The Company revolutionised solar with its microinverter technology and produces the world’s only truly integrated solar plus storage solution. Enphase has shipped approximately 17 million microinverters, and more than 760,000 Enphase systems have been deployed in more than 110 countries. For more information, visit http://www.enphase.com/in and and follow the company on Facebook , LinkedIn and Twitter .
Enphase Energy ® , the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.
About Waaree Energies Ltd.
Waaree Energies Ltd. is the flagship company of Waaree Group, founded in 1989 with headquarters in Mumbai, India. It has India’s largest solar PV module manufacturing capacity of 500 MWs at its plant near Surat, Gujarat. Waaree Energies is amongst the top players in India in providing EPC services, project development, rooftop solutions, and solar water pumps and it is also as an Independent Power Producer. Waaree has its presence in over 20 locations nationally and 68 countries internationally. For more information, visit www.waaree.com .
Forward-Looking Statements
This press release may contain forward-looking statements, including statements related to Enphase Energy's financial performance, release dates for new products, market demands for its products, expected performance and advantages of its technology, and market trends. These forward-looking statements are based on the Company's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the "Risk Factors" and elsewhere in Enphase Energy's latest Securities and Exchange Commission filings and reports. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Contact:
Julia Pfeiffer
Senior Marketing Manager, APAC
Enphase Energy, Inc.
[email protected]
+61 424 655 602
Source:Enphase Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-enphase-energy-announces-4-point-5mw-solar-installation-in-india.html |
May 11, 2018 / 8:01 AM / Updated 7 hours ago Health charity Wellcome pledges funds, calls for rapid response to Ebola in Congo Reuters Staff 3 Min Read
(Reuters) - Britain’s Wellcome Trust global health charity called for a rapid response to an outbreak of Ebola in the Democratic Republic of Congo (DRC) and has pledged 2 million pounds ($2.7 mln)to support Kinshasa’s efforts to fight it.
At least 17 people have died since inhabitants of a village in the DRC’s northwest began showing symptoms resembling Ebola in December, according to the World Health Organization (WHO).
The Wellcome funding will be made available to the DRC government and the WHO as they seek to contain the outbreak’s spread. It will be boosted by another million pounds ($1.35 million) from the UK government, Wellcome said in a statement.
This is the ninth time Ebola has been recorded in the Democratic Republic of Congo since the deadly hemorrhagic fever was first detected in the country’s dense tropical forests in 1976. It was named after the nearby river Ebola.
“It’s vital the global response to this outbreak is swift. We know from previous outbreaks that the DRC are ready to act, but they need global support to ensure this outbreak is contained effectively,” said Jeremy Farrar, Wellcome’s director and a specialists in infectious diseases.
Congo’s long experience of Ebola and its remote geography mean outbreaks are often localised and relatively easy to isolate and contain.
But the villages at the heart of this outbreak are close to the banks of the Congo River, a major artery for trade and transport upstream from the capital Kinshasa. The Congo Republic is just on the other side of the river.
In December 2016, trials of an Ebola vaccine found that the shot gave high levels of protection against a strain of the deadly disease. The vaccine, known as rVSV-ZEBOV and developed by Merck, has been stockpiled, ready for use, by the vaccines alliance GAVI.
Officials at the WHO have not yet said whether they expect to use the vaccine in this outbreak. The logistics of transporting and deploying it in remote areas are complex, since it has to be kept at very low temperatures. Reporting by Kate Kelland; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-ebola-funds/health-charity-wellcome-pledges-funds-calls-for-rapid-response-to-ebola-in-congo-idUKKBN1IC0OQ |
ASHBURN, Virginia, May 23, 2018 /PRNewswire/ --
Chirisa Investments , an Irish-based investor in global digital infrastructure, today announced it has acquired a strategically located facility in Ashburn, VA - often referred to as Data Center Alley - the first of many it will deploy under its expansion programme to deliver a number of new large scale data center campus to service new multi-megawatt corporate clients and to continue servicing its existing hyperscale Internet customers.
(Logo: https://mma.prnewswire.com/media/695872/Chirisa_Investments_Logo.jpg )
(Photo: https://mma.prnewswire.com/media/695873/Chirisa_Investments.jpg )
Highlights and Key Facts
The facility was acquired for cash in an off-market transaction and is located at the corner of Beaumeade Circle and Loudoun County Parkway - the heart of the US Internet - and it adjoins major Equinix, Digital Realty CenturyLink and Raging Wire data centers, while being directly connected to some of the busiest fiber and Internet peering points on the globe. Designs are being finalized for a first phase $225m development of a 280,000 SF, 30 MW Tier III facility to meet the phenomenal demand in the US's hottest datacentre market, and the new owner is already actively engaged with prospective clients seeking tailored solutions at the site. Chirisa is also offering compelling sale-and-leaseback solutions to larger Corporates seeking to move the operational and capital expenditure burden of their existing data centers and corporate headquarter assets to a proven operator in the market.
Chirisa - a proven digital infrastructure operator-investor
Chirisa is a proven specialist in managing, developing and unlocking the potential of prospective data center facilities and existing fiber network assets, and 21445 Beaumeade Circle, Ashburn, VA is the first acquisition in its rollout of larger strategically-positioned data center campus sites in the US, Canada, and other regions. This builds on its prior success in Europe with similar multi-megawatt data center facilities and with large-scale trans-national carrier fiber networks. Chirisa has already had a busy year acquiring digital infrastructure and operating businesses in the US, with this latest Ashburn addition now totalling 14 markets so far. Acquisitions to the Chirisa family include 365 Data C ent ers across 10 Primary and Edge markets in Eastern USA in April 2017, adding Host.net in two Southern Florida markets in Sept 2017, with the Interconnect Miami carrier fiber network and datacentre joining the group also, and most recently Digital Fortress in Seattle being acquired in Nov 2017. Each of these colocation and cloud services platforms is also funded for continued acquisition in their regions. In Europe, Chirisa recently successfully developed and divested two major digital infrastructure assets - its Dataplex B10 hyperscale data center facility in Dublin, to Keppel DC R EIT ; and its Viatel European carrier dark-fiber network and associated 12 colocation assets spanning 8 countries in conjunction with its partner Morgan Stanley, to Zayo Group .
Quote: s
Colm Piercy, CEO, Chirisa Investments:
"We are massively excited to commence our rollout of our Chirisa next-generation wholesale facilities and larger data center campus at the heart of the Internet in Ashburn VA and I and our team look forward to announcing similar deployments in other strategic locations across the US, Canada, Europe, and other regions - and in so doing endeavouring to service the insatiable demand for quality data centers from our clients."
Additional Resources
Further information on Chirisa Investments at http://www.chirisa.com
Media & Investor Relations, Connor Barry, +353-85-1462-305, [email protected] or CEO, Colm Piercy
SOURCE Chirisa Investments | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-chirisa-acquires-ashburn-data-center-development.html |
New Delhi, India, May 14, 2018 (GLOBE NEWSWIRE) -- Social Finance Global Network (SFGN) and The Global Steering Group for Impact Investment (GSG) today announced the launch of Social Finance India (SF-IND) and first three of its Directors- Rajiv Lall, Ashish Dhawan, and, Vikram Gandhi. Rajiv Lall will Chair the initiative. SF- IND will be a new Section 8 non-profit intermediary which will galvanize the Indian impact investment space. Social Finance India’s first two products- India Impact Fund of Funds (IIFF) and India Education Outcomes Fund (IEOF) will launch in 2018. SF-IND also launched its website, | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-indiaas-impact-investment-leaders-launch-social-finance-india-in-new-delhi.html |
May 11 (Reuters) - Harte Hanks Inc:
* BLR PARTNERS LP REPORTS 8.0 PERCENT STAKE IN HARTE HANKS INC AS OF MAY 10, 2018 - SEC FILING
* BLR PARTNERS LP - HAD PREVIOSULY REPORTED 6.9 PERCENT STAKE IN HARTE HANKS INC AS OF FEBRUARY 12, 2018 Source text - ( bit.ly/2KX5usa ), ( bit.ly/2rGd55E )
Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blr-partners-lp-reports-80-percent/brief-blr-partners-lp-reports-8-0-percent-stake-in-harte-hanks-inc-as-of-may-10-2018-idUSFWN1SI1B5 |
MIDLAND PARK, N.J., May 10, 2018 (GLOBE NEWSWIRE) -- Stewardship Financial Corporation (NASDAQ:SSFN), parent company of Atlantic Stewardship Bank, announced net income for the three months ended March 31, 2018 of $1.8 million, or $0.21 per share, compared to $991,000, or $0.16 per share for the three months ended March 31, 2017.
“We continue to strive to build on our past success and remain committed to creating stronger momentum as the year progresses,” stated Paul Van Ostenbridge, Stewardship Financial Corporation’s President and Chief Executive Officer.
Operating Results
Net interest income and net interest margin were $6.8 million and 3.15% for the first quarter of 2018 compared to $6.2 million and 3.23% for the comparable period a year earlier. "Notwithstanding a tighter margin, our reported net interest income reflected the benefit from the increase in assets on a year-over-year basis," noted Van Ostenbridge.
Results for the three months ended March 31, 2018 benefited from the Corporation recording a negative provision for loan losses of $335,000 as compared to the positive $300,000 provision for loan losses for the three months ended March 31, 2017. The March 2018 reversal of a portion of the allowance for loan losses is reflective of continued improvement in both the Corporation's loss experience and overall economic conditions, including the real estate climate in the Corporation's primary business markets.
The Corporation reported noninterest income of $725,000 for the three months ended March 31, 2018 compared to $799,000 for the comparable prior year three-month period. The three months ended March 31, 2018 included a negative $74,000 mark to market adjustment of a CRA investment which is classified as an equity security. Such security has been owned for years for CRA purposes, but under newly enacted accounting rules, equity securities now require a quarterly mark to market through the income statement. When comparing the current year period to the prior year period, an increase in income from the purchase of additional bank-owned life insurance in the second quarter of 2017 was generally offset by a decline in fees and service charges.
Total noninterest expenses were $5.4 million for the three months ended March 31, 2018 compared to the $5.1 million incurred in the prior year period. “The Corporation continues to appropriately control expenses as the balance sheet grows,” stated Van Ostenbridge. The largest increase in expense was seen in salaries and employee benefits, which increased $265,000 in the current quarter when compared to the three months ended March 31, 2017. In addition to normal salary increases, the increase includes the costs associated with the establishment of a Small Business Administration (SBA) Lending Department - fully staffed with experienced employees. Costs associated with a harsh winter in 2018 are reflected as an increase in occupancy expenses.
The first quarter of 2018 results included the impact of a reduction in the Federal corporate income tax rate from 35% to 21% as a result of the enactment of the Tax Cuts and Jobs Act (“Tax Act”) in December 2017. For the current year period the effective tax rate was 26.4% compared to an effective tax rate of 36.7% for the three months ended March 31, 2017.
Balance Sheet / Financial Condition
Total assets at March 31, 2018 were $922.4 million compared to $928.8 million of assets at December 31, 2017. Growth in the loan portfolio from new originations was offset by several large loan payoffs during the current quarter. According to Van Ostenbridge, “Certain of the payoffs during the quarter represented lower yielding loans and now provides an opportunity to redeploy the assets into higher yielding loans.”
Total deposits were $772.2 million at March 31, 2018, reflecting net growth of $8.1 million since December 31, 2017. The Corporation continues to experience growth in both noninterest-bearing and interest-bearing deposits.
At March 31, 2018, the Corporation’s Tier 1 leverage ratio and total risk based capital ratio were 9.04% and 14.40%, respectively. These ratios are both significantly above the respective 4.0% and 8% minimum levels required and result in categorizing the Corporation as a “well capitalized” institution under regulatory guidelines.
About Stewardship Financial Corporation
Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, has 12 banking offices in Midland Park, Hawthorne, Montville, Morristown, North Haledon, Pequannock, Ridgewood, Waldwick, Wayne (2), Westwood and Wyckoff, New Jersey. The Bank is known for tithing 10% of its pre-tax profits to Christian and local charities. To date, the Bank’s tithe donations total over $10.1 million.
We invite you to visit our website at www.asbnow.com for additional information.
The information disclosed in this document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of the Corporation that are subject to various factors which could cause actual results to these estimates. These factors include changes in general, economic and market conditions, legislative and regulatory conditions, or the development of an interest rate environment that adversely affects the Corporation’s interest rate spread or other income anticipated from operations and investments.
Stewardship Financial Corporation Selected Consolidated Financial Information (dollars in thousands, except per share amounts) (unaudited) March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Selected Financial Condition Data: Cash and cash equivalents $ 22,178 $ 21,270 $ 17,213 $ 19,459 $ 12,793 Securities available for sale 106,467 109,259 111,973 112,511 91,926 Securities held to maturity 51,894 52,442 53,323 52,091 52,805 Other equity investments 3,706 3,756 3,760 3,733 3,706 FHLB stock 3,039 3,715 3,919 5,169 3,784 Loans held for sale — 370 688 446 188 Loans receivable: Loans receivable, gross 708,169 711,720 691,953 692,056 654,769 Allowance for loan losses (8,445 ) (8,762 ) (8,614 ) (8,550 ) (8,246 ) Other, net (448 ) (397 ) (422 ) (344 ) (327 ) Loans receivable, net 699,276 702,561 682,917 683,162 646,196 Other real estate owned, net — — — — 401 Bank owned life insurance 21,222 21,084 20,943 20,802 16,673 Other assets 14,659 14,309 15,958 15,934 15,927 Total assets $ 922,441 $ 928,766 $ 910,694 $ 913,307 $ 844,399 Noninterest-bearing deposits $ 178,572 $ 172,861 $ 171,609 $ 177,678 $ 170,566 Interest-bearing deposits 593,644 591,238 569,352 543,215 530,138 Total deposits 772,216 764,099 740,961 720,893 700,704 Other borrowings 48,760 63,760 68,760 93,760 65,200 Subordinated debentures and subordinated notes 23,333 23,317 23,301 23,284 23,268 Other liabilities 3,760 3,925 3,564 2,859 2,810 Total liabilities 848,069 855,101 836,586 840,796 791,982 Shareholders' equity 74,372 73,665 74,108 72,511 52,417 Total liabilities and shareholders' equity $ 922,441 $ 928,766 $ 910,694 $ 913,307 $ 844,399 Gross loans to deposits 91.71 % 93.14 % 93.39 % 96.00 % 93.44 % Equity to assets 8.06 % 7.93 % 8.14 % 7.94 % 6.21 % Book value per share $ 8.57 $ 8.51 $ 8.57 $ 8.39 $ 8.55 Asset Quality Data: Nonaccrual loans $ 1,136 $ 1,194 $ 806 $ 826 $ 592 Loans past due 90 days or more and accruing — — — 320 — Total nonperforming loans 1,136 1,194 806 1,146 592 Other real estate owned — — — — 401 Total nonperforming assets $ 1,136 $ 1,194 $ 806 $ 1,146 $ 993 Nonperforming loans to total loans 0.16 % 0.17 % 0.12 % 0.17 % 0.09 % Nonperforming assets to total assets 0.12 % 0.13 % 0.09 % 0.13 % 0.12 % Allowance for loan losses to total gross loans 1.19 % 1.23 % 1.24 % 1.24 % 1.26 %
Stewardship Financial Corporation Selected Consolidated Financial Information (dollars in thousands, except per share amounts) (unaudited) For the three months ended March 31, 2018 2017 Selected Operating Data: Interest income $ 8,539 $ 7,424 Interest expense 1,716 1,244 Net interest income 6,823 6,180 Provision for loan losses (335 ) 300 Net interest income after provision for loan losses 7,158 5,880 Noninterest income: Fees and service charges 507 535 Bank owned life insurance 138 115 Gain on calls and sales of securities 6 — Gain on sales of mortgage loans 22 17 Miscellaneous 52 132 Total noninterest income 725 799 Noninterest expenses: Salaries and employee benefits 3,109 2,844 Occupancy, net 442 409 Equipment 181 162 Data processing 484 469 Advertising 157 136 FDIC insurance premium 64 77 Charitable contributions 180 125 Bank-card related services 127 142 Other real estate owned, net — 15 Miscellaneous 684 735 Total noninterest expenses 5,428 5,114 Income before income tax expense 2,455 1,565 Income tax expense 647 574 Net income $ 1,808 $ 991 Weighted avg. no. of diluted common shares 8,658,506 6,124,926 Diluted earnings per common share $ 0.21 $ 0.16 Return on average common equity 9.92 % 7.71 % Return on average assets 0.80 % 0.49 % Yield on average interest-earning assets 3.94 % 3.88 % Cost of average interest-bearing liabilities 1.04 % 0.84 % Net interest rate spread 2.90 % 3.04 % Net interest margin 3.15 % 3.23 %
Stewardship Financial Corporation Selected Consolidated Financial Information (dollars in thousands, except per share amounts) (unaudited) For the three months ended March 31, December 31, September 30, June 30, March 31, 2018 2017 2017 2017 2017 Selected Operating Data: Interest income $ 8,539 $ 8,463 $ 8,400 $ 7,943 $ 7,424 Interest expense 1,716 1,628 1,577 1,409 1,244 Net interest income 6,823 6,835 6,823 6,534 6,180 Provision for loan losses (335 ) 75 20 260 300 Net interest and dividend income after provision for loan losses 7,158 6,760 6,803 6,274 5,880 Noninterest income: Fees and service charges 507 533 524 519 535 Bank owned life insurance 138 141 141 129 115 Gain on calls and sales of securities 6 — 1 — — Gain on sales of mortgage loans 22 55 68 38 17 Gain on sales of other real estate owned — — — 13 — Miscellaneous 52 121 111 114 132 Total noninterest income 725 850 845 813 799 Noninterest expenses: Salaries and employee benefits 3,109 2,888 2,843 2,880 2,844 Occupancy, net 442 414 414 393 409 Equipment 181 176 173 162 162 Data processing 484 442 444 456 469 Advertising 157 171 182 211 136 FDIC insurance premium 64 86 50 109 77 Charitable contributions 180 240 130 120 125 Bank-card related services 127 130 137 142 142 Other real estate owned, net — — — 9 15 Miscellaneous 684 521 663 601 735 Total noninterest expenses 5,428 5,068 5,036 5,083 5,114 Income before income tax expense 2,455 2,542 2,612 2,004 1,565 Income tax expense 647 2,494 972 736 574 Net income $ 1,808 $ 48 $ 1,640 $ 1,268 $ 991 Weighted avg. no. of diluted common shares 8,658,506 8,648,191 8,643,737 8,174,484 6,124,926 Diluted earnings per common share $ 0.21 $ 0.01 $ 0.19 $ 0.16 $ 0.16 Return on average common equity 9.92 % 0.26 % 8.83 % 7.37 % 7.71 % Return on average assets 0.8 % 0.02 % 0.71 % 0.58 % 0.49 % Yield on average interest-earning assets 3.94 % 3.82 % 3.8 % 3.81 % 3.88 % Cost of average interest-bearing liabilities 1.04 % 0.97 % 0.94 % 0.9 % 0.84 % Net interest rate spread 2.9 % 2.85 % 2.86 % 2.91 % 3.04 % Net interest margin 3.15 % 3.09 % 3.09 % 3.14 % 3.23 %
Stewardship Financial Corporation Non-GAAP Reconciliation (dollars in thousands, except per share amounts) (unaudited) For the three
months ended, December 31,
2017 Net income $ 48 Impact of Tax Act 1,420 Adjusted net income $ 1,468 Weighted avg. no. of diluted common shares 8,648,191 Adjusted diluted earnings per common share $ 0.17 Adjusted return on average common equity 7.82 % Adjusted return on average assets 0.63 %
Contact: Claire M. Chadwick Executive Vice President and Chief Financial Officer 630 Godwin Avenue Midland Park, NJ 07432 P: 201.444.7100
Source:Stewardship Financial Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-stewardship-financial-corporation-announcesaearnings-for-the-first-quarter-of-2018.html |
May 23, 2018 / 2:32 PM / Updated 3 minutes ago Germany have set sights on defending World Cup title Karolos There is only one thing on Germany’s mind going into the World Cup and that is to defend their title and become the first team in more than half a century to do so. Soccer Football - Germany - Joachim Loew Press Conference - German Football Museum, Dortmund, Germany - May 15, 2018 Germany coach Joachim Loew REUTERS/Leon Kuegeler
The Germans have lost just once in 23 games since their Euro 2016 semi-final defeat, cruising through the qualifiers with 10 wins in 10 matches and conceding just four goals in the process to advance to the World Cup.
Coach Joachim Loew also had the luxury of being able to field a second-string team at last year’s Confederations Cup and still come away with the title, further adding to an already deep German bench.
The coach, in charge for his third World Cup, has a pool of at least three dozen players to chose from before his Group F campaign against Mexico, Sweden and South Korea.
A core of 2014 World Cup winners, including Thomas Mueller, Mats Hummels, Jerome Boateng, Sami Khedira, Toni Kroos and Mesut Oezil, will form the team’s experienced backbone.
But not everyone’s starting spot is guaranteed, with world-class players such as Leroy Sane, Timo Werner, Julian Draxler, Ilkay Guendogan, Mario Goetze and Marco Reus among those battling for their places.
There are still some question marks regarding the fitness of World Cup-winning keeper Manuel Neuer, who missed the season due to a foot injury and only recently returned to training.
Loew’s other options at keeper are just as strong, with Marc-Andre ter Stegen, Kevin Trapp and Bernd Leno waiting in the wings.
Jerome Boateng’s potential absence after picking up an adductor muscle injury late in the season could pose problems as he had formed a strong partnership with Hummels in central defenSe.
Already ruled out are Lars Stindl, last year’s joint top scorer at the Confederations Cup, who damaged his ankle in a league game in late April, and the injured Serge Gnabry.
Loew should have no problem compensating for those absences with a wealth of talent waiting for their shot at what the Germany coach hopes will be their fifth world title to equal Brazil, who were also the last team to win back-to-back World Cups in 1958-62. Editing by Peter Rutherford | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-ger-prospects/germany-have-set-sights-on-defending-world-cup-title-idUSKCN1IO272 |
SAO PAULO (Reuters) - Brazil’s poultry industry will cull 24 million chickens a day from Thursday if suppliers cannot get food to birds because of a truckers’ strike, and the government will need to bail out the hardest-hit producers, the agriculture minister said on Wednesday.
The world’s top chicken exporter could see a collapse in the poultry sector if the 1.2 million birds that are key to breeding are culled, Agriculture Minister Blairo Maggi said on Wednesday. It could take the industry over two years to recover if that happens, he said.
“If we lose those birds, we lose all ability to recover,” he told reporters, in remarks translated from Portuguese.
“I am very concerned about the livestock sector.”
Truckers striking over high fuel prices have choked Latin America’s largest economy for over a week, leading to fuel and food shortages and hammering exports of everything from soy to beef and cars.
The livestock industry has already lost an estimated 1.3 billion reais ($348 million) because of the strike, Maggi said.
He estimated some 64 million birds had already been culled, a figure a little below the industry estimate of over 70 million. Brazil had about 1 billion chickens before the strike.
Some producers will have lost their working capital and would need financial assistance, he added.
The government would fund any credit it gives to the poultry industry through the existing budget, delaying spending elsewhere, he said.
SOY EXPORTS DELAYED Soy exporters have ships stuck at anchor because they have no soybeans to load at the main ports, Maggi said. He was unable to quantify the cost of delayed shipments to the industry, but said it would be “very large”.
Global grain traders Archer Daniels Midland Co and Cargill Inc [CARG.UL] on Wednesday did not comment on the economic impact due to such delays. Bunge Ltd could not be reached for comment.
But ADM spokeswoman Jackie Anderson told Reuters that trucks are slowly starting to move in Brazil, and the company was already carrying out some shipments.
“Though the recent disruption is still impacting the arrival of raw material to our local processing facilities and ports, and our ability to ship soybeans and finished products to our domestic and export customers, we expect to return to normal operations tomorrow if the situation continues to progress,” Anderson said.
Cargill is monitoring the situation closely and remaining in communication with its customers, a company spokesman told Reuters. The global grain trader has four grain export terminals in Brazil, including one it jointly operates with Louis Dreyfus Co [AKIRAU.UL], according to Cargill’s website.
Brazil is the world’s top soy exporter, and its top buyer is China.
The Latin American country has benefited from a trade dispute between the United States and China as Chinese buyers have sought more cargoes from Brazil as they reduce trade with the United States.
But Maggi said in the long run, the trade dispute could harm Brazil. U.S. soy exporters would seek to sell more in other markets, possibly taking business away from Brazil, he said. If the U.S. and China later resolve their differences and soy trade picks up, Brazil could lose out, he said.
There was no quick fix to European Union restrictions on imports of Brazilian chicken, because the standards the EU had imposed on the occurrence of salmonella in Brazilian shipments were very difficult to meet, he said.
($1 = 3.7338 Brazilian reais)
Reporting by Simon Webb; Additional reporting by P.J. Huffstutter and Karl Plume in Chicago; Editing by Rosalba O'Brien and Lisa Shumaker
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-transportation-minister/brazils-poultry-industry-could-take-years-to-recover-from-strike-minister-idUSKCN1IV2XU |
Why the Jerusalem U.S. embassy divides opinion 6:36am EDT - 02:29
On Monday the U.S. embassy is officially moving from Tel Aviv to Jerusalem in accordance with President Trump's break with decades of U.S. policy and recognizing the city as Israel's capital. Reuters' Emily Wither explains from Jerusalem why the move is controversial.
On Monday the U.S. embassy is officially moving from Tel Aviv to Jerusalem in accordance with President Trump's break with decades of U.S. policy and recognizing the city as Israel's capital. Reuters' Emily Wither explains from Jerusalem why the move is controversial. //reut.rs/2KYZD5q | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/why-the-jerusalem-us-embassy-divides-opi?videoId=426742181 |
May 3, 2018 / 9:19 AM / in 33 minutes BRIEF-Canadian Natural Resources Reports Qtrly Earnings Per Share $0.47 Reuters Staff
May 3 (Reuters) - Canadian Natural Resources Ltd:
* CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2018 FIRST QUARTER RESULTS * QTRLY ADJUSTED EARNINGS PER SHARE FROM OPERATIONS $0.71
* SAYS IN Q1 OF 2018, CO ACHIEVED RECORD QUARTERLY PRODUCTION OF 1,123,546 BOE/D, GROWTH OF 10% OVER Q4 2017 LEVELS * QTRLY FFO PER SHARE $1.89
* CANADIAN NATURAL RESOURCES - CO SEES ANNUAL 2018 PRODUCTION LEVELS TO AVERAGE BETWEEN 815,000 AND 885,000 BBL/D OF CRUDE OIL AND NGLS
* CANADIAN NATURAL RESOURCES -CANADIAN NATURAL’S ANNUAL 2018 CAPITAL EXPENDITURES ARE TARGETED TO BE ABOUT $4.3 BILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-canadian-natural-resources-reports/brief-canadian-natural-resources-reports-qtrly-earnings-per-share-0-47-idUSASC09ZDK |
May 16 (Reuters) - CPI Aerostructures Inc:
* CPI AEROSTRUCTURES RECEIVES ADDITIONAL PURCHASE ORDERS FOR T-38C AIRCRAFT MODIFICATION KITS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cpi-aerostructures-receives-additi/brief-cpi-aerostructures-receives-additional-purchase-orders-for-t-38c-aircraft-modification-kits-idUSFWN1SN0NI |
VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- Mr. Keith Piggott, with an address at c/o Suite 1201, 1166 Alberni Street, Vancouver, British Columbia, V6E 3Z3, announces that he has acquired ownership and control of common shares (" Shares ") and share purchase warrants of Core Gold Inc. (the " Company "), including in connection with a private placement by the Company of an aggregate of 4,509,941 units (the " Units ") of the Company at a price of $0.30 per Unit for gross proceeds of $1,352,982.30 (the " Private Placement "). Each Unit consists of one Share and one-half of one share purchase warrant (each whole warrant, a " Warrant "). Each Warrant entitles the holder to purchase one Share at a price of $0.45 until May 4, 2020, subject to acceleration in the event that the closing price of the Shares is $0.60 or higher over a period of ten (10) consecutive trading days.
On May 4, 2018, Mr. Piggott acquired 1,742,500 Shares and 871,250 Warrants under the Private Placement at a price of $0.30 per Unit for total consideration of $522,750, representing approximately 1.3% of current issued and outstanding common shares of the Company on a non-diluted basis and 2.0% on a partially-diluted basis assuming the exercise of such Warrants.
Previously, on June 30, 2017, Mr. Piggott acquired 1,151,666 Shares and 575,833 share purchase warrants as part of a private placement of units of the Company, at a price of $0.30 per unit for total consideration of $345,499.80. Each such unit consists of one Share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one Share at a price of $0.45 until June 30, 2019.
On September 27, 2017, Mr. Piggott acquired 120,501 Shares through the facilities of the TSX Venture Exchange at a price of $0.31 per Share for total consideration of $37,355.31.
The foregoing securities acquired by Mr. Piggott represent, in aggregate, approximately 2.3% of the current issued and outstanding common shares of the Company on a non-diluted basis and 3.4% on a partially-diluted basis assuming the exercise of all such share purchase warrants.
Immediately prior to the closing of the Private Placement, Mr. Piggott held 10,458,966 Shares, 575,833 share purchase warrants of the Company and 2,500,000 stock options of the Company, representing approximately 8.2% of the issued and outstanding common shares of the Company on a non-diluted basis and 10.4% on a partially-diluted basis assuming the exercise of all of Mr. Piggott's share purchase warrants and stock options.
Immediately after the closing of the Private Placement, Mr. Piggott holds 12,201,466 Shares, 1,447,083 share purchase warrants of the Company (including the 871,250 Warrants) and 2,500,000 stock options of the Company, representing approximately 9.3% of the issued and outstanding common shares of the Company on a non-diluted basis and 11.9% on a partially-diluted basis assuming the exercise of all of Mr. Piggott's share purchase warrants and stock options.
The acquisition by Mr. Piggott of the foregoing securities was primarily made for investment purposes. Mr. Piggott may increase or decrease his investment in the Company from time to time according to market conditions or other relevant factors.
Mr. Piggott is issuing this news release pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues . A copy of the related early warning report (the " Report ") will be issued and filed by Mr. Piggott on the SEDAR website at www.sedar.com under the Company's profile. The Company's head office is located at Suite 1201, 1166 Alberni Street, Vancouver, British Columbia, V6E 3Z3. For further information or to obtain a copy of the Report, contact Sam Wong, the Chief Financial Officer of the Company, at +1 604-306-8245.
Source: Core Gold Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-keith-piggott-announces-acquisition-of-common-shares-and-warrants.html |
LONDON, May 29 (Reuters) - The cost of insuring exposure to credit issued by euro zone periphery sovereigns and banks across the bloc soared on Tuesday amid fears that political turmoil in Italy could spark wider euro zone troubles.
Spanish five year credit default swaps (CDS) jumped by 20 basis points (bps) from Monday’s close to 95 bps - the highest level in 22 months, data from IHS Markit showed. Ireland CDS hit their highest in eight months at 33 bps.
CDS of euro zone banks - which have major exposure to Italian sovereign holdings - also rose sharply. Readings on Italian banks UniCredit and Intesa Sanpaolo both hit 156 bps - rising 34 bps and 32 bps from Monday respectively - to their highest in more than a year.
According to figures published by Citi on Monday, the top six Italian banks have a 166.6 billion euros exposure to Italian sovereign debt.
Major French banks’ BNP Paribas, Credit Agricole and Societe Generale 5-year CDS also rose sharply, jumping 50 bps or more on the day. BNP Paribas hit 93 bps - its highest since April 2017. (Reporting by Karin Strohecker, editing by Abhinav Ramnarayan)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-markets-cds/italy-other-euro-zone-sovereign-and-bank-cds-surge-idUSS8N1MY01Z |
May 3 (Reuters) - Linn Energy Inc:
* LINN ENERGY REPORTS FIRST-QUARTER 2018 RESULTS
* LINN ENERGY - QTRLY AVERAGE DAILY PRODUCTION 401 MMCFE/D VERSUS 750 MMCFE/D Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-linn-energy-qtrly-average-daily-pr/brief-linn-energy-qtrly-average-daily-production-401-mmcfe-d-vs-750-mmcfe-d-idUSASC09ZFB |
MILAN (Reuters) - Italy’s political crisis risks undoing years spent rebuilding the country’s banks, undermining the value of their assets, choking off access to funding and rekindling euro exit fears.
The "CityLife" commercial and business district is seen under construction in Milan, Italy February 26, 2016. REUTERS/Stefano Rellandini/File Photo Renewed doubts over the single currency have chilled Italy’s bond markets and reawakened the spectre of capital flight that shook Italian banks during the 2011-2012 sovereign crisis.
As a result, Italy’s lenders have lost more than a fifth of their market value in just two weeks, tracking a fall in its bonds as an anti-establishment coalition sought, and failed, to form a government.
Before the political storm, Italy’s banks had been outperforming euro zone rivals after reducing a bad loan burden that had threatened to cripple them.
And encouraged by Italy’s economic upturn, hedge funds had even piled into the country’s mid-tier lenders, betting on them as the last European recovery play.
But the prospect of snap elections after Italy’s president on Sunday vetoed the coalition’s eurosceptic economy minister has deepened a sell-off on fears of a de facto referendum on the euro and a further boost to anti-establishment parties.
“Risks perceived by investors have risen sharply and that is why they are knocking down the value of Italian banks, which even before the latest turmoil traded below their book values,” said Andrea Resti, a professor at Milan’s Bocconi University and an adviser on banking supervision to the European Parliament.
A 2.3 trillion euro public debt pile, the world’s third-largest, poses a direct threat to the banks, which face steep losses on 352 billion euros of domestic bond holdings after Italy’s benchmark yield hit a four-year high.
PROPERTY HOPE Rome’s turmoil could also lift returns demanded by buyers of the bad loans banks are desperately striving to rid themselves of, stalling sales and forcing them to offer bigger discounts.
The Bank of Italy forecast on Tuesday 65 billion euros in sales of impaired bank loans this year and urged lenders to press ahead with cutting soured debt.
Despite a 75 billion euro drop from their post-recession peak of 360 billion euros, problem loans in Italy still account for around 14 percent of total bank lending.
That is twice the level of neighbouring Spain where the clean-up process has been much faster thanks to European Union aid, solid economic growth and a rebound in real estate prices.
Claudio Scardovi a managing director at Alix Partners said a lagging property rebound was still likely to draw investors to Italy in the face of real estate bubbles in Britain, the Nordics and to some degree in France.
Italy’s real estate market has improved only in large cities such as Milan and Rome, and tourist areas and Francesco Castelli, head of fixed income at Banor Capital, said a continued and more uniform economic expansion was key for the rebound to take a wider grip.
“A property investment has an at least five-year horizon: just as the economy was growing again there are doubts about its mid-term prospects,” Castelli said.
MID-MARKET MAYHEM
Mid-sized lenders, such as Banco BPM, UBI Banca and BPER Banca, are seen as more vulnerable to the turmoil because they lag big players like Intesa Sanpaolo and UniCredit in cutting bad loans.
Italy’s 10th-largest bank Credito Valtellinese has been among the worst hit, even though just ahead of the March election it managed to raise eight times its market value in a share sale and gain 35 percent in value in its aftermath.
Shares in Creval, which has one of the highest sovereign exposures relative to its capital and a high bad loan burden, are 11 percent below the 0.10 euros at which it sold new shares.
Analysts warn that smaller Italian lenders are also the most at risk from rising financing costs. Wholesale funding markets have effectively shut down for Italian banks and traders say they will take a long while to reopen.
Italy’s strongest bank Intesa SanPaolo placed a 10-year bond after the election at 77 basis points over the swap rate. This now trades with a 200 basis point spread, showing how conditions have worsened.
Although tight funding markets are not an immediate concern because most banks are awash with liquidity, they do raise a question mark over plans by state-owned Monte dei Paschi di Siena and smaller rival Banca Carige to rebuild their Tier 2 capital buffers with hybrid debt.
Carige CEO Paolo Fiorentino said on Tuesday that political risks had paralysed markets when asked about the bank’s plan to issue a subordinated bond, a spokeswoman for the bank said.
Monte dei Paschi declined to comment.
Additional reporting by Jesus Aguado in Madrid; Editing by Alexander Smith
| ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics-banks/analysis-political-storm-threatens-italian-bank-recovery-idINKCN1IU2B8 |
Strong Quarter for Core Earnings
Announced Proposed Acquisition of CYS Investments, Inc. Post Quarter End
NEW YORK--(BUSINESS WIRE)-- Two Harbors Investment Corp. (NYSE: TWO), a leading hybrid mortgage real estate investment trust (REIT) that invests in residential mortgage-backed securities (RMBS), mortgage servicing rights (MSR) and other financial assets, today announced its financial results for the quarter ended March 31, 2018.
Summary
Reported book value of $15.63 per common share, representing a (1.3%) total quarterly return on book value. (1) Incurred a Comprehensive Loss of ($23.7) million, or ($0.14) per weighted average basic common share. Reported Core Earnings including dollar roll income of $83.8 million, or $0.48 per weighted average basic common share, representing a return on average common equity of 11.8%. (2) Dollar roll income of $3.4 million, or $0.02 per weighted average basic common share. Added $13.6 billion unpaid principal balance (UPB) of MSR through both a bulk purchase and monthly flow-sale arrangements, bringing total holdings to $111.7 billion UPB. Increased the capacity of an MSR financing facility by $100 million, to a total of $400 million, and continued to advance discussions with other potential MSR financing counterparties. Post quarter end, announced proposed acquisition of CYS Investments, Inc. (NYSE: CYS).
“We delivered strong Core Earnings in the first quarter, driven primarily by growth in our MSR portfolio and additional servicing income,” stated Thomas Siering, Two Harbors’ President and Chief Executive Officer. “Additionally, post quarter end, we were excited to announce our proposed acquisition of CYS Investments, Inc., which we believe represents a unique opportunity to create value for our stockholders.”
(1) Return on book value for the quarter ended March 31, 2018 is defined as the decrease in book value per common share from December 31, 2017 to March 31, 2018 of $0.68, plus the dividend declared of $0.47 per common share, divided by December 31, 2017 book value of $16.31 per common share.
(2) Core Earnings and Core Earnings including dollar roll income are non-GAAP measures. Please see page 13 for a definition of Core Earnings and a reconciliation of GAAP to non-GAAP financial information.
Beginning with this reporting period, certain of the company’s non-GAAP earnings metrics will include to-be-announced (TBA) dollar roll income. TBA dollar roll income is the economic equivalent to holding and financing Agency RMBS using short-term repurchase agreements. For various liquidity, hedging and leverage benefits, the company’s investment team may choose to invest in TBAs versus Agency pools. The ability to invest in more meaningful TBA exposure benefitted from the recent receipt of a tax opinion that will allow the company to hold these investments in the REIT. The company believes that the presentation of Core Earnings including dollar roll income is a meaningful indicator of its earnings power and provides investors with greater transparency into the company’s period-over-period financial performance.
Operating Performance
The following table summarizes the company’s GAAP and non-GAAP earnings measurements and key metrics for the first quarter of 2018:
Two Harbors Investment Corp. Operating Performance (unaudited) (dollars in thousands, except per common share data) Three Months Ended
March 31, 2018 Earnings attributable to common stockholders
Earnings Per weighted
average basic
common
share
Annualized
return on
average
common
equity
Comprehensive Loss $ (23,715 ) $ (0.14 ) (3.3 )% GAAP Net Income $ 321,062 $ 1.83 45.2 % Core Earnings (1) $ 80,371 $ 0.46 11.3 % Core Earnings, including dollar roll income (1) $ 83,825 $ 0.48 11.8 % Operating Metrics
Dividend per common share $ 0.47 Dividend per Series A preferred share $ 0.50781 Dividend per Series B preferred share $ 0.47656 Dividend per Series C preferred share $ 0.45313 Book value per common share at period end $ 15.63 Other operating expenses as a percentage of average equity (2) 1.6 %
(1) Please see page 13 for a definition of Core Earnings and Core Earnings including dollar roll income, and a reconciliation of GAAP to non-GAAP financial information.
(2) Includes non-cash equity compensation expense of $2.3 million
Earnings Summary
Two Harbors incurred a Comprehensive Loss of ($23.7) million, or ($0.14) per weighted average basic common share, for the quarter ended March 31, 2018, as compared to Comprehensive Income of $65.7 million, or $0.38 per weighted average basic common share, for the quarter ended December 31, 2017. The company records unrealized fair value gains and losses on the majority of RMBS, classified as available-for-sale, in Other Comprehensive Income. On a Comprehensive Income basis, the company recognized an annualized return on average common equity of (3.3%) and 8.5% for the quarters ended March 31, 2018 and December 31, 2017, respectively.
The company reported GAAP Net Income of $321.1 million, or $1.83 per weighted average basic common share, for the quarter ended March 31, 2018, as compared to GAAP Net Income of $154.0 million, or $0.88 per weighted average basic common share, for the quarter ended December 31, 2017. On a GAAP Net Income basis, the company recognized an annualized return on average common equity of 45.2% and 20.0% for the quarters ended March 31, 2018 and December 31, 2017, respectively.
For the first quarter of 2018, the company recognized non-Core Earnings of:
net realized losses on RMBS and mortgage loans held-for-sale of $19.7 million; net unrealized losses on certain RMBS, equity securities and mortgage loans held-for-sale of $1.3 million; other-than-temporary impairment loss of $0.1 million; net gains of $92.5 million related to swap and swaption terminations and expirations; net unrealized gains of $54.3 million associated with interest rate swaps and swaptions economically hedging interest rate exposure (or duration); net realized and unrealized gains on other derivative instruments of $5.6 million; net realized and unrealized gains on MSR of $114.7 million (1) ; servicing reserve expense of $0.3 million; non-cash equity compensation expense of $2.3 million; net provision for income taxes on non-Core Earnings of 2.7 million; and dollar roll income of $3.4 million.
The company reported Core Earnings for the quarter ended March 31, 2018 of $80.4 million, or $0.46 per weighted average basic common share outstanding. The company reported Core Earnings for the quarter ended December 31, 2017 of $81.3 million, or $0.47 per weighted average basic common share outstanding. On a Core Earnings basis, the company recognized an annualized return on average common equity of 11.3% for both of the quarters ended March 31, 2018 and December 31, 2017. The company reported Core Earnings including dollar roll income for the quarter ended March 31, 2018 of $83.8 million, or $0.48 per weighted average basic common share outstanding. On a Core Earnings including dollar roll income basis, the company recognized an annualized return on average common equity of 11.8% for the quarter ended March 31, 2018.
Other Key Metrics
Two Harbors declared a quarterly cash dividend of $0.47 per common share for the quarter ended March 31, 2018. The annualized dividend yield on the company’s common stock for the quarter, based on the March 31, 2018 closing price of $15.37, was 12.2%.
Two Harbors declared quarterly dividends of $0.50781 per share on its 8.125% Series A fixed-to-floating rate cumulative redeemable preferred stock, $0.47656 per share on its 7.625% Series B fixed-to-floating rate cumulative redeemable preferred stock and a dividend of $0.45313 per share of the 7.25% Series C fixed-to-floating rate cumulative redeemable preferred stock. Each of the foregoing preferred dividends were paid on April 27, 2018 to the applicable preferred stockholders of record at the close of business on April 12, 2018.
The company’s book value per common share, after taking into account the first quarter 2018 common and preferred stock dividends, was $15.63 as of March 31, 2018, compared to $16.31 as of December 31, 2017, which represented a total return on book value for the quarter of (1.3%). (2)
Other operating expenses for the quarter ended March 31, 2018 were approximately $14.5 million. The company’s annualized expense ratio was 1.6% of average equity, compared to expenses from continuing operations of approximately $9.8 million, or 1.1% of average equity, for the quarter ended December 31, 2017. These include non-cash equity compensation expense of $2.3 million and non-cash equity compensation income (negative amortization) of $0.4 million, respectively.
(1) Excludes estimated amortization of $42.9 million included in Core Earnings.
(2) Return on book value for the quarter ended March 31, 2018 is defined as the decrease in book value per common share from December 31, 2017 to March 31, 2018 of $0.68, plus the dividend declared of $0.47 per common share, divided by December 31, 2017 book value of $16.31 per common share.
Portfolio Summary
The company’s aggregate portfolio is principally comprised of RMBS available-for-sale securities, inverse interest-only securities (Agency Derivatives) and MSR. As of March 31, 2018, the total value of the company’s portfolio was $22.4 billion.
The company’s portfolio includes rates and credit strategies. The rates strategy consisted of $19.4 billion of Agency RMBS, Agency Derivatives and MSR as well as their associated notional hedges as of March 31, 2018. The credit strategy consisted of $3.0 billion of non-Agency securities, as well as their associated notional hedges as of March 31, 2018.
For the quarter ended March 31, 2018, the annualized yield on the company’s average aggregate portfolio was 3.77% and the annualized cost of funds on the associated average borrowings, which includes net interest rate spread on interest rate swaps, was 1.84%. This resulted in a net interest rate spread of 1.93%.
RMBS and Agency Derivatives
For the quarter ended March 31, 2018, the annualized yield on average RMBS and Agency Derivatives was 3.7%, consisting of an annualized yield of 3.1% in Agency RMBS and Agency Derivatives and 8.0% in non-Agency securities.
The company experienced a three-month average constant prepayment rate (CPR) of 7.0% for Agency RMBS and Agency Derivatives held as of March 31, 2018, compared to 7.6% as of December 31, 2017. The weighted average cost basis of the principal and interest Agency portfolio was 106.4% of par and 106.6% of par as of March 31, 2018 and December 31, 2017, respectively. The net premium amortization was $44.2 million and $43.0 million for the quarters ended March 31, 2018 and December 31, 2017, respectively.
The company experienced a three-month average CPR of 5.7% for legacy non-Agency securities held as of March 31, 2018, compared to 6.4% as of December 31, 2017. The weighted average cost basis of the legacy non-Agency securities was 59.5% of par as of March 31, 2018, compared to 59.9% of par as of December 31, 2017. The discount accretion was $22.2 million for the quarter ended March 31, 2018, compared to $20.8 million for the quarter ended December 31, 2017. The total net discount remaining was $1.3 billion as of both March 31, 2018 and December 31, 2017, with $712.0 million designated as credit reserve as of March 31, 2018.
As of March 31, 2018, fixed-rate investments composed 86.8% and adjustable-rate investments composed 13.2% of the company’s RMBS and Agency Derivatives portfolio.
Mortgage Servicing Rights
As of March 31, 2018, the company held MSR on mortgage loans with UPB totaling $111.7 billion. (1) The MSR had a fair market value of $1.3 billion, as of March 31, 2018, and the company recognized fair value gains of $71.8 million during the quarter ended March 31, 2018.
The company does not directly service mortgage loans, but instead contracts with fully licensed subservicers to handle substantially all servicing functions in the name of the subservicer for the loans underlying the company’s MSR. The company recognized $71.2 million of servicing income, $14.3 million (1) of servicing expenses and $0.3 million in servicing reserve expense during the quarter ended March 31, 2018.
(1) Excludes residential mortgage loans in securitization trusts for which the company is the named servicing administrator.
Other Investments and Risk Management Derivatives
The company held $0.4 billion notional of net long TBAs as of March 31, 2018, which are accounted for as derivative instruments in accordance with GAAP.
As of March 31, 2018, the company was a party to interest rate swaps and swaptions with a notional amount of $29.8 billion. Of this amount, $23.6 billion notional in swaps were utilized to economically hedge interest rate exposure (or duration), and $6.2 billion net notional in swaptions were utilized as macroeconomic hedges.
The following tables summarize the company’s investment portfolio as of March 31, 2018 and December 31, 2017:
Two Harbors Investment Corp. Portfolio (dollars in thousands) Portfolio Composition As of March 31, 2018 As of December 31, 2017 (unaudited) (unaudited) Rates Strategy Agency Fixed Rate $ 18,020,641 80.2% $ 18,215,505 81.2% Hybrid ARMs 21,523 0.1% 23,220 0.1% Total Agency 18,042,164 80.3% 18,238,725 81.3% Agency Derivatives 81,628 0.4% 90,975 0.4% Mortgage servicing rights 1,301,023 5.8% 1,086,717 4.8% Residential mortgage loans held-for-sale 19,679 0.1% 20,766 0.1% Credit Strategy Non-Agency Senior 2,026,035 9.0% 1,956,145 8.7% Mezzanine 916,877 4.1% 960,865 4.3% Other 74,301 0.3% 65,084 0.3% Total Non-Agency 3,017,213 13.4% 2,982,094 13.3% Residential mortgage loans held-for-sale 9,749 —% 9,648 0.1% Aggregate Portfolio $ 22,471,456 $ 22,428,925 Portfolio Metrics Three Months Ended
March 31, 2018
Three Months Ended
December 31, 2017 (unaudited) (unaudited) Annualized portfolio yield from continuing operations during the quarter 3.77 % 3.69 % Rates Strategy Agency RMBS, Agency Derivatives and mortgage servicing rights 3.2 % 3.2 % Credit Strategy Non-Agency securities, Legacy (1) 7.5 % 7.8 % Non-Agency securities, New issue (1) 10.9 % 6.6 % Net economic interest in securitizations — % 11.2 % Residential mortgage loans held-for-sale 4.7 % 3.9 % Annualized cost of funds from continuing operations on average borrowing balance during the quarter (2) 1.84 % 1.72 % Annualized interest rate spread for aggregate portfolio during the quarter 1.93 % 1.97 % Debt-to-equity ratio at period-end (3) 5.9:1.0 5.9:1.0 Portfolio Metrics Specific to RMBS and Agency Derivatives As of March 31, 2018 As of December 31, 2017 (unaudited) (unaudited) Weighted average cost basis of principal and interest securities Agency (4) $ 106.41 $ 106.56 Non-Agency (5) $ 59.51 $ 59.89 Weighted average three month CPR Agency 7.0 % 7.6 % Non-Agency 5.7 % 6.4 % Fixed-rate investments as a percentage of aggregate RMBS and Agency Derivatives portfolio 86.8 % 87.2 % Adjustable-rate investments as a percentage of aggregate RMBS and Agency Derivatives portfolio 13.2 % 12.8 %
(1) Legacy non-Agency securities includes non-Agency bonds issued up to and including 2009. New issue non-Agency securities includes bonds issued after 2009.
(2) Cost of funds includes interest spread expense associated with the portfolio's interest rate swaps.
(3) Defined as total borrowings to fund RMBS, MSR and Agency Derivatives, divided by total equity.
(4) Weighted average cost basis includes RMBS principal and interest securities only. Average purchase price utilized carrying value for weighting purposes.
(5) Average purchase price utilized carrying value for weighting purposes. If current face were utilized for weighting purposes, total legacy non-Agency securities excluding the company's non-Agency interest-only portfolio would be $57.00 at March 31, 2018 and $57.27 at December 31, 2017.
“We are excited about the opportunity to redeploy capital from the proposed acquisition of CYS into our target assets,” stated Bill Roth, Two Harbors’ Chief Investment Officer. “We continue to see abundant opportunity to add MSR and believe that pairing MSR with our Agency RMBS better hedges our interest rate exposure and spread risk. Over time, we expect that approximately 50% of our capital will be allocated to MSR and credit.”
Financing Summary
The company reported a debt-to-equity ratio, defined as total borrowings under repurchase agreements, FHLB advances, revolving credit facilities and convertible senior notes to fund RMBS, Agency Derivatives and MSR divided by total equity, of 5.9:1.0 as of March 31, 2018.
As of March 31, 2018, the company had outstanding $18.9 billion of repurchase agreements funding RMBS and Agency Derivatives with 28 different counterparties. Excluding the effect of the company’s interest rate swaps, the repurchase agreements funding RMBS and Agency Derivatives had a weighted average borrowing rate of 1.94% as of March 31, 2018.
The company’s wholly owned subsidiary, TH Insurance Holdings Company LLC (TH Insurance), is a member of the FHLB. As a member of the FHLB, TH Insurance has access to a variety of products and services offered by the FHLB, including secured advances. As of March 31, 2018, TH Insurance had $0.9 billion in outstanding secured advances funding RMBS, with a weighted average borrowing rate of 2.13%.
As of March 31, 2018, the company had outstanding $20.0 million of short-term borrowings secured by MSR collateral under revolving credit facilities with a weighted average borrowing rate of 5.67% and remaining maturities of 261 days. Additionally, the company had outstanding $250.0 million of long-term repurchase agreements for MSR, with a weighted average borrowing rate of 3.94%, with additional available capacity of $150.0 million.
As of March 31, 2018, the company’s aggregate repurchase agreements, FHLB advances, revolving credit facilities and convertible senior notes funding RMBS, Agency Derivatives and MSR had a weighted average of 4.7 months to maturity.
The following table summarizes the company’s borrowings by collateral type under repurchase agreements, FHLB advances, revolving credit facilities and convertible senior notes outstanding as of March 31, 2018 and December 31, 2017, and the related cost of funds for the three months ended March 31, 2018 and December 31, 2017:
As of March 31, 2018 As of December 31, 2017 (in thousands) (unaudited) (unaudited) Collateral type: Agency RMBS and Agency Derivatives $ 17,731,102 $ 18,610,196 Mortgage servicing rights 270,000 132,500 Non-Agency securities 2,032,601 1,943,535 Other (1) 283,054 282,827 $ 20,316,757 $ 20,969,058 Cost of Funds Metrics Three Months Ended
March 31, 2018
Three Months Ended
December 31, 2017
(unaudited) (unaudited) Annualized cost of funds from continuing operations on average borrowings during the quarter: 1.9 % 1.8 % Agency RMBS and Agency Derivatives 1.7 % 1.5 % Mortgage servicing rights (2) 5.2 % 5.9 % Non-Agency securities 3.1 % 3.0 % Net economic interests in consolidated securitization trusts (3) — % 2.7 % Other (1)(2) 6.7 % 6.8 %
(1) Includes unsecured convertible senior notes.
(2) Includes amortization of debt issuance costs.
(3) Includes the retained interests from the company’s previous on-balance sheet securitizations, which, prior to December 31, 2017, were eliminated in consolidation in accordance with GAAP. During the fourth quarter of 2017, the company sold all of the retained subordinated securities thereby causing the deconsolidation of the securitization trusts from the company’s consolidated balance sheet. As of December 31, 2017, the remaining retained securities were included as non-Agency available-for-sale securities on the company’s balance sheet.
Conference Call
Two Harbors Investment Corp. will host a conference call on May 9, 2018 at 9:00 a.m. EDT to discuss first quarter 2018 financial results and related information. To participate in the teleconference, please call toll-free (877) 868-1835 (or (914) 495-8581 for international callers), conference code 3599717, approximately 10 minutes prior to the above start time. You may also listen to the teleconference live via the Internet on the company’s website at www.twoharborsinvestment.com in the Investor Relations section under the Events and Presentations link. For those unable to attend, a telephone playback will be available beginning at 12:00 p.m. EDT on May 9, 2018, through 12:00 a.m. EDT on May 16, 2018. The playback can be accessed by calling (855) 859-2056 (or (404) 537-3406 for international callers), conference code 3599717. The call will also be archived on the company’s website in the Investor Relations section under the Events and Presentations link.
Two Harbors Investment Corp.
Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets. Two Harbors is headquartered in New York, New York, and is externally managed and advised by PRCM Advisers LLC, a wholly owned subsidiary of Pine River Capital Management L.P. Additional information is available at www.twoharborsinvestment.com .
This presentation includes “ ” within the meaning of the safe harbor provisions of the United States 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such . These involve significant risks and uncertainties that could cause actual results to expected results, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2017, and any subsequent Quarterly Reports on Form 10-Q, under the caption “Risk Factors.” Factors that could cause actual results to differ include, but are not limited to: the state of credit markets and general economic conditions; changes in interest rates and the market value of our assets; changes in prepayment rates of mortgages underlying our target assets; the rates of default or decreased recovery on the mortgages underlying our target assets; the occurrence, extent and timing of credit losses within our portfolio; the concentration of credit risks we are exposed to; declines in home prices; our ability to establish, adjust and maintain appropriate hedges for the risks in our portfolio; the availability and cost of our target assets; the availability and cost of financing; changes in the competitive landscape within our industry; our ability to effectively execute and to realize the benefits of strategic transactions and initiatives we have pursued or may in the future pursue; our proposed acquisition of CYS and our ability to realize the benefits related thereto; our ability to manage various operational risks and costs associated with our business; interruptions in or impairments to our communications and information technology systems; our ability to acquire MSR and successfully operate our seller-servicer subsidiary and oversee our subservicers; the impact of any deficiencies in the servicing or foreclosure practices of third parties and related delays in the foreclosure process; our exposure to legal and regulatory claims; legislative and regulatory actions affecting our business; the impact of new or modified government mortgage refinance or principal reduction programs; our ability to maintain our REIT qualification; and limitations imposed on our business due to our REIT status and our exempt status under the Investment Company Act of 1940.
Readers are cautioned not to place undue reliance upon any , which speak only as of the date made. Two Harbors does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Two Harbors’ most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral concerning Two Harbors or matters attributable to Two Harbors or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying investor presentation present non-GAAP financial measures, such as Core Earnings, Core Earnings including dollar roll income, Core Earnings per basic common share and Core Earnings per basic common share including dollar roll income, that exclude certain items. Two Harbors’ management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the company’s core business operations, and uses these measures to gain a comparative understanding of the company’s operating performance and business trends. The non-GAAP financial measures presented by the company represent supplemental information to assist investors in analyzing the results of its operations. However, because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. The company’s GAAP financial results and the reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 13 of this release.
Additional Information
Stockholders of Two Harbors and other interested persons may find additional information regarding the company at the SEC’s Internet site at www.sec.gov or by directing requests to: Two Harbors Investment Corp., Attn: Investor Relations, 575 Lexington Avenue, Suite 2930, New York, NY 10022, telephone (612) 629-2500.
TWO HARBORS INVESTMENT CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) March 31,
2018
December 31,
2017
(unaudited) ASSETS Available-for-sale securities, at fair value $ 21,059,377 $ 21,220,819 Mortgage servicing rights, at fair value 1,301,023 1,086,717 Residential mortgage loans held-for-sale, at fair value 29,428 30,414 Cash 388,450 419,159 Restricted cash 712,791 635,836 Accrued interest receivable 67,370 68,309 Due from counterparties 85,319 842,303 Derivative assets, at fair value 274,048 309,918 Other assets 159,359 175,838 Total Assets $ 24,077,165 $ 24,789,313 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Repurchase agreements $ 19,148,679 $ 19,451,207 Federal Home Loan Bank advances 865,024 1,215,024 Revolving credit facilities 20,000 20,000 Convertible senior notes 283,054 282,827 Derivative liabilities, at fair value 46,074 31,903 Due to counterparties 39,809 88,898 Dividends payable 96,201 12,552 Accrued interest payable 85,405 87,698 Other liabilities 25,234 27,780 Total Liabilities 20,609,480 21,217,889 Stockholders’ Equity Preferred stock, par value $0.01 per share; 50,000,000 shares authorized: 8.125% Series A cumulative redeemable: 5,750,000 and 5,750,000 shares issued and outstanding, respectively ($143,750 liquidation preference) 138,872 138,872 7.625% Series B cumulative redeemable: 11,500,000 and 11,500,000 shares issued and outstanding, respectively ($287,500 liquidation preference) 278,094 278,094 7.25% Series C cumulative redeemable: 11,800,000 and 11,800,000 shares issued and outstanding, respectively ($295,000 liquidation preference) 285,584 285,571 Common stock, par value $0.01 per share; 450,000,000 shares authorized and 175,434,778 and 174,496,587 shares issued and outstanding, respectively 1,754 1,745 Additional paid-in capital 3,674,411 3,672,003 Accumulated other comprehensive (loss) income (46 ) 334,813 Cumulative earnings 2,711,495 2,386,604 Cumulative distributions to stockholders (3,622,479 ) (3,526,278 ) Total Stockholders’ Equity 3,467,685 3,571,424 Total Liabilities and Stockholders’ Equity $ 24,077,165 $ 24,789,313 TWO HARBORS INVESTMENT CORP. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (dollars in thousands) Certain prior period amounts have been reclassified to conform to the current period presentation Three Months Ended
March 31,
2018 2017 (unaudited) Interest income: Available-for-sale securities $ 190,716 $ 135,327 Residential mortgage loans held-for-investment in securitization trusts — 31,628 Residential mortgage loans held-for-sale 307 398 Other 2,996 1,801 Total interest income 194,019 169,154 Interest expense: Repurchase agreements 86,580 32,256 Collateralized borrowings in securitization trusts — 25,386 Federal Home Loan Bank advances 4,458 8,793 Revolving credit facilities 804 429 Convertible senior notes 4,718 3,821 Total interest expense 96,560 70,685 Net interest income 97,459 98,469 Other-than-temporary impairment losses (94 ) — Other income (loss): Loss on investment securities (20,671 ) (52,352 ) Servicing income 71,190 39,773 Gain (loss) on servicing asset 71,807 (14,565 ) Gain on interest rate swap and swaption agreements 150,545 9,927 Gain (loss) on other derivative instruments 8,053 (27,864 ) Other income 1,058 9,496 Total other income (loss) 281,982 (35,585 ) Expenses: Management fees 11,708 9,808 Servicing expenses 14,554 5,298 Other operating expenses 14,492 13,764 Total expenses 40,754 28,870 Income from continuing operations before income taxes 338,593 34,014 Provision for (benefit from) income taxes 3,784 (24,517 ) Net income from continuing operations 334,809 58,531 Income from discontinued operations, net of tax — 13,454 Net income 334,809 71,985 Dividends on preferred stock 13,747 — Net income attributable to common stockholders $ 321,062 $ 71,985 TWO HARBORS INVESTMENT CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME, continued (dollars in thousands) Certain prior period amounts have been reclassified to conform to the current period presentation Three Months Ended
March 31, 2018 2017 (unaudited) Basic earnings per weighted average common share: Continuing operations $ 1.83 $ 0.33 Discontinued operations — 0.08 Net income $ 1.83 $ 0.41 Diluted earnings per weighted average common share: Continuing operations $ 1.69 $ 0.33 Discontinued operations — 0.08 Net income $ 1.69 $ 0.41 Dividends declared per common share $ 0.47 $ 0.50 Weighted average number of shares of common stock: Basic 175,145,964 174,281,965 Diluted 192,818,531 174,281,965 Comprehensive (loss) income: Net income $ 334,809 $ 71,985 Other comprehensive (loss) income, net of tax: Unrealized (loss) gain on available-for-sale securities (344,777 ) 73,762 Other comprehensive (loss) income (344,777 ) 73,762 Comprehensive (loss) income (9,968 ) 145,747 Dividends on preferred stock 13,747 — Comprehensive (loss) income attributable to common stockholders $ (23,715 ) $ 145,747 TWO HARBORS INVESTMENT CORP. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (dollars in thousands, except share data) Certain prior period amounts have been reclassified to conform to the current period presentation Three Months Ended
March 31, 2018 2017 (unaudited) Reconciliation of Comprehensive (loss) income to Core Earnings: Comprehensive (loss) income attributable to common stockholders $ (23,715 ) $ 145,747 Adjustment for other comprehensive loss (income) attributable to common stockholders: Unrealized loss (gain) on available-for-sale securities attributable to common stockholders 344,777 (73,762 ) Net income attributable to common stockholders $ 321,062 $ 71,985 Adjustments for non-Core Earnings: Realized losses on securities and residential mortgage loans held-for-sale 19,731 49,049 Unrealized losses on securities and residential mortgage loans held-for-sale 1,253 1,842 Other-than-temporary impairment loss 94 — Realized gains on termination or expiration of swaps and swaptions (92,479 ) (66,031 ) Unrealized (gain) loss on interest rate swaps and swaptions economically hedging interest rate exposure (or duration) (54,257 ) 48,200 (Gain) loss on other derivative instruments (5,599 ) 31,689 Realized and unrealized gains on financing securitizations — (6,577 ) Realized and unrealized gains on mortgage servicing rights (114,692 ) (11,996 ) Change in servicing reserves 265 (2,823 ) Non-cash equity compensation expense 2,341 3,955 Net provision for (benefit from) income taxes on non-Core Earnings 2,652 (24,335 ) Core Earnings attributable to common stockholders (1) 80,371 $ 94,958 Dollar roll income 3,454 Core Earnings attributable to common stockholders, including dollar roll income (1) $ 83,825 Weighted average basic common shares outstanding 175,145,964 174,281,965 Core Earnings attributable to common stockholders per weighted average basic common share outstanding $ 0.46 $ 0.54 Dollar roll income per weighted average basic common share outstanding 0.02 Core Earnings, including dollar roll income, attributable to common stockholders per weighted average basic common share outstanding $ 0.48
(1) Core Earnings is a non-U.S. GAAP measure that we define as comprehensive (loss) income attributable to common stockholders, excluding “realized and unrealized gains and losses” (impairment losses, realized and unrealized gains and losses on the aggregate portfolio, reserve expense for representation and warranty obligations on MSR and non-cash compensation expense related to restricted common stock). As defined, Core Earnings includes interest income or expense and premium income or loss on derivative instruments and servicing income, net of estimated amortization on MSR. Dollar roll income is the economic equivalent to holding and financing Agency RMBS using short-term repurchase agreements. We believe the presentation of Core Earnings, including dollar roll income, provides investors greater transparency into our period-over-period financial performance and facilitates comparisons to peer REITs.
TWO HARBORS INVESTMENT CORP. SUMMARY OF QUARTERLY CORE EARNINGS (dollars in millions, except per share data) Certain prior period amounts have been reclassified to conform to the current period presentation Three Months Ended March 31,
2018
December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 (unaudited) Net Interest Income: Interest income $ 194.0 $ 195.1 $ 195.6 $ 184.7 $ 169.2 Interest expense 96.6 94.8 99.0 85.3 70.7 Net interest income 97.4 100.3 96.6 99.4 98.5 Other income: Gain on investment securities 0.6 0.7 — — — Servicing income, net of amortization (1) 28.3 19.8 18.0 19.4 13.2 Interest spread on interest rate swaps 3.8 2.0 (0.4 ) (2.6 ) (7.9 ) Gain on other derivative instruments 2.5 2.8 2.8 3.3 3.8 Other income 0.7 1.1 1.2 1.4 1.4 Total other income 35.9 26.4 21.6 21.5 10.5 Expenses 38.1 31.1 28.8 32.7 27.7 Core Earnings before income taxes 95.2 95.6 89.4 88.2 81.3 Income tax expense (benefit) 1.1 2.4 2.0 0.6 (0.2 ) Core Earnings from continuing operations 94.1 93.2 87.4 87.6 81.5 Core Earnings attributable to discontinued operations (2) — — 10.7 14.2 13.5 Core Earnings 94.1 93.2 98.1 101.8 95.0 Dividends on preferred stock 13.7 11.9 8.9 4.3 — Core Earnings attributable to common stockholders (3) 80.4 $ 81.3 $ 89.2 $ 97.5 $ 95.0 Dollar roll income 3.4 Core Earnings, including dollar roll income, attributable to common stockholders (3) $ 83.8 Weighted average basic Core EPS $ 0.46 $ 0.47 $ 0.51 $ 0.56 $ 0.54 Weighted average basic Core EPS, including dollar roll income $ 0.48 Core earnings return on average common equity 11.3 % 11.3 % (4)
10.2 % 11.2 % 11.0 % Core earnings return on average common equity, including dollar roll income 11.8 % | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-two-harbors-investment-corp-reports-first-quarter-2018-financial-results.html |
May 22 (Reuters) - Steel Strips Wheels Ltd:
* SAYS TOTAL ORDER VALUE IS CLOSE TO $700,000 * STEEL STRIPS WHEELS - CO IN DISCUSSIONS WITH OTHER LARGE TRUCK & TRAILER MAKERS IN U.S.; EXPECTS TO GET MORE ORDERS IN SEGMENT IN NEAR FUTURE Source text - bit.ly/2s21z4t Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-steel-strips-wheels-gets-truck-whe/brief-steel-strips-wheels-gets-truck-wheels-order-from-usa-idUSFWN1ST03P |
Russian agency offers fake restaurant reviews ahead of World Cup 1:11pm BST - 01:20
A Russian marketing agency has offered to help restaurants in cities hosting the soccer World Cup use fake reviews to bump up ratings on review site TripAdvisor. Marketing company Bacon Agency says it can circumvent TripAdvisor's algorithm for detecting fraudulent posts and publish reviews in foreign languages ahead of an influx of fans from abroad. Jacob Greaves reports.
A Russian marketing agency has offered to help restaurants in cities hosting the soccer World Cup use fake reviews to bump up ratings on review site TripAdvisor. Marketing company Bacon Agency says it can circumvent TripAdvisor's algorithm for detecting fraudulent posts and publish reviews in foreign languages ahead of an influx of fans from abroad. Jacob Greaves reports. //reut.rs/2GEAfyD | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/russian-agency-offers-fake-restaurant-re?videoId=429252558 |
May 14 (Reuters) - Mandalay Resources Corp:
* CORPORATION ANNOUNCES CHANGES TO EXECUTIVE TEAM AND TO BOARD OF DIRECTORS
* SAYS CEO AND PRESIDENT DR MARK SANDER RESIGNED * DOMINIC DUFFY REPLACING SANDER AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
* SANDER IS WITHDRAWING HIS NOMINATION FOR ELECTION TO BOARD AT MANDALAY’S ANNUAL GENERAL AND SPECIAL MEETING ON MAY 16, 2018
* WILL NOT BE APPOINTING A NEW CHIEF OPERATING OFFICER AT MOMENT Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mandalay-resources-corp-says-ceo-m/brief-mandalay-resources-corp-says-ceo-mark-sander-resigned-idUSASC0A23N |
LAS VEGAS, May 16, 2018 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCQB:GLXZ), a developer, manufacturer and distributor of casino table games and enhanced systems, announced today its results for the quarter ended March 31, 2018.
Financial Highlights
Q1 2018 vs. Q1 2017
Revenue increased 25% to $4,361K Revenue increased 20% to $4,154K excluding effect of accounting change Adjusted EBITDA increased 28% to $1,559K Pre-tax income increased 184% to $682K Net income increased 231% to $537K
Balance Sheet Changes (vs. December 31, 2017)
Cash decreased 5% to $3,396K Total debt (gross) decreased 3% to $9,345K Stockholders’ equity increased 13% to $6,166K
Executive Comments
“We maintained revenue growth in the 20% range in Q1 2018,” stated Todd Cravens, Galaxy’s President and CEO. "However, the increases in operating expenses that we made last year have moderated in Q1 2018, allowing us to deliver growth in EBITDA that exceeded the growth in revenue. We expect that trend to continue throughout 2018.”
“Revenue as reported for Q1 2018 included $207K from our adoption of ASC 606 effective beginning this year,” stated Harry Hagerty, Galaxy’s CFO. “Cash decreased slightly in the quarter due to our payment in January 2018 of amounts owed to a strategic partner; excluding that payment, cash would have increased 16%. Interest expense decreased in the quarter due to lower debt balances, and we expect further decreases in 2018 as a result of the refinancing we announced last month. Finally, our effective tax rate was 21.2%, reflecting the new tax rates enacted late last year.”
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming ( galaxygaming.com ) develops, manufactures and distributes innovative proprietary table games, state-of-the-art electronic wagering platforms and enhanced bonusing systems to land-based, riverboat, cruise ships and online casinos worldwide. Through its iGaming partner Games Marketing Ltd., Galaxy Gaming licenses its proprietary table games to the online gaming industry. Galaxy’s games can be played online at FeelTheRush.com . Connect with Galaxy on Facebook , YouTube and Twitter .
Contact:
Media: Dana Rantovich (702) 938-1753
Investors: Harry Hagerty (702) 938-1740
Source:Galaxy Gaming, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-galaxy-gaming-reports-q1-2018-financial-results.html |
Snap Inc.’s first year as a public company was inauspicious. The stock dropped 17% on average following its first three earnings reports. Investors’ skepticism turned to mild delight in the fourth quarter, when the company finally reported accelerating user and revenue growth. But those charmed results, which sent shares up 20%, are now looking like a fluke.
On Tuesday, Snap reported first-quarter results that missed expectations across the board. Shares tumbled 17% in after-hours trading—matching the average stock drop over... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/snaps-winning-streak-ends-at-one-1525212992 |
Harry's father to walk Meghan down the aisle 9:13am EDT - 01:43
With just hours until the Royal Wedding, it's been announced that Prince Charles will walk Meghan Markle down the aisle. Meanwhile in Windsor, wedding fever is palpable.
With just hours until the Royal Wedding, it's been announced that Prince Charles will walk Meghan Markle down the aisle. Meanwhile in Windsor, wedding fever is palpable. //reut.rs/2wRB9YX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/harrys-father-to-walk-meghan-down-the-ai?videoId=428090791 |
BAGHDAD (Reuters) - Iranian Major General Qassem Soleimani is holding talks with politicians in Baghdad to promote the formation of a new Iraqi cabinet which would have Iran’s approval, two people familiar with the political process underway in Iraq said on Wednesday.
FILE PHOTO: Qassem Soleimani (L) stands at the frontline during offensive operations against Islamic State militants in the town of Tal Ksaiba in Salahuddin province March 8, 2015. REUTERS/Stringer/File Photo Soleimani, commander of foreign operations for Iran’s elite Revolutionary Guards, arrived in Iraq on Saturday, the day of the parliamentary election.
Initial nationwide results showed a surprise victory for the bloc that supports populist cleric Moqtada al-Sadr, a Shi’ite not aligned with Iran who campaigned on a nationalist platform, tapping into public resentment against widespread corruption and huge social disparities.
Soleimani is holding talks with rival politicians to pave the way for an agreement to form a Shi’ite ruling coalition, said a person acting as an intermediary between Sadr, other senior politicians and a Shi’ite candidate.
Formal talks to set up a governing coalition will start after the announcement of the final results, expected later this week.
Before the election, Iran publicly stated it would not allow Sadr’s bloc - an unlikely alliance of Shi’tes, communists and other secular groups - to govern.
For his part, Sadr has made clear he is unwilling to compromise with Iran by forming a coalition with its main allies, Hadi al-Amiri, leader of the Badr paramilitary group, and former prime minister Nuri al-Maliki.
A tally by Reuters of provincial results announced over the past three days shows Sadr’s list leading, followed by Amiri, a close ally of Iran and a friend of Soleimani, and then outgoing Prime Minister Haider al-Abadi.
Abadi managed to rally the support of both Iran and the United States in Iraq’s three-year war on Islamic State.
Saturday’s election was the first since the defeat last year of the militants who had overran a third of Iraq in 2014. Soleimani’s Quds Force is the main foreign backer of Amiri’s Badr, which served as the backbone of Popular Mobilisation, a volunteers force set up to fight Islamic State.
Reporting by Maher Chmaytelli, Editing by William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/iraq-election-iran/irans-soleimani-holds-talks-about-future-iraqi-cabinet-idINKCN1IH1GV |
THERE'S A REAL RISK OF A NO DEAL BREXIT 3:55pm EDT - 00:38
Speaking at 2018, Scotland's First Minister Nicola Sturgeon warns that there's a real risk of a no deal Brexit which would be 'catastrophic' for the UK.
Speaking at 2018, Scotland's First Minister Nicola Sturgeon warns that there's a real risk of a no deal Brexit which would be 'catastrophic' for the UK. //reut.rs/2KXU5Iu | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/nicola-sturgeon-says-theres-a-real-risk?videoId=426909115 |
BEIJING (Reuters) - China’s ZTE Corp is estimating losses of at least 20 billion yuan ($3.1 billion) due to Washington’s ban on U.S. firms supplying the telecommunications firm, Bloomberg reported on Wednesday, citing unnamed sources.
FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo The report also said ZTE is hopeful that the United States and China will be able to soon reach a deal that would remove the ban and has a plan in place allowing the telecoms firm to “swing idled factories into action within hours” of the ban being officially lifted.
Reporting by Se Young Lee; Editing by Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte/chinas-zte-estimates-at-least-3-1-billion-loss-from-u-s-sanctions-bloomberg-idUSKCN1IO092 |
May 2, 2018 / 12:20 PM / Updated 5 hours ago Breast cancer screening failure may have shortened 270 lives in England Estelle Shirbon 4 Min Read
LONDON (Reuters) - As many as 270 women in England may have died prematurely of breast cancer because of an IT failure that led to 450,000 patients missing out on routine screening appointments. FILE PHOTO: A doctor exams mammograms, as part of a regular cancer prevention medical check-up at a clinic in Nice, south eastern France January 4, 2008. REUTERS/Eric Gaillard/File Photo
Health Secretary Jeremy Hunt apologized in parliament for the “serious failure,” which he said was the result of a mistake in a computer system’s algorithm dating back to 2009 but identified only in January this year. He ordered an independent review.
“Our current best estimate, which comes with caveats ... is that there may be between 135 and 270 women who had their lives shortened as a result,” he said.
“Tragically there are likely to be some people in this group who would have been alive today if the failure had not happened.”
Britain’s state-funded National Health Service (NHS), which provides free healthcare to the entire population, is one of the country’s most popular institutions.
However, it is occasionally hit by failures and scandals which reverberate widely across society as almost everyone receives NHS care throughout their lives.
Under the routine NHS breast screening program, women aged between 50 and 70 are invited for tests every three years. Around 2 million women are tested every year.
The IT error affected some 450,000 women aged between 68 and 71, who should have received their final invitation to a test under the routine program but did not. Of those, around 150,000 have since died.
More than 300,000 of the remaining women, now aged 70 to 79, will be offered catch-up tests by the end of May, with all tests expected to be completed by the end of October.
“For them and others it is incredibly upsetting to know that you did not receive an invitation for screening at the correct time and totally devastating to hear you may have lost or be about to lose a loved one because of administrative incompetence,” said Hunt.
Breast cancer is the most common type of cancer in Britain, with more than 55,000 women diagnosed every year and nearly 1,000 dying of the disease every month, according to non-governmental organization Breast Cancer Now. FILE PHOTO: A monitor shows the image of a breast cancer at a centre run by the "Reto" Group for Full Recovery of Breast Cancer in Mexico City October 18, 2012. REUTERS/Edgard Garrido/File Photo
“It is beyond belief that this major mistake has been sustained for almost a decade and we need to know why this has been allowed to happen,” said Delyth Morgan, chief executive of Breast Cancer Now.
“For those women who will have gone on to develop breast cancers that could have been picked up earlier through screening, this is a devastating error.” CALLS FOR EXTRA CASH
The body representing radiologists said the catch-up tests would put even more strain on screening units that were already stretched to the limit due to staff shortages.
“Ultimately, we need funding for more training posts for radiologists to ensure the screening program – and the NHS as a whole – has the vital imaging doctors it needs,” said Caroline Rubin, vice president for clinical radiology at The Royal College of Radiologists.
NHS funding and whether it is sufficient to meet the increasingly complex needs of the aging population is a perennial topic of political debate in Britain. Staff shortages have been a concern for many years.
In the previous worst NHS patient care scandal, concerning poor practices at a small hospital in the English county of Staffordshire, an estimated 400 to 1,200 patients died between 2005 and 2009 as a result of inadequate care.
England’s breast screening failure follows unrelated news in Ireland last week that more than 200 cervical cancer test results should have resulted in earlier intervention.
The Irish government said 17 of the patients involved have since died, though it has not yet established the cause of death, and a further 1,500 women who developed cervical cancer over the last 10 years did not have their cases reviewed.
The government has ordered a statutory investigation into the scandal, which has dominated political debate and shaken confidence in the Irish health service. Reporting by Alistair Smout and Estelle Shirbon in London, Padraic Halpin in Dublin; editing by Stephen Addison and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-health-cancer/serious-failure-in-english-breast-cancer-screening-may-have-shortened-lives-minister-idUKKBN1I31ML |
NEW YORK (Reuters) - Walmart Inc on Thursday said profit margins during the first quarter remained under pressure due to price cuts and higher freight costs, weighing on its shares even as sales and earnings came in stronger than expected.
Walmart’s gross margin, which has fallen for four consecutive quarters, was down 23 basis points in the quarter ended April 30. Within the U.S. division, operating income fell 3.1 percent from the prior year.
Shares of the world’s biggest retailer traded 1.6 percent down in afternoon trade after initially opening higher. The stock has fallen around 20 percent from an all-time high in January.
“The Street is trying to digest the margin performance and there are concerns around when they can make money given the large investments in e-commerce,” said Brian Yarbrough, an analyst with Edward Jones.
The weak margins overshadowed strong first-quarter results and progress in Walmart’s efforts to keep pace with rivals like Amazon.com Inc.
Walmart’s e-commerce sales grew 33 percent, above the 23-percent growth in the previous three months. It said it is on track to increase U.S. e-commerce sales by 40 percent for the full year.
The e-commerce rebound comes after a sharp slowdown during the crucial holiday quarter, which sent its shares down over 10 percent and wiped out $31 billion from its market capitalization.
“Online grocery continued to accelerate and we also have new brands in e-commerce including the partnership with Lord and Taylor, so there are a lot of different things driving growth there,” Chief Financial Officer Brett Biggs said in an interview. He said free two-day shipping boosted growth, and the Walmart.com site redesign helped late in the quarter.
The site redesign also boosted traffic to the company’s online grocery business by 10 percent to 20 percent, e-commerce chief Marc Lore told reporters on an earnings conference call.
INTERNATIONAL BOOST International sales were up 4.5 percent at $28.3 billion on a constant currency basis, helped by an early Easter, Biggs said.
The company is in the process of fixing its international business portfolio and recently said it will acquire a 77-percent stake in Indian e-commerce firm Flipkart for $16 billion, its largest deal ever, to compete with Amazon.com Inc in an important growth market. It plans to sell a majority stake in its UK grocery chain Asda Group Ltd to J Sainsbury PLC.
Walmart also recently reached agreements to sell its banking operations in Walmart Canada and Walmart Chile, it said on Thursday.
Excluding special items, adjusted earnings were $1.14 per share. The average analyst estimate was $1.12 per share, according to Thomson Reuters I/B/E/S.
Sales at U.S. stores open at least a year rose 2.1 percent excluding fuel, in line with analyst forecasts, according to Consensus Metrix. Walmart has recorded nearly four straight years of U.S. growth, unmatched by any other retailer.
Walmart said some consumers may have felt the pinch from rising gas prices, but consumer demand remained robust.
“In terms of (demand), this quarter is reasonably similar to what I have seen last year and we are comfortable with our strategy,” Walmart’s U.S. CEO Greg Foran said on a media call.
The comparable sales increase was driven by a jump in the price of items sold and by e-commerce. The company’s U.S. grocery business and higher branded drug prices also boosted growth.
Competition in the U.S. grocery sector intensified as rival Kroger Co struck a deal with British online grocery company Ocado Group to build and deliver groceries from robot-staffed warehouses.
Customer traffic at Walmart stores was up 0.8 percent during the quarter, slower than the 1.5 percent growth during the same period a year ago. A delayed spring hurt demand in weather-related categories and led customers to consolidate trips.
Biggs said demand in those categories rebounded this month.
Total revenue increased 4.4 percent to $122.7 billion, beating analysts’ estimates of $120.5 billion.
FILE PHOTO: The logo of Walmart is seen on shopping trolleys at their store in Sao Paulo, Brazil February 14, 2018. REUTERS/Paulo Whitaker/File photo Reporting by Nandita Bose in New York; Editing by Nick Zieminski
| ashraq/financial-news-articles | https://www.reuters.com/article/us-walmart-results/walmart-u-s-e-commerce-sales-up-33-percent-in-first-quarter-comparable-sales-match-estimates-idUSKCN1II1IZ |
* MSCI Asia-Pacific steady, Nikkei eases 0.2 pct
* Fed’s policy statement coming later on Wed
* Fed expected to keep interest rates steady
* Eyes on Fed’s view of economy, inflation outlook
By Masayuki Kitano
SINGAPORE, May 2 (Reuters) - Asian equities held steady on Wednesday, while the dollar traded near a four-month high as investors await the Federal Reserve’s upcoming policy statement for clues on the future pace of U.S. monetary tightening.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed, while Japan’s Nikkei eased 0.2 percent and South Korea’s KOSPI slipped 0.3 percent.
Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said that in addition to focusing on the Fed’s policy statement, equity investors may be turning cautious on the outlook for corporate profits, given potential cost pressures from recent rises in oil prices.
Market participants may be starting to wonder that “perhaps this is as good as it’s going to get,” Innes said, referring to corporate profits.
On Wall Street, the S&P 500 gained 0.25 percent on Tuesday on positive comments by U.S. Trade Representative Robert Lighthizer on China, and Mexico’s economy minister on the renegotiation of the North American Free Trade Agreement.
Apple’s shares rose about 4 percent after the closing bell. The company beat revenue and profit expectations in its March quarter, with its shares ending the regular session up 2.3 percent.
Technology sector results so far – at least from the likes of Amazon, Alphabet, Microsoft, Samsung and SAP – have broadly beaten forecasts for the first quarter, and overall aggregate U.S. earnings growth is tracking seven-year highs of almost 25 percent.
The dollar’s index against a basket of six major currencies traded near a four-month high set on Tuesday, with the dollar having surged into positive territory for 2018 ahead of the U.S. Federal Reserve’s policy decision due on Wednesday.
The Fed is seen set to hold interest rates steady this week but will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.
Investors have all but priced out the chance of a rate hike at the end of the Fed’s two-day policy meeting on Wednesday, particularly given its adherence in recent years to only raising rates at meetings that are followed by news conferences.
The central bank is due to announce its decision at 2 p.m. EDT (1800 GMT) on Wednesday. Fed Chairman Jerome Powell is not scheduled to hold a news conference.
The dollar held near a four-month high against a basket of major currencies, buoyed by the outlook for a strong U.S. economy and rising yields amid signs of slowdown elsewhere, especially in Europe.
The dollar index last traded at 92.437. On Tuesday, it had risen to a high near 92.57, its highest level in nearly four months.
Against the yen, the dollar struck its highest level in nearly three months at 109.92 yen in early Asian trade and was last down 0.1 percent at 109.79 yen.
The euro held steady at $1.1997, not far from Tuesday’s low of $1.1981, the common currency’s weakest level since Jan. 11.
The benchmark U.S. 10-year Treasury yield eased about 1 basis point in early Asian trade to 2.970 percent.
That came after the U.S. 10-year Treasury yield rose 4 basis points on Tuesday, as bond prices came under pressure ahead of a quarterly refunding announcement.
The U.S. Treasury is scheduled to announce its findings from a refunding survey on Wednesday, with analysts projecting an increase in auction sizes, or new issuance at different points on the yield curve.
Oil prices slid on Tuesday as the dollar remained near a four-month high, but worries that U.S. President Donald Trump will pull out of the Iran nuclear deal underpinned the market.
U.S. West Texas Intermediate crude for June delivery settled down nearly 2 percent on Tuesday, at $67.25 a barrel.
Spot gold last stood at $1,307.14. On Tuesday gold had slid to a four-month low of $1,301.51 as the dollar strengthened.
Reporting by Masayuki Kitano Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-shares-steady-dollar-near-4-month-high-before-fed-decision-idUSL3N1S82TT |
SAO PAULO, May 3 (Reuters) - Brazil’s Banco BTG Pactual SA Chief Executive Officer, Roberto Sallouti, said on Thursday that its funding in local currency grew by 37 percent in the first quarter, a sign that investors may be recovering confidence in the bank.
On Wednesday, BTG reported recurring net income of 661 million reais ($185 million) in the first quarter 22 down from a year earlier.
$1 = 3.5556 reais Reporting by Carolina Mandl
Our | ashraq/financial-news-articles | https://www.reuters.com/article/btg-pactual-sa-results/brazils-btg-pactual-increases-funding-in-reais-by-37-pct-in-q1-idUSE6N1PP01N |
May 2 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd :
* SAYS IT ORDERS MACHINERY EQUIPMENT WORTH T$1.5 BILLION ($50.46 million)
* SAYS IT ORDERS MACHINERY EQUIPMENT WORTH T$579 MLN Source text for Eikon: Further company coverage: ($1 = 29.7270 Taiwan dollars) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tsmc-orders-machinery-equipment-wo/brief-tsmc-orders-machinery-equipment-worth-a-combined-t2-08-bln-idUSH9N1S402Q |
20 Mins Ago | 00:49
When Fox announced Thursday that the police comedy "Brooklyn Nine-Nine" was canceled, actress Stephanie Beatriz started planning for the worst.
"Essentially, we had lost our jobs for a moment," Beatriz, who plays an officer named Rosa on the five-season show, tells CNBC Make It .
She began asking herself, "What can I cut out of my monthly budget that isn't necessary? What can I shed?" Beatriz says. "That was the initial thing." FOX | Getty Images Stephanie Beatriz in the Return to Skyfire episode of Brooklyn Nine-Nine
Then, late on Friday May 11, NBC agreed to pick up the series for a 13-episode sixth season.
"We're all thrilled that one of the smartest, funniest, and best-cast comedies in a long time will take its place in our comedy lineup," Robert Greenblatt, chairman of NBC Entertainment, said in a statement reported by The New York Times .
For Beatriz, that was a reason to splurge.
"When we got the pick-up, I went and got my nails done," she says. "They were $200."
The nail artist went to Beatriz's house and crafted a pink and gold glitter mani, which Beatriz showed off Monday at NBC's Upfront presentations. CNBC Brooklyn Nine-Nine actress Stephanie Beatriz shows her manicure.
"I would never do that on a regular basis, but because we had just gotten the pick-up, it was like a gift to myself," Beatriz adds. "Some people go to fancy dinners, I get my nails done."
Beatriz's Instagram page shows other luxury looks.
While researching her role as Rosa — a tough, no nonsense character for "Brooklyn Nine-Nine" — Beatriz discovered that some women in the real police force also sported extravagant manicures now and again, she told Seth Meyers on a recent episode of NBC's "Late Night with Seth Meyers."
"I interviewed various female detectives," the actress said . "My favorites were the beat cops because all of them had serious nails."
When "Brooklyn Nine-Nine's" cancellation was first announced by Fox, the show's fans, including stars like Lin-Manuel Miranda, took to Twitter using the hashtags #SaveB99 and #RenewB99. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/brooklyn-nine-nine-got-renewed-so-stephanie-beatriz-splurged-on-this.html |
May 3 (Reuters) - DuoLun Technology Corporation Ltd :
* Says it will pay cash dividend of 0.05 yuan(before tax)/share for 2017 to shareholders of record on May 10
* The company’s shares will be traded ex-right and ex-dividend on May 11 and the dividend will be paid on May 11
Source text in Chinese: goo.gl/vFYB23
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-duolun-technology-corporation-to-p/brief-duolun-technology-corporation-to-pay-a-shares-div-for-fy-2017-on-may-11-idUSL3N1SA36P |
AMHERST, N.Y.--(BUSINESS WIRE)-- Allied Motion Technologies Inc. (NASDAQ:AMOT), a designer and manufacturer that sells precision motion control products and solutions to the global market, announced that its Board of Directors, at its meeting today, approved a quarterly cash dividend payment of $0.03 per share, up from the previous rate of $0.025 per share. The dividend will be payable on May 30, 2018 to stockholders of record as of the close of business on May 17, 2018. Allied Motion has approximately 9.5 million shares of its common stock outstanding.
About Allied Motion Technologies Inc.
Allied Motion (NASDAQ: AMOT) designs, manufactures and sells precision and specialty motion control components and systems used in a broad range of industries within our major served markets, which include Vehicle, Medical, Aerospace & Defense, and Industrial/Electronics. The Company is headquartered in Amherst, NY, has global operations and sells into markets across the United States, Canada, South America, Europe and Asia.
Allied Motion is focused on motion control applications and is known worldwide for its expertise in electro-magnetic, mechanical and electronic motion technology. Its products include brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, integrated brushless motor-drives, gear motors, gearing, modular digital servo drives, motion controllers, incremental and absolute optical encoders, and other associated motion control-related products.
The Company’s growth strategy is focused on becoming the motion solution leader in its selected target markets by leveraging its “technology/know how” to develop integrated precision motion solutions that utilize multiple Allied Motion technologies to “change the game” and create higher value solutions for its customers.
The Company routinely posts news and other important information on its website at http://www.alliedmotion.com/ .
//www.businesswire.com/news/home/20180502006549/en/
Allied Motion Technologies Inc.
Sue Chiarmonte, 716-242-8634 x602
[email protected]
or
Investors:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
[email protected]
Source: Allied Motion Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-allied-motion-increases-quarterly-cash-dividend.html |
TORONTO, May 04, 2018 (GLOBE NEWSWIRE) -- DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (“Dream Office REIT”, the “Trust” or “our”) announced today the preliminary results of its substantial issuer bid to purchase for cancellation up to 10,000,000 of its REIT units, Series A (“ REIT A Units ”) at a price of $24.00 per REIT A Unit (the “ Purchase Price ”), for an aggregate purchase price not to exceed $240,000,000 (the “ Offer ”). The Offer expired at 5:00 p.m. Eastern time on May 3, 2018.
In accordance with the terms and conditions of the Offer and based on the preliminary count by Computershare Trust Company of Canada, the depositary for the Offer (the “ Depositary ”), the Trust has taken up and will purchase for cancellation 10,000,000 REIT A Units at the Purchase Price. The REIT A Units to be purchased for cancellation under the Offer represent approximately 14.3% of the issued and outstanding REIT A Units as at May 3, 2018, prior to giving effect to the Offer. After giving effect to the Offer, 60,123,583 REIT A Units and 5,233,823 LP Class B Units, Series 1, for a total of 65,357,406 units will remain outstanding.
Based on the preliminary count by the Depositary for the Offer, approximately 11,683,221 REIT A Units were properly tendered to the Offer and not withdrawn. As the Offer was oversubscribed, the Trust will purchase the successfully tendered REIT A Units on a pro rata basis following determination of the final results of the Offer, except that “odd lot” tenders (of holders beneficially owning fewer than 100 REIT A Units) will not be subject to pro ration. The pro ration factor under the Offer is preliminary and subject to verification. The Trust and the Depositary expect that the final determination of the pro ration factor will be made on or before May 7, 2018.
The Trust will make payment for the REIT A Units tendered and accepted for purchase by tendering the aggregate purchase price to the Depositary on or before May 8, 2018 in accordance with the Offer and applicable laws and the Depositary will effect payment to unitholders promptly thereafter. Payment for REIT A Units will be made in cash, without interest. Any REIT A Units invalidly tendered or tendered and not purchased will be returned to the tendering unitholder promptly by the Depositary.
The full terms and conditions of the Offer are described in detail in the offer to purchase and issuer bid circular of the Trust dated March 23, 2018, as well as the related letter of transmittal and notice of guaranteed delivery, which are available under the Trust’s SEDAR profile at www.sedar.com .
About Dream Office REIT
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT owns well-located, high-quality central business district office properties in major urban centres across Canada, with a focus on downtown Toronto. For more information, please visit our website at www.dreamofficereit.ca .
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the number of REIT A Units tendered to the Offer and not withdrawn, the pro ration factor, if any, of REIT A Units expected to be purchased under the Offer, the approximate number of REIT A Units expected to be issued and outstanding following completion of the Offer and the timing of payment for REIT A Units purchased under the Offer. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Office REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information, including assumptions regarding the completeness and accuracy of information provided by the Depositary in respect of the Offer and the Trust’s outstanding unitholder capital. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dream Office REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Office REIT’s filings with securities regulators, including its latest annual information form and management’s discussion and analysis (MD&A). These filings are also available at Dream Office REIT’s website at www.dreamofficereit.ca .
For further information, please contact:
Michael Cooper
Chief Executive Officer
(416) 365-5145
[email protected] Rajeev Viswanathan
Chief Financial Officer
(416) 365-8959
[email protected]
Source: Dream Office REIT | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-dream-office-reit-announces-preliminary-results-of-its-successful-240-million-substantial-issuer-bid.html |
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta, May 30, 2018 (GLOBE NEWSWIRE) -- High Mountain Capital Corporation (the “ Corporation ”) (TSXV:BUZD.P) is pleased to announce that it has successfully completed its initial public offering of 3,500,000 common shares of the Corporation (“ Common Shares ”) at a price of $0.10 per Common Share for gross proceeds of $350,000 (the “ Offering ”). After completion of the Offering, the Corporation now has 5,700,000 Common Shares issued and outstanding.
Haywood Securities Inc. (the “ Agent ”) acted as the agent for the Offering and in connection therewith, the Corporation granted the Agent non-transferable warrants (the “ Agent’s Warrants ”) which entitle the Agent to purchase up to 350,000 Common Shares at an exercise price $0.10 per Common Share. The Agent’s Warrants will expire 24 months from the date the Common Shares were listed on the TSX Venture Exchange (the “ Exchange ”), which was May 30, 2018. In connection with the Offering, the Agent also received a cash commission equal to 10% of the gross proceeds of the Offering, a corporate finance fee and was reimbursed for its legal fees and reasonable expenses.
Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 570,000 Common Shares at an exercise price of $0.10 per Common Share to directors and officers of the Corporation, which options expire ten years from the date of grant.
The Corporation is a “capital pool company” and intends to use the net proceeds of the Offering to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the policies of the Exchange. On May 28, 2018, the Exchange issued a bulletin listing the Common Shares as of market open on May 30, 2018 and immediately halting trading pending completion of closing (the “ Exchange Bulletin ”). The Corporation expects that the Common Shares will resume trading under the trading symbol “ BUZD.P ” on or about June 1, 2018.
Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.
For further information, please contact:
High Mountain Capital Corporation
Bill Kanters – President, Chief Executive Officer, and Director
Phone: (403) 619-7118
Forward-Looking Information Cautionary Statement
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Corporation’s future performance. The use of any of the words “could” , “expect” , “believe” , “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the Corporation’s stated use of proceeds and its expectation as to the resumption of trading of the Common Shares on the Exchange constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statement made in this press release are made as of the date hereof. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source:High Mountain Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-high-mountain-capital-corporation-announces-closing-of-initial-public-offering.html |
GE to merge transportation unit with Wabtec 50 Mins Ago CNBC's David Faber has the latest details on the deal between General Electric and rail equipment maker Wabtec. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/ge-to-merge-transportation-unit-with-wabtec.html |
May 21, 2018 / 3:49 Man City eye era of dominance under 'relentless' Guardiola Reuters Staff 2 Min Read
(Reuters) - Premier League champions Manchester City are driven by manager Pep Guardiola’s “relentless” desire for success and will be even hungrier for trophies next season, club chairman Khaldoon Al Mubarak has said. Soccer Football - Premier League - Manchester City vs Huddersfield Town - Etihad Stadium, Manchester, Britain - May 6, 2018 Manchester City manager Pep Guardiola and chairman Khaldoon Al Mubarak celebrate with the trophy after winning the Premier League title Action Images via Reuters/Carl Recine
Former Barcelona and Bayern Munich boss Guardiola joined City in 2016 and guided them to the league title with a record tally of 100 points this season.
"We have a manager in Pep who is relentless. There is not going to be any content or relaxation here, that I can assure you," Al Mubarak told City TV www.mancity.com .
“My expectation and the manager’s expectation, is that this team will continue to improve ... I have no doubt that this summer we are going to come back and be hungry and be more aggressive. We’ll continue to grow and improve.”
Guardiola, who also led the team to the League Cup title, signed a contract extension last week that will keep him in the job until 2021.
The Spaniard has brought a string of young players through at City with the attacking trio of England’s Raheem Sterling, Brazil’s Gabriel Jesus and Germany’s Leroy Sane combining for a total of 41 league goals this season.
Al Mubarak said the City squad had been developed with future seasons in mind and that very careful consideration would be given to any additions for fear of disrupting the equilibrium.
“This is a young squad. Many of our most talented players are under the age of 26,” the Emirati added.
“Any additions have to improve the squad. This is my biggest learning from the years of chairing this club.
“When winning, bringing new players in is a very important decision because you have a winning formula.
“Whatever you’re going to add has to be a decision you don’t take very lightly at all. You have to bring in players that will strengthen, improve and add competition into the squad.” Reporting by Shrivathsa Sridhar in Bengaluru, editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-mci-al-mubarak/man-city-eye-era-of-dominance-under-relentless-guardiola-idUKKCN1IM0AO |
PARIS—In professional tennis, there are surprise champions, plenty of upsets and many unique players. And then there is Marco Trungelliti, a 28-year-old from Argentina who entered the French Open after an 11-hour road trip from Barcelona, five hours of sleep and then a first-round victory against Bernard Tomic from Australia, 6-4, 5-7, 6-4, 6-4.
Trungelliti wasn’t supposed to be here. He lost in the third round of the qualifying tournament and, with his rank being No. 190, thought there was no way he would earn what’s known... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-paris-an-unlikely-gift-at-a-wild-french-open-1527528267 |
HUNT VALLEY, Md., Gilchrist was certified as a great workplace by the independent analysts at Great Place to Work®. Gilchrist, an affiliate of GBMC, earned this credential based on extensive ratings provided by its employees in anonymous surveys. A summary of these ratings can be found at http://reviews.greatplacetowork.com/gilchrist .
"Being a 'Great Place to Work' is a ringing endorsement of our employee culture at Gilchrist," said Cathy Hamel, president of Gilchrist. "Our employees overwhelmingly share a sense of pride about their work and its impact on the community."
According to the survey, 93 percent of Gilchrist employees say they feel good about the ways they contribute to the community, 92 percent say they feel a sense of pride about their work and 92 percent say their work has special meaning: it's not "just a job."
"We applaud Gilchrist for seeking certification and releasing its employees' feedback," said Kim Peters, executive vice president of Great Place to Work's Certification Program. "These ratings measure its capacity to earn its own employees' trust and create a great workplace — critical metrics that anyone considering working for or doing business with Gilchrist should take into account as an indicator of high performance."
Gilchrist employees completed 427 surveys, resulting in a 90 percent confidence level and a margin of error of ± 2.37.
ABOUT GILCHRIST
Gilchrist is a nationally recognized, nonprofit leader in serious illness and end-of-life care. With elder medical care, counseling and hospice, we help people at every stage of serious illness live life to the fullest and make informed choices about their care. Since 1994, the organization has served thousands of individuals throughout Central Maryland — in homes, in skilled nursing and residential care communities, and at our three inpatient hospice centers in Towson, Howard County and Baltimore. Gilchrist is accredited by CHAP (Community Health Accreditation Partner) and is a recipient of the prestigious Circle of Life award from the American Hospital Association. For more information about Gilchrist, visit gilchristcares.org .
Media Contact:
Kristina Rolfes
443-465-5992
[email protected]
About Great Place to Work®
Great Place to Work® is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services and certification programs, including Best Workplaces lists and workplace reviews, Great Place to Work® provides the benchmarks, framework and expertise needed to create, sustain and recognize outstanding workplace cultures. In the United States, Great Place to Work® produces the annual Fortune "100 Best Companies to Work For®" list and a series of Great Place to Work® Best Workplaces lists including lists for Millennials, Women, Diversity, Small and Medium Companies and over a half dozen different industry lists.
Related Links
Gilchrist
Gilchrist Careers
with multimedia: releases/gilchrist-named-great-place-to-work-300644396.html
SOURCE Gilchrist | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-gilchrist-named-great-place-to-work.html |
Link to the complete 1st Quarter 2018 report:
http://hugin.info/159489/R/2192775/849087.pdf
Hamilton, Bermuda, May 15, 2018.
Nordic American Offshore Ltd ("NAO" or the "Company") owns and operates a fleet of 10 Platform Supply Vessels (PSV) each averaging approximately 4,000 DWT and with an average age of about 4 years. The vessels are primarily engaged in the North Sea offshore market.
During 1Q2018, encouraged by improved market conditions, we decided to mobilize the three laid-up vessels and to restore our operational fleet to full capacity. Two of the three vessels are now joining our active fleet. We wish to see a more sustainable market before we activate our last ship which is ready for classification.
We remain moderately optimistic for the North Sea market and we have seen a healthy number of term fixtures in the market place. Having an attractive fleet, with 9 of our 10 vessels fully operational, improved market conditions should allow for immediate improvement in our financial results.
Results for the first quarter 2018 came in lower compared with fourth quarter 2017. The Net Operating Loss was -$8.4m for 1Q2018 as compared with -$7.1m for 4Q2017 (accounting numbers).
The Adjusted Net Operating Result [1] was -$4.1m (cash loss) as compared to -$2.8m for 4Q2017.
The basic features of NAO are similar to the business model of the NYSE listed tanker company Nordic American Tankers Limited ("NAT"). NAT holds 16.1% of NAO's common shares.
The Executive Chairman of NAO and his immediate family hold 13.4% of NAO's common shares. He is also the Chairman & CEO of NAT.
The Board of Directors of NAO has declared a dividend of $0.01 per share for 1Q2018 to shareholders of record as of May 25, 2018. The payment of the dividend is expected to take place on or about June 8, 2018. Since its establishment in late 2013, NAO has paid dividends for 17 consecutive quarters, totaling $2.68 per share, including the dividend to be paid June 8, 2018.
NAO pursues a conservative financial policy. At the end of 1Q2018, the net debt [2] per vessel was $10.9 million.
We concentrate on keeping our vessel operating costs low, while always maintaining our strong commitment to safe operations. As we expand our fleet, we do not anticipate that our administrative costs will rise correspondingly.
For further details on our financial position, please see the financial information reported below and this entire release.
Strategy Going Forward
The main elements of NAO's strategy are based on quarterly dividends, low G&A costs and liquidity in the stock. NAO has about 35,000 shareholders.
We seek to achieve a competitive cash yield and Total Return [3] , a precise measure of value creation.
NAO is committed to protecting its underlying earnings, dividend potential and strong balance sheet. We shall endeavor to safeguard and further strengthen NAO's position in a deliberate, predictable and transparent way.
We encourage investors interested in the offshore sector to consider buying shares in NAO.
Link to the graph: http://hugin.info/159489/R/2192775/849087.pdf
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the PSV market, as a result of changes in the general market conditions of the oil and natural gas industry which influence charter hire rates and vessel values, demand in platform supply vessels, our operating expenses, including bunker prices, dry docking and insurance costs, governmental rules and regulations or actions taken by regulatory authorities as well as potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing, vessel breakdowns and instances of off-hire and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.
Contacts:
Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223
Marianne Lie, Executive Vice Chair
Nordic American Offshore Ltd.
Tel.: +47 91 64 55 06
Bjørn Giæver, CFO
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 91 35 00 91
Herbjørn Hansson, Executive Chairman
Nordic American Offshore Ltd.
Tel: +1 866 805 9504 or +47 90 14 62 91
Web-site: www.nao.bm
[1] Adjusted Net Operating Result represents Net Operating Result before depreciation and non-cash administrative. charges.
[2] Net debt is working capital less long term debt divided by 10 vessels.
[3] Total Return is defined as stock price plus dividends, assuming dividends are reinvested in the stock.
Attachment
1st Quarter 2018 Result.pdf
Source:Nordic American Offshore Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-nordic-american-offshore-ltd-nysenao--1q2018-earnings-report--dividend-important--improved-market-conditions.html |
May 16, 2018 / 11:42 AM / in 34 minutes Italian markets jolted by 5-Star, League coalition proposals Dhara Ranasinghe , Danilo Masoni 5 Min Read
LONDON/MILAN (Reuters) - Italy’s borrowing costs jumped on Wednesday and its stocks slid after a draft program for a potential coalition government revealed plans to demand 250 billion euros of debt forgiveness and create procedures to allow countries to exit the euro.
The anti-establishment 5-Star Movement and the far-right League party plan to ask the European Central Bank to forgive the debt, according to a draft the parties are working on, the Huffington Post Italia website reported late Tuesday.
Another proposal causing alarm in financial markets is the creation of “economic and judicial procedures that allow member states to leave monetary union”.
The report spooked markets, even though the League’s economic spokesman told Reuters that debt cancellation was never in an official draft of a government program.
Italian bonds and equities stood out as the laggards of European markets, and even the euro succumbed to selling pressure after trading steady for much of the morning session.
“It’s right to resonate with markets because it tells you about the sense of the wisdom between these negotiating parties,” said Chris Scicluna, head of economic research at Daiwa Capital Markets.
“With continued ECB bond-buying there is confidence there won’t be a disorderly sell-off, but if you get fiscally irresponsible policies and confrontation with the ECB and EU partners then there’s a risk of a far greater blow-out of Italian bond spreads.”
Italy’s 10-year bond yield jumped nearly 19 basis points to 2.13 percent, IT10YT=RR its highest level since early March. This is the biggest one-day rise since March 2017, Reuters data shows.
The gap over benchmark German Bund yields widened to 148 bps, its widest since the day after Italy’s March 4 election.
This spread, a closely watched indicator of relative risk, was 129 bps on Tuesday.
The news also pushed Italy’s debt insurance costs in the five-year credit default swaps (CDS) market to 102 bps, the highest since end-March, according to IHS Markit.
Italian two-year bond yields, meanwhile, jumped almost 20 bps to 0.116 percent IT2YT=RR, trading above zero percent for the first time since May 2017, Reuters data shows.
League leader Matteo Salvini said on Wednesday that he was not intimidated by a rise in bond yields.
But unease was evident across Italian markets.
Italian stocks .FTMIB fell 2.5 percent, set for their biggest one-day drop since the country's inconclusive general election in March. The pan-European STOXX 600 rose slightly.
Shares in Italian banks, considered a proxy for political risk in the country because of their large holdings of government bonds, were broadly lower and the sectoral index .FTIT8300 was on course for its worst day in five months, down 2.9 percent.
Shares in the country’s two biggest lenders, UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ), fell by about 3 percent.
The euro was down 0.5 percent at $1.17765 EUR= after sliding below $1.18 for the first time since late December.[FRX/]
The 39-page document leaked on Tuesday also called for a renegotiation of Italy’s European Union budget contributions.
It is likely to cause concern in Brussels and at ECB headquarters in Frankfurt and might also dismay Italian President Sergio Mattarella, who has emphasized the importance of the country maintaining a strong, pro-European stance.
“Even if unfeasible, the tone of the debate bolsters expectations there will be a stormy relationship with Europe and a further relaxation of financial discipline,” said Giuseppe Sersale, fund manger at Milan-based Anthilia Capital Partners.
The League and 5-Star favor big-spending policies that include promises of tax cuts, increased welfare handouts and a rolling back of an unpopular pension reform.
Some analysts, however, see the headlines as mostly noise and think the proposals are likely to be moderated by Mattarella.
“This is very early days and most people believe that a watered-down version will materialize finally, which would also be some concern to investors,” said Ioannis Sokos, a European rates strategist at Nomura in London.
Indeed, Italian markets have so far proved resilient to signs of a 5-Star/League government - the worst-case scenario for markets - taking shape.
Italy’s 10-year government bond yield is 20 bps below levels traded a year ago and 190 bps lower than where five years ago.
($1 = 0.8490 euros) Reporting by Dhara Ranasinghe, Tom Finn, Helen Reid and Saikat Chatterjee in London and Danilo Masoni in MILAN; Editing by Jon Boyle, Raissa Kasolowsky and David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds/italian-markets-jolted-by-5-star-league-coalition-proposals-idUSKCN1IH1FZ |
May 28, 2018 / 2:10 PM / Updated 2 hours ago LPGA Rankings Reuters Staff 2 Min Read May 28 (OPTA) - The LPGA Rankings on May 28 Rnk Prv Total 1. (1) Inbee Park (Korea Republic) 272.86 2. (2) Shanshan Feng (China PR) 331.26 3. (3) Lexi Thompson (US) 263.68 4. (4) Sung Hyun Park (Korea Republic) 315.17 5. (5) Ariya Jutanugarn (Thailand) 345.02 6. (6) So-Yeon Ryu (Korea Republic) 270.03 7. (8) I.K. Kim (Korea Republic) 207.54 8. (15) Minjee Lee (Australia) 276.66 9. (10) Moriya Jutanugarn (Thailand) 291.61 10. (9) Jessica Korda (US) 217.54 11. (7) Hye Jin Choi (Korea Republic) 178.06 12. (11) Cristie Kerr (US) 234.49 13. (13) In Gee Chun (Korea Republic) 219.41 14. (12) Anna Nordqvist (Sweden) 218.52 15. (14) Lydia Ko (New Zealand) 231.56 16. (16) Brooke Henderson (Canada) 273.11 17. (17) Jin Young ko (Korea Republic) 241.28 18. (18) Michelle Wie (US) 196.93 19. (19) Eun-Hee Ji (Korea Republic) 190.86 20. (20) Ai Suzuki (Japan) 221.42 21. (21) Sei Young Kim (Korea Republic) 175.80 22. (22) Amy Yang (Korea Republic) 144.45 23. (23) Danielle Kang (US) 176.43 24. (24) Jiyai Shin (Korea Republic) 177.37 25. (25) Charley Hull 149.66 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-lpga-rankings/lpga-rankings-idUKMTZXEE5SFZ6HKN |
May 21, 2018 / 3:35 AM / Updated 5 hours ago British PM May calls on health, tech sectors to work on cancer Reuters Staff 2 Min Read
LONDON (Reuters) - Prime Minister Theresa May will call on Britain’s health service, charities and artificial intelligence sector to work together to better identify patients with the early stages of cancer and stop thousands dying each year. Britain's Prime Minister Theresa May speaks during the Welsh Conservative Party Conference in Kidwelly, South Wales, Britain May 18, 2018. REUTERS/Andrew Yates/Pool
May, who is struggling to unite her top ministers over plans to leave the European Union, wants to broaden her agenda to try to show she is more than a leader just overseeing Brexit talks, which have all but stalled over customs arrangements.
In a speech in northern England on Monday, May will unveil plans which she says should see at least 50,000 people each year diagnosed at an early stage of prostate, ovarian, lung or bowel cancer – people who would have otherwise been diagnosed at a later and more deadly stage.
“Late diagnosis of otherwise treatable illnesses is one of the biggest causes of avoidable deaths,” she will say, according to excerpts of her speech.
“And the development of smart technologies to analyse great quantities of data quickly and with a higher degree of accuracy than is possible by human beings opens up a whole new field of medical research and gives us a new weapon in our armoury in the fight against disease.”
Using the data on people’s genetics, habits and medical records, doctors would then be able to make referrals to an oncologist earlier, she will say.
She will also say that the health innovation is part of her government’s industrial strategy, part of measures to make sure that Britain is at the forefront of the development of new technology as it leaves the EU.
Harpel Kumar, chief executive of Cancer Research said Britain “must remain an attractive place for the life sciences industry to invest”, something that some fear is under threat because of Brexit.
“If this platform unites government, academia, the charity sector, and industry, we will be primed to accelerate innovation and lead the healthcare sector to new heights.” Reporting by Elizabeth Piper; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://in.reuters.com/article/britain-health-may/british-pm-may-calls-on-health-tech-sectors-to-work-on-cancer-idINKCN1IM09O |
President Donald Trump told supporters at the National Rifle Association on Friday that the Second Amendment will "never ever be under siege as long as I am your president."
Taking a break from the escalating pressures of the Russia probe and the Stormy Daniels case, Trump returned to the NRA's annual convention, his fourth consecutive appearance. En route, Trump called the NRA a "truly great organization that loves this country."
Last year, Trump became the first sitting president to appear before the NRA convention in more than 30 years. But this year's speech comes as the issue of gun violence takes on new urgency after one of the deadliest school shootings in U.S. history.
show chapters Trump to NRA: If one employee or patron had a gun in Paris, it would have been a different story 14 Hours Ago | 01:38 Though Trump embraced the Second Amendment right to bear arms before the assembly, he had temporarily strayed from the strong anti-gun control message in the wake of the school shooting in Parkland, Florida.
Student survivors of the Feb. 14 shooting at Marjory Stoneman Douglas High School that left 17 people dead are now leading a massive national gun control movement. While the shooting has not led to major changes from the White House or the Republican-led Congress, it did — at least briefly — prompt Trump to declare that he would stand up to the powerful gun lobby. He later backpedaled on that tough talk.
Trump's attendance at this year's NRA convention was announced just days ago and came after Vice President Mike Pence already was scheduled to appear. Asked why Trump was attending, given the current political tensions around gun violence, White House press secretary S arah Huckabee Sanders said this week that safety was a "big priority." But, she added, "We also support the Second Amendment, and strongly support it, and don't see there to be a problem with speaking at the National Rifle Association's meeting."
Trump has long enjoyed strong backing from the NRA, which spent about $30 million in support of his presidential campaign. The NRA showcased its high-profile guests for the event, with NRA Executive Director Chris Cox saying on Twitter: "We are honored to celebrate American Freedom with @realDonaldTrump, @VP Mike Pence and others. #2A #watchtheleftmeltdown"
But one of the Parkland student survivors, David Hogg , was critical of Trump's planned attendance.
show chapters Trump to NRA: Being weak gets you nuclear war 14 Hours Ago "It's kind of hypocritical of him to go there after saying so many politicians bow to the NRA and are owned by them," Hogg said. "It proves that his heart and his wallet are in the same place."
During a televised gun meeting with lawmakers in late February, Trump wagged his finger at a Republican senator and scolded him for being "afraid of the NRA," declaring that he would stand up to the group and finally get results in quelling gun violence.
He praised members of the gun lobby as "great patriots" but declared "that doesn't mean we have to agree on everything. It doesn't make sense that I have to wait until I'm 21 to get a handgun, but I can get this weapon at 18." He was referring to the AR-15 the Parkland shooting suspect is accused of using.
Those words rattled some Republicans in Congress and sparked hope among gun-control advocates that, unlike after previous mass shootings, tougher regulations would be enacted this time. But Trump later retreated on those words, expressing support for modest changes to the background check system, as well as arming teachers.
After expressing interest in increasing the minimum age to purchase a so-called assault weapon to 21, Trump later declared there was "not much political support" for the move. He then pushed off the issue of age restrictions by assigning the question to a commission.
show chapters Trump to NRA: We are decimating Obamacare 14 Hours Ago | 03:11 Trump's moves have drawn concerns from both sides of the gun debate.
"He ran as supposedly the best friend of the Second Amendment and has become gun grabber in chief," said Michael Hammond, legislative counsel to the Gun Owners of America. Hammond said his members were upset Trump had approved a spending bill that included background check updates. "We're not confident at all. We are very disappointed."
Kristin Brown, of the Brady Campaign to Prevent Gun Violence, said Trump had offered mixed messages since the Parkland shooting.
"Which Donald Trump is going to show up?" she asked. "Will it be the one who sympathized with the Parkland students he brought to the White House, the one who met with members of the Senate ... or the one who had burgers" with NRA head Wayne LaPierre.
Several groups announced plans to protest over the weekend. The protesters will include parents of those killed in Parkland and in other shootings.
WATCH: Trump calls Mueller investigation a 'witch hunt' show chapters Trump to NRA: It's a witch hunt 14 Hours Ago | 02:46 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/trump-salutes-nra-vows-to-protect-2nd-amendment.html |
May 2 (Reuters) - Sino Biopharmaceutical Ltd:
* COMPOUND SODIUM ACETATE RINGER’S INJECTION OBTAINS TWO APPROVALS FOR DRUG REGISTRATION BY CHINA FOOD AND DRUG ADMINISTRATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sino-biopharmaceutical-says-compou/brief-sino-biopharmaceutical-says-compound-sodium-acetate-ringers-injection-gets-drug-registration-approvals-idUSFWN1S90A8 |
May 1, 2018 / 10:21 AM / Updated 17 minutes ago Irish unemployment falls below six percent for first time in a decade Reuters Staff 1 Min Read
DUBLIN (Reuters) - Ireland’s unemployment rate fell below 6 percent for the first time in a decade when it dropped to 5.9 percent in April from 6 percent a month earlier, data from the central statistics office showed on Tuesday. FILE PHOTO: A woman cycles through the financial district of Dublin, February 24, 2011. REUTERS/Darren Staples
Unemployment was last below that level in May 2008 just as Ireland’s economic crisis bit, doubling the rate of joblessness in less than a year and swelling it to a peak of 16 percent by 2012.
The rate has fallen steadily since and Ireland’s finance department forecast last month that it would fall to 5.3 percent next year and hold steady there the following year as the economy reaches full employment. Reporting by Padraic Halpin | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ireland-economy-unemployment/irish-unemployment-falls-below-six-percent-for-first-time-in-a-decade-idUKKBN1I23C4 |
Landers to oversee Transaction & Regulatory Advisory Services for Houston
HOUSTON--(BUSINESS WIRE)-- SolomonEdwards, a national professional services firm focused on strategy execution by providing exceptional people for complex situations, has appointed Michael Landers, CPA as the Houston Practice Leader for Transaction & Regulatory Advisory Services (TRAS). Michael will lead client service, strategic planning, recruiting and business development for TRAS in Houston.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180515006392/en/
SolomonEdwards Appoints Michael Landers as Houston Practice Leader (Photo: Business Wire)
Michael is a CPA with 21 years of experience, consisting of four in the c-suite and 17 with professional services firms serving publicly traded and privately held multinational clients. His technical advisory background positions him as an asset to companies at any stage. Michael has served as a Board Member and Treasurer for the Association for Corporate Growth (ACG) Houston since 2014; thereby joining fellow SolomonEdwards colleagues in their respective board roles: Brad McGowan of ACG NY and Robert Jaffe of ACG Philadelphia. ACG is the global community for middle market M&A dealmakers and business leaders focused on driving growth. Michael is a member of AICPA, TSCPA and AMAA, and also serves as the Board Member and Vice President for Literacy Advance of Houston. He received his BS degree in Accounting from the University of Houston.
According to Houston Managing Partner Candace Caley, “We are so pleased to have Michael lead our Houston TRAS team. His stellar knowledge and experience will benefit our clients’ leadership’s ability to navigate complex transactions confidently.”
According to TRAS Managing Partner Brian Markley, “With the expansion of our national TRAS practice, we are thrilled to welcome Michael Landers to the team in Houston. Michael’s knack for making complex concepts easy to understand will greatly enhance our capability to help clients navigate strategic transactions and regulatory compliance issues.”
“I am honored to join the exceptional SolomonEdwards team in Houston, and I look forward to continuing to help organizations successfully enter into and execute complex transactions,” said Michael.
About SolomonEdwards
SolomonEdwards is a leading professional services firm, operating from offices strategically located in thriving U.S. markets, to serve domestic and multinational clients in a variety of industries. We help organizations execute their crucial business strategies by providing extensive experience, deep subject matter expertise and agility within ever-changing business dynamics. We focus in the areas of Accounting & Finance, Governance & Regulatory Compliance, Transaction & Regulatory Advisory Services and Business Transformation. Simply stated, we provide exceptional people for complex situations. For more information, please visit www.SolomonEdwards.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006392/en/
SolomonEdwards
Julianne Reichert
Marketing Manager
484-654-9802
[email protected]
Source: SolomonEdwards | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-solomonedwards-appoints-michael-landers-as-houston-practice-leader.html |
May 5, 2018 / 2:31 PM / Updated an hour ago Marx's German birthplace unveils controversial statue of him Reuters Staff 2 Min Read
TRIER, Germany (Reuters) - Protesters held banners reading “Down with capitalism” and “Father of all dictators” at Saturday’s unveiling of a statue of Karl Marx in the German city of Trier, reflecting the polarising legacy of the philosopher in his birthplace and beyond. The 4.4 metres (14 feet) high bronze statue of Karl Marx, created by Chinese artist Wu Weishan and donated by China to mark the 200th birth anniversary of the German philosopher, is seen in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay
The bronze sculpture, which towers over 5 metres (16 feet) high including the plinth, is a gift from China to mark Saturday’s 200th birthday of the founder of Communism.
Marx spent the first 17 years of his life in Trier, a small town on the Moselle River in Germany’s far west. The 4.4 metres (14 feet) high bronze statue of Karl Marx, created by Chinese artist Wu Weishan and donated by China is unveiled to mark the 200th birth anniversary of the German philosopher in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay
Many see the post-World War Two division of Germany and the erection of the Berlin Wall to divide the Communist east from the capitalist West as a result of his ideas, but Trier mayor Wolfram Leibe said historical controversies should be acknowledged. Slideshow (4 Images)
“In Germany, we have this situation again and again with difficult, complex personalities of history - we want to hide them in the woods,” he said. “So it was a conscious act to bring Karl Marx into the city ... We don’t have to hide him.”
The city council voted to accept the gift from the Chinese government by 42 members to seven in March 2017.
While some see it as recognition of Trier’s most famous son, others argue that accepting the gift from China is not compatible with criticising human rights abuses there.
Since 2015, China’s President Xi Jinping has presided over a widespread crackdown on human rights activists.
The statue depicts a thoughtful Marx, holding a book in one hand.
“Yes, we stand by the child of our city. And we deal with Karl Marx in a constructive and active way,” said Malu Dreyer, premier of the state of Rhineland-Palatinate, to which Trier belongs. “We are glad to receive this present, this gesture of friendship.” Reporting by Reuters TV; Writing by Paul Carrel; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-marx/marxs-german-birthplace-unveils-controversial-statue-of-him-idUKKBN1I60JE |
23 Hours Ago | 03:20
Snap shares were on track Thursday for their best gains since February. But beware of any short squeeze rally, says one strategist.
"It's got a high short interest, it could rally a little bit. But boy, there's a lot of risk involved in that so I wouldn't be chasing it," Miller Tabak equity strategist Matt Maley told CNBC's " Trading Nation " on Wednesday.
Snap has short interest at just more than 25 percent of its float. If the stock was part of the S&P 500 , that would make it one of the top two largest short interests of the index.
Its shares spiked Thursday after Citron Research gave a $17 price target, implying 55 percent upside from the Wednesday close. "The most heavily shorted social media site offers a compelling opportunity for investors as even no news is good news," Citron analysts wrote in a note.
Long-term investors should watch out for any research report that extensively references short interest in a stock, Maley said in an email to CNBC on Thursday. A move above $11.70 could turn short covering into an "all-out short squeeze," but he warns of the risk involved over the long term.
Snap shares have been hit hard over the past year. The social media stock has dropped 45 percent over the past 12 months, while shares of close peer Twitter have risen 89 percent.
In fact, over the past year, Snap and Twitter have switched places. In mid-2017, Snap had a market cap of around $25 billion, while Twitter traded at $13 billion. Today, they've switched places.
Maley sees that divergence growing over the next year. Twitter has "a lot of potential upside," he said.
"When it broke above $25, that was the key resistance level. That was its highs back in 2016," Maley said Wednesday. "When it broke out from there, we turned bullish. It went very, very strongly and traded up to $36."
Since breaking out above $36 in mid-March, Twitter has pulled back and briefly traded below $27 on an intraday basis in early April. After marking a "higher low," it is now edging its way back up toward $35, he said.
"If it can break out of that and follow that higher low with a higher high it's going to be very bullish," said Maley.
The fundamentals case for Snap and Twitter also supports a growing split between the two companies, according to Boris Schlossberg , managing director of FX strategy at BK Asset Management.
"Snap is dead man walking at this point because Facebook has completely stolen their thunder through Instagram stories, everybody has migrated to that platform," Schlossberg said on "Trading Nation." "Twitter, on the other hand, is the newsfeed of the internet."
Snap shares were up more than 6 percent Thursday, while Twitter added 1 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/snap-is-rocketing-higher-but-strategist-sees-a-risky-short-squeeze.html |
(Adds details from police complaint, AirAsia India comment)
By Aditi Shah
NEW DELHI, May 29 (Reuters) - Indian police said on Tuesday they have filed a case against AirAsia Group Bhd, the airline’s CEO Tony Fernandes and its domestic entity AirAsia India, over allegations of corruption and breaking rules in obtaining a flying licence.
The Central Bureau of Investigation (CBI) accused the airline, some of its employees and third parties of violating India’s foreign direct investment rules while obtaining the licence, and of bribing government officials in an attempt to get regulations relaxed to allow AirAsia India to fly international routes.
AirAsia India said in a statement it refuted any allegations of wrongdoing and was co-operating with all regulators and agencies “to present the correct facts”. The parent group, AirAsia, and Fernandes himself did not respond to emails seeking comment.
The police investigation is a blow for the budget airline, which has been planning to add new jets to its Indian fleet as it seeks to expand in one of the world’s fastest-growing aviation markets.
In its complaint, the CBI said the airline, Fernandes and others “chose to beat the legal frameworks and policies of the aviation sector of India” and lobbied government officials “to secure mandatory approvals, some of them through non-transparent means”.
The Malaysian low-cost carrier in 2014 launched domestic flight operations in India along with local joint venture partner Tata Sons.
At the time, India’s aviation rules required AirAsia India to operate in the domestic market for a period of five years and have a fleet of 20 aircraft before it was allowed to fly international routes.
India in 2017 relaxed the rules by abolishing the five-year clause.
According to the complaint, Fernandes wanted the airline’s Indian operation to be able to fly internationally from day one.
The CBI has alleged that bribes were paid to government officials “for securing permit for operation of international scheduled air transport services”.
The complaint listed five other individuals and a Singapore-based company, along with unidentified government officials.
A CBI spokesman said it was conducting searches at AirAsia’s offices, including in Delhi and Mumbai, without elaborating.
Fernandes is also under investigation in Malaysia in a dispute with the country’s regulator, the Malaysian Aviation Committee, over the cancellation of 120 flights during the general election period earlier in May.
AirAsia Group Bhd, said in January it was considering an IPO of the Indian operation, which had 14 planes at end-2017 with plans to grow to 60 over the next five years. ($1 = 67.9100 Indian rupees) (Additional reporting by Aditya Kalra Editing by Alex Richardson)
| ashraq/financial-news-articles | https://www.reuters.com/article/airasia-india-police/update-1-indian-police-file-licence-case-against-airasia-boss-tony-fernandes-idUSL3N1T03PA |
May 30, 2018 / 7:20 AM / Updated an hour ago Italy PM-designate holding "informal talks" with president - source Reuters Staff 1 Italian prime minister designate Carlo Cottarelli is holding “informal talks” with said on Wednesday. FILE PHOTO: The podium where Carlo Cottarelli was waited to talk with reporters, after a meeting with Italian is seen at the Quirinal palace REUTERS/Alessandro Bianchi/File Photo
Cottarelli, who has been trying to put together a stop-gap government to lead the country to early elections, had been expected to meet Mattarella formally, which led to expectations that he was ready to give the head of state a list of ministers. The source gave no details on why the informal talks were necessary. Reporting By Massimiliano Di Giorgio; writing by Philip Pullella | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics-talks/italy-pm-designate-holding-informal-talks-with-president-source-idUKKCN1IV0OQ |
Published 19 Hours Ago CNBC.com
Moon quickly convened a meeting with aides so they could "figure out what President Trump's intention is and the exact meaning of it," according to a Moon spokesman quoted by Yonhap News Agency .
South Korea 's Blue House released the statement below in the early morning hours Friday, local time:
President Moon Jae In convened an emergency national security council's standing committee meeting for an hour from midnight on 25th KST.
It is very regretful and disconcerting that the US-NK summit will not happen as planned. Denuclearization and the lasting peace on the Korean peninsula cannot be abandoned or delayed as they are the historical assignment. The sincerity of the affected parties who have been working to resolve the problem has not changed. It is hard to resolve sensitive and difficult diplomatic issues with the current way of communications. (We) hope that the leaders resolve problems through direct and close dialogue. Ted Kemp Managing Editor, CNBC International Digital | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/south-korea-full-statement-from-president-moon-jae-in.html |
May 14, 2018 / 7:26 PM / Updated 22 minutes ago U.S. diplomat involved in accident allowed to leave Pakistan Reuters Staff 1 Min Read
WASHINGTON (Reuters) - A U.S. diplomat who was involved in a fatal traffic accident has left Pakistan, a U.S. State Department spokesperson said on Monday, two days after the diplomat reportedly was barred from leaving the South Asian country.
“We can confirm that the American diplomat who was involved in a tragic car accident on April 7 in Islamabad has departed Pakistan,” the spokesperson said in an email to Reuters.
The spokesperson did not identify the U.S. diplomat and provided no further details of the case.
Pakistani newspapers reported that the American, identified as a military attache, was blocked on Saturday from leaving Pakistan, forcing the U.S. military aircraft sent on his behalf to depart without him.
On Friday, an Islamabad court ruled that the American’s diplomatic immunity might not apply in the traffic accident in which his vehicle hit a motorcycle, killing the 22-year-old driver, the Nation and the Express Tribune newspapers said. Reporting by Jonathan Landay; Editing by Sandra Maler and Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/pakistan-usa/u-s-diplomat-involved-in-fatal-accident-allowed-to-leave-pakistan-idINKCN1IF2PZ |
May 15, 2018 / 1:24 PM / Updated 11 minutes ago UPDATE 2-Shares in Carrefour Brasil drop as profit disappoints Reuters Staff
(Adds information on share price, analyst note)
By Gram Slattery
SAO PAULO, May 15 (Reuters) - Shares in Carrefour Brasil dropped over 4 percent on Tuesday after the country’s largest food retailer reported quarterly results that fell short of analyst expectations.
First-quarter net income was 332 million reais ($91.6 million), up 66.8 percent from a year earlier, but below a Reuters consensus estimate of 359 million reais.
Among the drivers of Carrefour Brasil’s growth in the quarter were its e-commerce, non-food, and credit segments, all a key focus of executives in recent months, Chief Financial Officer Sebastien Durchon told journalists.
Still, a higher tax burden, an increase in some expense categories, and persistent food deflation in Latin America’s largest economy hurt the company’s bottomline.
While Carrefour Brasil was able to keep a lid on some operational costs - with expenses related to sales and general and administrative matters at its Carrefour Varejo unit falling 1.4 percent in yearly terms - it did not fare as well in other expense categories
Analysts at Itaú BBA led by Thiago Macruz noted a rise in “other expenses,” which for Carrefour included costs related to asset sales and judicial issues. Macruz also noted the company’s significant tax burden, which surged 53 percent in yearly terms.
As with previous quarters, Carrefour Brasil was also held back by stubborn food deflation in Brazil of 4 percent in the first quarter, according to government statistics. In previously reported figures, total sales rose a modest 0.4 percent.
The company maintained its forecast for the opening 20 new wholesale-style Atacadao stores in 2018, 20 convenience-style Express stores, and 10 supermarkets under the Market brand.
Carrefour Brasil also pledged to expand its online marketplace, in which third-party retailers can sell via Carrefour websites, to 20 percent of its e-commerce sales by the end of the year, up from 11 percent currently.
Among the bright spots was the company’s e-commerce segment, which represented 6.3 percent of total non-gasoline sales in the first quarter, up from just over 3 percent last year.
The company’s credit segment also posted strong results, with earnings before interest, tax, depreciation, and amortization jumping some 25 percent in the same period.
Carrefour Brasil’s shares fell 4.2 percent to 15.57 reais in morning trading, their biggest intraday loss since early February. $1 = 3.62 reais Reporting by Gram Slattery and Carolina Mandl; Editing by Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/carrefour-brasil-results/refile-update-1-carrefour-brasil-profit-jumps-on-e-commerce-but-misses-expectations-idUSL2N1SM0L0 |
May 3 (Reuters) - EI Towers SpA:
* CONFIRMS FULL-YEAR TARGETS Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ei-towers-confirms-full-year-targe/brief-ei-towers-confirms-full-year-targets-idUSFWN1SA18S |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.