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May 11, 2018 / 9:37 PM / Updated 10 hours ago Jekyll and Hyde Marseille held to 3-3 draw at Guingamp Reuters Staff 2 Min Read
PARIS (Reuters) - Europa League finalists Olympique de Marseille showed their best and worst sides as they threw away a two-goal lead and had Steve Mandadnda sent off in a 3-3 draw at En Avant Guingamp on Friday, damaging their chances of finishing second in Ligue 1.
OM struck early through Valere Germain and Florian Thauvin but Guingamp hit back with goals Clement Grenier either side of the break before going ahead from a Jimmy Briand penalty after visiting keeper Mandanda was sent off in the 66th minute.
Thauvin rescued a point nine minutes from time but the result left fourth-placed Marseille, who take on Atletico Madrid in Lyon on Wednesday, with 74 points and one game left, a point off Olympique Lyonnais and behind Monaco on goal difference.
Lyon and Monaco also each have a game in hand in the race for a top-three finish and Champions League qualification.
The top two go straight into the group stage while the third-placed team enter the third qualifying round.
Marseille were without their inspirational captain Dimitri Payet, who was rested because of a minor muscle problem as coach Rudi Garcia looks ahead to the Europa league final.
Marseille got off to a brilliant start after just two minutes as Germain headed home a cross from Thauvin, who himself made it 2-0 in the 14th with a header from a Lucas Ocampos pass.
The hosts reduced the arrears three minutes before the interval when Grenier poked the ball home after Briand’s shot bounced off the bar into his path.
Guingamp levelled seven minutes into the second half, Grenier converting a penalty after a Ocampos handball in the area.
Things then got worse for the visitors when Mandanda brought down Briand and was shown a straight red card.
The 32-year-old ex-France forward Briand beat replacement keeper Yohan Pele from the spot in the 70th before Thauvin levelled when he latched onto a Bouna Sarr cross in the 81st. Reporting by Julien Pretot; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-france/jekyll-and-hyde-marseille-held-to-3-3-draw-at-guingamp-idUKKBN1IC2MJ |
CALGARY, Alberta, The Board of Directors of Computer Modelling Group Ltd. ("CMG" or the “Company”) announces a dividend of $0.10 per Common Share on CMG’s Common Shares. The dividend will be paid on June 15, 2018 to shareholders of record at the close of business on June 7, 2018.
Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. CMG, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Dubai, Bogota, and Kuala Lumpur. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centers in approximately 60 countries. The Company's shares are listed on the Toronto Stock Exchange under the trading symbol "CMG."
All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of Computer Modelling Group Ltd. will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.
For further information, please contact:
Kenneth M. Dedeluk
President & CEO
(403) 531-1300
[email protected]
or
Sandra Balic
Vice President, Finance & CFO
(403) 531-1300
[email protected]
www.cmgl.ca
Source: Computer Modelling Group Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-computer-modelling-group-declares-quarterly-dividend.html |
May 7 (Reuters) - GenKyoTex SA:
* GENKYOTEX ANNOUNCES POSITIVE OUTCOME FROM INDEPENDENT SMB’S FIRST PRE-PLANNED REVIEW OF GKT831’S PHASE 2 TRIAL IN PRIMARY BILIARY CHOLANGITIS
* RESULTS OF INTERIM EFFICACY ANALYSIS FROM PHASE 2 TRIAL EXPECTED TO BE AVAILABLE IN FALL 2018
* A TOTAL OF 102 PBC PATIENTS WILL BE ENROLLED AND ALLOCATED TO PLACEBO OR ONE OF TWO DOSES OF GKT831
* SMB RECOMMENDED CONTINUATION OF STUDY AS PER PROTOCOL, WITH NO CHANGES OR ADDITIONAL DATA COLLECTION REQUIRED Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-genkyotex-announces-smbs-positive/brief-genkyotex-announces-smbs-positive-review-of-gkt831-phase-2-trial-in-primary-biliary-cholangitis-idUSFWN1SD04P |
April 30 (Reuters) - MCI CAPITAL
* SAID ON FRIDAY THAT ITS FY NET PROFIT WAS AT 104.7 MILLION ZLOTYS VERSUS LOSS OF 82.2 MILLION ZLOTYS A YEAR AGO
* ITS FY INVESTMENT PROFIT WAS 123.5 MILLION ZLOTYS VERSUS LOSS OF 74.9 MILLION ZLOTYS A YEAR AGO
* FY OPERATING PROFIT WAS 119.0 MILLION ZLOTYS VERSUS LOSS OF 80.1 MILLION ZLOTYS A YEAR AGO
* FY NET RESULT HELPED BY RESULTS OF MCI.EUROVENTURES (86 MILLION ZLOTYS) AND MCI.TECHVENTURES (38 MILLION ZLOTYS)
* AT THE END OF 2017 NAV PER SHARE WAS 20.61 ZLOTY PER SHARE, UP 16 PERCENT YOY, BOOSTED BY HIGHER NET PROFIT AND SHARE BUYBACK Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70O9 |
May 1 (Reuters) - Insignia Systems Inc:
* INSIGNIA SYSTEMS INC - Q1 2018 NET SALES INCREASED 55.6% TO $7.4 MILLION FROM $4.8 MILLION IN Q1 2017
* INSIGNIA SYSTEMS INC - QTRLY EARNINGS PER SHARE $0.01 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-insignia-systems-qtrly-earnings-pe/brief-insignia-systems-qtrly-earnings-per-share-0-01-idUSFWN1S80NP |
May 4 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
Government Debt Auctions
Political and General News
U.S. Federal Reserve
Today in Washington
This Diary is filed daily. ** Indicates new events
FRIDAY, MAY 4
** STANFORD, California - Federal Reserve Bank of San Francisco President John Williams is interviewed on CNBC - 1730 GMT.
** FRANKFURT - Bundesbank President Jens Weidmann speaks in Frankfurt at a ceremony marking the departure of board members Dombret and Thiele 1300 GMT. STOCKHOLM - Riksbank will hold a press conference at which Governor Stefan Ingves and Heidi Elmer, Head of the Markets Department, will show the gold bars and discuss the Riksbank's gold reserve - 0830 GMT. NEW YORK - Federal Reserve Bank of New York President William Dudley participates in "Financial Tumult of Our Times and Challenges Ahead" conversation hosted by Bloomberg LP - 1645 GMT. VALLETTA - Keynote speech by ECB Vice President Vitor Constancio at a conference on 'Central Banks in Historical Perspective: What Changed After the Financial Crisis?' organized by the Central Bank of Malta in Valletta, Malta 0745 GMT. STANFORD, California - Federal Reserve Bank of San Francisco President John Williams speaks before the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 1900 GMT. STANFORD, California - Federal Reserve Vice Chair for Supervision Randal Quarles makes presentation before panel, "Financial Stability, Regulations and the Balance Sheet" at the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 2130 GMT. STANFORD, California - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Kansas City President Esther George and Federal Reserve Bank of Dallas President Robert Kaplan participate in "Monetary Policy and Reform in Practice" panel before the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 0000 GMT.
OSLO - Norway Central Bank chief Oystein Olsen and Director Yngve Slyngstad participate in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. 0700 GMT. STOCKHOLM - Riksbank General Council Meeting - 1100 GMT. SUNDAY, MAY 6 AMELIA ISLAND, Florida - Federal Reserve Vice Chair for Supervision Randal Quarles speaks before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 2300 GMT TOKYO - Bank of Japan releases minutes of Monetary Policy Meeting held on Mar 8 and 9 2350 GMT.
MONDAY, MAY 7 VANBERG, Sweden - Riksbank First Deputy Governor Kerstin af Jochnick will visit Varberg and Halmstad. She will participate in SEB's lunch meeting on changed behavior. She will discuss developments on the payment market and the need to analyze a possible e-currency, as well as current monetary policy - 0930 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 1225 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Philadelphia President Patrick Harker moderates "Research Session 1: Artificial Intelligence and Modern Productivity Paradox: a Clash of Expections and Statistics" panel before conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability 1800 GMT.
FAIRFAX, Va. - Federal Reserve Bank of Richmond President Tom Barkin speaks in a conversation at an event hosted by George Mason University - 1800 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Dallas President Robert Kaplan and Federal Reserve Bank of Chicago President Charles Evans participate in "Policy Session 3: Learning About an ML-Driven Economy" before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 1930 GMT. CASCAIS, Portugal Bank of Canada Deputy Governor Timothy Lane participates in panel discussion at Horasis, Cascais 1900 GMT. TUESDAY, MAY 8 STOCKHOLM - Swedish Central Bank publishes Minutes from the Monetary Policy meeting - 0730 GMT.
WEDNESDAY, MAY 9
JACKSONVILLE, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy before the World Affairs Council, Jacksonville - 1715 GMT. TOKYO - Bank of Japan to release summary of opinions from board members at its April 26-27 policy meeting 2350 GMT. STOCKHOLM - Riksbank executive board meeting - 0700 GMT. THURSDAY. MAY 10 LONDON - Bank of England publishes summary and minutes of the Monetary Policy Committee meeting and Inflation Report - 1100 GMT. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, MAY 11 SPRINGFIELD, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Springfield Business Development Corporation Meeting, - 1230 GMT. TORONTO, Canada - Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participates in panel discussion at Women's Forum Canada, Toronto - 1300 GMT.
MONDAY, MAY 14 NEW YORK - Federal Reserve Bank of St. Louis President James Bullard gives presentation before CoinDesk's Consensus 2018 - 1340 GMT. PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center "Central Banking Series with Banque de France," - 0645 GMT OSLO - Norway Central Bank chief Oystein Olsen participates in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. 1015 GMT.
TUESDAY, MAY 15 MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank's history and the development of money and she will also hold a breakfast presentation in Malmö on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16
** LONDON - ESCoE Conference on Economic Measurement 2018. Bank of England Chief Economist Andy Haldane will give the closing remarks (to May. 17). ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives opening remarks before the Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2230 GMT. OTTAWA Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
MONDAY, MAY 21 STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit's annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) will release minutes from its March 20-21 policy meeting 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London's Society of Professional Economists 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on "Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy." Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates "Session I: The Disruption Challenge Facing Business" of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in "Session III: Broader Labor Market Implications of Technology-Enabled Disruption" of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM Central Bank Governor Mark Carney from the Bank of England, Finland's central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank's 350th conference 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in "Session VIII: Policymaker Panel" before the Federal Reserve Banks of Dallas and Atlanta "Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy" conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks before the Federal Reserve Banks of Dallas and Atlanta "Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy" conference - 1830 GMT TUESDAY, MAY 29 TOKYO - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Japan Center for International Finance Global Finance Seminar- 0440 GMT. FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30
WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report 1400 GMT. THURSDAY, MAY 31 WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of "investing in growth that works for everyone" (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review 1530 GMT.
MONDAY, JUNE 11
STOCKHOLM - Riksbank executive board meeting 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). THURSDAY, JUNE 14
** TOKYO - Bank of Japan holds Monetary Policy Meeting (to June 15).
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) 1230 GMT.
FRIDAY, JUNE 15 FORT WORTH, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce - 1700 GMT.
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18
STOCKHOLM - Riksbank general council meeting 1100 GMT.
TUESDAY, JUNE 19
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 2350.
THURSDAY, JUNE 21
BERN - Swiss National Bank Financial Stability Report 2018 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board's interest rate decision and publication of Monetary Policy followed by press conference 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision 1100 GMT.
SUNDAY, JUNE 24
TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting 2350 GMT.
TUESDAY, JUNE 26
STOCKHOLM - Riksbank executive board meeting 0700 GMT.
WEDNESDAY, JUNE 27
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28
FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR). | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-diary-top-economic-events-to-june-28.html |
× × Futures Now: We could retest February lows as the Fed sticks to its rate hike plans, says Peter Boockvar 11 Hours Ago Is more market pain ahead? The market's next move, with Peter Boockvar, Bleadley Advisory Group, CNBC's Eric Chemi and the Futures now traders, | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/futures-now-retest-february-lows-fed-rate-hike-plans-peter-boockvar.html |
WASHINGTON (Reuters) - President Donald Trump’s nominee to be CIA director, Gina Haspel, said the agency should not have undertaken a past harsh interrogation program, while asserting that the program yielded “valuable intelligence.”
CIA Director nominee Gina Haspel testifies at her confirmation hearing before the Senate Intelligence Committee on Capitol Hill in Washington, U.S., May 9, 2018. REUTERS/Aaron P. Bernstein The Senate Intelligence Committee is due to vote on Wednesday on whether to approve Haspel.
Despite criticism of her nomination because of her past ties to the CIA’s former rendition, detention and interrogation activities, Haspel is expected to be approved with the support of all eight committee Republicans and at least one of its seven Democrats.
She is expected to be confirmed by the full Senate as soon as next week, although that vote likely also will be close.
Haspel pledged at her confirmation hearing that she would never restart the program, in place in the years after the Sept. 11, 2001 attacks, but did not go as far as saying it should not have been started.
An undercover officer for most of her 33-year career, Haspel in 2002 served as CIA station chief in Thailand, where the agency conducted interrogations at a secret prison using methods including waterboarding, which is widely viewed as torture.
Three years later, she drafted a cable ordering the destruction of videotapes of those interrogations.
“While I won’t condemn those that made those hard calls, and I have noted the valuable intelligence collected, the program ultimately did damage to our officers and our standing in the world,” Haspel said in a letter, dated May 14, and released on Tuesday.
“With the benefit of hindsight and my experience as a senior Agency leader, the enhanced interrogation program is not one the CIA should have undertaken. The United States must be an example to the rest of the world, and I support that,” Haspel said in a letter to Senator Mark Warner, the top Democrat on the Senate Intelligence Committee.
Warner has not yet said whether he will support Haspel’s nomination.
Reporting by Patricia Zengerle; Editing by Dan Grebler
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-haspel/trump-cia-nominee-u-s-should-not-have-undertaken-harsh-interrogations-idINKCN1IG2OZ |
BOSTON and TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- AGF Management Limited (TSX:AGF.B) today announced it successfully completed its acquisition of 100% of FFCM, LLC (FFCM) earlier this month to further strengthen their quantitative investing and ETF platform brought to market under the AGFiQ banner.
“Today, we further build on our strategic plan to diversify across the investment spectrum,” said Judy Goldring, Executive Vice-President and Chief Operating Officer, AGF. “Through organic growth and acquisition we have been able to launch new platforms and develop innovative products.”
In November 2015, AGF acquired the majority of the equity of FFCM, a Boston-based boutique asset manager and ETF strategist whose expertise is delivered through a family of factor-based alternative and smart-beta ETFs and a number of ETF managed solutions.
The acquisition resulted in the launch of AGFiQ Asset Management (AGFiQ), a quantitative investment platform powered by the intellectually diverse, multi-disciplined team that combines the complementary strengths of investment professionals from AGF, Highstreet Asset Management (Highstreet) – which became a part of the AGF family through an acquisition in 2006 – and FFCM.
AGFiQ came to market as a combined platform in late 2017 and has since delivered nine ETFs to the Canadian marketplace and secured over $US 400 million in institutional funding for an AGFiQ custom solution in the United States over the last three months.
“We had the foresight to see that by combining the research acumen, investment capabilities and intellectual capital of Highstreet and FFCM we could effectively expand our presence in the quantitative investment space,” added Goldring.
“This is a natural next step in our partnership and reinforces that we are a part of the AGF family,” said Bill Carey, Chief Executive Officer, FFCM. “Partnering with AGF has allowed us to grow our research, marketing and product development capabilities, while also bringing us operational scale and efficiencies.”
“This acquisition supports the long-term diversification of our investment capabilities allowing us to deliver value-added and differentiated opportunities within our yield, global and quantitative platforms to provide our global client base with the outcomes they seek,” said Kevin McCreadie, President and Chief Investment Officer, AGF Investments Inc.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is a diversified global asset management firm with retail, institutional, alternative and high-net-worth businesses. As an independent firm, AGF brings a disciplined approach to delivering excellence in investment management and providing an exceptional client experience. AGF’s suite of diverse investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With $37 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
About AGFiQ Asset Management
AGFiQ Asset Management is the quantitative investment platform for AGF powered by an intellectually diverse, multi-disciplined team that combines the complementary strengths Highstreet Asset Management Inc. (Highstreet), located in London, Ontario and FFCM, LLC (FFCM), located in Boston, and are supported by a team of 20 investment professionals from across AGF and its affiliates, managing AUM of approximately C$5.7 billion. AGFiQ’s portfolio and investment management team has extensive experience in quantitative investing and research with a core investment discipline focused on factor-based investing. AGFiQ is grounded in the belief that investment outcomes can be improved by assessing and targeting the factors that drive market returns.
Media Contact
Amanda Marchment
Director, Corporate Communications
416-865-4160
[email protected]
Source: AGF Management Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-agf-completes-acquisition-of-100-percent-of-ffcm.html |
May 10 (Reuters) - Tesla Inc’s autopilot system was unlikely to have been a factor in a Florida car crash this week which killed two teenagers, the electric carmaker said in a statement issued late on Wednesday.
The autopilot, a form of advanced cruise control that has come under scrutiny after two crashes this year, was not engaged when the Model S car drove off the road and hit a concrete wall, catching fire, the company said, although it added that it had not yet seen logs from the crash.
“We have not yet been able to retrieve the logs from the vehicle, but everything we have seen thus far indicates a very high-speed collision and that autopilot was not engaged,” a Tesla spokesperson said.
The U.S. National Transportation Safety Board has said it will investigate the latest accident involving a Tesla - the agency’s fourth active probe into crashes of the company’s electric vehicles.
While admitting that serious high-speed collisions can result in a fire, the Tesla spokesperson defended the car’s safety record saying a gas car in the United States is five times more likely to catch fire than a Tesla vehicle.
In the event of an accident, eight airbags protect front and rear occupants, and the battery system automatically disconnects from the main power source, Tesla has said previously in promotional materials for the car.
“Should the worst happen, there is no safer car to be in than Model S,” the company said in a brochure for the 2014 Model S. (Reporting by Sanjana Shivdas in Bengaluru; editing by Patrick Graham)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-crash/autopilot-was-not-engaged-during-florida-model-s-crash-tesla-idUSL3N1SH4HX |
May 11, 2018 / 2:47 PM / Updated 3 minutes ago Simeone rules out rotation against Getafe despite Europa final Reuters Staff 3 Min Read
MADRID (Reuters) - Atletico Madrid coach Diego Simeone said he would not rest any players for Saturday’s penultimate Liga game away to Getafe, even with the Europa League final against Olympique de Marseille coming up on Wednesday. Soccer Football - Europa League - Atletico Madrid Press Conference - Wanda Metropolitano, Madrid, Spain - May 9, 2018 Atletico Madrid coach Diego Simeone during the press conference REUTERS/Sergio Perez
Atletico have already secured Champions League football for next season and their only motivation left in the remaining two games of the campaign is to stay second and finish above Real Madrid for the first time in four years.
Simeone’s side have 75 points to Real’s 72 and have a superior head-to-head record, meaning a win at Getafe would see them clinch second place, their highest finish since winning La Liga in 2014.
Atletico have the thinnest squad in the league after selling Yannick Carrasco and Nico Gaitan to Chinese club Dalian Yifang and letting goalkeeper Miguel Angel Moya leave for Real Sociedad in February.
Injury to forward Vitolo means Simeone only has 16 first team outfield players available for Saturday but he ruled out rotating his side and drafting in extra personnel from the reserve team.
“The 16 players we have available will all be in the squad, we began this season with these players and we’ll finish it with them,” Simeone told a news conference.
“We’ll send out 10 players who have all played before and they’re going to compete. We’re going to try and make the most competitive team possible against an opponent that is having a fantastic season.”
Getafe won promotion back to the top flight last campaign and are eighth in the Liga standings, with a faint chance of unseating Sevilla who they trail by two points in seventh place, the final Europa League qualification spot.
“The only player who will not travel is Vitolo, otherwise the same players as always will play,” he added.
“This is like another final for us, we’re close to being second and that’s an important aim for the club as we always want to keep growing.”
Simeone added that Vitolo would be fit in time for the Europa League final.
The coach, however, will not be on the sidelines with his team on Wednesday in Lyon after his appeal against a four-game touchline ban in European football for being sent off in the semi-final first leg at Arsenal was rejected by UEFA.
The Argentine served the first of the four game ban in the second leg against Arsenal. Reporting by Richard Martin; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-atm-simeone/simeone-rules-out-rotation-against-getafe-despite-europa-final-idUKKBN1IC1SN |
CNBC.com JEALEX Photo | Getty Image
Tuesday, technology entrepreneur and star of ABC's "Shark Tank" Mark Cuban had a deep piece of insight to share with one of his 7.88 million Twitter followers — and it was only four words long.
When a follower asked Cuban, "What is the meaning of life in 4 words or less?" the billionaire responded.
"Life is half random," Cuban wrote. Tweet
At least that's been Cuban's experience — finding success took a combination of luck and hard work, he says.
"Being a billionaire requires a lot of luck, a lot of great timing," Cuban admits during an interview on " The Jamie Weinstein Show " podcast. Cuban became a billionaire after selling his company Broadcast.com for $5.7 billion to Yahoo, "at the peak of the dot-com bubble in 1999," The New York Times reports.
But luck isn't all it takes.
"I tell people all the time, the one thing in life you can control is your effort," Cuban says on the podcast.
For Cuban, that meant using every resource possible to learn about technology before launching his first company, MicroSolutions at age 25 .
"I remember reading the PC DOS manual (I really did), and being proud that I could figure out how to set up startup menus for my customers," Cuban says on his blog. "I read every book and magazine I could. Heck, $3 for a magazine, $20 for a book. One good idea that led to a customer or solution and it paid for itself many times over.
"A guy with little computer background could compete with far more experienced guys, just because I put in the time to learn all I could," he explains.
Then, when Cuban sold MicroSolutions for a reported $6 million in 1990, naysayers assumed the success was only happenstance.
"I can remember vividly people telling me how lucky I was to sell my business at the right time," he writes. "Of course, no one wanted to comment on how lucky I was to spend time reading software manuals, or Cisco Router manuals, or sitting in my house testing and comparing new technologies."
In order to be lucky, you need to be prepared first, according to Cuban.
"You have to work hard, and try to put yourself in a position where if luck strikes, you can see the opportunity and take advantage of it," Cuban says .
For him, the key for success in life has been to put in the work and be persistent: "All that matters in business is that you get it right once. Then everyone can tell you how lucky you are." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/mark-cuban-tweets-about-the-meaning-of-life.html |
ROME (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement, Luigi Di Maio, said on Wednesday the best way to cut Italy’s huge public debt was by investing more and helping the economy to grow.
FILE PHOTO: Anti-establishment 5-Star Movement Luigi Di Maio looks on during a news conference at the Foreign Press Club in Rome, Italy, March 13, 2018. REUTERS/Tony Gentile/File Photo Analysts are concerned that big spending plans by 5-Star and the far-right League, who are negotiating to form a coalition, will push up Italy’s debt, which at more than 130 percent of national output is already the highest in the euro zone after Greece’s.
“The recipe for lowering the debt is through investments and expansionary policies,” Di Maio told reporters in parliament.
Reporting by Giuseppe Fonte, writing by Gavin Jones, editing by Steve Scherer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-5star/italy-5-star-head-says-expansionary-policies-best-way-to-cut-debt-idUSKCN1IH1CD |
May 31, 2018 / 7:04 AM / Updated 21 minutes ago UPDATE 2-Britain plans crackdown on spiralling consumer credit costs Reuters Staff
* FCA considers ban on fixed overdraft fees
* Watchdog says overdrafts may need radical overhaul
* FCA proposes ban on rent-to-own warranties (Adds government, consumer and industry reaction)
By Huw Jones
LONDON, May 31 (Reuters) - Britain’s financial watchdog is considering capping “rent-to-own”, a form of hire purchase for household goods, and reforming overdraft and other bank charges as it seeks to protect consumers from high credit costs.
In a review of high cost credit published on Thursday, the Financial Conduct Authority (FCA) said that costs for the 400,000 customers that use rent-to-own, a practice often used to buy goods like fridges and washing machines, can be exceptionally high.
In some cases, customers had paid more than 1,500 pounds ($2,000) for an electric cooker that can be bought in the shops for less than 300 pounds, it said.
“High cost credit is used by over three million consumers in the UK, some of who are the most vulnerable in society,” FCA Chief Executive Andrew Bailey said in a statement.
“Today we have proposed a significant package of reforms to ensure they are better protected, including the possibility of a cap on rent-to-own lending.”
High cost credit also covers unarranged bank overdrafts and the watchdog said it was consulting publicly on mandatory rules to make it easier for customers to manage their bank accounts and avoid punitive charges for unarranged overdrafts.
The total package of proposals could save consumers a combined 200 million pounds ($266 million) a year, the watchdog said.
The FCA has come under pressure from Britain’s lawmakers to cap the cost of rent-to-own credit, as it already has done for interest charged on payday loans, triggering a big contraction in the sector.
“It’s often the most vulnerable who get stung by these dodgy deals,” Britain’s financial services minister, John Glen, said.
The FCA said it would now carry out a detailed assessment of the impact that a cap could have on the sector and how it might be structured - and that it was also open to other options.
Any changes to the sector would be introduced by April 2019.
The FCA said it was also consulting on banning the sale of extended warranties when a rent-to-own contract is signed, which could save consumers up to 7.7 million pounds per year.
“The FCA must now deliver to put the cap on rent-to-own by April 2019. There will inevitably be push-back from the industry but it cannot fail the customers who desperately need to be protected by this cap,” said Citizens Advice, a charity that helps people tackle money problems.
Greg Stevens, chief executive of the Consumer Credit Trade Association, said caps would be counterproductive as they force borrowers to find alternatives that may not be regulated.
“We’ll have to see where the review gets to, but we’re pleased the FCA will be undertaking a proper cost-benefit analysis,” Stevens said. FUNDAMENTAL REFORM
The way banks operate and charge for overdrafts also needs fundamental reform, the FCA said.
Banks earned 2.3 billion pounds from overdrafts in 2016, with nearly a third from unarranged overdrafts, most of which are paid by just 1.5 percent of customers who pay about 450 pounds a year in fees and charges.
“The FCA is putting forward some immediate proposals today for overdrafts that it believes will save customers up to 140 million pounds a year,” the watchdog said.
“Beyond that, the FCA will consider more radical options to ban fixed fees and end the distinctions around unarranged overdraft prices.”
If appropriate, these options will be consulted on later this year as part of the watchdog’s separate ongoing review of retail banking.
The FCA proposed stronger protections for customers who take out credit from firms who collect repayments in the home, known as doorstep lending, with the aim of saving customers 34 million pounds a year, but stopped short of considering caps.
Consultants PwC said the FCA’s overall package posed various challenges for firms.
“As they factor in the additional processes required and restrictions on borrowing and costs, they will need to consider whether certain business models are sustainable in the long term,” said John Coley, PwC’s financial services risk and regulatory director. $1 = 0.7509 pounds Reporting by Huw Jones; Editing by Mark Potter and Susan Fenton | ashraq/financial-news-articles | https://www.reuters.com/article/britain-credit-regulator/update-1-uk-financial-watchdog-to-consider-capping-rent-to-own-prices-idUSL5N1T212N |
May 7 (Reuters) - GETBACK SA:
* IN A MOTION FOR OPENING ACCELERATED ARRANGEMENT PROCEEDINGS SAYS THAT ITS LIABILITIES AMOUNT TO 2.82 BILLION ZLOTYS, THE LIABILITIES UNDER THE ARRANGEMENT AMOUNT TO 2.72 BILLION ZLOTYS
* AS OF APRIL 25 TOTAL NOMINAL VALUE OF UNREDEEMED BONDS AMOUNTED TO 88.26 MILLION ZLOTYS, UNPAID INTEREST AMOUNTED TO 3.32 MILLION ZLOTYS
* UNDER RESTRUCTURING PROCEEDINGS COMPANY PLANS TO PREPARE NEW BUSINESS STRATEGY, WHICH ASSUMES LIMITING ACQUISITION ACTIVITIES, REDUCING OPERATING COSTS AND CHANGE OF INTERNAL CONTROL PROCESSES
* COMPANY ALSO PLANS TO PREPARE NEW FINANCIAL STRATEGY * UNDER NEW STRATEGIES COMPANY WILL LOWER ITS OPERATING COSTS TO 132.9 MILLION ZLOTYS AND RECOVER FUNDS FROM EXISTING DEBT PORTFOLIOS FROM MAY 2018 (3 BILLION ZLOTYS WILL BE RECOVERED FROM COMPANY’S OWN INVESTMENT FUNDS AND 1.1 BILLION ZLOTYS WILL BE RECOVERED FROM EXTERNAL FUNDS)
* FIRST GROUP OF CREDITORS, BONDHOLDERS, WILL BE PAID IN 65.36%, REMAINING 34.64% OF DEBT WILL BE CONVERTED INTO NEWLY ISSUED SHARES
* PROPOSES TO REPAY THE DEBT TO THE FIRST GROUP OF CREDITORS IN INSTALLMENTS BETWEEN 2018-2025, WITH BIGGEST CHUNK TO BE REPAID IN 2019 AND 2020 (23.97% AND 30.57%, RESPECTIVELY)
* PLANS TO INCREASE COMPANY’S SHARE CAPITAL BY 4.1 MILLION ZLOTYS THROUGH ISSUANCE OF 82,399,394 SERIES F SHARES AT ISSUE PRICE OF 8.63 ZLOTYS PER SHARE
* TOTAL ISSUE PRICE OF SERIES F SHARES TO REACH NOT LESS THAN ABOUT 711.1 MILLION ZLOTYS
* SECOND GROUP OF PUBLIC-LAW CREDITORS WILL BE SATISFIED IN FULL AND PAID BY END-2018, THIRD GROUP OF CREDITORS WILL BE PAID IN 65.36% BY 2025
* UNDER GETBACK’S PROPOSAL INTEREST ON BONDS AND LOANS IS TO BE RETIRED
* COMPANY ESTIMATES THAT IN THE COURSE OF THE ARRANGEMENT PROCEEDINGS CREDITORS’ CLAIMS WILL BE SATISFIED IN LEVEL NOT EXCEEDING 25%
Source text: bit.ly/2K0UVmi
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SE4JE |
The United States is looking at alternatives to the crippling sanctions threatening the survival of Chinese telecom giant ZTE, Commerce Secretary Wilbur Ross told CNBC on Thursday.
Ross said on "Squawk Box" the U.S. is considering a plan to require compliance officers to be installed at ZTE, best known by consumers for selling smartphones.
"If we do decide to go forward with an alternative, what it literally would involve would be implanting people of our choosing into the company to constitute a compliance unit ... [which] would report back to the Department of Commerce," he said. "The whole key is enforcement."
Last month, Washington banned ZTE from purchasing parts from U.S. manufacturers, including chips from Qualcomm , glass from Corning and Android software from Alphabet 's Google, because it was selling equipment with American parts to Iran and North Korea in violation of U.S. sanctions. The ban was imposed after ZTE admitted guilt and paid nearly $1.2 billion in fines for those violations.
ZTE, in addition to smartphones, has been a large manufacturer of telecommunications equipment that allows large carriers to operate their wireless and data networks. It was China's first state-owned telecom equipment maker to go public. It's listed on the Shenzhen and Hong Kong stock exchanges.
VCG | Getty Images Employees work on the North America project line of smartphone at a workshop of ZTE Corp. on July 26, 2016 in Xi an, China. The ZTE situation is complicating efforts by the administration of President Donald Trump to reach an overall trade agreement with China, designed to level the playing field for American companies in a number of industries, including autos , that face stiff tariffs and requirements to share their technology to do business there.
Trump asked the Commerce Department to consider other measures, besides sanctions, to make sure ZTE lives up to its agreements, Ross told CNBC on Thursday. The idea ran into resistance in Congress, where Republicans and Democrats, accused the president of bending to pressure from China to reach an overall trade deal.
However, just days after Washington and Beijing put a trade war on hold, Trump cast doubt Wednesday on whether an overall deal can be reached.
Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion.
On Tuesday, Trump said he was "not satisfied" with the China trade talks that took place last week in Washington. He also denied reports of a ZTE agreement, while floating the idea of a fine of up to a $1.3 billion and changes in ZTE management. Ross confirmed on Thursday no final decision has been made on ZTE.
Last week, Trump revealed that ZTE might get a reprieve.
President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!
— CNBC's Jacob Pramuk and Todd Haselton and Reuters and AP contributed to this report.
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May 16, 2018 / 10:05 AM / in 12 minutes Pennsylvania man sentenced to life in prison for quadruple murders David DeKok 3 Min Read
HARRISBURG, Pa. (Reuters) - One of two Pennsylvania men charged in the killings of four young men lured to a farm with the promise of marijuana was sentenced on Wednesday to life in prison after pleading guilty to murder, while the other suspect rejected a plea deal. FILE PHOTO: Bucks County District Attorney's Office photo of Cosmo DiNardo after his arrest on Monday in Bucks County, about 40 miles north of Philadelphia, Pennsylvania, U.S. in this image released on July 11, 2017. Courtesy Bucks County District Attorney's Office/Handout via REUTERS/File photo
Shackled and wearing an orange jump suit in a Doylestown, Pennsylvania, courtroom, Cosmo DiNardo apologized to the families of the four victims, three of whom authorities said were shot dead and burned in a pig roaster by DiNardo and his cousin, Sean Kratz.
“I just want the poor families to know, I am so sorry,” DiNardo, 21, said in the Bucks County Court of Common Pleas. “If there is anything I could do to take back what happened, I would do it.”
But Judge Jeffrey Finley sentenced DiNardo to four consecutive life terms, calling his apology “false and insincere” in light of his taped description of his crimes.
“After committing these offenses, you two went out and had a cheese steak and then went on as if nothing had occurred,” Finley said.
DiNardo confessed to murder to avoid the death penalty, according to Bucks County District Attorney Matthew Weintraub. He entered a not-guilty plea in December, but later changed it to guilty as part of a deal with prosecutors.
In addition to first-degree murder, DiNardo pleaded guilty to robbery, abuse of corpse, and possession of instruments of crime.
Kratz, 21, of Philadelphia, on Wednesday rejected an offer from prosecutors to plead guilty to one count of 3rd degree murder in return for a sentence of 59 to 118 years in prison. Prosecutors said they will put Kratz on trial for first degree murder and seek the death penalty.
The state has not executed anyone in nearly 20 years and in 2015 Democratic Governor Tom Wolf placed a moratorium on all executions because of questionable prosecutions in the past.
The bodies of three victims - Dean Finocchiaro, 19, of Middletown Township; Mark Sturgis, 22, of Pennsburg; and Thomas Meo, 21, of Plumstead Township - were found in a common grave at DiNardo’s family’s farm in Solebury Township in July 2017.
DiNardo later led authorities to the nearby buried body of the fourth victim, Jimi Patrick, 19, of Newtown. DiNardo was charged with killing Patrick, but Kratz was not.
All four victims were shot after being lured to the farm last July with the belief that DiNardo would sell them marijuana, according to court documents.
The families of the victims have filed wrongful death lawsuits against DiNardo’s parents and their construction company, saying he should not have had access to guns because of prior mental health issues. Writing by Peter Szekely; Editing by Paul Simao and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-pennsylvania-crime/two-pennsylvania-men-due-in-court-in-quadruple-murder-case-idUSKCN1IH158 |
Gravity energy generator could revolutionise renewables 1:51pm BST - 02:06
Dutch inventor Janjaap Ruijssenaars has built a gravity energy generator that harnesses the force of gravity to produce a new kind of renewable energy. Matthew Stock reports.
Dutch inventor Janjaap Ruijssenaars has built a gravity energy generator that harnesses the force of gravity to produce a new kind of renewable energy. Matthew Stock reports. //reut.rs/2KXXdmX | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/28/gravity-energy-generator-could-revolutio?videoId=431137591 |
* Canadian dollar at C$1.2868, or 77.71 U.S. cents * Canada's trade deficit widens in March to C$4.14 billion * Bond prices higher across the yield curve By Fergal Smith TORONTO, May 3 (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Thursday, though paring some of its gains after domestic data showed the March trade deficit had widened to a record. At 9:14 a.m. EDT (1314 GMT), the Canadian dollar was trading 0.1 percent higher at C$1.2868 to the greenback, or 77.71 U.S. cents. The currency traded in a range of C$1.2818 to C$1.2886. The loonie has been in a holding pattern after hitting a four-week low on Tuesday at C$1.2914. Canada's trade deficit in March widened to a record C$4.14 billion, Statistics Canada said. But economists said the data was not all bad news for the economy, as exports rose and a surge in imports pointed to strength in domestic demand. "Some of the investment-related products were up solidly as were some of the consumer products," said Doug Porter, chief economist at BMO Capital Markets. "It's not a clearcut message for the Bank of Canada." Chances of an interest rate hike by July were little changed after the data at about 75 percent, the overnight index swaps market indicated. The price of oil, one of Canada's major exports, slipped as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U.S. sanctions against Iran. U.S. crude prices were down 0.50 percent at $67.59 a barrel. The U.S. dollar was little changed, consolidating some of its recent gains, after the Federal Reserve on Wednesday held interest rates steady but stayed on course to hike in June. Canadian government bond prices were higher across a flatter yield curve, with the two-year up 3.5 Canadian cents to yield 1.918 percent and the 10-year rising 29 Canadian cents to yield 2.330 percent. The gap between Canada's 10-year yield and its U.S. counterpart widened by 1 bp to a spread of -61.1 basis points. (Reporting by Fergal Smith; Editing by Bernadette Baum)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-pares-some-gains-with-trade-deficit-at-record-idUSL1N1SA0QC |
Company Reports First Quarter Total Revenues of $8.8 Million; +4% from Prior Year Quarter
GAAP Net Income of $0.5 Million, +225% from Prior Year Quarter
Adjusted EBITDA of $2.2 Million, +11% from Prior Year Quarter
NEW YORK, May 14, 2018 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ:XELB) (“Xcel” or the “Company”), a consumer products company, today announced its financial results for the first quarter ended March 31, 2018.
Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “I am delighted by our positive first quarter results. We are beginning to see positive momentum building in our business across all channels of distribution."
First Quarter 2018 Financial Results
Total revenue for the first quarter of 2018 was $8.8 million, an increase of $0.4 million or 4% over the prior year quarter. The improvement in first quarter revenues resulted from commencement of the wholesale and e-commerce jewelry business and a 45% increase in revenues from the company’s apparel and accessories department store business.
GAAP net income was approximately $0.5 million for the quarter ended March 31, 2018, or $0.03 per basic and diluted share, an increase of $0.9 million or $0.05 per basic and diluted share from the prior year quarter, representing an increase of more than 225% in GAAP net income and EPS from the prior year quarter. Non-GAAP net income for the quarter ended March 31, 2018, was approximately $1.4 million, or $0.08 per diluted share, compared with $1.1 million, or $0.06 per diluted share in the prior year quarter, representing an increase of 26% and 36%, respectively, from the prior year quarter.
Adjusted EBITDA for the quarter ended March 31, 2018 was approximately $2.2 million, an increase of $0.3 million or 11% from the prior year quarter.
See reconciliation tables below for non-GAAP metrics. These non-GAAP metrics may be inconsistent with similar measures presented by other companies and should only be used in conjunction with our results reported according to U.S. generally accepted accounting principles ("GAAP"). Any financial measure other than those prepared in accordance with GAAP should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
The Company's balance sheet at March 31, 2018, remained strong, with stockholders' equity of approximately $98.9 million, cash and cash equivalents of $8.9 million, and working capital of approximately $9.5 million. During the current quarter, the Company reduced its term debt by $1.7 million to $20.2 million.
Conference Call and Webcast
The Company will host a conference call with members of the executive management team to discuss these results with additional comments and details at 5:30 p.m. Eastern Time on Monday, May 14, 2018. A webcast of the conference call will be available live on the Investor Relations section of Xcel's website at www.xcelbrands.com . Interested parties unable to access the conference call via the webcast may dial 866-548-4713. A replay of the conference call will be available on the Company website for 30 days following the event and can be accessed at 844-512-2921 using replay pin number 1121633.
About Xcel Brands
Xcel Brands, Inc. (NASDAQ:XELB) is a consumer products company engaged in the design, production, licensing, marketing, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods, and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded by Robert W. D’Loren in 2011 with a vision to reimagine shopping, entertainment, and social as one. Xcel owns and manages the Isaac Mizrahi, Judith Ripka, H Halston, C. Wonder, and Highline Collective brands, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, internet, bricks and mortar retail, and e-commerce channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. With a team of over 100 professionals focused on design, production, and digital marketing, Xcel maintains control of product quality and promotion across all of its product categories and distribution channels. Xcel differentiates by design. www.xcelbrands.com
Forward Looking Statements
This press release contains . All statements other than statements of historical fact contained in this press release, including statements regarding future events, our future financial performance, business strategy and plans and objectives of management for future operations, are . We have attempted to identify by terminology including "anticipates," "believes," "can," "continue," "ongoing," "could," "estimates," "expects," "intends," "may," "appears," "suggests," "future," "likely," "goal," "plans," "potential," "projects," "predicts," "seeks," "should," "would," "guidance," "confident" or "will" or the negative of these terms or other comparable terminology. These include, but are not limited to, statements regarding our anticipated revenue, expenses, profitability, strategic plans and capital needs. These statements are based on information available to us on the date hereof and our current expectations, estimates and projections and are not guarantees of future performance. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including, without limitation, the risks discussed in the "Risk Factors" section and elsewhere in the Company's Annual Report on form 10-K for the year ended December 31, 2017 and its other filings with the SEC, which may cause our or our industry's actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these . Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any . You should not place undue reliance on any . Except as expressly required by the federal securities laws, we undertake no obligation to update any , whether as a result of new information, future events, changed circumstances or any other reason.
For further information please contact:
Andrew Berger
SM Berger & Company, Inc.
216-464-6400
[email protected]
Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2018 December 31, 2017 (Unaudited) Assets Current Assets: Cash and cash equivalents $ 8,896 $ 10,185 Accounts receivable, net 9,328 8,528 Prepaid expenses and other current assets 658 592 Total current assets 18,882 19,305 Property and equipment, net 3,290 2,376 Trademarks and other intangibles, net 109,837 110,120 Restricted cash 1,509 1,509 Other assets 1,696 1,708 Total non-current assets 116,332 115,713 Total Assets $ 135,214 $ 135,018 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 1,553 $ 1,260 Accrued payroll 2,253 2,270 Deferred revenue 24 16 Current portion of long-term debt 5,475 5,459 Current portion of long-term debt, contingent obligations 100 100 Total current liabilities 9,405 9,105 Long-Term Liabilities: Long-term debt, less current portion 17,696 19,389 Deferred tax liabilities, net 6,801 6,375 Other long-term liabilities 2,420 2,455 Total long-term liabilities 26,917 28,219 Total Liabilities 36,322 37,324 Commitments and Contingencies Stockholders' Equity: Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued and outstanding - - Common stock, $.001 par value, 50,000,000 shares authorized at March 31, 2018 and December 31, 2017, respectively, and 18,367,149 and 18,318,961 issued and outstanding at March 31, 2018 and December 31, 2017, respectively 18 18 Paid-in capital 99,695 98,997 Accumulated deficit (821 ) (1,321 ) Total Stockholders' Equity 98,892 97,694 Total Liabilities and Stockholders' Equity $ 135,214 $ 135,018
Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share data) For the Three Months Ended March 31, 2018 2017 Net licensing revenue $ 8,481 $ 8,430 Sales 285 - Total revenue 8,766 8,430 Cost of goods sold (sales) 180 - Net revenue 8,586 8,430 Operating costs and expenses Salaries, benefits and employment taxes 4,425 4,367 Other design and marketing costs 738 871 Other selling, general and administrative expenses 1,293 1,280 Stock-based compensation 507 1,083 Depreciation and amortization 411 394 Total operating costs and expenses 7,374 7,995 Operating income 1,212 435 Interest and finance expense Interest expense - term debt 248 328 Other interest and finance charges 38 50 Total interest and finance expense 286 378 Income before income taxes 926 57 Income tax provision 426 456 Net income (loss) $ 500 $ (399 ) Basic net income (loss) per share $ 0.03 $ (0.02 ) Diluted net income (loss) per share $ 0.03 $ (0.02 ) Basic weighted average common shares outstanding 18,333,912 18,674,943 Diluted weighted average common shares outstanding 18,716,802 18,674,973
Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) For the Three Months Ended March 31, 2018 2017 Cash flows from operating activities Net income (loss) $ 500 $ (399 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization expense 411 394 Amortization of deferred finance costs 44 50 Stock-based compensation 507 1,083 Amortization of note discount 10 9 Deferred income tax provision 426 456 Changes in operating assets and liabilities: Accounts receivable (800 ) (1,737 ) Prepaid expenses and other assets (59 ) (83 ) Accounts payable, accrued expenses and other current liabilities 557 (647 ) Deferred revenue 8 (159 ) Other liabilities (35 ) 21 Net cash provided by (used) in operating activities 1,569 (1,012 ) Cash flows from investing activities Cost to acquire intangible assets - (18 ) Purchase of property and equipment (1,043 ) (135 ) Net cash used in investing activities (1,043 ) (153 ) Cash flows from financing activities Shares repurchased including vested restricted stock in exchange for withholding taxes (90 ) (795 ) Payment of deferred finance costs - (7 ) Payment of long-term debt (1,725 ) (1,959 ) Net cash used in financing activities (1,815 ) (2,761 ) Net decrease in cash, cash equivalents and restricted cash (1,289 ) (3,926 ) Cash, cash equivalents, and restricted cash at beginning of period 11,694 15,636 Cash, cash equivalents, and restricted cash at end of period $ 10,405 $ 11,710 Reconciliation to amounts on consolidated balance sheets: Cash and cash equivalents $ 8,896 $ 10,201 Restricted cash 1,509 1,509 Total cash, cash equivalents, and restricted cash $ 10,405 $ 11,710 Supplemental disclosure of cash flow information: Cash paid during the period for income taxes $ 8 $ 110 Cash paid during the period for interest $ 276 $ 370
Xcel Brands, Inc. and Subsidiaries Reconciliation of Non-GAAP measures (Unaudited) Non-GAAP net income: Quarter Ended
March 31, (amounts in thousands) 2018 2017 Net income (loss) $ 500 $ (399 ) Non-cash interest and finance expense 10 9 Stock-based compensation 507 1,083 Deferred income tax provision 426 456 Non-GAAP net income $ 1,443 $ 1,149 Non-GAAP diluted EPS: Quarter Ended
March 31, 2018 2017 Diluted earnings (loss) per share $ 0.03 $ (0.02 ) Non-cash interest and finance expense 0.00 0.00 Stock-based compensation 0.03 0.06 Deferred income tax provision 0.02 0.02 Non-GAAP diluted EPS $ 0.08 $ 0.06 Weighted average shares - Non-GAAP diluted: Quarter Ended
March 31, 2018 2017 Basic weighted average shares 18,333,912 18,674,943 Effect of exercising warrants 364,130 364,430 Effect of exercising stock options 18,760 2,645 Non-GAAP weighted average diluted shares 18,716,802 19,042,018 Adjusted EBITDA: Quarter Ended
March 31, (amounts in thousands) 2018 2017 Net income (loss) $ 500 $ (399 ) Depreciation and amortization 411 394 Interest and finance expense 286 378 Income tax provision 426 456 State and local franchise taxes 33 29 Stock-based compensation 507 1,083 Adjusted EBITDA $ 2,163 $ 1,941 Non-GAAP net income and non-GAAP diluted EPS are non-GAAP unaudited terms. We define non-GAAP net income as net income (loss), exclusive of stock-based compensation, non-cash interest expense from discounted debt related to acquired assets, and deferred tax provision. Non-GAAP net income and non-GAAP diluted EPS measures do not include the tax effect of the aforementioned adjusting items, due to the nature of these items and the Company’s tax strategy.
Adjusted EBITDA is a non-GAAP unaudited measure, which we define as net income before stock-based compensation, interest and finance expense, income taxes, other state and local franchise taxes, and depreciation and amortization.
Management uses non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA as measures of operating performance to assist in comparing performance from period to period on a consistent basis and to identify business trends relating to our results of operations. Management believes non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA are also useful because they provide supplemental information to assist investors in evaluating our financial results. Non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA should not be considered in isolation or as alternatives to net income, earnings per share, or any other measure of financial performance calculated and presented in accordance with GAAP. Given that non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA are financial measures not deemed to be in accordance with GAAP and are susceptible to varying calculations, our non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including companies in our industry, because other companies may calculate non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA in a different manner than we calculate these measures. In evaluating non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA, you should be aware that in the future we may or may not incur expenses similar to some of the adjustments in this document. Our presentation of non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA does not imply that our future results will be unaffected by these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider non-GAAP net income, non-GAAP diluted EPS, and Adjusted EBITDA alongside other financial performance measures, including our net income and other GAAP results, and not rely on any single financial measure.
Source:Xcel Brands, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-xcel-brands-inc-announces-first-quarter-2018-financial-results.html |
THE COLONY, Texas, In a release issued under the same headline earlier today by Quest Resource Holding Corporation (NASDAQ:QRHC), please note the domestic conference call number should be 1-800-239-9838 rather than 1-800-239-9338 as originally issued.
The corrected release follows:
Quest Resource Holding Reports First Quarter 2018 Financial Results
Quest Resource Holding Corporation (NASDAQ:QRHC) ("Quest"), a national leader in environmental reuse, recycling, and disposal services, today announced financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights
Revenue was $24.7 million compared with $42.5 million for the first quarter of 2017 and increased 10% sequentially from $22.5 million for the fourth quarter of 2017. Gross profit was $3.5 million compared with $4.2 million for the first quarter of 2017 and increased 16% sequentially from $3.0 million for the fourth quarter of 2017. Gross margin percentage was 14.4% of revenue compared with 9.8% for the first quarter of 2017, an increase of 4.6 percentage points. Operating expense was $4.7 million, a decrease of $1.2 million, or 21%, compared with the first quarter of 2017. Net loss was $1.3 million, a $596,000 improvement compared with the net loss during the first quarter of 2017 and a $267,000 improvement sequentially from the net loss during the fourth quarter of 2017. Net loss per share improved $0.04 to $(0.09) compared with $(0.13) for the first quarter of 2017. Adjusted EBITDA was $114,000, a 9% increase, compared with $105,000 for the first quarter of 2017, and a $388,000 improvement sequentially from the fourth quarter of 2017.
Key Recent Highlights
Sequential improvement in financial performance – For the first quarter of 2018, the sequential improvement in financial performance was primarily driven by the implementation of a new contract with a national automotive service provider as well as implementation activity in the industrial vertical, which ramped steadily during the quarter. Joint marketing effort with Shell Lubricants® to expand Quest’s addressable market – Quest recently announced a joint marketing agreement with Shell Lubricants. Under the agreement, Shell Lubricants will market Quest’s recycling services to its current and target customer base, which represents a new and expanded addressable market for Quest. Through this program, Quest will provide waste oil recycling services to a variety of regional and local auto service center chains that utilize Shell Lubricants’ motor oil products in their operations.
"First quarter results were in line with our expectations, and the previously delayed customer implementations are beginning to ramp and contribute to sequential revenue and earnings growth.” said S. Ray Hatch, President and Chief Executive Officer. “We are building a significant pipeline of new business and expect new innovative programs, such as the one we announced with Shell, to provide significant growth opportunities. We have made progress toward our annual targets and expect to show improvement throughout the year.”
First Quarter 2018 Earnings Conference Call and Webcast
Quest will conduct a conference call on Tuesday, May 15, 2018, at 4:00 p.m. Central Time, to review the financial results for the first quarter ended March 31, 2018. Investors interested in participating on the live call can dial 1-800-239-9838 within the U.S. or 1-323-794-2551 from abroad. The conference call, which may include forward-looking statements, is also being webcast and is available via the investor relations section of Quest’s website at www.qrhc.com . A replay of the webcast will be archived on Quest’s investor relations website for 90 days.
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
In this press release, a non-GAAP financial measure, "Adjusted EBITDA," is presented. From time-to-time, Quest considers and uses this supplemental measure of operating performance in order to provide an improved understanding of underlying performance trends. Quest believes it is useful to review, as applicable, both (1) GAAP measures that include (i) depreciation and amortization, (ii) interest expense, (iii) stock-based compensation expense, (iv) income tax expense, and (v) certain other adjustments, and (2) non-GAAP measures that exclude such items. Quest presents this non-GAAP measure because it considers it an important supplemental measure of Quest's performance. Quest's definition of this adjusted financial measure may differ from similarly named measures used by others. Quest believes this measure facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company's GAAP measures. (See attached table "Reconciliation of Net Loss to Adjusted EBITDA.")
About Quest Resource Holding Corporation
Quest is a national provider of reuse, recycling, and disposal services that enable our customers to achieve their environmental and sustainability goals and responsibilities. Quest provides businesses across multiple industry sectors with single source solutions for the reuse, recycling, and disposal of a wide variety of waste streams and recyclables generated by their operations. Quest’s customers typically are multi-location businesses for which we create, implement, and manage customer-specific programs for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables. Quest also provides information and data that tracks and reports the environmental results of Quest’s services, provides actionable data to improve business operations, and enables Quest’s customers to achieve their environmental and sustainability goals and responsibilities.For more information, visit www.QRHC.com .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include our belief that Shell Lubricants’ current and target customer base represents a new and expanded addressable market; our belief that previously delayed implementations of our strategies are beginning to ramp and contribute to sequential revenue and earnings growth; our belief that we are building a significant pipeline of new business; our expectation that new innovative programs, such as the one we announced with Shell, will provide significant growth opportunities; and our belief that we have traction toward our annual goals and expect to show improvement throughout the year. These statements are based on our current expectations, estimates, projections, beliefs, and assumptions. Such statements involve significant risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, competition in the environmental services industry, the impact of the current economic environment, and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (SEC), including our Report on Form 10-K for the year ended December 31, 2017. You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.
Investor Relations Contacts:
Three Part Advisors, LLC
Jeff Elliott
972.423.7070
Joe Noyons
817.778.8424
Financial Tables Follow
Quest Resource Holding Corporation and Subsidiaries
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended March 31, 2018 2017 Revenue $ 24,696 $ 42,540 Cost of revenue 21,148 38,354 Gross profit 3,548 4,186 Selling, general, and administrative 3,752 4,980 Depreciation and amortization 985 1,001 Total operating expenses 4,737 5,981 Operating loss (1,189 ) (1,795 ) Interest expense (124 ) (114 ) Income tax expense — — Net loss $ (1,313 ) $ (1,909 )
Net loss applicable to common stockholders
$ (1,313 )
$ (1,909 ) Net loss per common share: Basic and diluted $ (0.09 ) $ (0.13 ) Weighted average number of common shares outstanding: Basic and diluted 15,302 15,273 RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(Unaudited)
(In thousands)
Three Months Ended March 31, 2018 2017 Net loss $ (1,313 ) $ (1,909 ) Depreciation and amortization 1,030 1,042 Interest expense 124 114 Stock-based compensation expense 224 614 Other adjustments 49 244 Income tax expense — — Adjusted EBITDA $ 114 $ 105 BALANCE SHEETS
(In thousands, except per share amounts)
March 31, December 31, 2018 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,084 $ 1,055 Accounts receivable, less allowance for doubtful accounts of $471 and $699 as of March 31, 2018 and December 31, 2017, respectively 17,184 16,264 Prepaid expenses and other current assets 1,549 1,508 Total current assets 19,817 18,827 Goodwill 58,209 58,337 Intangible assets, net 4,038 5,032 Property and equipment, net, and other assets 1,344 1,320 Total assets $ 83,408 $ 83,516 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 17,077 $ 14,254 Deferred revenue and other current liabilities 162 329 Total current liabilities 17,239 14,583 Revolving credit facility, net 5,101 6,763 Other long-term liabilities 9 22 Total liabilities 22,349 21,368 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued or outstanding as of March 31, 2018 and December 31, 2017 — — Common stock, $0.001 par value, 200,000 shares authorized,
15,302 shares issued and outstanding as of March 31, 2018 and December 31, 2017 15 15 Additional paid-in capital 159,092 158,868 Accumulated deficit (98,048 ) (96,735 ) Total stockholders’ equity 61,059 62,148 Total liabilities and stockholders’ equity $ 83,408 $ 83,516
Source:Quest Resource Holding Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-correcting-and-replacing--quest-resource-holding-reports-first-quarter-2018-financial-results.html |
May 22, 2018 / 9:16 AM / Updated 16 minutes ago Toll Brothers' misses profit view on delays in California, rising costs Sanjana Shivdas 3 Min Read
(Reuters) - U.S. luxury homebuilder Toll Brothers Inc’s ( TOL.N ) second-quarter profit missed Wall Street estimates on Tuesday, as delayed closings in California and rising costs put pressure on its adjusted gross margins, sending its shares down 7.1 percent. A Toll Brothers housing development is shown in Carlsbad, California, U.S., May 21, 2018. REUTERS/Mike Blake
The company said California was 27 percent of revenue in the quarter and is becoming a larger percentage of deliveries. At the same time, Toll Brothers is facing higher costs even as demand for expensive homes remains strong.
In the quarter orders, an indication of future revenue for homebuilders, rose 6.2 percent to 2,666 homes.
Adjusted gross margins, which was also affected by rising prices for building materials and labor cost pressure, slipped to 22.5 percent from 24.3 percent a year ago. Costs rose 20.5 percent to $1.29 billion.
The Pennsylvania-based company said the average price of homes in the reported quarter rose to $847,900 from $832,400 a year earlier, while the number of homes sold rose to 1,886 from 1,638.
The company raised its forecast for the number of homes it expects to sell in fiscal 2018 to between 8,000 and 8,500 units, from between 7,800 and 8,600 units.
Toll Brothers also raised the lower end of its full-year average price forecast to $830,000 from $820,000, but kept the higher end unchanged at $860,000.
The luxury homebuilder raised the lower end of its full-year revenue range outlook, now expecting between $6.64 billion and $7.31 billion, from a prior estimate of $6.40 billion and $7.40 billion.
Homebuilders PulteGroup Inc ( PHM.N ) and Lennar Corp ( LEN.N ) have also raised their annual home sales forecast, indicating homebuyers’ optimism in an improving economy despite rising mortgage rates.
Net income fell to $111.8 million, or 72 cents per share, in the quarter ended April 30, from $124.6 million, or 73 cents per share, a year earlier. The company recorded an inventory charge of $13.8 million in the latest second quarter.
Revenue rose to $1.59 billion from $1.36 billion a year ago.
Analysts on average had expected a profit of 76 cents per share and revenue of $1.58 billion. Reporting by Sanjana Shivdas in Bengaluru; Editing by Arun Koyyur, Bernard Orr | ashraq/financial-news-articles | https://www.reuters.com/article/us-toll-brothers-results/homebuilder-toll-brothers-reports-17-percent-jump-in-quarterly-revenue-idUSKCN1IN0ZE |
(Corrects typo in headline)
By David Shepardson and Alexandria Sage
SAN FRANCISCO, May 23 (Reuters) - Two U.S. consumer advocacy groups urged the Federal Trade Commission on Wednesday to investigate what they called Tesla Inc’s “deceptive and misleading” use of the name Autopilot for its assisted-driving technology.
The Center for Auto Safety and Consumer Watchdog, both non-profit groups, sent a letter to the FTC saying that consumers could be misled into thinking, based on Tesla’s marketing and advertising, that Autopilot makes a Tesla vehicle self-driving.
Autopilot, released in 2015, is an enhanced cruise-control system that partially automates steering and braking. Tesla states in its owner’s manual and in disclaimers that when the system is engaged, a driver must keep hands on the wheel at all times while using Autopilot.
But in the letter, the groups said that a series of ads and press releases from Tesla as well as statements by the company’s chief executive, Elon Musk, “mislead and deceive customers into believing that Autopilot is safer and more capable than it is known to be.”
“Tesla is the only automaker to market its Level 2 vehicles as ‘self-driving’, and the name of its driver assistance suite of features, Autopilot, connotes full autonomy,” the letter read.
“The burden now falls on the FTC to investigate Tesla’s unfair and deceptive practices so that consumers have accurate information, understand the limitations of Autopilot, and conduct themselves appropriately and safely,” it read.
Two U.S. Tesla drivers have died in crashes in which Autopilot was engaged. The most recent crash, in March, is being investigated by safety regulators.
Tesla has said the use of Autopilot results in 40 percent fewer crashes, a claim the U.S. National Highway Traffic Safety Administration repeated in a 2017 report on the first fatality, which occurred in May 2016. Earlier this month, however, the agency said regulators had not assessed the effectiveness of the technology.
Last month, another group, Consumers Union, the advocacy division of Consumer Reports, called on Tesla to improve the safety of its Autopilot system. (Writing by Alexandria Sage Editing by Leslie Adler)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-autopilot/consumer-groups-asks-u-s-agency-to-probe-tesla-autopilot-ads-idUSL2N1ST2EN |
(Reuters) - Westfield Corp ( WFD.AX ) shareholders have voted in favor of a $16 billion takeover by Unibail-Rodamco ( UNBP.AS ), the chairman of the Australian shopping mall giant said on Thursday.
FILE PHOTO: A Westfield Corp sign adorns the side of a building in central Sydney, Australia, December 12, 2017. REUTERS/David Gray The approval was the final hurdle for the takeover, which has already received the green signal from Unibail shareholders, boards of both companies, as well as Australia’s Foreign Investment Review Board.
Chairman Frank Lowy, who also announced his retirement after 58 years with the company, said in a statement that the buyout was “supported by the vast majority of shareholders”.
He added that two Westfield directors, Peter Lowy and John McFarlane, would join the supervisory board of Unibail.
Unibail, Europe’s biggest property firm, and Westfield announced the deal in December, looking to create a global leader in the retail sector that is grappling with the online shopping challenges led by Amazon.
Shares of Westfield had jumped nearly 15 percent on Dec. 13 after the deal was announced.
Westfield shares were down 0.4 percent on Thursday, versus the broader market’s decline of 0.1 percent.
Reporting by Chris Thomas in Bengaluru, Editing by Himani Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-westfield-m-a-unibail-rodamco/westfield-shareholders-approve-unibail-rodamco-16-billion-takeover-offer-idUSKCN1IP07H |
INSIGHT: Russia's Navalny among scores detained 4:19pm BST - 01:10
Russian opposition leader Alexei Navalny was detained by police on Saturday after arriving at a rally in central Moscow to protest against President Vladimir Putin. It's been reported that scores of other protesters have also been arrested for their involvement across the country. ▲ Hide Transcript ▶ View Transcript
Russian opposition leader Alexei Navalny was detained by police on Saturday after arriving at a rally in central Moscow to protest against President Vladimir Putin. It's been reported that scores of other protesters have also been arrested for their involvement across the country. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/05/insight-russias-navalny-among-scores-det?videoId=424115979&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/05/insight-russias-navalny-among-scores-det?videoId=424115979 |
SAN FRANCISCO--(BUSINESS WIRE)-- New Relic, Inc. (NYSE: NEWR), provider of real-time insights for software-driven businesses, today announced that Hope Cochran, partner at Madrona Ventures, has joined its Board of Directors, effective May 1, 2018. Cochran replaces current director Sarah Friar, who has resigned from the board after four years of service.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180502006526/en/
Hope Cochran joins the New Relic Board of Directors (Photo: Business Wire)
“Hope’s leadership and wealth of operating and financial experience make her a powerful new addition to our board,” said Lew Cirne, CEO and founder, New Relic. “Sarah has been an invaluable member of our board for many years and I am grateful for her countless contributions to New Relic’s success.”
“I’m excited to join the team at New Relic, who have built an incredible culture of innovation and customer success,” said Hope Cochran. “I look forward to helping New Relic continue on its journey to helping every company successfully deliver on their digital strategies.”
“It’s been an honor to serve on New Relic’s board, through its IPO and into one of the fastest growing enterprise software companies,” said Sarah Friar.
Cochran has served as a Venture Partner at Madrona Venture Group since January 2017. From September 2013 to June 2016, she served as the Chief Financial Officer of the gaming company King Digital Entertainment plc, which was acquired by Activision Blizzard, Inc. in February 2016. Prior to King Digital, she served as the Chief Financial Officer of Clearwire Corporation, a telecommunications operator, from February 2011 until its acquisition by Sprint, Inc. in July 2013. Previously, she has held several roles in the software industry, including at PeopleSoft, Inc., Evant Inc. and SkillsVillage Inc., a human resources software company that she founded. Cochran currently serves on the board of directors of Hasbro, Inc. and MongoDB, Inc. She received a B.A. in Economics and Music from Stanford University.
Hope Cochran joins the New Relic Board of Directors, which now consists of Chairman Peter Fenton, general partner, Benchmark; Sohaib Abbasi, former chief executive officer of Informatica Corporation; Lew Cirne, CEO and founder, New Relic; Adam Messinger, former chief technology officer, Twitter; Dan Scholnick, general partner, Trinity Ventures; and James Tolonen, former senior group vice president and chief financial officer of Business Objects, S.A.
About New Relic
New Relic provides the real-time insights that software-driven businesses need to innovate faster. New Relic’s cloud platform makes every aspect of modern software and infrastructure observable, so companies can find and fix problems faster, build high-performing DevOps teams, and speed up transformation projects. Learn why more than 50% of the Fortune 100 trust New Relic at newrelic.com .
New Relic is a registered trademark of New Relic, Inc.
All product and company names herein may be trademarks of their registered owners.
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View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006526/en/
New Relic, Inc.
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Investor Contact
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Source: New Relic Corporate Communications | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-new-relic-appoints-hope-cochran-to-its-board-of-directors.html |
Welbilt CEO discusses exclusive partnership with Zume, the robotic pizza-maker that's 'revolutionizing delivery' 15 Hours Ago Jim Cramer hears from Welbilt President and CEO Hubertus Muehlhaeuser, who gets bullish on his equipment company's prospects and touts a key tech-focused partnership. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/welbilt-ceo-on-exclusive-partnership-with-robotic-pizza-maker-zume.html |
April 30 (Reuters) - Bayerische Motoren Werke AG:
* BMW TO GET EUR 18.75 MILLION PUBLIC AID TO BUILD TEST CENTRE IN CZECH REPUBLIC - CTK AGENCY Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bmw-to-get-eur-1875-mln-public-aid/brief-bmw-to-get-eur-18-75-mln-public-aid-to-czech-testing-centre-ctk-agency-idUSP7N1NQ04R |
Tesla drops after Musk cuts off analysts Thursday, May 03, 2018 - 01:50
Tesla investors gave a rare rebuke to iconoclastic Chief Executive Elon Musk after he cut off analysts asking about profit potential, sending shares down. Aleksandra Michalska reports.
Tesla investors gave a rare rebuke to iconoclastic Chief Executive Elon Musk after he cut off analysts asking about profit potential, sending shares down. Aleksandra Michalska reports. //reut.rs/2rknYcP | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/tesla-drops-after-musk-cuts-off-analysts?videoId=423626505 |
By Bloomberg 12:26 PM EDT
Bayer AG won U.S. antitrust approval for its $66 billion takeover of Monsanto Co., clearing the last major regulatory hurdle along a nearly two-year path toward forming the world’s biggest seed and agricultural-chemicals provider.
The companies reached a settlement with the Justice Department that resolves the government’s concerns that the merger as initially structured would harm competition that benefits consumers and farmers, the U.S. said in a statement Tuesday. The agreement requires the largest sale of assets in a U.S. merger enforcement case, the government said.
“America’s farm system is of critical importance to our economy, to our food system, and to our way of life,” said Makan Delrahim, the head of the department’s antitrust division. “American farmers and consumers rely on head-to-head competition between Bayer and Monsanto.”
For Bayer, acquiring Monsanto is the last step in a corporate transformation as the 154-year-old company shed its plastics business and remade itself as a life-science company with equally-sized health and agriculture units. Once the deal is through, three global behemoths will dominate the world’s agriculture industry, a prospect that has left farmers worried about the possibility of higher prices and less choice.
The settlement came together after Justice Department antitrust officials pressed for significant divestitures to remedy the competition problems from combining the two companies. The companies have received antitrust approval from most jurisdictions around the world. Bayer has said it’s confident the deal will close by the June 14 deadline.
Bayer initially agreed in October to sell some of its seed and chemical businesses to BASF SE for 5.9 billion euros. The deal included the Liberty herbicide brand, cotton and soybean seeds, and seed-trait and breeding capabilities.
Then in April, Leverkusen, Germany-based Bayer said it was selling more pieces of its agricultural business to BASF for as much as 1.7 billion euros to satisfy regulators. That deal covered Bayer’s vegetable-seeds business, other herbicides, research on wheat hybrids, and Bayer’s digital farming business. Those businesses had combined sales of 2.2 billion euros last year.
Last year, U.S. and EU regulators approved two other major deals in the industry, Dow Chemical Co.’s merger with DuPont Co. and China National Chemical Corp.’s takeover of Syngenta AG. With about $48 billion in sales from their combined seed and chemicals businesses, Bayer and Monsanto will surpass those of both DowDuPont Inc. and China National. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/bayer-monsanto-takeover-approval/ |
May 1 (Reuters) - FedEx Corp:
* PLUG POWER - CO, WORKHORSE GROUP DELIVERED TO FEDEX EXPRESS ITS FIRST NORTH AMERICAN FUEL CELL ELECTRIC VEHICLE DELIVERY VAN FOR ON-ROAD USE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-plug-power-and-workhorse-provide-f/brief-plug-power-and-workhorse-provide-fedex-with-fuel-cell-powered-electric-delivery-van-idUSFWN1S8072 |
Uber Technologies Inc. is taking a step toward moving past its scandal-ridden history by ending the company’s use of the widespread but controversial practice of mandatory arbitration for claims of sexual harassment and assault.
The move, coming after pressure from both former employees and customers, will immediately free U.S.-based litigants to sue Uber in open court, rather than in private with an impartial arbitrator.
Uber’s... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/uber-ends-mandatory-arbitration-clauses-for-sexual-harassment-claims-1526378400 |
(Reuters) - Yum Brands Inc’s ( YUM.N ) Pizza Hut said on Wednesday it signed a franchise agreement with Madrid-based Telepizza Group SA ( TPZ.MC ), in a deal that would make the U.S. company the largest pizza chain in Latin America and the Caribbean.
Telepizza will oversee nearly 1,000 Pizza Huts and contribute nearly 1,500 of its stores to Pizza Hut’s global unit count across all markets including Spain, Portugal and Switzerland, as a part of the deal.
Over a period of time, Telepizza would convert all its stores in Latin America (excluding Brazil) and the Caribbean into Pizza Hut stores, Milind Pant, Pizza Hut International president told Reuters in an interview.
Latin America accounted for 6 percent of Pizza Hut’s total sales in 2017, according to Yum Brands’ first-quarter earnings release.
Telepizza Group aims to open at least 1,300 new stores over the next 10 years, and 2,550 stores total over 20 years. The vast majority of the new store openings will be Pizza Hut, including all stores in Latin America and the Caribbean.
The deal would make Telepizza, Pizza Hut’s largest master franchisee globally by store count.
Pizza Hut has been posting weak sales and has missing same-store sales estimates for the last two quarters, according to Consensus Metrix.
The Telepizza deal is not expected to have a significant impact on Yum Brands’ core operating results or cash flows over the next few years, the companies said.
The Spanish chain, which operates in 23 countries and owns brands such as Telepizza and Jeno’s Pizza, reported sales of about 561 million euros ($664.28 million) in 2017.
(This story Corrects to remove reference to more franchises in paragraph 5.)
Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yum-brands-pizza-hut-telepizza-group/pizza-hut-bets-on-latam-caribbean-with-telepizza-franchise-deal-idUSKCN1IH0QS |
ISFIYA, Israel, May 04, 2018 (GLOBE NEWSWIRE) -- Check-Cap Ltd. (the “Company” or “Check-Cap”) (NASDAQ: CHEK, CHEKW, CHEKZ), a clinical-stage medical diagnostics company engaged in the development of C-Scan®, an ingestible capsule for preparation-free, colorectal cancer screening, today announced that it has priced an underwritten public offering of 3,189,381 units at a price to the public of $5.50 per unit, for gross proceeds of approximately $17.5 million. Each unit contains one ordinary share (or ordinary share equivalent) and one Series C warrant to purchase one ordinary share. The ordinary shares (or ordinary share equivalents) and the accompanying Series C warrants included in the units can only be purchased together in this offering, but will be issued separately and will be immediately separable upon issuance.
H.C. Wainwright & Co. is acting as sole book-running manager for the offering.
In connection with the offering, Check-Cap has granted the underwriter a 30-day option to purchase up to additional 478,407 ordinary shares and/or Series C warrants to purchase up to 478,407 ordinary shares. The offering is expected to close on or about May 8, 2018, subject to satisfaction of customary closing conditions.
Each Series C warrant has an exercise price of $5.50 per share, is exercisable immediately, and will expire five years from the date of issuance. The Series C warrants will be listed on the Nasdaq Capital Market under the symbol “CHEKZ”.
Net proceeds to Check-Cap, after underwriting discounts and commissions and payment of other offering fees and expenses payable by Check-Cap, is expected to be approximately $15.5 million. Check-Cap intends to use the net proceeds of the offering for research and development, clinical trials in Europe and the U.S., manufacturing capabilities, and working capital and other general corporate purposes.
A registration statement on Form F-1 relating to this offering was declared effective by the Securities and Exchange Commission (SEC) on May 4, 2018, and a registration statement on Form F-1 relating to this offering was filed and became effective immediately upon filing under Rule 462(b) under the Securities Act of 1933, as amended, on May 4, 2018. The securities may be offered only by means of a prospectus. A preliminary prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov . Copies of the preliminary prospectus, and when available, copies of the final prospectus relating to the offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3 rd Floor, New York, NY 10022, by telephone at 646-975-6995 or by email at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Check-Cap
Check-Cap is a clinical-stage medical diagnostics company developing C-Scan®, an ingestible capsule-based system for preparation-free colorectal cancer screening.
Utilizing innovative ultra-low dose X-ray and wireless communication technologies, the capsule generates information on the contours of the inside of the colon as it passes naturally. This information is used to create a 3D map of the colon, which allows physicians to look for polyps and other abnormalities. Designed to improve the patient experience and increase the willingness of individuals to participate in recommended colorectal cancer screening, C-Scan removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation.
Legal Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, often signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements,including but not limited to the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions relating to the offering. For a discussion of these and other risks that could cause such differences and that may affect the realization of forward-looking statements, please refer to the "Special Note On Forward-looking Statements" and "Risk Factors" in the Company's registration statement on Form F-1, as amended (File No. 333-224139), its most recent Annual Report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov . The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Contacts Vivian Cervantes PCG Advisory 646-863-6274 [email protected] Meirav Gomeh-Bauer +972-54-4764979 [email protected]
Source:Check-Cap Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-check-cap-announces-pricing-of-17-point-5-million-upsized-underwritten-public-offering.html |
PARIS, May 8 (Reuters) - European planemaker Airbus will study U.S. President Donald Trump’s decision to pull out of the Iran nuclear accord before responding, the company said on Tuesday, adding that this would take some time.
IranAir has ordered 200 passenger aircraft worth $38.3 billion at list prices, including 100 from Airbus, 80 from Boeing and 20 from Franco-Italian turboprop maker ATR. All the deals are dependent on U.S. licences because of the heavy use of U.S. parts in commercial planes.
“We’re carefully analysing the announcement and will be evaluating next steps consistent with our internal policies and in full compliance with sanctions and export control regulations,” Airbus communications chief Rainer Ohler said.
“This will take some time,” he added. (Reporting by Tim Hepher Editing by David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-airbus/airbus-says-needs-time-to-study-u-s-decision-on-iran-idUSL8N1SF7VE |
May 20, 2018 / 1:22 AM / Updated 18 hours ago Surging Jaguares maintain momentum with big win over Bulls Reuters Staff 3 Min Read
BUENOS AIRES (Reuters) - Flyhalf Nicolas Sanchez steered the Jaguares to a fifth consecutive victory as the Argentine franchise matched their record for wins in a Super Rugby season with a crushing 54-24 triumph against the Bulls at Velez Sarsfield on Saturday.
Sanchez, who contributed 24 points, was at the heart of the home side’s best moments, setting up tries for wing Bautista Delguy and centre Matias Orlando as the Jaguares recorded their seventh victory of the campaign.
The Jaguares’ forward play, revitalised by coach Mario Ledesma, was key as the hosts raced to a 20-10 halftime lead and scythed through an increasingly demoralised South African side’s defence in the opening quarter of the second period.
Flanker Marcos Kremer also went over as the Jaguares, consolidating a fine run of four wins on the road in Australia and New Zealand, took sole possession of second place in the South African conference behind the Lions.
The Bulls were always chasing the contest but could have taken the lead in the 25th minute when flanker Thembelane Bholi spilled the ball after he had crossed the line when the Jaguares were 13-7 up after fullback Warrick Gelant’s early try.
The visitors did add two tries in the final 10 minutes as replacements Nick de Jager, from a rolling maul, and Andre Warner, from a kick to the corner by flyhalf Manie Libbok, grabbed some consolation points late on.
However, the Jaguares, in earning their first bonus point win of the season, were brilliant as they drove forward in the second half with confident passing and handling.
The pick of their tries came from Orlando, following a break by fellow centre Jeronimo de la Fuente, and a move involving half the team rounded off by wing Sebastian Cancelliere.
Juan Cruz Mallia’s debut off the bench was cut short in the 77th minute by a yellow card for a shoulder charge but the home side still had time for a seventh try.
Emiliano Boffelli, standing in at fullback for the injured Joaquin Tuculet, touched down as time expired to take his tournament tally to 10. Reporting by Rex Gowar; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-jaguares/surging-jaguares-maintain-momentum-with-big-win-over-bulls-idUKKCN1IL026 |
LONDON—Oil prices edged up Wednesday, while the U.S. dollar weakened, as the market appeared to steady after days of losses.
Brent crude, the global oil benchmark, was up 0.48% at $75.85 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were up 0.16% at $66.84 a barrel.
Dollar-denominated... | ashraq/financial-news-articles | https://www.wsj.com/articles/oil-prices-pause-after-big-drop-on-opec-talks-1527677157 |
STOCKHOLM (Reuters) - Factbox on the Sweden national team ahead of the 2018 World Cup:
FIFA ranking: 23 (till June 7)
Previous tournaments:
The Swedes have taken part in 11 World Cup finals, with their best result coming when they hosted the tournament in 1958 and lost the final to Brazil. They also came third in the United States in 1994.
Coach:
Steeped in the traditions of the Swedish game, 55-year-old Janne Andersson took over from Erik Hamren in 2016 and immediately began implementing the kind of team-first policy that helped him to win the Swedish title with an unfancied IFK Norrkoping side in 2015.
Though his strengths lie in his traditional view of the game, Andersson is an intelligent, forward-thinking leader with a proven ability to get his teams to deliver at a high level.
Key players:
Emil Forsberg: The RB Leipzig winger has inherited both the number 10 shirt worn previously by Zlatan Ibrahimovic and the responsibility for being the team’s creative spark.
Forsberg is the outlet for many of Sweden’s counter-attacks, and his excellent close control, dribbling and shooting create plenty of opportunities for his team mates.
Robin Olsen: Tall and commanding, the FC Copenhagen goalkeeper is an excellent shot-stopper and a good performance in Russia will probably see him courted by top clubs in Europe.
Superb in the air and confident with his feet, Olsen is the last line of defense as well as the launch-pad for many of Sweden’s attacks.
Andreas Granqvist: Captain and center-back, Granqvist is the beating heart of the Sweden team and their leader on the pitch.
Not one to pull out of a tackle or shy away from a duel, he is capable of scoring from set-pieces or from distance with his thunderous right foot.
Form guide:
The high of World Cup qualification has been tempered somewhat by flat friendly performances in recent months, but the Swedes have proved in qualifying that they are capable of turning it on in competitive games.
How they qualified:
Sweden finished second in Group A on 19 points, four behind winners France, and edged out the Netherlands on goal difference before beating Italy 1-0 on aggregate in a thrilling two-legged playoff to book their World Cup berth.
Prospects:
Meticulous in his preparations, Andersson has a habit of getting the results he needs, despite the limited resources at his disposal, and at the very least he and his team will be aiming to get out of the group.
Should they finish as runners-up to Germany, they will most likely face Brazil in the last 16.
Reporting by Philip O'Connor, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-swe-factbox/soccer-sweden-world-cup-factbox-idUSKCN1IO29J |
May 31, 2018 / 3:25 PM / Updated an hour ago Tennis-Halep overcomes another wobble to reach round three Pritha Sarkar 2 Min Read
PARIS, May 31 (Reuters) - Simona Halep’s focus was still not as sharp as she would have liked but that did not prevent the Romanian top seed from blazing past American Taylor Townsend 6-3 6-1 in the French Open second round on Thursday.
A day after losing the first five games of her first-round match, Halep squandered a 5-1 lead as Townsend came from 0-40 down to save three set points with two unreturnable serves and a bludgeoning backhand volley winner.
After bagging that game with an ace, the 72nd-ranked American saved another set point in the next game before breaking the twice French Open finalist, who slapped a backhand into the net.
No doubt frustrated at her inability to close out the set, Halep started grunting every time she struck the ball and that change of tack appeared to produce the desired result as she broke to win the set on her fifth set point when she ended a 16-stroke rally with a sizzling forehand winner.
Townsend had lost all five previous matches against top-10 opponents and once Halep broke to take a 3-1 lead in the second set, that losing streak was doomed to continue.
The American, who has never won a Grand Slam match outside Roland Garros, dropped her serve again to trail 5-1 and Halep swiftly put her out of her misery by needing only one match point to book a third-round meeting with Andrea Petkovic. (Reporting by Pritha Sarkar, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-halep/tennis-halep-overcomes-another-wobble-to-reach-round-three-idUKL5N1T25HA |
NEW YORK, May 02, 2018 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. ("Sequential" or the "Company") (NASDAQ:SQBG) will issue financial results for its first quarter ended March 31, 2018 before the market opens on Wednesday, May 9, 2018.
Management will provide further commentary on the Company's financial results on a conference call at 8:30am ET that day. To join the conference call, please dial (877) 407-0789 or visit the investor relations page on the Company's website: www.sequentialbrandsgroup.com
About Sequential Brands Group, Inc.
Sequential Brands Group, Inc. (Nasdaq:SQBG) owns, promotes, markets, and licenses a portfolio of consumer brands in the fashion, active and home categories. Sequential seeks to ensure that its brands continue to thrive and grow by employing strong brand management, design and marketing teams. Sequential has licensed and intends to license its brands in a variety of consumer categories to retailers, wholesalers and distributors in the United States and around the world. For more information, please visit Sequential's website at: www.sequentialbrandsgroup.com .
Investor Relations & Media Contact: Katherine Nash: [email protected] ; (512) 757-2566
Source:Sequential Brands Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-sequential-brands-group-to-announce-first-quarter-2018-financial-results-on-may-9-2018.html |
May 4 (Reuters) - LianChuang Electronic Technology Co Ltd :
* SAYS HEAVEN-SENT CAPITAL MANAGEMENT'S PE FUND PORTFOLIO PLANS TO UNLOAD 6.58 PERCENT STAKE IN THE COMPANY WITHIN SIX MONTHS Source text in Chinese: bit.ly/2FJAA2m Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pe-fund-portfolio-to-cut-stake-in/brief-pe-fund-portfolio-to-cut-stake-in-lianchuang-electronic-within-six-months-idUSH9N1S404Q |
May 16, 2018 / 10:34 PM / Updated 4 hours ago Matt Hancock cuts top stake on FOBT to £2 - The Sun Reuters Staff 1 Min Read
(Reuters) - Media secretary Matt Hancock has said that the highest stake on fixed odds betting terminals (FOBT) will be cut to 2 pounds, The Sun reported on Wednesday. Britain's Secretary of State for Digital, Culture, Media and Sport Matt Hancock arrives in Downing Street in London, January 16, 2018. REUTERS/Hannah McKay
Prime Minister Theresa May had been "on the fence for a while" with Chancellor Philip Hammond being opposed to the 2 pounds limit, but May eventually sided with Hancock and Sports Minister Tracey Crouch on the issue, the report said, citing a source. bit.ly/2rMiMig
British gambling firms GVC Holdings Plc ( GVC.L ) and Betfred, along with other bookmakers, had been weighed down for the past few months by uncertainty over the review to decide the new top stake for slot machines.
FOBT is a touch-screen machine that allows players to bet on the outcome of various games such as roulette. Dubbed the “crack cocaine” of gambling, campaigners argue that the machines enable players to lose money too quickly, leading to addiction and wider social problems. Reporting by Ishita Chigilli Palli in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-gambling/matt-hancock-cuts-top-stake-on-fobt-to-2-the-sun-idUKKCN1IH35Z |
May 16, 2018 / 1:11 PM / Updated 8 minutes ago UPDATE 1-FDA declines to approve Evolus Inc's rival treatment to Botox Reuters Staff 2 Min Read
(Adds details, background, shares)
May 16 (Reuters) - U.S. health regulators on Wednesday declined to approve Evolus Inc’s rival product to Allergan Plc’s Botox, citing certain deficiencies related to its potential treatment for frown lines.
Evolus’ shares were down 22 percent at $11.50 in premarket trading.
DWP-450 is the company’s potential treatment of glabellar lines, also known as frown lines, in adult patients.
The deficiencies cited by the U.S. Food and Drug Administration were isolated to items related to chemistry, manufacturing, and controls processes, the company said.
The FDA’s decision was widely anticipated, after it had issued a “form 483”, which outlined violations at the company’s facilities following inspections in 2017.
FDA rejection of the application was likely, and an expected approval for the treatment could come by late summer, Cantor Fitzgerald analyst Louise Chen said in a note on Monday.
The company said that its partner Daewoong Pharmaceutical Co received a favorable inspection report of its manufacturing facility.
A likely delay in the commercial launch of the product would be a positive for Allergan, which is expected to face competition from other products, including a biosimilar from Revance Therapeutics. (Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/evolus-fda/update-1-fda-declines-to-approve-evolus-incs-rival-treatment-to-botox-idUSL3N1SN4WD |
TORONTO, May 25, 2018 (GLOBE NEWSWIRE) -- Melior Resources Inc. (TSXV:MLR) (“ Melior ” or the “ Company ”) is pleased to announce that its board of directors has approved a consolidation (the “Consolidation”) of the common shares in the capital of the Company (the “Common Shares”) at a ratio of ten pre-Consolidation Common Shares (the “Existing Shares”) for one post-Consolidation Common Share (the “Consolidated Shares”). Subject to the approval of the TSX Venture Exchange, the Company anticipates that the Consolidation will take effect during the week of June 11, 2018 with no change being made to the Company’s name. The Consolidated Shares will subsequently begin trading on a consolidated basis under the Company’s current trading symbol. The Company is completing the Consolidation in order to satisfy the conditions of its loan facilities.
As a result of the Consolidation the number of outstanding Common Shares will be reduced from approximately 289,799,779 Common Shares to approximately 28,979,978 Common Shares. The Consolidation will also apply to Common Shares issuable upon the exercise of the Company’s outstanding stock options and warrants. Letters of transmittal will be mailed to the registered holders of the Company’s Existing Shares, requesting that they forward their share certificates to the Company’s transfer agent, TSX Trust Company, for exchange for new share certificates representing their post-Consolidation Common Shares.
No fractional shares will be issued as a result of the Consolidation. In the event a shareholder would otherwise be entitled to receive a fractional share from the Consolidation, the number of Consolidated Shares to be received by such shareholder shall be rounded down to the next whole number of Consolidated Shares.
About Melior
Melior is the owner and operator of the Goondicum ilmenite mine, a past-producing ilmenite and apatite mine strategically located in Queensland Australia. Further details on Melior and the Goondicum ilmenite mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR.
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Toronto, Ontario. Melior is classified as a Tier 1 Mining Issuer under the policies of the TSX Venture Exchange.
Forward Looking Statements Disclaimer
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as ‘‘may’’, ‘‘will’’, ‘‘could’’, ‘‘should’’, ‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘possible’’, ‘‘continue’’, “objective” or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Melior does not undertake to update any forward-looking statements; such statements speak only as at the date made.
For further information please contact:
MELIOR RESOURCES INC.
Mark McCauley
Chief Executive Officer
+61 7 3233 6300
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Melior Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-melior-announces-share-consolidation.html |
NEW YORK, Solar Senior Capital Ltd. (NASDAQ:SUNS) (the “Company” “Solar Senior” or “SUNS”), today reported net investment income of $5.7 million, or $0.35 per average share, for the quarter
At March 31, 2018, net asset value (NAV) was $16.84 per share, consistent with the prior quarter.
The Company’s Board of Directors declared a monthly distribution for May of $0.1175 per share payable on June 1, 2018 to stockholders of record on May 23, 2018. Tax characteristics of all distributions will be reported to shareholders on Form 1099 after the end of the calendar year.
HIGHLIGHTS:
At March 31, 2018:
Comprehensive Investment portfolio* fair value: $674.7 million
Number of portfolio companies*: 172
Net assets: $270.0 million
Net asset value per share: $16.84
Comprehensive Portfolio Activity** for the Quarter Ended March 31, 2018
Investments made during the quarter: $69.6 million
Investments prepaid or sold during the quarter: $37.7 million
Operating Results for the Quarter Ended March 31, 2018
Net investment income: $5.7 million
Net investment income per share: $0.35
Net realized and unrealized loss: $0.1 million
Net increase in net assets from operations: $5.5 million
Earnings per share: $0.34
* The Comprehensive Investment Portfolio is comprised of Solar Senior Capital Ltd.’s investment portfolio, Gemino Healthcare Finance’s (“Gemino”) full portfolio, North Mill LLC’s (“NorthMill”) full portfolio, and the senior secured loans held by the First Lien Loan Program (“FLLP”) attributable to the Company and excludes the Company’s fair value of its equity interest Gemino, North Mill, and FLLP.
** Includes investment activity through Gemino, NorthMill, and FLLP, attributable to the Company.
“We are pleased with Solar Senior Capital’s portfolio growth and operating performance in Q1 2018. Overall, the financial health of our portfolio companies remains sound. The Company benefited from the first full quarter of our investment in NorthMill. With its highly diversified portfolio of asset-based loans, NorthMill has immediately increased the earnings power of Solar Senior,” said Michael Gross, Chairman and CEO of Solar Senior Capital Ltd. "Solar Senior’s comprehensive portfolio is comprised of 97.5% first lien senior secured loans of which 95% are in floating rate coupons. We believe the Company is well positioned for the current environment and has the sourcing engines across cash flow and asset-based lending niches to drive additional portfolio growth and generate increased investment income."
Conference Call and Webcast
The Company will host an earnings conference call and audio webcast at 11:00 a.m. (Eastern Time) on Tuesday, May 8, 2018. All interested parties may participate in the conference call by dialing (844) 889-7785 approximately 5-10 minutes prior to the call, international callers should dial (661) 378-9929. Participants should reference Solar Senior Capital Ltd. and the participant passcode of 6956786 when prompted. A telephone replay will be available until May 23, 2018 and can be accessed by dialing (855) 859-2056 and using the passcode 6956786. International callers should dial (404) 537-3406. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through Solar Senior Capital’s website, www.solarseniorcap.com . To listen to the webcast, please go to the Company's website prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay of the webcast will be available soon after the call.
The Company’s board of directors has also postponed the date of the Company’s 2018 Annual Meeting of Stockholders to later in 2018 from the date (May 22, 2018) that was previously disclosed in a preliminary proxy statement that the Company filed with the Securities and Exchange Commission on March 12, 2018. A new date for the Company’s 2018 Annual Meeting of Stockholders will be disclosed in the Company’s definitive proxy statement relating to such meeting.
Comprehensive Investment Portfolio
Investment Activity
During the three months ended March 31, 2018, Solar Senior Capital had total originations of $69.6 million and repayments of $37.7 million across the Company’s core businesses comprised of senior secured cash flow, traditional asset-based lending and healthcare asset-based lending, resulting in net comprehensive portfolio growth of $31.9 million, or approximately 5% over the prior quarter.
Portfolio Composition
The composition of our Comprehensive Investment Portfolio at March 31, 2018 was as follows:
Total Portfolio Activity (1) – Q1 2018
(in millions) Asset
Classes Cash Flow
Loans (2) Asset-based
Loans
NorthMill (3) Asset-based
Healthcare Loans
Gemino (4) Total Portfolio
Activity Originations $43.9 $17.4 $8.3 $ 69.6 Repayments /
Amortization $25.9 $6.7 $5.1 $ 37.7 Net Portfolio
Activity $ 18.0 $ 10.7 $ 3.2 $ 31.9 (1) Total Portfolio Activity includes gross originations/repayments across each business unit, attributable to Solar Senior.
(2) Includes cash flow 1 st lien senior secured loans on the Company’s balance sheet and in FLLP.
(3) Includes asset-based 1 st lien senior secured loans at NorthMill.
(4) Includes healthcare asset-based 1 st lien senior secured loans at Gemino.
Portfolio Composition
Our Comprehensive Investment Portfolio composition by business unit at March 31, 2018 was as follows:
Comprehensive Investment Portfolio Composition
Amount Weighted
Average
Asset-level
(at fair value) ($mm) % Yield First Lien Senior Secured Loans Cash Flow 1 st Lien Senior Secured Loans (1) $385.6 57.2% 7.9% Traditional Asset-Based 1 st Lien Senior Secured Loans (2)
(NorthMill) $162.2 24.0% 12.9% Healthcare Asset-Based 1 st Lien Senior Secured Loans (3)
(Gemino) $109.8 16.3% 9.6% Total First Lien Senior Secured Loans $ 657.6 97.5 % Cash Flow 2 nd Lien Senior Secured Loans $17.0 2.5% Equity and Equity-like Securities (4) $0.1 <0.1% Total Comprehensive Investment Portfolio $ 674.7 100 % Floating Rate Investments (5) $637.8 94.5% (1) Includes 1 st lien senior secured cash flow loans on the Company’s balance sheet and in FLLP.
(2) Includes NorthMill’s full asset-based funded loan portfolio, all of which are 1 st lien senior secured loans.
(3) Includes Gemino’s full healthcare asset-based funded loan portfolio, all of which are 1 st lien senior secured loans.
(4) Excludes the Company’s equity investments in NorthMill, Gemino and FLLP, which distribute quarterly dividends to the Company.
(5) Floating rate investments calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio.
The Comprehensive Investment Portfolio is diversified across 172 unique borrowers with average issuer exposure of $3.9 million, or 0.6% of the comprehensive portfolio at March 31, 2018.
Over 97.5% of the Comprehensive Investment Portfolio is invested in first lien senior secured cash flow and asset-based loans. Second lien senior secured cash flow loans have been reduced to 2.5% of the portfolio.
Solar Senior Capital Ltd. Portfolio
Weighted Average Yield
At March 31, 2018, the weighted average yield on our income-producing investments, inclusive of our equity interests in NorthMill Capital, Gemino Healthcare Finance and FLLP, was 8.9% measured at fair value, and 9.1%, measured at amortized cost.
Asset Quality
During the quarter, we placed one asset on non-accrual representing 1.8% of Solar Senior’s portfolio at cost and 0.9% at fair value.
The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.
As of March 31, 2018, the composition of our portfolio, on a risk ratings basis, was as follows:
Internal Investment Rating Investments at Fair Value % of Total Portfolio 1 $75.3 17.7% 2 $326.1 76.9% 3 $19.1 4.5% 4 $3.7 0.9% Solar Senior Capital Ltd.’s Results of Operations for the Quarter Ended March 31, 2018 compared to the Quarter Ended March 31, 2017.
Investment Income
For the quarters ended March 31, 2018 and 2017, gross investment income totaled $9.3 million and $7.5 million, respectively. The increase in gross investment income for the year over year three month periods was primarily due to our investment in NorthMill, which was not in the portfolio during the year ago three month period. In addition to the portfolio growth from the NorthMill investment, the investment portfolio size and yields increased year over year. Our gross investment income by business unit is broken out below.
Investment Income Contribution by Business Unit (1)
(in millions) For the Period
Ended: Cash Flow
Lending Asset-based
Lending
(NorthMill) Asset-based
Healthcare Lending
(Gemino) Total 3/31/2018 $7.0 $1.4 $0.9 $9.3 % Contribution 74.9% 15.4% 9.7% 100.0% (1) Includes income/fees from cash flow loans on balance sheet and distributions from FLLP, and distributions from NorthMill Capital and Gemino Healthcare Finance.
Expenses
Net expenses totaled $3.7 million and $1.8 million, respectively, for the quarters ended March 31, 2018 and 2017. For the fiscal quarters ended March 31, 2018 and March 31, 2017, $0.3 million of performance based incentive fees and $0.9 million, respectively, of management and performance-based incentive fees were voluntarily waived by the Company’s investment manager.
Net Investment Income
Net investment income totaled $5.6 million and $5.6 million, or $0.35 and $0.35 per average share, respectively, for the quarters ended March 31, 2018 and 2017.
Net Realized and Unrealized Gain (Loss)
Net realized and unrealized gain (loss) for the quarters ended March 31, 2018 and 2017 totaled approximately ($0.1) million and $0.3 million, respectively.
Net Increase in Net Assets Resulting From Operations
For the quarters ended March 31, 2018 and 2017, the Company had a net increase in net assets resulting from operations of $5.5 million and $5.9 million, respectively. For the quarters ended March 31, 2018 and 2017, earnings per average share were $0.34 and $0.37, respectively.
Liquidity and Capital Resources
As of March 31, 2018, we had a total of $59.6 million of unused borrowing capacity under the Company’s revolving credit facility, subject to borrowing base limits. When including FLLP, NorthMill and Gemino, the Company had a total of $139.9 million unused borrowing capacity under its revolving credit facilities, subject to borrowing base limits at March 31, 2018.
SOLAR SENIOR CAPITAL LTD.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share amounts)
March 31, 2018
(unaudited)
December 31, 2017 Assets Investments at fair value: Companies less than 5% owned (cost: $306,623 and $289,848, respectively) $ 299,316 $ 283,983 Companies 5% to 25% owned (cost: $3,630 and $3,625, respectively) 2,326 2,213 Companies more than 25% owned (cost: $120,773 and $121,298, respectively) 122,564 121,885 Cash 3,827 3,726 Cash equivalents (cost: $109,884 and $104,874, respectively) 109,884 104,874 Dividends receivable 3,015 2,723 Interest receivable 1,414 1,732 Other receivable 19 20 Receivable for investments sold — 508 Prepaid expenses and other assets 197 277 Total assets $ 542,562 $ 521,941 Liabilities Payable for investments and cash equivalents purchased $ 127,276 $ 122,110 Credit facility 140,400 124,200 Distributions payable 1,885 1,884 Management fee payable 1,048 999 Performance-based incentive fee payable 310 374 Interest payable 464 401 Administrative services expense payable 124 944 Other liabilities and accrued expenses 1,018 898 Total liabilities $ 272,525 $ 251,810 Net Assets Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 16,039,206 and 16,036,730 issued and outstanding, respectively $ 160 $ 160 Paid-in capital in excess of par 287,884 287,841 Distributions in excess of net investment income (5,336 ) (5,336 ) Accumulated net realized loss (5,851 ) (5,844 ) Net unrealized depreciation (6,820 ) (6,690 ) Total net assets $ 270,037 $ 270,131 Net Asset Value Per Share $ 16.84 $ 16.84 SOLAR SENIOR CAPITAL LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share amounts)
Three months ended March 31, 2018 March 31, 2017 INVESTMENT INCOME: Interest: Companies less than 5% owned $ 5,817 $ 5,256 Companies 5% to 25% owned 51 49 Dividends: Companies more than 25% owned 3,387 1,924 Other income: Companies less than 5% owned 67 247 Companies more than 25% owned 19 20 Total investment income 9,341 7,496 EXPENSES: Management fees $ 1,048 $ 948 Performance-based incentive fees 618 75 Interest and other credit facility expenses 1,586 844 Administrative services expense 382 368 Other general and administrative expenses 361 476 Total expenses 3,995 2,711 Management fees waived — (789) Performance-based incentive fees waived (308) (75) Net expenses 3,687 1,847 Net investment income $ 5,654 $ 5,649
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS: Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned): $ (7) $ 103 Net change in unrealized gain (loss) on investments and cash equivalents: Companies less than 5% owned (1,442) (42) Companies 5% to 25% owned 108 70 Companies more than 25% owned 1,204 131 Net change in unrealized gain (loss) on investments and cash equivalents (130) 159 Net realized and unrealized gain (loss) on investments and cash equivalents (137) 262 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,517 $ 5,911 EARNINGS PER SHARE $ 0.34 $ 0.37 About Solar Senior Capital Ltd.
Solar Senior Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests directly and indirectly in leveraged, U. S. middle market companies primarily in the form of cash flow first lien senior secured debt instruments and asset-based loans including senior secured loans collateralized on a first lien basis primarily by current assets.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Solar Senior Capital Ltd. undertakes no duty to update any forward-looking statements made herein.
Contact
Investor Relations
(646) 308-8770
Source:Solar Senior Capital Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-solar-senior-capital-ltd-announces-quarter-ended-march-31-2018-financial-results-declares-monthly-distribution-of-0-point.html |
May 18 (Reuters) - POLSKI BANK KOMOREK MACIERZYSTYCH SA :
* REPORTED ON THURSDAY Q1 NET PROFIT OF 10.0 MILLION ZLOTYS VERSUS 5.9 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 36.1 MILLION ZLOTYS VERSUS 33.8 MILLION ZLOTYS YEAR AGO
* Q1 EBITDA 13.1 MILLION ZLOTYS VERSUS 9.5 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SP0X7 |
May 4 (Reuters) - Flexigroup Ltd:
* PRICES A$300 MILLION ASSET BACKED SECURITIES INCLUDING A$81 MILLION GREEN NOTES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-flexigroup-prices-a300-mln-asset-b/brief-flexigroup-prices-a300-mln-asset-backed-securities-including-a81-mln-green-notes-idUSFWN1SA1HN |
Tesla's shares drop as Musk gives bizarre earnings call 11 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/teslas-shares-drop-as-musk-gives-bizarre-earnings-call.html |
May 12, 2018 / 9:22 PM / Updated 25 minutes ago UPDATE 2- Men's Singles Final Rounds and Seeds Progress Reuters Staff 7 Final Rounds and Seeds Progress Men's Singles Final Rounds .. Seed Round Rslt Opponent Score 2 Alexander Zverev (GER) semi won Denis Shapovalov (CAN) 6-4 6-1 qtr won 7-John Isner (USA) 6-4 7-5 3rd won Leonardo Mayer (ARG) 6-4 6-2 2nd won Evgeny Donskoy (RUS) 6-2 7-5 1st won (Bye) - Denis Shapovalov (CAN) semi lost 2-Alexander Zverev (GER) 6-4 6-1 qtr won Kyle Edmund (GBR) 7-5 6-7(6) 6-4 3rd won Milos Raonic (CAN) 6-4 6-4 2nd won Benoit Paire (FRA) 7-6(5) 4-6 6-4 1st won Tennys Sandgren (USA) 6-1 6-4 5 Dominic Thiem (AUT) semi won 6-Kevin Anderson (RSA) 6-4 6-2 qtr won 1-Rafael Nadal (ESP) 7-5 6-3 3rd won Borna Coric (CRO) 2-6 7-6(5) 6-4 2nd won Federico Delbonis (ARG) 4-6 6-3 7-5 1st won (Bye) 6 Kevin Anderson (RSA) semi lost 5-Dominic Thiem (AUT) 6-4 6-2 qtr won Dusan Lajovic (SRB) 7-6 3-6 6-3 3rd won Philipp Kohlschreiber (GER) 6-3 7-6(7) 2nd won Mikhail Kukushkin (KAZ) 5-7 7-6(3) 6-2 1st won (Bye) 7 John Isner (USA) qtr lost 2-Alexander Zverev (GER) 6-4 7-5 3rd won Pablo Cuevas (URU) 6-7 7-6 7-6(4) 2nd won Ryan Harrison (USA) 7-6(1) 7-6(7) 1st won (Bye) 1 Rafael Nadal (ESP) qtr lost 5-Dominic Thiem (AUT) 7-5 6-3 3rd won 13-Diego Schwartzman (ARG) 6-3 6-4 2nd won Gael Monfils (FRA) 6-3 6-1 1st won (Bye) - Dusan Lajovic (SRB) qtr lost 6-Kevin Anderson (RSA) 7-6 3-6 6-3 3rd won 4-Juan Martin del Potro 3-6 6-4 7-6(6) (ARG) 2nd won Richard Gasquet (FRA) 7-6(1) 7-6(1) 1st won Karen Khachanov (RUS) 6-3 6-2 - Kyle Edmund (GBR) qtr lost Denis Shapovalov (CAN) 7-5 6-7(6) 6-4 3rd won 8-David Goffin (BEL) 6-3 6-3 2nd won 10-Novak Djokovic (SRB) 6-3 2-6 6-3 1st won Daniil Medvedev (RUS) 6-4 6-0 .. Seeds .. Seed Round Rslt Opponent Score 1 Rafael Nadal (ESP) qtr lost 5-Dominic Thiem (AUT) 7-5 6-3 3rd won 13-Diego Schwartzman (ARG) 6-3 6-4 2nd won Gael Monfils (FRA) 6-3 6-1 1st won (Bye) 2 Alexander Zverev (GER) final to play 5-Dominic Thiem (AUT) (start 16:30) semi won Denis Shapovalov (CAN) 6-4 6-1 qtr won 7-John Isner (USA) 6-4 7-5 3rd won Leonardo Mayer (ARG) 6-4 6-2 2nd won Evgeny Donskoy (RUS) 6-2 7-5 1st won (Bye) 3 Grigor Dimitrov (BUL) 2nd lost Milos Raonic (CAN) 7-5 3-6 6-3 1st won (Bye) 4 Juan Martin del Potro (ARG) 3rd lost Dusan Lajovic (SRB) 3-6 6-4 7-6(6) 2nd won Damir Dzumhur (BIH) 6-3 6-3 1st won (Bye) 5 Dominic Thiem (AUT) final to play 2-Alexander Zverev (GER) (start 16:30) semi won 6-Kevin Anderson (RSA) 6-4 6-2 qtr won 1-Rafael Nadal (ESP) 7-5 6-3 3rd won Borna Coric (CRO) 2-6 7-6(5) 6-4 2nd won Federico Delbonis (ARG) 4-6 6-3 7-5 1st won (Bye) 6 Kevin Anderson (RSA) semi lost 5-Dominic Thiem (AUT) 6-4 6-2 qtr won Dusan Lajovic (SRB) 7-6 3-6 6-3 3rd won Philipp Kohlschreiber (GER) 6-3 7-6(7) 2nd won Mikhail Kukushkin (KAZ) 5-7 7-6(3) 6-2 1st won (Bye) 7 John Isner (USA) qtr lost 2-Alexander Zverev (GER) 6-4 7-5 3rd won Pablo Cuevas (URU) 6-7 7-6 7-6(4) 2nd won Ryan Harrison (USA) 7-6(1) 7-6(7) 1st won (Bye) 8 David Goffin (BEL) 3rd lost Kyle Edmund (GBR) 6-3 6-3 2nd won Robin Haase (NED) 7-5 6-3 1st won (Bye) 9 Pablo Carreno Busta (ESP) 1st lost Borna Coric (CRO) 6-4 6-2 10 Novak Djokovic (SRB) 2nd lost Kyle Edmund (GBR) 6-3 2-6 6-3 1st won Kei Nishikori (JPN) 7-5 6-4 11 Roberto Bautista Agut (ESP) 2nd lost Philipp Kohlschreiber (GER) 6-3 4-6 7-5 1st won Jared Donaldson (USA) 6-7(3) 6-4 6-4 12 Jack Sock (USA) 1st lost Pablo Cuevas (URU) 6-7(5) 6-4 6-0 13 Diego Schwartzman (ARG) 3rd lost 1-Rafael Nadal (ESP) 6-3 6-4 2nd won Feliciano Lopez (ESP) 7-5 2-6 6-2 1st won Adrian Mannarino (FRA) 6-1 6-3 14 Tomas Berdych (CZE) 1st lost Richard Gasquet (FRA) 6-4 6-2 15 Lucas Pouille (FRA) 1st lost Benoit Paire (FRA) 6-2 6-3 16 Fabio Fognini (ITA) 1st lost Leonardo Mayer (ARG) 6-3 6-4 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-seeds-mens-singles/atp-world-tour-masters-1000-wta-premier-madrid-masters-mens-singles-final-rounds-and-seeds-progress-idUKMTZXEE5CMWEUAX |
NEW YORK, May 17, 2018 (GLOBE NEWSWIRE) -- ITG (NYSE:ITG) today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.07 per share on the company’s common stock. The dividend is payable on June 15, 2018, to stockholders of record at the close of business on May 30, 2018.
About ITG
Investment Technology Group (NYSE:ITG) is a global financial technology company that helps leading brokers and asset managers improve returns for investors around the world. We empower traders to reduce the end-to-end cost of implementing investments via liquidity, execution, analytics and workflow technology solutions. ITG has offices in Asia Pacific, Europe and North America and offers execution services in more than 50 countries. Please visit www.itg.com for more information.
ITG Media/Investor Contact :
J.T. Farley
(212) 444-6259
[email protected]
Source:Investment Technology Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-itg-declares-quarterly-dividend.html |
The cancellation of a summit between the United States and North Korea casts doubt on prospects for trade negotiations between the U.S. and China – and could result in the Trump administration taking a harder line on China, a White House official told CNBC.
The official said President Donald Trump was holding off on his natural instincts when it came to China. Instead of relying on China hawk Peter Navarro, one of his top trade advisors, the president let more moderate Treasury Secretary Steven Mnuchin take the lead on trade negotiations.
The talks haven't yielded any results so far, and Trump said he was dissatisfied with last week's high-level trade negotiations with Chinese officials including Vice Premier Liu He. Mnuchin has said the possible trade war between the nations was on hold, while Larry Kudlow , the president's top economic advisor, said that tariffs were still on the table.
During his 2016 campaign, Trump often targeted the U.S. trade relationship with China, claiming that previous administrations had allowed the world's most-populous nation to rip off American workers. Yet since he took office, Trump has developed what he calls a friendship with Chinese President Xi Jinping , even as their nations remain trade adversaries.
show chapters Trump: Japan and S. Korea ready to pay for any military action 7 Hours Ago | 02:27 Another White House official, however, signaled that there was a shift in the president's attitude toward Xi. Trump blames the Chinese president for Kim Jong Un taking a harder line in negotiations with the U.S. ahead of the now-canceled summit, the source said.
Doubts about the meeting grew during the past few weeks as North Korea ramped up its criticism of Trump administration officials, such as national security advisor John Bolton and Vice President Mike Pence, who had advocated a tough approach to the communist nation. North Korea also stopped responding to U.S. officials in the past week, administration officials have said.
China is North Korea's biggest ally and trade partner, although Trump has praised Xi for helping bring Kim to the table for talks. Yet earlier this week, before he canceled the meeting, Trump suggested that Kim soured on the idea of a potential summit after the North Korean leader had a second secret meeting with Xi.
"There was a somewhat different attitude after that meeting," Trump said Tuesday. "I can't say that I'm happy about it." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/trump-may-take-harder-line-on-china-trade-now-that-north-korea-summit-is-off.html |
(Adds lawyer, detail)
By Gwladys Fouche
OSLO, May 23 (Reuters) - The Norwegian Supreme Court began hearing an appeal on Wednesday from some of the owners of the Gassled gas network that are challenging government cuts to pipeline tariffs.
A Norwegian appeals court ruled in 2017 against the owners in a lawsuit in which they had argued that the cut in tariffs was unlawful and would cost them 15 billion Norwegian crowns ($1.86 billion) in lost earnings through 2028.
The case against the government is being pursued by four investment companies - Solveig Gas, Silex Gas, Infragas and CapeOmega - which bought Njord Gas Infrastructure, the original owner. Together they hold a combined 48.2 percent of Gassled.
“The state has one sidedly reduced tariffs in the middle of the concession period ... by 90 percent,” Thomas K. Svensen, representing the Gassled owners, told the Supreme Court.
“How much protection does the law give owners?” he asked the five-strong panel.
The four investment companies were originally owned by Allianz, UBS, the Abu Dhabi Investment Authority, Canada’s Public Sector Pension Investment Board, the Canada Pension Plan Investment Board and France’s Caisse des Depots.
In October 2017, UBS and Caisse des Depots said they were selling their stakes to Cape Omega, but they will still be in line for any potential proceeds from a decision in favour of the Gassled partners. They will also help pay legal costs.
Some of the companies involved have said Norway’s unexpected decision to lower gas transportation tariffs would hurt the image of Norway as an investment destination.
The government cut tariffs shortly after the four investors bought their stakes in Gassled in 2011 and 2012 from ExxonMobil , Total, Statoil and Royal Dutch Shell for a total of 32 billion crowns.
Lawyers representing the aggrieved Gassled owners will continue presenting their arguments this week. The Norwegian state will present its arguments next week.
The hearing is expected to last eight days.
$1 = 8.0815 Norwegian crowns Editing by Jason Neely and Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-lawsuit-gas/update-1-norway-court-hears-appeal-from-gassled-pipeline-owners-over-tariff-cuts-idUSL5N1SU2H8 |
LAKE FOREST, Ill.--(BUSINESS WIRE)-- Tenneco Inc. (NYSE: TEN) announced that its board of directors has appointed Jason Hollar as chief financial officer, effective July 1, 2018. He will succeed Ken Trammell, executive vice president, as part of a planned succession. With the announced Federal-Mogul transaction, Trammell will extend his retirement date, and step down as chief financial officer but continue in a broader leadership role on the transaction through closing and preparation for the separation into two new stand-alone companies.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180518005316/en/
Jason Hollar appointed Tenneco chief financial officer, effective July 1, 2018 (Photo: Business Wire)
“On behalf of the entire Tenneco team, I thank Ken for his service and his many contributions during his 22-year career with Tenneco. He has served as Tenneco’s chief financial officer since 2003, playing a key leadership role during a long span of growth and transformation in the business,” said Brian Kesseler, chief executive officer. “Ken’s tremendous experience and deep expertise will help ensure a successful closing and the subsequent launch of two new companies.”
“I look forward to working with Jason in his new role as CFO,” added Kesseler. “Since joining Tenneco, his leadership and skills have expanded the capabilities of our global finance function, at a time when we have the opportunity to accelerate growth and create greater shareholder value.”
Hollar joined Tenneco in 2017 as senior vice president, finance, having previously served as chief financial officer for Sears Holding Corporation. Prior to Sears, Jason worked with both Delphi Automotive and Navistar in a number of senior finance roles. His experience includes serving as Delphi's corporate controller and as vice president of finance for Delphi's powertrain systems division including oversight for the Europe, Middle East and Africa region. At Navistar, he held positions of increasing responsibility including in the company's engine group, South America operations, corporate financial planning and analysis and as chief financial officer for Navistar's military/defense subsidiary.
About Tenneco
Tenneco is a $9.3 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 32,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of ride performance and clean air products and systems for automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco’s principal brand names are Monroe®, Walker®, XNOx™ and Clevite®Elastomers.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005316/en/
Tenneco Inc.
Media inquiries
Bill Dawson, 847 482-5807
[email protected]
or
Investor inquires
Linae Golla, 847 482-5162
[email protected]
Source: Tenneco Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-tenneco-names-jason-hollar-chief-financial-officer.html |
RENO, Nev., May 01, 2018 (GLOBE NEWSWIRE) -- Itronics Inc. (OTC:ITRO), a diversified zinc fertilizer and silver producing green technology Company, today announced that it has acquired an exclusive 6 month option (which can be extended 6 months if needed) to purchase a manufacturing facility located at Wabuska, Nevada. "This is a long term strategic site acquisition for commercial expansion of Itronics' unique portfolio of 'Zero Waste Technologies,'" said Dr. John Whitney, President.
Primary among these technologies are the new hydrometallurgical processes for leaching iron (FeLix Process), zinc (ZinLix Process), and sulfur (SuLix Process) for use in production of GOLD’n GRO micronutrient fertilizers, and high silver content concentrates for e-scrap refining. The Company does not have enough room at its Reno manufacturing facility to set up and operate complete prototype processing circuits to develop engineering data to support construction of commercial scale operating units. The Wabuska location provides adequate space to expand and continue developing these technologies to large commercial scale.
A high priority for Itronics is to perform the pilot scale testing using the ZinLix process to convert zinc flue dust to provide a low cost source of zinc for GOLD’n GRO zinc micronutrient fertilizer manufacturing, the ability to ship these fertilizers in bulk by rail throughout the United States, and to produce zinc and byproduct metals including silver and gold. The other application that will be high priority is to expand the FeLix and SuLix processes to handle large quantities of precious metal bearing precipitates that will be produced by commercial use of the KAM-Thio technology at silver/gold mine sites. The silver recovered from these precipitates will be used to support expansion of e-scrap refining. The Wabuska site is suitable for installation of a large commercial scale e-scrap processing operation and for installation of operations to refine precious metals and base metals recovered, at a scale required by the processing and recycling operations.
The site is already zoned for fertilizer manufacturing, chemical manufacturing, and foundry operations and special use permits will be required for specific operations. The facility is on 48 acres, has five buildings with 54,000 square feet under roof, has six dry product silos and two vertical liquid tanks, and is adjacent to a rail siding. Zinc flue dusts are fine powders and can be delivered in rail hopper cars and stored in the product silos. The product silos are fully equipped, including a conveyor system to transport the zinc flue dust powder into one of the existing buildings on site.
The exclusive purchase option also includes more than eight acre feet of water rights. There are two water wells on the site along with a lined fresh water pond, and a lined process water pond for which the permits are active. Site infrastructure includes electric power and natural gas.
The Wabuska site, located about 75 miles southeast of Reno, Nevada, is about 12 miles north of Yerington, Nevada on the north side of the Yerington copper mining district with its large undeveloped copper deposits, and is about 10 miles east of the Company’s Fulstone copper, zinc, silver, gold, iron, and industrial mineral exploration property.
“The Wabuska site is strategically located and is already configured and zoned for uses that are a perfect fit for expansion of Itronics breakthrough 'Zero Waste' technologies at commercial scale,” said Dr. Whitney. "We are pleased that the seller has been willing to work with Itronics to make this $1.6 million purchase option possible. We are also pleased and excited to be able to expand our technology operations at commercial scale at a highly desirable strategic location in northern Nevada.”
Itronics plans to use the exclusive option period to complete validation of water rights, special use permit requirements, and other regulatory issues that will need to be assumed with purchase of the property. The Company will also begin detailed planning for occupying the property within a period that will be defined in part by special use permit requirements and the elapsed time required to obtain such permits.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a “Creative Green Technology” Company which produces GOLD’n GRO specialty liquid fertilizers, silver bullion, and silver-bearing glass. The Company’s goal is to achieve profitable green technology driven organic growth in specialty GOLD’n GRO fertilizers, silver, zinc, and minerals. The Company’s technologies maximize the recovery and uses of metals and minerals and by doing this it maximizes sustainability.
Through its subsidiary, Itronics Metallurgical, Inc., Itronics is the only company with a fully permitted “Beneficial Use Photochemical, Silver, and Water Recycling” plant in the United States that converts 100 percent of the spent photoliquids into GOLD’n GRO liquid fertilizers, silver bullion, and silver bearing glass. This is internationally recognized award winning “Zero Waste” Technology. The Company is developing a portfolio of environmentally beneficial “Zero waste” processing and mining technologies. Itronics has received numerous domestic and international awards that recognize its ability to successfully use chemical science and engineering to create and implement new environmentally green recycling and fertilizer technologies.
The Company's environmentally friendly award winning GOLD'n GRO liquid fertilizers, which are extensively used in agriculture, can be used for lawns and houseplants, and are available at the Company's " e-store " on Amazon.Com . Due to expanded retail customer interest, GOLD'n GRO fertilizer may now be purchased in Reno, Nevada at the " Buy Nevada First Gift Shop " at 4001 S. Virginia St.
Follow Itronics on Facebook: https://www.facebook.com/itronicsinc
Follow Itronics on Twitter: https://twitter.com/itronicsinc
* * * * * * * * * *
VISIT OUR WEB SITE: http:// www.itronics.com
("Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.)
Contact: Paul Knopick 888.795.6336
Source:Itronics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-itronics-announces-exclusive-option-to-purchase-48-acre-54000-square-foot-manufacturing-facility.html |
The New England Patriots began their voluntary offseason program Monday, but quarterback Tom Brady was not expected to be in attendance, according to a report by ESPN.
Tom Brady and Gisele Bundchen arrive at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of “Heavenly Bodies: Fashion and the Catholic Imagination” in the Manhattan borough of New York, U.S., May 7, 2018. REUTERS/Eduardo Munoz Brady confirmed in late April that he intends to play the upcoming season, but has thus far skipped all voluntary activities this offseason. Brady has said he’s taken more time for himself and his family in the wake of a 41-33 loss to the Philadelphia Eagles in the Super Bowl.
Brady guided the Patriots to the Super Bowl for the eighth time last season, an NFL record for any player, and he is a five-time champion. He won his third NFL Most Valuable Player award for the 2017 season after throwing for 4,577 yards and 32 touchdowns.
“Football is year-round for me,” Brady said recently. “It’s a lot of thought, a lot of energy and emotion put into it, but I need to invest in them, too. My kids are 10, 8 and 5. They’re not getting younger, so I need to take time so I can be available to them, too. ... I’ve really spent the last two or three months doing those things, and I think I’m really trying to fill my tank up so that when I do go back, I can go back and I think I’ll actually be, in my mind, a better player, a better teammate, because I’ll be really rejuvenated.”
Brady, who turns 41 on Aug. 3, is set to make $15 million in 2018, tied with Cam Newton and Philip Rivers for 18th among NFL quarterbacks. He is scheduled to make the same figure in 2019, which currently ties Alex Smith for 21st among signal-callers. Brady will count $22 million against the Patriots’ cap in both seasons, which ranks 11th in 2018 and 14th in 2019.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-nep-brady-otas/report-brady-absent-as-patriots-begin-organized-team-activities-idUSKCN1IM255 |
(Reuters) - Shares of EVO Payments Inc ( EVOP.O ) rose as much as 26 percent in their debut on Wednesday, giving the company a market valuation of $1.54 billion.
EVO’s shares opened at $20.05, above their initial public offering price of $16.
The offering of 14 million Class A shares by EVO Payments and selling stockholders raised $224 million, after being priced at the upper-end of its projected range.
The Atlanta, Georgia-based company facilitates payments by linking stores to customers’ bank accounts and has operations in 50 markets worldwide including the United States, Canada, Mexico and Europe.
EVO said in its IPO filing that it competes with independent merchant acquirers and payment processors including First Data, Global Payments, Vantiv and TSYS.
The company intends to use proceeds from the IPO for buying a 19.8 percent economic interest in parent company EVO Investco LLC, through which the firm will operate and control all of the business and affairs of the parent.
EVO Payments, which collects fees primarily from the number and value of transactions processed, said revenue for full-year 2017 rose 20.4 percent to $504.7 million from a year earlier. The company recorded a loss of $32.3 million compared with a profit of $57.5 million in 2016.
J.P. Morgan, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities and SunTrust Robinson Humphrey are lead underwriters to the offering.
Reporting by Nikhil Subba in Bengaluru; Editing by Bernard Orr
| ashraq/financial-news-articles | https://www.reuters.com/article/us-evo-payments-ipo/payments-processor-evo-payments-soars-in-nasdaq-debut-idUSKCN1IO2BL |
MCLEAN, Va., May 01, 2018 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ:GAIN) (“Gladstone Investment”) announced today that on April 4, 2018, Gladstone Investment partnered with Bassett Creek Capital, Inc. (“BCC”) to form Bassett Creek Restoration, Inc. (“Bassett Creek Restoration”), a platform for acquiring and integrating restoration and renovation companies across the United States.
Bassett Creek Restoration partnered with members of executive management in the acquisition of J.R. Johnson, LLC (“JR Johnson”). Gladstone Investment provided equity and secured debt to complete the transaction. Headquartered in Portland, OR, JR Johnson is a leading provider of commercial restoration and renovation services. JR Johnson’s focus on quality and response time has made it an invaluable partner to real estate owners and property managers in their geography.
“We’re very excited to partner with BCC in the formation of the Bassett Creek Restoration platform. What we consider JR Johnson’s best-in-class processes and procedures make it an ideal initial investment for this platform as we look to integrate future acquisitions under the Bassett Creek Restoration umbrella,” said Peter Roushdy, Director of Gladstone Investment’s investment adviser.
Gladstone Investment is a publicly traded business development company that seeks to make debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.com .
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com .
Forward-looking Statements:
The statements in this press release regarding the longer-term prospects of Bassett Creek Restoration, JR Johnson and its management team, and the ability of Bassett Creek Restoration and JR Johnson to grow and expand are " ." These inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these , including those factors described from time to time in Gladstone Investment's filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to publicly release the result of any revisions to these forward looking statements that may be made to reflect any future events or otherwise, except as required by law.
SOURCE: Gladstone Investment Corporation
For further information: Gladstone Investment Corporation, 703-287-5893
Source:Gladstone Investment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-gladstone-investment-corporation-and-bassett-creek-capital-form-the-bassett-creek-restoration-platform-and-acquire-j-r.html |
NAPA, Calif., May 24, 2018 /PRNewswire/ -- On Wednesday, May 23, 2018, Kelly Norris, Vice President and General Manager of Heritage Sotheby's International Realty announced that the Napa-based brokerage is joining Golden Gate Sotheby's International Realty . The announcement marks a significant moment—what Norris described as a natural evolution for the wine country brokerage.
"We are thrilled to join such an elite and quality company like Golden Gate Sotheby's International Realty. I'm excited not only personally but for my agents, staff and the entire community of Napa Valley. Heritage Sotheby's International Realty has been a staple in Napa for many years and joining Golden Gate Sotheby's International Realty is a natural evolution built on a solid foundation of exemplary customer service and integrity. Joining forces with such a powerhouse will serve the community of Napa in ways unimaginable beforehand," said Norris.
Heritage Sotheby's International Realty was established in 2007 and is one of the most highly respected brokerages in the region, having built a reputation for dedicating its resources to provide the most professional and productive real estate services in Napa Valley.
This union strengthens Golden Gate Sotheby's International Realty's presence in Napa Valley and enhances its network which spans from Wine Country to Marin County, the East Bay, San Francisco, the Peninsula and Silicon Valley. It also furthers the brokerage's President and CEO Bill Bullock's vision for one unified San Francisco Bay Area brand within the Sotheby's International Realty Affiliate network—fueling an increasingly powerful referral network and shared knowledge of markets among the brokerage's nearly 500 agents.
"Our expanding brokerage brings together market leaders in each region we serve to form a powerful network of the finest caliber agents and most talented staff in the industry. With our growth into Napa Valley and union with Heritage Sotheby's International Realty, we can provide the highest level of service and local market access throughout the San Francisco Bay Area," said Bullock.
For media inquiries, please email [email protected]
About Golden Gate Sotheby's International Realty:
Golden Gate Sotheby's International Realty has over 480 agents in 22 offices throughout the San Francisco Bay Area serving the counties of Alameda, Contra Costa, Marin, Napa, San Mateo, Santa Clara, Solano, Sonoma and San Francisco. For more information, please visit www.GoldenGateSIR.com
View original content with multimedia: http://www.prnewswire.com/news-releases/heritage-sothebys-international-realty-joins-premier-san-francisco-bay-area-brokerage-golden-gate-sothebys-international-realty-strengthens-presence-in-napa-valley-300654046.html
SOURCE Golden Gate Sotheby’s International Realty | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-heritage-sothebys-international-realty-joins-premier-san-francisco-bay-area-brokerage-golden-gate-sothebys-international.html |
BERLIN (Reuters) - Volkswagen’s new chief executive on Thursday vowed to make the carmaker “more honest” as it fights to recover from 2015’s diesel emissions scandal, but its wary investors called for outside vetting of steps to restore its reputation.
Herbert Diess, Volkswagen's new CEO, speaks during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt Europe’s largest automaker will expand its internal whistleblower system and beef up compliance to prevent the misconduct that triggered the scandal, CEO Herbert Diess said.
“Volkswagen has to become more honest, more open, more truthful,” Diess said at VW’s annual shareholder meeting. Preventing future malfeasance “is the top priority for my colleagues on the (management) board and for me personally.”
Former chief executive Matthias Mueller, who was ousted last month by the carmaker’s major shareholders, has said getting mid-level managers to adapt to the carmaker’s post-dieselgate drive to improve accountability was more difficult than thought.
“We have too long underestimated the value of a more open corporate culture that does not repress dissent but instead rewards it,” Diess said.
Investors welcomed the planned changes but said home-grown steps alone would not suffice to credibly overhaul VW’s corporate culture.
Beyond a new code of conduct for employees and tighter rules for vehicle engineers, there has been “little tangible progress (at VW) that credibly shows to investors that changes to the corporate culture are advancing,” Michael Viehs of investment advisory firm Hermes EOS said.
“We therefore urgently recommend the supervisory board to carry out an independent assessment of corporate culture.”
Winfried Mathes of Deka Investment agreed.
“While the management board is getting the operating business back on course for the future, the company’s corporate governance remains in the stone age. We still believe that a genuinely new start also requires a really independent supervisory board chairman.”
Separately, Diess said VW had so far picked partners to provide battery cells and related technology worth around 40 billion euros ($48 billion) for its electric-car programme, four-fifths of the planned volume of 50 billion euros.
The battery technology will be destined for Europe and China where VW sells 80 percent of its vehicles, while a supplier for North America has yet to be chosen, a source close to VW said.
VW’s huge battery buy contrasts with U.S. electric-car pioneer Tesla’s struggle to convince investors it has enough cash to go the distance. Tesla on Wednesday posted its biggest-ever quarterly loss as it grappled with production issues on its Model 3 sedan.
Diess on Thursday renewed his call on the industry to step up talks about jointly making battery cells in Europe as peers are pushing their electric-vehicle lineups.
VW is still looking at whether to spin off assets such as motorcycle maker Ducati and transmissions maker Renk, Diess said, as the autos group strives to streamline its operations and become more efficient.
Under former CEO Matthias Mueller, attempts to slim down the group by selling Ducati and Renk floundered amid opposition from labour leaders and the controlling Porsche and Piech families.
“For non-core businesses such as Ducati, Renk and (large engines unit) MAN Diesel & Turbo, we will draw up sustainable future plans,” Diess said.
The deliberations could lead to expanding those businesses and developing growth strategies, but spin-offs “are also conceivable”, he added.
Since the former BMW executive took office on April 12, Volkswagen (VW) has announced steps to prepare its truck operations for a possible stock market listing and to reorganise its multiple car brands in an effort to boost synergies.
($1 = 0.8333 euros)
A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt Reporting by Andreas Cremer; Editing by Mark Potter and Alexandra Hudson
| ashraq/financial-news-articles | https://in.reuters.com/article/volkswagen-agm/new-vw-ceo-vows-integrity-drive-but-investors-unimpressed-idINKBN1I425J |
May 10, 2018 / 10:59 AM / in 10 minutes OPEC in no hurry to decide if extra oil needed to offset Iran - sources Alex Lawler 3 Min Read
LONDON (Reuters) - OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new U.S. sanctions, three sources familiar with the issue said, saying any loss in supply would take time. FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. REUTERS/Leonhard Foeger/File Photo
The Organization of the Petroleum Exporting Countries has a deal with Russia and non-OPEC producers to cut supplies that has helped erase a global glut and boosted oil prices to their highest since 2014.
Officials are considering whether a drop in Iranian exports and a decline in supply from another OPEC member, Venezuela, demands adjusting the deal that runs to the end of 2018. Ministers meet in June to review the policy.
U.S. sanctions on Iran will have a six-month period during which buyers should “wind down” oil purchases, meaning any loss of supply will not be immediately felt in the market.
“I think we have 180 days before any supply impact,” an OPEC source said when asked about any plans for action.
A second OPEC source said that, while the need to add extra supply was being considered, the safest thing for the group to do for now was to sit tight and monitor the situation.
Oil LCOc1 reached $78 a barrel on Thursday, its highest since November 2014, two days after President Donald Trump said the United States was abandoning an international nuclear deal with Iran and would impose new sanctions.
Iran, which pumps about 4 percent of the world’s oil, exports about 450,000 barrels per day (bpd) to Europe and around 1.8 million bpd to Asia. Sales to Europe are seen by analysts as the more likely to be reduced by the sanctions.
As part of the supply deal, OPEC pledged to cut 1.2 million bpd from supplies from its members. In practice, the group has overshot this, partly because Venezuelan output has plunged due an economic crisis.
Oil ministers from OPEC and its partners meet on June 22-23 in Vienna to review the existing agreement.
Before that, technical officials meets on May 22-23 when the issue of whether extra barrels are needed to offset any Iranian loss will likely come up, the second source said.
A third OPEC source also said it was too soon to tell if extra oil was needed, citing Iran’s ability to keep much of its exports flowing under a previous round of sanctions. “Too early to judge,” he said.
On Wednesday, a separate OPEC source had said Saudi Arabia was monitoring the impact of the U.S. move on oil supplies and was ready to offset any shortage but would not act alone.
This source had also said the impact of U.S. sanctions on Iranian supplies needed to be assessed first and Saudi Arabia did not expect any physical impact on the market until the third or fourth quarters. Additional reporting by Rania El Gamal in Dubai; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-opec/opec-in-no-hurry-to-decide-if-extra-oil-needed-to-offset-iran-sources-idUKKBN1IB1EN |
Americas disposition to be completed on May 1 Net sales of $2.5 billion, consistent with 2016 Adjusted EBITDA of $264 million for the year
CHICAGO--(BUSINESS WIRE)-- Coveris Holdings S.A. reported revenues for the full year of 2017 of $2.5 billion. These sales were in-line with the prior year. Lower volumes in flexibles were offset by the pass-through of higher resin costs. For the fourth quarter, net sales were $627 million compared with $592 million in the fourth quarter of the prior year. As a result of our November 2017 announcement to explore strategic alternatives for our Americas and Rigid businesses, we have classified those businesses as discontinued operations. The remaining businesses, United Kingdom Food & Consumer and Europe, Middle East and Africa Food & Consumer, represent continuing operations. The published financial statements separate the information for continuing operations. Net sales for continuing operations were $896 million in 2017.
Adjusted EBITDA for the year was $264 million, compared to $308 million for the prior year. This decline is explained by currency, higher raw material and inflation costs. For the fourth quarter, adjusted EBITDA was $65 million compared to $64 million in the fourth quarter of the prior year.
“2017 did not meet our financial objectives,” said Jakob Mosser, Chief Executive Officer. “While we are seeing signs of improvement, we continue to recover from some business challenges. We remain focused on growing our top line, reducing our costs and improving our financial position going forward. I am optimistic about our future.”
Additional financial information may be found on www.coveris.com under the Investor Relations section.
EARNINGS CALL
A conference call hosted by management to discuss these financial results will be held on May 2, at 10:00 am, Eastern. The conference call number is 877-407-8031 (domestic) or 201-689-8031 (international). A replay of the call will be available after 1:30 pm, Eastern on May 2 until May 9, 2018, by calling 877-481-4010 (domestic) or 919-882-2331 (international) with the conference ID of 28288.
ABOUT COVERIS
As a leading international manufacturing company, Coveris is dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day. In partnership with the most respected brands in the world, Coveris develops vital products that protect everything from the food we eat, to medical supplies, to the touch screen device in our pockets, contributing to the lives of millions every day. Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.
FORWARD-LOOKING STATEMENTS:
Statements in this release that are not historical are "forward-looking statements." Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "expect," "believe," "anticipate," "attempt," "project" and other terms with similar meaning indicating possible future events or potential impact on our business. You are cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect Coveris’ operations, markets, products, services, prices and other factors. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, any forward-looking statements are made only as of the date of this release, and Coveris does not intend and does not assume any obligation to update any statements set forth in this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006567/en/
Coveris Holdings S.A.
Investor Contact:
Duane A. Owens, 864-641-4710
Treasurer
[email protected]
www.coveris.com
Source: Coveris Holdings S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-coveris-reports-2017-audited-financial-results.html |
Trade and Europe spark concern for investors 38 Mins Ago CNBC's Scott Wapner discusses the concern about trade and Europe and what effect these factors are having on the stock market with Mike Wilson of Morgan Stanley, Joe Terranova of Virtus Investment Partners and Pete Najarian of Investitute.com. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/trade-and-europe-spark-concern-for-investors.html |
May 1(Reuters) - HyAS&Co. Inc
* Says it will set up a wholly owned Tokyo-based financial business unit, to launch crowdfunding business
* Says the unit will be established on May 14 and will be capitalized at 10 million yen
* Business will start in January 2019
Source text in Japanese: goo.gl/8xpUC3
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hyasco-to-set-up-financial-busines/brief-hyasco-to-set-up-financial-business-unit-idUSL3N1S80BS |
The fraud trial of a former executive at Valeant Pharmaceuticals International Inc. is set to begin this week in Manhattan federal court, the first criminal prosecution to emerge from multiple investigations into the embattled pharmaceutical giant over its sales practices.
In this case, prosecutors say Valeant was the victim. Using a statute often applied to public corruption cases, the U.S. attorney’s office in Manhattan has accused the former Valeant executive, Gary Tanner, and a co-defendant, Andrew Davenport, of defrauding... | ashraq/financial-news-articles | https://www.wsj.com/articles/executives-fraud-trial-puts-valeant-in-uncomfortable-light-1525188707 |
Luke Sharrett | Bloomberg | Getty Images Vehicles sit parked in front of a Kohl's department store in Ashland, Ky. Kohl's shares may underperform because cold weather kept customers from visiting stores during the first quarter, according to one Wall Street firm.
Credit Suisse cut its rating to neutral from outperform for Kohl's shares, predicting the retailer will report lower-than-expected sales growth for its first quarter.
A much cooler start to spring compared to the last two years " likely put pressure on early Spring apparel selling," analyst Michael Binetti wrote in a note to clients Friday entitled "A Tougher 2018 Path with Near-Term Momentum Risks."
"And with Kohl's typically the most weather-sensitive vs. department store peers, we see risk" to its first quarter sales, he said.
The company's shares declined 1.7 percent Friday after the report.
Binetti reduced his price target for Kohl's shares to $64 from $72. The new target is still 6 percent higher than Thursday's closing price.
The analyst predicts Kohl's will report first-quarter same-store sales growth of 2.5 percent, while the consensus of analysts forecasts 2.7 percent.
U.S. retail industry store traffic fell 2.7 percent in the first quarter compared to the same period last year, according to data tracker Prodco. That is worse than the 1.9 percent decline in traffic in the fourth quarter. The analyst noted the store traffic numbers historically are highly correlated to department store sales.
Kohl's is slated to report its first-quarter earnings results on Tuesday, May 22.
The company did not immediately respond to a request for comment.
— CNBC's Michael Bloom contributed to this story.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/credit-suisse-cuts-kohls-blaming-cool-spring-weather.html |
May 2 (Reuters) - Eurona Wireless Telecom SA:
* ANNOUNCED ON MONDAY FY NET LOSS 28.3 MILLION EUROS VERSUS LOSS 10.9 MILLION EUROS YEAR AGO
* FY NET SALES 118.8 MILLION EUROS VERSUS 69.6 MILLION EUROS YEAR AGO
Source text: bit.ly/2jqOpKJ
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S9150 |
May 24, 2018 / 5:25 PM / Updated 6 minutes ago U.S.-backed Syrian forces arrest French Islamic State leader: SDF Reuters Staff 2 Min Read
BEIRUT (Reuters) - The U.S.-backed Syrian Democratic Forces (SDF) said on Thursday they had arrested a French citizen who headed an Islamic State group in Syria and had been involved in the Paris and Nice attacks in 2015 and 2016.
An SDF statement said the man arrested was Adrien Lionel Kayali and that he was born in 1983 and converted to Islam in 2003. It said Kayali, who also goes by the name of Abu Osama, had been arrested and then released in France in 2010 on suspicion of belonging to terrorist organizations.
French media have reported the captured man’s name as French citizen Adrien Guihal, wanted in connection with terrorist activities in France.
SDF media spokesman Mustafa Bali told Reuters Adrien Lionel Kayali and Adrien Guihal were two names for the same man.
French judicial sources told Reuters on Thursday there is an arrest warrant for an Adrien Guihal from 2015, and that he is suspected of having claimed responsibility for attacks in Nice and Magnanville, near Paris, in France in 2016.
The SDF, a alliance of Kurdish and Arab fighters led by the Kurdish YPG militia, said it believed Kayali had entered Syria in March 2015 into Islamic State-held territory. The SDF said it captured him in the Raqqa region of northern Syria.
The U.S.-backed SDF control much of the territory east of the Euphrates in Syria’s Deir al-Zor province and drove Islamic State militants from their former de facto capital Raqqa in late 2017. Reporting by Lisa Barrington in Beirut, Simon Carraud and Sophie Louet in Paris; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-islamic-state-fr/u-s-backed-syrian-forces-arrest-french-islamic-state-leader-sdf-idUSKCN1IP345 |
China was not involved in scuttling the US-North Korea summit: Analyst 5 Hours Ago Jonathan Pollack of the Brookings Institution says the reality is that President Donald Trump was likely unprepared for a summit with North Korean leader Kim Jong Un in Singapore. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/china-was-not-involved-in-scuttling-the-us-north-korea-summit-analyst.html |
May 18 (Reuters) - Courts in Curacao and Bonaire have partially lifted attachments introduced by ConocoPhillips aiming to seize Venezuelan state-run oil company PDVSA’s assets to satisfy a $2 billion arbitration award, the U.S. oil firm said on Friday.
The courts ruled that fuel stored at PDVSA’s facilities in the Caribbean islands must be released to supply local distributor Curoil. Proceeds from the fuel sales are expected to be transferred to bank accounts, Conoco said in a statement.
“We are pleased with the result, as this is consistent with the proposal made by ConocoPhillips to both (islands’) local authorities, Curoil and the local courts,” the firm said. (Reporting by Marianna Parraga, editing by G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/conocophillips-pdvsa-court/courts-in-curacao-bonaire-partially-lift-seizures-against-pdvsa-idUSL2N1SP228 |
May 15 (Reuters) - Avid Technology Inc:
* AVID TECHNOLOGY INC - ON MAY 10, UNIT ENTERED INTO A FOURTH AMENDMENT TO EXISTING AGREEMENT, DATED FEBRUARY 26, 2016 - SEC FILING
* AVID TECHNOLOGY INC - FOURTH AMENDMENT EXTENDS MATURITY OF CURRENT TERM LOAN UNDER FINANCING AGREEMENT TO MAY 10, 2023
* AVID TECHNOLOGY INC - AMENDMENT INCREASES AMOUNT OF TERM LOAN FACILITY FROM $105 MILLION TO $127.5 MILLION
* AVID TECHNOLOGY INC - FOURTH AMENDMENT ALSO MODIFIES SCHEDULE FOR REQUIRED REPAYMENTS OF TERM LOAN
* AVID TECHNOLOGY INC - FOURTH AMENDMENT ALSO INCREASES AMOUNT OF CONVERTIBLE NOTES COMPANY MAY PURCHASE FROM $15 MILLION TO $40 MILLION Source bit.ly/2wJqoYN Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-avid-technology-says-on-may-10-uni/brief-avid-technology-says-on-may-10-unit-entered-into-fourth-amendment-to-existing-agreement-idUSFWN1SM1FF |
MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov has rejected Ukraine’s allegation that Moscow was behind Tuesday’s murder of a Russian dissident journalist in Kiev, Russia’s state news agency TASS reported.
A man hangs a picture of Russian dissident journalist Arkady Babchenko, who was shot dead in the Ukrainian capital on May 29, on a fence of the Russian embassy in Kiev, Ukraine May 30, 2018. REUTERS/Gleb Garanich Arkady Babchenko, a critic of President Vladimir Putin, was shot dead in the Ukrainian capital on Tuesday where he lived in exile. He fled Russia after he received threats for saying he did not mourn the victims of a Russian defense ministry plane crash in 2016.
Related Coverage UK's Johnson says he's appalled by murder of another Russian journalist Russia's spy service calls allegations it murdered journalist nonsense: Ifax Ukrainian Prime Minister Volodymyr Groysman said in a social media posting late on Tuesday he was convinced that what he called “the Russian totalitarian machine” had not forgiven Babchenko for what Groysman called his honesty.
Slideshow (5 Images) Lavrov, who called Babchenko’s killing a tragedy, said the allegation was nonsense and a continuation of what he called Kiev’s anti-Russian course.
“...The investigation has not even started and the prime minister of the Ukrainian government has already announced that the Russian intelligence services did it,” TASS cited Lavrov as saying.
Groysman’s accusations were a matter of regret, Lavrov was Quote: d as saying.
Babchenko’s murder was the fourth of a Kremlin critic in the Ukrainian capital in two years. None of the other murders, which Kiev has also blamed on Russia, have been solved.
Reporting by Andrew Osborn and Maria Kiselyova; Editing by Raissa Kasolowsky
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-russia-journalist-lavrov/russia-rejects-ukrainian-allegation-it-behind-journalists-killing-tass-idUSKCN1IV0Q2 |
May 29, 2018 / 12:12 PM / a day ago Commentary: LNG starts rally early, and it's mainly (but not only) China Clyde Russell 4 Min Read
LAUNCESTON, Australia (Reuters) - The slack period for liquefied natural gas (LNG) in top consumer Asia is usually the shoulder season between winter and summer, or March to May, but this pattern hasn’t really repeated this year. The ExxonMobil Hides Gas Conditioning Plant process area is seen in Papua New Guinea in this handout photo dated March 1, 2018. ExxonMobil/Handout via REUTERS
The spot price of the super-chilled fuel in Asia has been on a rising trend since the beginning of April, and hit $9.20 per million British thermal units (mmBtu) at the end of last week.
It touched its low for 2018 of $7 per mmBtu in the week ended March 29, remained unchanged the next week and then posted gains in six of the seven weeks since.
Last year, the shoulder season low of $5.40 per mmBtu was first reached in late March, and the price drifted in a narrow band until early July, when it started climbing from $5.45 in the week to July 7, 2017.
In 2016, the low was hit in early April before a mild rally for the northern summer, and then another dip in the autumn shoulder season before strong gains in the winter period.
What appears to be different so far this year is that while seasonal price fluctuations are still evident, the dip was shallower than in previous years and the rally from the low looks sharper so far.
Spot LNG fell 39 percent from its peak of $11.50 per mmBtu for the winter of 2018 to the low in late March, while in 2017 the slump from winter peak to shoulder season low was 45 percent, and it was 49 percent the prior year.
So far LNG has rallied 31 percent from the low, in the space of eight weeks.
In 2017, eight weeks after reaching the low, LNG had gained just 12 percent, while the increase was 26 percent in 2016.
(For a graphic showing China LNG imports vs. spot price, click here: reut.rs/2Jam75C )
What the numbers show is that while seasonality is still in place, the price lows aren’t as deep as in previous years and the rally from that low appears to be on track to be steeper and higher.
The easy explanation for this dynamic is China, which has continued to buy LNG at a frantic pace this year, after the 46.4 percent jump in imports in 2017 to a total of 38.1 million tonnes, making it the world’s second-biggest buyer behind Japan.
China’s LNG imports rose 58 percent to 15.8 million tonnes in the first four months of this year compared to the same period a year earlier, according to customs data.
This would put it on target for imports of more than 47 million tonnes for the full year, but this is likely to be a conservative estimate, given LNG buying tend to ramp up in the months ahead of the peak winter demand period. MORE THAN CHINA
But it’s not just China that is sucking up more LNG, with South Korea making a bid to reclaim its former place as the world’s second-biggest importer.
In the first four months of the year South Korea brought in 16.2 million tonnes of LNG, up 18.2 percent from the same period last year, according customs data.
Even top importer Japan is buying modestly more LNG, with imports in the first quarter up 1.1 percent from the same period in 2017, a faster pace of growth than the 0.4 percent for the whole of 2017.
It’s not only the top three importers that are showing growth, with total global seaborne LNG flows rising, according to vessel-tracking and port data compiled by Thomson Reuters Supply Chain and Commodity Forecasts.
In the first five months of 2018, a total of 125.1 million tonnes of LNG has been discharged, a figure that may rise to closer to 133 million by the end of this month as more vessels are unloaded.
This would be some 14 million tonnes, or almost 12 percent, more than the 118.9 million tonnes discharged in the first five months of last year.
The data shows that while China is the standout when it comes to driving LNG demand and prices, it’s not the only show in town.
The opinions expressed here are those of the author, a columnist for Reuters. Editing by Richard Pullin | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-column-russell-lng-asia/commentary-lng-starts-rally-early-and-its-mainly-china-idUKKCN1IU1ES |
SOFIA, May 16 (Reuters) - European Union leaders will explore options on Wednesday for keeping the Iran nuclear deal alive and shielding their reviving economic cooperation with Tehran after U.S. President Donald Trump withdrew from the pact.
But the 28 EU leaders are not expected to make any quick decisions during their first meeting on the matter since Trump quit the accord, highlighting how U.S. clout in international trade and finance limits the Europeans’ scope for action.
“I would like our debate to reconfirm without any doubt that as long as Iran respects the provisions of the deal, the EU will also respect it,” the chairman of the gathering, Donald Tusk, said before the meeting in the Bulgarian capital Sofia.
The leaders of Britain, France and Germany - the three EU signatories of the 2015 deal, which gave Iran sanctions relief in exchange for curbing its nuclear programme but which Trump dismissed as “the worst deal ever” - will brief their peers.
The head of the bloc’s executive, Jean-Claude Juncker of the European Commission, will also present options the leaders have to shield European investments in Iran and the slowly-reviving economic cooperation, which many EU states hope to benefit from.
These include protecting European companies dealing with Iran from U.S. sanctions, which in practice would be very difficult, allowing the European Investment Bank to invest there and coordinating euro-denominated credit lines from EU states.
Foreign ministers of Germany, France and Britain met Iranian Foreign Minister Mohammad Javad Zarif in Brussels on that on Tuesday and tasked their experts to come up with measures for a meeting of their deputies in Vienna next week.
“IT WILL TAKE TIME” But a senior EU official admitted there was no silver-bullet solution and that it might “take some time” for the bloc to come up with what is expected to be a complex matrix of national and EU-level measures.
“We would stay calm here, there is no need for the meeting on Wednesday to take decisions on specific modalities of the mechanisms that are to shield the interests of European companies,” the official said.
“But when it comes to consensus to shield economic interests in Iran, it is there and will be reconfirmed on Wednesday.”
The EU’s top energy official, Commissioner Miguel Arias Canete, is heading to Iran on May 18-21 for talks on energy cooperation, a symbolic gesture from the EU that it wants to stay engaged despite the U.S. withdrawal.
In his criticism of the accord, which the other signatories Russia and China also want to uphold, Trump has said it did not go far enough in restraining Iran’s ability to develop nuclear weapons, while not addressing its missile programme and involvement in various conflicts in the Middle East.
The EU has since sought to address some of his concerns but Trump was not convinced, and his move left the EU scrambling to salvage an accord they see as a key element of international security and a diplomatic success, as well as wondering about their future cooperation with Washington.
“It’s the leaders’ first face-to-face meeting since Trump’s announcement. It’s too early for specific decisions, they have to see where they are,” said a senior EU diplomat. “We want to do this, that’s for sure. But it’s still in the making, we don’t have all the answers yet. It will take a bit of time.” (Reporting by Gabriela Baczynska, Editing by William Maclean)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-europe/eu-leaders-explore-ways-to-save-iran-economic-ties-from-us-sanctions-idUSL5N1SN398 |
May 28, 2018 / 4:16 PM / Updated an hour ago Mercedes F1 boss critical of FIA over Ferrari probe Alan Baldwin 3 Min Read
MONACO (Reuters) - Mercedes team boss Toto Wolff has criticised Formula One’s governing body, the FIA, for naming two of his employees who raised questions about the legality of Ferrari’s energy recovery system. FILE PHOTO: Formula One F1 - Australian Grand Prix - Melbourne Grand Prix Circuit, Melbourne, Australia - March 23, 2018 Mercedes Executive Director Toto Wolff during the press conference REUTERS/Brandon Malone
He added, however, that Mercedes had no problems with the FIA deciding that their Italian rivals were in the clear.
FIA race director Charlie Whiting, speaking to British reporters at the Monaco Grand Prix, had referred to Mercedes’ engine expert Lorenzo Sassi and technical director James Allison.
Both men were employed by Ferrari before joining the reigning champions.
Asked whether he felt Mercedes had been “slightly thrown under the bus” by having team members identified, Wolff replied firmly: “Yes”.
“One of my roles is to protect my people and if certain individuals are named in a wrong context, that is disturbing,” he said.
Whiting had said on Saturday that “unsubstantiated speculation” about Ferrari had gone through the paddock “like wildfire”.
“I don’t think it’s any secret that a little piece of information came from a former Ferrari engine man, who’s now working for Mercedes,” he added, confirming that he was referring to Sassi.
The race director added that any information would have dated from before the engineer was put on a period of extended ‘gardening leave’ by his former team.
He said it was common for such “rumours, stories” to emerge when people changed teams: “They go there and say ‘oh, my old team is doing this’. And what they actually mean is ‘they were thinking of doing this’.”
Whiting said he first became aware of the Ferrari issue when Allison brought it to his attention before the Azerbaijan Grand Prix in April.
In response, Wolff felt Whiting had ‘cherry-picked’ some of the details given.
“Various teams question the FIA every single day,” he said. “I think it’s just important to not put somebody out there and say ‘this person has questioned an illegality topic’.
“If you say that a team has done that, that’s perfectly fine. Picking out individuals is not, I think, the right thing to do.”
He said also the relationship between Mercedes and Ferrari off the track, with the two seen as close allies in discussions about the sport’s future direction, would not be affected.
“Nothing has changed in that respect. It’s like playing rugby. We can fight hard on track and try to gain an advantage ... but you can have a beer with each other afterwards.
“We want Formula One to be successful and that is what unites us.” Reporting by Alan Baldwin; editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco-mercedes-fia/mercedes-f1-boss-critical-of-fia-over-ferrari-probe-idUKKCN1IT1O4 |
WASHINGTON, May 23 (Reuters) - Most Federal Reserve policymakers thought it likely another interest rate increase would be warranted “soon” if the U.S. economic outlook remains intact, minutes of the central bank’s last policy meeting showed.
FILE PHOTO: The Federal Reserve headquarters in Washington, U.S., September 16, 2015. REUTERS/Kevin Lamarque/File Photo The readout of the meeting, released on Wednesday, also included a call by some policymakers to revise the Fed’s monetary policy statement soon to reflect that rates would be close or above long-run estimates before too long.
At the May 1-2 meeting Fed policymakers unanimously decided, as expected, to keep the benchmark overnight lending rate unchanged in a target range of between 1.50 percent and 1.75 percent.
“Most participants judged that if incoming information broadly confirmed their current economic outlook, it would likely soon be appropriate ... to take another step in removing policy accommodation,” the Fed said in the minutes.
The central bank has lifted borrowing costs once so far this year, in March, and policymakers are currently about evenly split between those who expect two more rate rises this year and those who anticipate three. Investors overwhelmingly expect a rate rise at the next meeting on June 12-13.
The Fed has been encouraged by continuing strength in the economy, viewing the Trump administration’s package of tax cuts as well as government spending as further boosting economic growth this year.
The U.S. unemployment rate is 3.9 percent, a 17-1/2-year low, while inflation is now effectively at the Fed’s 2 percent target after years of undershooting.
A number of Fed policymakers, including Chairman Jerome Powell, have been keen to stress they will tolerate inflation rising above the Fed’s goal for a time without undue concern.
This was reflected in the policy statement earlier this month, with explicit reference made to the 2 percent target being “symmetric.”
According to the minutes, policymakers once again debated the inflation path. Several noted that recent wage data provided “little evidence” of overheating in the labor market, while some others saw a risk that “supply constraints would intensify upward wage and price pressures, or that financial imbalances could emerge.”
TRADE TENSIONS, FORWARD GUIDANCE One source of concern at the Fed has been uncertainty over U.S. protectionist trade policies and their potential negative effects on the economy. In speeches, policymakers have repeatedly said they are monitoring the situation.
After weeks of escalating trade tensions between the United States and China, negotiators appear to have made progress toward a deal that for now has put on hold threatened tit-for-tat tariffs that raised fears of a global trade war.
The minutes showed a number of policymakers said U.S. trade policy raised a “particularly wide” range of risks for economic activity and inflation, and some said the uncertainty could hurt business spending.
Policymakers also discussed possible changes to future policy statements to reflect that rates are getting close to a neutral stance, estimated to be somewhere between 2.3 percent and 3.5 percent.
For years the Fed has described its policy as “accommodative.” Some policymakers at the last policy meeting said “it might soon be appropriate to revise the forward-guidance language in the statement.”
Reporting by Lindsay Dunsmuir; Editing by Paul Simao [email protected]; +1 202 898 8411
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-fed-minutes/most-fed-policymakers-say-rate-rise-likely-needed-soon-minutes-idINKCN1IO2VS |
ISTANBUL, May 25 (Reuters) - Turkey’s central bank will allow the repayment of some rediscount credits for export and foreign exchange earning services to be repaid in Turkish lira, it said on Friday, a move designed to ease the strain from the currency sell-off.
The step corresponds to about $3.5 billion of repayments, bankers said.
Companies will be able to repay the discount credits at a fixed exchange rate of 4.2 lira to the dollar, 4.9 to the euro and 5.6 to the pound sterling, it said in a statement.
The lira was at 4.7460 to the dollar at 0657 GMT. (Reporting by Nevzat Devranoglu; Writing by Daren Butler; Editing by David Dolan)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-cenbank-rediscount/turkeys-central-bank-says-to-allow-some-rediscount-credit-payments-in-lira-idUSI7N1SM041 |
AUSTIN, Texas, May 15, 2018 (GLOBE NEWSWIRE) -- Xplore Technologies Corp . (NASDAQ:XPLR) today announced a series of management changes and new hires to support its growing rugged mobility business:
John Graff, formerly VP of Marketing at Xplore has been named Chief Revenue Officer, responsible for global sales and marketing. Tim Dehne has been hired as Chief Operating Officer, responsible for engineering, operations and strategic business initiatives. Patrick McClain has been hired as Chief Financial Officer, responsible for the company’s financial reporting and planning, as well as IT.
Graff, Dehne and McClain will all report to Tom Wilkinson, Chief Executive Officer at Xplore.
“I am very excited to have this caliber of senior management team at Xplore to drive continued growth and expansion of our rugged mobility business,” noted Tom Wilkinson, CEO at Xplore. “John, Tim and Pat all bring significant B2B technology experience including at well-known growth companies and startups. Combined with our existing management and our global employee base, I am confident we have the leadership in place to deliver on our expanded line of innovative rugged mobility solutions that make our customers more productive and efficient.”
John Graff joined Xplore in February 2017 as VP of Marketing. Since joining Xplore Graff has driven efforts to expand the company’s product portfolio, revamp the company’s partner program, and increase brand awareness. Prior to joining Xplore Graff worked 29 years at National Instruments in a variety of sales and marketing management roles. During his tenure at NI, the company delivered consistent growth and profitability as it grew from $13M in revenue to over $1B.
Tim Dehne brings over 30 years of technology business experience in a variety of engineering, marketing, and business leadership roles. He currently sits on the Board of Directors of two companies, including Cirrus Logic. Most recently, he was VP of Engineering for a technology startup. Prior to that, Dehne served in a number of Engineering and Marketing leadership roles at National Instruments and Luminex. Dehne also brings significant experience with acquisitions, and technology partnerships.
Pat McClain has more than 30 years of senior management and CFO experience at a variety of global companies, both public and private. Most recently, McClain served as EVP, CFO and Treasurer at Falconstar Software, a NY based public company where he played a key role in the company turnaround to deliver cash and EBITDA-positive results within six months of joining the company. Previously, McClain served as CFO at Aurea Software and Rules-Based Medicine, both recognized for growth. McClain also brings extensive experience in acquisitions, mergers and spin-outs.
About Xplore Technologies
As a leading supplier and authority in rugged mobility, Xplore provides the technology, solutions and specialized vertical expertise customers need to maximize resources, minimize costs, and drive business productivity through mobility. Not only does Xplore offer a broad portfolio of genuinely rugged mobile computers – and a complete accessory ecosystem – but the company’s award-winning tablets and 2-in-1 laptops are among the fastest and longest lasting in their class, built to withstand nearly any hazardous condition or environmental extreme for years without fail. The enterprise-grade power, security flexibility, and versatility of Xplore’s rugged mobile computers make it easy for industrial, enterprise, government, and field service organizations to scale mobile workflows and boost mobile worker efficiency while working in the office, vehicle, and field. Visit www.xploretech.com to learn how Xplore can help you mobilize workers to the right place, at the right time and with the right technology tools. Follow us on Twitter , Facebook , LinkedIn , and YouTube .
Forward-Looking-Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect Xplore’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Xplore with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking-statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Xplore does not intend and does not assume any obligation to update these forward-looking statements.
Xplore Contact Information:
Debbie Russo, Director of Marketing
Email: [email protected]
Matt Kreps, Darrow Associates Investor Relations
Phone: (214) 597-8200
Email: [email protected]
Source:Xplore Technologies Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-xplore-announces-management-hires-to-support-rugged-mobility-strategy.html |
CNBC.com VICTORIA JONES | Getty Images
Regular wedding attendees may be plagued with the question, "beef, chicken or fish?" But guests at Prince Harry and Meghan Markle's royal nuptials on May 19 at Windsor Castle will be dining on a lunch of fresh, seasonal, sophisticated fare, and a cake that breaks from royal tradition.
Though there have been rumors of food served in bowls (very trendy in England) as well as ice cream trucks at the second (more intimate) dinner reception held at the Frogmore House , according to Buckingham Palace the menu at the daytime reception will be "led by the freshest produce available."
"Luckily the seasons have just fallen perfectly and that's become the main focus in the decision making," said head chef of the royal household Mark Flanagan, according to the Royal Household at Buckingham Palace .
"The couple have been very involved in every detail" of the menus, said Flanagan. Indeed, in March, Prince Harry and Markle sampled each of the dishes (made from scratch) at tasting trials held in the Windsor Castle kitchen.
Most of the produce for the menu will be sourced from the U.K., some from Her Majesty's Estates at Windso r , and other from places like Kent, which has been dubbed as the "garden" of England and Norfolk for its fertile farmland and fruit-filled orchards .
Things like asparagus and elderflower are in season there in May, according to a Kent farmer's market website . And behind-the-scenes photos of royal chef Flanagan and his team in the Windsor Castle Kitchen feature fresh asparagus, artichokes, peas and tomatoes. TWEET
And Kensington Palace has announced that Prince Harry and Markle have selected pastry chef Claire Ptak, owner of the East London-based bakery Violet Cakes, to create their wedding confection.
"Prince Harry and Ms. Markle have asked Claire to create a lemon elderflower cake that will incorporate the bright flavours of spring," the Kensington Palace said. "It will be covered with buttercream and decorated with fresh flowers."
Traditionally, royals have fruit cake when they tie the knot; Prince William and Kate Middleton served up slices of the dessert, as did Queen Elizabeth and Prince Philip and Prince Charles and Princess Diana, among others . So Prince Harry's and Markle's choice of cake, which will reportedly be made with organic Amalfi lemons and English elderflower, is a more modern choice.
California-raised Ptak, who Markle previously interviewed for her now defunct lifestyle website, The Tig, is known for using seasonal and organic ingredients. She has given her social media followers a glimpse inside her cake-making process in the days leading up to the nuptials.
"And so it begins" she captioned an Instagram photo featuring crates of lemons.
Photos on Violet Cakes' Instagram account show beautiful pastries adorned with flowers and fresh fruit. On its website, Violet Cakes has wedding cakes that serve 150 people priced at $1,059. Meanwhile, there will be up to 600 guests attending the royal wedding reception.
In the past, slices of royal wedding cake have been auctioned off , sometimes fetching up to $7,500.
There will also likely be chocolate truffles, which the Buckingham Palace says is a, "favorite dessert served at receptions throughout the year at Windsor Castle."
"You approach every Royal event with the same care and attention to detail," says pastry chef Selwyn Stoby, who will be working on the day of the wedding. "But you don't get many opportunities to do a Royal Wedding in your lifetime, so this is very special." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/food-cake-prince-harry-and-meghan-markle-will-serve-at-royal-wedding.html |
LONDON (Reuters) - Iran’s military power would defuse any threat against the Islamic Republic, a senior military official said on Tuesday, amid a war of words between Iran and Israel.
“The armed forces are delivering their best services and no threat frightens Iran,” Iran’s Armed Forces Chief of Staff, Major General Mohammad Bagheri was Quote: d as saying by the state news agency IRNA.
Reporting by Bozorgmehr Sharafedin; Editing by Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nuclear-iran-bagheri/iran-says-no-military-threat-frightens-it-irna-idUSKBN1I91DT |
Risks are a bit elevated now: Portfolio manager 2 Hours Ago Barry James of James Balanced Golden Rainbow fund discusses why he believes now is a good time to be cautious despite the good earnings the market has seen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/risks-are-a-bit-elevated-now-portfolio-manager.html |
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While automakers are fixated on developing the next generation of electric cars, one British firm has other ideas.
Riversimple is hoping that its hydrogen-powered two-seater car, which has a futuristic design crossed with retro traits, might be able to offer a viable alternative to electric vehicles.
The Wales-based company has created a car called Rasa. It says it runs on 1.5 kilograms of hydrogen and can go 300 miles. The vehicle’s engineering is very different to other cars on the market. For example, it has a motor on each wheel.
It is powered by reverse electrolysis. Hydrogen and oxygen are combined to create electricity and water is a by-product that drips out of the exhaust.
“All the major auto manufacturers are building hydrogen cars but they are trying to retrofit the technology into the sort of cars they make. And they’re all, effectively, built the same way as cars have … been for the last hundred years. The petrol engine taken out and a fuel cell put in place. We’ve started from a clean sheet of paper,” Hugo Spowers, founder of Riversimple, told CNBC in an interview aired Friday.
Riversimple’s car is taking on other hydrogen models like the Toyota Mirai, but also electric vehicles from the likes of Tesla and other major automakers.
It is hoping its business model might help it differentiate. Riversimple won’t let anyone own one of its cars. Instead will allow people to pay monthly to drive the car. And that fee also includes a refill of hydrogen as well as insurance.
“It’s more like a mobile phone. It’s a single direct debit that covers all the running costs. It includes insurance and it even includes fuel … But it completely changes the sort of car that we build, because it’s an asset on our balance sheet, and the longer we can keep it generating revenue the better, the more efficient it is the better … and the lower maintenances the better,” Spowers said.
A Rasa can travel 300 miles on full fuel versus 335 miles for a Tesla Model S on a single charge. But Spowers claims that the energy efficiency is better on a hydrogen car.
“Energy efficiency is probably the single metric we have really got to chase in the future. Batteries are very heavy and the efficiency of a car depends on the weight of the car hugely. So batteries are really good for short-range applications. But at about 100, or 120 miles, we believe we can make a more efficient hydrogen car than a battery car. And if you’re talking a 300 mile range, 400 mile … it’s chalk and cheese, it’s so much more efficient,” Spowers told CNBC.
Riversimple is currently producing a handful of cars with the aim of having mass production by 2020.
Interestingly, Spowers said the company will open source its technology designs meaning other carmakers could theoretically copy them. The Riversimple founder says this is not an issue because the market is big enough.
“What we want is those standards to become ubiquitous. We are using different fuel cells … We want people to copy us because effectively, we are building different cars to the industry and we want to build volumes in (the) supply chain to reduce our costs,” Spowers told CNBC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/riversimple-rasa-the-hydrogen-powered-car-trying-to-take-on-tesla.html/ |
Suzy Welch: This is the productivity hack that top CEOs swear by 42 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/suzy-welch-this-is-the-productivity-hack-that-top-ceos-swear-by.html |
May 21, 2018 / 10:40 AM / Updated 17 minutes ago Focus: How Canada's Brookfield snatched bargain assets amid Brazil panic Tatiana Bautzer 6 Min Read
SAO PAULO (Reuters) - Rampant corruption scandals and a deep recession soured many foreign investors on Brazil in recent years, but one Canadian group saw opportunity. People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014. REUTERS/Mark Blinch/Files
Brookfield Asset Management Inc and its subsidiaries have made nearly a dozen major acquisitions there since 2013. The companies have spent about $10 billion on energy, infrastructure and real estate assets few others would touch due to the legal, political and economic risks involved.
“A crisis is a good time to find value,” said a person close to the group, who called Brookfield a “contrarian investor.”
That includes buying assets from companies entangled in the blockbuster “Car Wash” investigation, which jailed dozens of businessmen and politicians. The deals confirmed Brookfield’s reputation as one of the strongest-stomached investors in Brazil.
In 2016, for example, Brookfield Infrastructure Partners LP led a $5.2 billion acquisition of a pipeline operator from Petroleo Brasileiro SA, the state-controlled oil company at the heart of the Car Wash scandal. Recently, another Petrobras pipeline network with half the capacity fetched a top bid of around $8 billion from other investors. Bargain-hunting Brookfield gave that deal a pass.
The Canadians’ savvy is built on nearly 120 years of experience in South America’s largest economy. But the recent buying spree pushed the company to new extremes of due diligence and bulletproofing, according to interviews with six people involved in the deals.
The company declined to comment on investments in Brazil, which account for about 15 percent of its $286 billion portfolio and represent its biggest market after the United States.
Chief Executive Bruce Flatt, whom some call the Warren Buffett of Canada for his value-investing approach, called recent Brazil acquisitions “quality businesses from sellers in need of capital” in a February letter to investors. CONTENTIOUS PRIVATIZATIONS
Brookfield’s purchase of gas pipeline operator Nova Transportadora do Sudeste SA (NTS) from Petrobras was part of a controversial divestment program aimed at trimming the oil firm’s massive debt load.
Critics have decried the privatizations, and Ciro Gomes, a leading leftist presidential candidate, has pledged to reverse sales of state energy assets if elected this year.
Foreseeing the risk, Brookfield tasked dozens of lawyers with drafting an ironclad agreement. Brookfield has a right to compensation if Petrobras changes the contracts in a way that hurts the Canadians’ cash flow, according to three people with knowledge of the matter.
The head of Brazilian investment banking at a global bank, who was not involved in the NTS deal, said it was an example of Brookfield’s willingness to bet big while protecting itself.
“Everyone was stunned by their $5 billion bid at the time,” the banker said. That successful deal persuaded other investors to consider bidding on the other Petrobras pipeline unit, the person added.
Analysts at Saibus Research raised their target price for shares in Brookfield Infrastructure Partners after the NTS deal, citing a boost to its recurring profit margins. Shares have climbed 18 percent to more than $38 in New York since the deal was reported.
Started in 1899 as the Sao Paulo Railway, Light and Power Company, Brookfield grew into a diversified global investment firm. Until 2005, it went by the name Brascan, a reflection of its roots as a Canadian investment firm in Brazil. PRICING IN CORRUPTION RISK
Brookfield, too, has grappled with graft allegations in Brazil.
Its homebuilding unit was among around 30 developers accused of paying bribes to building inspectors in Sao Paulo between 2010 and 2012. Former employees of the unit, which later changed its name to Tegra, confessed to paying bribes and were cooperating witnesses in the trial of the building inspectors.
Brookfield said the company was not a target of the investigation and cooperated with authorities.
In a separate case, the U.S. Securities and Exchange Commission (SEC) opened an investigation in 2012 into accusations that Brookfield’s Brazil shopping mall unit bribed Sao Paulo officials to win construction permits. The SEC dropped the case in 2015 without bringing any enforcement action. Brookfield denied wrongdoing.
One of Brookfield’s toughest recent deals will test its ability to avoid fallout from another municipal graft scandal.
Last year it agreed to pay $1 billion for a 70 percent stake in a sewage and water utility owned by Odebrecht SA, an engineering group ensnared in the Car Wash probe. Prosecutors accused Odebrecht of paying bribes to secure contracts with some of the 186 municipalities where the utility operates.
Odebrecht, which reached a leniency deal with prosecutors, said in a statement it is cooperating with law enforcement and “has created internal controls to detect and prevent unlawful behavior.”
Some 60 lawyers working for Brookfield spent eight months assessing the risks. They arranged for $100 million of the purchase price to be set aside to cover potential liabilities if city governments break off contracts or demand compensation due to alleged kickback schemes.
Since subsidiary Brookfield Business Partners LP closed the deal in April 2017, none of the municipal contracts held by the company, now called BRK Ambiental, were rescinded and only one is in litigation, according to two people with knowledge of the matter. Reporting by Tatiana Bautzer; Additional reporting by Fergal Smith in Toronto, Luciano Costa and Carolina Mandl in Sao Paulo; Editing by Christian Plumb, Brad Haynes and Marla Dickerson | ashraq/financial-news-articles | https://in.reuters.com/article/brookfield-brazil/focus-how-canadas-brookfield-snatched-bargain-assets-amid-brazil-panic-idINKCN1IM0YB |
BERLIN (Reuters) - Police raided 20 flats in Berlin and Brandenburg on Tuesday and arrested three men suspected of being members of a gang smuggling Vietnamese people into Germany, officers said.
The men - two aged 57 and 35 from Vietnam and one 26-year-old German - were suspected of arranging fake marriages and counterfeit paternity certificates to help people get residency permits in Germany, police said.
Officers seized wedding rings, identity documents, phones and more than 26,000 euros ($30,000) in cash, police added.
Investigations into the suspected gang started in March 2017 and have so far identified 10 German and Vietnamese suspects, the force said.
Reporting by Riham Alkousaa; Editing by Andrew Heavens
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-raids/german-police-seize-wedding-rings-in-people-smuggling-raids-idUSKCN1IG1X4 |
YEHUD, Israel, Magal Security Systems (NASDAQ GMS: MAGS) today announced that it intends to publish its first quarter 2018 results on Wednesday, May 16, 2018.
The Company will hold an investors' conference call on the same day, at 10am Eastern Time.
Investors' Conference Call Information:
To participate, please call one of the following teleconferencing numbers. Please begin placing your calls a few minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Number: 1 888 281 1167
Israel Dial-in Number: 03 918 0610
UK Dial-in Number: 0 800 051 8913
International Dial-in Number: +972 3 918 0610
at:
10am Eastern Time; 7am Pacific Time; 3pm UK Time; 5pm Israel Time
A replay link of the call will be available from the day after the call on www.magalsecurity.com .
About Magal Security Systems Ltd.
Magal is a leading international provider of solutions and products for physical and video security solutions, as well as site management. Over the past 45 years, Magal has delivered its products as well as tailor-made security solutions and turnkey projects to hundreds of satisfied customers in over 80 countries - under some of the most challenging conditions.
Magal offers comprehensive integrated solutions for critical sites, managed by Fortis4G - our 4th generation, cutting-edge physical security information management system (PSIM). The solutions leverage our broad portfolio of home-grown PIDS (Perimeter Intrusion Detection Systems), Symphony - our advanced VMS (Video Management Software) with native IVA (Intelligent Video Analytics) security solutions.
For more information:
Magal Security Systems Ltd.
Diane Hill, Secretary to the CEO
Tel: +972-3-539-1421
E-mail: [email protected]
Web: www.magalsecurity.com
GK Investor Relations
Gavriel Frohwein / Ehud Helft
Tel: (US) +1 646 688 3559
Int'l dial: +972 3 607 4717
E-mail: [email protected]
releases/magal-security-systems-ltd-magal-to-release-first-quarter-2018-results-on-wednesday-may-16-2018-300639910.html
SOURCE Magal Security Systems, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-magal-security-systems-ltd-magal-to-release-first-quarter-2018-results-on-wednesday-may-16-2018.html |
GENEVA (Reuters) - China has overtaken the United States in healthy life expectancy at birth for the first time, according to World Health Organization data.
Infants undergo a daily medical examination at a maternal and child health care hospital in Taiyuan, Shanxi province, December 3, 2012. REUTERS/Stringer/Files Chinese newborns can look forward to 68.7 years of healthy life ahead of them, compared with 68.5 years for American babies, the data - which relates to 2016 - showed.
American newborns can still expect to live longer overall - 78.5 years compared to China’s 76.4 - but the last 10 years of American lives are not expected to be healthy.
“The lost years of good health that are a factor in calculating healthy life expectancy at birth are lower for China, Japan, Korea and some other high income Asian countries than for high income ‘Western’ countries,” said WHO spokeswoman Alison Clements-Hunt.
The United States was one of only five countries, along with Somalia, Afghanistan, Georgia and Saint Vincent and the Grenadines, where healthy life expectancy at birth fell in 2016, according to a Reuters analysis of the WHO data, which was published without year-on-year comparisons in mid-May.
The best outlook was for Singaporean babies, who can count on 76.2 years of health on average, followed by those in Japan, Spain and Switzerland. The United States came 40th in the global rankings, while China was 37th.
In terms of overall life expectancy China is also catching up with the United States, which Reuters calculations suggest it is on course to overtake around 2027.
“Chinese life expectancy has increased substantially and is now higher than for some high-income countries,” said Clements-Hunt.
Meanwhile U.S. life expectancy is falling, having peaked at 79 years in 2014, the first such reversal for many years, Clements-Hunt said.
That reflected increasing rates of drug overdose deaths, mainly from opioids, suicides, and some other major causes among younger middle-aged Americans, particularly in less affluent areas, she said.
The world’s longest life expectancy is in Japan, at 84.2 years, meaning that babies born there in 2016 were the first to be able to look forward to seeing the next century.
Reporting by Tom Miles; editing by John Stonestreet
| ashraq/financial-news-articles | https://in.reuters.com/article/health-lifespan/china-overtakes-u-s-for-healthy-lifespan-who-data-idINKCN1IV15H |
(Adds U.S. lawmakers informed)
* Trump announcement on Iran deal due Tuesday
* Pullout would stoke Middle East strains
* Financial markets whipsawed on Iran reports
WASHINGTON/PARIS, May 8 (Reuters) - U.S. is expected to announce on Tuesday that he is pulling out of an international nuclear deal with Iran, in a move that would raise the risk of conflict in the Middle East, upset America's European allies and disrupt global oil supplies.
Trump administration officials called key members of the U.S. Congress on Tuesday and told them he had decided to withdraw from the agreement but would not reimpose sanctions on Iran for up to six months, congressional aides said.
One senior European official closely involved in Iran diplomacy told Reuters that U.S. officials had indicated late on Monday that Trump would withdraw from the 2015 agreement, the signature foreign policy achievement of Trump's predecessor Barack Obama.
The deal eased sanctions on Iran in exchange for Tehran limiting its nuclear program to prevent it from being able to make an atomic bomb.
Trump is to make an announcement on the future of the Iran deal at 2 p.m. (1800 GMT) on Tuesday. Under U.S. law, Trump has until May 12 to decide whether to reimpose U.S. sanctions on Iran, which would deal a heavy blow to the accord.
A senior White House official denied a New York Times report that Trump had told French President Emmanuel Macron on Tuesday that he was going to pull out of the agreement.
The president did not tell Macron those things, the official said.
Trump has frequently criticized the accord because it does not address Iran's ballistic missile program, its nuclear activities beyond 2025, nor its role in conflicts in Yemen and Syria.
Iran has ruled out renegotiating the agreement and threatened to retaliate, although it has not said exactly how, if Washington pulled out.
EYEING OIL MARKETS
Abandoning the Iran pact would be in line with Trump's high-stakes "America First" policy, which has seen the United States announce its withdrawal last year from the Paris climate accord and come close to a trade war with China.
Renewing sanctions would make it much harder for Iran to sell its oil abroad or use the international banking system.
Oil prices dived as much as 4 percent on Tuesday as media reports rattled markets with doubts about whether Trump would withdraw Washington.
U.S. stocks were whipsawed on conflicting reports about Iran.
The Iran deal may remain partially intact, even without the United States. Iranian President Hassan Rouhani suggested on Monday that Iran could remain in the accord with the other signatories that remain committed to it.
"Iran is monitoring U.S. and European stance closely and will react to U.S. decision based on its own national interests," Iran's deputy foreign minister, Abbas Araqchi, was quoted as saying by Iranian news agency IRNA.
Trump's move is a snub to European allies such as France, Britain and Germany, who are also part of the Iran deal and tried hard to convince him to preserve it. The Europeans must now scramble to decide their own course of action with Tehran.
China and Russia are also signatories to the Iran pact.
"It sounds like Trumps going to reinstate all the sanctions, rescind all the waivers and begin the process of taking the United States out of the deal," said Mark Dubowitz, chief executive officer of the Foundation for Defense of Democracies, a conservative Washington think tank.
"There will be a 180-day wind-down period for companies to wind down their business deals with Iran and for countries to reduce oil purchases," said Dubowitz, who did not say whether he had first-hand knowledge of Trump's decision.
FEAR OF ESCALATION
Iran's growing military and political power in Yemen, Syria, Lebanon and Iraq worries the United States, Israel and U.S. Arab allies such as Saudi Arabia.
Israel has traded blows with Iranian forces in Syria since February, stirring concern that major escalation could be looming.
Financial markets were watching news of Trump and Iran closely on Tuesday.
A CNN report first raised doubts about whether Trump would impose sanctions as quickly as the market had expected, a decision that would reduce global crude supplies. That was followed by the New York Times story about Macron.
"There's been some conflicting comments come out of CNN that were bearish and then countered by the New York Times that were less bearish," said Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates.
"So we're just getting a lot of this pre-meaning noise that we often get when things ... kind of get leaked ahead of time."
Crude oil prices have been rallying in recent days, largely on expectations the United States would withdraw from the Iran pact and reinstate sanctions. Since the deal was put in place, Iran has increased exports to about 2.5 million barrels a day, up from around 1 million bpd in 2015.
The belief among oil investors has been that financial sanctions that restrict other countries' ability to invest in or do business with Iran will cut off supply - although these effects would likely not be felt until late 2018 or early 2019.
Multiple sets of U.S. sanctions were suspended as a result of the Iran agreement and some will take longer than others to kick in once reimposed.
(Additional reporting by Tim Ahmann, Makini Brice, Warren Strobel and Arshad Mohammed in Washington, Ayenat Mersie in New York, Sybille de La Hamaide, John Irish and Tim Hepher in Paris, Parisa Hafezi in Ankara, Bozorgmehr Sharafedin in London, Andrew Torchia in Dubai Writing by William Maclean and Alistair Bell Editing by Peter Graff, Yara Bayoumy and Bill Trott) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/reuters-america-wrapup-12-trump-expected-to-pull-u-s-from-iran-nuclear-deal-on-tuesday.html |
May 8 (Reuters) - tronc Inc:
* TRONC INC FILES FOR OFFERING OF UP TO 1.91 MILLION SHARES OF COMMON STOCK BY SELLING STOCKHOLDER - SEC FILING Source text: [ bit.ly/2HXmoch ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tronc-inc-files-for-offering-of-up/brief-tronc-inc-files-for-offering-of-up-to-1-91-mln-shares-of-common-stock-by-selling-stockholder-idUSFWN1SF0JY |
May 9 (Reuters) - Cervus Equipment Corp:
* . ANNOUNCES FIRST QUARTER 2018 RESULTS, $0.11 INCREASE IN ADJUSTED EARNINGS PER SHARE DRIVEN BY ONTARIO TRANSPORTATION PERFORMANCE
* Q1 LOSS PER SHARE C$0.01 * Q1 EARNINGS PER SHARE VIEW C$-0.06 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cervus-equipment-corp-q1-loss-per/brief-cervus-equipment-corp-q1-loss-per-share-c0-01-idUSASC0A17O |
CNBC'S JOHN HARWOOD AND TYLER MATHISEN TO LEAD THE CONVERSATIONS WITH MULVANEY AND BESSANT IN WASHINGTON, D.C.
Event Series Examines the Convergence of Business and Politics
ENGLEWOOD CLIFFS, N.J., MAY 4, 2018 — CNBC today announced that the next Capital Exchange breakfast series event will take place on Thursday, May 10th in Washington, D.C. featuring the following guests:
Mick Mulvaney: Director, Office of Management and Budget and Acting Director, Consumer Financial Protection Bureau (interviewed by CNBC's John Harwood )
Catherine P. Bessant: Chief Operations and Technology Officer, Bank of America (interviewed by CNBC's Tyler Mathisen ) The event will take place at The Hay-Adams. Nasdaq is the sponsor.
The conversations with Mulvaney and Bessant will explore the theme of "Disrupting Wall Street: The Fintech Revolution – Technology, Markets and Regulation." From cryptocurrencies to AI Investing, technology is transforming financial markets and investor behavior at an unprecedented rate. A vital question for the stability of markets is whether our regulatory regime can keep up. We saw during the financial crisis a decade ago how outdated regulations can struggle to effectively protect against crises; ten years on, what can policymakers and the private sector do to ensure that the system is prepared for the next one?
CNBC's new Capital Exchange breakfast series features top lawmakers, CEOs and administration officials in candid conversations on the confluence of policy, business and money.
To learn more, please visit: https://capitalexchange.eventfarm.com/
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/cnbcs-next-capital-exchange-event-to-feature-omb-director-mick-mulvaney-and-bank-of-america-coo-cto-catherine-bessant.html |
WALTHAM, Mass., May 09, 2018 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our” or “GECC”), (NASDAQ:GECC), today announced its financial results for the quarter ended March 31, 2018 and filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission (“SEC”).
FINANCIAL HIGHLIGHTS (1)
Net investment income (“NII”) for the quarter ended March 31, 2018 was approximately $3.9 million, or $0.36 per share, which was in excess of our declared monthly base distribution of $0.083 per share (or approximately $0.25 per share for the quarter) for the same period and equated to a 1.45x base distribution coverage. In May, the Board of Directors (the “Board”) declared monthly distributions of $0.083 per share for the third quarter of 2018, representing a yield of approximately 8.45% of March 31, 2018 net asset value (“NAV”). Net assets on March 31, 2018 were approximately $125.6 million. NAV per share on March 31, 2018 was $11.79, as compared to $12.42 per share on December 31, 2017. We had approximately $317,000 of net realized gains on portfolio investments that were monetized during the quarter ended March 31, 2018, or approximately $0.03 per share, and net unrealized depreciation of investments of approximately ($8.2) million, or approximately ($0.77) per share. During the quarter ended March 31, 2018, we invested approximately $63.2 million across 13 investments (2) , including seven new portfolio investments. During the quarter ended March 31, 2018, we monetized approximately $29.1 million across 12 investments (in part or in full). (3)
“We were particularly active this quarter as we found a number of attractive opportunities via both primary and secondary markets. These opportunities allowed us to grow our asset base and, importantly, diversify our portfolio holdings,” said Peter A. Reed, GECC’s President and Chief Executive Officer. “A majority of the credit belongs to our investment team whose in-depth research and sourcing relationships created attractive, risk-adjusted opportunities despite less than favorable conditions for credit investing.”
PORTFOLIO AND INVESTMENT ACTIVITY
As of March 31, 2018, we held 30 debt investments across 23 companies, totaling approximately $194.3 million and representing 99.8% of invested capital. First lien and / or senior secured debt investments comprised 99.8% of invested capital as of the same date.
As of March 31, 2018, the weighted average current yield on our debt portfolio was approximately 14.8% with approximately 54.4% of invested debt capital in floating rate instruments.
During the quarter ended March 31, 2018, we deployed approximately $63.2 million (2) into new and existing investments across 13 investments (seven new investments, six additional investments). The weighted average price of the new debt investments was 99% of par, carrying a weighted average current yield of 10.2%. All of these investments are first lien and / or senior secured investments.
During the quarter ended March 31, 2018, we monetized 12 investments, in part or in full, for approximately $29.1 million (3) , at a weighted average current yield of 11.1%. Our weighted average realization price was just above par.
LEGACY FULL CIRCLE PORTFOLIO
In the year and a half since the Full Circle Capital Corporation (“Full Circle”) merger closed, we have been working diligently to monetize what was largely viewed as a challenged legacy portfolio, as evidenced by the steep discount to NAV at which Full Circle’s shares were trading prior to and subsequent to the merger announcement. During that time, we have exited 22 positions across 15 portfolio companies realizing an aggregate total return of $4.2 million on these positions, a significant achievement given the market’s assessment of this portfolio. These positions represented approximately 69% of the aggregate cost basis of the legacy Full Circle portfolio.
“Our progress to date is the direct result of the considerable amount of time and resources deployed by our team to monetize nearly 70% of the legacy Full Circle portfolio at a net gain,” noted Mr. Reed. “We often discuss our special situations approach to investing and this is exactly what we are referring to: identifying value which may not be appreciated by the broader market and utilizing our restructuring expertise and willingness to roll up our sleeves to help realize the same.”
CONSOLIDATED RESULTS OF OPERATIONS
Total investment income for the quarter ended March 31, 2018 was approximately $7.5 million, or $0.70 per share. Net expenses for the quarter ended March 31, 2018 were approximately $3.6 million, or $0.34 per share.
Net realized gains for the quarter ended March 31, 2018 were approximately $317,000, or $0.03 per share. Net unrealized depreciation from investments for the quarter ended March 31, 2018 was approximately ($8.2) million, or ($0.77) per share.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2018, available liquidity from cash and money market investments was approximately $29.9 million, exclusive of our holdings of United States Treasury Bills.
Total debt outstanding as of March 31, 2018 was $79.0 million, comprised of the 6.50% notes due September 2022 (NASDAQ: GECCL) and the 6.75% notes due January 2025 (NASDAQ: GECCM).
RECENT DEVELOPMENTS
Distributions:
Our Board declared the monthly distributions for the third fiscal quarter of 2018 at $0.083 per share. The schedule of distribution payments is as follows:
Month Rate Record Date Payable Date July $0.083 July 31, 2018 August 15, 2018 August $0.083 August 31, 2018 September 14, 2018 September $0.083 September 28, 2018 October 15, 2018 Our distribution policy has been designed to set an annual base distribution rate that is covered by NII. From time to time, as catalyst-driven investments are realized or when we out-earn our declared distributions, we intend to supplement monthly distributions with special distributions from NII generated in excess of the declared distributions. (4)
Leverage:
On May 3, 2018 at the Annual Stockholders’ Meeting, a majority of stockholders approved the application of the modified minimum asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940, as amended, in accordance with the Small Business Credit Availability Act ("SBCAA") that was signed into law on March 23, 2018. As a result of such approval, and subject to satisfying certain ongoing disclosure requirements under the SBCAA, effective May 4, 2018, the asset coverage ratio test applicable to the Company has been decreased from 200% to 150%, permitting GECC to incur additional leverage.
As of the end of Q1/2018, we had approximately $79.0 million in par value of debt outstanding with an asset coverage ratio of 255% and debt to equity ratio of 0.63x, significantly below the previous debt to equity ratio limit of 1.0x.
Mr. Reed stated, “We believe the passage of the SBCAA benefits the Company and its stockholders by providing the Company with flexibility to manage its balance sheet through the selective use of additional leverage. We intend to deploy this leverage prudently, in amounts and at times that we believe can best deliver attractive risk-adjusted returns to our stockholders. Notwithstanding this ability to incur additional leverage, we are cognizant of where we are in the credit cycle and do not believe it would be wise to incur the full amount of additional leverage permitted under the SBCAA at this time. As always, we remain keenly focused on creating long-term stockholder value by investing in securities with significant downside protection derived from robust asset coverage and/or recurring free cash flow.”
Portfolio Investments:
PR Wireless, Inc. In April 2018, the senior secured term loan to PR Wireless, Inc. was sold at par, resulting in a realized gain of approximately $800,000.
Avanti Communications Group plc (“Avanti”) In December 2017, Avanti announced a proposed restructuring plan whereby the terms of its second lien debt would be amended (its coupon rate reduced to 9.0%; the company to have the option to pay in kind (“PIK”) its interest payments for the remaining life of the security; and its maturity date to be extended by a year) and its current third lien debt would be “equitized” in a debt for equity swap. In April 2018, a majority of Avanti shareholders voted in support of the proposed restructuring plan, allowing for the plan to close on April 26, 2018. In consideration for their support, the existing shareholders retain 7.5% of the common equity pro-forma for the issuance associated with the restructuring and the third lien debtholders own 92.5%. GECC now owns approximately 9.1% of Avanti’s common equity. In April 2018, Kyle Whitehill joined Avanti as its new CEO, replacing Alan Harper, previously the company’s Interim CEO. With Mr. Whitehill starting in April, Mr. Harper resumed his role as a Non-Executive Director of the company. In April 2018, Avanti successfully launched HYLAS 4. HYLAS 4 is Avanti’s largest capacity satellite and will provide data communications services with fixed beams serving Africa and Europe and steerable beams that can cover territory as far west as the United States and as far south as the southern tip of South America. HYLAS 4 is now in its period of in-orbit testing, a period that typically lasts approximately three months. If in-orbit testing is successfully completed, we anticipate Avanti would commence selling capacity and thus generating revenue from HYLAS 4.
Subsequent Investments (5) : In April 2018, we purchased an additional $1.8 million of par value of Aptean Holdings, Inc. second lien term loan at a price of approximately 101% of par value. In April 2018, we purchased an additional $0.5 million of par value of SESAC Holdco II LLC second lien term loan at a price of approximately 100% of par value. In April and May 2018, we funded an additional $1.8 million of par value to Tallage Davis, LLC.
CONFERENCE CALL AND WEBCAST
Great Elm Capital Corp. will host a conference call and webcast on Thursday, May 10, 2018 at 10:00 a.m. Eastern Daylight Time to discuss its first quarter financial results. All interested parties are invited to participate in the conference call by dialing +1 (844) 820-8297; international callers should dial +1 (661) 378-9758. Participants should enter the Conference ID 7658149 when asked. For a copy of the slide presentation that will be referenced during the course of our conference call, please visit: http://www.investor.greatelmcc.com/events-and-presentations/presentations . The presentation will also be published after the close of the financial markets on Wednesday, May 9, 2018. Additionally, the conference call will be webcast simultaneously at: https://edge.media-server.com/m6/p/9n9scbsa .
About Great Elm Capital Corp.
Great Elm Capital Corp. is an externally managed, specialty finance company focused on investing in debt instruments of middle market companies. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. GECC focuses on special situations and catalyst-driven investments as it seeks to generate attractive, risk-adjusted returns through both current income and capital appreciation.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the are: conditions in the credit markets, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the SEC. GECC assumes no obligation to, and expressly disclaims any duty to, update any contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these that speak only as of the date hereof.
This press release does not constitute an offer of any securities for sale.
Media & Investor Contact:
Meaghan K. Mahoney
Senior Vice President
+1 (617) 375-3006
[email protected]
Endnotes:
(1) The per share figures are based on a weighted average shares outstanding for the three months ended March 31, 2018, except where such amounts need to be adjusted to be consistent with the financial highlights of our consolidated financial statements.
(2) This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and PIK interest. Amounts included herein do not include investments in short-term securities, including United States Treasury Bills and money market mutual funds.
(3) This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein do not include investments in short-term securities, including United States Treasury Bills and money market mutual funds.
(4) There can be no assurance that any such supplemental amounts will be received or realized, or even if received and realized, distributed or available for distribution. Past distributions are not indicative of future distributions. Distributions are declared by the Board out of the funds legally available therefor. Though GECC intends to pay distributions monthly, it is not obligated to do so.
(5) This deployment and monetization activity does not include revolver draws or ordinary course amortization payments.
GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
Dollar amounts in thousands (except per share amounts)
March 31, 2018 December 31, 2017 Assets (unaudited) Non-affiliated, non-controlled investments, at fair value
(amortized cost of $215,505 and $179,558, respectively) $ 177,166 $ 144,996 Non-affiliated, non-controlled short term investments, at fair value
(amortized cost of $48,770 and $65,892, respectively) 48,767 65,890 Affiliated investments, at fair value
(amortized cost of $4,240 and $4,240, respectively) 287 1,770 Controlled investments, at fair value
(amortized cost of $17,961 and $18,487, respectively) 17,297 18,104 Total investments 243,517 230,760 Cash and cash equivalents 6,030 2,916 Receivable for investments sold 1,559 12 Interest receivable 4,747 5,027 Due from portfolio company 329 204 Due from affiliates 804 692 Prepaid expenses and other assets 128 302 Total assets $ 257,114 $ 239,913 Liabilities Notes payable 6.50% due September 18, 2022 (including unamortized discount
of $1,363 and $1,435 at March 31, 2018 and December 31, 2017, respectively) $ 31,268 $ 31,196 Notes payable 6.75% due January 31, 2025 (including unamortized discount
of $1,895 and $0 at March 31, 2018 and December 31, 2017, respectively) 44,503 — Payable for investments purchased 46,379 66,165 Interest payable 354 354 Distributions payable 884 3,015 Due to affiliates 7,216 6,193 Accrued expenses and other liabilities 914 703 Total liabilities $ 131,518 $ 107,626 Commitments and contingencies (Note 6) $ — $ — Net Assets Common stock, par value $0.01 per share (100,000,000 shares authorized,
10,652,401 and 10,652,401shares issued and outstanding at
March 31, 2018 and December 31, 2017, respectively) $ 107 $ 107 Additional paid-in capital 198,426 198,426 Accumulated net realized losses (33,011 ) (33,328 ) Undistributed net investment income 5,713 4,499 Net unrealized depreciation on investments (45,639 ) (37,417 ) Total net assets $ 125,596 $ 132,287 Total liabilities and net assets $ 257,114 $ 239,913 Net asset value per share $ 11.79 $ 12.42
GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OPERATIONS (unaudited)
Dollar amounts in thousands (except per share amounts)
For the Three Months Ended March 31, For the Three Months Ended March 31, 2018 2017 Investment Income: Interest income from: Non-affiliated, non-controlled investments $ 6,709 $ 5,339 Non-affiliated, non-controlled investments (PIK) - 1,142 Affiliated investments - 138 Controlled investments 432 207 Controlled investments (PIK) 224 - Total interest income 7,365 6,826 Dividend income from non-affiliated, non-controlled investments 106 46 Other income from: Non-affiliated, non-controlled investments 17 443 Controlled investments 10 - Total other income 27 443 Total investment income 7,498 7,315 Expenses: Management fees 693 593 Incentive fees 966 1,023 Administration fees 310 495 Custody fees 14 13 Directors’ fees 49 27 Professional services 171 331 Interest expense 1,275 631 Other expenses 154 113 Total expenses 3,632 3,226 Accrued administration fee waiver — 5 Net expenses 3,632 3,221 Net investment income 3,866 4,094 Net realized and unrealized gains (losses) on investment transactions: Net realized gain (loss) from: Non-affiliated, non-controlled investments 107 1,980 Affiliated investments — — Controlled investments 210 — Total net realized gain (loss) 317 1,980 Net change in unrealized appreciation (depreciation) from: Non-affiliated, non-controlled investments (6,459 ) (743 ) Affiliated investments (1,483 ) (1,591 ) Controlled investments (280 ) (361 ) Total net change in unrealized appreciation (depreciation) (8,222 ) (2,695 ) Net realized and unrealized gains (losses) (7,905 ) (715 ) Net increase (decrease) in net assets resulting from operations $ (4,039 ) $ 3,379 Net investment income per share (basic and diluted): $ 0.36 $ 0.32 Earnings per share (basic and diluted): $ (0.38 ) $ 0.27 Weighted average shares outstanding: 10,652,401 12,636,477
GREAT ELM CAPITAL CORP.
Per Share Data
Dollar amounts in thousands (except per share amounts)
For the Three Months Ended March 31, For the Three Months Ended March 31, 2018 2017 Per Share Data: (1) Net asset value, beginning of period $ 12.42 $ 13.52 Net investment income 0.36 0.32 Net realized gains 0.03 0.16 Net unrealized losses (0.77 ) (0.21 ) Net increase (decrease) in net assets resulting from operations (0.38 ) 0.27 Accretion from share buybacks 0.00 0.05 Distributions declared from net investment income (2) (0.25 ) (0.25 ) Net asset value, end of period $ 11.79 $ 13.59 (1) The per share data was derived by using the weighted average shares outstanding during the period, except where such calculations deviate from those specified under the instructions to Form N-2.
(2) The per share data for distributions declared reflects the actual amount of distributions of record per share for the period.
Source:Great Elm Capital Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-great-elm-capital-corp-announces-first-quarter-2018-financial-results-net-investment-income-of-0-point-36-per-share-board.html |
SYDNEY, May 1 (Reuters) - The Australian banking regulator imposed an extra A$1 billion ($753 million) onto Commonwealth Bank of Australia’s minimum capital requirement as it released a harsh report on the bank’s culture and governance.
The Australian Prudential Regulatory Authority (APRA) commissioned the independent report after CBA was sued by Australia’s financial intelligence agency for widespread breaches of money laundering laws that allowed criminals and terror financiers to launder millions of dollars through its accounts.
The report found that Australia’s biggest lender had a “widespread sense of complacency, a reactive stance in dealing with risk”, and did not learn from its mistakes, APRA said in a statement. ($1 = 1.3280 Australian dollars) (Reporting by Paulina Duran; editing by Jane Wardell and G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-cba-moneylaundering/australia-banks-watchdog-adds-a1-bln-to-cbas-capital-requirements-idUSS9N1N5002 |
PARIS (Reuters) - French telecoms company Iliad has named Thomas Reynaud as its new chief executive, the company said in a statement on Monday, as the firm reorganizes its top management.
Reynaud, Iliad’s chief financial officer, will replace Maxime Lombardini, who is set to become chairman of the group.
Iliad’s current chairman, Cyril Poidatz, will become the company’s corporate secretary. Nicolas Jaeger, who acts as head of investor relations, will become the new CFO.
All changes will become effective on May 21, Iliad said.
Reporting by Mathieu Rosemain; Editing by Edmund Blair
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iliad-management/frances-iliad-picks-thomas-reynaud-as-its-new-ceo-idUSKCN1IF2O7 |
(Adds details, oil production, background)
By Chijioke Ohuocha and Paul Carsten
ABUJA, May 21 (Reuters) - Nigeria’s economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession last year as the non-oil sector struggled, the National Bureau of Statistics said on Monday.
The economy grew by 1.95 percent in the first quarter lifted by the oil sector. That was a slight dip from 2.11 percent year-on-year in the final quarter of 2017. The economy shrank 0.91 percent in the first quarter of 2017, the bureau said.
Growth rates had been bouncing back since the third quarter of 2016, when the recession, its first in 25 years, bottomed out. Nigeria exited that contraction last year largely due to higher oil prices, with the country relying on crude sales for around two-thirds of government revenue.
Last week parliament passed a record 9.12 trillion naira ($29.8 billion) budget for 2018 aimed at boosting growth in west Africa’s biggest economy nine months before the country’s next presidential election.
President Muhammadu Buhari has been trying to diversify the economy away from oil by boosting the non-oil sector but those efforts are struggling.
The oil sector grew 14.77 percent in the period, higher than the non-oil sector which rose 0.76 percent between January to March, the NBS said. Oil production stood at 2 million barrels per day in the quarter, up from 1.95 million in the previous quarter.
The GDP data comes a day before the central bank announces its decision on interest rates, with recent economic data showing that there’s scope for a rate cut as inflation dropped to a more than two year low in April of 12.48 percent.
The bank has kept its rate at 14 percent since July 2016 to support the naira and curb inflation. (Reporting by Paul Carsten and Chijioke Ohuocha; Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/nigeria-gdp/update-1-nigerias-economic-growth-slows-for-first-time-since-end-of-recession-idUSL5N1SS14L |
May 8 (Reuters) - CPI Card Group Inc:
* Q1 SALES $59.1 MILLION VERSUS I/B/E/S VIEW $55.2 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.23 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cpi-card-group-reports-q1-adjusted/brief-cpi-card-group-reports-q1-adjusted-loss-per-share-0-47-idUSASC0A0OU |
– First-Quarter Revenue of $494.0 Million –
– First-Quarter GAAP Earnings per Share of $1.08 and Non-GAAP Earnings per Share of $1.38 –
– Updates 2018 Guidance –
WILMINGTON, Mass.--(BUSINESS WIRE)-- Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the first quarter of 2018. For the quarter, revenue from continuing operations was $494.0 million, an increase of 10.8% from $445.8 million in the first quarter of 2017. Revenue growth was driven primarily by the Discovery and Safety Assessment and Manufacturing Support segments.
The impact of foreign currency translation benefited reported revenue growth by 4.6%. The acquisitions of Brains On-Line and KWS BioTest contributed 1.0% to consolidated first-quarter revenue growth, both on a reported basis and in constant currency. The February 2017 divestiture of the Contract Development and Manufacturing (CDMO) business reduced reported revenue growth by 0.4%. Excluding the effect of these items, organic revenue growth was 5.6%.
On a GAAP basis, first-quarter net income from continuing operations attributable to common shareholders was $52.7 million, an increase of 12.6% from net income of $46.8 million for the same period in 2017. First-quarter diluted earnings per share on a GAAP basis were $1.08, an 11.3% increase from earnings per share of $0.97 for the first quarter of 2017.
On a non-GAAP basis, net income from continuing operations was $67.5 million for the first quarter of 2018, an increase of 7.9% from $62.6 million for the same period in 2017. First-quarter diluted earnings per share on a non-GAAP basis were $1.38, an increase of 7.0% from $1.29 per share for the first quarter of 2017.
The GAAP and non-GAAP earnings per share increases were driven primarily by a lower tax rate and a gain from the Company’s venture capital investments. The gain from the Company’s venture capital investments contributed $0.10 per share in the first quarter of 2018, compared to a $0.05 gain for the same period in 2017.
James C. Foster, Chairman and Chief Executive Officer, said, “The year began with robust demand for our products and services, with the revenue growth rate improving sequentially in both the DSA and RMS segments. Clients are increasingly choosing to partner with Charles River, for our science, for our support, and for the breadth and depth of our portfolio. We are continuing to expand this portfolio to strengthen our ability to holistically support our clients’ drug discovery, early development, and manufacturing efforts, and to enhance our position as the premier early-stage CRO.”
“We remain optimistic about the opportunities for growth in 2018, which are enhanced by the acquisition of MPI Research. The acquisition of MPI Research is a key element of our continued ability to support our clients’ early-stage drug research efforts, to achieve our long-term growth goals, and to enhance shareholder value,” Mr. Foster concluded.
First-Quarter Segment Results
Research Models and Services (RMS)
Revenue for the RMS segment was $134.0 million in the first quarter of 2018, an increase of 5.3% from $127.2 million in the first quarter of 2017. Organic revenue growth was 0.2%, driven primarily by higher revenue for research models in China and the Insourcing Solutions (IS) and Genetically Engineered Models and Services (GEMS) businesses, offset by softer demand for research models outside of China.
In the first quarter of 2018, the RMS segment’s GAAP operating margin decreased to 28.8% from 29.6% in the first quarter of 2017. The GAAP operating margin decline was related primarily to charges associated with the planned closure of the Company’s research model production site in Maryland, which was announced in November 2017. On a non-GAAP basis, the operating margin decreased to 29.8% from 30.1% in the first quarter of 2017. The non-GAAP operating margin decline was driven primarily by the research models business.
Discovery and Safety Assessment (DSA)
Revenue from continuing operations for the DSA segment was $260.0 million in the first quarter of 2018, an increase of 14.2% from $227.8 million in the first quarter of 2017. Organic revenue growth of 8.3% was driven by both the Safety Assessment and Discovery Services businesses. The DSA revenue increase was driven primarily by demand from biotechnology clients, as well as higher revenue from global biopharmaceutical clients.
In the first quarter of 2018, the DSA segment’s GAAP operating margin decreased to 15.7% from 16.8% in the first quarter of 2017. On a non-GAAP basis, the operating margin decreased to 18.6% from 20.7% in the first quarter of 2017. The GAAP and non-GAAP operating margin declines were driven primarily by study mix and foreign exchange. Foreign exchange reduced the DSA operating margin by approximately 100 basis points.
Manufacturing Support (Manufacturing)
Revenue for the Manufacturing segment was $100.0 million in the first quarter of 2018, an increase of 10.1% from $90.8 million in the first quarter of 2017. Organic revenue growth was 6.3%, driven primarily by the Microbial Solutions and Avian Vaccine Services businesses.
In the first quarter of 2018, the Manufacturing segment’s GAAP operating margin decreased to 28.5% from 29.3% in the first quarter of 2017. On a non-GAAP basis, the operating margin decreased to 31.9% from 33.2% in the first quarter of 2017. The GAAP and non-GAAP operating margin declines were driven primarily by lower volume in the Biologics Testing Solutions business.
Updates 2018 Guidance
On February 13, 2018, the Company provided 2018 financial guidance for revenue growth and non-GAAP earnings per share, which included the impact of the pending MPI Research acquisition. The acquisition of MPI Research was subsequently completed on April 3, 2018.
The Company is increasing its guidance for reported revenue growth due to a more favorable benefit from foreign exchange, which is now expected to contribute approximately 3% to reported revenue growth, compared to the Company’s initial estimate of approximately 1%. The Company is reaffirming its organic revenue growth guidance for 2018.
The Company is providing initial GAAP earnings per share guidance including the acquisition of MPI Research of $4.22 to $4.37. The Company is increasing its non-GAAP earnings per share guidance for 2018, due primarily to a lower-than-expected tax rate, as well as an incremental benefit from foreign exchange.
The Company’s revenue and earnings per share guidance including the acquisition of MPI Research is as follows:
2018 GUIDANCE INCLUDING MPI RESEARCH
(from continuing operations) REVISED PRIOR Revenue growth, reported 18% - 20% 16% - 18% Less: Contribution from acquisitions (1) (9.5% - 10.5%) (9.5% - 10.5%) Less: Favorable impact of foreign exchange (~3%) (~1%) Revenue growth, organic (2) 5.7% - 6.7% 5.7% - 6.7% GAAP EPS estimate $4.22-$4.37 --- Amortization of intangible assets (3) $1.00-$1.10 --- Charges related to global efficiency initiatives (4) $0.09 --- Acquisition-related adjustments (5) $0.41 --- Non-GAAP EPS estimate $5.77 - $5.92 $5.67 - $5.82 Footnotes to Guidance Table:
(1) The contribution from acquisitions reflects only those acquisition which have been completed.
(2) Organic revenue growth is defined as reported revenue growth adjusted for acquisitions, the divestiture of the CDMO business, and foreign currency translation. Divestiture of the CDMO business did not have a material impact on the revenue growth rate in 2018.
(3) Amortization of intangible assets includes an estimate of $0.40-$0.50 for the impact of the MPI Research acquisition because the preliminary purchase price allocation has not been completed.
(4) These charges relate primarily to the Company’s planned efficiency initiatives including the closure of the Maryland research model production site. These charges primarily include accelerated lease obligations and severance. Other projects in support of global productivity and efficiency initiatives are expected, but these charges reflect only the decisions that have already been finalized.
(5) These adjustments are related to the evaluation and integration of acquisitions, and primarily include transaction, advisory, and certain third-party integration costs, as well as certain costs associated with acquisition-related efficiency initiatives, and the write-off of deferred financing costs and fees related to debt financing.
Webcast
Charles River has scheduled a live webcast on Thursday, May 10, at 8:30 a.m. ET to discuss matters relating to this press release. To participate, please go to ir.criver.com and select the webcast link. You can also find the associated slide presentation and reconciliations of GAAP financial measures to non-GAAP financial measures on the website.
Bank of America Merrill Lynch Healthcare Conference Presentation
Charles River will present at the Bank of America Merrill Lynch 2018 Health Care Conference in Las Vegas, Nevada, on Wednesday, May 16, at 10:00 a.m. PT/1:00 p.m. ET. Management will provide an overview of Charles River’s strategic focus and business developments.
A live webcast of the presentation will be available through a link that will be posted on ir.criver.com . A webcast replay will be accessible through the same website shortly after the presentation and will remain available for approximately two weeks.
Non-GAAP Reconciliations/Discontinued Operations
The Company reports non-GAAP results in this press release, which exclude often-one-time charges and other items that are outside of normal operations. A reconciliation of GAAP to non-GAAP results is provided in the schedules at the end of this press release. In addition, the Company reports results from continuing operations, which exclude results of the Phase I clinical business that was divested in 2011. The Phase I business is reported as a discontinued operation.
Use of Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, such as non-GAAP earnings per diluted share, which exclude the amortization of intangible assets, and other charges related to our acquisitions; bargain gains associated with our acquisitions; expenses associated with evaluating and integrating acquisitions and divestitures, as well as fair value adjustments associated with contingent consideration; charges, gains, and losses attributable to businesses or properties we plan to close, consolidate, or divest; severance and other costs associated with our efficiency initiatives; gain on and tax effect of the divestiture of the CDMO business; the write-off of a relocation subsidy liability in our China research models business; the write-off of deferred financing costs and fees related to debt financing; and costs related to a U.S. government billing adjustment and related expenses. This press release also refers to our revenue in both a GAAP and non-GAAP basis: “constant currency,” which we define as reported revenue growth adjusted the impact of foreign currency translation, and “organic revenue growth,” which we define as reported revenue growth adjusted for foreign currency translation, acquisitions, and divestitures. We exclude these items from the non-GAAP financial measures because they are outside our normal operations. There are limitations in using non-GAAP financial measures, as they are not prepared in accordance with generally accepted accounting principles, and may be different than non-GAAP financial measures used by other companies. In particular, we believe that the inclusion of supplementary non-GAAP financial measures in this press release helps investors to gain a meaningful understanding of our core operating results and future prospects without the effect of these often-one-time charges, and is consistent with how management measures and forecasts the Company's performance, especially when comparing such results to prior periods or forecasts. We believe that the financial impact of our acquisitions and divestitures (and in certain cases, the evaluation of such acquisitions and divestitures, whether or not ultimately consummated) is often large relative to our overall financial performance, which can adversely affect the comparability of our results on a period-to-period basis. In addition, certain activities and their underlying associated costs, such as business acquisitions, generally occur periodically but on an unpredictable basis. We calculate non-GAAP integration costs to include third-party integration costs incurred post-acquisition. Presenting revenue on an organic basis allows investors to measure our revenue growth exclusive of acquisitions, divestitures, and foreign currency exchange fluctuations more clearly. Non-GAAP results also allow investors to compare the Company’s operations against the financial results of other companies in the industry who similarly provide non-GAAP results. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules and regulations. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in this press release, and can also be found on the Company’s website at ir.criver.com .
Caution Concerning Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “may,” “estimate,” “plan,” “outlook,” and “project,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements also include statements regarding the projected future financial performance of Charles River and our specific businesses, including revenue (on both a reported, constant-currency, and organic growth basis), operating margins, earnings per share, the expected impact of foreign exchange rates, and the expected benefit of our life science venture capital investments; the future demand for drug discovery and development products and services, including our expectations for future revenue trends; our expectations with respect to the impact of acquisitions on the Company, our service offerings, client perception, strategic relationships, revenue, revenue growth rates, and earnings; our expectations regarding MPI’s final 2017 financial results, and our expected operational synergies; the development and performance of our services and products; market and industry conditions including the outsourcing of services and spending trends by our clients; the potential outcome of and impact to our business and financial operations due to litigation and legal proceedings; the impact of U.S. tax reform enacted in the fourth quarter of 2017; and Charles River’s future performance as delineated in our forward-looking guidance, and particularly our expectations with respect to revenue, the impact of foreign exchange, and enhanced efficiency initiatives. Forward-looking statements are based on Charles River’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to: the ability to successfully integrate businesses we acquire; the ability to execute our efficiency initiatives on an effective and timely basis (including divestitures and site closures, such as our Maryland research model production site); the timing and magnitude of our share repurchases; negative trends in research and development spending, negative trends in the level of outsourced services, or other cost reduction actions by our clients; the ability to convert backlog to revenue; special interest groups; contaminations; industry trends; new displacement technologies; USDA and FDA regulations; changes in law; continued availability of products and supplies; loss of key personnel; interest rate and foreign currency exchange rate fluctuations; changes in tax regulation and laws; changes in generally accepted accounting principles; and any changes in business, political, or economic conditions due to the threat of future terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 13, 2018, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this news release except as required by law.
About Charles River
Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com .
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. SCHEDULE 1 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (1) (in thousands, except for per share data) Three Months Ended March 31, 2018 April 1, 2017 Total revenue $ 493,970 $ 445,763 Cost of revenue (excluding amortization of intangible assets) 312,501 274,411 Selling, general and administrative 103,372 90,909 Amortization of intangible assets 10,268 10,737 Operating income 67,829 69,706 Interest income 282 202 Interest expense (11,191 ) (6,983 ) Other income, net 6,120 15,122 Income from continuing operations, before income taxes 63,040 78,047 Provision for income taxes 9,772 31,084 Income from continuing operations, net of income taxes 53,268 46,963 Loss from discontinued operations, net of income taxes (23 ) (4 ) Net income 53,245 46,959 Less: Net income attributable to noncontrolling interests 614 181 Net income attributable to common shareholders $ 52,631 $ 46,778 Earnings (loss) per common share Basic: Continuing operations attributable to common shareholders $ 1.10 $ 0.98 Discontinued operations $ — $ — Net income attributable to common shareholders $ 1.10 $ 0.98 Diluted: Continuing operations attributable to common shareholders $ 1.08 $ 0.97 Discontinued operations $ — $ — Net income attributable to common shareholders $ 1.08 $ 0.97 Weighted average number of common shares outstanding Basic 47,785 47,546 Diluted 48,828 48,421 (1)
Effective in the first quarter of 2018, the Company adopted new accounting standard ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” Prior-year income statement amounts were recast to reflect the retrospective adoption of the new pension accounting standard.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. SCHEDULE 2 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) March 31, 2018 December 30, 2017 Assets Current assets: Cash and cash equivalents $ 187,774 $ 163,794 Trade receivables, net 440,109 430,016 Inventories 119,046 114,956 Prepaid assets 43,340 36,544 Other current assets 53,079 81,315 Total current assets 843,348 826,625 Property, plant and equipment, net 788,554 781,973 Goodwill 835,936 804,906 Client relationships, net 304,420 301,891 Other intangible assets, net 65,876 67,871 Deferred tax assets 26,237 22,654 Other assets 136,632 124,002 Total assets $ 3,001,003 $ 2,929,922 Liabilities, Redeemable Noncontrolling Interest and Equity Current liabilities: Current portion of long-term debt and capital leases $ 3,137 $ 30,998 Accounts payable 73,479 77,838 Accrued compensation 71,136 101,044 Deferred revenue 98,473 117,569 Accrued liabilities 96,630 89,780 Other current liabilities 62,572 44,460 Current liabilities of discontinued operations 1,671 1,815 Total current liabilities 407,098 463,504 Long-term debt, net and capital leases 1,129,581 1,114,105 Deferred tax liabilities 96,037 89,540 Other long-term liabilities 204,871 194,815 Long-term liabilities of discontinued operations 3,476 3,942 Total liabilities 1,841,063 1,865,906 Redeemable noncontrolling interest 17,323 16,609 Total equity attributable to common shareholders 1,139,826 1,045,080 Noncontrolling interest 2,791 2,327 Total liabilities, redeemable noncontrolling interest and equity $ 3,001,003 $ 2,929,922
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. SCHEDULE 3 RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED) (1)(2) (in thousands, except percentages) Three Months Ended March 31, 2018 April 1, 2017 Research Models and Services Revenue $ 133,958 $ 127,161 Operating income 38,527 37,690 Operating income as a % of revenue 28.8 % 29.6 % Add back: Amortization related to acquisitions 409 436 Severance 523 — Government billing adjustment and related expenses — 93 Site consolidation costs, impairments and other items 515 — Total non-GAAP adjustments to operating income $ 1,447 $ 529 Operating income, excluding non-GAAP adjustments $ 39,974 $ 38,219 Non-GAAP operating income as a % of revenue 29.8 % 30.1 % Depreciation and amortization $ 4,853 $ 5,092 Capital expenditures $ 4,625 $ 2,603 Discovery and Safety Assessment Revenue $ 259,992 $ 227,758 Operating income 40,859 38,335 Operating income as a % of revenue 15.7 % 16.8 % Add back: Amortization related to acquisitions 7,541 7,600 Severance (254 ) 196 Acquisition related adjustments (3) 430 703 Site consolidation costs, impairments and other items (143 ) 409 Total non-GAAP adjustments to operating income $ 7,574 $ 8,908 Operating income, excluding non-GAAP adjustments $ 48,433 $ 47,243 Non-GAAP operating income as a % of revenue 18.6 % 20.7 % Depreciation and amortization $ 20,787 $ 19,369 Capital expenditures $ 12,802 $ 8,323 Manufacturing Support Revenue $ 100,020 $ 90,844 Operating income 28,523 26,600 Operating income as a % of revenue 28.5 % 29.3 % Add back: Amortization related to acquisitions 2,318 2,702 Severance 870 821 Acquisition related adjustments (3) — 26 Site consolidation costs, impairments and other items 159 — Total non-GAAP adjustments to operating income $ 3,347 $ 3,549 Operating income, excluding non-GAAP adjustments $ 31,870 $ 30,149 Non-GAAP operating income as a % of revenue 31.9 % 33.2 % Depreciation and amortization $ 5,736 $ 5,962 Capital expenditures $ 6,834 $ 2,292 Unallocated Corporate Overhead $ (40,080 ) $ (32,919 ) Add back: Acquisition related adjustments (3) 2,864 21 Total non-GAAP adjustments to operating expense $ 2,864 $ 21 Unallocated corporate overhead, excluding non-GAAP adjustments $ (37,216 ) $ (32,898 ) Total Revenue $ 493,970 $ 445,763 Operating income $ 67,829 $ 69,706 Operating income as a % of revenue 13.7 % 15.6 % Add back: Amortization related to acquisitions 10,268 10,738 Severance 1,139 1,017 Acquisition related adjustments (3) 3,294 750 Government billing adjustment and related expenses — 93 Site consolidation costs, impairments and other items 531 409 Total non-GAAP adjustments to operating income $ 15,232 $ 13,007 Operating income, excluding non-GAAP adjustments $ 83,061 $ 82,713 Non-GAAP operating income as a % of revenue 16.8 % 18.6 % Depreciation and amortization $ 33,210 $ 32,411 Capital expenditures $ 27,726 $ 15,920
(1)
Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2)
Effective in the first quarter of 2018, the Company adopted new accounting standard ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” Prior-year income statement amounts were recast to reflect the retrospective adoption of the new pension accounting standard. (3)
These adjustments are related to the evaluation and integration of acquisitions, which primarily include transaction, third-party integration, and certain compensation costs, and fair value adjustments associated with contingent consideration.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. SCHEDULE 4 RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (UNAUDITED) (1) (in thousands, except per share data) Three Months Ended March 31, 2018 April 1, 2017 Net income attributable to common shareholders $ 52,631 $ 46,778 Less: Loss from discontinued operations, net of income taxes (23 ) (4 ) Net income from continuing operations attributable to common shareholders 52,654 46,782 Add back: Non-GAAP adjustments to operating income (Refer to Schedule 3) 15,232 13,007 Write-off of deferred financing costs and fees related to debt refinancing 3,261 — Gain on divestiture of CDMO business — (10,577 ) Tax effect of non-GAAP adjustments: Tax effect from divestiture of CDMO business — 18,005 Tax effect of the remaining non-GAAP adjustments (3,651 ) (4,664 ) Net income from continuing operations attributable to common shareholders, excluding non-GAAP adjustments $ 67,496 $ 62,553 Weighted average shares outstanding - Basic 47,785 47,546 Effect of dilutive securities: Stock options, restricted stock units, performance share units and restricted stock 1,043 875 Weighted average shares outstanding - Diluted 48,828 48,421 Earnings per share from continuing operations attributable to common shareholders Basic $ 1.10 $ 0.98 Diluted $ 1.08 $ 0.97 Basic, excluding non-GAAP adjustments $ 1.41 $ 1.32 Diluted, excluding non-GAAP adjustments $ 1.38 $ 1.29 (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. SCHEDULE 5 RECONCILIATION OF GAAP REVENUE GROWTH TO NON-GAAP REVENUE GROWTH, ORGANIC (UNAUDITED) (1) For the three months ended March 31, 2018 Total CRL RMS Segment DSA
Segment
MS Segment Revenue growth, reported 10.8 % 5.3 % 14.2 % 10.1 % Increase due to foreign exchange (4.6 )% (5.1 )% (4.0 )% (5.9 )% Contribution from acquisitions (2) (1.0 )% — % (1.9 )% — % Impact of CDMO divestiture (3) 0.4 % — % — % 2.1 % Non-GAAP revenue growth, organic (4) 5.6 % 0.2 % 8.3 % 6.3 % (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2) The contribution from acquisitions reflects only completed acquisitions. (3) The CDMO business, which was acquired as part of WIL Research on April 4, 2016, was divested on February 10, 2017. This adjustment represents the revenue from the CDMO business. (4) Organic revenue growth is defined as reported revenue growth adjusted for acquisitions, the divestiture of the CDMO business, and foreign exchange.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
SCHEDULE 6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended March 31, 2018 April 1, 2017 Cash flows relating to operating activities $ 60,051 $ 34,029 Cash flows relating to investing activities (24,664 ) 52,996 Cash flows relating to financing activities (14,936 ) (74,324 ) Cash flows used in discontinued operations (636 ) (473 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 4,254 1,705 Net change in cash, cash equivalents, and restricted cash 24,069 13,933 Cash, cash equivalents, and restricted cash, beginning of period 166,331 119,894 Cash, cash equivalents, and restricted cash, end of period $ 190,400 $ 133,827
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005224/en/
Charles River Laboratories International, Inc.
Investor Contacts:
Susan E. Hardy, 781-222-6190
Corporate Vice President,
Investor Relations
[email protected]
or
Media Contact:
Amy Cianciaruso, 781-222-6168
Corporate Vice President,
Public Relations
[email protected]
or:
Todd Spencer, 781-222-6455
Senior Director, Investor Relations
[email protected]
Source: Charles River Laboratories International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-charles-river-laboratories-announces-first-quarter-2018-results-from-continuing-operations.html |
Ex-Russian spy Sergei Skripal discharged from a UK hospital Friday, May 18, 2018 - 01:06
The former Russian spy who was poisoned by a nerve agent in Britain more than two months ago has been discharged from a hospital in Salisbury. Julian Satterthwaite reports ▲ Hide Transcript ▶ View Transcript
The former Russian spy who was poisoned by a nerve agent in Britain more than two months ago has been discharged from a hospital in Salisbury. Julian Satterthwaite reports Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IqXylc | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/ex-russian-spy-sergei-skripal-discharged?videoId=428080191 |
Everybody on Wall Street knows Tom Wolfe's 1987 novel, "Bonfire of the Vanities," which is a remarkable description of the culture and temper of the New York financial world in the 1980s — especially relevant now in Trumpworld as figures from that era take greater and greater national prominence.
But Wolfe, who died on Monday at the age of 88, also wrote one of the great chronicles of Silicon Valley culture — although it wasn't clear that it was about Silicon Valley at the time.
" The Electric Kool-Aid Acid Test ," published in 1968, profiled countercultural figure Ken Kesey and his band of self-proclaimed Merry Pranksters as they dropped acid and traveled around California in a psychedelic bus called "Furthur." The Grateful Dead play a prominent part, as do other famous figures from the beatnik and hippie era. I remember one particular description of Neal Cassady, a friend of writer Jack Kerouac, driving the bus like a maniac but somehow always avoiding an accident, as if he were one step ahead of time itself.
A big theme was that you were either "on the bus" or "off the bus." Either you took LSD and were part of the communal hive mind, with all the in-jokes and slang and mystical nonverbal communication, or you were hopelessly square. As Wolfe portrayed it, Kesey and his crew believed they were inventing (or perhaps channeling) the future, and you needed to get on board or be left behind.
Silicon Valley has many of its roots in this same hippie subculture.
show chapters Novelist and journalist Tom Wolfe dead at 88 4 Hours Ago | 00:57 Kesey studied (and participated in LSD tests) at Stanford, which is also the alma mater of seemingly half of Silicon Valley today, including the founders of Google, Yahoo and countless other tech companies. Stewart Brand, who created the hippie bible "Whole Earth Catalog" was instrumental in some of the first online message boards, and Apple co-founder Steve Jobs made no secret of the fact that he took LSD and it had a profound effect on his life. There's a direct line from that culture through the early days of Wired Magazine through Burning Man through burned-out Googlers taking offline R&R breaks at a Big Sur resort.
Many of today's signature — and, to outsiders, most annoying — quirks of Silicon Valley tech culture are startlingly similar to the culture described among Kesey's little in-group. The nearly cult-like devotion to visionaries like Jobs and Mark Zuckerberg and Elon Musk — only these visionaries started multibillion-dollar corporations that amassed unprecedented power and influence instead of leading a busful of unshaven hippies.
Or the widespread belief among tech workers that they're inventing the future, that optimizing ad placement or disrupting health insurance isn't just a job and a way to shift revenue from old businesses to newer ones, but is actually part of a larger mission to change society.
Terms like "hive mind," which once described the weird collective consciousness among fellow trippers, have been refigured to describe the weird collective consciousness that's emerged among huge online communities like Twitter. Even the sex parties haven't gone away -- they've just moved upscale and been repackaged under euphemisms like "cuddle puddles."
There was a dark side to all this, too, which Wolfe chronicled. The egos got out of control and led to infighting. Some people were selfish and took more than their share. Some of the visions of the future turned out to be false or unsustainable, more hallucination than reality. The drugs wore off and were replaced by more, and more destructive, drugs. Woodstock turned into Altamont. (The dark side of the hippie era and its aftermath in San Francisco are captured wonderfully in another book, " Season of the Witch " by David Talbot.)
You could imagine some of today's Silicon Valley companies — and the entire tech culture — will follow similar paths and play out in similar stories.
But for every ego-driven collapse and dot-com bust, there'll be 10 more starry-eyed engineers and assorted hangers-on who move to Silicon Valley with the earnest belief that, if only they could convince everybody else to join in, they'd be able to change the world for the better.
That's what Ken Kesey and the Merry Pranksters were about — at least in Wolfe's telling. And it's a heck of an entertaining read, too.
Correction: Tom Wolfe died on Monday at the age of 88. An earlier version misstated his age. "The Electric Kool-Aid Acid Test" was published in 1968. An earlier version misstated the title. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/tom-wolfe-obit-electric-acid-kool-aid-test-and-tech-culture.html |
Are new record highs in store for Netflix? 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/are-new-record-highs-in-store-for-netflix.html |
Lawyers for the California cities of San Francisco and Oakland told a federal judge their climate change lawsuit should proceed, arguing that their attempts to hold large oil and gas companies responsible for climate change-related costs are proper under federal law.
In response to the companies’ motion to dismiss the lawsuit, the cities on Thursday told U.S. District Judge William Alsup in San Francisco that their public nuisance claims are not precluded by federal statutes.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2rqpmuS
| ashraq/financial-news-articles | https://www.reuters.com/article/environment-california/san-francisco-oakland-urge-federal-judge-to-keep-climate-change-suit-alive-idUSL1N1SC00S |
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