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After closing dozens of unprofitable stores, Macy’s Inc. reported higher sales at those locations still open amid the first signs that the department store giant is pulling out of a prolonged slump.
The results were buoyed by a strong economy, with low unemployment and recent tax cuts that should give consumers more money to spend.
A big... RELATED VIDEO A Brief History of Retail The retail industry is undergoing another major shift -- to e-commerce. How did we get here? Photo: Associated Press | ashraq/financial-news-articles | https://www.wsj.com/articles/macys-shows-signs-of-life-after-prolonged-slump-1526476736 |
-- EXPAREL® net product sales of $74.0 million up 9% over prior year first quarter --
-- Conference call today at 8:30 a.m. ET --
PARSIPPANY, N.J., May 03, 2018 (GLOBE NEWSWIRE) -- Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) today announced consolidated financial results for the first quarter ended March 31, 2018.
“2018 is off to a terrific start with EXPAREL daily sales volumes accelerating from 6 percent in January to 15 percent in March, as well as a recently expanded label that now includes interscalene brachial plexus block,” said Dave Stack, chairman and chief executive officer of Pacira Pharmaceuticals. “As the only long-acting, single-dose nerve block commercially available, EXPAREL has the potential to eliminate cumbersome delivery technologies, like catheters and pumps, and shift more procedures to the outpatient setting. We believe this expanded label along with our robust educational initiatives and strong coalition of like-minded collaborators, including Johnson & Johnson, will fuel positive sales trends as we continue to drive meaningful change toward eliminating the role of the operating room as a gateway to opioid use and abuse.”
First Quarter 2018 Financial Results
EXPAREL net product sales were $74.0 million in the first quarter of 2018, a 9% increase over the $67.7 million reported for the first quarter of 2017.
Total operating expenses were $81.5 million in the first quarter of 2018, compared to $83.3 million in the first quarter of 2017.
GAAP net loss was $10.7 million, or $(0.26) per share (basic and diluted), in the first quarter of 2018, compared to a GAAP net loss of $19.9 million, or $(0.52) per share (basic and diluted), in the first quarter of 2017.
Non-GAAP net income was $0.9 million, or $0.02 per share (basic and diluted) in the first quarter of 2018, compared to a non-GAAP net loss of $7.3 million, or $(0.19) per share (basic and diluted) in the first quarter of 2017.
Pacira ended the first quarter of 2018 with cash, cash equivalents, short-term and long-term investments (“cash”) of $361.5 million.
Pacira had 40.7 million basic weighted average shares of common stock outstanding in the first quarter of 2018.
For non-GAAP measures, Pacira had 41.6 million diluted weighted average shares of common stock outstanding in the first quarter of 2018.
2018 Outlook
Pacira reiterated its full year 2018 financial guidance as follows. Pacira expects:
EXPAREL net product sales of $300 million to $310 million.
Non-GAAP gross margins of 70% to 72%.
Non-GAAP research and development (R&D) expense of $50 million to $60 million.
Non-GAAP selling, general and administrative (SG&A) expense of $150 million to $160 million.
Stock-based compensation of $30 million to $35 million.
See “Non-GAAP Financial Information” and “Reconciliations of GAAP to Non-GAAP 2018 Financial Guidance” below.
Today’s Conference Call and Webcast Reminder
The Pacira management team will host a conference call to discuss the company’s financial results and recent developments today, Thursday, May 3, at 8:30 a.m. ET. The call can be accessed by dialing 1-877-845-0779 (domestic) or 1-720-545-0035 (international) ten minutes prior to the start of the call and providing the Conference ID 6585169.
A replay of the call will be available approximately two hours after the completion of the call and can be accessed by dialing 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and providing the Conference ID 6585169. The replay of the call will be available for two weeks from the date of the live call.
The live, listen-only webcast of the conference call can also be accessed by visiting the “Investors & Media” section of the company’s website at investor.pacira.com . A replay of the webcast will be archived on the Pacira website for two weeks following the call.
Non-GAAP Financial Information
This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (GAAP), such as non-GAAP net income, non-GAAP cost of goods sold, non-GAAP gross margins, non-GAAP research and development (R&D) expense and non-GAAP selling, general and administrative (SG&A) expense, because such measures exclude stock-based compensation, amortization of debt discount, loss on early extinguishment of debt and exit costs related to the discontinuation of DepoCyt(e) production.
These measures supplement the company’s financial results prepared in accordance with GAAP. Pacira management uses these measures to better analyze its financial results, estimate its future cost of goods sold, gross margins, R&D expense and SG&A expense outlook for 2018 and to help make managerial decisions. In management’s opinion, these non-GAAP measures are useful to investors and other users of our financial statements by providing greater transparency into the operating performance at Pacira and the company’s future outlook. Such measures should not be deemed to be an alternative to GAAP requirements or a measure of liquidity for Pacira. Non-GAAP measures are also unlikely to be comparable with non-GAAP disclosures released by other companies. See the tables below for a reconciliation of GAAP to non-GAAP measures, and a reconciliation of our GAAP to non-GAAP 2018 financial guidance for gross margins, R&D expense and SG&A expense.
About Pacira
Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) is a specialty pharmaceutical company dedicated to advancing and improving postsurgical outcomes for acute care practitioners and their patients. The company’s flagship product, EXPAREL ® (bupivacaine liposome injectable suspension), is redefining pain management after surgery as an opioid-free alternative indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia. EXPAREL utilizes DepoFoam ® , a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com .
About EXPAREL®
EXPAREL (bupivacaine liposome injectable suspension) is indicated for single-dose infiltration in adults to produce postsurgical local analgesia and as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia. The product combines bupivacaine with DepoFoam®, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain scores with up to a 78 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com .
Important Safety Information
EXPAREL is contraindicated in obstetrical paracervical block anesthesia. Adverse reactions reported with an incidence greater than or equal to 10% following EXPAREL administration via infiltration were nausea, constipation, and vomiting; adverse reactions reported with an incidence greater than or equal to 10% following EXPAREL administration via interscalene brachial plexus nerve block were nausea, pyrexia, and constipation. If EXPAREL and other non-bupivacaine local anesthetics, including lidocaine, are administered at the same site, there may be an immediate release of bupivacaine from EXPAREL. Therefore, EXPAREL may be administered to the same site 20 minutes after injecting lidocaine. EXPAREL is not recommended to be used in the following patient population: patients <18 years old and/or pregnant patients. Because amide-type local anesthetics, such as bupivacaine, are metabolized by the liver, EXPAREL should be used cautiously in patients with hepatic disease.
Warnings and Precautions Specific to EXPAREL
Avoid additional use of local anesthetics within 96 hours following administration of EXPAREL. EXPAREL is not recommended for the following types or routes of administration: epidural, intrathecal, regional nerve blocks other than interscalene brachial plexus nerve block , or intravascular or intra-articular use. The potential sensory and/or motor loss with EXPAREL is temporary and varies in degree and duration depending on the site of injection and dosage administered and may last for up to 5 days, as seen in clinical trials.
Warnings and Precautions for Bupivacaine-Containing Products
Central Nervous System (CNS) Reactions: There have been reports of adverse neurologic reactions with the use of local anesthetics. These include persistent anesthesia and paresthesia. CNS reactions are characterized by excitation and/or depression.
Cardiovascular System Reactions: Toxic blood concentrations depress cardiac conductivity and excitability which may lead to dysrhythmias, sometimes leading to death.
Allergic Reactions: Allergic-type reactions (eg, anaphylaxis and angioedema) are rare and may occur as a result of hypersensitivity to the local anesthetic or to other formulation ingredients.
Chondrolysis: There have been reports of chondrolysis (mostly in the shoulder joint) following intra-articular infusion of local anesthetics, which is an unapproved use.
Forward Looking Statements
Any statements in this press release about the company’s future expectations, plans, outlook and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the success of the company’s sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL and the company’s other products; the size and growth of the potential markets for EXPAREL and the company’s ability to serve those markets; the company’s plans to expand the use of EXPAREL to additional indications and opportunities, and the timing and success of any related clinical trials; the related timing and success of United States Food and Drug Administration supplemental New Drug Applications; the outcome of the U.S. Department of Justice inquiry; the company’s plans to evaluate, develop and pursue additional DepoFoam-based product candidates; clinical trials in support of an existing or potential DepoFoam-based product; the company’s commercialization and marketing capabilities; the company’s and Patheon UK Limited’s ability to successfully and timely construct dedicated EXPAREL manufacturing suites; and other factors discussed in the “Risk Factors” of the company’s most recent Annual Report on Form 10-K and in other filings that the company periodically makes with the SEC. In addition, the forward-looking statements included in this press release represent the company’s views as of the date of this press release. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements, and as such the company anticipates that subsequent events and developments will cause its views to change. However, while the company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date of this press release.
(Tables to Follow) Pacira Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) March 31,
2018 December 31,
2017 ASSETS Current assets: Cash, cash equivalents and short-term investments $ 339,788 $ 311,347 Accounts receivable, net 31,203 31,658 Inventories, net 40,043 41,411 Prepaid expenses and other current assets 7,700 6,694 Total current assets 418,734 391,110 Long-term investments 21,683 60,047 Fixed assets, net 109,225 107,046 Goodwill 57,490 55,197 Equity investment 14,146 14,146 Other assets 759 825 Total assets $ 622,037 $ 628,371 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 14,913 $ 14,658 Accrued expenses and current portion of deferred revenue 33,017 41,159 Convertible senior notes (1) 327 324 Income taxes payable 111 76 Total current liabilities 48,368 56,217 Convertible senior notes (2) 279,685 276,173 Other liabilities 15,463 16,498 Total stockholders’ equity 278,521 279,483 Total liabilities and stockholders’ equity $ 622,037 $ 628,371 (1) Relates to our 3.25% convertible senior notes due 2019 that are not currently convertible but mature on February 1, 2019. (2) Relates to our 2.375% convertible senior notes due 2022 that are not currently convertible.
Pacira Pharmaceuticals, Inc. Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2018 2017 Net product sales: EXPAREL $ 74,034 $ 67,701 DepoCyt(e) and other product sales 253 724 Total net product sales 74,287 68,425 Collaborative licensing and milestone revenue — 206 Royalty revenue 320 652 Total revenues 74,607 69,283 Operating expenses: Cost of goods sold 22,885 24,581 Research and development 14,378 16,632 Selling, general and administrative 44,191 42,120 Product discontinuation 90 — Total operating expenses 81,544 83,333 Loss from operations (6,937 ) (14,050 ) Other (expense) income: Interest income 1,374 514 Interest expense (5,157 ) (2,589 ) Loss on early extinguishment of debt — (3,721 ) Other, net 75 10 Total other expense, net (3,708 ) (5,786 ) Loss before income taxes (10,645 ) (19,836 ) Income tax expense (35 ) (30 ) Net loss $ (10,680 ) $ (19,866 ) Net loss per share: Basic and diluted net loss per common share $ (0.26 ) $ (0.52 ) Weighted average common shares outstanding: Basic and diluted 40,707 37,998
Pacira Pharmaceuticals, Inc. Reconciliation of GAAP to Non-GAAP Financial Information (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2018 2017 GAAP net loss $ (10,680 ) $ (19,866 ) Non-GAAP adjustments: Stock-based compensation 8,385 7,400 Loss on early extinguishment of debt — 3,721 Amortization of debt discount 3,113 1,411 Product discontinuation costs 90 — Total Non-GAAP adjustments 11,588 12,532 Non-GAAP net income (loss) $ 908 $ (7,334 ) GAAP basic and diluted net loss per common share $ (0.26 ) $ (0.52 ) Non-GAAP basic and diluted net income (loss) per common share $ 0.02 $ (0.19 ) Weighted average common shares outstanding - basic 40,707 37,998 Weighted average common shares outstanding - diluted 41,593 37,998 Cost of goods sold reconciliation: GAAP cost of goods sold $ 22,885 $ 24,581 Stock-based compensation (1,207 ) (1,375 ) Non-GAAP cost of goods sold $ 21,678 $ 23,206 Research and development reconciliation: GAAP research and development $ 14,378 $ 16,632 Stock-based compensation (697 ) (658 ) Non-GAAP research and development $ 13,681 $ 15,974 Selling, general and administrative reconciliation: GAAP selling, general and administrative $ 44,191 $ 42,120 Stock-based compensation (6,481 ) (5,367 ) Non-GAAP selling, general and administrative $ 37,710 $ 36,753
Pacira Pharmaceuticals, Inc. Reconciliation of GAAP to Non-GAAP 2018 Financial Guidance (dollars in millions) GAAP to Non-GAAP Guidance GAAP Stock-Based
Compensation
and Other Non-GAAP EXPAREL net product sales $300 to $310 — — Gross margin 68% to 70% Approx. 2% 70% to 72% Research and development expense $53 to $64 $3 to $4 $50 to $60 Selling, general and administrative expense $172 to $184 $22 to $24 $150 to $160 Stock-based compensation $30 to $35 — —
(2) Relates to our 2.375% convertible senior notes due 2022 that are not currently convertible.
Investor Contact: Susan Mesco, (973) 451-4030 [email protected] Media Contact: Coyne Public Relations Alyssa Schneider, (973) 588-2270 [email protected]
Source:Pacira Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-pacira-pharmaceuticals-inc-reports-first-quarter-2018-financial-results.html |
May 8 (Reuters) - Ormat Technologies Inc:
* SARULLA GEOTHERMAL POWER PLANT EXPANDS TO 330 MW WITH THIRD AND FINAL UNIT COMMENCING COMMERCIAL OPERATION
* ORMAT TECHNOLOGIES - NIL 2, THIRD UNIT OF SARULLA GEOTHERMAL POWER PLANT, COMMENCED COMMERCIAL OPERATION, BRINGING PROJECT TO FULL CAPACITY OF 330 MW Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sarulla-geothermal-power-plant-exp/brief-sarulla-geothermal-power-plant-expands-to-330-mw-with-third-and-final-unit-commencing-commercial-operation-idUSFWN1SF0XD |
May 17, 2018 / 6:54 AM / Updated 29 minutes ago UPDATE 3-Mothercare to shut a third of UK stores in battle for survival Reuters Staff
* CEO who left five weeks ago returns
* Plans 50 UK store closures through CVA process
* 800 jobs impacted
* Refinancing to provide 113.5 mln pounds of funding
* Battered shares rise as much as 34 pct (Adds details of 2017-18 financial results, analyst comment, updates shares)
By James Davey
LONDON, May 17 (Reuters) - Struggling British mother and baby products retailer Mothercare will close over a third of its UK stores as part of a survival plan that also sees the return of the chief executive who was sacked just five weeks ago.
The firm’s sales and profit have been hammered by intense competition from supermarket groups and online retailers in its main UK market as well as by rising costs, resulting in what it called on Thursday “a perilous financial condition.”
It reported a loss before tax of 72.8 million pounds ($98.2 million) for the year to March 24, on group sales down 2 percent to 654.5 million pounds.
Mothercare’s shares had lost 83 percent of their value over the last year but rose as much as 34 percent on Thursday after the firm detailed a 113.5 million pounds refinancing, including a planned 28 million pounds equity fundraising, and said Mark Newton-Jones would return as CEO.
Newton-Jones was ousted as CEO on April 4 by then chairman Alan Parker. Parker himself abruptly retired on April 19.
Newton-Jones’ replacement as CEO David Wood, a former Tesco executive, will become group managing director.
Mothercare said it would seek creditor approval for so-called company voluntary arrangement (CVA) proposals that would enable it to shut 50 stores and secure rent reductions on 21 others. As many as 800 jobs could be lost.
The firm currently trades from 137 UK stores, having had nearly 400 a decade ago. The new plan would see it trade from 78 UK stores by 2020.
The CVA route, which allows firms to avoid insolvency or administration, has already been taken this year by fellow UK retail strugglers - fashion chain New Look, floor coverings group Carpetright and department store group House of Fraser.
Brutal trading conditions for store groups - with pressure on UK disposable incomes compounding intense competition - are also partly responsible for the collapse of Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality. UNSUSTAINABLE SITUATION
Shares in Mothercare were up 5.4 pence at 25.4 pence at 1420 GMT, valuing the business at 46 million pounds.
“The recent financial performance of the business, impacted in particular by a large number of legacy loss making stores within the UK estate, has resulted in an unsustainable situation ... meaning the group was in clear need of an appropriate resolution,” said interim executive chairman Clive Whiley.
Analysts at Peel Hunt said Mothercare’s measures looked sufficient to get the UK business back to breakeven.
“The wider challenge is to complete the process of making Mothercare’s proposition more compelling, which will require a sharper view on pricing,” they said.
In addition to the proposed equity issue, Mothercare has secured revised committed debt facilities of 67.5 million pounds, 8 million pounds of new shareholder loans and a new facility of up to 10 million pounds from a trade partner.
Creditor meetings to vote on the CVA proposals are expected on June 1, with the process projected to complete in July. The equity issue is conditional on the CVA going through.
Mothercare also trades from 1,131 stores overseas. It said international markets remained challenging, but it saw some recovery in the Middle East towards the end of its 2017-18 year. $1 = 0.7414 pounds Editing by Keith Weir and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/mothercare-restructuring/update-1-uks-mothercare-will-close-50-more-stores-in-survival-plan-ceo-to-return-idUSL5N1SO17K |
BOSTON, May 22, 2018 (GLOBE NEWSWIRE) -- ViralGains , the industry's only digital video advertising journey platform, today announced the opening of its new headquarters in the heart of Boston’s financial district. Located at 10 Post Office Square, the space allows for engineering, data science and marketing team expansions, which are being driven by the increased demand for ViralGains’ ad solutions. The company has recorded a three-year growth rate of over 500 percent, and now supports 25 of the Fortune 100, including four of the top five auto manufacturers.
“Now, more than ever, we’re seeing overwhelming evidence that brands are dissatisfied with the current digital video advertising climate,” said Tod Loofbourrow, CEO, ViralGains. “According to the research we just published in collaboration with the CMO Council, 73 percent of marketing leaders are calling for total transparency into video traffic, viewers and engagement, and only three percent are satisfied with industry viewability metrics. They want to better understand the bottom-line impact of their campaigns, and they need good partners to help them. That’s what we’ve been doing here at ViralGains, and on the heels of our Series B funding last year we needed a bigger and more functional space that would accommodate the growth the market is demanding of us.”
The new office features an open floor plan with multiple collaborative work spaces to foster cross-departmental communication and enhanced innovation. This move reinforces ViralGains’ commitment to putting its team in the best position possible to lead the digital ad industry from an impression-based buying model into a future that instead focuses on deep consumer insights that drive high-impact business results. And the timing has never been better.
As Publicis Groupe’s Chief Growth Officer, Rishad Tobaccowala, recently said at a ViralGains event in Chicago: “The right metric for measuring video success has to be some outcome that takes you down the journey. I know there are beliefs that you can get messages through in two seconds. You can, but that’s only after you’ve built a brand long before then. I've never seen a brand built in two seconds. I think it’s much more engagement that matters—it’s definitely not impressions.”
Moreover, the research referenced by Loofbourrow indicates that 78 percent of marketing leaders are increasingly held accountable for bottom-line metrics like sales, yet the vast majority are still measuring video advertising success with awareness-based metrics like clicks and impressions. Through its groundbreaking, interactive video technology, ViralGains is uniquely positioned to help marketers overcome this disconnect, as it enables brands and agencies to better target their ideal audiences, gain unique consumer insights and drive those consumers to take meaningful action. It’s an evolution the company believes is critical to the health and sustainability of the digital advertising ecosystem, and now, from its new headquarters, ViralGains is even better positioned to lead that charge.
This announcement follows the recent appointments of Vic Pierni as Chief Financial Officer and former AOL SVP Mark Connon to its Board of Directors.
About ViralGains
ViralGains is a digital video ad journey platform that enables marketers to engage targeted audiences with relevant brand stories in the contexts they most favor. Using the platform to engage in two-way conversations, brands and agencies discover exactly what people want — and how they feel — and leverage those insights to build unique, full-funnel ad journeys that can generate increased awareness, motivate intent, and drive purchasing decisions. ViralGains is headquartered in Boston, with regional offices in New York, Los Angeles, Chicago, San Francisco, Atlanta and Detroit. For more information, please contact us at www.viralgains.com .
Media Contact
Brook Terran
Blast PR for ViralGains
805-570-3309
[email protected]
Source: ViralGains | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-riding-rapid-growth-viralgains-moves-to-new-headquarters.html |
May 16 - THIS IS A TEST, PLEASE IGNORE - MD THIS IS A TEST, PLEASE IGNORE - MD THIS IS A TEST, PLEASE IGNORE - MD THIS IS A TEST, PLEASE IGNORE - MD (Created by Mark Darby)
| ashraq/financial-news-articles | https://www.reuters.com/article/test-test-test/this-is-a-test-please-ignore-by-md-idUSL3N1SN548 |
OVERLAND PARK, Kan.--(BUSINESS WIRE)-- The Board of Directors of Compass Minerals (NYSE: CMP) has declared a cash dividend of $0.72 per share payable June 15, 2018, to shareholders of record as of the close of business on June 1, 2018.
About Compass Minerals
Compass Minerals is a leading provider of essential minerals that solve nature’s challenges, including salt for winter roadway safety and other consumer, industrial and agricultural uses, and specialty plant nutrition minerals that improve the quality and yield of crops. Compass Minerals’ mission is to be the best essential minerals company by delivering where and when it matters. The company produces its minerals at locations throughout the U.S., Canada, Brazil and the U.K. For more information about Compass Minerals and its products, please visit www.compassminerals.com .
This press release may contain within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the company’s current expectations and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by a number of factors including those factors identified in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. The company undertakes no obligation to update any made in this press release to reflect future events or developments.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006463/en/
Compass Minerals
Investor Contact
Theresa Womble, +1-913-344-9362
Director of Investor Relations
[email protected]
Source: Compass Minerals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-compass-minerals-declares-dividend.html |
ALLENTOWN, Pa., May 8, 2018 /PRNewswire/ -- PPL Corporation (NYSE: PPL) announced today that it has commenced a registered underwritten offering of 55 million shares of its common stock. Subject to certain conditions, all shares are expected to be offered in connection with the forward sale agreements described below. J.P. Morgan, Barclays and Citigroup are acting as joint book-running managers for this offering. The underwriters may offer shares of PPL's common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at either market prices, at prices related to market prices or at negotiated prices.
In connection with the offering, PPL expects to enter into forward sale agreements with affiliates of each of J.P. Morgan and Barclays (the "forward counterparties") under which PPL will agree to issue and sell to the forward counterparties 55 million shares of its common stock at the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. In addition, the underwriters of the offering expect to be granted a 30-day option to purchase up to an additional 8.25 million shares of PPL's common stock upon the same terms, solely to cover any over-allotments. If the underwriters exercise their over-allotment option, PPL expects to enter into additional forward sale agreements with the forward counterparties with respect to the additional shares.
Settlement of the forward sale agreements is expected to occur on or prior to November 8, 2019. PPL may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements.
If PPL elects physical settlement of the forward sale agreements, it expects to use the net proceeds for general corporate purposes.
The offering is being made pursuant to PPL's effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The preliminary prospectus supplement and the accompanying base prospectus related to the offering will be available on the SEC's website at www.sec.gov . Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from the joint-book running managers for the offering as follows:
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (866) 803-9204
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
[email protected]
Telephone: (888) 603-5847
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (800) 831-9146
This press release does 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 the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About PPL Corporation
Headquartered in Allentown, Pa., PPL Corporation (NYSE: PPL) is one of the largest companies in the U.S. utility sector. PPL's seven high-performing, award-winning utilities serve 10 million customers in the U.S. and United Kingdom. With more than 12,000 employees, the company is dedicated to providing exceptional customer service and reliability and delivering superior value for shareowners.
Cautionary Statement Concerning Forward-Looking Statements
Statements contained in this news release, including terms and phrases that include "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook," or other similar terminology, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: market demand for energy in our U.S. service territories; weather conditions affecting customer energy usage and operating costs; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; asset or business acquisitions and dispositions; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; cybersecurity threats; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual terrorism or war or other hostilities; British pound sterling to U.S. dollar exchange rates; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news about PPL Corporation.
Contacts:
For news media: Ryan Hill, 610-774-5997
For financial analysts: Andy Ludwig, 610-774-3389
View original content: http://www.prnewswire.com/news-releases/ppl-corporation-announces-public-offering-of-common-stock-with-a-forward-component-300644911.html
SOURCE PPL Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-ppl-corporation-announces-public-offering-of-common-stock-with-a-forward-component.html |
KINSHASA (Reuters) - Local health officials in Democratic Republic of Congo reported 21 patients showing signs of hemorrhagic fever and 17 deaths in the affected area before an Ebola outbreak was confirmed on Tuesday, the health ministry said.
Medical teams dispatched to the zone took five samples from suspected active cases and two tested positive for the Zaire strain of the Ebola virus, the ministry said in a statement.
Reporting by Fiston Mahamba; Writing by Joe Bavier; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-congo-casualties/seventeen-deaths-reported-in-congo-as-ebola-outbreak-confirmed-idUSKBN1I92BG |
Wilmington, N.C., May 31, 2018 (GLOBE NEWSWIRE) -- It’s well-known that the battle against head lice has gotten far more difficult in recent years as head lice have become immune to the chemical pesticides in the most popular lice products. The most recent study found that so-called “Super Lice” comprise 98 percent of head lice in most states.
You don’t have to tell that to Dena Black and Gil Ferrell, who are opening their second Lice Clinics of America® treatment center in Wilmington. She saw super lice infestations increase by 70 percent in South Charlotte, home of her first clinic.
“With traditional treatments no longer working people are desperate for a solution,” Dena said. “One family drove four hours to our clinic, and they had been dealing with head lice for more than a year. We’re trying to make this fast, safe, effective solution available and convenient for more people.”
Lice Clinics of America – Wilmington , provides screening, diagnosis and treatment options for people infested with head lice. The clinic is staffed by certified operators of the AirAllé ® device, the only FDA-cleared medical device that kills head lice and lice eggs (nits) using just heated air.
“We’re excited to bring this ‘one and done’ solution to families in the Wilmington area,” Dena said. “We have the only FDA-cleared medical device for head lice in North Carolina.”
The AirAllé device dehydrates lice and eggs in about an hour. It is a Class I medical device that has been clinically proven to kill live lice and more than 99 percent of eggs. Because no chemicals are used to kill lice, it is effective against pesticide-resistant lice.
Through her work with families and schools Dena has become aware of the growing problem of human trafficking in North Carolina. “When I realized we were treating boys and girls that are the same age that are targeted by human traffickers, it sickened me,” Dena said. “I knew that we needed to get involved and so we are proud supporters of Justice Ministries and $5 of every treatment goes to support this organization in the fight against human trafficking and sexual exploitation in our community.”
The Wilmington clinic is located at 5725 Oleander Drive and is open seven days per week by appointment. AirAllé treatments come with a 30-day guarantee when all family members are treated or screened for head lice.
The new clinic is one of more than 350 clinics in the Lice Clinics of America network worldwide. With clinics in more than 33 countries, Lice Clinics of America ( www.LiceClinicsOfAmerica.com ) is the largest network of professional head-lice-treatment centers in the world. Lice Clinics of America and AirAllé ( www.airalle.com ) are brands owned by Larada Sciences, Inc.
Dena Black Lice Clinics of America - Wilmington 910-264-7141 [email protected]
Source:Lice Clinicsof America | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-lice-clinics-of-america-clinic-owner-brings-fight-against-super-lice-to-wilmington.html |
NEW YORK — For more than a week, nobody at the Trump Organization wanted to talk about the mysterious new corporation from which President Trump earned more than $100,000 last year.
The new venture, T Retail LLC, came to light on Trump's 92-page financial disclosure statement released last week, which describes it as an "online retail business."
T Retail LLC was formed in Delaware in May 2017, according to corporate records reviewed by USA TODAY, and has also filed business registration paperwork in Florida , Louisiana , New York and Virginia .
show chapters The Trump-Russia ties hiding in plain sight 1:33 PM ET Thu, 24 May 2018 | 07:56 The company's business registration activity matches the launch of TrumpStore.com, a new store selling goods emblazoned with the president's last name which announced its launch in early November 2017. The store collects sales tax in the same four states as records reveal corporate filings for T Retail LLC.
More from USA Today:
Trump's company earned $40M from Washington hotel in 2017
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The store sells everything from T-shirts and hats to dog leashes and gold bar-shaped coin banks branded with the "Trump" name. A can of Trump deodorant sells for $14, while a Trump bath robe costs $125.
Kathleen Clark, a professor at Washington University School of Law who specializes in legal and government ethics, said while the business does not appear to violate ethics standards, it is "seriously not normal" for a politician to personally profit from a new business based on the use of his or her name.
"The idea of opening up a store to sell merchandise with your name when your name is more prominent because you're President of the United States — arguably this is another example of Trump trying to benefit financially from the presidency," she said.
Donald J. Trump Jr. , who is listed as the manager and president of T Retail LLC, did not respond to emailed questions. Nor did Trump Organization attorney Allen Weisselberg, who is listed as the corporation's vice president, secretary and treasurer.
After declining to answer questions for more than a week about T Retail LLC, the Trump Organization spokeswoman said following publication of this story Thursday that it's nothing new for The Trump Organization to sell merchandise bearing his name. The company has been selling those kinds of items online since long before Trump became president.
In its first few months, it appears business has been brisk. Trump's income from T Retail LLC was $107,186 in the 2017 calendar year, according to his financial disclosure statement. Because the store opened in early November, the disclosure indicates President Trump — who has donated his presidential salary — earned about $50,000 a month from the online store selling items branded with his name.
While his sons are running his businesses, the companies have been placed in a revocable trust over which President Trump maintains sole ownership and can withdraw funds at any time.
The Trump Store also has a physical location in the basement of Trump Tower, which opened in late 2017. The Trump Organization said income from the physical store is not included in the $107,186 reported for the new online store.
On Trump Tower's ground level, a gilded display case features a "Trump" shot glass, mug and other items sits next to a placard advertising the new "Trump Store" shop: "Visit our brand new flagship store for Trump apparel, accessories, and more!"
The store features neatly arranged mugs, T-shirts, golf gear and other items which feature the "Trump" name. The items do not include any markings or wording referencing the presidency.
The physical Trump Store does not sell Trump's trademark "Make America Great Again" hats or any items related to the official Trump campaign. A separate campaign store selling those items is located just steps away in another area of the Trump Tower basement.
On a recent weekend, a worker at the Trump Store bustled to restock the shelves amid a steady flow of customers.
"These went like hotcakes," the worker told one customer shopping for clothes. "I have no more in the back."
The Trump Store worker volunteered to another visitor that Trump campaign items could be purchased in the store nearby.
"So this is the official Trump retail, and if you exit my store and go to the right that's the official Trump campaign," the Trump Store worker said. "They're both official, but separate corporate entities."
A kiosk in a corner of the physical Trump Store provides customers with access to the TrumpStore.com website.
Items bearing the name and image of a president have often been sold to raise funds for his campaign fund or for charity, but experts on ethics and the presidency could not cite prior examples of these items being sold for the president's personal profit.
While the Trump Store appears to be "technically legal," said Jordan Libowitz, communications director at Citizens for Responsibility and Ethics in Washington, "it does feel a little unethical."
"You want to think that the president is above doing this kind of thing — that he's not considering the presidency as a way to make him money, but as a sacrifice he's taking in public service," he said.
T Retail LLC is one of three significant business entities added to Trump's disclosure statement since last year. Trump earned $20,002 in management fees from Westminster Hotel Management LLC, related to a hotel in New Jersey, and $26,667 from SC Cleveland MS MANAGEMENT LLC related to a Mississippi hotel venture.
Barbara Perry, Presidential Studies Director at the University of Virginia's Miller Center, said Trump is "an unprecedented president by virtually any yardstick," including the connection between his personal brand and his public office. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/trumps-company-wouldnt-say-what-his-new-107k-business-was-until-after-we-tracked-it-down.html |
* World stocks hit fresh 7-week high
* MSCI ex-Japan near 2 month highs, Chinese shares jump
* Trump says to help ZTE “get back into business, fast”
* Malaysian ringgit hits 4-month low after election shock
* Oil eases from multi-year highs, dollar dips
By Kit Rees
LONDON, May 14 (Reuters) - Prospects of a thaw in U.S.-China trade tensions supported global stocks on Monday, as U.S. President Donald Trump pledged to help ZTE Corp “get back into business, fast” after a U.S. ban crippled the Chinese technology company, while oil prices retreated from highs.
Trump’s comments on Sunday came ahead of a second round of trade talks between U.S. and Chinese officials this week to resolve an escalating trade dispute. China had said last week its stance in the negotiations would not change.
The MSCI world equity index, which tracks shares in 47 countries, was up 0.1 percent, holding at its highest level in seven weeks and in positive territory for the year. European stocks were broadly flat as energy stocks and financials weighed.
“There have been some very serious issues raised in terms of the trade relationship between the U.S. and China, and then they’ve had this quite sudden about-turn on this particular company, and it simply raises questions as to what the underlying policy is,” Alastair George, chief strategist at Edison Investment Research, said.
“This is perhaps a little reminder which is being relatively well-received by markets over the last 24 hours that (with) the U.S. administration there is a strong degree of unpredictability compared to prior regimes,” Edison’s George added.
The United States has said it will lift sanctions on Pyongyang if North Korea agrees to completely dismantle its nuclear weapons program.
Stocks in Asia were also upbeat. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, while Japan’s Nikkei also tacked on 0.5 percent.
Chinese shares came off the day’s highs but were still higher after Trump’s comments on ZTE Corp, , which JPMorgan analysts said was “a significant positive.”
Shanghai’s SSE Composite index rose 0.3 percent while the blue-chip rallied 0.9 percent. Hong Kong’s Hang Seng index climbed 1.4 percent.
Elsewhere in Asia, the Malaysian ringgit recovered losses after sliding 1 percent to a four-month trough against the dollar in the first onshore trade since a shock election upset last week. Malaysian stocks sank as much as 2.7 percent at one point but were last up 1.5 percent.
Veteran Mahathir Mohamad came out of political retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory defeating prime minister Najib Razak, a former protege he had accused of corruption.
Some investors were concerned that populist promises such as repealing an unpopular goods and services tax and restoring a petrol subsidy could undermine the country’s finances.
But some analysts believe Mahathir’s proposals could be positive for the economy.
“The repeal of GST, while only marginally negative for the fiscal deficit, will be a boon for consumers, who have been upset that they bear the burden of poor fiscal management and came out to vote against the establishment,” said Trinh Nguyen, senior economist at Natixis. OIL AND IRAN While tensions in the Korean peninsula have eased, U.S. plans to reintroduce sanctions against Iran have stoked anxiety in the Middle East.
Iran pumps about 4 percent of the world’s oil, and the latest development has sent oil prices near multi-year highs.
Citi analyst Mark Schofield said rising oil prices risk causing ‘stagflation’, which could create a particularly “hostile environment” for risk assets.
On Monday, U.S. crude slipped to $70.33 a barrel and Brent was down at $76.70 as a relentless rise in U.S. drilling activity pointed to increased output.
The United States threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.
In currencies, the dollar dipped 0.2 percent to 92.40 against a basket of major currencies and was set for its fourth straight day of losses.
Against the Japanese yen, it ticked down to 109.52 per dollar, remaining largely in a holding pattern since late last month.
The euro rose 0.3 percent to $1.1974 following two consecutive sessions of gains as Italy’s anti-establishment parties looked likely to form the next government.
Last week, the Bank of England held rates steady and New Zealand’s central bank said the official cash rate will remain at historic lows of 1.75 percent for “some time.”
That leaves the Fed as the only major central bank in the world committed to rate increases although recent data showing moderate inflation reading has cast doubt over the pace of any hikes.
The U.S. 10-year Treasury yield was slightly higher at 2.9805 percent.
Spot gold was up 0.2 percent at $1,320.01 an ounce, after eking out a small weekly gain last week.
Reporting by Kit Rees, Additional reporting by Swati Pandey in Sydney Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-world-stocks-head-higher-on-hopes-of-thawing-trade-tensions-idUSL5N1SL149 |
May 22, 2018 / 2:07 PM / Updated 2 hours ago Defence is a big question mark but France have the firepower Julien Pretot 3 Min Read
PARIS (Reuters) - France built their 1998 World Cup-winning squad around a rock-solid defence but 20 years on they could do just the opposite, with their dazzling array of creative, attacking talent ready to make all the difference at the 2018 edition. FILE PHOTO: Soccer Football - International Friendly - France vs Colombia - Stade De France, Saint-Denis, France - March 23, 2018 France coach Didier Deschamps. Picture taken March 23, 2018. REUTERS/Charles Platiau/File Photo
Such is Les Bleus’ firepower up front that manager Didier Deschamps even has the luxury of not missing Real Madrid striker Karim Benzema, who has not been selected ever since being involved in a sex-tape blackmail scandal in 2015.
France can not only call on Paris St Germain prodigy Kylian Mbappe but also Atletico Madrid’s Antoine Griezmann and Olympique de Marseille’s Dimitri Payet, the duo who shone during Euro 2016 on home soil before the hosts lost in the final.
Payet flew under the radar for most of this season but recent impressive performances earned him a place in the 23-man squad.
In sharp contrast, the back four have been a recurrent problem for Deschamps.
Neither Samuel Umtiti nor Raphael Varane have been convincing this season as France, while twice using them as their centre back pairing in their last three matches, have conceded six goals.
To add to the concerns, centre back Laurent Koscielny has been ruled out of the tournament injured, limiting the coach’s options. Related Coverage Factbox - France World Cup
There are also question marks over another key player, Paul Pogba, following a see-saw season at Manchester United, where manager Jose Mourinho has been starting him only sporadically.
Yet France have weapons which should see them at the very least progress from Group C, where they face Australia, Denmark and Peru with a potential quarter-final against Spain or European champions Portugal on the horizon.
For while Pogba has struggled, holding midfielder Blaise Matuidi has in one season become a cornerstone for Juventus while Corentin Tolisso has also dramatically improved at Bayern Munich.
Indeed, Tolisso could end up paired with the Juve engine instead of Pogba, or even Ngolo Kante.
Up front, Griezmann is a very likely starter after another prolific campaign, his pace and delicate turns able to unsettle any defence, while Olivier Giroud as number nine also gives France an aerial threat.
The unsinkable Chelsea striker has scored with more headers than anyone in Europe’s top five leagues over the past three seasons.
The last attacking spot should be filled by the exciting PSG teenager Mbappe, who has steadily improved as he has sought to live up to his billing as the world’s second most expensive player since moving from Monaco. Reporting by Julien Pretot; Editing by Ian Chadband | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-fra-prospects/defence-is-a-big-question-mark-but-france-have-the-firepower-idUKKCN1IN1RS |
May 11 (Reuters) - Pinetree Capital Ltd:
* PINETREE CAPITAL LTD ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE PERIOD, MARCH 31, 2018
* PINETREE CAPITAL LTD - BASIC NET ASSET VALUE PER SHARE $2.06 AT MARCH 31, 2018
* PINETREE CAPITAL LTD QTRLY EARNINGS PER SHARE $0.04 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pinetree-capital-qtrly-earnings-pe/brief-pinetree-capital-qtrly-earnings-per-share-0-04-idUSASC0A1U6 |
May 9 (Reuters) - Freehold Royalties Ltd:
* ANNOUNCES CONTINUED ROYALTY GROWTH AND FIRST QUARTER RESULTS
* Q1 FFO PER SHARE C$0.27 * QTRLY ROYALTY PRODUCTION AVERAGED 11,197 BOE/D, UP 5% OVER SAME PERIOD IN 2017
* MAINTAINING 2018 AVERAGE PRODUCTION RANGE TO 11,750-12,250 BOE/D Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-freehold-royalties-q1-ffo-per-shar/brief-freehold-royalties-q1-ffo-per-share-c0-27-idUSASC0A182 |
LAS VEGAS, May 9, 2018 /PRNewswire/ -- Elaine P. Wynn, co-founder and the largest shareholder of Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts," "Wynn," or the "Company"), today announced that, in a report issued on May 8, 2018, Egan-Jones Proxy Services ("Egan Jones"), one of the world's leading independent proxy advisor firms, has joined Institutional Shareholder Services ("ISS") and Glass, Lewis & Co. ("Glass Lewis") in recommending that Wynn shareholders WITHHOLD votes from legacy director John J. Hagenbuch at the Company's annual meeting on Wednesday, May 16, 2018, in Las Vegas, Nevada.
Egan-Jones also joined ISS and Glass Lewis in recommending that shareholders vote "AGAINST" approval of Wynn Resorts' say-on-pay proposal.
Commenting on the news, Ms. Wynn said, "I am extremely pleased that all three proxy advisory firms agree with my belief that change is required at Wynn in order to truly become the 'New Wynn.' I urge my fellow shareholders to support my WITHHOLD the vote campaign against Mr. Hagenbuch."
Ms. Wynn believes that it is problematic that Mr. Hagenbuch has been a longtime member of the Compensation Committee and serves on the Special Committee responsible for overseeing the investigation into allegations of sexual harassment by his close friend, Stephen A. Wynn, the Company's former Chairman and CEO.
In commenting on the broader impact of Ms. Wynn's campaign, Egan-Jones stated*:
"In our view, voting AGAINST John J. Hagenbuch will send a clear signal that the Board needs to be refreshed , not only with new members, but with new ideas and perspectives to rebuild Wynn's reputation. We believe that in order to minimize the impact of both the Massachusetts and Nevada investigations into the issues with the firm's former CEO , removal of as many directors (long-tenured directors) potentially tainted by this issue as possible is in the best interests of shareholders. " "We believe that fixing the Company's brand and image must begin with a reformed leadership in the boardroom. In our view, a company's financial success should be coupled with a solid board who will address the inadequacies of Wynn's current corporate governance structure. "
This commentary aligns with Ms. Wynn's position that a WITHHOLD vote serves as a referendum on all the legacy directors, a position that ISS and Glass Lewis also shared:
ISS: "This election will serve as a referendum not only on whether the current board has done enough to stem the fallout of the accusations against Steve Wynn, but also on whether the current board composition is sufficiently robust to minimize the possibility that similar issues reemerge in the future." Glass Lewis: "[W]e believe a significant withhold vote from Mr. Hagenbuch would offer a concrete mandate to a board that might otherwise continue to take actions that strain the credibility of a still nascent pivot toward improved composition and potentially more progressive corporate governance."
In commenting on the poor governance practices of the current Wynn Board of Directors, Egan-Jones suggested:
"As the board is currently facing serious concerns in its corporate governance structure , we recommend that the board should consider an overhaul in order to regain the public trust . We recommend the board to consider the following: Board Declassification . Staggered terms for directors increase the difficulty for shareholders of making fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. Replacement of over tenured directors serving on the key Board committees . We believe that the key Board committees namely Audit, Compensation and Nominating committees should be comprised solely of independent outside directors for sound corporate governance practice. In our view, any director whose tenure on the Board is 10 years or more is considered affiliated, with the exception of diverse nominees."
In summarizing its position to shareholders that shareholders should WITHHOLD votes from Mr. Hagenbuch, Quote: :
"Based on our review of publicly available information, we believe that voting AGAINST John J. Hagenbuch , and voting FOR the rest of the management nominees, as requested by Ms. Wynn, is in the best interest of the Company and its shareholders ." " We believe that Ms. Wynn has presented a compelling case in voting AGAINST the re-election of John J. Hagenbuch due to the following reasons: The problematic culture at Wynn stems from the misconduct of its former Chairman and CEO, Steve Wynn. We believe that the mere presence of Jay Hagenbuch in the Board presents a strong conflict of interest, given that he has close ties with Mr. Wynn . Mr. Hagenbuch, as a member of the Special Committee that investigates the misconduct of Mr. Wynn, makes the credibility of the whole probe in question. As such, the reputation of the Company and the Board is also compromised ."
Commenting on Mr. Hagenbuch's membership on the Compensation Committee, Egan-Jones highlighted:
"Apart from Mr. Hagenbuch's close ties with Mr. Wynn, we also note that as a member of the Compensation Committee, we believe that Mr. Hagenbuch has exercised poor oversight in aligning executive compensation to the interests of shareholders ."
*Elaine Wynn has neither sought nor obtained consent from any third party to use previously published information as proxy soliciting material.
Important Additional Information
Elaine P. Wynn is a participant in the solicitation of proxies from the shareholders of Wynn Resorts, Limited (the " Company ") in connection with the Company's 2018 annual meeting of shareholders (the " Annual Meeting "). On April 27, 2018, Ms. Wynn filed a definitive proxy statement (the " Definitive Proxy Statement ") and form of BLUE proxy card with the U.S. Securities and Exchange Commission (the " SEC ") in connection with such solicitation of proxies from the Company's shareholders. A description of Ms. Wynn's direct or indirect interests, by security holdings or otherwise, is contained in the Definitive Proxy Statement. MS. WYNN STRONGLY ENCOURAGES THE COMPANY'S SHAREHOLDERS TO READ THE DEFINITIVE PROXY STATEMENT, ACCOMPANYING BLUE PROXY CARD AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the Definitive Proxy Statement and any other relevant documents at no charge from the SEC's website at www.sec.gov or by contacting Ms. Wynn's proxy solicitor MacKenzie Partners, Inc. at [email protected] or by calling toll-free (800) 322-2885 or collect (212) 929-5500.
If you have any questions, require assistance in voting your BLUE proxy card, or need additional copies of Ms. Wynn's proxy materials, please contact MacKenzie Partners, Inc. at the phone numbers listed below.
1407 Broadway, 27th Floor
New York, New York 10018
Call Collect: (212) 929-5500
or
Toll-Free: (800) 322-2885
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/all-three-independent-proxy-advisory-firms-support-elaine-wynns-campaign-for-change-at-wynn-resorts-and-recommend-shareholders-withhold-votes-from-legacy-director-john-j-hagenbuch-300645176.html
SOURCE Elaine Wynn | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-all-three-independent-proxy-advisory-firms-support-elaine-wynns-campaign-for-change-at-wynn-resorts-and-recommend-shareholders.html |
May 8, 2018 / 7:08 PM / Updated an hour ago Minor Venezuela presidential candidate quits race to back Falcon Reuters Staff 2 Min Read
CARACAS (Reuters) - A little-known independent candidate withdrew his bid for Venezuela’s presidency on Tuesday to back Henri Falcon, who is the main challenger to incumbent leader Nicolas Maduro. Venezuelan presidential candidate Henri Falcon of the "Avanzada Progresista" party embraces the independent candidate Luis Alejandro Ratti, who withdrew his candidacy to support Falcon, during a meeting in Caracas, Venezuela May 8, 2018. REUTERS/Carlos Garcia Rawlins
With Luis Ratti scoring less than 1 percent in polls, his decision to support Falcon is more of a symbolic boost than likely to make a tangible difference in the socialist-ruled OPEC nation’s May 20 vote.
Campaigning has been lacklustre. Most Venezuelans are preoccupied with finding food amid a desperate economic crisis, and the mainstream opposition is boycotting the vote on grounds it is rigged in advance to assure Maduro’s re-election.
Falcon, a 56-year-old former soldier and state governor, has broken with the main opposition coalition, arguing that abstention is tantamount to voting for Maduro. Slideshow (3 Images)
“I’m clear who my adversary his: Nicolas Maduro and his model,” Falcon said at a meeting in Caracas to welcome into his camp Ratti, a 39-year-old leftist businessman. “Nicolas Maduro should save Venezuela from more tragedies and resign.”
Despite his personal unpopularity, Maduro, 55, is favourite to win given his powerful party machinery, the vote-winning capacity of state food giveaways, the barring of the opposition’s two most popular figures, and the presence of government loyalists in the election board and judiciary.
“Who elects the president of Venezuela? Donald Trump? Mike Pence?” Maduro asked a crowd in a rally on Tuesday in southern Amazonas state, condemning the U.S. president and vice-president for sanctions on his government. [nL1N1SE0WY]
“No. The sovereign people of Venezuela elect their president in a secret and direct vote,” he added, in what has become a mantra of his campaign stump speech. Reporting by Vivian Sequera, Deisy Buitrago and Leon Wietfeld; Writing by Andrew Cawthorne; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-venezuela-election/minor-venezuela-presidential-candidate-quits-race-to-back-falcon-idUKKBN1I92S6 |
May 3 (Reuters) - Vonovia SE:
* VONOVIA VACANCY RATE 2.8 PERCENT IN Q1 * VONOVIA SAYS LTV RATIO 45.5 PERCENT AT END-MARCH
* EXPECTS TO REACH 2018 TARGETS * SEES 2018 FFO I AT 1.00-1.02 BILLION EUROS EXCLUDING BUWOG
* SEES 2018 RENTAL INCOME AT 1.67-1.69 BILLION EUROS EXCLUDING BUWOG
* SEES 2018 FFO I INCLUDING BUWOG AROUND 1.03-1.05 BILLION EUROS
* REUTERS POLL AVERAGE FOR VONOVIA Q1 FFO I WAS 241 MILLION EUR Source text: here
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-vonovia-now-sees-2018-ffo-i-rising/brief-vonovia-now-sees-2018-ffo-i-rising-by-as-much-as-13-pct-idUSFWN1SA037 |
As Greek islands heave under influx, refugees turn to old river route 3:57pm BST - 01:26
As dawn breaks over the waterlogged plain of Evros - on the border between Greece and Turkey - a line of refugees emerges through the morning haze. Anna Bevan reports.
As dawn breaks over the waterlogged plain of Evros - on the border between Greece and Turkey - a line of refugees emerges through the morning haze. Anna Bevan reports. //reut.rs/2rkZmAW | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/as-greek-islands-heave-under-influx-refu?videoId=423845563 |
May 2 (Reuters) - Xerox Corp:
* XEROX REPORTS FIRST-QUARTER 2018 RESULTS
* Q1 REVENUE $2.435 BILLION VERSUS I/B/E/S VIEW $2.41 BILLION
* Q1 GAAP EARNINGS PER SHARE $0.08 FROM CONTINUING OPERATIONS
* Q1 ADJUSTED EARNINGS PER SHARE $0.68 * Q1 EARNINGS PER SHARE VIEW $0.73 — THOMSON REUTERS I/B/E/S
* NOT PROVIDING 2018 GUIDANCE DUE TO PENDING DIRECTOR APPOINTMENT, NOMINATION, SETTLEMENT AGREEMENT WITH CARL ICAHN,DARWIN DEASON, AMONG OTHERS
* XEROX-“IN NORMAL COURSE OF BUSINESS, ABSENT RECENT EVENTS,WOULD HAVE REAFFIRMED FY GUIDANCE ON REVENUE, ADJUSTED OPERATING MARGIN, CASH FLOW, ADJUSTED EPS” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xerox-reports-q1-eps-008-from-cont/brief-xerox-reports-q1-eps-0-08-from-continuing-operations-idUSASC09ZAT |
BEIJING (Reuters) - The former chairman of China’s Anbang Insurance Group Co [ANBANG.UL], Wu Xiaohui, has lodged an appeal against his conviction for fraud and embezzlement that led to a sentence of 18 years in prison, his lawyers said.
FILE PHOTO: Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter/File Photo While not unknown, it is unusual for convicted suspects in high-profile cases in China to appeal. The news comes on the same day that China’s top court, in a rare reversal, declared the founder of retailer Wumart innocent, overturning a decade-old conviction for fraud and bribery.
Wu, who steered the insurance giant as it became one of China’s most aggressive dealmakers, was put on trial in late March, charged with illegal fundraising worth 65.2 billion yuan ($10.2 billion) and embezzling 10 billion yuan from its insurance fund.
The government took control of Anbang in February, part of a sweeping campaign to reduce financial risk and discourage what it sees as profligate investing by large private conglomerates.
Li Guifang, a lawyer best known for defending Chinese politician Bo Xilai in a blockbuster corruption trial in 2013, and fellow lawyer Chen Youxi have been hired for the appeal.
The Shanghai High People’s Court has started preparations for a review, they said.
A state takeover group will control Anbang for at least one year to overhaul its equity structure, seek fresh capital from strategic investors in the private sector and dispose some of its assets.
Anbang brokerage Century Securities was put up for sale this month with a price tag of at least $560 million - the first of the planned asset sales.
Reporting by Shu Zhang and Ben Blanchard; Editing by Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-anbang/former-chairman-of-chinas-anbang-appeals-fraud-conviction-idUSKCN1IW0JL |
Net Sales Increase Driven by Growth in Food Distribution and Military Segments of 3.7% and 3.2%, Respectively
Reported First Quarter EPS from Continuing Operations of $0.34 per Diluted Share; Adjusted First Quarter EPS from Continuing Operations of $0.55 per Diluted Share
GRAND RAPIDS, Mich.--(BUSINESS WIRE)-- SpartanNash Company (the “Company”) (Nasdaq: SPTN) today reported financial results for the 16-week first quarter ended April 21, 2018.
Consolidated net sales for the first quarter increased $31.4 million, or 1.3%, to $2.39 billion from $2.35 billion in the prior year quarter (1) . The increase in net sales was driven by continued sales growth in the food distribution and military segments of 3.7% and 3.2%, respectively, partially offset by lower sales at retail.
“We are pleased with our performance in the first quarter and continued resilience in a challenging and evolving landscape,” said David Staples, President and Chief Executive Officer. “Once again, we delivered on our financial and strategic objectives and remain on track to achieve our guidance for the year. Sales were driven by strong growth in the food distribution and military segments as we benefited from our key initiatives to drive sales with both new and existing customers. At retail, we also continue to implement a number of innovative concepts, which contributed to a sequential improvement in comparable store sales this quarter. Early in the first quarter, we cycled the acquisition of Caito (Caito Foods Service) and BRT (Blue Ribbon Transport), and are pleased to report that with the management team and systems now in place at Caito, we are experiencing improved trends in both productivity and profitability.”
Gross profit for the first quarter of fiscal 2018 was $343.2 million, or 14.4% of net sales, compared to $357.4 million, or 15.2% of net sales, in the prior year quarter. The lower gross profit was due a change in the timing of certain supplier programs, a shift in sales mix to the food distribution and military segments, and margin investments within certain retail segment categories.
Reported operating expenses for the first quarter were $317.5 million, or 13.3% of net sales, compared to $327.8 million, or 13.9% of net sales, in the prior year quarter. The decrease in expenses as a rate to sales compared to the prior year quarter was primarily attributable to the mix of business operations, lower healthcare and incentive compensation costs, and reduced merger/acquisition and integration expenses. The decreases in operating expenses were partially offset by higher restructuring costs associated with the Company’s retail store rationalization plans and increased transportation costs within the food distribution and military segments, characteristic of the industry as a whole. First quarter operating expenses would have been $308.8 million, or 12.9% of net sales, compared to $318.9 million, or 13.5% of net sales, in the prior year quarter, if adjustments primarily related to restructuring, merger/acquisition and integration, and Caito Fresh Kitchen start-up costs were excluded from both periods. The Caito Fresh Kitchen operations were no longer treated as start-up after the second period of fiscal 2018.
The Company reported operating earnings of $25.7 million compared to $29.6 million in the prior year quarter. The decrease was primarily attributable to restructuring and asset impairment charges, the margin impacts noted previously, as well as higher transportation costs compared to the prior year, partially offset by the lower operating expenses outlined above. Non-GAAP adjusted operating earnings (2) were $35.8 million compared to $38.5 million in the prior year quarter due to the factors mentioned previously. Please see the financial tables at the end of this press release for a reconciliation of each non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP.
Adjusted EBITDA (3) was $67.2 million compared to $70.2 million in the prior year quarter due to the factors mentioned above.
The Company reported first quarter earnings from continuing operations of $12.4 million, or $0.34 per diluted share, compared to $15.1 million, or $0.40 per diluted share, in the prior year quarter. The decrease reflects the previously mentioned factors as well as higher interest expense associated with the Company’s borrowings, partially offset by lower income tax expense resulting from significant changes to U.S. federal tax law. Adjusted earnings from continuing operations (4) for the first quarter were $20.0 million compared to $20.7 million in the prior year quarter, representing $0.55 per diluted share in both periods. Adjusted earnings from continuing operations exclude net after-tax charges of $0.21 per diluted share in the current year and $0.15 per diluted share in the prior year quarter primarily related to restructuring, merger/acquisition and integration, and Caito Fresh Kitchen start-up costs in both periods and a retirement stock compensation award in the prior year quarter.
Food Distribution Segment
Net sales for the food distribution segment increased $41.1 million, or 3.7%, to $1.16 billion from $1.11 billion in the prior year quarter, primarily due to sales growth from existing customers.
Reported operating earnings for the food distribution segment were $24.5 million compared to $25.3 million in the prior year quarter. The decrease in reported operating earnings was primarily attributable to the shift in timing of supplier programs and higher transportation costs, partially offset by lower merger/acquisition and integration expenses, improvement in Caito operations and lower incentive compensation. First quarter adjusted operating earnings (5) were $29.5 million compared to $33.1 million in the prior year quarter and decreased for the factors noted previously. First quarter adjusted operating earnings in the current year exclude $5.0 million of pre-tax charges primarily related to merger/acquisition and integration, Fresh Kitchen start-up activities and an asset impairment charge related to certain discontinued warehouse equipment in connection with ongoing efficiency initiatives. Adjusted operating earnings in the prior year quarter exclude $7.8 million of pre-tax charges primarily related to similar activities.
Military Segment
Net sales for the military segment increased $20.3 million, or 3.2%, to $663.6 million from $643.3 million in the prior year quarter. The increase was primarily due to new commissary business in the Southwest and incremental volume from the private brand program, partially offset by lower comparable sales at Defense Commissary Agency (“DeCA”) operated locations.
Reported operating earnings for the military segment increased to $1.5 million from $0.9 million in the prior year quarter. The increase was primarily attributable to margin improvements and lower healthcare costs, partially offset by higher transportation expenses. First quarter adjusted operating earnings (5) increased to $1.6 million from $1.0 million in the prior year quarter.
Retail Segment
Net sales for the retail segment were $566.2 million in the first quarter compared to $596.2 million in the prior year quarter. The decrease in net sales was primarily attributable to $21.3 million in lower sales resulting from the closure and sale of retail stores, as well as a 2.2% decrease in comparable store sales, which exclude fuel. These decreases were partially offset by higher fuel prices compared to the prior year quarter.
The Company reported an operating loss of $0.3 million for the retail segment compared to reported operating earnings of $3.4 million in the prior year quarter. The decrease in reported operating earnings was primarily attributable to lower comparable store sales, investments in margin and higher restructuring charges in connection with store closures compared to the prior year quarter. These amounts were partially offset by lower healthcare costs and the closure of underperforming stores. Adjusted operating earnings (5) increased to $4.7 million from $4.4 million in the prior year quarter due to the factors mentioned previously. First quarter adjusted operating earnings (5) in the current and prior year exclude $5.0 million and $1.0 million, respectively, of pre-tax charges primarily associated with restructuring activities.
During the first quarter, as part of its retail store rationalization plan, the Company closed three retail stores, ending the quarter with 142 corporate owned retail stores compared to 153 stores in the prior year quarter.
Balance Sheet and Cash Flow
Cash flow provided by operating activities for the first quarter was $60.4 million, compared to $10.3 million used in operating activities in the prior year quarter. The change was primarily due to the timing of working capital requirements, particularly changes in accounts receivable and inventory, compared to the prior year quarter.
As previously announced, the Board of Directors authorized an increase in the regular quarterly dividend of 9.1 percent, to $0.18 per share, beginning in the first quarter of 2018.
During the first quarter, the Company also repurchased 952,108 shares of its common stock for approximately $20.0 million. As of April 21, 2018, the Company had $45.0 million available for future repurchases.
Outlook
Mr. Staples continued, “We continue to be pleased with our ability to grow sales volumes, specifically in the food distribution and military segments, as we enhance and develop new and innovative solutions for our customers. This innovative spirit and our team’s ability to attract new customers, as well as help existing accounts grow, has us excited about our prospects for 2018 and beyond. In our food distribution segment, we are making investments to optimize our network and better serve our customers, and as a result, we anticipate incremental sales with our high-growth food distribution customers. We are also excited about the progress made to date with our food processing operations and look forward to realizing additional sales volume over the remainder of the year. In our military segment, new commissary business in the Southwest will benefit sales comparisons for the first half of 2018 and the ongoing expansion of the DeCA private brand program will also drive sales growth. We continue to expect that our retail stores’ comparable sales trends will improve to slightly negative to flat by the end of the year as our stores benefit from several of our innovative concepts and initiatives. While higher transportation costs are expected to remain a headwind, we are working to mitigate the impact across all segments. We believe that our strategic initiatives combined with the strength and stability of our extensive distribution network will enable continued growth.”
The Company is updating its guidance for the first half of fiscal 2018 and reaffirming its guidance for the full year fiscal 2018. For the first half, the Company expects adjusted earnings per share to be below the prior year adjusted earnings per share of $1.15. The Company anticipates that results will be $0.02 to $0.06 below the prior year due to the shift in timing of certain supplier programs, a delay in the launch of a significant new customer program and a challenging retail environment, partially offset by the Company’s sustained sales growth, the benefits of tax reform and sequential improvements in Caito operations.
For fiscal 2018, the Company anticipates adjusted earnings per share from continuing operations (6) of approximately $2.20 to $2.32, excluding merger/acquisition and integration expenses, restructuring charges and other adjusted items of $8.0 million to $10.0 million, compared to $2.10 in the prior year. The Company anticipates that reported earnings from continuing operations will be in the range of approximately $1.98 to $2.10 per diluted share, compared to a loss from continuing operations of $(1.41) per diluted share in the prior year. The adjusted and reported guidance reflects an effective tax rate of 23.5 percent to 24.5 percent for fiscal 2018.
The Company continues to expect capital expenditures for fiscal year 2018 to be in the range of $60.0 million to $70.0 million, with depreciation and amortization of approximately $80.0 million to $88.0 million, and total interest expense is now expected to be approximately $26.0 million to $28.0 million.
Conference Call
A telephone conference call to discuss the Company’s first quarter of fiscal 2018 financial results is scheduled for Wednesday, May 30, 2018 at 8:00 a.m. ET. A live webcast of this conference call will be available on the Company’s website, www.spartannash.com/webcasts . Simply click on “For Investors” and follow the links to the live webcast. The webcast will remain available for replay on the Company’s website for approximately ten days.
About SpartanNash
SpartanNash (Nasdaq: SPTN) is a Fortune 400 company whose core businesses include distributing grocery products to independent grocery retailers, national accounts, its corporate owned retail stores and U.S. military commissaries and exchanges. SpartanNash serves customer locations in all 50 states and the District of Columbia, Europe, Cuba, Puerto Rico, Italy, Bahrain, Djibouti and Egypt. SpartanNash currently operates 142 supermarkets, primarily under the banners of Family Fare Supermarkets, D&W Fresh Market, VG’s Grocery, Dan’s Supermarket and Family Fresh Market. Through its MDV military division, SpartanNash is a leading distributor of grocery products to U.S. military commissaries.
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements preceded by, followed by or that otherwise include the words "outlook," "believe," "anticipates," "continue," "expects," "guidance," "trend," “on track,” “encouraged” or "plan" or similar expressions. The statements in the “Outlook” section of this press release are inherently forward looking. relating to expectations about future results or events are based upon information available to SpartanNash as of today's date, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional risks and uncertainties include, but are not limited to, the Company's ability to compete in the highly competitive grocery distribution, retail grocery, and military distribution industries. Additional information concerning these and other risks is contained in SpartanNash’s most recently filed Annual Report on Form 10-K, recent Current Reports on Form 8-K and other SEC filings. All subsequent written and oral forward-looking statements concerning SpartanNash, or other matters and attributable to SpartanNash or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. SpartanNash does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
(1) Net sales reflect the adoption of the new revenue recognition standard on the first day of the current quarter, December 31, 2017. Under the new accounting standard, certain contracts in the food distribution segment are reported on a net basis compared to previously being reported on a gross basis. As the new accounting standard was adopted on a full retrospective basis, the aforementioned amounts refer to the prior period’s results as if the new revenue recognition standard was in effect in both periods. The decreases to net sales and cost of sales were $48.8 million for the period ended April 22, 2017.
(2) A reconciliation of operating earnings to adjusted operating earnings, a non-GAAP financial measure, is provided below.
(3) A reconciliation of net earnings to Adjusted EBITDA, a non-GAAP financial measure, is provided below.
(4) A reconciliation of earnings from continuing operations to adjusted earnings from continuing operations, a non-GAAP financial measure, is provided below.
(5) A reconciliation of operating (loss) earnings to adjusted operating earnings by segment, a non-GAAP financial measure, is provided below.
(6) A reconciliation of projected earnings per share from continuing operations to adjusted earnings per share from continuing operations, a non-GAAP financial measure, is provided below.
SPARTANNASH COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
16 Weeks Ended April 21, April 22, (In thousands, except per share amounts)
2018 2017 Net sales $ 2,385,073 $ 2,353,702 Cost of sales 2,041,859 1,996,326 Gross profit 343,214 357,376 Operating expenses Selling, general and administrative 309,058 322,779 Merger/acquisition and integration 2,206 4,017 Restructuring charges and asset impairment 6,202 1,021 Total operating expenses 317,466 327,817 Operating earnings 25,748 29,559 Other expenses and (income) Interest expense 8,778 7,315 Other, net (225 ) (190 ) Total other expenses, net 8,553 7,125 Earnings before income taxes and discontinued operations 17,195 22,434 Income tax expense 4,760 7,369 Earnings from continuing operations 12,435 15,065 Loss from discontinued operations, net of taxes (92 ) (40 ) Net earnings $ 12,343 $ 15,025 Basic earnings per share: Earnings from continuing operations $ 0.34 $ 0.40 Loss from discontinued operations — — Net earnings $ 0.34 $ 0.40 Diluted earnings per share: Earnings from continuing operations $ 0.34 $ 0.40 Loss from discontinued operations — — Net earnings $ 0.34 $ 0.40 Weighted average shares outstanding: Basic 36,186 37,692 Diluted 36,197 37,756 SPARTANNASH COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited)
April 21, April 22, (In thousands)
2018 2017 Assets
Current assets Cash and cash equivalents $ 17,167 $ 19,516 Accounts and notes receivable, net 330,254 342,364 Inventories, net 577,508 539,908 Prepaid expenses and other current assets 47,144 42,878 Property and equipment held for sale 13,093 — Total current assets 985,166 944,666 Property and equipment, net 582,434 628,047 Goodwill 178,648 367,497 Intangible assets, net 132,565 131,376 Other assets, net 138,124 109,029 Total assets $ 2,016,937 $ 2,180,615 Liabilities and Shareholders’ Equity
Current liabilities Accounts payable $ 356,534 $ 370,682 Accrued payroll and benefits 57,317 60,449 Other accrued expenses 43,034 40,967 Current maturities of long-term debt and capital lease obligations 7,628 17,404 Total current liabilities 464,513 489,502 Long-term liabilities Deferred income taxes 49,372 132,374 Postretirement benefits 15,944 16,433 Other long-term liabilities 41,697 42,592 Long-term debt and capital lease obligations 733,367 658,261 Total long-term liabilities 840,380 849,660 Commitments and contingencies Shareholders’ equity Common stock, voting, no par value; 100,000 shares authorized; 35,923 and 37,860 shares outstanding
481,286 529,235 Preferred stock, no par value, 10,000 shares authorized; no shares outstanding
— — Accumulated other comprehensive loss (15,052 ) (11,412 ) Retained earnings 245,810 323,630 Total shareholders’ equity 712,044 841,453 Total liabilities and shareholders’ equity $ 2,016,937 $ 2,180,615 SPARTANNASH COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
16 Weeks Ended (In thousands)
April 21, 2018 April 22, 2017 Cash flow activities Net cash provided by (used in) operating activities $ 60,381 $ (10,291 ) Net cash used in investing activities (20,933 ) (232,893 ) Net cash (used in) provided by financing activities (37,863 ) 238,297 Net cash (used in) provided by discontinued operations (85 ) 52 Net increase (decrease) in cash and cash equivalents 1,500 (4,835 ) Cash and cash equivalents at beginning of the period 15,667 24,351 Cash and cash equivalents at end of the period $ 17,167 $ 19,516 SPARTANNASH COMPANY AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA Table 1: Sales and Operating (Loss) Earnings by Segment (Unaudited)
16 Weeks Ended (In thousands)
April 21, 2018 April 22, 2017 Food Distribution Segment:
Net sales $ 1,155,211 48.5 % $ 1,114,148 47.4 % Operating earnings 24,521 25,272 Military Segment:
Net sales 663,620 27.8 % 643,313 27.3 % Operating earnings 1,513 880 Retail Segment:
Net sales 566,242 23.7 % 596,241 25.3 % Operating (loss) earnings (286 ) 3,407 Total:
Net sales $ 2,385,073 100.0 % $ 2,353,702 100.0 % Operating earnings 25,748 29,559 Table 2: Reconciliation of Net Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (A Non-GAAP Financial Measure) (Unaudited)
16 Weeks Ended (In thousands)
April 21, 2018 April 22, 2017 Net earnings $ 12,343 $ 15,025 Loss from discontinued operations, net of tax 92 40 Income tax expense 4,760 7,369 Other expenses, net 8,553 7,125 Operating earnings 25,748 29,559 Adjustments: LIFO expense 1,540 1,590 Depreciation and amortization 25,018 25,080 Merger/acquisition and integration 2,206 4,017 Restructuring charges and goodwill/asset impairment 6,202 1,021 Fresh Kitchen start-up costs (1) 1,366 2,748 Stock-based compensation 5,290 6,352 Other non-cash gains (199 ) (222 ) Adjusted EBITDA $ 67,171 $ 70,145 Reconciliation of operating earnings (loss) to adjusted EBITDA by segment: Food Distribution: Operating earnings $ 24,521 $ 25,272 Adjustments: LIFO expense 766 883 Depreciation and amortization 9,321 8,602 Merger/acquisition and integration 2,195 3,847 Restructuring charges and asset impairment 1,260 599 Fresh Kitchen start-up costs (1) 1,366 2,748 Stock-based compensation 2,526 2,961 Other non-cash charges 215 46 Adjusted EBITDA $ 42,170 $ 44,958 Military: Operating earnings $ 1,513 $ 880 Adjustments: LIFO expense 424 308 Depreciation and amortization 3,678 3,439 Merger/acquisition and integration 4 — Stock-based compensation 805 962 Other non-cash gains (71 ) (2 ) Adjusted EBITDA $ 6,353 $ 5,587 Retail: Operating (loss) earnings $ (286 ) $ 3,407 Adjustments: LIFO expense 350 399 Depreciation and amortization 12,019 13,039 Merger/acquisition and integration 7 170 Restructuring charges and goodwill/asset impairment 4,942 422 Stock-based compensation 1,959 2,429 Other non-cash gains (343 ) (266 ) Adjusted EBITDA $ 18,648 $ 19,600 (1) Fresh Kitchen operations were no longer treated as start-up beginning in period three of fiscal 2018.
The Company believes that adjusted EBITDA provides a meaningful representation of its operating performance for the Company as a whole and for its operating segments. The Company considers adjusted EBITDA as an additional way to measure operating performance on an ongoing basis. Adjusted EBITDA is meant to reflect the ongoing operating performance of all of its distribution and retail operations; consequently, it excludes the impact of items that could be considered “non-operating” or “non-core” in nature, and also excludes the contributions of activities classified as discontinued operations. Because adjusted EBITDA and adjusted EBITDA by segment are performance measures that management uses to allocate resources, assess performance against its peers and evaluate overall performance, the Company believes it provides useful information for both management and its investors. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with the Company request its operating financial results in adjusted EBITDA format.
Adjusted EBITDA and adjusted EBITDA by segment are not measures of performance under accounting principles generally accepted in the United States of America, and should not be considered as a substitute for net earnings, cash flows from operating activities and other income or cash flow statement data. The Company’s definitions of adjusted EBITDA and adjusted EBITDA by segment may not be identical to similarly titled measures reported by other companies.
Table 3: Reconciliation of Operating (Loss) Earnings to Adjusted Operating Earnings (A Non-GAAP Financial Measure) (Unaudited)
16 Weeks Ended (In thousands)
April 21, 2018 April 22, 2017 Operating earnings $ 25,748 $ 29,559 Adjustments: Merger/acquisition and integration 2,206 4,017 Restructuring charges and asset impairment 6,202 1,021 Fresh Kitchen start-up costs (1) 1,366 2,748 Stock compensation associated with executive retirement — 1,172 Severance associated with cost reduction initiatives 274 3 Adjusted operating earnings $ 35,796 $ 38,520 Reconciliation of operating earnings to adjusted operating earnings by segment: Food Distribution: Operating earnings $ 24,521 $ 25,272 Adjustments: Merger/acquisition and integration 2,195 3,847 Restructuring charges and asset impairment 1,260 599 Fresh Kitchen start-up costs (1) 1,366 2,748 Stock compensation associated with executive retirement — 591 Severance associated with cost reduction initiatives 193 1 Adjusted operating earnings $ 29,535 $ 33,058 Military: Operating earnings $ 1,513 $ 880 Adjustments: Merger/acquisition and integration 4 — Stock compensation associated with executive retirement — 147 Severance associated with cost reduction initiatives 52 1 Adjusted operating earnings $ 1,569 $ 1,028 Retail: Operating (loss) earnings $ (286 ) $ 3,407 Adjustments: Merger/acquisition and integration 7 170 Restructuring charges and asset impairment 4,942 422 Stock compensation associated with executive retirement — 434 Severance associated with cost reduction initiatives 29 1 Adjusted operating earnings $ 4,692 $ 4,434 (1) Fresh Kitchen operations were no longer treated as start-up beginning in period three of fiscal 2018. Notes: Adjusted operating earnings is a non-GAAP operating financial measure that the Company defines as operating earnings plus or minus adjustments for items that do not reflect the ongoing operating activities of the Company and costs associated with the closing of operational locations.
The Company believes that adjusted operating earnings provide a meaningful representation of its operating performance for the Company as a whole and for its operating segments. The Company considers adjusted operating earnings as an additional way to measure operating performance on an ongoing basis. Adjusted operating earnings is meant to reflect the ongoing operating performance of all of its distribution and retail operations; consequently, it excludes the impact of items that could be considered “non-operating” or “non-core” in nature, and also excludes the contributions of activities classified as discontinued operations. Because adjusted operating earnings and adjusted operating earnings by segment are performance measures that management uses to allocate resources, assess performance against its peers and evaluate overall performance, the Company believes it provides useful information for both management and its investors. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with the Company request its operating financial results in adjusted operating earnings format.
Adjusted operating earnings is not a measure of performance under accounting principles generally accepted in the United States of America, and should not be considered as a substitute for operating earnings, cash flows from operating activities and other income or cash flow statement data. The Company’s definition of adjusted operating earnings may not be identical to similarly titled measures reported by other companies.
Table 4: Reconciliation of Earnings from Continuing Operations to Adjusted Earnings from Continuing Operations (A Non-GAAP Financial Measure) (Unaudited)
16 Weeks Ended April 21, 2018 April 22, 2017 per diluted per diluted (In thousands, except per share amounts)
Earnings share Earnings share Earnings from continuing operations $ 12,435 $ 0.34 $ 15,065 $ 0.40 Adjustments: Merger/acquisition and integration 2,206 4,017 Restructuring charges and asset impairment 6,202 1,021 Fresh Kitchen start-up costs (1) 1,366 2,748 Stock compensation associated with executive retirement — 1,172 Severance associated with cost reduction initiatives 274 3 Total adjustments 10,048 8,961 Income tax effect on adjustments (2) (2,437 ) (3,362 ) Total adjustments, net of taxes 7,611 0.21 5,599 0.15 Adjusted earnings from continuing operations $ 20,046 $ 0.55 $ 20,664 $ 0.55 (1) Fresh Kitchen operations were no longer treated as start-up beginning in period three of fiscal 2018. (2) The income tax effect on adjustments is computed by applying the applicable tax rate to the adjustment. Notes: Adjusted earnings from continuing operations is a non-GAAP operating financial measure that the Company defines as earnings from continuing operations plus or minus adjustments for items that do not reflect the ongoing operating activities of the Company and costs associated with the closing of operational locations.
The Company believes that adjusted earnings from continuing operations provide a meaningful representation of its operating performance for the Company. The Company considers adjusted earnings from continuing operations as an additional way to measure operating performance on an ongoing basis. Adjusted earnings from continuing operations is meant to reflect the ongoing operating performance of all of its distribution and retail operations; consequently, it excludes the impact of items that could be considered “non-operating” or “non-core” in nature, and also excludes the contributions of activities classified as discontinued operations. Because adjusted earnings from continuing operations is a performance measure that management uses to allocate resources, assess performance against its peers and evaluate overall performance, the Company believes it provides useful information for both management and its investors. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with the Company request its operating financial results in adjusted earnings from continuing operations format.
Adjusted earnings from continuing operations is not a measure of performance under accounting principles generally accepted in the United States of America, and should not be considered as a substitute for net earnings, cash flows from operating activities and other income or cash flow statement data. The Company’s definition of adjusted earnings from continuing operations may not be identical to similarly titled measures reported by other companies.
Table 5: Reconciliation of Long-Term Debt and Capital Lease Obligations to Total Net Long-Term Debt and Capital Lease Obligations (A Non-GAAP Financial Measure) (Unaudited)
April 21, December 30, (In thousands)
2018 2017 Current maturities of long-term debt and capital lease obligations $ 7,628 $ 9,196 Long-term debt and capital lease obligations 733,367 740,755 Total debt 740,995 749,951 Cash and cash equivalents (17,167 ) (15,667 ) Total net long-term debt $ 723,828 $ 734,284 Notes: Total net debt is a non-GAAP financial measure that is defined as long-term debt and capital lease obligations plus current maturities of long-term debt and capital lease obligations less cash and cash equivalents. The Company believes both management and its investors find the information useful because it reflects the amount of long-term debt obligations that are not covered by available cash and temporary investments. Total net debt is not a substitute for GAAP financial measures and may differ from similarly titled measures of other companies.
Table 6: Reconciliation of Projected Earnings per Diluted Share from Continuing Operations to Projected Adjusted Earnings per Diluted Share from Continuing Operations (A Non-GAAP Financial Measure) (Unaudited)
52 Weeks Ending December 29, 2018
Low High Earnings from continuing operations $ 1.98 $ 2.10 Adjustments, net of taxes: Merger/acquisition and integration expenses 0.07 0.07 Restructuring and asset impairment 0.11 0.11 Fresh Kitchen start-up costs 0.03 0.03 Severance associated with cost reduction initiatives 0.01 0.01 Adjusted earnings from continuing operations $ 2.20 $ 2.32
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006235/en/
SpartanNash Company
Investor Contacts:
Mark Shamber
Chief Financial Officer and Executive Vice President
(616) 878-8023
or
Katie Turner
Partner, ICR
(646) 277-1228
or
Media Contact:
Meredith Gremel
Vice President Corporate Affairs and Communications
(616) 878-2830
Source: SpartanNash Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-spartannash-announces-first-quarter-fiscal-2018-financial-results.html |
May 14 (Reuters) - SITO Mobile Ltd:
* SITO MOBILE REPORTS 70% INCREASE IN REVENUE FOR FIRST QUARTER
* Q1 LOSS PER SHARE $0.22 * Q1 REVENUE $11.1 MILLION VERSUS I/B/E/S VIEW $10.3 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.09 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sito-mobile-q1-loss-per-share-022/brief-sito-mobile-q1-loss-per-share-0-22-idUSASC0A23C |
May 25, 2018 / 10:49 PM / Updated 23 minutes ago U.S. jury fails to reach verdict in latest J&J talc trial Tina Bellon 3 Min Read
NEW YORK (Reuters) - A South Carolina jury on Friday could not agree on a verdict in a case of a woman whose family said her long-term use of Johnson & Johnson’s Baby Powder led to her death from asbestos-related cancer, resulting in a mistrial. A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake
The case of Bertila Boyd-Bostic, who died of a rare form of cancer in 2017 at the age of 30, is the latest in a series of trials in the United States that center around allegations that the company’s talc-based powder contained asbestos.
“We’re disappointed the jury did not reach a unanimous verdict for Johnson & Johnson,” the company said in a statement emailed to Reuters.
“The talc in Johnson’s Baby Powder does not contain asbestos, which is supported by more than 50 years of independent, non-litigation driven scientific evaluations.”
Asbestos is a known carcinogen linked to mesothelioma, the type of cancer Boyd-Bostic had been diagnosed with at the age of 29.
After two weeks of trial, the jury in the Darlington County Court of Common Pleas said it could not decide whether J&J was responsible for the disease. Under South Carolina law, a jury has to make a unanimous decision.
Christopher Swett, a lawyer for the family of Boyd-Bostic, said in a statement that the plaintiffs would retry the case at the earliest opportunity.
“We continue to believe that the daily use of baby powder on Bertila from birth led to her death,” Swett said.
The case also named as a defendant the U.S. unit of talc supplier Imerys SA, as well as a local unit of Rite Aid, one of the largest U.S. drugstore chains, which allegedly sold the baby powder used by the woman.
Gwen Myers, a spokeswoman for Imerys Talc America, said: “We remain confident that talc does not cause cancer. Imerys follows all FDA and other regulatory guidelines and utilizes rigorous testing to ensure that our talc meets the highest quality standards. We continue to stand by the safety of our product.”
Rite Aid did not immediately respond to a request for comment.
J&J is battling some 9,000 cases claiming its talc products cause ovarian cancer, but litigants have recently focused on claims based on alleged asbestos contamination.
A California jury on Thursday awarded $25.7 million in damages to a woman and her husband over allegations that the company’s baby powder had caused her mesothelioma.
A New Jersey court jury in April ordered J&J and Imerys Talc America to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from talc-based products.
The company won the only other asbestos-related trial in November, when a Los Angeles Superior Court jury ruled in its favor. Reporting by Tina Bellon, Editing by Rosalba O'Brien and Diane Craft | ashraq/financial-news-articles | https://uk.reuters.com/article/us-johnson-johnson-cancer-lawsuit/u-s-jury-fails-to-reach-verdict-in-latest-jj-talc-trial-over-asbestos-claims-idUKKCN1IQ36D |
May 30, 2018 / 8:31 AM / in 14 minutes Safran repeats LEAP engine targets, says no 'bad surprises' at Zodiac Reuters Staff 2 Min Read
PARIS, May 30 (Reuters) - The head of France’s Safran on Wednesday reaffirmed production targets for the LEAP aircraft engine co-produced with General Electric and predicted the engine that it replaces, the CFM56, would also stay in production through 2020.
CFM International, a joint-venture between the two aerospace groups, aims to deliver around 1,100 LEAP engines this year.
Safran Chief Executive Philippe Petitcolin said no unexpected setbacks had been discovered at Zodiac Aerospace, since Safran took control of the troubled French seats manufacturer in February.
“There have been no major (bad) surprises but there haven’t been any good surprises either,” Petitcolin told the AJPAE aerospace media association, adding it would take some 12-18 months for delayed airline seat projects currently being handled by Zodiac to work their way completely through the system.
Safran hopes for an inaugural contract for its new E-Taxi electrically powered aircraft taxiing system at the Farnborough Airshow in July, Petitcolin said. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta) | ashraq/financial-news-articles | https://www.reuters.com/article/france-safran/safran-repeats-leap-engine-targets-says-no-bad-surprises-at-zodiac-idUSL5N1T10XC |
Spain's economic growth providing lot of confidence: Economy minister 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/spains-economic-growth-providing-lot-of-confidence-economy-minister.html |
PHILADELPHIA, May 21, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced several changes to its executive leadership, effective June 1, 2018.
Logo - http://mma.prnewswire.com/media/331912/fmc_corporation_logo.jpg
Mark Douglas, president of FMC Agricultural Solutions, has been appointed president and chief operating officer. He will lead FMC's operational, commercial and technology organizations.
Kathy Shelton, global director of Research and Development, has been appointed FMC vice president and chief technology officer.
Diane Allemang, global director of Global Portfolio Strategy and Management, has been appointed FMC vice president and chief marketing officer.
Susanne Lingard, global director of Regulatory Affairs, has been appointed FMC vice president, Regulatory Affairs.
Shelton, Allemang and Lingard will continue to report to Douglas.
"These appointments reflect a new FMC that will be focused exclusively on the discovery, development, production and commercialization of advanced crop protection technologies," said Pierre Brondeau, CEO and chairman. "We are taking steps now, in advance of the Lithium IPO, to ensure we have the right executive team and leadership structure that will continue the growth momentum and robust performance of our agricultural sciences business."
Brondeau added, "Mark, Kathy, Diane and Susanne are seasoned industry leaders with exceptional skills and a strong track record in global business, technology, marketing and regulatory. I look forward to working with each of them and the rest of our executive team, which is committed to our transformation and focused on delivering industry leading performance."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com .
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content: http://www.prnewswire.com/news-releases/fmc-announces-leadership-appointments-300652094.html
SOURCE FMC Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-fmc-announces-leadership-appointments.html |
claims@
NEW YORK, May 25 (Reuters) - A South Carolina jury on Friday could not agree on a verdict in a case of a woman whose family said her long-term use of Johnson & Johnson's Baby Powder led to her death from asbestos-related cancer, resulting in a mistrial.
The case of Bertila Boyd-Bostic, who died of a rare form of cancer in 2017 at the age of 30, is the latest in a series of trials in the United States that center around allegations that the company's talc-based powder contained asbestos.
J&J said that its widely-used baby powder never contained asbestos or causes cancer and denies the accusations, citing decades of testing by independent laboratories and scientists.
Asbestos is a known carcinogen linked to mesothelioma, the type of cancer Boyd-Bostic had been diagnosed with at the age of 29.
After two weeks of trial, the jury in the Darlington County Court of Common Pleas said it could not decide whether J&J was responsible for the disease. Under South Carolina law, a jury has to make a unanimous decision.
J&J did not immediately respond to a request for comment.
Christopher Swett, a lawyer for the family of Boyd-Bostic, said in a statement that the plaintiffs would retry the case at the earliest opportunity.
"We continue to believe that the daily use of baby powder on Bertila from birth led to her death," Swett said.
The case also named as a defendant the U.S. unit of talc supplier Imerys SA, as well as a local unit of Rite Aid, one of the largest U.S. drugstore chains, which allegedly sold the baby powder used by the woman.
Imerys Talc America and Rite Aid did not immediately respond to a request for comment.
J&J is battling some 9,000 cases claiming its talc products cause ovarian cancer, but litigants have recently focused on claims based on alleged asbestos contamination.
A California jury on Thursday awarded $25.7 million in damages to a woman and her husband over allegations that the company's baby powder had caused her mesothelioma.
A New Jersey court jury in April ordered J&J and Imerys Talc America to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from talc-based products.
The company won the only other asbestos-related trial in November, when a Los Angeles Superior Court jury ruled in its favor.
(Reporting by Tina Bellon, Editing by Rosalba O'Brien) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-u-s-jury-fails-to-reach-verdict-in-latest-jj-talc-trial-over-asbestos-claims.html |
(Adds Quote: , details)
ABIDJAN, May 7 (Reuters) - Burkina Faso’s economy is on track to grow by around 6 percent this year, in line with the last two years’ average, the International Monetary Fund said in a statement on Monday.
The West African nation, which agreed a programme with the Fund in March, is aiming to reduce its fiscal deficit, which ballooned to an unprecedented 7.7 percent of GDP last year.
Burkina Faso’s deficits have typically ranged from 2 to 4 percent of GDP in recent years. It will aim to reduce the deficit to 3 percent by 2019 in line with its pledge to meet the West African Economic and Monetary Union convergence criterion.
An IMF mission visited Burkina Faso - a gold and cotton exporter - from May 2 to 4 to begin monitoring implementation of the programme, which is supported by a $158 million credit facility.
“This performance reflects considerable resilience in the face of external shocks, notably three significant terrorist attacks in Ouagadougou over the last two years,” Dalia Hakura, who headed the mission, said in the statement.
She said Burkina Faso was also having to deal with a deteriorating security situation in its northern border regions and poor rainfall in 2017, which had hit food production.
Reporting by Joe Bavier Editing by Kevin Liffey
Our | ashraq/financial-news-articles | https://www.reuters.com/article/burkina-imf/update-1-burkina-faso-on-track-for-gdp-growth-of-around-6-pct-this-year-imf-idUSL8N1SE5GF |
Why investors may not want to 'sell in May' this year 1 Hour Ago Strategists say don't listen to the old Wall Street adage to "sell in May and go away" this year. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/why-investors-may-not-want-to-sell-in-may-this-year.html |
May 2 (Reuters) - Westwater Resources Inc:
* QUARTERLY LOSS PER SHARE $0.12 Source text: [ bit.ly/2HJxBwQ ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-westwater-resources-posts-quarterl/brief-westwater-resources-posts-quarterly-loss-per-share-0-12-idUSFWN1S90O9 |
The U.S. government’s bankruptcy watchdog on Wednesday said a bid by Toys “R” Us Inc for a court order to help transition businesses the toy-store chain is selling to new owners should be slowed because terms for the work are still being negotiated.
Last week, Toys “R” Us filed court papers seeking to enter into transition services agreements for its international operations as it works on closing the $237 million sale of its Canadian business to Fairfax Financial Holdings Ltd. It is also seeking deals to sell its operations in Germany, Austria and Switzerland.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2I2QFpW
| ashraq/financial-news-articles | https://www.reuters.com/article/bankruptcy-toysrus/u-s-trustee-says-terms-for-toys-r-us-transition-services-unclear-idUSL1N1SG2ON |
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of Analogic Corporation (NASDAQ GS: ALOG )? Did you purchase any of your shares prior to April 10, 2018? Do you think the proposed buyout is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Analogic Corporation (“Analogic” or the “Company”) (NASDAQ GS: ALOG ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by an affiliate of Altaris Capital Partners, LLC (“Altaris”) in a transaction valued at approximately $1.1 billion. Under the terms of the agreement, shareholders of Analogic will receive $84.00 in cash for each share of Analogic common stock.
If you own common stock of Analogic and purchased any shares before April 10, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006224/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
888-969-4242
302-295-5310
Fax: 302-654-7530
[email protected]
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-analogic-corporation-buyout.html |
BLOOMINGTON, Ind.--(BUSINESS WIRE)-- Cook Medical has announced Ross Harvey as the new director of global Customer Support & Delivery (CSD). In this role, Harvey will oversee the global customer service teams, global distribution centers, and warehouses. These teams will work together to develop innovative customer support and product delivery solutions that create an excellent customer service experience.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180504005419/en/
Ross Harvey, Director Global Customer Support & Delivery at Cook Medical (Photo: Business Wire)
“My goal is to understand our customers and their patients’ needs so that we can identify the best ways to serve them,” said Harvey. “Taking the time to get their feedback upfront will create a strong foundation as we develop initiatives to improve hospital systems’ experience with Cook around the world.”
One of Harvey’s primary focus areas will be enhancing customer experience and managing operational and communications efforts for CSD.
“Providing excellent, and consistent customer service remains one of the company’s top priorities,” said Pete Yonkman, president of Cook Group and Cook Medical. “The creation of the new global Customer Support & Delivery operational unit will enhance the customer experience and ensure compliance is in line with global quality standards.”
Harvey joined Cook in 1991 in warehousing where he progressed to oversee raw materials and purchasing functions at Cook Australia. Over the years, he worked in various departments where he focused on efficiency improvements. To date, he has designed and implemented the Japan, China and Singapore distribution centers that supply twenty-one countries in that region. Harvey most recently served director of supply chain for Asia Pacific and has relocated with his family to Bloomington, Indiana.
About Cook Medical
Since 1963 Cook Medical has worked closely with physicians to develop technologies that eliminate the need for open surgery. Today we are combining medical devices, biologic materials and cellular therapies to help the world's healthcare systems deliver better outcomes more efficiently. We have always remained family owned so that we have the freedom to focus on what we care about: patients, our employees and our communities. Find out more at www.cookmedical.com , and for the latest news, follow us on Twitter , Facebook and LinkedIn .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005419/en/
Cook Medical
Marsha Lovejoy
Global Manager, External Corporate Communications
812-320-6903 (mobile)
812-339-2235, ext. 10-2750 (office)
[email protected]
Source: Cook Medical | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-ross-harvey-named-new-director-of-global-customer-support-delivery-at-cook-medical.html |
ATLANTA, May 31, 2018 /PRNewswire/ -- Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises in the new value-based world, today announced that it will release its first quarter 2018 financial performance for the period that ended April 30, 2018, on Wednesday, June 6, 2018 after the market closes.
The Company will conduct a conference call to review the results on Thursday, June 7, 2018 at 9:00 AM ET. Interested parties can access the call by joining the live webcast: click here to register. You can also join by phone by dialing 800-263-0877 and then entering passcode 7132733.
A replay of the conference call will be available from Thursday, June 7, 2018 at 12:00 PM ET to Tuesday, June 12, 2018 at 12:00 PM ET by dialing 888-203-1112 and entering passcode 7132733.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a healthcare industry leader in capturing, aggregating, and translating enterprise data into knowledge – producing actionable insights that support revenue cycle optimization for healthcare enterprises. We deliver integrated solutions, technology-enabled services and analytics that empower providers to drive revenue integrity in a value-based world. We share a common calling and commitment to advance the quality of life and the quality of healthcare – for society, our clients, the communities they serve, and the individual patient. For more information, please visit our website: www.streamlinehealth.net
Company Contact:
Randy Salisbury
SVP, Chief Marketing Officer
(404) 229-4242
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/streamline-health-to-report-first-quarter-2018-financial-performance-on-june-6-2018-300657421.html
SOURCE Streamline Health Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-streamline-healtha-to-report-first-quarter-2018-financial-performance-on-june-6-2018.html |
May 23, 2018 / 4:58 PM / Updated 13 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 23 (OPTA) - Scoreboard at close of play of between Surrey and Gloucestershire on Wednesday at London, England Surrey win by 6 wickets Gloucestershire 1st innings Chris Dent c Scott Borthwick b Jade Dernbach 14 George Hankins c Jason Roy b Sam Curran 3 Benny Howell c Rikki Clarke b Scott Borthwick 60 Gareth Roderick b Rikki Clarke 27 Ian Cockbain c Ollie Pope b Scott Borthwick 16 Jack Taylor c Scott Borthwick b Sam Curran 54 Ryan Higgins Not Out 81 Tom Smith Not Out 18 Extras 0b 2lb 2nb 0pen 5w 9 Total (50.0 overs) 282-6 Fall of Wickets : 1-4 Hankins, 2-37 Dent, 3-95 Roderick, 4-114 Howell, 5-131 Cockbain, 6-241 Taylor Did Not Bat : Miles, Taylor, Liddle Bowling Ov Md Rn Wk Econ Ex Jade Dernbach 9 0 57 1 6.33 2w 1nb Sam Curran 9 0 60 2 6.67 2w Rikki Clarke 9 0 44 1 4.89 Gareth Batty 10 0 48 0 4.80 1w Will Jacks 5 0 20 0 4.00 Scott Borthwick 8 0 51 2 6.38 Surrey 1st innings Jason Roy c Matt Taylor b Craig Miles 0 Will Jacks c George Hankins b Chris Liddle 121 Dean Elgar b Benny Howell 50 Rory Burns c Chris Liddle b Ryan Higgins 37 Ben Foakes Not Out 50 Ollie Pope Not Out 17 Extras 0b 4lb 2nb 0pen 5w 11 Total (45.4 overs) 286-4 Fall of Wickets : 1-0 Roy, 2-158 Elgar, 3-185 Jacks, 4-242 Burns Did Not Bat : Curran, Borthwick, Clarke, Batty, Dernbach Bowling Ov Md Rn Wk Econ Ex Craig Miles 8 1 58 1 7.25 1w Matt Taylor 5.4 0 38 0 6.71 Ryan Higgins 7 0 38 1 5.43 1w 1nb Chris Liddle 6 0 51 1 8.50 1w Tom Smith 9 0 65 0 7.22 Benny Howell 10 0 32 1 3.20 2w Umpire Michael Gough Umpire Russell Warren Home Scorer Philip Makepeace Away Scorer Adrian Bull | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5N6XO1WB |
April 30(Reuters) - Shandong Longda Meat Foodstuff Co Ltd
* Sees FY 2018 H1 net profit could fall up to 20 percent, or to be 106.6 million yuan to 133.2 million yuan
* Says FY 2017 H1 net profit was 133.2 million yuan
Source text in Chinese: goo.gl/ZSwQvq
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shandong-longda-meat-foodstuff-see/brief-shandong-longda-meat-foodstuff-sees-fy-2018-h1-net-profit-could-fall-up-to-20-pct-idUSL3N1S73WS |
Billionaire hedge fund manager David Tepper has reached a deal to buy the Carolina Panthers, the National Football League team announced Wednesday.
The deal, which has been reported to be worth a league-record $2.2 billion , is subject to NFL approval and is expected to close in July.
"I look forward to turning the stewardship of the Panthers over to David Tepper," Panthers founder Jerry Richardson said in a statement. "I have enjoyed getting to know him in this process and am confident that he will provide the organization with great leadership in both its football and community initiatives."
Richardson began shopping the team around after the league started an investigation into allegations of sexual and racial misconduct in the workplace.
Tepper, who runs Appaloosa Management, would have to sell his stake in the Pittsburgh Steelers, according to NFL rules. He has had a minority stake in that team since 2009.
"I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper said in a statement. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/billionaire-david-tepper-reaches-deal-to-buy-nfls-carolina-panthers.html |
KING OF PRUSSIA, Pa., Consumer51, an international consumer-experience company with operations in Pennsylvania, Indiana, and New Mexico, announced that the firm had acquired New Mexico's top app development and digital marketing company Xynergy, Inc.
"We are delighted to have the talented employees of Xynergy® join Consumer51 and are committed to New Mexico as a hub for our operations. We plan to expand in the state, creating new jobs and additional revenue for the state," says Arijit Banerjee, CEO of Consumer51. "Jennifer Martin, former owner of Xynergy®, will continue to lead operations in New Mexico and will take on an important role at Consumer51 as our new COO, managing operations for the entire company around the country."
Xynergy® will continue to operate under its well-known trade name and clients can now expect to have access to deep user research and user-experience design skills, as well as a broader range of services that include managed printing, Hubspot marketing automation and managed infrastructure.
"Our client relationships are paramount to us," says Martin. "Our New Mexico clients will see no change in the excellent service we provide them, except now we will have even more capabilities to help them grow their own businesses."
The acquisition now provides Consumer51 with additional capabilities in app development, SEO, and web development using Expression Engine and Magento systems. Martin's experience as a pioneer in marketing technology, and one of the first and few women to found and manage a digital marketing company expands options for Consumer51's clients. The combined capabilities of Consumer51 and Xynergy® are rare in the industry.
About Xynergy®
Founded by Jennifer Martin in 1994, Xynergy® provides world class web design, online marketing services, and website management for a wide range of industries, non-profits, and state and local government agencies. Xynergy® has won numerous awards both locally and nationally, and has consistently been named among the top web development firms in New Mexico. For more information about Xynergy, visit http://www.Xynergy.com .
About Consumer51
Consumer51 is a privately held consumer-experience company, providing marketing and technology solutions for today's connected world. The company provides a wide range of services including web development and design, web hosting, brand identity design, inbound marketing, creative services and consulting to clients around the world, ranging from startups to Fortune 50 brands. Members of the Consumer51 team have worked on large global brands such as Walmart, McDonald's, Lexus, Siemens and Olympus. For more information about Consumer51, visit http://www.consumer51.com .
Photos:
https://www.prlog.org/12706541
Press release distributed by PRLog
releases/consumer51-acquires-new-mexicos-top-app-development-and-digital-marketing-company-xynergy-inc-300648133.html
SOURCE Consumer51 LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-consumer51-acquires-new-mexicos-top-app-development-and-digital-marketing-company-xynergy-inc.html |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Ra Pharmaceuticals, Inc. (NASDAQ:RARX) today announced financial results for the first quarter ended March 31, 2018 and provided an update on recent corporate and clinical developments.
“We continue to make important progress in advancing our lead clinical candidate RA101495 SC in multiple, complement-mediated indications,” said Doug Treco, PhD, President and Chief Executive Officer of Ra Pharma. “While first generation treatments may address the basic mechanism of these diseases, the challenges of lifelong treatment access, convenience, and patient independence all contribute to restricting their broader use. RA101495 SC, a unique and potent C5 inhibitor differentiated by its convenient, once-daily, subcutaneous (SC) self-administration, has the potential to address these limitations, positioning it as a possible first-line therapy of choice.”
Dr. Treco added, “We are excited by the recent appointment of John C. King as Chief Commercial Officer, given his background in commercializing Soliris® for generalized myasthenia gravis (gMG) in the U.S. and growth of paroxysmal nocturnal hemoglobinuria (PNH) in markets around the world. We look forward to initiating a Phase 3 clinical trial in PNH in the second half of this year, and to completing enrollment in our Phase 2 clinical trial in gMG, followed by data in the first half of 2019.”
Recent Developments
Appointed John C. King as Chief Commercial Officer. Mr. King joined Ra Pharma in April 2018, bringing more than 20 years of senior, global, commercial leadership experience within the biotechnology rare disease space. Mr. King most recently served as Vice President, U.S. Neurology Business Unit at Alexion Pharmaceuticals, a role in which he was responsible for building and leading the team launching Soliris® (eculizumab) for gMG in the U.S. Prior roles include Vice President, Head of Global LAL-D Franchise and Vice President, Head of Global PNH Franchise, at Alexion, as well as commercial roles of increasing responsibility at Wyeth Pharmaceuticals. Presented an overview of the Phase 2 clinical trial design evaluating RA101495 SC for the treatment of gMG at the American Academy of Neurology 70 th Annual Meeting, April 21-27, 2018 in Los Angeles. The Phase 2, multi-center, randomized, double-blind, placebo-controlled trial is designed to evaluate the safety, tolerability, and preliminary efficacy of RA101495 SC in approximately 36 patients with gMG. The oral presentation also highlighted Phase 1 healthy volunteer data for RA101495 SC. To date, fourteen patients have been dosed in the Phase 2 clinical study, and data is expected in the first half of 2019. Initiated dosing in the Company’s Phase 1b clinical trial evaluating RA101495 SC in patients with renal impairment. This trial is designed to characterize the pharmacokinetics (PK) of RA101495 SC in these patients, thereby enabling the evaluation of RA101495 SC in complement-mediated renal diseases, such as atypical hemolytic uremic disorder (aHUS) and lupus nephritis (LN). To date, eleven patients have been dosed in the Phase 1b study, and study results are expected mid-2018.
First Quarter 2018 Financial Results
For the first quarter of 2018, the Company reported a net loss of $16.5 million, or a net loss of $0.61 per share (basic and diluted), compared to net loss of $11.4 million, or a net loss of $0.50 per share for the same period in 2017.
Research and development expenses for the first quarter of 2018 were $13.4 million compared to $9.0 million for the same period in 2017. The increase in R&D expenses for the first quarter 2018 was related to clinical development costs associated with our lead program, RA101495 SC.
General and administrative expenses for the first quarter of 2018 were $3.3 million, compared to $2.5 million for the same period in 2017. The increase in G&A expenses for the first quarter of 2018 was related to employee-related costs due to the increase in G&A headcount to support the growth of the Company.
As of March 31, 2018, Ra Pharma reported total cash and equivalents of $109.1 million. The Company expects that its cash and cash equivalents at March 31, 2018 will be sufficient to fund operations through the end of 2019.
About RA101495 SC
Ra Pharma is developing RA101495 SC for paroxysmal nocturnal hemoglobinuria (PNH) , generalized myasthenia gravis (gMG) , atypical hemolytic uremic syndrome (aHUS), and lupus nephritis (LN) . The product is designed for convenient, once-daily subcutaneous self-administration. RA101495 SC is a synthetic, macrocyclic peptide discovered using Ra Pharma's powerful proprietary drug discovery technology. The peptide binds complement component 5 (C5) with sub-nanomolar affinity and allosterically inhibits its cleavage into C5a and C5b upon activation of the classical, alternative, or lectin pathways. By binding to a region of C5 corresponding to C5b, RA101495 SC is designed to disrupt the interaction between C5b and C6 and prevent assembly of the membrane attack complex (MAC). This activity may define an additional, novel mechanism for the inhibition of C5 function.
About RA101495 SC Phase 2 PNH Clinical Program
The global, dose-finding Phase 2 program was designed to evaluate the safety, tolerability, preliminary efficacy, pharmacokinetics, and pharmacodynamics of RA101495 SC in patients with PNH. The study evaluated RA101495 SC in three cohorts. The first cohort included eculizumab-naïve patients, the second cohort included patients switching from eculizumab to RA101495 SC, and the third cohort included patients who were currently treated with eculizumab but had evidence of an inadequate response. Patients in all three cohorts were eligible for entry into a long-term extension study following the completion of the initial 12-week studies. The primary efficacy endpoint was the change in LDH from baseline to the mean level from week 6 to week 12.
About RA101495 SC Phase 2 gMG Clinical Program
The Phase 2, multicenter, randomized, double-blind, placebo-controlled trial is designed to evaluate the safety, tolerability, and preliminary efficacy of RA101495 SC in patients with gMG. The trial is designed to enroll approximately 36 patients and includes a screening period of up to four weeks. At the outset of the 12-week treatment period, patients will be randomized in a 1:1:1 ratio and will receive daily, subcutaneous doses of 0.1 mg/kg of RA101495 SC, 0.3 mg/kg of RA101495 SC, or matching placebo. The primary efficacy endpoint is change in Quantitative Myasthenia Gravis (QMG) score from baseline to week 12. All patients will have the opportunity to receive RA101495 SC in a long-term extension study.
About Ra Pharmaceuticals
Ra Pharmaceuticals is a clinical stage biopharmaceutical company focusing on the development of next-generation therapeutics for complement-mediated diseases. The Company discovers and develops peptides and small molecules to target key components of the complement cascade. For more information, please visit: www.rapharma.com .
Forward-Looking Statement
This press release contains " " within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the safety, efficacy and regulatory and clinical progress of our product candidates, including RA101495 SC, statements regarding trial design, timeline and enrollment of our ongoing and planned clinical programs, statements regarding the timing of the release of clinical trial data; statements regarding the potential of RA101495 SC to be a first-line therapy of choice, and expectations regarding the sufficiency of our cash and cash equivalents. All such are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such . These risks and uncertainties include the risks that Ra Pharma's product candidates, including RA101495 SC, will not successfully be developed or commercialized; the risk that we may fail to obtain additional financing; the risk that we may fail to enroll patients in our clinical trials, which may cause delays or other adverse effects; the risk that our product candidates may have undesirable side effects that may delay or prevent their regulatory approval or limit their commercial success; the risk that topline results as of February 7, 2017 from the Company's global Phase 2 clinical program evaluating RA101495 SC for the treatment of PNH may not be indicative of final study results; as well as the other factors discussed in the "Risk Factors" section in Ra Pharma's most recently filed Annual Report on Form 10-K, as well as other risks detailed in Ra Pharma's subsequent filings with the Securities and Exchange Commission. There can be no assurance that the actual results or developments anticipated by Ra Pharma will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Ra Pharma. All information in this press release is as of the date of the release, and Ra Pharma undertakes no duty to update this information unless required by law.
Ra Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data) Three Months Ended
March 31,
2018 2017 Operating expenses: Research and development $ 13,412 $ 9,012 General and administrative 3,312 2,469 Total operating expenses 16,724 11,481 Loss from operations (16,724 ) (11,481 ) Other income (expense), net 226 121 Net loss $ (16,498 ) $ (11,360 ) Net loss per common share – basic and diluted $ (0.61 ) $ (0.50 ) Weighted average number of common shares outstanding – basic and diluted 27,242 22,549 Ra Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands) March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 109,122 $ 70,381 Prepaid expenses and other current assets 1,736 2,496 Property and equipment, net 5,621 5,606 Other noncurrent assets 1,697 1,714 Total assets $ 118,176 $ 80,197 Liabilities and Stockholders’ Equity Accounts payable and accrued expenses $ 6,765 $ 8,285 Deferred rent 450 329 Noncurrent liabilities 2,286 2,399 Stockholders' equity 108,675 69,184 Total liabilities and stockholders’ equity $ 118,176 $ 80,197
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006472/en/
Investors:
Ra Pharmaceuticals, Inc.
Jennifer Robinson, 617-674-9873
[email protected]
or
Media:
Argot Partners
David Rosen, 212-600-1902
[email protected]
Source: Ra Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-ra-pharmaceuticals-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
May 14, 2018 / 12:04 PM / Updated 38 minutes ago "The clock is ticking": EU warns Britain of poor Brexit progress Gabriela Baczynska 4 Min Read
BRUSSELS (Reuters) - The European Union on Monday warned Britain time was running out to seal a Brexit deal this autumn and ensure London does not crash out of the bloc next March, adding to pressure on Prime Minister Theresa May.
May’s spokesman, however, said the “focus is on getting this right” rather than meeting a deadline.
The EU’s Brexit negotiator Michel Barnier told 27 ministers of the bloc meeting in Brussels on Monday that “no significant progress” had been made in negotiations with London since March, the Bulgarian chairwoman of the talks said.
Diplomats and officials in Brussels have raised doubts about whether the bloc and London will be able to mark a milestone in the negotiations at the summit of EU leaders on June 28-29.
“More work is needed to prepare for the UK’s orderly withdrawal... Allow me to repeat myself: we are not there yet,” Barnier said on Monday, adding the outstanding issues, including the Irish border conundrum, were “very serious”.
The current schedule puts progress in June as an important step towards a final Brexit deal in October, which would leave enough time for an elaborate EU ratification process before the Brexit day.
“October is only five months from now and still some key issues related to the withdrawal agreement need to be settled. In June we need to see substantive progress on Ireland, on governance and all remaining separation issues,” said Ekaterina Zakharieva, deputy prime minister of Bulgaria which holds the EU’s rotating presidency. Related Coverage UK's Johnson backs PM May's position over EU customs' plans
German, Austrian and Dutch ministers all echoed the same concern, saying Britain has not made its position clear in detail on parts of the negotiations: “The clock is ticking,” Germany’s Michael Roth told his EU peers.
“We need now to be making substantial progress, but that is not happening. What is worrying us in particular is the Northern Ireland question where we expect a substantial accommodation from the British side.”
At home, May is stuck between a rock and a hard place with staunch Brexit supporters pushing to sever ties with the EU and others advocating keeping close customs cooperation with the bloc to reduce frictions in future trade.
May’s spokesman said London was working on two options for post-Brexit customs cooperation.
Under a customs partnership, Britain could collect tariffs on the EU’s behalf. Under a second idea, for a streamlined customs arrangement, traders on an approved list would be able to cross borders freely with the aid of automated technology. Anti-Brexit demonstrators wave EU and Union flags outside the Houses of Parliament in London, Britain, January 30, 2018. REUTERS/Toby Melville
While both sides want to continue close cooperation on internal security and foreign policy after Brexit, even this area, previously seen as an easy part of the unprecedented divorce negotiations, has seen a series of recent hiccups.
Britain and the EU have clashed over the Galileo satellite project, and the bloc has criticised London for what it called its lackadaisical use of a key travel and crime database. PRESSURE
The EU has said London must come up with a solution for the Irish border and highlights that has not happened. Both sides worry that reinstating a physical border between EU-member Ireland and Britain’s province of Northern Ireland - including to manage customs - could revive violence there.
Other outstanding issues include guarantees for expatriate rights and trade rules after Brexit.
With May’s cabinet, her ruling Conservative party and the British public split down the middle on Brexit, the prime minister has come under increasing pressure to make a decision on customs.
The Brexit schedule is tightening, Brussels sources said, which helps the EU to pile pressure on London before the June summit but is mostly due to lack of real progress in the talks. Slideshow (2 Images)
Dutch Foreign Minister Stef Blok said it was too early to discuss an extension of the timeline, but added: “The aim is now to conclude a deal in the time schedule that has been agreed on ... I very much hope we will agree but there are no guarantees, unfortunately.” Additional reporting by Philip Blenkinsop in Brussels and Liz Piper in London, Writing by Gabriela Baczynska, Editing by Matthew Mpoke Bigg and Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu/the-clock-is-ticking-eu-tells-brexit-britain-idUSKCN1IF1IN |
May 1 (Reuters) - African Gold Group Inc:
* AFRICAN GOLD GROUP STRENGTHENS MANAGEMENT TEAM AND PROVIDES PROJECT UPDATE
* AFRICAN GOLD GROUP INC - HAS APPOINTED MALCOLM CAMPBELL AS PRESIDENT AND CHIEF OPERATING OFFICER EFFECTIVE IMMEDIATELY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-african-gold-group-appoints-malcol/brief-african-gold-group-appoints-malcolm-campbell-as-president-chief-operating-officer-effective-immediately-idUSASC09YJW |
Trade officials missed a Thursday deadline to wrap up a renegotiated North American Free Trade Agreement, and the chances are rising that there won’t be a deal at all this year. This looming fiasco is the result of the failed negotiating strategy of U.S. trade rep Robert Lighthizer, who works for a deal-making President but can’t seem to make a deal.
The missed deadline this week means there may not be enough time left in the Republican Congress to hold a vote, even in a lame-duck session. Good luck getting cooperation from... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-looming-nafta-debacle-1526681665 |
May 22, 2018 / 2:34 PM / Updated 6 hours ago Westwood, Harrington, McDowell, Donald named Ryder Cup vice-captains Reuters Staff 2 Min Read
(Reuters) - European captain Thomas Bjorn has named Lee Westwood, Padraig Harrington, Graeme McDowell and Luke Donald as vice-captains for this year’s Ryder Cup in Paris. European Ryder Cup captain Thomas Bjorn attends a golf event at France's Golf National where the Ryder Cup 2018 tournament will be held at Saint-Quentin-en Yvelines, France, October 16, 2017. REUTERS/Charles Platiau
The experienced quartet join Swede Robert Karlsson, who has played two Ryder Cups, in Bjorn’s backroom staff for the biennial contest as Europe bid to reclaim the trophy after losing 17-11 to the American team in Hazeltine, U.S. in 2016.
Westwood has featured in last 10 contests since making his debut in 1997, while Harrington was vice-captain to Paul McGinley in 2014 and Darren Clarke in 2016.
McDowell, who clinched the winning point for Team Europe at Celtic Manor in 2010, has played in four Ryder Cup teams, while Donald has finished on the winning side in all four of his playing appearances.
“All five are widely respected throughout the game, are all current players who are well known to the players who will be in our team come September,” Bjorn said in a statement.
“They also all possess a knowledge and understanding of what to expect from the golf course at Le Golf National too.
“You only need to look at the record books to see that their Ryder Cup pedigree speaks for itself. Each of them has played both home and away so they are well versed in the contest and know how to handle the special and unique atmosphere.”
The Ryder Cup will be played at Le Golf National from Sept. 28-30. Team U.S., looking to retain the trophy, have not won on European soil since 1993. Reporting by Hardik Vyas in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-rydercup-europe/westwood-harrington-mcdowell-donald-named-ryder-cup-vice-captains-idUSKCN1IN1UW |
May 17 (Reuters) - KEMET Corp:
* KEMET REPORTS PRELIMINARY FISCAL YEAR AND FOURTH QUARTER 2018 RESULTS
* Q4 SALES $318 MILLION VERSUS I/B/E/S VIEW $306.7 MILLION * Q4 EARNINGS PER SHARE VIEW $0.41 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kemet-reports-q4-adj-earnings-per/brief-kemet-reports-q4-adj-earnings-per-share-of-0-45-idUSASC0A2RR |
NEW YORK, May 10 (Reuters) - For details of the U.S. Treasury’s auctions of 13-week and 26-week bills next week, see:
13-week bills: here
26-week bills:
here (Reuters New York newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-debt-bills/u-s-treasury-to-sell-90-bln-in-bills-idUSN9N1RF024 |
So much for the big movies of the moment, such as “Deadpool 2” or “Avengers: Infinity Wars.” At the Nitehawk Cinema in Brooklyn’s Williamsburg neighborhood, film fans lined up last weekend for “Lost Highway,” the surreal 1997 David Lynch picture involving sex, murder and a jazz saxophonist.
The showing was part of a tradition stretching back at least four decades in New York City: the midnight movie.
At... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-the-midnight-hour-new-yorkers-still-love-a-movie-1527191789 |
May 7, 2018 / 11:05 AM / in 17 minutes Buffett bashes bitcoin as nonproductive, thriving on mystique Jonathan Stempel , Jennifer Ablan 2 Min Read
NEW YORK (Reuters) - Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as “rat poison squared,” thrive on the hope they’ll find other people who will pay more for it. Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking
Likening bitcoin demand to the tulip mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has driven a surge in its price.
“It does create a rising price, creates more buyers ... If you don’t understand it, you get much more excited,” Buffett said on CNBC television. “People like to speculate, they like to gamble.”
Buffett said investors would instead be much better off investing in U.S. stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds.
Buffett said stock prices are elevated but not in a bubble. FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration/File Photo
He said he would much rather have Berkshire’s pile of cash and equivalents be $30 billion, rather than the $108.6 billion it was at the end of March, but good deals have not emerged.
Buffett revealed last week having bought about 75 million additional Apple Inc shares in the first quarter, despite already owning about 165.3 million.
Berkshire now owns 5 percent of the iPhone maker, trailing only Vanguard Group and BlackRock Inc.
He also said he would be happy to see Apple shares go down in price if it would spur repurchases.
Buffett presided on Saturday at Berkshire’s annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people. Reporting By Jennifer Ablan and Jonathan Stempel; Editing by Hugh Lawson and Nick Zieminski | ashraq/financial-news-articles | https://uk.reuters.com/article/us-berkshire-buffett-cnbc/buffett-bashes-bitcoin-as-nonproductive-thriving-on-mystique-idUKKBN1I813F |
ISTANBUL (Reuters) - A small Turkish Islamist party on Tuesday said it would field a candidate in the June 24 presidential snap election, potentially siphoning off critical votes from President Tayyip Erdogan and stopping him from an outright win in the first round.
The Saadet, or Felicity, Party, which has never received enough votes to enter parliament since it was established in 2001, nominated party head Temel Karamollaoglu as its presidential candidate, the party said.
Karamollaoglu still needs to collect 100,000 signatures by May 9 for his presidential run to be approved by Turkey’s High Electoral Board.
The party has proven to be an unexpected but critical ally for Turkey’s secular opposition in the upcoming elections, after refusing calls from the ruling AK Party (AKP) to join the electoral alliance it has made with parliament’s smallest group, the Nationalist Movement Party (MHP).
The Saadet Party shares the same Islamist roots with the ruling AK Party and analysts say its entry into the race could help the opposition by drawing voters from the AKP base and forcing a second round of voting.
“Amongst the opposition, it is seen that only and only the Saadet Party can touch the conservative and religious voters,” Gezici poll head Murat Gezici told Reuters.
He said the latest poll shows that Saadet Party has 1-2 percent of total votes but it could draw in up to 8-10 percent of AKP’s voters, increasing the likelihood of a second round.
To win in the first round, a candidate needs more than 50 percent of the votes. Polls indicate a second round is likely to happen and would be held on July 8 if necessary.
Erdogan has won nearly a dozen elections and dominated Turkish politics since the Islamist-rooted AK party swept to power in 2002.
Former president Abdullah Gul, one of the founding members of the AKP, at the weekend said he would not be a candidate, ending weeks of speculation that he would run for the Saadet Party.
The election will mark Turkey’s transition into a presidency with new sweeping executive powers - opposed by the Saadet Party - in a narrowly approved referendum last year.
Even though the two parties were born as a result of the same Islamist movement, Karamollaoglu has criticized the AKP’s handling of the economy and the crackdown under the state of emergency in place since the coup attempt in July 2016.
Speaking on Tuesday in front of a poster with his image alongside the words, “Wise president for Turkey”, Karamollaoglu focused on what he said was the lack of personal freedoms in Turkey.
“The issue in this country is not a matter of rightist-leftist, in its essence. The issue in this country is not a matter of conservative or liberal either. The issue in this country is about the oppressors and the downtrodden.”
Reporting by Ali Kucukgocmen and Gulsen Solaker in Ankara; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-election-party/leader-of-small-turkish-islamist-party-announces-bid-for-presidency-idUSKBN1I23O0 |
Acer continues progression from development to potential commercialization of EDSIVO™
Company appoints Chief Legal Officer and 3 new VPs of Clinical Operations, Program and Alliance Management, and Market Access and Reimbursement
NEWTON, Mass., May 14, 2018 (GLOBE NEWSWIRE) -- Acer Therapeutics Inc. (Nasdaq:ACER), a pharmaceutical company focused on the acquisition, development and commercialization of therapies for serious rare and ultra-rare diseases with critical unmet medical need, today reported financial results for the quarter ended March 31, 2018 and provided an update on the Company’s recent corporate developments. The Company also announced that it has appointed Don Joseph, as Chief Legal Officer; Stacey Bain, Ph.D., as Vice President, Clinical Operations; Kristin Mulready, as Vice President, Program and Alliance Management; and Matt Seibt, as Vice President, Market Access and Reimbursement.
“We have continued to make progress towards finalizing the critical activities over the next few months required to submit a New Drug Application (NDA) for EDSIVO™ in vascular Ehlers-Danlos syndrome (vEDS) as well as conducting pre-commercial activities,” said Chris Schelling, CEO and Founder of Acer. “We have also made additional senior-level hires. Our new team members bring deep industry knowledge and experience with them, which will be invaluable as we move forward. I warmly welcome Don, Kristin and Matt, who will report to me, and Stacey, who will report to our Chief Medical Officer.”
“We are also active in supporting patient advocacy initiatives and are working very closely with the vEDS community to better understand their needs and to learn how we can best partner with them going forward.” Mr. Schelling continued, “Beyond vEDS, we look to advance and expand our pipeline with the goal of bringing multiple products to patients with serious ultra-orphan diseases over the next several years.”
First Quarter 2018 and Recent Highlights
Expanded management team by hiring a Chief Legal Officer and six Vice Presidents – previously announced in February the appointments of Terrie Kellmeyer, Ph.D., as Vice President, Clinical Science; John Klopp as Vice President, Manufacturing; and Jason Kneeland, CPA, as Vice President Finance, Controller Ended first quarter with $12.4 million in cash and cash equivalents and no debt, which we believe is sufficient to fund our current operating and capital requirements through the end of 2018
Upcoming Milestones
Potential publication of celiprolol vEDS Patient Registry data; the manuscript is currently under peer review Targeting a pre-NDA meeting, which may consist of one or more consultations, with the FDA later in this second quarter of 2018 Anticipate submitting an NDA to the FDA for EDSIVO™ for the treatment of vEDS at the end of the first half of 2018 Continuing pre-commercial activities for EDSIVO™ Making additional senior-level commercial and medical affairs hires this year, as well as continuing to build out the commercial team and add other core personnel later this year
Financial Results for the First Quarter 2018
Cash position. Cash and cash equivalents were $12.4 million as of March 31, 2018, compared to $15.6 million as of December 31, 2017. We believe our cash position is sufficient to fund our current operating and capital requirements through the end of 2018.
Research and Development Expenses. Research and development expenses were $2.1 million during the three months ended March 31, 2018, compared to $3.0 million during the three months ended March 31, 2017. This decrease of $0.9 million was principally due to a decrease in spending for contract research, data licenses and manufacturing services relating to EDSIVO™. Research and development expense for the three months ended March 31, 2018 was comprised of $2.2 million related to EDSIVO™, offset by net $93,000 resulting from a refund from a supplier related to ACER-001.
General and Administrative Expenses. General and administrative expenses were $1.9 million for the three months ended March 31, 2018, compared to $334,000 for the three months ended March 31, 2017. This increase of $1.6 million was primarily due to an increase in pre-commercial costs, personnel costs, and legal related expenses.
Net Loss. Net loss for the three months ended March 31, 2018 was $4.0 million, or $0.53 loss per share (basic and diluted), compared with a net loss of $3.4 million, or $1.38 loss per share (basic and diluted), for the three months ended March 31, 2017.
For additional information, please see our Quarterly Report on Form 10-Q filed today with the SEC.
About Don Joseph
Mr. Joseph joined Acer as Chief Legal Officer and Secretary in April 2018. He has over 20 years of biopharmaceutical industry experience, including general counsel and senior management positions in biopharmaceutical and global health organizations. Mr. Joseph served as Chief Legal Officer and Board Secretary of KaloBios Pharmaceuticals, Inc., a publicly listed biopharmaceutical company. Prior to KaloBios, he was Chief Executive Officer, and before that, Chief Operating Officer of BIO Ventures for Global Health, or BVGH. Mr. Joseph is currently a member and Secretary of the BVGH board of directors, having served previously as its Chairman. He previously served as general counsel, corporate secretary, and in other senior management roles at publicly held biopharmaceutical companies, including Abgenix and Renovis. Mr. Joseph currently serves as lead independent director of Achieve Life Sciences, a publicly held pharmaceutical company. Before entering the life sciences industry, he practiced corporate law for a number of years in major firms, including as an international partner at Baker & McKenzie, one of the world’s largest law firms. Mr. Joseph received his J.D. degree from the University of Texas School of Law, with honors.
About Stacey Bain, Ph.D.
Dr. Bain joined Acer as Vice President, Clinical Operations in February 2018. She brings with her 20 years of international clinical operational and drug development experience in the pharmaceutical, biotechnology, and clinical research organization settings. Dr. Bain has managed or played an integral role in over 25 clinical trials, including both domestic and global studies. She oversaw two global Phase 3 oncology programs simultaneously with a combined budget of $75 million. Dr. Bain’s experience includes management of various cross functional clinical development areas (clinical operations, drug safety, regulatory, data management, programming, biostatistics, medical writing, and third-party vendors). Previously, she held key leadership roles at Amunix Operating Inc., BioNumerik Inc., QLT Inc., InClin Inc., and PPD Development. Dr. Bain received a B.S. degree in Biomedical Science from Texas A&M University and a Ph.D. degree in Medical Science from Texas A&M College of Medicine.
About Kristin Mulready
Mrs. Mulready joined Acer as Vice President, Program and Alliance Management in April 2018. She has over 20 years of biotechnology experience with expertise in executional strategy and team leadership. Prior to joining Acer, she was Senior Director of Program and Alliance Management at Mersana Therapeutics where she launched the function with responsibility for establishing and leading governance and teams, driving the business processes to advance the multiple internal and partnered programs, and ensuring efficiency in delivering on goals across the portfolio. Previously, she held roles of increasing responsibility at ImmunoGen, Inc. spanning Program Management, Alliance Management and Discovery Research. Mrs. Mulready earned her B.A. degree in Biology from Colby-Sawyer College and her M.S. degree in Management from Lasell College.
About Matt Seibt
Mr. Seibt joined Acer as Vice President, Market Access and Reimbursement in April 2018. He has over 22 years of health care industry experience, with 15 years of specialization in managed care market access and reimbursement. During his career, Mr. Seibt has successfully launched 18 products in primary care, specialty, and rare diseases. Prior to joining Acer, he was the Director of Account Management, where he led a field market access team dedicated to securing distribution, formulary coverage, and reimbursement of Biogen’s portfolio in hemophilia, multiple sclerosis, and spinal muscular atrophy. Previously, Mr. Seibt has held roles in sales, marketing, and market access at Pfizer, Vertex, PCA HealthPlans and PacifiCare. He received his B.A. degree in economics at The University of Texas and completed the healthcare leadership program at Portland State University.
About Acer Therapeutics
Acer, headquartered in Newton, MA, is a pharmaceutical company focused on the acquisition, development and commercialization of therapies for patients with serious rare and ultra-rare diseases with critical unmet medical need. Acer’s late-stage clinical pipeline includes two candidates for severe genetic disorders: EDSIVO™ (celiprolol) for vascular Ehlers-Danlos syndrome (vEDS), and ACER-001 (a fully taste-masked, immediate release formulation of sodium phenylbutyrate) for urea cycle disorders (UCD) and Maple Syrup Urine Disease (MSUD). There are no FDA-approved drugs for vEDS and MSUD and limited options for UCD, which collectively impact approximately 7,000 patients in the U.S. Acer’s product candidates have clinical proof-of-concept and mechanistic differentiation, and Acer intends to seek approval for them in the U.S. by using the regulatory pathway established under section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act (FFDCA) that allows an applicant to rely at least in part on third-party data for approval, which may expedite the preparation, submission, and approval of a marketing application.
For more information, visit www.acertx.com .
Forward-Looking Statements
This press release contains “ ” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, prospects, plans and objectives of management are . Examples of such statements include, but are not limited to, statements relating to the potential for EDSIVO™ (celiprolol) and ACER-001 to safely and effectively target diseases; our ability to successfully complete regulatory submissions; and the development, expected timeline and commercial potential of any product candidates of the company. Acer may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the and you should not place undue reliance on these . Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the as a result of many factors, including, without limitation, risks and uncertainties associated with market conditions, unexpected cash requirements, changes in Acer’s business plan, the fact that the results of earlier studies and trials may not be predictive of future clinical trial results, and the process of developing, obtaining regulatory approval for and commercializing drug candidates that are safe and effective for use as human therapeutics. Acer disclaims any intent or obligation to update these to reflect events or circumstances that exist after the date on which they were made. You should review additional disclosures we make in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K. You may access these documents for no charge at http://www.sec.gov .
ACER THERAPEUTICS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended March 31, 2018 2017 Operating expenses: Research and development $ 2,073,971 $ 3,033,539 General and administrative 1,917,030 333,529 Loss from operations (3,991,001 ) (3,367,068 ) Other income (expense): Interest income 30,690 — Interest expense — (12,630 ) Foreign currency transaction loss (23,293 ) — Total other income (expense), net 7,397 (12,630 ) Net loss $ (3,983,604 ) $ (3,379,698 ) Net loss per share - basic and diluted $ (0.53 ) $ (1.38 ) Weighted average common shares outstanding - basic and diluted 7,497,433 2,450,000
SELECTED BALANCE SHEET DATA:
(unaudited)
March 31, December 31, 2018 2017 Cash and cash equivalents $ 12,368,625 $ 15,644,355 Other current assets $ 826,429 $ 881,887 Property and equipment, net $ 66,512 $ 62,984 Total assets $ 21,043,581 $ 24,368,741 Total liabilities $ 2,478,021 $ 2,033,204 Total stockholders' equity $ 18,565,560 $ 22,335,537 Investor Contact:
Hans Vitzthum
LifeSci Advisors
Ph: 617-535-7743
[email protected]
Source:Acer Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-acer-therapeutics-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
Trump Jr. met with Saudi, UAE envoy before election: NYT 01:44
The New York Times says the meeting is an indication that other countries besides Russia may have offered help to Trump's presidential campaign.
The New York Times says the meeting is an indication that other countries besides Russia may have offered help to Trump's presidential campaign. //reut.rs/2IuRYyi | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/trump-jr-met-with-saudi-uae-envoy-before?videoId=428513247 |
May 7(Reuters) - Haoyun Technologies Co Ltd
* Says it was recognized as high-tech enterprise again, and to enjoy a tax preference of 15 percent for three years from 2017 to 2019
Source text in Chinese: goo.gl/AX2Hgc
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-haoyun-technologies-obtains-high-t/brief-haoyun-technologies-obtains-high-tech-enterprise-recognition-and-to-enjoy-tax-preference-idUSL3N1SE1JK |
As long as there's been sports, people have gambled on it: Expert 1 Hour Ago 03:53 03:53 | 2 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/as-long-as-theres-been-sports-people-have-gambled-on-it-expert.html |
Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018, Reuters reported. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/oil-markets-worries-over-growing-supplies-in-focus.html |
Dow jumps more than 300 points 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/dow-jumps-more-than-300-points.html |
Apocalypse Disgraced Televangelist Jim Bakker Is Now Selling Real Estate and $150 Water Bottles Televangelist Jim Bakker after a funeral service at the Billy Graham Library for the Rev. Billy Graham in March 2018. Chuck Burton—AP/REX/Shutterstock By Chris Morris May 7, 2018
Jim Bakker slipped out of most people’s collective consciousness after he fell from grace following a sex scandal and his 1989 fraud conviction. But the disgraced televangelist is back, focusing on the apocalypse and urging people to buy both real estate and eye-poppingly expensive “extreme survival warfare” water bottles from him to prepare.
Bakker, who served five years in prison for 24 counts of wire and mail fraud and conspiracy, is selling cabins in Missouri’s Ozark mountains, telling followers the area ( which he calls Morningside ) will be “the safest place to live” when the Apocalypse hits . Prices for the cabins weren’t disclosed, but you can rent one for as little as $85 per night right now.
“Where are you going to go when the world’s on fire? Where are you going to go? This place is for God’s people. … We need some farmers to move here,” Bakker said on a recent episode of The Jim Bakker Show , whose website carries the tagline “Prophecy and End Time News.”
In that same episode, Bakker claimed government research (which he didn’t specify) found the area was “the safest place to live in troubled times.”
Bakker, of course, is one of the iconic figures of the 1980s. The former leader of “The PTL Club,” he and then-wife Tammy Faye were among the most prominent televangelists of the time. That empire began to crumble when former church secretary Jessica Hahn came forward with allegations of a sexual affair with Bakker. Jim and Tammy Faye Bakker in the 1980s, before scandal hit. Lou Krasky—AP/REX/Shutterstock
The baby-faced Bakker so many people were familiar with at that time is now gone. Today, he’s 78 years old, balding and sports a closely trimmed white beard. He has remarried (and his wife co-hosts the new show with him.)
Beyond his real estate efforts, Bakker is also selling 28 ounce “warfare” water bottles, which he says filter out contaminants. Viewers can buy a half-dozen for $150. Don’t want that? You could opt for the “tasty pantry deluxe bucket” for $175, a prepper’s food service delight , with a claimed 374 servings of fettuccine alfredo, mac and cheese and more, boasting a 30-year shelf life. (Want 10,472 servings? That’ll be $3,700.)
“This is the best food offer in the world,” he claimed.
The Daily Mail visited Morningside in August 2017, describing the community as “similar to a theme park, featuring a brightly painted indoor town square dominated by a 15-foot tall Jesus statue.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/televangelist-jim-bakker-prepper-selling-real-estate-water-bottle-apocalypse/ |
May 2 (Reuters) - Apollo Commercial Real Estate Finance Inc :
* APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.38 * Q1 NON-GAAP OPERATING EARNINGS PER SHARE $0.43
* Q1 EARNINGS PER SHARE VIEW $0.45 — THOMSON REUTERS I/B/E/S
* SUBSEQUENT TO QUARTER END, ARI AMENDED & RESTATED CO’S MASTER REPURCHASE AGREEMENT WITH DEUTSCHE BANK AG
* AMENDMENT TO MASTER REPURCHASE AGREEMENT INCREASED BORROWING CAPACITY FROM $450.0 MILLION TO $800.0 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-apollo-commercial-real-estate-fina/brief-apollo-commercial-real-estate-finance-q1-earnings-per-share-0-38-idUSASC09Z5I |
May 28, 2018 / 11:04 PM / Updated 9 hours ago Doctors who treated Skripals uncertain about their long-term health Reuters Staff 3 Min Read
LONDON (Reuters) - The doctors who treated a Russian former spy and his daughter after they were poisoned with a nerve agent in Britain say they don’t know what the pair’s long term health outlook is - and initially feared the incident could have been much worse.
Sergei Skripal, a former colonel in Russia’s military intelligence who betrayed dozens of agents to Britain, and daughter Yulia were found unconscious on a public bench in the southern English city of Salisbury on March 4.
Staff at Salisbury hospital, where they were treated, told the BBC that some started to wonder whether they too would fall victim to the nerve agent.
Asked about the long term impact of the poisoning on the Skripals health, the hospital’s medical director, Christine Blanshard, said the prognosis was uncertain.
“The honest answer is we don’t know,” she said, according to extracts of an interview released by the BBC’s Newsnight program.
Britain has said that it is highly likely that Russia was responsible for the poisoning of the Skripals, and western governments, including the United States, have expelled more than 100 Russian diplomats. Russia has denied any involvement in the poisoning and retaliated in kind.
Yulia Skripal spoke to Reuters last week, saying her recovery had been “slow and extremely painful” and that she was lucky to have survived. FILE PHOTO: Ambulances and a police car are parked outside the emergency room at Salisbury District Hospital, Britain, March 6, 2018. REUTERS/Toby Melville/File Photo
Hospital staff too said that they expected the Skripals would die as a result of the poisoning.
“All the evidence was there that they would not survive,” said Stephen Jukes, an intensive care consultant who treated the Skripals a week after they arrived at the hospital.
He added that the medical team initially suspected the Skripals were suffering an opioid overdose before the diagnosis quickly changed.
The cathedral city of Salisbury was transformed by the incident, with major shopping areas cordoned off while decontamination of locations the Skripals visited took place.
A policeman was admitted to hospital with symptoms after attending to the Skripals, and hospital staff feared that the incident might have been far more serious than first thought. Slideshow (3 Images)
“When the (policeman) was admitted with symptoms - there was a real concern as to how big could this get,” Lorna Wilkinson, director of nursing at the hospital, said, adding she feared it could have “become all-consuming and involve many casualties”
“We really didn’t know at that point.” Reporting by Alistair Smout; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-russia-skripal-salisbury/doctors-who-treated-skripals-uncertain-about-their-long-term-health-idUKKCN1IT254 |
Almaden Minerals Ltd:
* ALMADEN ANNOUNCES $7 MILLION NON-BROKERED PRIVATE PLACEMENT
* ALMADEN MINERALS LTD - PROPOSED NON-BROKERED PRIVATE PLACEMENT FINANCING OF UP TO 7 MILLION UNITS AT A PRICE OF $1.00 PER UNIT
* ALMADEN MINERALS LTD - TO USE NET PROCEEDS OF OFFERING FOR EXPLORATION AND DEVELOPMENT ACTIVITIES RELATING TO IXTACA PROJECT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-almaden-announces-7-million-non-br/brief-almaden-announces-7-million-non-brokered-private-placement-idUSASC0A1SH |
April 30 (Reuters) - Elanix Biotechnologies AG:
* CO SECURES UP TO EUR 2.5 MILLION SEDA FINANCING * ELANIX BIOTECHNOLOGIES- ENTERED INTO SEDA WITH YORKVILLE ADVISORS WHICH COMMITTED TO PROVIDE UPTO EUR 2.5 MILLION IN EQUITY FINANCING OVER 24-MONTH PERIOD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elanix-biotechnologies-says-it-sec/brief-elanix-biotechnologies-says-it-secured-up-to-2-5-mln-euros-seda-financing-idUSFWN1S7199 |
AUSTIN, Texas, TFF Pharmaceuticals, Inc. , an early-stage biopharmaceutical company focused on developing and commercializing innovative drug products for the treatment of lung diseases and conditions, announced today it has named Glenn Mattes as Chief Executive Officer of the Company. Mr. Mattes brings over thirty years of successful business and industry leadership experience that spans a wide range of businesses and therapeutic categories.
Robert Mills , TFF Pharmaceuticals' Chairman of the Board, said, "With Glenn at the helm as our CEO, we have honored our promise to investors to build a dynamic leadership team. He is the right strategic fit for taking TFF Pharmaceuticals from inception to a strong commercial success. Glenn has a proven track record of growing and advancing transformational pharmaceutical therapeutics to market leadership worldwide."
TFF Pharmaceuticals recently closed an offering of its Series A Convertible Preferred Stock, resulting in gross proceeds of $14 million. The funding will be used to accelerate development of the company's pipeline of advanced performance dry powder drugs for the treatment of pulmonary diseases and conditions, such as lung transplant recovery, severe asthma, COPD, and pulmonary infections.
"I am excited to begin my new role at TFF Pharmaceuticals," said CEO Glenn Mattes. "Our breakthrough Thin Film Freezing proprietary platform and leading-edge product portfolio address lung diseases and conditions that cause suffering and mortality throughout the world. We intend to develop and commercialize drug products that will have a positive impact globally on public health as well as significant long-term returns for our investors."
Mr. Mattes has proven himself a respected leader at the CEO, Board of Directors and senior advisor levels for several public and private companies in the healthcare arena . As Executive Chairman of Translational Sciences, Inc. the company consummated a global strategic collaboration in 2015 with Daiichi Sankyo for its lead cardiovascular asset. Prior to joining Translational Sciences, Mr. Mattes was CEO of Arno Therapeutics, a publicly traded company with a portfolio of development stage oncology therapeutic compounds, and a highly regarded group of founding investors.
From 2002 thru 2011, Mr. Mattes served as President of Tibotec Therapeutics, a Johnson & Johnson operating company, where he led, from inception, the organization responsible for the development, marketing, sales and business development of oncology and novel antiretroviral therapeutics. Tibotec's revenues grew from zero to approximately $1 billion under Mr. Mattes' leadership. At Tibotec he led the successful launch of the first two Johnson & Johnson products launched into the HIV/AIDS market and presided over the growth of both Doxil and Procrit in the oncology therapeutic and supportive care categories.
From 1998 thru 2002, Mr. Mattes served as Vice President of Worldwide Commercial and Clinical Operations at Centocor Inc. He played a critical role in defining the company's overall business direction as well as developing and implementing the strategy leading to the growth of ReoPro and the commercial launch of Remicade.
Prior to joining Centocor, Mr. Mattes was at Rhône Poulenc Rorer, where he held positions of increasing responsibility, including President of RPR Canada and General Manager of U.S. pharmaceuticals. At Rhône Poulenc Rorer he built a market-leading asthma and allergy treatment business, with a focus on inhalation therapies. In addition, he was the General Manager of Advanced Therapeutics and Oncology, North America, and headed the successful launches of two blockbuster drugs, Taxotere and Lovenox.
In 2008, Mr. Mattes was honored with an appointment to the President's Advisory Council on HIV/AIDS by President George W. Bush and the U.S. Secretary of Health and Human Services. In his service to the United States as a member of PACHA, he was a key contributor to the committee responsible for counseling both the Bush and Obama administrations on domestic and global health and treatment issues.
Mr. Mattes serves on the Boards of Advantagene, Inc., Deck Therapeutics, Cornovus, Inc. and CannaMetrix. He is an advisor to the Gores Group and Clayton Foundation for Research, and served as an advisor to PTV Healthcare. Mr. Mattes is also an Operating Partner of Revival Healthcare.
Mr. Mattes received a Bachelor of Science degree from the City University of New York.
About TFF Pharmaceuticals, Inc.
TFF Pharmaceuticals, Inc. is an early-stage biopharmaceutical company focused on the development and commercialization of new inhalation products for the treatment of chronic respiratory diseases and lung conditions. In early testing the Thin Film Freezing (TFF) proprietary platform significantly improved the solubility of drugs that have poor water solubility.
The Company has generated numerous formulations for dry powder delivery to the lungs. The initial focus is on dry powder drugs for inhalation of both biologic and small molecule drugs that currently cannot be formulated for dry powder delivery by other means. TFF Pharmaceuticals expects that these dry powder formulations, which can be delivered directly to the lungs via inhaler, will avoid certain negative side effects that come from delivering these drugs systematically. , visit tffpharma.com.
Forward-Looking Statements:
Any statements in this release that are not historical facts may be considered "forward-looking statements." Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Such statements include, but are not limited to, statements regarding TFF's expected use of the proceeds from its Series A financing round; the market opportunity for TFF's product candidates; and the business strategies and development plans of TFF. Some of the potential risks and uncertainties that could cause actual results to differ significantly from those predicted include TFF's ability to: make commercially available its products and technologies in a timely manner or at all; enter into other strategic alliances, including arrangements for the development and distribution of its products; obtain intellectual property protection for its assets; accurately estimate its expenses and cash burn and raise additional funds when necessary. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, TFF does not undertake any obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Media Contact: Sandra Oak, Nsight Public Relations, 321-591-1508, [email protected]
TFF Pharmaceuticals Investor Contact: Robert Mills, Chairman of the Board, TFF Pharmaceuticals, 860-488-8227, [email protected]
with multimedia: releases/tff-pharmaceuticals-announces-appointment-of-glenn-mattes-as-new-chief-executive-officer-300644023.html
SOURCE TFF Phartmaceuticals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-tff-pharmaceuticals-announces-appointment-of-glenn-mattes-as-new-chief-executive-officer.html |
BRIDGEWATER, N.J., Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical company focused on the unmet needs of patients with rare diseases, today announced the appointment of Leo Lee to its Board of Directors. Mr. Lee has more than 21 years of experience in the pharmaceutical industry in Japan; most recently at Merck KGaA, a global pharmaceutical company, where he served as President, Japan.
“We are delighted to welcome Leo to the Insmed Board, where his deep global commercial expertise will be invaluable to Insmed as we prepare for the potential launch of ALIS (Amikacin Liposome Inhalation Suspension) in the United States,” said Will Lewis, President and Chief Executive Officer of Insmed. “Concurrently we are expanding our global footprint, beginning with Japan, where we are building our infrastructure to support a potential future launch in this geography where the prevalence of NTM lung disease is high. We look forward to Leo’s guidance based on the depth of his experience in commercial leadership roles in Japan and the Asia Pacific region.”
“I am honored to be joining the Insmed Board at such an exciting time for the company. The potential for a product launch in the US in 2018 combined with the rapid geographic expansion plans for Japan make this a perfect fit for my background,” said Lee. “I look forward to working with the other members of the Insmed Board and the management team to maximize Insmed’s potential.”
Prior to his role at Merk KGaA, Mr. Lee served as President, Japan of Allergan plc, a global pharmaceutical company, from 2011 to 2015. Before that he served as Vice President of Sales at Merck & Co. from 2008 to 2011. From 2003 to 2008, he held various commercial positions at IQVIA (Cegedim Dendrite), a life sciences services company. Mr. Lee also served in various roles at Accelrys, Inc., a software company serving pharmaceutical and biotech companies, from 1997 to 2003. Currently, Mr. Lee serves on the Board of Directors of Regeneus Ltd, a global pharmaceutical company based in Australia. Mr. Lee received a B.S. in Molecular Genetics and Microbiology from the University of California, Los Angeles.
About Insmed
Insmed Incorporated is a global biopharmaceutical company focused on the unmet needs of patients with rare diseases. The Company’s lead product candidate is ALIS, which is in late-state development for adult patients with treatment refractory NTM lung disease caused by MAC, which is a rare and often chronic infection that is capable of causing irreversible lung damage and can be fatal. Insmed's earlier-stage clinical pipeline includes INS1007, a novel oral reversible inhibitor of dipeptidyl peptidase 1 with therapeutic potential in non-cystic fibrosis bronchiectasis and other inflammatory diseases, and INS1009, an inhaled nanoparticle formulation of a treprostinil prodrug that may offer a differentiated product profile for rare pulmonary disorders, including pulmonary arterial hypertension. For more information, visit www.insmed.com .
Forward-looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. "Forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, are statements that are not historical facts and involve a number of risks and uncertainties. Words herein such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "intends," "potential," "continues," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) may identify forward-looking statements.
The forward-looking statements in this press release are based upon the Company’s current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results, performance and achievements and the timing of certain events to differ materially from the results, performance, achievements or timing discussed, projected, anticipated or indicated in any forward-looking statements. Such risks, uncertainties and other factors include, among others, the following: risks that the data from the remainder of the treatment and off-treatment phases of INS-212 will not be consistent with the top-line six-month results of the study; uncertainties in the research and development of the Company’s existing product candidates, including due to delays in data readouts, such as the full data from the INS-212 study, patient enrollment and retention or failure of the Company’s preclinical studies or clinical trials to satisfy pre-established endpoints, including secondary endpoints in the INS-212 study and endpoints in the INS-212 extension study (the INS-312 study); risks that subsequent data from the INS-312 study will not be consistent with the interim results; failure to obtain, or delays in obtaining, regulatory approval from the U.S. Food and Drug Administration, Japan’s Ministry of Health, Labour and Welfare, Japan’s Pharmaceuticals and Medical Devices Agency, the European Medicines Agency, and other regulatory authorities for the Company’s product candidates or their delivery devices, such as the eFlow Nebulizer System, including due to insufficient clinical data, selection of endpoints that are not satisfactory to regulators, complexity in the review process for combination products or inadequate or delayed data from a human factors study required for U.S. regulatory approval; failure to maintain regulatory approval for the Company’s product candidates, if received, due to a failure to satisfy post-approval regulatory requirements, such as the submission of sufficient data from confirmatory clinical studies; safety and efficacy concerns related to the Company’s product candidates; lack of experience in conducting and managing preclinical development activities and clinical trials necessary for regulatory approval, including the regulatory filing and review process; failure to comply with extensive post-approval regulatory requirements or imposition of significant post-approval restrictions on the Company’s product candidates by regulators; uncertainties in the rate and degree of market acceptance of product candidates, if approved; inability to create an effective direct sales and marketing infrastructure or to partner with third parties that offer such an infrastructure for distribution of the Company’s product candidates, if approved; inaccuracies in the Company’s estimates of the size of the potential markets for the Company’s product candidates or limitations by regulators on the proposed treatment population for the Company’s product candidates; failure of third parties on which the Company is dependent to conduct the Company’s clinical trials, to manufacture sufficient quantities of the Company’s product candidates for clinical or commercial needs, including the Company’s raw materials suppliers, or to comply with the Company’s agreements or laws and regulations that impact the Company’s business; inaccurate estimates regarding the Company’s future capital requirements, including those necessary to fund the Company’s ongoing clinical development, regulatory and commercialization efforts as well as milestone payments or royalties owed to third parties; failure to develop, or to license for development, additional product candidates, including a failure to attract experienced third-party collaborators; uncertainties in the timing, scope and rate of reimbursement for the Company’s product candidates; changes in laws and regulations applicable to the Company’s business and failure to comply with such laws and regulations; inability to repay the Company’s existing indebtedness or to obtain additional capital when needed on desirable terms or at all; failure to obtain, protect and enforce the Company’s patents and other intellectual property and costs associated with litigation or other proceedings related to such matters; restrictions imposed on the Company by license agreements that are critical for the Company’s product development, including the Company’s license agreements with PARI Pharma GmbH and AstraZeneca AB, and failure to comply with the Company’s obligations under such agreements; competitive developments affecting the Company’s product candidates and potential exclusivity related thereto; the cost and potential reputational damage resulting from litigation to which the Company is or may be a party, loss of key personnel; and lack of experience operating internationally.
The Company may not actually achieve the results, plans, intentions or expectations indicated by the Company’s forward-looking statements because, by their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information about the risks and uncertainties that may affect the Company’s business, please see the factors discussed in Item 1A, "Risk Factors," in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and any subsequent filings with the Securities and Exchange Commission.
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation, except as specifically required by law and the rules of the Securities and Exchange Commission, to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Contact:
Blaine Davis
Insmed Incorporated
(908) 947-2841
[email protected]
Source:Insmed, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-insmed-appoints-leo-lee-to-its-board-of-directors.html |
JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu said Israel’s actions on the Gaza border, where dozens of Palestinians were killed during mass protests on Monday, were self-defense against the enclave’s ruling Hamas group.
Israeli Prime Minister Benjamin Netanyahu claps his hands during the dedication ceremony of the new U.S. embassy in Jerusalem, Israel May 14, 2018. REUTERS/Ronen Zvulun “Every country has an obligation to defend its borders,” Netanyahu wrote on Twitter. “The Hamas terrorist organization declares it intends to destroy Israel and sends thousands to breach the border fence in order to achieve this goal. We will continue to act with determination to protect our sovereignty and citizens.”
Writing by Jeffrey Heller; Editing by Dan Williams
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-gaza-netanyahu/netanyahu-calls-israeli-actions-in-gaza-self-defense-against-hamas-idUSKCN1IF2HB |
$50 Million Equity Financing Led By Broadfin Announced Separately Today
Three New Independent Directors Selected by Broadfin Added To Board;
Four Current Independent Directors Retiring
Amends Senior Credit Facility with CRG, which Includes
Pushing Out Principal Debt Repayment to 2021
Transactions Extend BDSI’s Cash Runway Through 2020
RALEIGH, N.C., May 17, 2018 (GLOBE NEWSWIRE) -- BioDelivery Sciences International, Inc. (NASDAQ:BDSI) today announced that it has entered into an agreement with an affiliate of Broadfin Capital LLC (Broadfin), a large BDSI stockholder, to reconstitute BDSI’s Board of Directors and to significantly strengthen BDSI’s financial position. The closing of this agreement is subject to and effective upon the closing of BDSI’s $50 million equity financing announced earlier today.
Under the agreement, at the closing, Broadfin Managing Partner Kevin Kotler will join BDSI’s board, along with pharmaceutical industry veterans Todd Davis and Peter Greenleaf, who were selected by Broadfin. Mr. Davis recently served as Founder, Managing Partner and President of RoyaltyRx Capital, LLC, a special opportunities investment firm focused on pharmaceuticals. Mr. Greenleaf is currently the Chief Executive Officer of Cerecor, Inc. (Nasdaq:CERC), and previously served as the Chief Executive Officer of Sucampo Pharmaceuticals, Inc. (Nasdaq:SCMP) through its sale to Mallinckrodt PLC (NYSE:MNK) in February 2018. Both individuals have strong commercial and merger and acquisitions experience, which BDSI believes will be essential as it looks to potentially expand in the pain space and accelerate BELBUCA sales in an effort to create significant stockholder value.
Chairman of the Board Dr. Frank O’Donnell, Vice Chairman of the Board Dr. Mark Sirgo, and W. Mark Watson will remain on BDSI’s board in their existing roles, along with BDSI’s newly appointed Chief Executive Officer, Herm Cukier. Four existing members of the BDSI board, Thomas D’Alonzo, Barry Feinberg, Samuel Sears and Timothy Tyson, will voluntarily retire from the BDSI board as part of the agreement.
Kevin Kotler, Managing Partner of Broadfin, stated, “As a large BDSI stockholder, Broadfin is pleased to reach this agreement with BDSI that strengthens the company’s balance sheet and reconstitutes the board through the addition of three highly-qualified independent directors, each of whom will support BDSI’s positive commercial and strategic growth. Once appointed to the board, I look forward to working with newly appointed CEO Herm Cukier, my fellow directors and management to help build on the early commercial success of BELBUCA and enhance value for all stockholders.”
Frank E. O’Donnell, Jr., Chairman of the Board of BDSI, stated, “We look forward to the addition of Kevin, Peter and Todd to our board. The extensive pharmaceutical experience and track records of our new board members will be invaluable at this significant time for BDSI as we look to take our company to the next level behind BELBUCA. We believe that our agreement with Broadfin, our equity financing and the loan amendment with CRG validate our overall strategy and will support BDSI as we seek to drive sales of our products. Our entire board and all of the officers and employees of BDSI also want to thank Tom D’Alonzo, Barry Feinberg, Sam Sears and Tim Tyson for their dedication and contributions to BDSI during their respective tenures as directors.”
Pursuant to the agreement, at the closing, Broadfin will withdraw its notice of nomination of persons for election as directors at BDSI’s 2018 annual meeting of stockholders. Broadfin also agreed to vote its shares at the annual meeting for BDSI’s director nominees and otherwise in accordance with the board’s recommendations, and to certain customary standstill restrictions through the 30 th day prior to the nomination deadline for BDSI’s 2019 annual meeting. Mr. Davis and Mr. Greenleaf will join the BDSI board as Class I directors who will be up for election at BDSI’s 2018 annual meeting of stockholders. Mr. Kotler will join the Board as a Class II director who will be up for election at BDSI’s 2019 annual meeting of stockholders.
The $50 million equity financing is being led by Broadfin Capital and includes participation by new and existing shareholders of the company including Stonepine Capital LP, Armistice Capital and CRG Capital.
BDSI also announced that it has entered into an amendment to its senior credit facility with affiliates of CRG Capital that provides BDSI with certain positive accommodations. This amendment is also subject to and effective upon the closing of BDSI’s $50 million equity financing. Under the terms of the loan amendment, the interest only period of the loan and BDSI’s ability to defer a portion of the interest under the loan to maturity will be extended by one year. In addition, the loan agreement provides that if BDSI achieves and maintains a predetermined market capitalization, payment of the entire loan principal may be deferred until the December 21, 2022 maturity date. Also, the loan amendment provides for certain favorable modifications to the minimum revenue covenants. BDSI has previously drawn $60 million of the $75 million that is potentially available under the CRG facility.
The complete agreement between BDSI and Broadfin as well as agreements related to the equity financing and CRG loan amendments have been or will be included as exhibits to BDSI's Current Reports on Form 8-K which have been or will be filed with the Securities and Exchange Commission.
The closing of the equity financing and the other transactions described herein are expected to take place on or about May 21, 2018, subject to the satisfaction of certain customary and other negotiated closing conditions to the financing described in the prospectus supplement filed with the U.S. Securities and Exchange Commission (SEC) in connection with the offering.
BDSI has filed a shelf registration statement (including a base prospectus and a prospectus supplement) with the SEC for the $50 million offering to which this communication relates. Before you invest, you should read the base prospectus, prospectus supplement and other documents BDSI has filed with the SEC for more complete information about BDSI and such offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, William Blair & Company, L.L.C., the placement agent for the offering, will arrange to send you such material if you request it by calling toll-free 1-(800) 621-0687.
About BioDelivery Sciences International
BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is a specialty pharmaceutical company with a focus in the areas of pain management and addiction medicine. BDSI is utilizing its novel and proprietary BioErodible MucoAdhesive (BEMA ® ) technology and other drug delivery technologies to develop and commercialize, either on its own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs.
BDSI's marketed products and those in development address serious and debilitating conditions such as breakthrough cancer pain, chronic pain, and opioid dependence. BDSI's headquarters is in Raleigh, North Carolina.
About Broadfin Capital
Broadfin Capital is a global equity healthcare manager founded in 2005. With $700 million of assets under management, Broadfin applies a value-oriented investment strategy based on deep, fundamental research. Broadfin’s investment team draws on its extensive experience in the medical technology, pharmaceuticals and biotechnology sectors with a particular focus on small and mid-cap investments.
For more information, please visit or follow us:
Internet: www.bdsi.com
Facebook: Facebook.com/BioDeliverySI
Twitter: @BioDeliverySI
Cautionary Note on Forward-Looking Statements
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Contacts
Mary Coleman
BioDelivery Sciences International, Inc.
919-582-9050
[email protected]
Monique Kosse
Managing Director
LifeSci Advisors
212-915-3820
[email protected]
Source:BioDelivery Sciences International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-biodelivery-sciences-announces-agreement-with-broadfin-capital-on-comprehensive-plan-to-strengthen-business.html |
(Fixed typo in first paragraph)
WASHINGTON, May 24 (Reuters) - U.S. Commerce Secretary Wilbur Ross on Thursday said the U.S. probe over car and truck imports was still in its early stages but that other countries’ high, artificial barriers such as tariffs and other interventions have skewed the marketplace.
“Now it’s very difficult to get back to a reciprocal arrangement,” Ross said in an interview on CNBC, a day after announcing the investigation that could lead to new U.S. tariffs on imported automobiles. (Reporting by Susan Heavey)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-autos/u-s-commerce-chief-hard-to-get-back-to-fair-arrangement-over-autos-idUSS0N1QH00D |
Ireland gears up for abortion vote 5:35am EDT - 01:49 Thu, Nov 23, 2017 - (2:18) Follow Reuters: Reuters News Agency | Brand Attribution Guidelines | Advertise with Us | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/ireland-gears-up-for-abortion-vote?videoId=429512926 |
May 23, 2018 / 10:18 AM / Updated 2 hours ago Storm in Somaliland kills dozens, wipes out farms, livestock Abdiqani Hassan 3 Min Read
GAROWE, Somalia (Reuters) - More than 50 people have died in Somaliland, livestock has been wiped out and hundreds of farms destroyed by heavy rains and floods caused by a tropical cyclone that hit the Horn of Africa, officials and aid agencies in the breakaway Somali region said.
Somaliland broke away from Somalia in 1991 and operates as an independent state but has not won international recognition.
“The death toll from the cyclone is so far over 50 people,” vice president Abdirahman Abdullahi Ismail told reporters late on Tuesday in Somaliland’s capital Hargeisa. “(The) death toll may rise because there are other people who are still missing.”
Tropical cyclone Sagar made landfall on Saturday in north-western Somaliland and Djibouti, three days after it formed in the Gulf of Aden, according to the U.N. Office for the Coordination of Humanitarian Affairs (UNOCHA).
UNOCHA said 669,000 people have been affected in Somaliland, giving a toll of 25 people so far confirmed dead and 27 missing, with numbers likely to rise as information arrives from areas that are now inaccessible.
Two people were confirmed dead in Puntland, a semi-autonomous northeastern region of Somalia, and another two in Djibouti, UNOCHA said.
“80 per cent of livestock in affected areas were killed. Reports indicate that some 700 farms have been destroyed in Somaliland,” UNOCHA said.
Conflict in the disputed regions of Sool and Sanaag was making it harder to reach some flood-hit areas, UNOCHA said earlier this week. Drought dating back to 2015 has made the regions prone to flash flooding after rain.
Vice president Ismail said assistance from the United Arab Emirates had allowed authorities to reach affected areas and bring emergency food.
“Using the two helicopters UAE helped us with, we have reached today Lughaya and Baki towns which were hit by the cyclone,” he said. “There are other far areas we flew over but could not land and reach because of floods.”
The UAE is an important aid provider for Somaliland, where a firm owned by the gulf state has pledged up to $440 million to develop the breakaway’s region port of Berbera.
Speaking separately, Somaliland’s president Musa Bihi said the region needed emergency help: “Over 600 people lost their homes, animals and farms,” he told students in Hargeisa.
Since the beginning of the rainy season in Somalia in March, riverine and flash floods have caused fatalities, massive displacement and damage to infrastructure and cropland. An estimated 772,500 people have been affected by flooding and more than 229,000 are displaced, UNOCHA said.
After a severe drought last year, East Africa has been hit by two months of heavy rain, affecting nearly a million people in Kenya, Somalia, Ethiopia and Uganda. Reporting by Abdiqani Hassan; Additional reporting and writing by Omar Mohammed; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/us-somalia-cyclone/storm-in-somaliland-kills-dozens-wipes-out-farms-livestock-idUKKCN1IO1BJ |
White House reveals ZTE deal to lawmakers -source 3:40am IST - 01:46
Ahead of next week's U.S-China trade talks, The Trump administration told lawmakers a deal has been reached to put Chinese telecommunications company ZTE Corp back in business, a senior congressional aide said on Friday.
Ahead of next week's U.S-China trade talks, The Trump administration told lawmakers a deal has been reached to put Chinese telecommunications company ZTE Corp back in business, a senior congressional aide said on Friday. //reut.rs/2IK9rCR | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/25/white-house-reveals-zte-deal-to-lawmaker?videoId=430317026 |
Regarding Colin Grabow’s “The Jones Act Drives America’s Finest Into Exile” (op-ed, April 30): The Jones Act is a cabotage rule similar to those enacted in most countries having a coastline, including Canada, Japan, South Korea, China, Germany and France. Mr. Grabow claims: “The shipyard says it simply wasn’t aware of the rule.”
The shipyard in question has been building Jones Act vessels for more than 40 years. No one at Dakota Creek Industries, from the security guard to the president, is unaware of the rule.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/jones-act-has-benefits-isnt-all-about-costs-1525808641 |
Reblog The business of big trucks is bigger than ever, opening up a new front in the market-share battle between General Motors Co. and Ford Motor Co., which dominate the production of these multitasking pickups. A strong economy and the December tax overhaul are helping lift sales of commercial vehicles, mainly pickup trucks and delivery vans used by general contractors, farmers and other skilled trades, auto dealers say. While Ford has for years had a sizable lead in the battle for business customers, with its F-Series pickup, GM later this year plans to reintroduce a so-called medium-duty commercial truck, a category the auto giant abandoned around the time of its 2009 bankruptcy. | ashraq/financial-news-articles | https://www.wsj.com/articles/gms-next-battle-with-ford-really-big-pickups-1526463002?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
Storms pound Boston putting real estate at risk 50 Mins Ago CNBC's Diana Olick reports on what's being done to deal with heavy storms damaging real estate in Boston. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/storms-pound-boston-putting-real-estate-at-risk.html |
May 17 (Reuters) - Northwest Natural Gas Co:
* NW NATURAL ADVANCES WATER STRATEGY WITH PLANS TO ACQUIRE TWO WATER UTILITIES IN WASHINGTON STATE
* NW NATURAL WATER - ASSETS AND OPERATIONS OF LEHMAN AND SEA VIEW WILL BE COMBINED UNDER A NEWLY-FORMED SUBSIDIARY OF CO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nw-natural-advances-water-strategy/brief-nw-natural-advances-water-strategy-with-plans-to-acquire-two-water-utilities-in-washington-state-idUSASC0A2VM |
ROME—Italy’s president on Wednesday asked a political novice chosen by two antiestablishment parties to form a coalition government after more than two months of wrangling touched off by March elections that yielded no clear winner.
President Sergio Mattarella’s appointment of Giuseppe Conte, a little-known law professor with virtually no political experience, marks a long-awaited milestone for the upstart 5 Star Movement and the far-right League, political insurgencies that are causing jitters among the European establishment and... | ashraq/financial-news-articles | https://www.wsj.com/articles/little-known-law-professor-gets-nod-to-form-italys-new-government-1527102077 |
May 27, 2018 / 5:59 PM / Updated 2 hours ago Trump's 'Spygate' is a 'diversion tactic' - U.S. Senator Flake Reuters Staff 4 Min Read
WASHINGTON (Reuters) - Republican U.S. Senator Jeff Flake, who has not ruled out running against Donald Trump for the White House, on Sunday criticized as a “diversion tactic” the president’s unsubstantiated allegation last week of an FBI “spy” being planted in his election campaign. Senator Jeff Flake (R-AZ) stands in an elevator after a vote to end a government shutdown, on Capitol Hill in Washington, U.S., February 9, 2018. REUTERS/Joshua Roberts
Flake’s comments, on NBC’s “Meet the Press,” put him again at the forefront of very few Republican lawmakers willing to openly challenge Trump over his attacks on law enforcement officials who are investigating Russian meddling in the 2016 U.S. election and possible collusion by the Trump campaign.
The investigation was begun by the FBI in July 2016, but handed over by the Justice Department to Special Counsel Robert Mueller in May 2017 after Trump fired FBI Director James Comey.
Flake said Trump’s unfounded allegations about FBI spying on his campaign, which the president has called “Spygate,” came amid escalating, behind-the-scenes concern in the U.S. Senate that the president may try to stop the probe by firing Mueller or the person who appointed him, Deputy Attorney General Rod Rosenstein.
“The president had this diversion tactic, obviously, with so-called Spygate,” Flake said of Trump’s assertions last week. “There is concern that the president is laying the groundwork to move on Bob Mueller or Rosenstein. If that were to happen, obviously, that would cause a constitutional crisis.”
Some senior Republicans, including Flake, have sounded similar warnings in recent weeks as the Mueller investigation has ploughed forward, drawing frequent denunciations from Trump.
Mueller is also investigating any possible obstruction of justice by Trump. Trump and the White House have repeatedly denied any collusion by the campaign, or any other wrongdoing.
The White House has also said it is not considering firing Mueller.
In a tweet on Sunday, Trump called the investigation a “phony Russia Collusion Witch Hunt” - reiterating his oft-stated resentment at the probe that has clouded his presidency.
After Trump demanded an inquiry into his “spy” claim, the current FBI Director Christopher Wray and Rosenstein, who oversees Mueller’s probe, held two classified briefings on Thursday for senior lawmakers of both parties on the matter.
Democratic Representative Adam Schiff was among those briefed. Speaking on ABC’s “This Week” on Sunday, he said, “There is no evidence to support that spy theory. This is just a piece of propaganda the president wants to put out and repeat.”
Republican Senator Marco Rubio told the same program that so far he has seen no evidence to support the president’s assertions about a campaign “spy.”
“What I have seen so far is an FBI effort to learn more about individuals with a history of bragging about links to Russia that pre-exist the campaign. If those people were operating near my office or my campaign, I’d want them investigated,” said Rubio, who ran unsuccessfully against Trump in the 2016 Republican presidential primary campaign.
“If it turns out to be something different, we want to know about it. But it is the FBI’s job to investigate counterintelligence,” Rubio said.
U.S. intelligence agencies concluded in January 2017 that Russian President Vladimir Putin ordered an effort to meddle in the U.S. election campaign, included seeking to help Trump win. Moscow has denied the charge.
Flake delivered a blistering attack on the president when he announced last October he would not run this year for re-election to the Senate. Asked if would run for the White House in 2020, he said: “It’s not in my plans, but I’ve not ruled anything out. I do hope that somebody runs on the Republican side other than the president, if nothing else simply to remind Republicans what conservatism is and what Republicans have traditionally stood for.” Reporting by Kevin Drawbaugh; Editing by Frances Kerry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia-flake/trumps-spygate-is-a-diversion-tactic-u-s-senator-flake-idUKKCN1IS0OT |
BENGALURU (Reuters) - India’s Fortis Healthcare Ltd said on Monday it had not decided whether to re-open bidding for itself, after an offer of funding that its board had accepted got a tepid response from investors, prolonging a fierce takeover battle.
FILE PHOTO: A Fortis hospital building is pictured in Gurgaon, India, May 11, 2018. REUTERS/Saumya Khandelwal/File Photo/Files The Hero Enterprise Investment Office and Burman Family Office’s offer this month to invest 18 billion rupees ($267 million) in the company did not go down well with Fortis shareholders, who voted out a director last week. Three directors resigned ahead of the vote.
The cash-strapped hospitals operator has become an attractive investment target in recent months with five local and international suitors wanting to invest in or buy it, seeking to cash in on an expected boom in India’s private healthcare market.
Buyout offers from Fortis rival Manipal Health Enterprises and Malaysia’s IHH Healthcare Bhd value Fortis much higher than the Hero-Burman investment offer.
But the Hero-Burman offer waived due diligence and would give Fortis quick access to funds needed to cut its large debt pile.
In a letter to Fortis’s board on Monday, the Hero-Burman consortium said it understood some shareholders would prefer that the bidding process be re-opened, and said Fortis had its consent to do so.
“It appears there may be indecision on the part of the company regarding the bid process,” the consortium said, adding: “We believe that this situation may have arisen largely on account of the lack of information available to stakeholders.”
After the board had agreed to the Hero-Burman offer, Manipal sweetened its offer to 180 rupees a share, valuing the company at 94.03 billion rupees - higher than the Hero-Burman offer valuing Fortis at 90 billion rupees.
Malaysia’s IHH, which has proposed injecting 40 billion rupees in Fortis at up to 175 rupees per share, last week extended its offer period until the end of June.
Shares in Fortis ended 1.4 percent higher on Monday.($1 = 67.4500 Indian rupees)
Additional reporting by Zeba Siddiqui in Mumbai; Editing by Christopher Cushing and Adrian Croft
| ashraq/financial-news-articles | https://in.reuters.com/article/fortis-health-m-a-bidding/fortis-says-hero-burman-consortium-agrees-to-re-open-bidding-idINKCN1IT0HB |
BURLINGAME, Calif. (AP) _ Corvus Pharmaceuticals Inc. (CRVS) on Thursday reported a loss of $14.3 million in its first quarter.
On a per-share basis, the Burlingame, California-based company said it had a loss of 63 cents.
Corvus shares have decreased 9 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $9.42, a drop of nearly 3 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CRVS at https://www.zacks.com/ap/CRVS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-corvus-1q-earnings-snapshot.html |
May 21, 2018 / 7:33 AM / Updated 31 minutes ago S.Korea says to spend 70 pct of extra budget within two months Reuters Staff 1 Min Read
SEOUL, May 21 (Reuters) - South Korea’s vice finance minister said on Monday the government would spend over 70 percent of its approved supplementary budget in the coming two months to ease high youth unemployment.
The country’s parliament passed an extra budget bill worth of 3.83 trillion Korean won ($3.53 billion), proposed by the government in April, in a plenary session on Monday.
“I’m sure (the extra budget) will be a great help to cut high youth unemployment,” said Kim Yong-jin at a Monday’s meeting in Seoul, adding that 70 percent of the budget will be spent within two months.
He expects the total amount to spent by the end of this year. ($1 = 1,085.5500 won) (Reporting by Shinhyung Lee, Dahee Kim; Editing by Sam Holmes) | ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-economy-budget/s-korea-says-to-spend-70-pct-of-extra-budget-within-two-months-idUSL3N1SS2TC |
May 7 (Reuters) - ViroMed Co Ltd :
* Says it plans to invest 47.27 billion won on new hardware infrastructure for new drug development
Source text in Korean : goo.gl/8P8RVJ
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-viromed-to-invest-4727-bln-won-on/brief-viromed-to-invest-47-27-bln-won-on-new-hardware-infrastructure-idUSL3N1SE2JN |
MIDLAND, Texas (Reuters) - In West Texas, rising oil prices are fueling a sharp economic upswing, lifting employment and pay to records, driving up spending at hotels, restaurants, and car dealerships, and raising the cost of housing and other essentials.
Odessa Ford dealership president, Collin Sewell, poses in the company's service center, where many workers come from hundreds of miles away because of local labor shortages caused by the West Texas oil boom, in Odessa, Texas, U.S., April 13, 2018. REUTERS/Ann Saphir This parched patch of land, under which lie the largest oil-producing rock formations in the United States, is used to growth binges as well as the busts that always follow.
After a two-year crash, the price of crude began to recover in 2016 and pierced $60 a barrel early this year. But oil is still far cheaper than at the peak of the previous eight-year boom that began in 2006 North Dakota’s Bakken oil patch and supercharged the city of Williston.
In the Permian basin, which stretches across West Texas and eastern New Mexico, the latest boom is being helped by advances in technology that allow drillers to extract much more from each acre.
“$60 is like the new $100,” said Dallas Fed economist Michael Plante in a mid-April interview.
Breakeven costs are now as little as $25 per barrel, according to the Dallas Fed’s most recent survey, so energy companies here no longer need $100 oil to make lots of money.
And Midland and its neighbor Odessa, the biggest towns for miles and the regional base for major oil producers in the Permian Basin, including Occidental Petroleum Corp, Chevron Corp, Apache Corp and Pioneer Natural Resources Co, are feeling the surge.
“It is a full-fledged boom,” says Dale Redman, chief executive of Propetro, a Midland, Texas, firm that supplies heavyduty horsepower to drill sites, where energy companies coax crude from the ground with sand and water.
He has tripled his workforce since early 2016, drawing workers from towns and cities hundreds of miles away. Over half of his 1,200 employees make more than $100,000. “What it has done is raised wages for all these folks. But housing and the cost of living has gone up as well.”
To Midland Mayor Jerry Morales, “It’s a good story right now.” He says the city is trying to keep up with the drop in housing inventory and rise in rents by approving new apartment complexes and working with developers to put in water and sewer pipes.
But as owner of two restaurants in town, including Gerardo’s Casita, he sees the other side too.
“The biggest problem I face is low unemployment - finding workers,” he said in a phone interview, adding that he is increasing pay every six months to keep staff from leaving for other jobs, and he is hiking his menu prices as well.
Jeff Sparks, COO of family-owned Discovery Oil, gestures on a ranch near his home and office in Midland, Texas, U.S., April 12, 2018. REUTERS/Ann Saphir JOBS JUMP, TRUCK SALES SURGE, RENTS RISE Oil companies are drilling wells faster, and putting more wells on a single site, using technology to find the best angles and depths to get the most out of each layer of shale.
That has helped boost per-employee output by Texas oil and gas companies to an estimated $820,000, according to Waco, Texas-based economist Ray Perryman.
“Companies are making enough money to be able to afford to pay higher wages,” he said.
Unemployment was 3.2 percent in Odessa and 2.5 percent in Midland in February. Average weekly earnings in March hit records in both towns, which have a combined population of about 250,000. Sales tax receipts have soared.
“You have people that move in, you train them and then someone else offers them a job: there is constant raiding going on,” says Jeff Sparks, chief operating officer of family-owned Discovery Oil in Midland, who has only recently shifted to the more efficient and capital-intensive drilling techniques that have pushed per-barrel extraction costs down so steeply.
EXPANSION PLANS At the Odessa car dealership the Sewell family has run since 1935, Colin Sewell sold 1,073 trucks in the first three months of this year, up from 670 last year. He is building a brand new service center on the outskirts of town.
Jason Tarulli, senior project manager at general contractor UEB, is using an out-of-town crew to build a downtown Odessa construction project he is overseeing, because local hiring would have been impossible.
His costs are rising; rent for a one bedroom in his building rose by more than $1,000 in less than a year, to $3,630.
Slideshow (2 Images) Everyone who has lived here a while knows that the boom is not going to last, including Sondra Eoff, who is footing about half the $80 million bill for the downtown project, meant to help keep the town vibrant for the longrun and not just during boomtimes.
“When there’s an up, there’s a down,” she says.
Reporting by Ann Saphir; Editing by Marguerita Choy
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-oil-record-economy/analysis-boom-time-comes-early-to-west-texas-oil-patch-idINKBN1I22TT |
May 16 (Reuters) - Atkore International Group Inc:
* ATKORE INTERNATIONAL GROUP INC. ANNOUNCES SECONDARY PUBLIC OFFERING OF COMMON STOCK BY SELLING STOCKHOLDERS
* ATKORE INTERNATIONAL GROUP INC - OFFERING OF 7.2 MILLION SHARES OF COMPANY’S COMMON STOCK ON AN UNDERWRITTEN BASIS BY SELLING STOCKHOLDERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-atkore-international-announces-sec/brief-atkore-international-announces-secondary-public-offering-of-common-stock-idUSASC0A2OG |
May 31, 2018 / 3:13 PM / Updated an hour ago UPDATE 1-Strong trading income helps Greece's Alpha Bank swing to profit Reuters Staff
* Non-performing loans rise to 35.2 pct of book vs 34.9 pct in Q4
* Loan-loss provisions up 38 pct q/q to 336 mln euros
* Books 186 mln euro trading income in Q1 (Adds CEO comment)
By George Georgiopoulos
ATHENS, May 31 (Reuters) - Alpha Bank turned profitable in January-to-March as strong trading gains offset higher provisions for loan impairments and weaker net interest income, Greece’s fourth-largest bank by assets said on Thursday.
Alpha, 11 percent owned by the country’s bank rescue fund HFSF, reported net earnings from continuing operations of 65.2 million euros ($76.06 million) after a net loss of 64 million euros in the fourth quarter of 2017.
Greek banks are scrambling to shrink their problem loan portfolios and meet targets agreed with regulators. Problem loans increased sharply when borrowers found it hard to keep up debt payments during the country’s long recession which pushed unemployment to record highs.
So-called non-performing exposures (NPEs) are the biggest challenge facing the banks. Based on Bank of Greece data at the end of December, NPEs stood at 95.7 billion euros or 43.1 percent of banks’ overall loan book.
“We delivered a profitable performance despite headwinds on net interest income and elevated cost of risk charges,” CEO Dimitris Mantzounis said in a statement, referring to the loan impairments.
“Our funding profile improved significantly as we continued towards the elimination of ELA support, while we reduced the stock of NPEs, outperforming our business plan targets,” he said.
Alpha’s provisions for bad debt jumped 38 percent quarter-on-quarter to 336 million euros, adversely affected by impairments in its corporate and retail loan portfolios.
Its ratio of non-performing loans (NPLs) - credit past due for more than 90 days - edged higher to 35.2 percent of its book from 34.9 percent at the end of December.
The bank booked trading gains of 186 million euros, mainly on its Greek government bonds portfolio. But net interest income fell 8 percent year-on-year as lower contributions from the asset side more than offset decreased funding costs.
Alpha’s NPE ratio stood at 51.8 percent at the end of March, while borrowing from the Greek central bank’s emergency liquidity facility (ELA) was reduced by 2.2 billion euros to 4.8 billion at the end of the first quarter and to 3.0 billion in May. ($1 = 0.8572 euros) (Reporting by George Georgiopoulos. Editing by Jane Merriman) | ashraq/financial-news-articles | https://www.reuters.com/article/alphabank-results/update-1-strong-trading-income-helps-greeces-alpha-bank-swing-to-profit-idUSL5N1T253F |
0 COMMENTS “Everything needs to change, so everything can stay the same.” Vittorio Colao must be wearily familiar with this maxim from classic Italian novel “The Leopard” after a decade as chief executive of mobile giant Vodafone . VOD -4.58% With 5G on the way, his successor Nick Read may find change just as constant.
When Mr. Colao, a North Italian cycling enthusiast, took the top job in July 2008, he inherited a sprawling empire of mobile-phone assets on five continents. When he hands over to Mr. Read in October— a move unexpectedly announced alongside full-year results Tuesday—Vodafone will own a more focused portfolio of both wired and wireless networks centered on Europe. Mr. Colao has sought a deeper footprint in fewer places.
The strategy made sense as the heavy returns on offer in the early years of mobile-phone adoption faded. But because most European telecom companies have been doing the same thing, it hasn’t been hugely rewarding. Mobile revenues fell for years even as smartphones sent mobile-data usage skyward. Vodafone shareholders who have reinvested dividends have doubled their money in euro terms under Mr. Colao, but the share price is up just 15%.
The company has promoted its current chief financial officer. This is wise, given the $23 billion purchase of mainly German cable assets from John Malone’s Liberty Global announced last week. The healthy premium Vodafone has agreed to pay makes the deal unusually dependent on cost savings, for which Mr. Read can be held responsible. The risk that antitrust regulators don’t like the combination of Germany’s two dominant cable networks could overshadow Vodafone for the next year or so.
Vodafone and its peers are responsible for the plumbing of the digital world, but they haven’t benefited much from its breakneck expansion. That’s one thing that may stay the same.
Write to Stephen Wilmot at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/permanent-digital-revolution-faces-vodafones-new-boss-1526396929 |
PORT STANLEY, Falkland Islands (Reuters) - From the windswept Falkland Islands, battered by the South Atlantic and home to colonies of penguins, to the heat of Kenya, India and Australia, people around the world celebrated Britain’s glittering royal wedding on Saturday.
A woman watches the royal wedding of Britain's Prince Harry and Meghan Markle on TV at a restaurant in Port Stanley, Falkland Islands, May 19, 2018. REUTERS/Marcos Brindicci The scenes of pageantry and romance in Windsor, where Prince Harry married his American bride Meghan Markle, were beamed to locations across continents where people dressed up, raised their glasses and enjoyed the fun of a uniquely British event.
“We are very fond of our royal family and it’s lovely to celebrate an event like this,” said Falkland Islander Leona Roberts, a member of the local assembly and one of the organizers of a wedding party in the tiny capital, Port Stanley.
Children dressed up as princes and princesses for the party, where they received special gifts.
Argentina disputes Britain’s sovereignty over the Falklands, which lie 300 miles (500 km) from the Argentine coast, and the two countries fought a war in 1982 over the islands. Many islanders are fiercely patriotic about Britain.
“As a Falkland Islander I definitely feel a bond with the royal family as a symbol of Britishness. I am a staunch royalist,” said Arlette Betts, at her home on the waterfront in Port Stanley, home to most of the archipelago’s 4,000 inhabitants.
On the other side of the world, in India, a group of Mumbai’s famed dabbawalas, or lunch delivery men, chose a traditional sari dress and kurta jacket as wedding gifts for Harry and his bride, while at the Gurukul School of Art children painted posters of the royal couple and Queen Elizabeth.
The royal wedding of Britain's Prince Harry and Meghan Markle is being broadcasted on TV as people sit in a restaurant in Port Stanley, Falkland Islands, May 19, 2018. REUTERS/Marcos Brindicci In Australia, where the British monarch remains the head of state, some pubs held wedding parties, while a cinema chain screened the wedding live across its network. Viewers dressed in finery, with prizes for the most creative outfits.
At the Royal Hotel in Sydney, guests celebrated with a fancy banquet and burst into a spontaneous chorus of “Stand by Me” when a gospel choir sang the Ben E. King hit during the ceremony in Windsor.
“I just think the monarchy as such brings everyone together,” said retiree Bernie Dennis, one of those attending the banquet. “It’s like a family wedding.”
In Melbourne, fashion designer Nadia Foti attended an “English high tea” where guests wore plastic crowns and enjoyed traditional British treats such as scones and the popular summer drink Pimm’s.
“It’s exciting for the fashion and the spectacular,” said Foti. “It’s a joyous occasion and I’ve made a plum cake to celebrate in classic English style.”
Slideshow (9 Images) There were lavish celebrations at the Windsor Golf and Country Club on the outskirts of Nairobi, where guests had shelled out 1 million shillings ($10,000) to view the wedding on a giant screen, enjoy a seven-course banquet and fly to Mount Kenya by helicopter for breakfast the following morning.
Trainee lawyer Odette Ndaruzi, who is preparing for her own wedding later in the year, said she wanted to pick up some tips.
“I’m excited to see how the maidens in England are dressed, the jewelry and colors they are wearing,” she said.
The event drew criticism from some Kenyan media, however, due to the hefty price tag in a country where millions live in slums.
But perhaps the greatest interest in the royal wedding, outside of Britain, was in the bride’s home country, the United States.
In New York, revelers headed to Harry’s Bar to watch the ceremony on TV, surrounded by U.S. and British flags. Many posed for photos alongside cardboard cutouts of the bride and groom.
In Los Angeles, a lively crowd at the English-style Cat and Fiddle pub in Hollywood enjoyed pints of beer, royal-themed cocktails and British staples like sausage rolls and scones.
Popular tipples included the “Bloody Harry”, billed as a modern take on the Bloody Mary, but with added ginger as a cheeky nod to the prince’s red hair.
Reporting by Marcos Brindicci in Port Stanley, Rajendra Jadhav and Sankalp Phartiyal in Mumbai, James Redmayne and David Gray in Sydney, Alana Schetzer in Melbourne, John Ndiso in Nairobi, Roselle Chen in New York, Jane Ross and Lucy Nicholson in Los Angeles; Writing by Estelle Shirbon; Editing by Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-world/worlds-away-from-windsor-people-celebrate-harry-and-meghans-big-day-idUSKCN1IK0BN |
YENI SAKRAN, Turkey—The American pastor Turkey accuses of colluding with terrorist groups was remanded in custody after a prolonged second day in court for a trial that is increasing strains between Washington and Ankara.
Ending a 10-hour hearing in Yeni Sakran, a coastal town in western Turkey, the presiding judge on Monday ordered Andrew Brunson to remain behind bars and adjourned the case to July 18.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-pastor-andrew-brunson-is-remanded-in-custody-in-turkey-1525721888 |
NEW YORK--(BUSINESS WIRE)-- Procyon Partners today announced that the firm has hired Senior Portfolio Manager, Antonio Rodrigues, who previously managed $300 million in client assets. Prior to joining Procyon, he was a Senior Portfolio Manager for Olson Mobeck Investment Advisors and People’s United Advisors.
Based in Shelton, CT, Procyon Partners is an independent Registered Investment Advisor (RIA) with a dual focus on institutional consulting and personal wealth management. Procyon Partners is also a member of the Dynasty Financial Partners Network.
"We are pleased to announce that Antonio is joining our firm. He brings extensive investment experience to the firm," according to Procyon Partners CEO, Phil Fiore. "We have successfully positioned Procyon as a high-growth firm that has invested in superior technologies, marketing and investment product research. We offer our advisors the scale and resources to compete with anyone in the market and we plan to continue our expansion through the selective addition of high quality financial advisors."
"Partnering with Procyon, a firm with the DNA of an institutional advisor, allows us to remain competitive in the private wealth space for many reasons including institutional capabilities, a technological advantage, and unbiased flexibility," said Mr. Rodrigues. "We will now be able to utilize and integrate our client interactions safely and more effectively than ever before by using progressive and cutting edge technologies that are reshaping how advisors serve their clients. My expertise in assessing, recommending, building and actively managing client portfolios will be bolstered by the tools available through Procyon Partners."
Antonio has 20 years of professional experience working in the financial markets on behalf of high net-worth individuals and families, corporations and non-profit organizations. As a Senior Portfolio Manager for Olson Mobeck Investment Advisors and People’s United Advisors, he was a senior member of the investment committee. He led the efforts on the development, formalization and implementation of a covered option writing strategy, implementation of alternative investments as an asset class, as well as overall asset allocation while at the firm. Prior to Olson Mobeck, he was a Financial Advisor, Trader and Investment Associate at People’s Securities Inc.
Antonio graduated with a Bachelor of Science from Fairfield University as well as a Masters in Finance from Fairfield University’s Charles F. Dolan School of Business.
Mr. Rodrigues' client base is composed of high-net-worth individuals and families, corporations and non-profit organizations - mainly in the Connecticut region.
About Procyon Partners
Based in Shelton, CT, Procyon Partners is an independent Registered Investment Advisor (RIA) with a dual focus on institutional consulting and personal wealth management. On the institutional side, the firm helps retirement plan sponsors, corporations, non-profits, municipalities, foundations and endowments prudently manage the assets under their stewardship while also educating plan participants on how to effectively prepare for their retirement. As a private wealth advisor, Procyon helps individuals, families and business owners identify and implement effective wealth management strategies for managing their investments and achieving their financial goals. For more information, please also visit www.procyonpartners.net .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005228/en/
Media:
River Communications
Joseph Collins, 914-686-5599
[email protected]
Source: Procyon Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-ct-based-independent-financial-advisory-firm-procyon-partners-expands-with-hiring-of-portfolio-manager-antonio-rodrigues.html |
May 10 (Reuters) - Kyowa Hakko Kirin Co Ltd:
* MYLAN NV - NON-CONTINGENT PAYMENTS FOR 4 AGREEMENTS, 3 OF WHICH WERE ENTERED INTO AFTER MARCH 31, 2018, TOTAL ABOUT $265.0 MILLION - SEC FILING
* MYLAN-ON APRIL 9, A UNIT RECEIVED CIVIL INVESTIGATIVE DEMAND FROM COMMERCIAL LITIGATION BRANCH OF U.S. DOJ CONCERNING TAA COMPLIANCE FOR SOME PRODUCTS
* MYLAN - ON APRIL 18, SOME EMPLOYEES OF MYLAN S.P.A. WERE SERVED WITH SEARCH WARRANTS ISSUED BY PUBLIC PROSECUTOR’S OFFICE IN MILAN, ITALY
* MYLAN-WARRANTS BY MILAN PUBLIC PROSECUTOR’S OFFICE SEEK INFORMATION ON INTERACTIONS WITH ITALIAN HOSPITAL, SALES OF SOME REIMBURSABLE MYLAN S.P.A. DRUGS Source text: ( bit.ly/2I9JXdH ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mylan-says-non-contingent-payments/brief-mylan-says-non-contingent-payments-for-4-agreements-total-about-265-mln-idUSFWN1SH1NX |
OMAHA, Neb., May 5 (Reuters) - Billionaire Warren Buffett on Saturday told shareholders that Berkshire Hathaway Inc’s first-quarter earnings reflected strong performance despite a new accounting rule that pushed the company to a net loss.
“It really is not representative of what is going on in the business at all,” Buffett told shareholders at Berkshire’s annual meeting in Omaha, Nebraska on Saturday.
Buffett, 87, and his longtime partner and fellow billionaire Charlie Munger, 94, are leading Berkshire’s annual meeting in Omaha, Nebraska, where they are fielding five hours of questions from shareholders, journalists and analysts. (Reporting by Trevor Hunnicutt and Jonathan Stempel in Omaha Editing by Nick Zieminski)
| ashraq/financial-news-articles | https://www.reuters.com/article/berkshire-buffett/buffett-says-berkshires-results-do-not-represent-business-idUSL1N1SC080 |
MOORESVILLE, N.C., May 23, 2018 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $988 million and diluted earnings per share of $1.19 for the quarter ended May 4, 2018, compared to net earnings of $602 million and diluted earnings per share of $0.70 in the first quarter of 2017. Diluted earnings per share increased 15.5 percent from adjusted diluted earnings per share 1 of $1.03 in the same period a year ago.
Sales for the first quarter increased 3.0 percent to $17.4 billion from $16.9 billion in the first quarter of 2017, and comparable sales increased 0.6 percent. Comparable sales for the U.S. home improvement business increased 0.5 percent.
During the quarter, the company adopted the new revenue recognition accounting standard ASU No. 2014-09. As a result, the company reclassified certain items within operating income. This change resulted in an increase to sales of approximately $130 million in the first quarter, driven primarily by the reclassification of the profit sharing income from the company's proprietary credit program from selling, general and administrative expense. This accounting standard had no impact on comparable sales or diluted earnings per share in the first quarter of 2018. It has been adopted on a modified retrospective basis, therefore the prior year has not been adjusted.
"We drove solid performance in indoor categories and continued to grow our sales to Pro customers. However, prolonged unfavorable weather across geographies led to a delayed spring selling season which impacted results in outdoor categories," commented Robert A. Niblock, Lowe's chairman, president and CEO. "Spring has now arrived and we are encouraged by strong sales in the month of May.
"We continue to work diligently to improve conversion, better manage inventory and stabilize gross margin, while investing in the capabilities required to deliver simple and seamless customer experiences," Niblock added. "I'd like to thank our employees for their commitment and dedication to helping people love where they live."
Delivering on its commitment to return excess cash to shareholders, the company repurchased $750 million of stock under its share repurchase program and paid $340 million in dividends in the first quarter.
As of May 4, 2018, Lowe's operated 2,154 home improvement and hardware stores in the United States, Canada and Mexico representing 215.1 million square feet of retail selling space.
A conference call to discuss first quarter 2018 operating results is scheduled for today (Wednesday, May 23) at 9:00 am ET. The conference call will be available by webcast and can be accessed by visiting Lowe's website at www.Lowes.com/investor and clicking on Lowe's First Quarter 2018 Earnings Conference Call Webcast. Supplemental slides will be available fifteen minutes prior to the start of the conference call. A replay of the call will be archived on Lowes.com/investor until August 21, 2018.
Lowe's Business Outlook
The company has reflected the impact of its adoption of the new revenue recognition accounting standard in its Business Outlook, which resulted in the reclassification of certain items within operating income. Although this change has no effect on operating income, it does positively impact total sales growth by approximately 1 percent and negatively impact operating margin by approximately 10 basis points.
Fiscal Year 2018 (comparisons to fiscal year 2017; based on U.S. GAAP)
Total sales are expected to increase approximately 5 percent. Comparable sales are expected to increase approximately 3.5 percent. The company expects to add approximately 10 home improvement and hardware stores. Operating income as a percentage of sales (operating margin) is expected to decrease approximately 40 basis points. 2 The effective income tax rate is expected to be approximately 25.5%. Diluted earnings per share of $5.40 to $5.50 are expected for the fiscal year ending Feb. 1, 2019.
1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information as well as a reconciliation between the Company's GAAP and non-GAAP financial results.
2 Includes 4 basis point net negative impact from the gain on the sale of the company's interest in its Australian joint venture (2Q 2017) and the one-time bonus paid to eligible hourly U.S. employees (4Q 2017).
Disclosure Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity" and similar expressions are forward-looking statements. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Forward-looking statements include, but are not limited to, statements about future financial and operating results, Lowe's plans, objectives, business outlook, priorities, expectations and intentions, expectations for sales growth, comparable sales, earnings and performance, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for services, share repurchases, Lowe's strategic initiatives, including those relating to acquisitions by Lowe's and the expected impact of such transactions on our strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing and other statements that are not historical facts. Although we believe that the expectations, opinions, projections and comments reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and we can give no assurance that such statements will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.
A wide variety of potential risks, uncertainties and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, management and key personnel change, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, changes to tax laws applicable to corporate multinationals, such as the recently enacted U.S. Tax Cuts and Jobs Act of 2017, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, inflation or deflation of commodity prices, and other factors that can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry, a reduced rate of growth in household formation, and slower rates of growth in housing renovation and repair activity, as well as uneven recovery in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes necessary to realize the benefits of our strategic initiatives focused on omni-channel sales and marketing presence and enhance our efficiency; (iii) attract, train, and retain highly-qualified associates; (iv) manage our business effectively as we adapt our operating model to meet the changing expectations of our customers; (v) maintain, improve, upgrade and protect our critical information systems from data security breaches, ransomware and other cyber threats; (vi) respond to fluctuations in the prices and availability of services, supplies, and products; (vii) respond to the growth and impact of competition; (viii) address changes in existing or new laws or regulations that affect consumer credit, employment/labor, trade, product safety, transportation/logistics, energy costs, health care, tax or environmental issues; (ix) positively and effectively manage our public image and reputation and respond appropriately to unanticipated failures to maintain a high level of product and service quality that could result in a negative impact on customer confidence and adversely affect sales; and (x) effectively manage our relationships with selected suppliers of brand name products and key vendors and service providers, including third party installers. In addition, we could experience impairment losses if either the actual results of our operating stores are not consistent with the assumptions and judgments we have made in estimating future cash flows and determining asset fair values, or we are required to reduce the carrying amount of our investment in certain unconsolidated entities. With respect to acquisitions, potential risks include the effect of such transactions on Lowe's and the target company's strategic relationships, operating results and businesses generally; our ability to integrate personnel, labor models, financial, IT and other systems successfully; disruption of our ongoing business and distraction of management; hiring additional management and other critical personnel; increasing the scope, geographic diversity and complexity of our operations; significant integration costs or unknown liabilities; and failure to realize the expected benefits of the transaction. For more information about these and other risks and uncertainties that we are exposed to, you should read the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates" included in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC.
The forward-looking statements contained in this news release are expressly qualified in their entirety by the foregoing cautionary statements. The foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. All such forward-looking statements are based upon data available as of the date of this release or other specified date and speak only as of such date. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the matters covered in this release are qualified by these cautionary statements and in the "Risk Factors" included in our most recent Annual Report on Form 10-K and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, change in circumstances, future events or otherwise, except as may be required by law.
Lowe's Companies, Inc.
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 18 million customers a week in the United States, Canada and Mexico. With fiscal year 2017 sales of $68.6 billion, Lowe's and its related businesses operate or service more than 2,390 home improvement and hardware stores and employ over 310,000 people. Founded in 1946 and based in Mooresville, N.C., Lowe's supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com .
Lowe's Companies, Inc.
Consolidated Statements of Current and Retained Earnings (Unaudited)
In Millions, Except Per Share and Percentage Data
Three Months Ended
May 4, 2018
May 5, 2017
Current Earnings
Amount
% Sales
Amount
% Sales
Net sales
$
17,360
100.00
$
16,860
100.00
Cost of sales
11,348
65.37
11,060
65.60
Gross margin
6,012
34.63
5,800
34.40
Expenses:
Selling, general and administrative
4,187
24.12
3,876
22.99
Depreciation and amortization
360
2.07
365
2.16
Operating income
1,465
8.44
1,559
9.25
Interest - net
160
0.92
161
0.96
Loss on extinguishment of debt
—
—
464
2.75
Pre-tax earnings
1,305
7.52
934
5.54
Income tax provision
317
1.83
332
1.97
Net earnings
$
988
5.69
$
602
3.57
Weighted average common shares outstanding - basic
825
857
Basic earnings per common share (1)
$
1.19
$
0.70
Weighted average common shares outstanding - diluted
826
858
Diluted earnings per common share (1)
$
1.19
$
0.70
Cash dividends per share
$
0.41
$
0.35
Retained Earnings
Balance at beginning of period
$
5,425
$
6,241
Cumulative effect of accounting change
33
—
Net earnings
988
602
Cash dividends declared
(338)
(299)
Share repurchases
(703)
(1,198)
Balance at end of period
$
5,405
$
5,346
(1) Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by
reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the
basic and diluted earnings per share calculation were $985 million for the three months ended May 4, 2018 and $600 million for the
three months ended May 5, 2017.
Lowe's Companies, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
In Millions, Except Percentage Data
Three Months Ended
May 4, 2018
May 5, 2017
Amount
% Sales
Amount
% Sales
Net earnings
$
988
5.69
$
602
3.57
Foreign currency translation adjustments - net of tax
(83)
(0.48)
(1)
—
Other comprehensive loss
(83)
(0.48)
(1)
—
Comprehensive income
$
905
5.21
$
601
3.57
Lowe's Companies, Inc.
Consolidated Balance Sheets
In Millions, Except Par Value Data
(Unaudited)
(Unaudited)
May 4, 2018
May 5, 2017
February 2, 2018
Assets
Current assets:
Cash and cash equivalents
$
1,565
$
1,963
$
588
Short-term investments
205
84
102
Merchandise inventory - net
13,204
12,254
11,393
Other current assets
1,059
975
689
Total current assets
16,033
15,276
12,772
Property, less accumulated depreciation
19,500
19,748
19,721
Long-term investments
321
477
408
Deferred income taxes - net
199
272
168
Goodwill
1,288
1,081
1,307
Other assets
896
759
915
Total assets
$
38,237
$
37,613
$
35,291
Liabilities and shareholders' equity
Current liabilities:
Short-term borrowings
$
—
$
—
$
1,137
Current maturities of long-term debt
896
295
294
Accounts payable
10,104
9,905
6,590
Accrued compensation and employee benefits
715
725
747
Deferred revenue
1,439
1,415
1,378
Other current liabilities
2,620
2,346
1,950
Total current liabilities
15,774
14,686
12,096
Long-term debt, excluding current maturities
14,948
15,770
15,564
Deferred revenue - extended protection plans
808
769
803
Other liabilities
962
857
955
Total liabilities
32,492
32,082
29,418
Shareholders' equity:
Preferred stock - $5 par value, none issued
—
—
—
Common stock - $0.50 par value;
Shares issued and outstanding
May 4, 2018
822
May 5, 2017
853
February 2, 2018
830
411
426
415
Capital in excess of par value
—
—
22
Retained earnings
5,405
5,346
5,425
Accumulated other comprehensive income/(loss)
(71)
(241)
11
Total shareholders' equity
5,745
5,531
5,873
Total liabilities and shareholders' equity
$
38,237
$
37,613
$
35,291
Lowe's Companies, Inc.
Consolidated Statements of Cash Flows (Unaudited)
In Millions
Three Months Ended
May 4, 2018
May 5, 2017
Cash flows from operating activities:
Net earnings
$
988
$
602
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
387
389
Deferred income taxes
(21)
(64)
Loss on property and other assets - net
6
11
Loss on extinguishment of debt
—
464
Loss on cost method and equity method investments
—
7
Share-based payment expense
24
26
Changes in operating assets and liabilities:
Merchandise inventory - net
(1,846)
(1,808)
Other operating assets
(234)
(64)
Accounts payable
3,521
3,291
Other operating liabilities
604
441
Net cash provided by operating activities
3,429
3,295
Cash flows from investing activities:
Purchases of investments
(573)
(153)
Proceeds from sale/maturity of investments
556
59
Capital expenditures
(224)
(202)
Proceeds from sale of property and other long-term assets
5
6
Other - net
—
(1)
Net cash used in investing activities
(236)
(291)
Cash flows from financing activities:
Net change in short-term borrowings
(1,140)
(511)
Net proceeds from issuance of long-term debt
—
2,968
Repayment of long-term debt
(13)
(2,558)
Proceeds from issuance of common stock under share-based payment plans
8
38
Cash dividend payments
(340)
(304)
Repurchase of common stock
(728)
(1,237)
Other - net
(2)
(1)
Net cash used in financing activities
(2,215)
(1,605)
Effect of exchange rate changes on cash
(1)
6
Net increase in cash and cash equivalents
977
1,405
Cash and cash equivalents, beginning of period
588
558
Cash and cash equivalents, end of period
$
1,565
$
1,963
Lowe's Companies, Inc.
Non-GAAP Financial Measures Reconciliation
To provide additional transparency, the company has presented the non-GAAP financial measure of adjusted earnings per share to exclude the impact of certain discrete items, as further described below, not contemplated in Lowe's original Business Outlook for 2017 to assist the user in understanding performance relative to that Business Outlook. The company believes this non-GAAP financial measure provides useful insight for analysts and investors in evaluating the company's operational performance.
In the first quarter of 2017, the company recognized a $464 million or $0.33 per share loss on extinguishment of debt in connection with a $1.6 billion cash tender offer.
Adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the company's diluted earnings per share as prepared in accordance with GAAP. The company's methods of determining this non-GAAP financial measure may differ from the method used by other companies for this or similar non-GAAP financial measures. Accordingly, this non-GAAP measure may not be comparable to the measures used by other companies.
Detailed reconciliations between the company's GAAP and non-GAAP financial results are shown below and available on the company's website at www.lowes.com/investor .
Three Months Ended
(Unaudited)
(Unaudited)
May 4, 2018
May 5, 2017
(millions, except per share data)
Pre-Tax
Earnings
Tax
Net
Earnings
Pre-Tax
Earnings
Tax
Net
Earnings
Diluted earnings per share, as reported
$
1.19
$
0.70
Non-GAAP Adjustments
Loss on extinguishment of debt
—
—
—
0.54
(0.21)
0.33
Adjusted diluted earnings per share
$
1.19
$
1.03
View original content with multimedia: http://www.prnewswire.com/news-releases/lowes-reports-first-quarter-sales-and-earnings-results-300653221.html
SOURCE Lowe's Companies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-lowes-reports-first-quarter-sales-and-earnings-results.html |
CAIRO, May 23 (Reuters) - Egypt and Russia signed a 50-year agreement on Wednesday to build a sprawling industrial zone that Egypt hopes will attract up to $7 billion in investments.
The 5.25 million square metre (57 million square foot) industrial zone will be located east of Port Said in the new Suez Canal Economic Zone, a mega project launched by President Abdel Fattah al-Sisi.
The plan aims to create an international hub for manufacturers with easy access for exporting goods to African and European markets.
The construction of the first phase of the Russian industrial zone is expected to cost around $190 million, according to a statement from Egypt’s trade ministry announcing the signing of the agreement.
The statement said the new industrial zone could attract up to $7 billion in investments, but did not say how the figure was calculated.
Total trade between Egypt and Russia in 2017 amounted to $6.7 billion, state news agency MENA reported in February, with Cairo’s exports to Moscow reaching $505 million.
Egypt is on a drive to lure back investors who fled following the 2011 uprising with a slew of economic reforms and incentives the government hopes will draw fresh capital and kickstart growth. (Reporting by Ehab Farouk and Ali Abdelaty, Writing by Nadine Awadalla; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/egypt-russia-industry/egypt-and-russia-sign-50-year-industrial-zone-agreement-idUSL5N1SU5SI |
(Reuters) - A 2014 Tesla Model S crashed and caught fire in Fort Lauderdale, Florida on Tuesday, resulting in the death of two teenagers and prompting the U.S. National Transportation Safety Board to launch an investigation.
A Tesla logo is seen in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy Nicholson Here is a list of incidents of Tesla vehicles catching fire:
October 1, 2013 - A Tesla Model S caught fire near Seattle, after the car collided with a large piece of metal debris on the road that punched a hole through the protective armor plating. The driver was not injured. ( reut.rs/2KPmDE4 )
October 2013 - A Tesla car crashed through a concrete wall and hit a tree, catching fire in Merida, Mexico. The driver was not injured. ( reut.rs/2KPmDE4 )
November 2013 - A Tesla Model S caught fire after the electric car ran over a tow hitch that hit the undercarriage of the vehicle, in Smyrna, Tennessee. The driver was not injured. ( reut.rs/2KPmDE4 )
February 2014 - A Tesla Model S caught fire in Toronto, Canada, with the fire originating in the engine area. There were no injuries. ( cnb.cx/2jL0UAC )
March 2014 - Following the fires, Tesla cars were outfitted with a triple underbody shield to bring the risk of fire down to "virtually zero", following the car fires of 2013, Elon Musk said in a blog post on March 28, 2014. ( bit.ly/Zc93lA )
July 2014 - A stolen Tesla Model S crashed into several vehicles and split in half after striking a light pole in West Hollywood, catching fire and leaving the driver in a critical condition, two officers hospitalized and half of the car wedged in a synagogue. ( bit.ly/2G4cWxO )
June 2015 - A 2013 Tesla plunged off a cliff along Malibu Canyon Road, and caught fire killing the 53-year-old driver. ( bit.ly/2KMpxJz )
August 2016 - A Tesla electric car caught fire during a promotional tour in southwest France. No one was injured in the incident. ( dailym.ai/2Kb7qvQ )
November 2016 - A Tesla vehicle crashed into a tree and burst into flames in Indianapolis, killing the driver and the passenger. ( dailym.ai/2G3JMPr )
March 2017 - A Tesla Model S caught fire at the Jinqiao Supercharger Station in Shanghai, China. No one was harmed in the incident. ( bit.ly/2wtZbsP )
August 2017 - A Tesla vehicle went off road in Lake Forest, California and crashed into a home, igniting a garage fire. The driver in the Tesla was taken to a hospital with non-life threatening injuries. ( bit.ly/2I8f7GN )
October 2017 - A Tesla Model S caught fire in Austria, after the driver crashed into a concrete barrier at the side of the road. The driver survived the crash. ( dailym.ai/2l2AMoy )
March 2018 - A Tesla Model X crashed and caught fire near Mountain View, California. The crash involved two other cars resulting in the death of the 38-year-old Tesla driver at a nearby hospital shortly after the crash.
May 2018 - A 2014 Tesla Model S drove off the road and hit a concrete wall in Fort Lauderdale, Florida, immediately catching fire killing two teenagers and injuring another.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-crash-factbox/factbox-tesla-faces-scrutiny-after-florida-car-accident-idUSKBN1IC163 |
May 8 (Reuters) - Ligand Pharmaceuticals Inc:
* Q1 REVENUE $56.2 MILLION * Q1 EARNINGS PER SHARE VIEW $1.15 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE VIEW $43 MILLION — THOMSON REUTERS I/B/E/S * FY2018 REVENUE VIEW $186.5 MILLION — THOMSON REUTERS I/B/E/S
* WITH 2018 REVENUE GUIDANCE OF $184 MILLION, ADJUSTED EARNINGS PER DILUTED SHARE WOULD BE ABOUT $4.85
* FY2018 EARNINGS PER SHARE VIEW $4.81 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ligand-reports-q1-adjusted-earning/brief-ligand-reports-q1-adjusted-earnings-per-share-1-55-idUSASC0A0L1 |
UK will bounce back from weak start to 2018 - BoE's Carney Tuesday, May 22, 2018 - 01:35
Mark Carney said on Tuesday he expected Britain's economy to bounce back from a weak start to the year, when it was hit by snowstorms. As David Pollard reports, the Bank of England governor was speaking before a parliamentary committee, amid criticism over the bank's forward guidance policy.
Mark Carney said on Tuesday he expected Britain's economy to bounce back from a weak start to the year, when it was hit by snowstorms. As David Pollard reports, the Bank of England governor was speaking before a parliamentary committee, amid criticism over the bank's forward guidance policy. //reut.rs/2GG6vBw | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/uk-will-bounce-back-from-weak-start-to-2?videoId=429352666 |
By Aaron Pressman 8:40 AM EDT This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
“ Are there imaginable digital computers which would do well in the imitation game? ”
Good morning. Aaron in for Adam, contemplating computer scientist and mathematician Alan Turing’s famous conjecture to test whether a machine could think.
The wow factor was quite high, maybe off the charts, this week when Google debuted recordings of its Duplex AI app making phone calls and conversing with regular people at restaurants and a nail salon. Duplex sounded amazingly human, smoothly navigating the minor inconveniences of booking appointments and even uttering the occasional “um” and “mmhm” to make sure the person on the other end knew it was still there. It sure seemed like Duplex had aced the “imitation game.”
But somewhere between the “um” and the “mhmm,” the creepiness factor started to rise and people began to imagine how this creation could be used for ill. Would robocallers, scam artists, and hackers start employing Duplex the better to dupe unwitting consumers ? Would interactions with workers in the service industry be further dehumanized ? Was the service just the latest “invasive” and “infantilizing” development from the clueless coders of Silicon Valley?
Most of the concerns revolved around how Duplex works and how it will be used. Most could also apply to virtually any AI app intended to interact with humans. Perhaps a deeper question, then, is how should society regulate the coming wave of artificial intelligence, if at all. Will we rely on self regulation by industry, as we have in so many other areas? Perhaps just a further evolution of Isaac Asimov’s Three Laws of Robotics is required? Or should laws be passed setting out acceptable and unacceptable AI practices?
Whatever choices are made, they should be made intentionally and with serious consideration. We are almost 20 years out from Harvard Professor Larry Lessig’s groundbreaking essay “Code Is Law,” and it still feels like one of the most important texts guiding us into the future.
Our choice is not between “regulation” and “no regulation.” The code regulates. It implements values, or not. It enables freedoms, or disables them. It protects privacy, or promotes monitoring. People choose how the code does these things. People write the code. Thus the choice is not whether people will decide how cyberspace regulates. People—coders—will. The only choice is whether we collectively will have a role in their choice—and thus in determining how these values regulate—or whether collectively we will allow the coders to select our values for us.
Let us know what you think of the debate.
Aaron Pressman @ampressman [email protected] NEWSWORTHY
Over par. The National Transportation Safety Board is looking into a Tesla crash on Tuesday in Fort Lauderdale, Fla. that killed two teenagers. Tesla said the crash was a “very high-speed collision” that did not involve its autopilot software. The probe is the fourth by the safety agency into accidents involving Elon Musk’s company’s electric cars.
Meet George Jetson . At a two-day summit devoted to flying cars (how did I miss this?) organized by Uber , five manufacturers including jet maker Embraer and Bell Helicopter explained how they were helping develop flying taxis. Embraer, for example, debuted a concept for an electric powered craft that can land and take off vertically the better to squeeze into urban environments. Separately, the U.S. Department of Transportation selected 10 test projects for new uses of drones. Among the winners were Zipline , which has been using drones in Africa to deliver medical supplies, and PrecisionHawk , which uses the cameras on drones to evaluate farmland and construction sites. Some of the projects included well known partners like Apple, Intel, and Google’s parent Alphabet, but a proposal from Amazon was not selected.
Things that go boom. Set-top box and streaming video platform Roku reported strong results for the first quarter that beat Wall Street expectations. Revenue rose 37% to $137 million and a net loss declined 13% to $7 million. Revenue from advertising on video channels exceeded hardware sales for the first time. “That shows clearly that our business model is working,” Roku CEO Anthony Wood told Variety . Roku shares, which had gained 9% on Wednesday before the report, jumped another 7% in pre-market trading on Thursday.
David and Goliath . An electrical engineer in Ireland is taking on big tech companies and winning . Apple said it was abandoning plans to build a massive cloud data center in Athenry after engineer Allan Daly raised environmental objections potentially tying up the project for years. Next up on Daly’s hit list is a $1 billion Amazon data center planned for Dublin.
Who’s listening. In the age of Spotify and Apple Music, it’s not the record sales that pay the most royalties, it’s the number of streams. But what happens when a musician owns a streaming service? Accusations are flying that Tidal , largely owned by Jay-Z, has exaggerated the numbers of plays of the album Lemonade by Jay-Z’s wife Beyonce. Tidal called the charges “a smear campaign.”
Advertisement FOOD FOR THOUGHT
Apple’s Chief Design Officer, Jony Ive, doesn’t do many interviews so when he does, it’s always worth paying attention. This week, he’s spoken to Hodinkee , the online bible of the luxury watch industry. It’s an appropriate pub to win Ive’s time, as interviewer and Hodinkee CEO Benjamin Clymer notes: “Apple isn’t just a tech company—it’s potentially the greatest luxury brand in the world.” Of course, they discussed the genesis of the Apple Watch. Ive explained:
At that point in the journey, we were all routinely carrying around incredibly powerful products, in terms of their technical ability, in our pockets. And it seemed, I think, that an obvious continuation of this path that we’ve been on for so many years was to make technology more personal and more accessible.
What’s interesting is that I think there is a strong analog to timekeeping technology here for our own products and computational devices. Think about clock towers, and how monumental but singular they are. They are mainframes. From there, clocks moved into homebound objects, but you wouldn’t have one in every room; you might have one for the whole house, just like PCs in the 1980s. Then maybe more than one. Then, time-telling migrated to the pocket. Ultimately, a clock ended up on the wrist, so there is such a curious connection with what we wanted to do, and that was a connection we were really very aware of.
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Advertisement BEFORE YOU GO
Lego bricks come in sets to make everything from rocket ships to fantasy castles, but a Lego fanatic named Bre Burns had another idea. She used 15,000 bricks to build a working pinball machine she calls “Benny’s Spaceship Adventure.” Now that’s a constructive hobby.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/10/data-sheet-google-duplex-ai-regulation/ |
PARIS (Reuters) - Legal challenges have pushed the promised overhaul of Roland Garros back to 2020 but with construction finally well underway, this year’s French Open is poised to offer fans a “nouvelSle” experience.
FILE PHOTO: Tennis - French Open - Roland Garros, Paris, France - June 11, 2017 General view during the final between Switzerland's Stan Wawrinka and Spain's Rafael Nadal Reuters / Gonzalo Fuentes/File Photo A stroll down the alleys of the venue reveals how far work has progressed, with the expansion continuing apace days before the tournament starts.
Court Two is gone, enabling the modernization of neighboring Philippe Chatrier, the Center Court, which barring further delays will sport a new retractable roof two years from now.
The roof, which can be set up in 12 minutes, will bring the French Open on par with the other three grand slams — the Australian Open, Wimbledon, and the U.S. Open.
After this year’s tournament, which runs from May 27-June 10, 80 percent of Philippe Chatrier will be destroyed.
“It is one of our biggest challenges,” Gilles Jourdan, director of the expansion project, told Reuters. “The stands of the Center Court will be destroyed so they can be rebuilt next spring and be ready for 2019.”
A little further on, work on Court Simonne Mathieu is almost complete.
Named after France’s second-most decorated female player, the arena will replace Court One, the stadium’s third-largest court, affectionately known as the “Bullring” because of its shape and atmosphere.
The Bullring’s 5,000-seater replacement will be nestled among the area’s graceful 19-century greenhouses, and will be ready in time for the 2020 tournament.
Concern for the greenhouses was at the heart of the fierce opposition the French Tennis Federation faced when it announced the revamp, because the plan involved expanding the venue into the picturesque Serres d’Auteuil.
The famed botanical garden is home to 6,000 square meters of greenhouses built in 1898 and contain works by the sculptor Auguste Rodin, and the Roland Garros expansion has added more than 1,300 sqm of greenhouses to the existing ones.
“For the moment, the construction works are taking a lot of space,” said 73-year-old Jean-Pierre, who often walks among the greenhouses. “We fear that the tournament will attract people there who will not respect the place.”
FARWELL TO THE BULLRING “There are three new courts: 7, 9 and 18, which will eventually become court 14,” French tennis federation president Bernard Giudicelli said.
Courts 7 and 9 have 1,500 and 550 seats, respectively, and are located in front of the new village, allowing guests to watch the action from the terraces.
Court 18 is a semi-sunken arena that can hold up to 2,200 spectators, making it the stadium’s fourth-largest in terms of capacity. The court was built in less than a year, after the litigation finally ended.
Court One will be demolished only after the 2019 French Open, and Giudicelli plans to allow supporters with a general access pass into the Bullring next year to give them an opportunity to bid adieu to the arena.
Fans with general stadium access are usually allowed into all the courts apart from Chatrier, Lenglen and Court One.
“It will be an occasion for a nice farewell party,” Giudicelli added.
Reporting by Julien Pretot; Editing by Simon Jennings
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-stadium/roland-garros-overhaul-in-full-swing-ahead-of-french-open-idUSKCN1IM1QY |
Published 3:20 AM ET Tue, 8 May 2018 CNBC.com
— This is the script of CNBC's news report for China's CCTV on April 19, Thursday.
According to the Beige Book released by the Federal Reserve, U.S economy still has sustained growth. First is the growing commercial loan. Some local business's expense and investment have increased after the US sanctioned the tax cuts that boost the commercial loan.
The growth rate of commercial and industry rose, said several local Federal Reserve, for example, Loans in the St. Louis Fed Area achieved a 17% annual growth while the commercial loan and industry loan in Atlanta, Cleveland and other regions has a steady growth. The Dallas Fed reported that sales of local commercial and industrial real estate have grown significantly.
This is the economic benefit of the U.S. tax cuts for companies, and the risk to US economy caused by global trade friction is one of the highlights of the Beige Book. In the Beige Book released by the Fed Reserve in March, however, didn't mention "Tariffs" while "Tariffs" appeared 36 times in the Beige Book this month which tells the Fed Reserve's worries about trade friction.
[William Dudley, President of the Federal Reserve Bank of New York] "Well if trade barriers go up it is bad for the U.S. economy. You're going to have more inflation and you get less growth, lower productivity just a bad outcome."
Almost all local Feds reported a rise in local prices, even though it is moderate. The steel cost soared rapidly in some region after Trump announced to impose tariffs on imported steel and aluminum. But the market worries that the commodity price may increase further in the following months, especially steel and other construction material. The experts from manufacturing, agriculture and other industry expressed their concerns about the tariffs that the US government has introduced or plans to introduce.
[Maurice Obstfeld, IMF Chief Economist] "Well it really depends on how far things escalate from the types of measures that have been threatened so far that. Direct hit to growth wouldn't be that great although certain individuals in certain industries could suffer, the big risk would be if these sorts of actions spook asset markets, spook stock markets, and other markets and that could have a more serious effect on confidence in growth."
The market believes that the Fed will increase interest rate for at least 2 times or even 3 times this year because of the rally in economy and inflation. And it's obvious that the uncertainty of the U.S. trade and fiscal policy is 2 challenges for increasing interest rate. We will keep an eye on this issue. Business | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/cctv-script-190418.html |
Paul Sagan joins LHS as AVP Investor Relations and Corporate Communications
BOSTON--(BUSINESS WIRE)-- LaVoieHealthScience (LHS), an integrated investor and public relations agency focused on advancing health and science innovations, today announced the continued expansion of its strategic communications team with the hiring of Paul Sagan, who is joining LHS as Assistant Vice President, Investor Relations and Corporate Communications, effective today. Paul joins LHS from KCSA Strategic Communications, where he was Vice President, Corporate Communications & Investor Relations and worked with a variety of health, science and technology-based clients.
Paul has more than 20 years of experience in counselling both privately-held as well as publicly-held companies on investor relations, corporate and marketing communications matters and has served as an executive with several leading Wall Street and New England-based consultancies, including senior financial communications positions at Sharon Merrill Associates, Morgan-Walke Associates, Thermo Electron Corporation, Allmerica Financial and Camp Dresser & McKee.
Skilled at communicating complex information about his life science clients to both the investment community and to the general public, Paul has advised more than 50 companies - from venture-backed startups to multi-national corporations.
“I’m excited to join LaVoieHealthScience, whose focus on integrated communications and domain expertise in the life sciences is unique,” said Paul. “The firm’s multi-disciplinary approach to IR, corporate communications and financial media relations has helped companies further their growth trajectory. I look forward to helping our clients - some of the luminaries in the life science field - achieve increased value for their innovations.”
As a member of the Senior Leadership Team at LHS, Paul will work with the practice leads in investor and public relations and support the respective practices and clients at the intersection of Science, Healthcare and Technology. Paul will also work as an advocate and facilitator of organizational growth for the firm.
Donna L. LaVoie, President & CEO commented, “With our keen focus on aligning with health, science and technology innovators, Paul’s expertise in strategic positioning and his relationships with institutional investors, analysts, and the media will be important to our firm’s continued success. Paul’s broad experience will be a strong addition to our existing team and an asset to our current and future clients.”
About LaVoieHealthScience
LaVoieHealthScience partners with leading health and science brands to build value for their companies, attract capital and reach key stakeholders through integrated communications and marketing. The firm provides strategic communications, investor relations and public relations to build recognition and increase sales and value for health science innovations. The agency has received over 30 awards over the past seven years in recognition of the work it has done for its health and science industry-leading clients and is ranked among the 2017 Inc. 5000 list of fastest growing private companies for the fourth year. In addition to clients listed above, LaVoieHealthScience represents leaders such as Affimed, BioAxone BioSciences, Biotechnology Innovation Organization, Fusion Pharmaceuticals, Genosco, Landos Biopharma, LEO Science Hub, Life Sciences Corridor, NewLink Genetics, Newron Pharmaceuticals, Origenis GmbH, PathMaker Biosystems, Prescriber's Choice, Scioto Biosciences, Symbiotix, Triumvira Immunologics, Xontogeny LLC, and other emerging health and science companies.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005883/en/
LaVoieHealthScience
Katie Gallagher, 617-374-8800 x109
Account Manager, PR and Marketing
[email protected]
Source: LaVoieHealthScience | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-lavoiehealthscience-adds-senior-financial-communications-practitioner.html |
NEW YORK, Mustang Bio, Inc. (“Mustang”) (NASDAQ:MBIO), a Fortress Biotech (NASDAQ:FBIO) Company focused on the development of novel immunotherapies based on proprietary chimeric antigen receptor engineered T cell (CAR-T) technology, today announced financial results for the first quarter ended March 31, 2018.
Manuel Litchman, M.D., President and Chief Executive Officer of Mustang, said, “In the first quarter of 2018, Mustang continued to execute on our strategy of developing a portfolio of differentiated CAR-T therapies for patients with aggressive forms of cancer. We are pleased to report significant progress on the build-out of our proprietary CAR-T cell processing facility at UMass Medicine Science Park in Worcester, Mass., which is on track to be fully operational and ready to process cells by the end of the year. We are also transitioning two preclinical CAR-T programs at City of Hope into the clinic in 2018, and plan to file our first Investigational New Drug Application during the fourth quarter. In March, we were delighted to announce the promotion of Sadik Kassim, Ph.D., to Chief Scientific Officer, and Knut Niss, Ph.D., to Chief Technology Officer, and look forward to continuing to work together to innovate in cell processing and to explore opportunities to leverage best-in-class science to strengthen our CAR-T pipeline. To this end, we will expand our internal research capabilities and plan to hire a team of scientists that will be fully dedicated to preclinical and translational research efforts.”
Financial Results:
As of March 31, 2018, Mustang’s consolidated cash, cash equivalents, short-term investments (certificates of deposit) and restricted cash totaled $55.3 million, compared to $61.5 million as of December 31, 2017, a decrease of $6.2 million for the quarter. Research and development expenses were $4.3 million for the first quarter of 2018, compared to $0.7 million for the first quarter of 2017. Non-cash, stock-based compensation expenses included in research and development were $1.5 million for first quarter of 2018, compared to $0 million for the first quarter of 2017. Research and development expenses from license acquisitions totaled $0.1 million for the first quarter of 2018, compared to $0.6 million for the first quarter of 2017. General and administrative expenses were $2.1 million for the first quarter of 2018, compared to $2.0 million for the first quarter of 2017. Non-cash, stock-based compensation expenses included in general and administrative expenses were $0.5 million for the first quarter of 2018, compared to $1.2 million for the first quarter of 2017. Net loss attributable to common stockholders was $6.3 million, or $0.24 per share, for the first quarter of 2018, compared to $3.2 million, or $0.14 per share, for the first quarter of 2017.
About Mustang Bio
Mustang Bio, Inc. (“Mustang”), a Fortress Biotech Company, is a clinical‐stage biopharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products designed to leverage the patient’s own immune system to eliminate cancer cells. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, to fund research and development, and to outlicense or bring the technologies to market. Mustang has partnered with the City of Hope National Medical Center and the Fred Hutchinson Cancer Research Center to develop proprietary chimeric antigen receptor (“CAR”) engineered T cell (“CAR-T”) therapies across many cancers, and with Harvard Medical School’s Beth Israel Deaconess Medical Center and the Harvard Stem Cell Institute for the development of CRISPR/Cas9-enhanced CAR-T therapies in hematologic malignancies and solid tumors. Mustang is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission. For more information, visit www.mustangbio.com .
About Fortress Biotech
Fortress Biotech, Inc. (“Fortress”) is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain of its subsidiary companies, also known as Fortress Companies. In addition to its internal development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensing arrangements, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com .
Forward‐Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Company Contact:
Jaclyn Jaffe
Mustang Bio, Inc.
(781) 652-4500
[email protected]
Investor Relations Contact:
Jeremy Feffer
Managing Director, LifeSci Advisors, LLC
(212) 915-2568
[email protected]
Media Relations Contact:
Laura Bagby
6 Degrees
(312) 448-8098
[email protected]
MUSTANG BIO, INC.
Condensed Balance Sheets
($ in thousands, except for share and per share amounts) March 31, December 31, 2018 2017 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 17,755 $ 34,975 Short-term investments (certificates of deposit) 37,002 26,002 Interest receivable on short-term investments (certificates of deposit) 203 106 Prepaid expenses 666 278 Total current assets 55,626 61,361 Property, plant and equipment, net 133 140 Fixed assets - construction in process 4,237 1,241 Restricted cash 500 500 Other assets 594 251 Total Assets $ 61,090 $ 63,493 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 5,007 $ 3,474 Payables and accrued expenses - related party 316 137 Total Current Liabilities 5,323 3,611 Deferred Rent Payable 125 50 Total Liabilities 5,448 3,661 Commitments and Contingencies Stockholders' Equity Preferred stock ($0.0001 par value), 2,000,000 shares authorized, 250,000 shares of Class A preferred stock issued and outstanding as of March 31, 2018 and December 31, 2017 - - Common Stock ($0.0001 par value), 50,000,000 shares authorized Class A common shares, 1,000,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017 - - Common shares, 26,101,554 and 25,236,255 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 3 3 Common stock issuable, 0 and 834,756 shares as of March 31, 2018 and December 31, 2017, respectively - 9,558 Additional paid-in capital 110,328 98,679 Accumulated deficit (54,689 ) (48,408 ) Total Stockholders’ Equity 55,642 59,832 Total Liabilities and Stockholders’ Equity $ 61,090 $ 63,493
MUSTANG BIO, INC.
Condensed Statements of Operations
($ in thousands, except for share and per share amounts)
(Unaudited)
For the three months ended March 31, 2018 2017 Revenue - related party $ 50 $ - Operating expenses: Research and development 4,292 706 Research and development - licenses acquired 75 575 General and administrative 2,110 2,025 Total operating expenses 6,477 3,306 Loss from operations (6,427 ) (3,306 ) Other income (expense) Interest income 146 90 Interest expense - related party - (2 ) Total other income (expense) 146 88 Net Loss $ (6,281 ) $ (3,218 ) Net loss per common share outstanding, basic and diluted $ (0.24 ) $ (0.14 ) Weighted average number of common shares outstanding, basic and diluted 26,387,445 22,401,000
Source:Mustang Bio, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-mustang-bio-reports-first-quarter-2018-financial-results.html |
Iran has followed in Russia’s footsteps by banning Telegram, the app many people there use for public groups and encrypted personal messaging.
The move came just weeks after Iran’s rulers started telling people to instead use locally-developed communications platforms.
“Considering various complaints against the Telegram social networking app by Iranian citizens, and based on the demand of security organizations to confront the illegal activities of Telegram, the judiciary has banned its usage in Iran,” Reuters Quote: d state TV as saying.
The Iranian judiciary said it had banned Telegram because of “propaganda against the establishment, terrorist activities, spreading lies to incite public opinion, anti-government protests and pornography.”
Iran has previously issued temporary blocks on Telegram during waves of protests, such as those that took place at the end of last year and in January this year. At the time, Telegram founder Pavel Durov said the platform had refused to shut down channels used for peaceful protests—Telegram channels are public groups, separate from the encrypted-functionality that the app also provides.
Telegram is hugely popular in Iran. According to Al Arabiya , 40 million people there—around half the population—use it.
Both President Hassan Rouhani and Ayatollah Ali Khamenei, Iran’s supreme leader, announced in April that they would no longer use the platform. Khamenei did so while urging followers of his Telegram channel to instead use homegrown platforms such as Soroush and Gap.
It remains to be seen how well the ban will work in practice. As in Iran, Russian authorities have also ordered Internet service providers to block access to Telegram , but it reportedly still works there.
Indeed, the Russian Telegram ban—which stems from Telegram’s refusal to hand over the keys to users’ encrypted conversations—has proved to be a debacle.
In order to keep Telegram up and running in the country, the app’s developers moved its backend infrastructure over to a series of cloud platforms, such as those run by Amazon and Google . The Russian telecommunications regulator, Roskomnadzor, responded by adding millions of those cloud platforms’ IP addresses to its blacklist , taking out bystander web services that also rely on the platforms.
Thank you, each and one of the 12,000+ people who stood up to support the freedom of internet and Telegram today in central Moscow. You make me proud and excited to be Russian. https://t.co/1Vwa1FQgIO
— Pavel Durov (@durov) April 30, 2018
Durov, a veteran entrepreneur who these days lives outside Russia, is organizing protests against the ban. | ashraq/financial-news-articles | http://fortune.com/2018/05/01/iran-bans-telegram-secure-app/ |
AMSTERDAM, May 9 (Reuters) - Dutch-Belgian supermarket chain Ahold Delhaize on Wednesday said comparable sales in the first quarter rose 2.5 percent to 14.9 billion euros ($17.7 billion), as the results of its U.S. operations improved.
Analysts polled by the company predicted net sales of 14.8 billion euros. Ahold’s operating income of 574 million euros was also slightly better than expected.
$1 = 0.8437 euros Reporting by Bart Meijer; Editing by Biju Dwarakanath
| ashraq/financial-news-articles | https://www.reuters.com/article/ahold-delhaize-results/ahold-delhaize-q1-sales-increase-as-u-s-operations-improve-idUSL8N1SG0LX |
May 16 (Reuters) - Keane Group Inc:
* KEANE GROUP ANNOUNCES ADDITION TO ITS EXECUTIVE LEADERSHIP TEAM
* SAYS ROBERT W. DRUMMOND APPOINTED CEO * JAMES STEWART, CURRENT CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF KEANE, WILL REMAIN AS EXECUTIVE CHAIRMAN OF BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-keane-group-appoints-robert-drummo/brief-keane-group-appoints-robert-drummond-as-ceo-idUSASC0A2PD |
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