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TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“ StorageVault ” or the “ Corporation ”) (TSX-V:SVI) is pleased to announce that Jay Lynne Fleming will be a nominee for election as a director of StorageVault at the Annual General and Special Meeting of Shareholders (the “ Meeting ”) to be held on Wednesday, May 30, 2018 at 2:00 p.m. at Suite 6000, 1 First Canadian Place, 100 King Street W, Toronto, ON. Longtime director, Rob Duguid will not stand for re-election at the Meeting. The current directors standing for re-election at the Meeting are Steven Scott, Iqbal Khan, Al Simpson and Blair Tamblyn, and upon election, subject to TSX Venture Exchange acceptance, Jay Lynne Fleming will complete StorageVault’s five person Board of Directors.
Ms. Jay Lynne Fleming is President and CEO of CVL Investments Ltd., and former President and CEO of Storage for Your Life Solutions Inc. and Carousel Ventures Ltd. acquired by StorageVault in September 2015. Ms. Fleming’s early career was involved with the growth of Great Canadian Casino Company Ltd. (now, Great Canadian Gaming Corporation, TSX:GC) which became public in 1997. In 1999, Ms. Fleming entered the self-storage market. Over the next 15 years, she grew the Storage for Your Life business significantly through a series of land and business acquisitions, construction, building phasing and financing. Ms. Fleming currently serves on the Acquisition Committee for StorageVault and is also an active member of the Buildings and Grounds Committee, Mulgrave School, West Vancouver. Ms. Fleming completed her Business Management Administration Certificate with Capilano University in 1991.
Mr. Steven Scott, the Chief Executive Officer and a director of StorageVault commented, “We are excited to add Jay’s extensive industry experience, public markets knowledge and operational expertise to our team.”
Mr. Steven Scott also commented, “On behalf of the Board, shareholders and all stakeholders of StorageVault, we would like to thank Rob for his dedication, commitment, time and effort as a director of StorageVault. Rob has been with StorageVault as a director since 2009 and has been a valuable member of our team as we have grown throughout that period. We wish Rob all the best in the future.”
About StorageVault Canada Inc.
StorageVault owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Tel: 1-877-622-0205
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to the nomination of Jay Lynne Fleming as a director of StorageVault. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the acceptance of the TSX Venture Exchange and StorageVault’s shareholders of Ms. Fleming as a director of StorageVault. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR website at www.sedar.com . Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Source: StorageVault Canada Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-storagevault-announces-jay-lynne-fleming-as-nominee-for-director.html |
NEW DELHI (Reuters) - Indian states are ignoring boys in compensating child victims of sexual abuse, the federal government said on Wednesday, weeks after the government itself was criticized for overlooking males in a new law mandating tougher punishment for rapes of girls.
“The male child, who is the most neglected victim of child sexual abuse, is being ignored for the award of compensation and needs to be included,” the Ministry of Women and Child Development said in a statement, citing letters sent to states on the issue.
States run centrally monitored programs to compensate victims of crimes including rape and human trafficking, but sexually abused boys were not getting any financial help, the ministry said.
The statement comes at a time when there is a debate around the treatment meted out to boy victims of sexual crimes in a country where, according to activists and police, many cases of abuse of boys go unreported because of the stigma attached to homosexuality.
A 2007 survey by the ministry, which sampled 12,447 children in families, schools, at work and living on the street, found that more than half had faced sexual abuse, and 53 percent of victims were boys.
Still, in an executive order issued last month, the government did not mention boys while introducing the death penalty for rape of girls below the age of 12 and increasing the minimum punishment for those whose victims were under 16.
To correct the anomaly, the government says it plans to introduce a “gender-neutral” legislation in the next session of parliament.
Reporting by Krishna N. Das; Editing by Alex Richardson
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-india-rape/india-says-boy-victims-of-sex-crimes-not-compensated-ignored-idUSKCN1IV1M3 |
May 25, 2018 / 4:29 PM / in 3 hours Trump lawyer met Russian oligarch shortly before inauguration: source Reuters Staff 2 Min Read
WASHINGTON (Reuters) - A Russian oligarch with links to the Kremlin met Donald Trump’s lawyer Michael Cohen at the Trump Tower in New York City less than two weeks before Trump’s inauguration as president, a source familiar with the meeting said on Friday. FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen arrives at his hotel in New York City, U.S., May 11, 2018. REUTERS/Brendan McDermid
During a discussion in Cohen’s office, located on the skyscraper’s 26th floor eleven days before the inauguration, Cohen and Russian businessman Viktor Vekselberg talked about improving relations between Moscow and Washington and arranged to meet again at the inauguration, the New York Times first reported. The paper quoted Andrew Intrater, an American who attended the meeting and manages investments for Vekselberg.
The source, who asked for anonymity as private conversations were being discussed, confirmed the New York Times’ account to Reuters by telephone.
Cohen and a lawyer for Intrater could not immediately be reached for comment.
The paper reported that days after Trump’s inauguration as president in January 2017, Intrater’s private equity firm, Columbus Nova, gave Cohen a $1 million consulting contract, which was now under investigation by U.S. federal authorities.
Special Counsel Robert Mueller is conducting an extensive investigation into alleged contacts and dealings between Trump, his associates and Russia, before and after the 2016 U.S. presidential election.
Federal prosecutors at the U.S. Attorney’s office in Manhattan are, meanwhile, conducting a separate investigation into financial and business dealings by Cohen.
Intrater told The New York Times that Vekselberg, his cousin and biggest client, did not instruct Columbus Nova to hire Cohen as a consultant.
Earlier this year, Vekselberg himself was questioned by FBI agents working on Mueller’s inquiry, and was asked about Columbus Nova payments to Cohen as well as more than $300,000 in donations Intrater made to the Republican National Committee and Trump’s inauguration, CNN reported on Friday. Reporting by Mark Hosenball, Nathan Layne and Karen Freifeld; Editing by Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-cohen/trump-lawyer-met-russian-oligarch-shortly-before-inauguration-source-idUSKCN1IQ2HX |
WILMINGTON, N.C., April 30, 2018 (GLOBE NEWSWIRE) -- Canapi Inc. announced today the appointment of Timur Davis as principal for the fintech-focused company.
Canapi Inc., a wholly owned subsidiary of Live Oak Banchares (NASDAQ: LOB), is a fintech-focused company that aims to bring innovation, efficiency and excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital banking solutions to the market, Canapi intends to change the landscape of financial services. To learn more, visit www.canapi.com .
In this newly created role effective April 23, Davis will develop and execute investment and incubation plans and strategies that support Canapi’s mission, roadmap and vision to bring innovation, efficiency and excellence to the forefront of the banking industry.
“Timur is an experienced venture capitalist with global experience who will help us strategically cultivate like-minded companies for Canapi to invest in and partner with” said Canapi Managing Director Neil Underwood. “With his support, we aim to develop an ecosystem of cutting-edge companies that will transform the way people interact with the financial services industry.”
Davis previously served as senior investment manager for Samsung Ventures in Seoul, South Korea, where he invested in global tech start-ups in emerging areas such as AI, big data, cloud, energy, digital healthcare and ecommerce. His decade of experience also includes serving as a consultant at The Boston Consulting Group where he focused on strategic projects in technology, finance, pharmaceutical and media industries; and fellow at Columbia Technology Ventures in New York where he analyzed the commercial potential of technologies developed by Columbia University faculty and researchers.
Davis received a PhD in applied physics and applied mathematics from Columbia University in New York.
To learn more about Canapi, visit www.canapi.com .
About Canapi Inc.
Canapi Inc., a wholly owned subsidiary of Live Oak Banchares (NASDAQ:LOB), is a fintech-focused company that aims to bring innovation, efficiency and excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital banking solutions to the market, Canapi intends to change the landscape of financial services. To learn more, visit www.canapi.com .
Contact:
Micah Davis, Marketing Director
910.550.2255
[email protected]
Claire Parker, Senior Public Relations Manager
910.597.1592
[email protected]
Source:Live Oak Bancshares, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-canapi-inc-names-timur-davis-as-principal.html |
Russian metals tycoon Oleg Deripaska stepped down as a director of his aluminum firm Rusal as part of a choreographed series of steps which he hopes will persuade the U.S. government to rescind sanctions that have crippled his businesses.
Deripaska is now actively preparing the next step: reducing his stake in En+ , the group which controls Rusal, to a level where Washington would be willing to remove his businesses from its sanctions blacklist, three sources familiar with the discussions said.
Deripaska and the biggest companies in his empire were included on a U.S. Treasury Department sanctions blacklist in April. Washington said he and fellow tycoons were profiting from association with a Kremlin conducting "malign activities" around the globe.
show chapters The Trump-Russia ties hiding in plain sight 1:33 PM ET Thu, 24 May 2018 | 07:56 The sanctions paralyzed Rusal's supply chain, scared off many customers, froze Deripaska out of Western debt markets and sent shares in his major companies plummeting.
In an illustration of the damage dealt by the sanctions, Russia's VTB bank said it had become owner of a 9.6 percent stake in En+ after the firm's stocks sank.
The price slump triggered a margin call, forcing a minority shareholder, Singapore's AnAn Group, to relinquish the stake to the lender, a VTB executive said.
In a statement issued in Hong Kong, where it is listed, Rusal said Deripaska, a non-executive director of the company, had stepped down as director.
That came a day after the chief executive and seven board members quit, also in a move to distance the firm from Deripaska and his associates.
Deripaska is seeking to persuade Washington to ease the sanctions on his businesses in exchange for him scaling back his association with his companies.
The key element now is for him to reduce his controlling stake. One source familiar with the discussions said Deripaska had been intent on holding on to control, but has now accepted there is no alternative if his businesses are to survive.
The maneuver under consideration, according to three sources familiar with the discussions, would mirror steps taken by another sanctioned Russian tycoon, Viktor Vekselberg.
His Swiss-based company Sulzer bought some of Vekselberg's shares, prompting the U.S. Treasury Department to say that Sulzer was not at risk from sanctions.
Deripaska currently holds a 66 percent stake in En+. The group declined immediate comment when contacted by Reuters.
show chapters We are not lending new money to Oleg Deripaska: VTB's Kostin 2:02 AM ET Wed, 23 May 2018 | 02:52 The three sources, who asked not to be named, said that the share buyback maneuver was one of several options under consideration for reducing Deripaska's stake.
Talking to Washington The sources said Deripaska's representatives were in discussions with the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), which oversees sanctions, to establish if the maneuver would be deemed enough to remove the companies from the sanctions blacklist.
"It's one of the options being discussed now with OFAC," said one of the sources.
A U.S. Treasury official, asked about any discussions with Deripaska's representatives on him reducing his stake, said OFAC does not generally comment on ongoing discussions about sanctions relief.
"OFAC reviews each request based on the facts and circumstances of the case and individual merits," the official said.
Underlining the depth of the difficulties facing Deripaska's firms, a Russian government source said that Rusal had asked the Russian government to buy some of its output.
Since sanctions hit, stocks of aluminum ingots have been stacking up at at least one Rusal plant, because buyers have canceled orders.
The government source, who spoke on condition of anonymity, said Deripaska had also applied for loans for Rusal from Russian lender Promsvyazbank.
The bank is under the control of the Russian central bank and has been earmarked by the Kremlin to provide finance to sanctioned Russian firms, a task most regular banks will not undertake because of the sanctions risk.
Deripaska also sought state support for automaker GAZ, which is part of his business empire and has also been affected by the sanctions, the government source said.
Russian authorities have approved a loan for GAZ, but no decision has yet been made on the loan request for Rusal, according to the source.
Rusal did not reply to a Reuters request for comment on requests for state help. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/sanctioned-tycoon-deripaska-resigns-as-director-of-his-firm-rusal.html |
Catalonia finally gets a new president 5:14pm BST - 01:05
Hard-line separatist Quim Torra is sworn in as Catalonia's new leader, bringing an end to seven months of direct rule from Madrid. ▲ Hide Transcript ▶ View Transcript
Hard-line separatist Quim Torra is sworn in as Catalonia's new leader, bringing an end to seven months of direct rule from Madrid. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/17/catalonia-finally-gets-a-new-president?videoId=427758694&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/catalonia-finally-gets-a-new-president?videoId=427758694 |
Traveling for work can be a major timesuck that throws you off your normal routine.
That may be why 65 percent of people say they feel pressure to work longer hours when traveling for business, according to a new Hyatt Place and Hyatt House survey of over 1,300 adults.
But it doesn't have to be this way, says Steven Dominguez, a frequent business traveler and vice president of global brands for the hotel chain.
He shares three strategies for staying productive on the road:
1. Stay connected While you may not be able to attend your regular in-person meetings when traveling for work, remember that you live in a technologically advanced world, Dominguez tells CNBC Make It .
Rather than putting off a meeting until your return, try using video services like FaceTime or Skype to touch base with colleagues or your boss. If you are the boss, schedule a conference call with your employees from the hotel room. "That way you feel like you're not missing a beat," says Dominguez.
For international travelers who may not want to pay high rates for a phone call, he recommends using Whatsapp, which is a Facebook-owned messenger service that allows you to text and make calls over Wifi. A similar option is Google Voice.
Staying connected is particularly important for frequent flyers who are parents and want to remain posted on what's happening back home, says Dominguez. He recommends syncing your work calendar to a family calendar so your loved ones can view your schedule and know the best times to reach you.
2. Re-energize with exercise Business travelers are generally "highly ambitious" individuals, says Dominguez, but they still need time to re-energize.
If you're someone who exercises in your daily life, he advises that you maintain your fitness routine while on the road. Most hotels nowadays have gyms, but if you find yourself without one, Dominguez suggests doing a quick workout in your hotel room.
show chapters How to be more productive 5:53 PM ET Thu, 25 May 2017 | 01:03 Many highly successful people note the positive effect exercise has on their work, including Virgin Group founder Richard Branson .
"I definitely can achieve twice as much by keeping fit," the billionaire tells FourHourBodyPress . "It keeps the brain functioning well."
Jack Dorsey , the CEO of Twitter and Square, incorporates exercise into his daily routine and uses fitness as a way to get more out of his long workdays.
"Same thing every day," he writes in an AMA on Product Hunt . "[It] allows a steady state that enables me to be more effective."
3. Take advantage of downtime Whether you're sitting on the tarmac or have a spare second in your hotel room, dedicate those moments to doing things you normally don't have time for, says Dominguez.
Try reading a book to learn more about your craft, listening to a podcast that will help you develop professionally or watching an informative show that you've been meaning to get to.
You can also attack some of the work that will be facing you upon your return, says Dominguez. He suggests catching up on unread emails or creating a presentation for an upcoming meeting.
However, you don't have to allocate all of your downtime to getting work done. Dominguez notes that it can be equally educational to explore the surrounding area by attending local events, checking out art exhibits and dining out.
In fact, he says that simply leaving your hotel room and wandering about can "draw creative inspiration" that you can use when you get back to work.
Like this story? Like CNBC Make It on Facebook .
Don't miss: Why Jeff Bezos makes Amazon execs read 6-page memos at the start of each meeting
show chapters Productivity hacks from a career expert 11:59 AM ET Sat, 6 May 2017 | 00:50 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/3-ways-to-stay-productive-while-traveling.html |
WINDSOR, England (Reuters) - American tennis star Serena Williams rose early on Saturday to get ready for her friend Meghan Markle’s wedding to Britain’s Prince Harry with a gold face treatment mask and personal make-up artist.
Meghan Markle's friend, US tennis player Serena Williams (CL) and her husband US entrepreneur Alexis Ohanian (CR) arrive for the wedding ceremony of Britain's Prince Harry, Duke of Sussex and US actress Meghan Markle at St George's Chapel, Windsor Castle, in Windsor, on May 19, 2018. Odd ANDERSEN/Pool via REUTERS Former world number one Williams, 36, posted videos on her Instagram account of herself and her partner Alexis Ohanian getting ready in their hotel room before heading to the ceremony at Windsor Castle.
“Hey y’all, so my friend’s getting married today,” she said as she filmed herself standing in front of the mirror in a towel.
“I’ve known her (Meghan) for so many years and I’m super happy for her.”
Williams plans to play at the French Open later this month in a bid for her record 24th major championship. She returned to professional tennis in March after giving birth to her first child in September, although her coach has since said she has come back too soon.
Sitting on the hotel bed, Williams kissed and cuddled her baby daughter, named Alexis after her father, before putting on a gold facial treatment mask.
“I’m shaping my brows today, but not for you, just because I want to,” she said, later adding that she was wearing her hair in braids.
“Do you like my necklace ... Do you like my braids?” she asked her partner. She said her chunky gold necklace was from the Heritage Collection by Italian luxury brand Bulgari.
By the time she was having her make-up applied, Williams said she was exhausted.
“I had this amazing energy but now I am incredible sleepy. I didn’t go to bed till three. I didn’t go to bed till 3 a.m.,” she said.
The tennis player teased her partner as he pulled up the trousers of his morning suit: “Are those high-waisted? This is not appropriate. This is uncool.”
In her last video from her morning preparations, she and her partner were seen in full regalia before heading out to the ceremony.
“What’s the verdict?” Williams asked, to which her partner replied, in a fake British accent: “Smashing. Where’s my monocle?”
Reporting by Raissa Kasolowsky; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-wedding-serenawilliams/queen-of-tennis-serena-williams-preps-for-royal-wedding-idINKCN1IK0CR |
ABU DHABI (Reuters) - OPEC is more focused on identifying the right level of oil inventory at its next meeting than the impact on supplies of new U.S. sanctions on Iran, the United Arab Emirates said.
FILE PHOTO: People walk past the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger/File Photo President Donald Trump said last week that the United States was exiting an international nuclear deal with Iran and would impose new sanctions on OPEC’s third-largest producer.
Asked on Sunday about oil supply worries as a result of the sanctions UAE energy minister Suhail bin Mohammed al-Mazroui told reporters: “That’s not what we are concerned about now”.
“What we are concerned about in the next (OPEC) meeting is what is the right level of inventory that we should see, and (how) can we put this group together for longer,” he said.
OPEC has a self-imposed goal of bringing inventories in industrialized countries down to their five-year average. The exporting group needs to identify that inventory target in June to gauge the success of the deal, OPEC officials have said.
A decline in Iranian oil exports would add upward pressure on prices, which have already gained this year due to a global supply cut deal between OPEC and non-OPEC producers.
Brent crude rose further after Trump’s announcement on Tuesday and settled at $77.12 on Friday.
OPEC is set to meet in June to set oil policy together with non-OPEC producers participating in the supply cut deal.
Mazroui said there was no reason to worry about supply, adding that this was not the first time an OPEC member had been in such a situation.
“We managed to solve the supply issue but we still believe we have the buffer (in oil supplies)... We will meet in June to discuss it,” he said.
“If history tells us, (when) this happens the whole organization will get together and they can find a solution.”
Reporting by Rania El Gamal, Writing by Katie Paul; Editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-opec-emirates/uae-energy-minister-says-focus-on-oil-inventory-at-next-opec-meeting-idUSKCN1IE0AP |
WASHINGTON, May 17, 2018 /PRNewswire-USNewswire/ -- The CFP Board Center for Financial Planning today announced a Call for Papers that will be presented at the third annual Academic Research Colloquium for Financial Planning and Related Disciplines to take place in Arlington, Va., February 19-21, 2019.
The deadline for submitting a paper or abstract is September 15, 2018. Information about the colloquium, the submission process, a list of qualifying topics, additional deadlines and other details can be found here .
The Center recognized the recipients of this year's Best Paper Awards at the 2018 Academic Research Colloquium for Financial Planning and Related Disciplines in Arlington, Va. in February:
The TD Ameritrade Best Paper Award in Behavioral Finance – Cary Frydman of University of Southern California and Baolian Wang of Fordham University, for "The Impact of Salience on Investor Behavior: Evidence from a Natural Experiment" The Northwestern Mutual Best Paper Award in Insurance/Risk Management – Vickie L. Bajtelsmit and Tianyang Wang, both of Colorado State University, for "Household Financial Planning Strategies for Managing Longevity Risk" The Merrill Lynch Student Best Paper Award – Pavel Brendler of University of Wisconsin, for "Earnings Inequality and Income Redistribution through Social Security" The CFP Board Center for Financial Planning Best Paper Award in Consumer Finance – John E. Grable, CFP®, Amy Hubble, CFP®, Michelle Kruger, each of the University of Georgia, for "Do as I Say, Not as I Do: An Analysis of Portfolio Development Recommendations Made by Financial Advisors" The CFP Board Center for Financial Planning Best Paper Award in Investments – Mark Fedenia of University of Wisconsin-Madison, Hilla Skiba of Colorado State University, and Tatyana Sokolyk of Brock University for "The Effect of Familiarity with Foreign Markets on Institutional Investors' Performance"
A full list of 2018 accepted papers is available here .
"We congratulate the winners of each of the five Best Paper Awards from the 2018 Academic Research Colloquium. Each represents strong scholarship that answer relevant questions relative to both theory and practice," Charles Chaffin, Ed.D., Director of Academic Initiatives, CFP Board Center for Financial Planning. "We have just released the Call for Papers for the 2019 colloquium and are developing some new and innovative strategies for enhanced engagement of academe and practice."
The 2019 Academic Research Colloquium, establishing itself as a premiere academic research conference, will have some new and expanded outlets for practitioners to engage with researchers regarding pertinent questions affecting financial planning. More information about these sessions will be released soon.
The Best Paper series of awards recognizes authors from a variety of disciplines and sub-disciplines that relate to financial planning. The award carries a $2,500 cash prize for the author(s) of each winning paper. More information about opportunities for the 2019 Best Paper Awards, as well as an Emerging Scholar Best Paper Award, will be provided later in 2018, but before the final paper submission deadline.
The colloquium gathers the global academic community to showcase rigorous and relevant research within financial planning and related disciplines that directly or indirectly relates to the global financial planning practice and the body of knowledge. The CFP Board Center for Financial Planning hosts the colloquium in collaboration with the Canadian-based Financial Planning Standards Council and the Financial Planning Standards Board Ltd., owner of the international CERTIFIED FINANCIAL PLANNER certification program outside the United States.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP ® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP ® professionals and other stakeholders. CFP Board owns the certification marks CFP ® , CERTIFIED FINANCIAL PLANNER™, CFP ® (with plaque design) and CFP ® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes over 80,000 individuals to use these marks in the U.S.
ABOUT the CFP BOARD CENTER FOR FINANCIAL PLANNING
The CFP Board Center for Financial Planning seeks to create a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. The Center brings together CFP® professionals, firms, educators, researchers and experts to address profession-wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge. More about the Center and its initiatives can be found at www.CenterforFinancialPlanning.org .
View original content: http://www.prnewswire.com/news-releases/cfp-board-center-for-financial-planning-announces-call-for-papers-for-2019-academic-research-colloquium-300650345.html
SOURCE Certified Financial Planner Board of Standards, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-cfp-board-center-for-financial-planning-announces-call-for-papers-for-2019-academic-research-colloquium.html |
Five reasons why you shouldn't panic over an IRS audit SuperStock | Getty Images Jill Cornfield, special to CNBC.com 4 Hours Ago
Like a root canal or cross-country move, the prospect of having your tax return audited makes most people panic.
"Nearly everyone has an extreme phobia about IRS audits," said Brian Stoner, a CPA in Burbank, California. "The only exceptions are those who have been audited, and the audit went well."
Generally, the IRS can examine returns that you've filed in the last three years , but it can dig even further back for substantial errors.
You may need to provide copies of documents to substantiate the income, credits and deductions you claimed, including receipts, bills and canceled checks.
Here are five things you may not know about how the IRS chooses its targets. Getty Images Good news! The odds are low
The less you make, the lower your odds, Stoner said. People who make under $200,000 face a less than 1 percent chance of being audited.
The reason is partially because of IRS budget cuts in the last few years. If you earn more than that $200,000, the rate jumps to 4 percent. Even if you make $1 million or more, your odds are still only slightly more than 12 percent. Tetra Images | Getty Images You can take that home office deduction
Some people think any deduction is an audit tripwire. In nearly 40 years of practicing, Gail Rosen, a CPA and partner with Wilkin & Guttenplan PC, said she's never seen an audit triggered because someone took the home office deduction.
Remember: It's OK to claim legitimate expenses. Stevecoleimages | Getty Images The IRS loves comparisons
The IRS looks at your numbers with an eye to others in a similar financial situation. "Does your style of living equal that of your peers?" asked Rosen. The IRS website posts statistical averages for income, itemized deductions and exemptions.
"If a tax filing reports something that is sufficiently outside a normal reporting range, the IRS computers may kick out a return for potential audit," said Richard Kollauf, a CPA and certified financial planner at BMO Private Bank.
You're not at the mercy of computers. IRS staffers check to see if there's a reason for numbers outside peer comparisons. Photo by fstop123 via Getty Images Financial profiling
The IRS conducts a few random audits to compile data for profiles of typical earners in various brackets. These computer comparison audits help it decide whom to audit in the future, looking at factors such as charitable donations, auto purchases and deductions.
High deductions or significant under-reporting can then flag a return for a potential audit. Adam Jeffery | CNBC Maybe you've been audited and didn't even know it
You might think an audit means visiting the IRS with your shopping bag of receipts. In fact, the IRS has three types: by mail, in one of its offices or in a field audit at your home or office.
The IRS never calls to initiate an examination.
The most common one, the mail audit, may never go beyond correspondence. An anxiety-provoking letter asks you for more specifics on income or a deduction. Answer to the IRS' satisfaction, and that is often the end of it.
Congratulations! You've just survived an audit. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/five-reasons-why-you-shouldnt-panic-over-an-irs-audit.html |
CHATTANOOGA, Tenn., May 8, 2018 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) intends to release its results for the first 2018 on Wednesday, May 9, 2018, after the close of the market. In conjunction with this release, the Company will host a conference call on the following day that will be simultaneously broadcast live over the Internet:
Thursday, May 10, 2018
10:00 AM ET
9:00 AM CT
8:00 AM MT
7:00 AM PT
Listeners can access the conference call live over the Internet at:
https://www.webcaster4.com/Webcast/Page/1034/25725
Please allow 15 minutes prior to the call to visit the site to download and install any necessary audio software. After the call has taken place, its archived version may be accessed at this Web site.
Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle.
View original content: http://www.prnewswire.com/news-releases/miller-industries-announces-webcast-300644931.html
SOURCE Miller Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-miller-industries-announces-webcast.html |
CARLSBAD, Calif. (AP) _ SeaSpine Holdings Corp. (SPNE) on Thursday reported a loss of $7.1 million in its first quarter.
On a per-share basis, the Carlsbad, California-based company said it had a loss of 50 cents.
The medical technology company posted revenue of $33.2 million in the period.
SeaSpine expects full-year revenue in the range of $135 million to $139 million.
SeaSpine shares have climbed 7 percent since the beginning of the year. The stock has risen 40 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 SPNE at https://www.zacks.com/ap/SPNE | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-seaspine-1q-earnings-snapshot.html |
May 14 (Reuters) - Five Point Holdings LLC:
* FIVE POINT HOLDINGS, LLC ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 REVENUE $15 MILLION * CONSOLIDATED NET LOSS FOR QUARTER WAS $14.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-five-point-holdings-q1-revenue-15/brief-five-point-holdings-q1-revenue-15-million-idUSASC0A232 |
Earnings Release: Tuesday, May 29, 2018, After Market Closes
Conference Call and Webcast: Wednesday, May 30, 2018, at 8:30 A.M. Eastern Time
MONACO, May 24, 2018 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE:SB), an international provider of marine drybulk transportation services, announced today that it will release its results for the quarter ended March 31, 2018 after the market closes in New York on Tuesday, May 29, 2018.
On Wednesday, May 30, 2018, at 8:30 A.M. Eastern Time, the Company’s management team will host a conference call to discuss the financial results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please Quote: “Safe Bulkers” to the operator.
A telephonic replay of the conference call will be available until June 6, 2018, by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#
Slides and audio webcast:
There will also be a live, and then archived, webcast of the conference call, available through the Company’s website ( www.safebulkers.com ). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.
Forward-Looking Statements
This press release contains (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify . Although the Company believes that the expectations reflected in such are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such . Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
+357 25 887 200
E-Mail: [email protected]
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: [email protected]
Source:Safe Bulkers, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-safe-bulkers-inc-sets-date-for-first-quarter-2018-resultsaconference-call-and-webcast.html |
May 15, 2018 / 11:03 AM / Updated 13 minutes ago Uber, Lyft scrap mandatory arbitration for sexual assault claims Laharee Chatterjee 3 Min Read
(Reuters) - Ride-hailing companies Uber Technologies Inc [UBER.UL] and Lyft Inc scrapped mandatory arbitration to settle sexual harassment or assault claims, giving victims several options to pursue their claims including public lawsuits. FILE PHOTO: The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme/File Photo
Uber’s decision on Tuesday comes after several high-profile scandals and is a step in the right direction, according to several legal experts, but does not address class action lawsuits.
Chief Executive Officer Dara Khosrowshahi has unveiled a series of safety measures to restore Uber’s brand and image since taking the top job last August.
Victims were previously required to enter into confidentiality agreements as part of arbitration to settle claims, which prevented them from speaking publicly about the facts surrounding any sexual assault or harassment.
They can now settle claims through mediation, where they can choose confidentiality; in arbitration, where they can choose to maintain their privacy while pursuing their case; or in court, Uber said in a blog post.
"We commit to publishing a safety transparency report that will include data on sexual assaults and other incidents that occur on the Uber platform," Uber's chief legal officer, Tony West, wrote in the blog here
“So moving forward, survivors will be free to choose to resolve their individual claims in the venue they prefer.”
Lyft also removed the confidentiality requirement for sexual assault victims and ended mandatory arbitration for individuals. “This policy extends to passengers, drivers and Lyft employees,” it said.
Jeanne Christensen, a lawyer at Wigdor LLP who has been handling sexual harassment cases against Uber, agreed with the ride-hailing company’s move.
“It’s one step toward making a change, but just bringing the issue into the open doesn’t solve the problem,” Christensen told Reuters.
Uber did not provide details on the number of sexual harassment cases that are pending or have been settled, but when contacted by Reuters it said it will not revisit past cases that have been settled through the confidentiality agreement.
Uber became the second major company to end forced arbitration clauses, after Microsoft Corp said here in December victims would no longer need to settle cases privately.
“It is a move in the right direction but the problem is the arbitration agreement prevents class action lawsuit which is essential for a policy change,” said Veena Dubal, associate professor of law at the University of California, Hastings.
Uber is currently facing a class action lawsuit in the United States for poor driver vetting that has led to a series of sexual harassment incidents, including rape. Reporting by Arjun Panchadar and Laharee Chatterjee and Anirban Paul in Bengaluru; Editing by Bernard Orr and Saumyadeb Chakrabarty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-uber-sexual-harassment/uber-will-not-require-sexual-assault-victims-to-sign-confidentiality-deals-idUKKCN1IG1IF |
Bulls spot diamond in the rough 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/options-signet-earnings.html |
May 18 (Reuters) - U.S. stocks opened slightly lower on Friday due to losses in technology stocks including Applied Materials and Alphabet, while investors kept a close watch on U.S.-China trade talks.
The Dow Jones Industrial Average fell 6.26 points, or 0.03 percent, at the open to 24,707.72.
The S&P 500 opened lower by 2.78 points, or 0.10 percent, at 2,717.35. The Nasdaq Composite dropped 18.14 points, or 0.25 percent, to 7,364.34 at the opening bell. (Reporting by Medha Singh in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-opens-lower-as-tech-stocks-weigh-idUSL3N1SP4IU |
May 14, 2018 / 2:40 PM / Updated 6 hours ago Prince Harry and Meghan Markle to stay at separate hotels on eve of wedding Reuters Staff 3 Min Read
LONDON (Reuters) - Prince Harry and U.S. actress Meghan Markle will stay at hotels in the Windsor area on the night before their wedding, his office said on Monday, with the bride relaxing in a country house linked to one of Britain’s greatest political scandals.
Harry and Markle will tie the knot on Saturday at St George’s Chapel at Windsor Castle, the home of the prince’s grandmother Queen Elizabeth, to the west of London.
The night before their wedding, which is attracting huge global media interest, the couple will stay in separate luxury hotels nearby, Kensington Palace said.
“Prince Harry will stay at the Dorchester Collection’s Coworth Park. His Royal Highness will be joined by Best Man The Duke of Cambridge,” Kensington Palace said, referring to Harry’s elder brother Prince William.
“Ms. Markle, accompanied by her mother, Ms. Doria Ragland, will stay at Cliveden House Hotel, on the National Trust’s Cliveden Estate.”
On its website, the five-star Coworth Park, which is located about 7 miles (11 km) from Windsor, says it offers guests “an experience to refresh every sense within our welcoming oasis of calm” and rooms cost in excess of 2,000 pounds ($2,719) a night.
Cliveden House, a former stately home built in 1666 by the Duke of Buckingham as a gift to his mistress, has “remained a pinnacle of intrigue and glamour for the elite” and has played host to every British monarch since George I, its website says.
Suites at the hotel - including the appropriately “Prince of Wales”, the title of Harry’s father Prince Charles - cost from 1,535 pounds a night.
Cliveden, about 9 miles (14 km) north of Windsor, was at the center of one of Britain’s most infamous political scandals in the 1960s.
The country house, then owned by Viscount Bill Astor, was where John Profumo, the then-minister for war, met Christine Keeler, the mistress of a suspected Russian spy, as she took a dip in the swimming pool in 1961.
The couple began an affair and Profumo was forced to resign after lying to parliament that they were involved in a relationship.
Last week, Harry’s spokesman said Markle and her mother would travel by car to Windsor on the morning of the wedding and the bride would then meet her father, Thomas Markle, at the chapel.
There had been speculation about what role Markle’s parents, who divorced when she was six, would play in the wedding ceremony.
In another royal announcement on Monday, it was revealed that three days after their wedding, the newlyweds will attend Charles’s 70th birthday patronage celebration in the gardens of Buckingham Palace on May 22.
Charles’s office said more than 6,000 people would attend the event including emergency services personnel who were first on the scene of a suicide bomb attack on a pop concert in Manchester, northern England, on May 22, 2017. FILE PHOTO: Britain's Prince Harry and his fiancee Meghan Markle attend a Service of Thanksgiving and Commemoration on ANZAC Day at Westminster Abbey in London, Britain, April 25, 2018. Eddie Mulholland/Pool via Reuters Reporting by Guy Faulconbridge and Michael Holden; editing by Estelle Shirbon and Alistair Smout | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-markle/prince-harry-and-meghan-markle-to-stay-at-separate-hotels-on-eve-of-wedding-idINKCN1IF1YS |
President Donald Trump’s decision to cancel his planned summit with Kim Jong Un shifts the U.S. approach to North Korea away from a monthslong rapprochement and back to a campaign of military and economic pressure.
Mr. Trump signaled the shift on Thursday, warning of U.S. nuclear and military superiority both in a letter to Mr. Kim and in public remarks. A senior administration official later said the U.S. is seeking new ways to increase economic sanctions against North Korea.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-administration-resumes-pressure-campaign-on-north-korea-1527240600 |
May 7 (Reuters) - Panhandle Oil and Gas Inc:
* REPORTS FISCAL SECOND QUARTER AND SIX MONTHS 2018 RESULTS AND MID-YEAR RESERVE UPDATE
* Q2 REVENUE $11.42 MILLION * QTRLY GAS PRODUCTION INCREASED 21% TO 2,107,921 MCF & OIL PRODUCTION INCREASED 24% TO 82,312 BARRELS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-panhandle-oil-and-gas-q2-earnings/brief-panhandle-oil-and-gas-q2-earnings-per-share-0-06-idUSASC0A08Y |
MONTEVIDEO, Uruguay, Biotoscana Investments S.A. (B3: GBIO33), a biopharmaceutical group that operates in Latin America, announced today its results for the 1Q18.
HIGHLIGHTS
Gross revenues for 1Q18 grew 10% in constant currency, marking BRL 927M LTM.
Net revenues for 1Q18 increased by 9% in constant currency, marking BRL820M LTM. 1Q18 grew 12% pro-forma in constant currency (including bids for which we got a purchase order in 1Q18 but we expect to delivery in 2Q18).
Gross profit up 18% in 1Q18, in constant currency. Gross margin of 56% (up ~351bps from 1Q17), continuing the improvement trend of prior quarters.
Adjusted EBITDA increased by 20% in constant currency vs. 1Q17. Adjusted EBITDA margin came to 25% in 1Q18, improving 172bps vs. 1Q17, marking BRL 203M LTM compared to BRL187M in 1Q17 LTM.
Adjusted net income up 41% from 1Q17, reaching BRL 22M in 1Q18.
Halaven and Abraxane off to a strong start. Lenvima launching ahead of schedule and improving clinical profile. Cresemba attained orphan status in Brazil and Mexico.
Extended partnership with Gilead into the Andean region , with revenues starting in 2Q18.
Contacts:
Melissa Angelini
[email protected]
+55-11-5090-5927
releases/gbt-reports-first-quarter-2018-results-300646819.html
SOURCE Grupo Biotoscana | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-gbt-reports-first-quarter-2018-results.html |
May 22, 2018 / 8:45 PM / Updated 8 minutes ago USA Gymnastics CEO Perry to apologize to Nassar victims Reuters Staff 3 Min Read
USA Gymnastics CEO Kerry Perry plans to apologize to the victims of Larry Nassar in her opening statement of a testimony she will give before a House subcommittee on Wednesday. Victim Rachael Denhollander speaks at the sentencing hearing for Larry Nassar, a former team USA Gymnastics doctor who pleaded guilty in November 2017 to sexual assault charges, in Lansing, Michigan, U.S., January 24, 2018. REUTERS/Brendan McDermid
The testimony will be her first public comments since taking over her position in December. The subcommittee released Perry’s five-page opening statement on Tuesday.
“First, I want to apologize to all who were harmed by the horrific acts of Larry Nassar,” Perry’s statement reads in part. “I was in the courtroom to listen to the incredibly courageous women explain in vivid and painful detail the damage he did to their lives. Their powerful voices will not be forgotten. I commit to you that I will keep their words and experiences at the core of every decision I make, every day, as the leader of this organization. Their stories have broken my heart, but also strengthened my resolve.
“Let there be no mistake; those days are over. USA Gymnastics is on a new path, with new leadership, and a commitment to ensure this never happens again.”
Perry’s statement goes on to detail the changes that USA Gymnastics has made since her hiring in order to “regain the trust and confidence of our athletes, their families, and all who are a part of the gymnastics community.”
Perry will say USA Gymnastics is implementing recommendations made by former federal prosecutor Deborah Daniels, who was hired to review its culture. Perry’s statement says 80 percent of Daniels’ policy recommendations have been implemented, with the rest intended to follow.
Perry’s statement also says USA Gymnastics is “participating in mediation in order to resolve the athletes’ claims fairly and expeditiously” and that further mediation will hopefully take place in August, with the U.S. Olympic Committee invited to join.
The House subcommittee’s probe began in the aftermath of the Larry Nassar sentencing. Nassar, 54, is serving a 60-year sentence at a federal prison in Tucson, Ariz., on child pornography charges. He has been sentenced to 40 to 175 years in one Michigan county and 40 to 125 years in another on sexual assault charges.
Also testifying Wednesday will be U.S. Olympic Committee CEO Susanne Lyons, U.S. Center for SafeSport CEO Shellie Pfohl, USA Taekwondo executive director Steve McNally, USA Swimming CEO Tim Hinchey and USA Volleyball CEO Jamie Davis. The hearing will be held in Washington D.C.
Last week, Michigan State University, where Nassar operated from as a physician, announced an agreement to pay out at least $500 million in settlements to his 332 victims after two days of mediation in California.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-sports-gymnastics-nassar-apology/usa-gymnastics-ceo-perry-to-apologize-to-nassar-victims-idUSKCN1IN2WX |
LONDON (Reuters) - Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday.
FILE PHOTO: Gasoline drips off a nozzle during refueling at a gas station in Altadena, California March 24, 2012. REUTERS/Mario Anzuoni The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.
Oil has risen 51 percent in the last year, driven by coordinated supply cuts and, this month, by concern over Iranian supply after the United States said it would reimpose sanctions on Tehran over its nuclear activities.
“It would be extraordinary if such a large jump did not affect demand growth, especially as end-user subsidies have been reduced or cut in several emerging economies in recent years,” the IEA said.
Oil inventories in the world’s richest nations, the most transparent and easy to track, have now fallen 1 million barrels below the five-year average, the level targeted by the Organization of the Petroleum Exporting Countries and its partners, as the group restrains crude output for a second year.
“For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market,” the IEA said.
“For its part, the IEA will monitor developments closely and is ready to act if necessary to ensure that markets remain well supplied.”
Iran, which produces around 3.8 million bpd and is OPEC’s third-largest supplier behind Saudi Arabia and Iraq, could face severe disruption to its exports.
The IEA said the previous round of sanctions, which were lifted in early 2016, cut Iran’s crude exports by more than 1 million bpd.
“It is too soon to say what will happen this time, but we should examine whether other producers could step in to ensure an orderly flow of oil to the market and offset a disruption to Iranian exports,” the agency said.
Iran exported 2.6 million bpd of crude in April, according to the oil ministry’s news agency SHANA.
The IEA estimates demand for OPEC’s crude will average 32.25 million bpd for the rest of 2018, compared with output of 32.12 million bpd in April. [OPEC/O].
World supply, meanwhile, rose 1.78 million bpd in April from a year earlier, driven predominantly by non-OPEC production.
Economic crisis has driven Venezuelan production to its lowest in years, while natural decline in Mexico cut production by 175,000 bpd in April, down 8 percent year-on-year, the largest fall for any non-OPEC producer.
Record output from the United States pushed non-OPEC supplies up by 2.1 million bpd year-on-year to 59.4 million bpd. Production elsewhere outside OPEC was flat to lower, the IEA said, noting declines in the North Sea and Brazil.
The IEA, which advises Western governments on energy policy, expects non-OPEC supply to rise by 1.87 million bpd in 2018, up from a previous forecast of 1.8 million bpd.
Reporting by Amanda Cooper; Editing by Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-iea/iea-warns-global-oil-demand-may-suffer-as-crude-nears-80-idUSKCN1IH0RQ |
May 23, 2018 / 11:08 AM / Updated 2 hours ago Scientists plan DNA hunt for Loch Ness monster next month Reuters Staff 3 Min Read
LONDON (Reuters) - A global team of scientists plans to scour the icy depths of Loch Ness next month using environmental DNA (eDNA) in an experiment that may discover whether Scotland’s fabled monster really does, or did, exist. FILE PHOTO: A boat sails in front of Urquhart Castle on Loch Ness in Scotland, Britain April 13, 2016. REUTERS/Russell Cheyne/File Photo
The use of eDNA sampling is already well established as a tool for monitoring marine life like whales and sharks.
Whenever a creature moves through its environment, it leaves behind tiny fragments of DNA from skin, scales, feathers, fur, faeces and urine.
“This DNA can be captured, sequenced and then used to identify that creature by comparing the sequence obtained to large databases of known genetic sequences from hundreds of thousands of different organisms,” said team spokesman Professor Neil Gemmell of the University of Otago in New Zealand.
The first written record of a monster relates to the Irish monk St Columba, who is said to have banished a “water beast” to the depths of the River Ness in the 6th century.
The most famous picture of Nessie, known as the “surgeon’s photo”, was taken in 1934 and showed a head on a long neck emerging from the water. It was revealed 60 years later to have been a hoax that used a sea monster model attached to a toy submarine.
Countless unsuccessful attempts to track down the monster have been made in the years since, notably in 2003 when the BBC funded an extensive scientific search that used 600 sonar beams and satellite tracking to sweep the full length of the loch.
The most recent attempt was two years ago when a high-tech marine drone found a monster - but not the one it was looking for. The discovery turned out to be replica used in the 1970 film “The Private Life of Sherlock Holmes”, which sank nearly 50 years ago.
Gemmell’s team, which comprises scientists from Britain, Denmark, the United States, Australia and France, is keen to stress the expedition is more than just a monster hunt.
“While the prospect of looking for evidence of the Loch Ness monster is the hook to this project, there is an extraordinary amount of new knowledge that we will gain from the work about organisms that inhabit Loch Ness,” Gemmell said on his university website.
He predicts they will document new species of life, particularly bacteria, and will provide important data on the extent of several new invasive species recently seen in the loch, such as Pacific pink salmon.
Their findings are expected to be presented in January 2019. Reporting by Ana de Liz; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-scotland-monster/scientists-plan-dna-hunt-for-loch-ness-monster-next-month-idUKKCN1IO1A8 |
NEW YORK, May 15, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Ormat and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here to join a class action]
On May 11, 2018, Ormat disclosed that the Company would delay the filing of its Quarterly Report for the period ended March 31, 2018, stating that "management has identified an error in the Company's financial statement presentation of deferred income tax assets and deferred income tax liabilities that affects the Company's balance sheets in previous reporting periods." Ormat further disclosed that "the Company is evaluating the impact of this error on its consolidated financial statements and the extent to which the Company's annual and quarterly consolidated financial statements filed in previous periods require revision or amendment."
On this news, Ormat's share price fell $3.42, or 6.09%, to close at $52.77 on May 14, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 9980
View original content: http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-ormat-technologies-inc---ora-300648779.html
SOURCE Pomerantz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-ormat-technologies-inc--ora.html |
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced it has sold a portfolio of six assisted living and memory care communities for $67.5 million.
Known as the Sunrise Portfolio, the six communities, five assisted living and one memory care, span 320 units and five locations in Ohio and Pennsylvania. As a result of the transaction, LTC expects to recognize a net gain on sale of approximately $48.0 million in the second quarter. The transaction was structured to close concurrent with the April 30 lease expiration. Rental revenue under this lease for the four months ended April 30, 2018 is approximately $1.5 million.
“This transaction demonstrates the asset value of our portfolio, affording us the opportunity to strategically recycle capital and continue investing in newer, modernized assets,” said Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “We plan to continue identifying additional opportunities to add value to LTC and our shareholders.”
KeyBanc Capital Markets Inc. and CS Capital Advisors, LLC acted as LTC’s financial advisors on the transaction. Sherry Meyerhoff Hanson Crance LLP served as LTC’s legal advisor.
About LTC
LTC (NYSE: LTC) is a real estate investment trust that invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. The company’s portfolio currently includes approximately 200 assisted living communities, memory care communities and post-acute/skilled nursing centers, located in 29 states with 29 regional and national operating partners. For more information, visit www.LTCreit.com .
Forward Looking Statements
This press release includes statements that are not purely historical and are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward looking statements due to the risks and uncertainties of such statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005616/en/
LTC Properties, Inc.
Wendy Simpson
Pam Kessler
(805) 981-8655
Source: LTC Properties, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-ltc-sells-portfolio-of-six-assisted-living-and-memory-care-communities-for-67-point-5-million.html |
BEIRUT (Thomson Reuters Foundation) - Saudi Arabia is preparing to outlaw sexual harassment, a move campaigners hailed on Tuesday as a “paradigm shift” in the deeply conservative Islamic kingdom, which is set to lift a ban on women driving within weeks.
The Shura Council, an influential advisory body, approved a draft law on Monday that would introduce a sentence of up to five years in prison and a 300,000 SAR ($80,000) fine for harassment, said council member Lina Almaeena.
Almaeena said the approval from the council, which does not have legislative powers but can propose laws to the king and the cabinet, had come “at a very crucial time” as women became more visible on the streets.
“I am so relieved. I know for sure it will have a paradigm shift,” she told the Thomson Reuters Foundation by phone from Riyadh.
“The punishment is clear. People won’t take it lightly,” she said, adding it would cover both verbal and digital harassment.
The decision to lift a decades-old ban on women driving cars was hailed as proof of a new progressive trend in Saudi Arabia.
But rights activists have urged caution following the detention of nearly a dozen activists, most of them women who had campaigned for greater freedoms.
Suad Abu-Dayyeh, a Middle East expert with the global advocacy group Equality Now, said the draft law was a “welcome step”, but expressed concern over the recent crackdown on women’s rights campaigners.
“There is a contradiction between the deeds and the words,” said Abu-Dayyeh by email.
Saudi Arabia’s Crown Prince Mohammed bin Salman has courted Western allies to support his reforms.
Hundreds of billions of dollars of investments were discussed during his recent trips to the United States and Europe.
Reporting by Heba Kanso @hebakanso, Editing by Claire Cozens Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women’s rights, trafficking, property rights, and climate change. Visit www.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-harassment-law/saudi-arabia-prepares-to-outlaw-sexual-harassment-idUSKCN1IU2G2 |
DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- IQVIA Holdings Inc. (“IQVIA”) (NYSE: IQV), a leading global provider of advanced analytics, technology solutions, and contract research services to the life sciences industry, today reaffirmed its second-quarter and full-year 2018 guidance previously provided on May 2nd.
Specifically, for the second quarter, IQVIA reaffirms its guidance provided in the table below.
($ millions, except per share data)
Second-Quarter
2017 Recast (1)
Second-Quarter
2018 Guidance
VPY %
Revenue $2,355 $2,470 - $2,520 4.9% - 7.0% Adjusted EBITDA $467 $510 - $530 9.2% - 13.5% Adjusted Diluted EPS $1.03 $1.17 - $1.24 13.6% - 20.4% 1. Recast under ASC 606 “Revenue from Contracts with Customers.”
The company also reiterates its full-year 2018 revenue guidance range of $10,050 million to $10,250, Adjusted EBITDA of $2,150 million to $2,220 million and Adjusted Diluted Earnings per Share of $5.20 to $5.45, representing 14.3% to 19.9% year-over-year growth.
Second quarter and full-year 2018 guidance assumes foreign currency exchange rates used in our May 2 nd release remain in effect for the remainder of the year.
About IQVIA
IQVIA (NYSE: IQV) is a leading global provider of advanced analytics, technology solutions, and contract research services to the life sciences industry. Formed through the merger of IMS Health and Quintiles, IQVIA applies human data science — leveraging the analytic rigor and clarity of data science to the ever-expanding scope of human science — to enable companies to reimagine and develop new approaches to clinical development and commercialization, speed innovation, and accelerate improvements in healthcare outcomes. Powered by the IQVIA CORE™, IQVIA delivers unique and actionable insights at the intersection of large-scale analytics, transformative technology and extensive domain expertise, as well as execution capabilities. With more than 55,000 employees, IQVIA conducts operations in more than 100 countries.
Cautionary Statements Regarding Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, our 2018 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners’ security or communications systems; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to changes in accounting standards, including the impact of the changes to the revenue recognition standards; general economic conditions in the markets in which we operate, including financial market conditions and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses. For a further discussion of the risks relating to the combined company’s business, see the “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC, as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov . These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We assume no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise.
Note on Non-GAAP Financial Measures
Non-GAAP measures, such as Adjusted EBITDA and Adjusted Diluted EPS are presented only as a supplement to the company’s financial statements based on GAAP. Non-GAAP financial information is provided to enhance understanding of the company’s financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP. Definitions of non-GAAP measures are provided within the schedules attached to our earnings release dated May 2, 2018. The company uses non-GAAP measures in its operational and financial decision making, and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. As a result, internal management reports feature non-GAAP measures which are also used to prepare strategic plans and annual budgets and review management compensation. The company also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures.
Our 2018 guidance measures (other than revenue) are provided on a non-GAAP basis because the company is unable to reasonably predict certain items contained in the GAAP measures. Such items include, but are not limited to, acquisition and integration related expenses, restructuring and related charges, stock-based compensation and other items not reflective of the company's ongoing operations.
Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP.
IQVIAFIN
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IQVIA Holdings Inc.
Investor Relations:
Andrew Markwick, 973-257-7144
[email protected]
or
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Tor Constantino, 484-567-6732
[email protected]
Source: IQVIA Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-iqvia-reaffirms-its-second-quarter-and-full-year-2018-guidance-including-adjusted-eps-growth-of-13-point-6-percent-to-20.html |
MUST READS Labor Issues Interrupt Germany’s Economic Boom: Europe’s largest economy cooled sharply in the first quarter amid a bad spell of illness and labor disputes, mirroring similar developments in the region and denting hopes for another year of stellar growth rates. Lies, Damn Lies and Inflation: CPI figures have Political Upstarts Reach Pact to Govern Italy Next Brexit & Beyond: 'Rules of Origin' Pose Challenge to Post-Brexit Trade | ashraq/financial-news-articles | http://blogs.wsj.com/moneybeat/2018/05/15/europes-largest-economy-cools-sharply/ |
SOFIA (Reuters) - French President Emmanuel Macron said on Thursday that it was unclear what the emerging Italian ruling coalition would mean for the European Union, saying he saw reasons for both doubt and confidence.
French President Emmanuel Macron gives a news conference at the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018. REUTERS/Stoyan Nenov Asked about a possible coalition of anti-establishment and eurosceptic parties in Italy, Macron told a news conference after a meeting of EU leaders in Bulgaria that he could not yet comment on the various planned policies of the emerging government because they were not yet clear.
“I cannot tell you what the position of France is because I do not know the position of the Italian government that has yet to be formed,” Macron said, adding there were conflicting reports on the stance on Europe of the coalition of the anti-establishment Five Star movement and the far-right League.
He said he noted that the Italian head of state who is overseeing the government formation process had said that a criterion for its appointment was that the new leaders should work with the EU: “I see elements of realism, of doubt and elements of confidence,” Macron said.
Reporting Jan Strupczewski; Editing by Alastair Macdonald
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-italy-politics-macron/frances-macron-elements-of-doubt-confidence-in-italy-idUSKCN1II26M |
May 11, 2018 / 4:32 PM / Updated 22 One Somerset and Hampshire on Friday at Taunton, England Hampshire are 198 for 8 Hampshire 1st innings Joe Weatherley lbw Tom Abell 28 Jimmy Adams c Steve Davies b Tim Groenewald 23 James Vince c Steve Davies b Tom Abell 44 Hashim Amla c Steve Davies b Tim Groenewald 4 Tom Alsop b Lewis Gregory 20 Rilee Rossouw c Jack Leach b Dominic Bess 38 Lewis McManus c Matthew Renshaw b Tom Abell 21 Gareth Berg lbw Lewis Gregory 4 Kyle Abbott Not Out 5 Extras 0b 2lb 8nb 0pen 1w 11 Total (58.1 overs) 198-8 Fall of Wickets : 1-44 Adams, 2-86 Weatherley, 3-105 Vince, 4-111 Amla, 5-165 Alsop, 6-178 Rossouw, 7-187 Berg, 8-198 McManus To Bat : Wheal, Edwards Lewis Gregory 14 3 41 2 2.93 1w 3nb Craig Overton 12 3 57 0 4.75 1nb Tim Groenewald 12 2 50 2 4.17 Tom Abell 8.1 3 18 3 2.20 Jack Leach 5 2 13 0 2.60 Dominic Bess 7 2 17 1 2.43 Umpire Jeffrey Evans Umpire Jeremy Lloyds Home Scorer Polly Rhodes Away Scorer Kevin Baker | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-one-scoreboard-idUKMTZXEE5BKOIA49 |
Updated 7 minutes ago IAC quarterly profit surges on Match, ANGI Homeservices strength Reuters Staff 2 Min Read
May 9 (Reuters) - IAC/InterActiveCorp reported a first-quarter profit on Wednesday that more than doubled, driven by strong growth across all its businesses, including Tinder-owner Match Group and ANGI Homeservices.
Revenue from ANGI Homservices rose 69 percent to $255.3 million in the reported quarter, beating analysts’ estimate of about $252.2 million, according to Thomson Reuters I/B/E/S. The unit accounted for a quarter of IAC’s total revenue.
IAC created ANGI by merging its digital home services marketplace business with consumer review website operator Angie’s List that it bought last year.
First-quarter results were also helped by robust growth in its Match Group unit as it benefited from more subscribers to its dating services. IAC owns more than 80 percent of Match Group.
The unit, which owns numerous online dating services, reported results on Tuesday that beat estimates and played down the threat of Facebook Inc.
Earlier this month, Facebook said it was developing a dating feature for its 2.2 billion monthly users. Following the announcement, IAC and Match Group both lost about $5 billion in combined market value.
“Social networks have always been competitors,” Chief Executive Officer Joey Levin told Reuters.
When asked if IAC plans to invest more in its dating businesses following Facebook’s announcement, Levin said there were no specific investments tied to that.
IAC has also been ramping up its efforts to expand its presence in the rapidly growing video market through Vimeo, which offers cloud-based video hosting, editing and sharing tools to individuals and business customers.
Total subcribers for Vimeo rose 13 percent to 901,000 in the first quarter.
IAC’s net income surged to $71.1 million, or 71 cents per share, in the quarter ended March 31, from $26.2 million, or 29 cents per share, a year earlier.
Total revenue rose about 31 percent to $995.1 million. (Reporting by Pushkala Aripaka and Laharee Chatterjee in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.reuters.com/article/iac-interactive-results/iac-quarterly-profit-surges-on-match-angi-homeservices-strength-idUSL3N1SG5ZF |
Home / US News / Stormy Daniels Sues Trump for Defamation Stormy Daniels Sues Trump for Defamation 1 min ago US News
Stephanie Clifford, the previous adult-film actress professionally generally known as Stormy Daniels, filed a lawsuit on Monday in opposition to President Donald Trump in Manhattan federal court docket, accusing him of defaming her in a latest tweet.
Mr. Trump posted the tweet on April 18, in response to a sketch Ms. Clifford launched of a person who allegedly threatened her in 2011. According to Ms. Clifford’s lawsuit, a couple of weeks after she had agreed to debate with {a magazine} an alleged sexual encounter she had with Mr. Trump, the person approached her… Share this: | ashraq/financial-news-articles | https://www.wsj.com/articles/stormy-daniels-sues-trump-for-defamation-1525121996/ |
BEIJING, May 23 (Reuters) - China should downgrade its ties with Australia, including cutting imports and postponing a visit by Prime Minister Malcolm Turnbull to underscore Beijing’s unhappiness at recent anti-China sentiment, a state-run paper said on Wednesday.
Relations between the two countries have cooled since late 2017 when Turnbull’s government proposed a bill to limit foreign influence in Australia, including political donations. Beijing saw the move as “anti-China”.
The diplomatic rift spilled into the trade arena last week when a major Australian wine maker said it was facing new Chinese customs delays, raising fears among other Australian exporters that depend on access to China.
This week the Chinese government’s top diplomat Wang Yi told his Australian counterpart Canberra should remove its “coloured glasses” to get relations back on track with its major trading partner.
On Wednesday, the nationalist-leaning Global Times said China should let Australia suffer for a while, rather than soothe ties too quickly.
“China does not have to throw away Sino-Australia relations. China just needs to slow their relationship for a period,” the newspaper said in an editorial.
“For example, it will not be necessary for the Australian Prime Minister to visit China this year. In fact, he could visit a few years later,” the paper said.
Turnbull, according to Australian media, is planning to travel to China later this year to smooth over bumpy diplomatic ties between the two countries.
“China’s ministerial officials, other than those with the economic and trade departments, could postpone interactions with Australia,” the Global Times added.
China should also switch to buying U.S. products rather than Australian ones, like iron ore, wine and beef, the paper said.
“Last year, Australia exported $76.45 billion in goods to China. Lowering Aussie exports by $6.45 billion would send cold chills up and down the spine of Australia,” the editorial said.
“Of course, it would be an even greater shock if the import reductions totaled $10 billion,” it added.
The widely-read Global Times is published by the ruling Communist Party’s official People’s Daily but its editorials do not reflect government policy. (Reporting by Ben Blanchard Editing by Darren Schuettler)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-australia/chinese-newspaper-suggests-cut-imports-downgrade-ties-with-australia-idUSL3N1SU28P |
RESTON, Va., May 10, 2018 /PRNewswire/ -- MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for the three and six months ended March 31, 2018.
Highlights for the second quarter of fiscal year 2018 include:
Revenue of $612.8 million compared to $622.0 million reported for the same period last year Diluted earnings per share of $0.84 compared to $0.80 for the same period last year Cash flows from operations of $78.7 million and free cash flow of $72.0 million Year-to-date signed contract awards of $1.4 billion and contracts pending (awarded but unsigned) of $489.1 million at March 31, 2018 Sales pipeline of $3.0 billion at March 31, 2018 Updated fiscal 2018 revenue and diluted earnings per share guidance
For the second quarter of fiscal 2018, revenue decreased 1% to $612.8 million compared to $622.0 million reported for the same period last year. The decrease was due to the expected revenue decline in the U.S. Federal Services Segment from contracts that ended.
Total company operating margin for the second quarter of fiscal 2018 was 11.6% and tempered by $2.3 million of restructuring costs (or $0.02 of diluted earnings per share). The restructuring is part of the Company's ongoing efforts to right-size resources in its U.K. human services business as mainstream employment services programs come to an expected end and governments focus on more specialized health and employment programs supporting people with disabilities and other vulnerable populations.
For the second quarter of fiscal 2018, net income attributable to MAXIMUS totaled $55.5 million (or $0.84 of diluted earnings per share). Diluted earnings per share for the second quarter benefited by $0.02 from the lower provision for income taxes due to a revision to the estimate of the one-time benefit for the reduction in deferred income taxes, resulting from the new tax reform law. This compares to fiscal 2017 second quarter diluted earnings per share of $0.80.
Health Services Segment
Health Services Segment revenue for the second quarter of fiscal 2018 increased 5% to $365.6 million compared to $349.0 million reported for the same period last year. The increase in revenue was driven by organic growth and favorable currency exchange movements. On a constant currency basis, segment revenue growth would have been 2%.
Operating margin for the second quarter of fiscal 2018 was strong at 17.2% compared to 16.2% reported for the prior-year period. Operating margin expansion was driven by solid operational performance in certain contracts including the U.K. Health Assessment Advisory Service that achieved its full year volume targets for contract year three, and to a lesser extent, benefits tied to certain contracts, including the terminated Fit for Work contract as the Company closed out major elements of the program during the second quarter.
U.S. Federal Services Segment
U.S. Federal Services Segment revenue for the second quarter of fiscal 2018 decreased 20% to $116.3 million compared to $145.4 million reported for the same period last year. As previously disclosed, the lower revenue was largely due to contracts that ended, including non-recurring temporary disaster relief work that ended earlier than anticipated.
Operating margin for the second quarter of fiscal 2018 was 8.5% compared to 12.1% reported for the prior-year period. Operating margin was lower in the second quarter due to a one-time $2.9 million charge to renegotiate a relationship with one of the Company's subcontractors on a large BPO program. Under the new arrangement, MAXIMUS will now assume the majority of this work, which will increase revenue and operating income on this contract in future periods.
Human Services Segment
Human Services Segment revenue for the second quarter of fiscal 2018 increased 2% to $130.8 million compared to $127.7 million reported for the same period last year driven by favorable foreign exchange rates. On a constant currency basis, segment revenue would have decreased 1%.
Operating margin for the second quarter of fiscal 2018 was 2.6% compared to 7.5% reported for the prior-year period. Operating margin was lower than expected due to a contract extension that was not signed during the quarter and lower volumes on a contract outside the U.S. As expected, operating margin was also tempered by a number of new contracts that are in the start-up phase but performing as expected.
Sales and Pipeline
Year-to-date signed contract awards at March 31, 2018 totaled $1.4 billion and contracts pending (awarded but unsigned) totaled $489.1 million. During the quarter, MAXIMUS received notification of award for the Australia Disability Employment Services rebid.
The sales pipeline at March 31, 2018 was $3.0 billion (comprised of approximately $0.7 billion in proposals pending, $0.3 billion in proposals in preparation, and $2.0 billion in opportunities tracking). This compares to a pipeline of $3.2 billion at December 31, 2017. The sequential decline is due to the conversion of the Australia Disability Employment Services rebid into awarded unsigned (contracts pending), as well as the delay of approximately $600 million in requests for proposals (RFPs) that moved out of the pipeline's six-month horizon.
Balance Sheet and Cash Flows
Cash and cash equivalents at March 31, 2018 totaled $253.2 million. For the three months ended March 31, 2018, cash flows from operations totaled $78.7 million, with free cash flow of $72.0 million.
At March 31, 2018, days sales outstanding (DSO) were 68 and consistent with the prior year.
On February 28, 2018, MAXIMUS paid a quarterly cash dividend of $0.045 per share. On April 11, 2018, the Company announced a $0.045 per share cash dividend, payable on May 31, 2018 to shareholders of record on May 15, 2018.
Outlook
MAXIMUS is updating its fiscal 2018 revenue and earnings guidance. The Company now expects revenue to range between $2.400 billion and $2.440 billion for fiscal 2018. This compares to the Company's previous revenue guidance of $2.475 billion and $2.550 billion. MAXIMUS has revised its guidance because it has not booked sufficient new in-year awards.
As a result of the lowered revenue, MAXIMUS is narrowing its fiscal 2018 earnings guidance and now expects GAAP diluted earnings per share to range between $3.30 and $3.40 for fiscal 2018. This compares to the Company's previous earnings guidance of $3.30 to $3.50.
The Company's guidance does not include any future acquisitions or future legal expenses or recoveries.
"The core of our business is sound and the macro trends remain in our favor. We have a number of initiatives underway to comprehensively determine the best path for long-term growth. We are analyzing current markets where we could play a more meaningful role, taking a fresh look at adjacent markets that hold promise, and continuing to advance our M&A strategy. We have taken immediate steps to best align MAXIMUS for the long term and we will execute our plan over the next 24 months," commented MAXIMUS CEO Bruce Caswell.
Conference Call and Webcast Information
MAXIMUS will host a conference call this morning, May 10, 2018, at 9:00 a.m. (ET). The call is open to the public and is available by webcast at http://investor.maximus.com or by phone at:
877.407.8289 (Domestic)/+1.201.689.8341 (International)
For those unable to listen to the live call, a replay will be available through May 24, 2018. Callers can access the replay by calling:
877.660.6853 (Domestic)/+1.201.612.7415 (International)
Replay conference ID number: 13679058
About MAXIMUS
Since 1975, MAXIMUS has operated under its founding mission of Helping Government Serve the People ® , enabling citizens around the globe to successfully engage with their governments at all levels and across a variety of health and human services programs. MAXIMUS delivers innovative business process management and technology solutions that contribute to improved outcomes for citizens and higher levels of productivity, accuracy, accountability and efficiency of government-sponsored programs. With more than 20,000 employees worldwide, MAXIMUS is a proud partner to government agencies in the United States, Australia, Canada, Saudi Arabia, Singapore and the United Kingdom. For more information, visit maximus.com .
Non-GAAP Measures
We utilize non-GAAP measures where we believe it will assist the user of our financial statements in understanding our business. The presentation of these measures is meant to complement, and not replace, other financial measures in this document. The presentation of non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to revenue growth, cash flows from operations or net income as measures of performance. These non-GAAP measures, as determined and presented by us, may not be comparable to related or similarly titled measures presented by other companies.
In this news release, we use the non-GAAP measures organic revenue growth, constant currency movement and free cash flow. A description of these measures, including a description of our use of these measures and our methodology for calculating them, is included in our most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on November 20, 2017. We have included a reconciliation of free cash flow to cash flows from operations in this news release.
Statements that are not historical facts, including statements about the Company's confidence and strategies and the Company's expectations about revenues, results of operations, profitability, future contracts, market opportunities, acquisitions, technology-driven innovations, digital transformation, market demand or acceptance of the Company's current or future products or services, are forward-looking statements that involve risks and uncertainties. These uncertainties could cause the Company's actual results to differ materially from those indicated by such forward-looking statements and include reliance on government clients; risks associated with government contracting; risks involved in managing government projects; legislative changes and political developments; opposition from government unions; challenges resulting from growth; adverse publicity; and legal, economic, and other risks detailed in Exhibit 99.1 to the Company's most recent Annual Report filed with the Securities and Exchange Commission, found on maximus.com .
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
Six Months Ended March 31,
2018
2017
2018
2017
Revenue
$
612,787
$
622,047
$
1,235,935
$
1,229,611
Cost of revenue
463,984
469,730
935,172
932,476
Gross profit
148,803
152,317
300,763
297,135
Selling, general and administrative expenses
72,559
68,596
142,118
133,994
Amortization of intangible assets
2,603
3,386
5,321
6,788
Restructuring costs
2,320
—
2,320
2,242
Operating income
71,321
80,335
151,004
154,111
Interest expense
157
744
325
1,593
Other income, net
1,392
417
1,679
680
Income before income taxes
72,556
80,008
152,358
153,198
Provision for income taxes
17,450
26,911
37,300
53,772
Net income
55,106
53,097
115,058
99,426
(Loss)/income attributable to noncontrolling interests
(386)
582
475
247
Net income attributable to MAXIMUS
$
55,492
$
52,515
$
114,583
$
99,179
Basic earnings per share attributable to MAXIMUS
$
0.84
$
0.80
$
1.74
$
1.51
Diluted earnings per share attributable to MAXIMUS
$
0.84
$
0.80
$
1.73
$
1.50
Dividends paid per share
$
0.045
$
0.045
$
0.09
$
0.09
Weighted average shares outstanding:
Basic
65,856
65,549
65,857
65,669
Diluted
66,268
65,947
66,223
65,989
MAXIMUS, Inc.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
March 31, 2018
September 30, 2017
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
253,227
$
166,252
Accounts receivable — billed and billable
415,008
394,338
Accounts receivable — unbilled
41,202
36,475
Income taxes receivable
1,677
4,528
Prepaid expenses and other current assets
47,918
55,649
Total current assets
759,032
657,242
Property and equipment, net
90,741
101,651
Capitalized software, net
22,601
26,748
Goodwill
405,082
402,976
Intangible assets, net
94,109
98,769
Deferred contract costs, net
14,673
16,298
Deferred compensation plan assets
29,703
28,548
Deferred income taxes
7,625
7,691
Other assets
6,934
10,739
Total assets
$
1,430,500
$
1,350,662
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
119,589
$
122,083
Accrued compensation and benefits
81,833
105,667
Deferred revenue
52,743
71,722
Income taxes payable
11,652
4,703
Other liabilities
13,534
12,091
Total current liabilities
279,351
316,266
Deferred revenue, less current portion
23,802
28,182
Deferred income taxes
10,997
20,106
Deferred compensation plan liabilities, less current portion
30,904
30,707
Other liabilities
19,118
9,633
Total liabilities
364,172
404,894
Shareholders' equity:
Common stock, no par value
487,385
475,592
Accumulated other comprehensive loss
(24,435)
(27,619)
Retained earnings
599,630
492,112
Total MAXIMUS shareholders' equity
1,062,580
940,085
Noncontrolling interests
3,748
5,683
Total equity
1,066,328
945,768
Total liabilities and equity
$
1,430,500
$
1,350,662
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
2018
2017
2018
2017
Cash flows from operations:
Net income
$
55,106
$
53,097
$
115,058
$
99,426
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment and capitalized software
13,355
15,405
27,074
29,967
Amortization of intangible assets
2,603
3,386
5,321
6,788
Deferred income taxes
(14,886)
(11,631)
(9,179)
(5,721)
Stock compensation expense
5,922
5,345
11,324
10,234
Change in assets and liabilities:
Accounts receivable — billed and billable
25,859
(4,657)
(18,522)
10,030
Accounts receivable — unbilled
(10,265)
(1,447)
(4,730)
(3,445)
Prepaid expenses and other current assets
2,507
1,267
8,526
7,512
Deferred contract costs
381
954
1,794
998
Accounts payable and accrued liabilities
(14,558)
(3,144)
(3,171)
(17,719)
Accrued compensation and benefits
14,197
10,944
(15,391)
(6,293)
Deferred revenue
(11,384)
(5,757)
(23,789)
(15,853)
Income taxes
8,992
3,813
18,634
20,715
Other assets and liabilities
872
(1,867)
3,620
209
Cash flows from operations
78,701
65,708
116,569
136,848
Cash flows from investing activities:
Purchases of property and equipment and capitalized software costs
(6,661)
(5,207)
(13,175)
(12,975)
Acquisition of part of noncontrolling interest
(157)
—
(157)
—
Proceeds from the sale of a business
—
—
—
385
Other
138
175
183
218
Cash used in investing activities
(6,680)
(5,032)
(13,149)
(12,372)
Cash flows from financing activities:
Cash dividends paid to MAXIMUS shareholders
(2,935)
(2,917)
(5,865)
(5,837)
Repurchases of common stock
—
(91)
(1,038)
(28,858)
Tax withholding related to RSU vesting
—
(12)
(8,529)
(9,267)
Borrowings under credit facility
65,000
70,000
124,683
135,000
Repayment of credit facility and other long-term debt
(76,596)
(104,761)
(124,752)
(184,828)
Other
(2,130)
—
(2,130)
(1,145)
Cash used in financing activities
(16,661)
(37,781)
(17,631)
(94,935)
Effect of exchange rate changes on cash and cash equivalents
962
2,200
1,186
(878)
Net increase in cash and cash equivalents
56,322
25,095
86,975
28,663
Cash and cash equivalents, beginning of period
196,905
69,767
166,252
66,199
Cash and cash equivalents, end of period
$
253,227
$
94,862
$
253,227
$
94,862
MAXIMUS, Inc.
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)
Three Months Ended March 31,
Six Months Ended March 31,
2018
% (1)
2017
% (1)
2018
% (1)
2017
% (1)
Revenue:
Health Services
$
365,633
100
%
$
348,994
100
%
$
717,723
100
%
$
689,723
100
%
U.S. Federal Services
116,327
100
%
145,370
100
%
249,310
100
%
286,668
100
%
Human Services
130,827
100
%
127,683
100
%
268,902
100
%
253,220
100
%
Total
$
612,787
100
%
$
622,047
100
%
$
1,235,935
100
%
$
1,229,611
100
%
Gross Profit:
Health Services
$
98,207
26.9
%
$
86,454
24.8
%
$
189,263
26.4
%
$
164,688
23.9
%
U.S. Federal Services
27,374
23.5
%
36,571
25.2
%
60,732
24.4
%
74,147
25.9
%
Human Services
23,222
17.8
%
29,292
22.9
%
50,768
18.9
%
58,300
23.0
%
Total
$
148,803
24.3
%
$
152,317
24.5
%
$
300,763
24.3
%
$
297,135
24.2
%
Selling, general, and
administrative expense:
Health Services
$
35,190
9.6
%
$
29,914
8.6
%
$
68,606
9.6
%
$
58,021
8.4
%
U.S. Federal Services
17,540
15.1
%
18,927
13.0
%
34,188
13.7
%
38,622
13.5
%
Human Services
19,829
15.2
%
19,663
15.4
%
39,324
14.6
%
36,902
14.6
%
Other (2)
—
NM
92
NM
—
NM
449
NM
Total (3)
$
72,559
11.8
%
$
68,596
11.0
%
$
142,118
11.5
%
$
133,994
10.9
%
Operating income:
Health Services
$
63,017
17.2
%
$
56,540
16.2
%
$
120,657
16.8
%
$
106,667
15.5
%
U.S. Federal Services
9,834
8.5
%
17,644
12.1
%
26,544
10.6
%
35,525
12.4
%
Human Services
3,393
2.6
%
9,629
7.5
%
11,444
4.3
%
21,398
8.5
%
Amortization of intangible
assets
(2,603)
NM
(3,386)
NM
(5,321)
NM
(6,788)
NM
Restructuring costs (4)
(2,320)
NM
—
NM
(2,320)
NM
(2,242)
NM
Other (2)
—
NM
(92)
NM
—
NM
(449)
NM
Total
$
71,321
11.6
%
$
80,335
12.9
%
$
151,004
12.2
%
$
154,111
12.5
%
(1)
Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM."
(2)
Other costs and credits relate to SG&A balances that do not relate directly to segment business activities. During the six months ended March 31, 2017 we incurred $0.4 million of legal costs pertaining to a matter which occurred in fiscal year 2009.
(3)
During fiscal year 2018, we updated our methodology for allocation of costs which resulted in certain costs which had been within Cost of Revenue now being classified as SG&A. If we had utilized the same methodology in fiscal year 2018 as we had in fiscal year 2017, we estimate that SG&A would have been lower by approximately $1.3 million and $2.5 million during the three and six months ended March 31, 2018, respectively.
(4)
During fiscal years 2018 and 2017, we incurred costs in restructuring our United Kingdom human services business.
MAXIMUS, Inc.
FREE CASH FLOW
(Non-GAAP measure)
(Amounts in thousands)
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
2018
2017
2018
2017
Cash flows from operations
$
78,701
$
65,708
$
116,569
$
136,848
Purchases of property and equipment and
capitalized software costs
(6,661)
(5,207)
(13,175)
(12,975)
Free cash flow
$
72,040
$
60,501
$
103,394
$
123,873
CONTACT:
Lisa Miles 703.251.8637
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/maximus-reports-fiscal-year-2018-second-quarter-results-300645995.html
SOURCE MAXIMUS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-maximus-reports-fiscal-year-2018-second-quarter-results.html |
A look at Meghan Markle's Californian upbringing 6:18am IST - 01:54
E! News' royal correspondent, Melanie Bromley, recounts what life was like for Meghan Markle growing up in California. Rough Cut - no reporter narration.
E! News' royal correspondent, Melanie Bromley, recounts what life was like for Meghan Markle growing up in California. Rough Cut - no reporter narration. //reut.rs/2KZXois | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/a-look-at-meghan-markles-californian-upb?videoId=426971972 |
May 2 (Reuters) - Marinus Pharmaceuticals Inc:
* MARINUS PHARMACEUTICALS PROVIDES BUSINESS UPDATE AND FIRST QUARTER 2018 FINANCIAL RESULTS
* MARINUS PHARMACEUTICALS INC QUARTERLY LOSS PER SHARE $0.15
* MARINUS PHARMACEUTICALS INC - AT MARCH 31, 2018, HAD CASH, CASH EQUIVALENTS AND INVESTMENTS OF $52.0 MILLION, COMPARED TO $58.4 MILLION AT DECEMBER 31, 2017
* MARINUS PHARMACEUTICALS -BELIEVES THAT ITS CASH, CASH EQUIVALENTS AND INVESTMENTS, AS OF MARCH 31, 2018, ARE ADEQUATE TO FUND ITS OPERATIONS INTO 2020 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-marinus-pharmaceuticals-reports-qu/brief-marinus-pharmaceuticals-reports-quarterly-loss-per-share-0-15-idUSASC09YYA |
May 1, 2018 / 10:31 AM / Updated 11 minutes ago PRESS DIGEST- Canada - May 1 Reuters Staff 2 Min Read
May 1 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL
** Ontario's Liberal government took direct aim at Hydro One Ltd's "unjustifiably generous" compensation on Monday, forcing the electrical transmission utility's board to revisit pay packages for senior executives. tgam.ca/2jkIpCT
** The Liberal government defended its carbon-pricing plan on Monday, with an analysis that concludes the federal and provincial levies would reduce greenhouse gas emissions by up to 90 mega tonnes by 2022, the equivalent of shutting down more than 20 coal-fired power plants. tgam.ca/2KuyaIu
** The federal government introduced new legislation on Monday aimed at curbing foreign interference in Canadian elections, but is leaving parliament with a tight schedule for passing the bill in time for the 2019 campaign. tgam.ca/2rcuSRn NATIONAL POST
** Canada's largest medical regulator is taking too long to resolve its thousands of discipline cases, according to an inquiry commissioned by the Ontario government, with even unfounded patient complaints against doctors lingering for months. bit.ly/2I2SzGh (Compiled by Bengaluru newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-canada/press-digest-canada-may-1-idUSL3N1S824R |
Assad turns his sights on Syrian rebel outposts Tuesday, May 01, 2018 - 01:41
The Syrian Army unleashed a massive bombardment on the largest encircled rebel stronghold in Syria on Monday.
The Syrian Army unleashed a massive bombardment on the largest encircled rebel stronghold in Syria on Monday. //reut.rs/2FuoN81 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/assad-turns-his-sights-on-syrian-rebel-o?videoId=422888534 |
Bear Grylls sometimes drives a cab, but that's not a side-hustle for the British celebrity survival expert and host of reality television shows like NBC's "Running Wild," and "The Island" on Channel 4 in the U.K.
Grylls tells CNBC Make It that he still owns — and drives — the first car he ever bought: a London black cab .
Grylls says he bought the car while serving in the military (he served in the British army's special forces between 1994 and 1997) for £1,000, which would be a little more than $1,300 based on the current exchange rate.
The TV adventurer says he's had to "redo" the car, or fix it up, "about four times" over the past two decades, but he still uses it to drop his kids off at school from time to time. "We still drive around in it, do the school run sometimes with our boys in it," he says. Grylls and his wife, Shara Cannings Knight, have three sons.
And Grylls used to do a lot more than just drive the car. "I used to sleep in the back a lot," he says of the period when he first bought the car. "In fact it was the only place I slept in those days."
While serving in the army, Grylls tells CNBC Make It, he would regularly sleep in the back of the cab when he was traveling and away from the army barracks. "If I was traveling around, that's where I would sleep, in the back, and we'd go off climbing," he says. "I'm not the first person to have slept in the back of a van or car.
"That was my home, as well," he says. "I spent loads of nights in it."
show chapters Pitbull spent his first $1,500 paycheck on a car for his mom 9:00 AM ET Fri, 11 May 2018 | 01:37 So, how did the survival expert make himself comfortable in the back of a cab? "I used to be able to put the seats down in the back," he says. "You know, the London cabs where they have flip-down seats? And I put a board and a mattress and it was like a double bed in the back of a cab, so it was good."
Of course, over the past couple of decades, Grylls has experienced enough success that he no longer has to worry about sleeping in the back of his car — though, he's certainly slept in weirder places on TV. He's even getting ready to open a 86,000-square-foot, $26 million adventure theme park in the U.K. later this year.
But Grylls says he's kept his first car for nostalgic reasons. "I still have it because it's an old friend, you know," he says. "And it's not worth anything in financial terms, but it's worth a lot to me and our boys love it."
And, for what it's worth, Grylls says he hardly ever gets mistaken for an active cab driver anymore. "We live right out in the middle of nowhere, so luckily it doesn't get flagged down," he says of his London black cab. "But when I used to have it in London, people always were jumping in the back and then realizing, when they saw my stuff everywhere, like 'Oh, sorry!'"
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show chapters Why a New York Giants linebacker took his high school car with him to the NFL 11:01 AM ET Wed, 31 Jan 2018 | 01:01 Disclosure: NBCUniversal is the parent company of NBC and CNBC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/bear-grylls-still-drives-his-first-car.html |
MAJURO, Marshall Islands, May 10, 2018 (GLOBE NEWSWIRE) -- Pioneer Marine Inc. and its subsidiaries (OSLO-OTC:PNRM) ("Pioneer Marine," or the "Company") a leading shipowner and global drybulk handysize transportation service provider announced its financial and operating results for the quarter ended March 31, 2018.
Financial Highlights:
Net Income - $1.3 Million Net income of $1.3 million or $0.04 per share for Q1 2018, increased by $6.2 million compared to a loss of $4.9 million for Q1 2017.
Time Charter equivalent (TCE) revenue - $12.8 Million $12.8 million for Q1 2018, increased by $2.8 million or 28% compared to $10 million for Q1 2017; Similarly, TCE per day was increased by 29% to $8,994 per day for Q1 2018 as compared to $6,997 per day for Q1 2017.
Adjusted EBITDA* - $4.6 Million $4.6 million positive Adjusted EBITDA for Q1 2018, increased by $3.4 million compared to $1.2 million for Q1 2017.
Recent Events:
On April 4 th , 2018, Pioneer Marine entered into an agreement with clients of Interorient Navigation Company Limited of Cyprus, to acquire three 37,000 dwt Korean bulk carriers built at Hyundai Mipo Dockyard Co. Ltd. (years built 2011, 2012 and 2013 respectively) at attractive price levels, with anticipated delivery dates within June 2018. Pioneer has secured bank financing for these three vessels, subject to completion of documentation.
On April 18 th , 2018 Pioneer Marine and BaltNav A/S (“BaltNav”) mutually agreed to cease their cooperation on an amicable basis. The commercial management of the eight (8) vessels performed by BaltNav will be undertaken gradually by the Company and is expected to be completed by June 2018.
Within April 2018, the Company purchased for treasury 637,122 of its ordinary shares at a discount compared to Net Asset Value (“NAV”).
Liquidity & Capital Resources:
As of March 31, 2018, the Company had a total liquidity of $76 million inclusive of $14.4 million in restricted cash. The Company has no capital commitments as of March 31, 2018 .
*For reconciliation and definition of Adjusted EBITDA refer to “Summary of Operating Data (unaudited)” section within this press release.
Torben Janholt, Chief Executive Officer commented: “Pioneer concluded a successful 2018 first quarter, with a positive Adjusted EBITDA of $4.6 million and a Net Profit of $1.3 million. The implementation of cost reduction measures that were undertaken by the new Executive Management Team, after the restructuring, as well as the improved drybulk market are the key reasons that led Pioneer to these positive results.
“The average BHSI stood at $8,480 per day for the first quarter of 2018 as compared to $6,599 per day for the same prior year period, reflecting a 29% increase. Considering that the first quarter is often the weakest quarter of the year due to seasonal factors such as the Chinese New Year, there is optimism going forward. There is still an acceptable balance between supply and demand in the market, however looming trade wars could influence the market going forward in a negative way.
“Company’s Executive Management along with the support of a young, efficient and committed team is continuously exploring and taking advantage of market opportunities aiming to further reduce costs, increase revenues and maximise efficiencies. We are pleased for the successful deals in line with our strategy for fleet expansion and optimization.
“Looking forward, we have a strong balance sheet and we aim to further take advantage of the positive momentum to maximize our shareholders wealth.”
Financial Review: Three months ended March 31, 2018
Time Charter Equivalent ("TCE") revenue amounted to $12.8 million in the first quarter of 2018 compared to $10 million for the first quarter of 2017. TCE per day for the first quarter of 2018 increased by 29% to $8,994 per day as compared to $6,997 per day for the first quarter of 2017. The increase of the TCE revenue is attributable to the improved market rates and the more efficient operation of the chartering department.
The Company continues to keep vessels operating expenses (“OPEX”) under control at $7.2 million or $4,992 per day for the first quarter of 2018 reduced by 5% as compared to $7.6 million or $4,997 per day for the first quarter of 2017.
During first quarter of 2018 no vessels were drydocked and the amount of approximately $0.1 million relates to initial expenses for the upcoming Drydocks of Eden Bay and Paradise Bay. During the corresponding period of 2017 five vessels completed their special surveys and drydock expense amount to $2.6 million.
Depreciation expense for the first quarter of 2018 decreased to $2 million from $2.1 million in the first quarter of 2017. The decrease of $0.1 million in depreciation expense is due to the decreased number of fleet vessels during first quarter of 2018.
General and administration expenses for the first quarter of 2018 decreased to $0.9 million or $605 per day, which is significantly reduced by 18% as compared to same quarter in 2017. The decrease in G&A expenses per day is attributed to the successful restructuring of the Company which took place during second quarter of 2017 and the overall better control the Company has over General and Administrative Expenses due to the centralization of company’s key departments in Greece.
Interest expense and finance cost for the first quarter of 2018 amounted to $1.4 million, reduced by $0.1 million as compared to the first quarter of 2017. The slight reduction is due to the decreased indebtedness despite the increased floating rates as compared to same period in previous year.
Interest Income for the first quarter of 2018 amounted to $0.2 million, increased by $0.1 million as compared to the first quarter of 2017. The increase is attributable to the improved market rates compared to first quarter of 2017 as well as the continuous monitoring of treasury management opportunities available in the market.
Current Fleet List
A/A Vessel Yard DWT Year Built Handysize 1 Calm Bay Saiki Heavy Industries 37,534 2006 2 Reunion Bay Kanda Shipbuilding 32,354 2006 3 Fortune Bay Shin Kochijyuko 28,671 2006 4 Ha Long Bay Kanda Kawajiri 32,311 2007 5 Teal Bay Kanda Kawajiri 32,327 2007 6 Eden Bay Shimanami Shipyard 28,342 2008 7 Emerald Bay Kanda Shipbuilding 32,258 2008 8 Mykonos Bay Jinse Shipbuilding 32,411 2009 9 Resolute Bay Hyundai Vinashin 36,767 2012 10 Jupiter Bay Tsuji Heavy Industries 29,997 2012 11 Venus Bay Tsuji Heavy Industries 30,003 2012 12 Orion Bay Tsuji Heavy Industries 30,009 2012 13 Falcon Bay Yangzhou Guoyu Shipbuilding 38,464 2015 14 Kite Bay Yangzhou Guoyu Shipbuilding 38,419 2016 Handymax 15 Paradise Bay Oshima Shipbuilding 46,232 2003 Supramax 16 Tenacity Bay Jiangsu Hantong Ship Heavy Industry 56,842 2008 Vessels to be delivered
17 TBN Alsea Bay Hyundai Mipo Dockyard Co. Ltd. 36,746 2011 18 TBN Liberty Bay Hyundai Mipo Dockyard Co. Ltd. 36,892 2012 19 TBN Monterey Bay Hyundai Mipo Dockyard Co. Ltd. 36,887 2013
Summary of Operating Data (unaudited)
(In thousands of U.S. Dollars except per share data)
Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Revenue, net 15,360 10,870 Voyage expenses (2,544 ) (878 ) Time charter equivalent revenue 12,816 9,992 Vessel operating expense (7,189 ) (7,646 ) Drydock expense (41 ) (2,619 ) Depreciation expense (2,035 ) (2,139 ) General and administration expense (871 ) (1,112 ) Write-off of capitalised expenses and fees - - Interest expense and finance cost (1,396 ) (1,459 ) Interest income 210 138 Other expenses and taxes, net (194 ) (35 ) Net income/(loss) 1,300 (4,880 ) Net income/(loss) per share, basic and diluted 0.04 (0.17 )
Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Net income/(loss) 1,300 (4,880 ) Add: Depreciation expense 2,035 2,139 Add: Drydock expense 41 2,619 Add: Interest expense and finance cost 1,396 1,459 Add: Other taxes 58 33 Less: Interest income (210 ) (138 ) Adjusted EBITDA (1) 4,620 1,232 (1) Adjusted EBITDA represents net loss before interest, other taxes, depreciation and amortization and drydock expense and is used as a supplemental financial measure by management to assess our financial and operating performance. We believe that Adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period. We believe that including Adjusted EBITDA as a financial and operating measure benefits investors in selecting between investing in us and other investment alternatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net income/(loss) or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies.
Vessel Utilization: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Ship days (2) 1,440 1,530 Less: Off-hire days 15 17 Less: Off-hire days due to drydock - 85 Operating days (3) 1,425 1,428 Fleet Utilization (4) 99 % 93 % TCE per day- $ (1) 8,994 6,997 OPEX per day- $ (6) 4,992 4,997 G&A expenses per day- $ (7) 605 727 Vessels at period end 16 17 Average number of vessels during the period (5) 16 17 (1) Time Charter Equivalent, or TCE revenue, are non-GAAP measures. Our method of computing TCE revenue is determined by voyage revenues less voyage expenses (including bunkers and port charges). Such TCE revenue, divided by the number of our operating days during the period, is TCE per day, which is consistent with industry practice. TCE revenue is included because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot charters and time charters), and it provides useful information to investors and management.
(2) Ship days: We define ship days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ship days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.
(3) Operating days: We define operating days as the number of our ship days in a period less days required to prepare vessels acquired for their initial voyage and off-hire days associated with off-hire for undergoing repairs, drydocks or special surveys. The Company uses operating days to measure the number of days in a relevant period during which vessels should be capable of generating revenues.
(4) Fleet utilization is defined as the ratio of operating days to ship days.
(5) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of ship days divided by the number of calendar days in that period.
(6) Opex per day is calculated by dividing vessel operating expenses by ship days for the relevant time period.
(7) G&A expenses per day is calculated by dividing general and administrative expenses by ship days for the relevant time period.
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands of U.S. Dollars)
As at March 31, 2018 December 31, 2017 ASSETS Cash & cash equivalents 61,637 61,354 Restricted cash (current and noncurrent) 14,360 12,468 Vessels, net 169,437 171,387 Other receivables 7,701 5,449 Other assets 297 62 Total assets 253,432 250,720 LIABILITIES AND EQUITY Accounts payable and accrued liabilities 5,725 4,249 Deferred revenue 969 656 Total debt, net of deferred finance costs 92,173 92,535 Total liabilities 98,867 97,440 Shareholders' equity 154,565 153,280 Total liabilities and shareholders’ equity 253,432 250,720
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands of U.S. Dollars)
Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cash flows from operating activities Net income/(loss) 1,300 (4,880 ) Adjustments to reconcile net income/(loss) to net cash provided by / (used in) operating activities: Depreciation 2,035 2,139 Amortization of deferred finance fees 185 212 Changes in operating assets and liabilities (743 ) 856 Net cash provided by/(used in) operating activities 2,777 (1,673 ) Cash flows from investing activities Payments for vessel acquisition and vessels improvements (42 ) (144 ) Purchase of other fixed assets (13 ) (3 ) Increase in short Term Investment - (15,083 ) Net cash used in investing activities (55 ) (15,230 ) Cash flows from financing activities Loan repayments (547 ) (2,699 ) Payment of deferred finance fees and other loan fees - (10 ) Net cash used in financing activities (547 ) (2,709 ) Net increase/(decrease) in cash, cash equivalents and restricted cash 2,175 (19,612 ) Cash, cash equivalents and restricted cash at the beginning of the period 73,822 81,822 Cash, cash equivalents and restricted cash at period end 75,997 62,210
About Pioneer Marine Inc.
Pioneer Marine is a leading ship owner and global drybulk handysize transportation service provider. Pioneer Marine currently owns fourteen Handysize, one Handymax and one Supramax drybulk carriers.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, changes in our operating expenses, including bunker prices, drydock and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors.
Contact:
Pioneer Marine Inc.
Torben Janholt CEO
+45 21 639 232, +30 212222 3750
Investor Relations / Media
Capital Link, Inc.
Paul Lampoutis
+212 661 7566
[email protected]
Source:Pioneer Marine Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-pioneer-marine-inc-announces-financial-results-for-the-quarter-ended-march-31-2018.html |
LONDON (Reuters) - Britain’s Prince Harry and fiancée Meghan Markle will marry on Saturday in a ceremony that brings together royalty and Hollywood glamour.
A police officer chats to fans of Britain's Royal Familly in Windsor, Britain, May 17, 2018. REUTERS/Phil Noble Queen Elizabeth’s grandson Harry and Markle, who starred in the TV drama “Suits”, will tie the knot at St George’s Chapel at Windsor castle, the oldest and largest inhabited fortress in the world.
Here are is an outline program of events (all times are approximate and in GMT):
0800 -
The 1,200 members of the public invited to the grounds of the castle for the wedding will begin to arrive.
0830 - 1000
The 600 guests for the ceremony will arrive by coach at the castle’s Round Tower. They will walk to the chapel and enter via the South Door.
1020 -
Members of the royal family will begin to arrive and will enter the chapel via the Galilee Porch. Some will be on foot and some will arrive by car.
At about this time, Markle and her mother will leave their hotel by car, traveling along the Long Walk promenade that runs up to the castle to allow spectators catch a glimpse of the bride on the way to the ceremony.
1030 -
Harry and William will arrive at the chapel, most likely on foot, and will enter by the chapel’s West Steps, having greeted some of the public and charity representatives invited to be in the grounds. Queen Elizabeth will be the last of the royals to arrive.
The car carrying Markle and her mother will stop at the chapel, where Ragland will head inside. Markle is due to be joined by some of the bridesmaids and page boys and continue to the West Steps, where she will enter the chapel.
1100 -
The service begins. David Conner, the Dean of Windsor, will conduct the service and Justin Welby, the Archbishop of Canterbury and spiritual leader of the world’s Anglicans, will officiate for the exchanging of vows.
Michael Curry, Presiding Bishop and Primate of the Episcopal Church, will give the address.
1200 -
The service ends. The newlyweds will process out of the chapel and then acknowledge the 200 specially invited charity representatives gathered in the Cloister outside.
Family members will gather on the West Steps while other members of the congregation will file out to wave off the couple as they begin a procession in an open Ascot Landau carriage. The procession will take the couple through Windsor before returning to the castle up the Long Walk after about 25 minutes.
1225 -
Guests at the chapel will walk to the reception at St George’s Hall, a grand banqueting room in the State Apartments. The couple will join them after the carriage procession.
1800 -
The bride and groom will leave the castle to attend an evening reception at nearby Frogmore House, which will be attended by 200 guests.
Reporting by Michael Holden; Editing by Guy Faulconbridge and Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britains-royals-wedding-timing/factbox-timings-for-prince-harry-and-meghan-markles-wedding-idUSKCN1IJ2JX |
SHANGHAI (Reuters) - Asian shares fell on Thursday after the U.S. government launched a national security probe into auto imports that could lead to new tariffs, and President Donald Trump’s comments indicated fresh setbacks in U.S.-China trade talks.
Employees of the Tokyo Stock Exchange (TSE) work at the bourse in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 percent higher, but Japan’s Nikkei stock index fell 1.2 percent as auto shares slumped. South Korea’s KOSPI lost 0.3 percent.
A broad MSCI index of automobile and auto components firms was down 0.9 percent. Tokyo’s SE TOPIX transportation equipment index was 2.6 percent lower.
The U.S. Commerce Department said on Wednesday that it would launch a national security investigation into car and truck imports under Section 232 of the Trade Expansion Act of 1962, a move that could lead to tariffs like those imposed on steel and aluminium in March.
Adding to market jitters, Trump on Wednesday called for “a different structure” in any trade deal with China, fuelling uncertainty over the negotiations.
On Thursday, China’s Commerce Ministry said it had not pledged to cut China’s trade surplus with the U.S. by a certain figure, and that it hopes the U.S. implements measures promised during trade negotiations as soon as possible.
China’s blue chip CSI 300 index was 0.1 percent lower.
Prompting further uncertainty, Trump on Wednesday cast doubt on plans for an unprecedented summit with North Korean leader Kim Jong Un, saying he would know next week whether the meeting would take place.
“There’s a lot of noise around Donald Trump, China-U.S. trade, the auto imports now, and then the Korean summit, and all these things are just weighing on investors at the moment,” said Shane Oliver, chief economist & head of investment strategy, AMP Capital, Sydney.
“I think we probably would have seen a decent day in Asian markets were it not for these ongoing geopolitical worries because the minutes from the Fed’s last meeting were relatively benign.”
While the minutes from the Federal Reserve’s May 1-2 meeting indicated that policymakers expect another interest rate increase would be warranted “soon” if the U.S. economic outlook remains intact, they helped to ease market concerns that the Fed would accelerate the pace of interest rate increases.
The two-year Treasury note yield, which rises with traders’ expectations of higher Fed fund rates, was at 2.5121 percent after touching 2.5970 on Wednesday.
The yield on benchmark 10-year Treasury notes fell back below the 3-percent threshold to 2.9825 percent, compared with its U.S. close of 3.003 percent on Wednesday.
Analysts said that market uncertainty was prompting a clear flight to safety across financial markets.
The dollar was down 0.6 percent against the yen to 109.44.
“With Trump’s unpredictable behaviour leaving investors on edge, the Japanese yen has scope to appreciate further in the short term,” said Lukman Otunuga, an analyst at FXTM. “However, a strengthening dollar on the back of heightened U.S. rate hike expectations could limit the yen’s upside gains.”
The euro was up 0.1 percent on the day at $1.1709. The dollar index, which tracks the greenback against a basket of six major rivals, was 0.2 percent lower at 93.839.
SIGNS OF GROWTH Concerns over trade, talks and tariffs overpowered indications of strong economic performance in two of the region’s major economies.
Confidence among Japanese manufacturers saw its first rise in fourth months, and service-sector sentiment rose to a record high in the latest Reuters Tankan poll, underscoring expectations that the Japanese economy will return to growth in the second quarter.
In South Korea, Finance Minister Kim Dong-yeon said the economy is on track for annual growth of 3 percent despite concerning indicators such as high youth unemployment.
The Bank of Korea held interest rates steady for a sixth straight month on Thursday, with inflation seen remaining below target and amid concerns a U.S.-China trade war would hurt regional economies.
In commodities markets, U.S. crude was down 0.2 percent at $71.68 a barrel. Oil prices fell on Wednesday after an unexpected rise in U.S. crude and gasoline inventories.
Brent futures were 0.3 percent lower at $79.53 a barrel, continuing to move lower after rising above $80 for the first time since November 2014 last week.
The most-traded iron ore futures on the Dalian Commodity Exchange rose for the first time in six sessions on Thursday, gaining 0.3 percent.
Weak commodity prices continued to put pressure on Australian shares, which were 0.2 percent lower, extending losses into a sixth consecutive session. New Zealand’s benchmark S&P/NZX 50 index was 0.7 percent higher.
Gold was slightly higher. Spot gold was traded at $1,294.11 per ounce.
Editing by Eric Meijer and Jacqueline Wong
| ashraq/financial-news-articles | https://in.reuters.com/article/global-markets/asia-share-markets-hit-by-u-s-auto-tariff-threat-dollar-pulls-back-idINKCN1IP0HR |
CHICAGO (Reuters) - Testing advanced lung cancer patients for all of the possible genetic mutations that could be driving their cancer at once is more cost effective than testing for one or a limited number of genes at a time, U.S. researchers reported on Wednesday.
There are currently eight targeted therapies doctors can use to treat non-small cell lung cancer (NSCLC) patients based on genetic defects, and more treatments are in clinical trials or awaiting approval.
Companies such as Foundation Medicine Inc and Thermo Fisher Scientific Inc offer genetic profiling tests using so-called next-generation sequencing that can identify hundreds of potential cancer-causing gene mutations from a small tissue sample at once. These tests are used to match patients to specific therapies targeting those genes or to clinical trials testing new drugs.
Insurance companies have been slow to pay for sequencing for all possible mutations at once, arguing such comprehensive testing amounts to funding research, not medical care. They often require doctors to test for individual genes sequentially or use a limited panel that looks for suspect genes associated with approved treatments.
“Our results showed there were substantial cost savings compared with all the other strategies,” Dr. Nathan Pennell of the Cleveland Clinic’s lung cancer program said in a telephone briefing on Wednesday.
Last November, the U.S. Food and Drug Administration approved Foundation’s next-generation test, and the Centers for Medicare and Medicaid Services in March said it would pay for next-generation sequencing for Medicare-eligible patients with advanced cancer.
Often, tumor tissue from a biopsy is scarce, and sequential testing can sometimes require a second biopsy to gather more sections of the tumor.
In the study released ahead of the American Society of Clinical Oncology Meeting in Chicago next month, researchers at the Cleveland Clinic and colleagues modeled the cost of next-generation sequencing versus other types of testing to Medicare and to a commercial health plan with one million hypothetical members.
In the model, which was based on the number and age of NSCLC patients in the United States, next-generation sequencing saved as much as $2.1 million for Medicare, the government health plan for older Americans, and more than $250,000 for commercial providers.
The study did not factor in the cost of treatment.
The study was funded by Swiss drugmaker Novartis, maker of Zykadia, a drug that targets ALK mutations found in about 4 percent of NSCLC cases.
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-cancer/testing-for-all-lung-cancer-mutations-at-once-found-cost-effective-study-idINKCN1IH2ZZ |
Canberra (Reuters) - Hundreds of asylum-seekers held in Australian-run detention centers in the Pacific are likely to remain there indefinitely as no other country is willing to resettle them, Minister for Home Affairs Peter Dutton said on Monday.
Australia’s hardline immigration policy requires asylum seekers intercepted at sea trying to reach Australia to be sent for processing to three camps in Papua New Guinea and one on the South Pacific island of Nauru.
They are told they will never be settled in Australia.
As of March 31, there were 1,305 people in the camps, from various countries including Afghanistan, Pakistan, Sudan and Iran.
“We continue to talk to third countries, but let me tell you, there are very few prospects, if any, on the horizon,” Dutton told reporters in Canberra, referring to the chances of the migrants being accepted by other countries.
About 250 people have left the camps for the United States in recent months under a swap agreement which President Donald Trump described as a “dumb deal”.
Under the agreement 1,250 of the migrants could be resettled in the United States. In exchange, Australia accepted 30 Central American refugees late last year.
But even if the United States accepted the full quota, more than 300 people are likely to remain in the Pacific camps, in two impoverished countries with little ability to effectively integrate them.
But asylum-seeker advocates fear the United States will not accept its full quota as Trump has vowed applicants would have to satisfy “extreme vetting”.
U.S. processing has concentrated on individuals with applications that are seen as easier to verify through background checks and who come from counties with closer ties to the United States.
People from Iran, Libya, Somalia, Sudan, Syria and Yemen - countries included in Trump’s travel ban - have seen their applications lag, migrants say.
The prospect of hundreds of people being left behind has fueled condemnation of Australia’s immigration law.
“There is no possibility of hundreds of refugees and asylum seekers to be resettled in PNG and Nauru,” said Ian Rintoul, a spokesman for the advocacy group, Refugee Action Coalition.
“There are no services, no support, no jobs. They have no future.”
Australia defends its tough law saying it has deterred people from making dangerous sea journeys to try to reach its shores after thousands drowned.
Reporting by Colin Packham; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-asylum/australia-says-hundreds-likely-to-languish-in-pacific-camps-idUSKBN1I80LP |
May 2 (Reuters) - MorphoSys AG:
* DGAP-NEWS: MORPHOSYS AG REPORTS FIRST QUARTER 2018 RESULTS
* Q1 REVENUE 2.8 MILLION EUR VERSUS 11.8 MILLION EUR YEAR AGO
* FINANCIAL GUIDANCE FOR 2018 CONFIRMED * TOTAL OPERATING EXPENSES REACHED EUR 21.9 MILLION IN Q1 OF 2018 (Q1 2017: EUR 26.9 MILLION)
* EARNINGS BEFORE INTEREST AND TAXES (EBIT) IN Q1 2018 AMOUNTED TO EUR -19.0 MILLION (Q1 2017: EUR -14.9 MILLION)
* IN Q1 2018, CONSOLIDATED NET RESULT AMOUNTED TO EUR -19.5 MILLION (Q1 2017: EUR -15.0 MILLION)
* Q1 2018 NET LOSS PER SHARE EUR 0.67 * EXPECTED DECLINE IN Q1 REVENUE MAINLY DRIVEN BY COMPLETION OF ACTIVE PARTNERSHIP WITH NOVARTIS, WHICH ENDED IN NOVEMBER 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-morphosys-ag-reports-q1-revenue-of/brief-morphosys-ag-reports-q1-revenue-of-2-8-million-eur-idUSASO00045L |
CNBC International Market Close Briefing: May 1, 2018 1 Hour Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/cnbc-international-market-close-briefing-may-1-2018.html |
Malaysia ex-PM gives answers to anti-graft agents 6:37am EDT - 01:49
Former Malaysian leader Najib Razak returns to an anti-graft agency to explain why million of dollars suspiciously ended up in his account just two weeks after a shocking election defeat ended his near decade long rule. ▲ Hide Transcript ▶ View Transcript
Former Malaysian leader Najib Razak returns to an anti-graft agency to explain why million of dollars suspiciously ended up in his account just two weeks after a shocking election defeat ended his near decade long rule. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GKkpCN | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/malaysia-ex-pm-gives-answers-to-anti-gra?videoId=429855485 |
CHICAGO, GCM Grosvenor announced today that Sandra (Sandee) Hurse has joined the firm as a Managing Director and Chief Human Resources Officer, effective immediately. Ms. Hurse will be responsible for overseeing talent management, recruiting and diversity efforts for the firm's more than 450 employees worldwide. She will also play a central role in developing the firm's human capital strategy as a member of the Office of the Chairman.
Ms. Hurse brings more than two decades of experience to her new role, including most recently serving as Global Head of Human Resources, Corporate and Investment Banking at Bank of America, where she supported employees globally and served as a key advisor to the Global Head of Corporate and Investment Banking. Before that she was Bank of America's Global Head of Junior Talent Management. Her prior experience also includes leadership roles in Human Resources, Talent Management and Talent Acquisition at Goldman Sachs and JP Morgan Chase. Ms. Hurse holds an MBA from the University of Michigan and a BBA in Finance from Baruch College.
"We are thrilled to have attracted Sandee to our team," said Michael Sacks, Chairman and CEO of GCM Grosvenor. "Our most important assets are the talented people who work at GCM Grosvenor, and Sandee has an established track record of recognizing and growing leaders within the financial industry. Her extensive experience, operational leadership and industry expertise will ensure that we continue to attract and develop top-tier professionals, allowing Grosvenor to continue adding value to our clients."
ABOUT GCM GROSVENOR
GCM Grosvenor is a global alternative asset management firm with approximately $50 billion of assets under management in hedge fund strategies, private equity, infrastructure, real estate and multi-asset class solutions. It is one of the largest, most diversified independent alternative asset management firms worldwide.
: releases/sandra-hurse-joins-gcm-grosvenor-as-chief-human-resources-officer-300647794.html
SOURCE GCM Grosvenor | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-sandra-hurse-joins-gcm-grosvenor-as-chief-human-resources-officer.html |
SANTA FE, Texas (Reuters) - A teenaged boy who shot and killed eight students and two teachers in Texas had been spurned by one of his victims after making aggressive advances, her mother told the Los Angeles Times.
Santa Fe High School is seen, in Santa Fe, Texas, U.S., May 19, 2018. REUTERS/Jonathan Bachman Sadie Rodriguez, the mother of Shana Fisher, 16, told the newspaper that her daughter rejected four months of aggressive advances from accused shooter Dimitrios Pagourtzis, 17, at the Santa Fe high school.
Fisher finally stood up to him and embarrassed him in class, the newspaper Quote: d her mother as writing in a private message to the Times.
“A week later he opens fire on everyone he didn’t like,” she said. “Shana being the first one.”
Rodriguez could not independently be reached for comment.
If true, it would be the second school shooting in recent months driven by such rejection.
In March, a 17-year-old Maryland high school student used his father’s gun to shoot and kill a female student with whom he had been in a recently ended relationship.
As the investigation enters its third day on Sunday, no official motive has been announced for the massacre, the fourth-deadliest mass shooting at a U.S. public school in modern history.
The Santa Fe school district denied accounts from some classmates that Pagourtzis had been bullied, including by a football coach.
Santa Fe High School is seen, in Santa Fe, Texas, U.S., May 19, 2018. REUTERS/Jonathan Bachman “Administration looked into these claims and confirmed that these reports are untrue,” it said on Saturday in a statement on Facebook.
Classmates at Santa Fe High School, which has some 1,460 students, described Pagourtzis as a quiet loner who played on the school’s football team. He wore a black trench coat to school in the Texas heat on Friday and opened fire with a pistol and shotgun.
Multiple news accounts depicted him as taunting his victims as he fired, focusing mostly on the arts class where Fisher was.
He has provided authorities little information about the shootings, his attorney Nicholas Poehl said, adding: “Honestly because of his emotional state, I don’t have a lot on that.”
Texas’ governor, Greg Abbott, a Republican, told reporters that Pagourtzis obtained the firearms from his father, who had likely acquired them legally.
Abbott also said Pagourtzis wanted to commit suicide, citing the suspect’s journals, but did not have the courage to do so.
Pagourtzis’ family said in a statement they were “saddened and dismayed” by the shooting and “as shocked as anyone else” by the events. They said they are cooperating with authorities.
Slideshow (3 Images) All schools in Santa Fe will be closed Monday and Tuesday, officials said.
Pagourtzis, who police said has confessed to the shooting, was being held without bond Sunday at a jail in Galveston.
Additional reporting by Erwin Seba in Houston and Ian Simpson in Washington; Writing by Rich McKay; Editing by Keith Weir and Andrea Ricci
| ashraq/financial-news-articles | https://in.reuters.com/article/texas-shooting/spurned-advances-provoked-texas-school-shooting-victims-mother-says-idINKCN1IL0CY |
Kenya's police investigate burst dam after dozens die 9:43am EDT - 00:59
Kenya's police have been ordered to investigate a burst dam which killed dozens of people in the Rift Valley. Anna Bevan reports.
Kenya's police have been ordered to investigate a burst dam which killed dozens of people in the Rift Valley. Anna Bevan reports. //reut.rs/2G3UipX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/kenyas-police-investigate-burst-dam-afte?videoId=425909133 |
May 29, 2018 / 5:06 AM / Updated 7 hours ago Chinese buyers find tight U.S. sorghum supply after trade spat Tom Polansek , Karl Plume 4 Min Read
CHICAGO (Reuters) - Chinese grain merchants seeking to resume purchases of U.S. sorghum after an anti-dumping probe by Beijing that had halted trade between the world’s biggest buyer and seller of the grain are now finding supplies tight, according to dealers. FILE PHOTO: A field of sorghum (milo) grain is seen at a farm outside of Texhoma, Oklahoma, U.S., in this undated photo released to Reuters on April 3, 2018. Courtesy Jerod McDaniel/Handout via REUTERS/File Photo
Importers in China have been calling U.S. traders to check on prices and availability since Beijing dropped its months-long investigation on May 17, but much of their would-be shipments of sorghum were sold to other countries along with U.S. ethanol makers during the trade spat, the dealers said.
As part of the probe, Beijing had slapped a hefty deposit on U.S. sorghum imports in April, raising the costs for its buyers and sending benchmark prices spiraling lower.
The decline of available supplies now shows how the trade dispute between the two biggest economies has created challenges for Chinese companies that want to purchase U.S. sorghum to feed livestock and make a fiery liquor called baijiu.
“Certainly those buyers had spoken for a lot of U.S. sorghum that ended up in other countries and they did not get it,” said Tim Lust, chief executive of National Sorghum Producers, a U.S. industry association. “I know they have a desire to get back into the market when it is available.”
U.S. sorghum supplies are set to remain tight until this autumn, when U.S. Plains states such as Kansas harvest their crops, traders said.
But even those harvests will likely be hurt by the trade conflict. Some U.S. farmers said they scrapped plans to plant sorghum, choosing corn instead, because China’s probe had hurt prices. FILE PHOTO: Workers load imported goods at a port in Nantong, Jiangsu province, February 24, 2016. Picture taken February 24, 2016. REUTERS/China Daily/File Photo
(For a graphic on U.S. sorghum prices, click on: tmsnrt.rs/2s8Pyer )
A drought is also expected to reduce the crop by 40 percent to 60 percent in Texas, where farmers will start harvesting in June.
“There’s not a ton of physical supply to be shipped immediately,” Lust said. “But there’s a lot of discussions about new crop to be shipped when it starts coming off.”
Wayne Cleveland, executive director of Texas Sorghum Producers, a trade group, said buyers scored a deal when prices were low.
“Now we don’t really have the inventory to sell,” he said. “We’re waiting on a crop.”
U.S. sorghum supplies as of March 1 totaled 138.273 million bushels, the lowest in three years, according to the U.S. Department of Agriculture. Farmers had already been reducing plantings in recent years due in part to lackluster Chinese demand.
Since China dropped the probe, prices for the grain have spiked about 80 cents, with basis bids at around 40 cents a bushel above Chicago Board of Trade December corn CZ8 futures.
Bids for immediate deliveries of sorghum to Corpus Christi, Texas M-FOBCRP-P1, where Archer Daniels Midland Co ( ADM.N ) loads ships with the grain for export, have spiked from 22-month lows to the highest since mid-April, when trade tensions with China began to escalate.
Bids for deliveries in July M-FOBCRP-P3, when newly harvested Texas sorghum will be available, spiked to highs not seen since late January.
“Farmers have got good prices right now, but they’re not letting go of anything,” said Guy Brady, president of Vista Exports Corp in Houston, which buys grain from farmers that is later exported. “They’re reading all this bullish stuff on China so they think the market’s going to keep going up.”
Beijing’s temporary requirement for deposits on imports of U.S. sorghum has also left U.S. sellers and Chinese buyers nervous about striking major new deals because of the potential for another disruption in trade, traders said.
ADM has said it will take a $30 million hit to its trading profit in the second quarter due to the trade dispute over sorghum.
“We can’t buy it and we’re afraid to sell it,” Brady said. “There’s still a lot of uncertainty.” Additional reporting by Michael Hirtzer in Chicago; editing by Richard Valdmanis and James Dalgleish | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-sorghum/chinese-buyers-find-tight-u-s-sorghum-supply-after-trade-spat-idUSKCN1IU0DY |
KABUL/ISLAMABAD (Reuters) - An earthquake shook buildings in the Afghan capital, Kabul, on Wednesday, with tremors felt in Pakistani cities, according to Reuters witnesses.
Men stand on a road divider after vacating their office buildings following an earthquake in Islamabad, Pakistan May 9, 2018. REUTERS/Faisal Mahmood Workers left buildings in Kabul and Pakistani media reported the quake was felt in Islamabad, the capital, and the northwestern city of Peshawar.
There were no immediate reports of any casualties.
The U.S. Geological Survey reported a magnitude 6.4 earthquake centred in Tajikistan, near the Afghan border.
Writing by Kay Johnson; Editing by Robert Birsel
| ashraq/financial-news-articles | https://in.reuters.com/article/afghanistan-quake/earthquake-shakes-buildings-in-afghanistan-felt-in-pakistan-reuters-witnesses-idINKBN1IA1IH |
May 10, 2018 / 10:08 AM / in 6 minutes BRIEF-Despegar.Com Reports Qtrly Earnings Per Share Of $0.24 Reuters Staff
May 10 (Reuters) - Despegar.com Corp:
* Q1 REVENUE $148.6 MILLION VERSUS I/B/E/S VIEW $143.5 MILLION
* DURING THE FIRST QUARTER OF 2018, TOTAL REVENUE INCREASED 22% TO $148.6 MILLION * QTRLY EARNINGS PER SHARE $0.24
* Q1 EARNINGS PER SHARE VIEW $0.21, REVENUE VIEW $143.5 MILLION — THOMSON REUTERS I/B/E/S
* TRANSACTIONS INCREASED 18% TO 2.5 MILLION IN Q1 OF 2018 FROM 2.1 MILLION IN 1Q17
* DESPEGAR.COM - GROSS BOOKINGS ROSE 21% TO $1,231.5 MILLION IN Q1, FROM $1,019.1 MILLION IN YEAR-AGO PERIOD
* COMMENCING WITH Q1 2018 RESULTS, DESPEGAR ADOPTED ACCOUNTING STANDARDS UPDATE 2014-09
* DESPEGAR.COM - ESTIMATES CHANGE IN REVENUE RECOGNITION TIMING WILL IMPACT ANNUAL 2018 REVENUE BY ABOUT 2%, ALTHOUGH QTRLY IMPACT MAY BE MORE SIGNIFICANT Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-despegarcom-reports-qtrly-earnings/brief-despegar-com-reports-qtrly-earnings-per-share-of-0-24-idUSASC0A1AO |
May 4(Reuters) - Fujian Raynen Technology Co Ltd
* Says it will pay a cash dividend of 0.45 yuan (before tax) per share and use additional paid-in capital to distribute 0.4 new shares for every share for FY 2017, to shareholders of record on May 9
* Says the company’s shares will be traded ex-right and ex-dividend on May 10 and the dividend will be paid on May 10
Source text in Chinese: goo.gl/qazs6K
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fujian-raynen-technology-says-divi/brief-fujian-raynen-technology-says-dividend-payment-date-on-may-10-idUSL3N1SB2GT |
May 2, 2018 / 9:57 AM / Updated 15 minutes ago At least seven killed in attack on Libyan electoral commission - spokesman Reuters Staff 1 Min Read
TRIPOLI (Reuters) - At least seven people were killed in an attack on the offices of Libya’s electoral commission in Tripoli on Wednesday, a spokesman for the commission said.
“The incident resulted in seven killed — three from (the commission’s) staff and four members of security forces,” said spokesman Khaled Omar. Reporting by Ahmed Elumami; Writing by Aidan Lewis; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-security-toll/at-least-seven-killed-in-attack-on-libyan-electoral-commission-spokesman-idUKKBN1I316N |
May 29, 2018 / 5:28 PM / Updated 10 minutes ago Merkel says political hate speech is 'playing with fire' Reuters Staff 2 Min Read
DUESSELDORF, Germany (Reuters) - Far-right politicians in Germany who engage in xenophobic rhetoric are not just testing free-speech limits but are inciting violence, Chancellor Angela Merkel said on Tuesday. German Chancellor Angela Merkel gestures as she speaks at the Global Solutions Summit 2018 in Berlin, Germany, May 28, 2018. REUTERS/Hannibal Hanschke
Speaking at a memorial for the 25th anniversary of an arson attack that killed five Turkish girls and women and injured 14 in the western city of Solingen, Merkel said Germany was still suffering from “right-wing extremism” more than seven decades after the defeat of Nazism.
“Too often, the lines of freedom of speech are very deliberately being tested, and taboos are carelessly being breached and used as a political instrument,” Merkel said at the event attended by Turkish Foreign Minister Mevlut Cavusoglu.
“It’s not banter, rather it’s playing with fire. Because whoever sows violence with words, risks reaping violence.”
Her words appeared to be aimed at, among others, the anti-immigrant Alternative for Germany (AfD), which entered parliament for the first time in an election last year amid voter concerns about a huge influx of migrants and refugees.
Some AfD politicians have been accused of racism by German lawmakers, and Turks in Germany said they would bring criminal charges against the AfD’s Andre Poggenburg after he called Turks “camel drivers.”
Hours before Merkel spoke, AfD lawmaker Beatrix von Storch drew criticism after she appeared to ridicule the deceased father of a Palestinian-German politician.
Von Storch had suggested in a tweet that Sawasan Chebli’s father would have had “serious financial problems” if Germany copied Austria in cutting welfare to people not fluent in German.
“If your intention was to hurt me then you have succeeded,” Chebli replied to von Storch on Twitter. “My father died recently. He was a good man. My God forgive you. He wouldn’t have wanted me to offend you.”
The tweet was later deleted. Von Storch’s spokeswoman said the lawmaker had removed the tweet herself, without giving further details. Reporting by Riham Alkousaa; Editing by Joseph Nasr and Robin Pomeroy | ashraq/financial-news-articles | https://in.reuters.com/article/germany-turkey-commemoration/merkel-says-political-hate-speech-is-playing-with-fire-idINKCN1IU2AC |
Suspended Dallas Cowboys defensive end Randy Gregory will file for reinstatement from the NFL on Thursday, according to multiple reports.
Jan 1, 2017; Philadelphia, PA, USA; Dallas Cowboys defensive end Randy Gregory (94) sacks Philadelphia Eagles quarterback Carson Wentz (11) during the third quarter at Lincoln Financial Field. The Eagles defeated the Cowboys, 27-13. Mandatory Credit: Eric Hartline-USA TODAY Sports Gregory was banned by the league on Jan. 6, 2017, for a minimum of one year due to multiple violations of the NFL’s substance-abuse policy. A 2015 second-round draft pick out of Nebraska, Gregory last played for Dallas in the 2016 season finale.
“He’s being very diligent in preparing his information and preparing his application,” Cowboys owner Jerry Jones told reporters last Wednesday at Cowboys Golf Club in Grapevine, Texas. “I have been proud of Randy during this offseason. I’m very aware of how hard he’s working to get back in the league and get back on the field.”
Cowboys executive vice president Stephen Jones told the Dallas Morning News last Wednesday, “First and foremost, we’re more concerned with Randy fixing himself off the field. I applaud him. I think he’s worked hard to get to this point that he can apply for reinstatement. ...
“By no stretch are we just saying, ‘Hey, we’re going to bank on that.’ We’re still thinking about him and hoping he gets everything done the right way off the field. And then good things will happen for him.”
The reinstatement process, involving interviews and examination of medical and police records, could take 45-plus days before it ultimately ends up in front of commissioner Roger Goodell. A decision is expected within a maximum of 60 days, which would be right before training camp begins in late July.
Gregory, 25, appeared in 12 games for the Cowboys in 2015 and two in 2016. He recorded a total of 20 tackles and one sack.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-dal-gregory/reports-cowboys-defensive-end-gregory-to-apply-for-reinstatement-thursday-idUSKCN1II0JH |
BEIRUT (Reuters) - Syrian insurgents left an enclave in south Damascus on Thursday, state media said, the last in a string of rebel towns that have surrendered around the capital in recent weeks.
A pocket near Homs city remains the only besieged enclave in rebel hands across the country, though insurgent factions still hold tracts of the northwest and southwest along Syria’s international borders.
Fierce offensives and evacuation deals have helped President Bashar al-Assad’s military wrestle back control of much of Syria, with support from Russia and Iran.
State television said 15 buses shuttled fighters out of Beit Sahm, Babila, and Yalda south of the capital.
“The towns have become empty of terrorist presence,” a state TV correspondent said from the outskirts of Beit Sahm.
Hundreds of people have left since last week. Under the deal, the buses take fighters and civilians who refuse the return of state rule to insurgent territory in the north near the Turkish border.
Government forces pounded jihadists in a small adjacent zone also south of Damascus, state news agency SANA said. Islamic State militants have been holed up there after weeks of intense bombardment on the Hajar al-Aswad district and Yarmouk Palestinian refugee camp.
Reporting by Ellen Francis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-enclave/last-rebels-quit-south-damascus-enclave-syrian-state-media-idUSKBN1IB2JD |
TAMPA, Fla., May 22, 2018 /PRNewswire/ -- Argus Dental & Vision is pleased to welcome its new senior vice president of national sales, Jeremy Earp. Earp joins the executive team of the premier dental and vision benefits organization committed to providing affordable rates, quality coverage and superior customer service to its members.
As senior vice president, Earp will align sales and marketing efforts around the company's goal to build networks of agents and brokers for Argus' commercial products nationally. Earp holds life and health insurance licenses in several states and will leverage his experience to develop business through national distribution channels.
"Jeremy has the industry experience and leadership strengths needed to accomplish our aggressive goals," said Dr. Nick Kavouklis, Argus Dental & Vision founder and chief executive officer. "He has a proven track record of sales growth and corporate profitability."
Earp has spent his 17-year career leading sales and marketing initiatives for organizations in the healthcare and financial services industries. Most recently, Earp was regional sales director for Ameritas where he received the prestigious Gold All-Star Award for New Business and Retention from 2014-2016 for his work managing more than $90 million in sales. He won the Rookie of the Year Award in 2012, Presidents Award, Rising Star Award, Best Lives Persistency Award and Most Vision Lives Sold Award in 2014. Earp was also a top sales executive with Humana from 2004-2012 where he sold a wide variety of insurance plans and received the Presidents Club Award in 2008.
"I am very excited to become a part of such a dynamic and well-respected organization like Argus Dental & Vision," said Earp. "It is truly an honor to be able to lead all sales nationally for Argus commercial lines. I've been given significant autonomy and superior sales support coupled with a broad and a comprehensive product portfolio. I'm excited to be the Argus spearhead for our sales team and to steadily grow our footprint across the nation. I'm very impressed with Argus' focus on assuring all our broker partners are well-supported."
Earp earned his bachelor's degree from the University of Wisconsin-La Crosse. In addition, he played wide receiver in the National Football League for the San Diego Chargers and Minnesota Vikings from 1998-2001. "Jeremy knows what it takes to be part of a team at a high level," added Dr. Kavouklis. "We're getting a real team player in Jeremy."
About Argus Dental & Vision Inc.
Founded in 2007 by a Florida dentist and licensed through the Florida Department of Insurance, Argus provides administration of dental and vision benefits that offer value and quality. Argus is triple-licensured as a Pre-paid Health Plan, a Discount Medical Plan and as a third-party administrator in 48 states across the country. Argus is the first dental plan organization in the United States to earn accreditation for quality care for both vision and dental by the Accreditation Association for Ambulatory Health Care (AAAHC). Argus provides fully delegated services for Medicare and Medicaid HMO partners, commercial accounts and government agencies such as Florida Healthy Kids Corporation. Collaborations between consumers, providers and insurance agents have enabled Argus to customize flexible and affordable benefit plans to meet the specific needs of individuals, families, employer groups and associations, with current Argus policyholders surpassing one million. Visit argusdental.com for more information.
Media Contact:
Susan Sampaio
Director of Marketing & Special Projects
Phone: 813.902.2688
Email: [email protected]
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Jeremy Earp
Senior Vice President of National Sales & Marketing
View original content: http://www.prnewswire.com/news-releases/award-winning-executive-to-help-tampa-premier-benefits-organization-grow-national-networks-300652885.html
SOURCE Argus Dental & Vision Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-award-winning-executive-to-help-tampa-premier-benefits-organization-grow-national-networks.html |
Watch CNBC's full interview with Microsoft CEO Satya Nadella 22 Mins Ago CNBC's Jon Fortt interviews Microsoft CEO Satya Nadella about how he turned around the software and hardware company, and how it's now a major player in the cloud computing space. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/watch-cnbcs-full-interview-with-microsoft-ceo-satya-nadella.html |
It's a good time for banks. The U.S. House of Representatives is passing a bill that will roll back some Dodd-Frank regulations and, thanks to the new tax bill , banks are reaping the benefits of lower corporate rates and a boost in overall profits .
JPMorgan Chase, one of the world's largest financial service companies, is among those doing well: this month, Morgan Stanley added it to its list of the 30 best long-term stock picks. That makes sense, given that the value of JPMorgan's stock has risen more or less steadily over the past decade and has recently reached new highs.
In fact, if you put $1,000 in the company in 2008, according to CNBC calculations, your investment would be worth more than $2,600 Wednesday, or over two and a half times as much, including price appreciation and dividend gains reinvested.
In the charts below, all data splits are adjusted and gain-loss figures do not include dividends, interest, distributions or fees except on cash accounts. The portfolio value represents current holdings and the comparison charts represent current and historical prices of individual benchmarks, stocks or exchange-traded funds.
While JPMorgan's stock has performed well, any individual stock can over- or under-perform and past returns do not predict future results . Still, many analysts, including those at Morgan Stanley, are optimistic.
"We have tried to identify the best franchises, not the most undervalued stocks," Morgan Stanley's research group wrote of its best long-term stocks list. "The main criterion is sustainability — of competitive advantage, business model, pricing power, cost efficiency and growth. We selected companies that scored exceptionally well on these criteria."
JPMorgan is "our top pick among the U.S. money center banks," the researchers wrote. The bank's "push into new markets, opportunity to gain share, efficiency improvements and benefit from deregulation drive our positive long-term view. JPMorgan is opening 400 branches to enter 15-20 new markets over the next five years, forging ahead on its long-term growth strategy. We expect JPMorgan can reach top five in each of these new markets."
If you're considering investing in JPMorgan or in the stock market in general, experts advise starting slow. Experienced investors Warren Buffett, Mark Cuban and Tony Robbins suggest beginning with index funds , which hold every stock in an index, offer low turnover rates, attendant fees and tax bills, and fluctuate with the market to eliminate the risk of picking individual stocks. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/if-you-put-1000-in-jpmorgan-10-years-ago-heres-what-youd-have-now.html |
Managing analog ID theft risks 2 Hours Ago 01:38 01:38 | 1 Hr Ago 03:32 03:32 | 1 Hr Ago 11:27 11:27 | 21 Hrs Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/managing-analog-id-theft-risks.html |
FARMINGDALE, N.J.--(BUSINESS WIRE)-- Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) today announced that the Company will release first quarter 2018 financial results after the market closes on Wednesday, May 9, 2018. A conference call will be held the same day at 5:00 pm Eastern Time to review the Company’s first quarter, discuss recent events and conduct a question-and-answer period.
Webcast:
The conference call will be available in the investor relations section of the Company’s website at www.chmireit.com . To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To Participate in the Telephone Conference Call:
Dial in at least 5 minutes prior to start time:
Domestic: 1-877-407-9716
International: 1-201-493-6779
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Replay Pin Number: 13679458
The playback can be accessed through June 9, 2018.
About Cherry Hill Mortgage Investment Corporation
Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. For additional information, visit www.chmireit.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006516/en/
For Cherry Hill Mortgage Investment Corporation:
Investor Relations
877-870–7005
[email protected]
Source: Cherry Hill Mortgage Investment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-cherry-hill-mortgage-investment-corporation-sets-date-for-first-quarter-2018-earnings-release-and-conference-call.html |
May 8 (Reuters) - Natera Inc:
* Q1 LOSS PER SHARE $0.61 * Q1 REVENUE $62.3 MILLION VERSUS I/B/E/S VIEW $55.1 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.59 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 REVENUE $250 MILLION TO $275 MILLION * FY2018 REVENUE VIEW $254.7 MILLION — THOMSON REUTERS I/B/E/S
* SEES 2018 NET CASH BURN TO BE APPROXIMATELY $40 MILLION TO $60 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-natera-q1-loss-per-share-061/brief-natera-q1-loss-per-share-0-61-idUSASC0A0QM |
May 21 (Reuters) - BP PLC:
* VENTURE GLOBAL LNG - UNIT ENTERS INTO 20-YEAR LNG SALES AND PURCHASE AGREEMENT WITH BP FOR 2 MILLION TONNES PER YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-venture-global-lng-says-unit-enter/brief-venture-global-lng-says-unit-enters-into-20-year-lng-sales-and-purchase-agreement-with-bp-for-2-million-tonnes-per-year-idUSFWN1SS0FV |
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Balbec Capital, LP announced the closing of its third global credit fund, InSolve Global Credit Fund III (“IGCF-III”). With capital commitments totaling approximately $727 million, IGCF-III is Balbec Capital’s largest fund to date.
Warren Spector, Chairman of Balbec Capital, said, ”Balbec’s deep experience and extensive relationships in the consumer insolvency market have enabled us to generate stable and consistent returns for investors.” Mr. Spector adds, “We are delighted with the broad level of support for IGCF-III from existing and new investment partners, as we continue to expand and diversify our investor base.” New investors in IGCF-III include insurance companies, endowments, foundations, wealth managers, family offices and a sovereign wealth fund.
Balbec Capital invests globally in insolvency opportunities where the borrower or assets are subject to an insolvency proceeding, liquidation or other restructuring. Charles Rusbasan, Balbec Capital’s CEO, helped establish the global consumer insolvency market more than 25 years ago while at Bear Stearns. Mr. Rusbasan and his team closed their first pooled investment fund (IGCF-I) in June 2012 and second pooled investment fund (IGCF-II) in July 2015.
“IGCF-III continues the successful approach of its predecessor funds, with a focus on seeking investments with the potential to generate attractive risk-adjusted returns that are uncorrelated to the financial markets,” said Mr. Rusbasan. “We are one of the few dedicated institutional buyers of consumer insolvency assets with the resources and experience to invest on a truly global basis.”
”IGCF-III is off to a strong start with over $400 million of equity capital committed to transactions, and we continue to actively source attractive investment opportunities globally,” added Mr. Rusbasan.
About Balbec Capital, LP
Balbec Capital, LP is a pioneering global investor in insolvency opportunities where the borrower or assets are subject to an insolvency proceeding, liquidation, or other restructuring. With a track record of innovation in the global insolvency markets, Balbec Capital seeks opportunities to generate attractive risk-adjusted returns that are uncorrelated to the financial markets.
For Immediate Release. Additional information can be found at balbec.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005796/en/
Media
Balbec Capital, LP
Jeff Padden, 602-802-8306
Source: Balbec Capital, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-balbec-capital-lp-closes-third-global-credit-fund-at-727-million.html |
Armenia's standoff resumes with 'civil tsunami' 9:02pm IST - 01:40
Armenia's opposition and Russian-backed political elite are locked in a standoff again. Protests blocked the capital after the ruling party refused to back the opposition - and sole - candidate for prime minister. Reuters Margarita Antidze
Armenia's opposition and Russian-backed political elite are locked in a standoff again. Protests blocked the capital after the ruling party refused to back the opposition - and sole - candidate for prime minister. Reuters Margarita Antidze //in.reuters.com/video/2018/05/02/armenias-standoff-resumes-with-civil-tsu?videoId=423237257&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/armenias-standoff-resumes-with-civil-tsu?videoId=423237257 |
May 16, 2018 / 4:54 PM / Updated 9 minutes ago Nuclear test-ban body says ready to verify Korean site closure if asked Reuters Staff 3 Min Read
VIENNA (Reuters) - The world’s main nuclear test-ban body stands ready to verify North Korea’s closure of its test site but it has yet to be asked and the process would take weeks rather than days, its chief said on Wednesday.
North Korea, which is believed to have tested six atom bombs, has said it will dismantle its only known nuclear test site this month ahead of a meeting on June 12 between U.S. and Un.
Pyongyang has invited international media to witness the dismantling of the Punggye-ri site sometime between May 23 and May 25 but not technical experts, even though the United States has called for “a permanent and irreversible closure that can be inspected and fully accounted for”.
“We have the technology to verify any agreement linked to the closure of the test site,” the head of the Comprehensive nuclear Test-Ban Treaty Organization (CTBTO), Lassina Zerbo, told reporters, although it has received no request to do so.
That technology includes seismic sensors that could be deployed around the site, and ground-penetrating radar to determine what had happened to the tunnels there, Zerbo said, declining to provide an exhaustive list.
The two-day window given for reporters to observe the closure would be too short for verification, he said, warning against taking a carefully choreographed ceremony at face value.
“As an international organisation I shouldn’t be into a show because my job is to serve the international community... not to just do a show to say that we’ve been there. That doesn’t bring me anything,” Zerbo said.
But verification could be achieved in time for the summit, he added.
“There’s a lot of things we can do in two weeks. But we cannot do something on the 23rd (of May) to finish and certify on the 23rd,” he said.
The Comprehensive nuclear Test-Ban Treaty has been signed by 183 countries and ratified by 166. But to come into effect it must be ratified by eight remaining so-called Annex 2 states, including North Korea and the United States as well as Israel, Iran, India and Pakistan.
The CTBTO runs a global network of monitoring stations that use seismic and other technology to detect nuclear explosions like North Korea’s recent tests. That equipment also shows North Korea has yet to blow up the tunnels at Pyunggye-ri, Zerbo said.
“To date, we haven’t heard any noise that is linked to the blow of a tunnel in the vicinity of the test site,” he said. Reporting by Francois Murphy; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-nuclear-ctbto/nuclear-test-ban-body-says-ready-to-verify-korean-site-closure-if-asked-idUSKCN1IH2E4 |
(Recasts first paragraph, adds auto industry statement, comment
WASHINGTON, May 11 (Reuters) - on Friday pressed automakers to build more vehicles in the United States and launched a fresh attack on the North American Free Trade Agreement that has benefited them, while the companies urged him to work with California to keep nationwide U.S. vehicle emissions standards.
CEOs or senior executives from 10 U.S. and foreign automakers met with Trump for about an hour at the White House as the Transportation Department considers loosening federal fuel efficiency and pollution standards implemented under Democratic former President Barack Obama.
Afterward, two major auto industry trade groups said in a joint statement that Trump expressed an "openness to a discussion with California on an expedited basis." California and 16 other states covering about 40 percent of the U.S. population sued last week to block the Trump administration's efforts to weaken the fuel efficiency requirements.
A U.S. Transportation Department draft proposal would freeze these requirements at 2020 levels through 2026, rather than allowing them to increase as previously planned. The Trump administration is expected to formally unveil the proposal later this month or in June.
The chief executives of General Motors Co, Ford Motor Co and Fiat Chrysler, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co, Nissan Motor Co, Honda Motor Co, BMW AG and Daimler AG met with Trump, as did the heads of the two trade groups.
"We're really talking about environmental (controls), CAFE standards, and manufacturing of millions of more cars within the United States," Trump, known for his "America First" policies, said at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States.
"We're importing a lot of cars, and we want a lot of those cars to be made in the United States," Trump added, specifically mentioning Michigan, Ohio, Pennsylvania, South Carolina and North Carolina.
Automakers want the White House and California to reach an agreement on maintaining national standards, fearing a prolonged legal battle could leave the companies facing two different sets of rules - and the state level and nationally - and extended uncertainty.
Much of the hour-long meeting focused on NAFTA and other trade issues, with Trump blasting the pact with Canada and Mexico.
"We're renegotiating it now. We'll see what happens," Trump said, adding that Mexico and Canada "don't like to lose the golden goose."
"But NAFTA has been a horrible, horrible disaster for this country, and we'll see if we can make it reasonable," the Republican president added.
Automakers have called NAFTA a success, allowing them to integrate production throughout North America and make production competitive with Asia and Europe. They have noted the increase in auto production over the past two decades with NAFTA in place, and have warned that changing it too much could prompt some companies to move production out of the United States.
Major automakers reiterated this week they do not support freezing fuel efficiency requirements but said they want new flexibility and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.
'FULLY SUPPORTIVE'
Fiat Chrysler Chief Executive Sergio Marchionne, whose company is shifting production of Ram heavy-duty pickup trucks from Mexico to Michigan in 2020, told Reuters before the meeting his company is "fully supportive" of Trump's efforts to revise the mileage rules and hoped for "an agreed way forward."
NAFTA changes proposed by Trump's administration would not require Fiat Chrysler to end production in Mexico but rather to "redirect" exports of Mexican-built vehicles to other global markets, Marchionne added.
Marchionne said he still hopes the administration will reach a deal with California to maintain nationwide standards and said Trump is an ideal negotiator to get an agreement.
Noting that automakers want a deal with California, Democratic U.S. Senator Tom Carper said, "Our businessman and self-proclaimed 'dealmaker' president should be able to take yes for an answer and help us secure a win-win solution that is well within reach."
U.S. Trade Representative Robert Lighthizer, Transportation Secretary Elaine Chao, White House economic adviser Larry Kudlow and Environmental Protection Agency chief Scott Pruitt also attended the meeting. Trump directed Chao and Pruitt to continue administration talks with California to see if a deal can be reached quickly, an auto industry source said.
Democrats and environmental advocates plan to challenge the administration's plans to weaken vehicle rules touted by the Obama administration as one of its biggest actions to combat climate change by reducing planet-warming emissions.
The Trump administration plans to argue that freezing the rules would lead to cheaper vehicles, boost sales and employment and improve safety by prodding faster turnover of older vehicles.
The Obama-era rules adopted in 2012 sought to double average fleet-wide vehicle fuel efficiency to about 50 miles (80 km) per gallon by 2025, but included an evaluation due by April 2018 to determine if the rules were appropriate.
(Reporting by David Shepardson in Washington; Additional reporting by James Oliphant; Editing by Will Dunham) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-update-2-trump-urges-automakers-to-build-more-vehicles-in-u-s-blasts-nafta.html |
May 29, 2018 / 9:11 AM / Updated 8 hours ago European shares slide as Italian crisis reignites euro break-up fears Helen Reid 4 Min Read
LONDON (Reuters) - European shares tumbled for a second day on Tuesday as investors took fright over a renewed risk of the euro zone breaking up with Italy heading toward a repeat election which could become a proxy referendum on its euro membership. FILE PHOTO: The Milan stock exchange building is seen in downtown Milan March 18, 2013. REUTERS/Alessandro Garofalo/File Photo
Italy's main stock index .FTMIB extended early losses to sink to a 10-month low, down 3 percent, by 0840 GMT. Bank shares .FTIT8300 slumped another 4.8 percent to a fresh 13-month low, bruised by a sell-off in Italian government bonds, a core part of the banks' portfolios.
The index was set for its worst daily loss in 21 months as trade in some banks was halted due to excessive losses.
The head of Italy’s central bank said any move to weaken the country’s public finances could undermine confidence and years of valuable reforms.
Italy’s president set the country on a path to fresh elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget.
After inconclusive elections in March, two anti-establishment parties dropped a coalition plan at the weekend after the president vetoed their choice of a eurosceptic to become economy minister.
Investors feared a polarizing election campaign which could deliver a deeply eurosceptic government, threatening the bloc’s cohesion. “Italian political risk is delayed rather than resolved,” said UBS’s chief investment office.
Intesa Sanpaolo ( ISP.MI ), BPER Banca ( EMII.MI ), Unicredit ( CRDI.MI ) and UBI Banca ( UBI.MI ) fell sharply, down 4.4 to 5.8 percent, while Poste Italiane ( PST.MI ) also tumbled 5.7 percent.
“Banks with lower sovereign exposure, lower NPL (non-performing loan) stock and higher profitability seem more defensive in this environment (like Intesa Sanpaolo, Mediobanca, Fineco) versus the mid-cap banks (which are more vulnerable given higher sovereign exposure, higher NPLs stock and lower profitability),” said Citi analysts.
Intesa, Unicredit, Banco BPM, UBI Banca, BPER Banca and Mediobanca together have a total of 166.6 billion euros ($192 billion) exposure to Italian sovereign debt, according to Citi calculations.
The reawakened anxieties caused Sentix’s euro zone break-up index to climb to its highest since April 2017, when investors feared a eurosceptic Le Pen presidency in France.
The pan-European STOXX 600 fell 1.6 percent, with banks the worst-performing. The euro zone’s banks index .SX7E sank 4.3 percent and was on track for its biggest monthly drop since the Brexit vote in June 2016.
The stress in Italy spread to other peripheral euro zone markets, with Spanish and Portuguese bank stocks firmly in the firing line.
Banco Comercial Portugues ( BCP.LS ) fell 6.7 percent, while Spain's Santander ( SAN.MC ) and Sabadell ( SABE.MC ) led the IBEX down with 5.9 and 6 percent drops. Spanish stocks slid 2.9 percent while Portugal .PSI20 fell 2.7 percent.
JP Morgan analysts repeated their earlier call for investors to move out of Italian equities and into Germany. German Bunds have been acting as a safe haven for investors, with yields on the euro zone benchmark bond falling, but Germany’s DAX was still shedding 1.8 percent as investors fled risky assets.
Outside of politics-driven moves, British retailer Dixons Carphone ( DC.L ) plunged 21 percent after a profit warning. The new chief executive said the company needed to close stores at a time of a contracting UK electrical market. Reporting by Helen Reid; editing by Danilo Masoni and David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/european-shares-slide-as-italian-crisis-reignites-euro-break-up-fears-idUSKCN1IU0W6 |
(Reuters) - Central banks around the world should strive to find news ways to be transparent and accountable in their regulation of financial institutions to maintain the integrity of the system, Fed Chairman Jerome Powell said on Friday.
FILE PHOTO: Federal Reserve Chairman Jerome Powell attends IMFC plenary during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018. REUTERS/Yuri Gripas/File Photo Powell, speaking to a global central banking conference in Stockholm, Sweden, did not mention the U.S. economic outlook or the path of interest rates.
“The case for enhanced transparency is not just about being accountable; it is about providing credible information that can help restore and sustain public confidence in the financial system,” Powell said in remarks prepared for the conference.
He noted that the degree of independence granted to central banks in many countries, including the United States, had improved the financial stability of the banking system since the 2007-2009 financial crisis and recession, but cautioned that it may also have contributed to an erosion of public trust.
The Federal Reserve has taken many actions since the crisis, including higher capital and liquidity buffers, stress tests and resolution planning for banks.
“Transparency and incorporation of public feedback in these areas have produced more effective supervision and regulation,” Powell said.
However, Powell cautioned that central banks could not stand still in their approaches if they are to maintain their financial stability efforts. He cited future innovations in the delivery of financial services as having the potential to raise new vulnerabilities.
“We will need to keep up with the pace of innovation, which will doubtless require changes to our approach to financial stability,” he said.
Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-powell/feds-powell-central-banks-must-strive-to-enhance-transparency-on-supervision-idUSKCN1IQ1VL |
The owner of a Chick-fil-A in Sacramento, Calif., is giving his employees a wage.
Starting Monday , people currently employed as “hospitality professionals” at the franchise owned by Eric Mason will see wages jump as much as $5 per hour, from $12.50-$13 to $17-$18. In addition, he is giving supervisors paid time off and all employees paid sick leave.
Mason told a local television station that he was raising wages to attract people looking for long-term opportunities and people with families. Chick-fil-A is known for conservative and traditional values such as closing on Sundays across all locations. Those values have landed the restaurant chain in hot water before: in 2012, then-CEO Dan Cathy said Chick-fil-A supported the “biblical definition of the family unit” and that marriage equality was “inviting God’s judgement,” leading to protests and a national boycott .
California’s minimum wage is currently $11 per hour, but it is rising to $15 per hour by 50 cent increments each year until 2022. According to a living wage calculator created by Dr. Amy K. Glasmeier at MIT, the current living wage for one adult and one child in Sacramento County is $25.90. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/chick-fil-a-sacramento-pay-raise-18-hour/ |
May 4 (Reuters) - MIGROS TICARET:
* TO ISSUE DEBT INSTRUMENTS UP TO 1.00 BILLION LIRA WITH UP TO 5-YEAR TRANCHE TO QUALIFIED INVESTORS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-migros-ticaret-to-issue-debt-instr/brief-migros-ticaret-to-issue-debt-instruments-up-to-1-00-bln-lira-with-up-to-5-year-tranche-idUSFWN1SB14A |
Quarterly net revenue of $59.8 million, up 22% year over year
Quarterly gross profit of 60.6%
1,581 active clients at March 31, 2018, up 23% year over year
LAS VEGAS--(BUSINESS WIRE)-- Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced financial results for its first quarter ended March 31, 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510006180/en/
Rimini Street Announces Fiscal First Quarter 2018 Financial Results (Photo: Business Wire)
“Rimini Street executed well in the first quarter of 2018, in revenue, service delivery and global operations,” stated Seth A. Ravin , Rimini Street co-founder and CEO. “We increased our investment in sales and marketing, and invested in the development of several new product and service solutions launched in April and May. We also had positive developments in our ongoing litigation with Oracle, including the U.S. Court of Appeals reversing and vacating certain awards, and ordering Oracle to refund approximately $50 million (which Oracle has done, a portion of which has been paid into escrow). Rimini Street plans to fuel growth and continue improving operating leverage by recruiting and hiring additional senior executive talent, further increasing sales and marketing investments, ramping up sales of new product and service offerings, and expanding global service delivery capabilities.”
“Revenue in the first quarter of fiscal year 2018 came in within our guidance range, and was driven by balanced growth across all geographies. The litigation refund of $21.5 million we received from Oracle in the quarter was used primarily to pay down debt obligations under our credit facility on April 3, 2018,” stated Tom Sabol , Rimini Street CFO. “This decreased our total debt obligations while lowering our go forward debt servicing costs. In addition, we remain committed to further reducing our cost of capital and improving free cash flows to fund investment in growth opportunities.”
Launch of New Product and Service Solutions
On April 24, Rimini Street announced the immediate availability of Rimini Street Mobility and Rimini Street Analytics – its latest offerings in a new family of solutions designed to provide an improved competitive advantage to organizations with mature and valuable enterprise software investments. Rimini Street Advanced Database Security was the first offering in this new family of products, and launched in 2017. Rimini Street’s new solutions enable an organization to quickly and cost-effectively modernize their current enterprise software with the latest desired features and capabilities, future-proof their technical platforms against yet-unknown technology changes, and secure their systems against a constantly evolving threat environment. Rimini Street’s new solutions allow organizations to leverage their existing systems as a solid foundation for an innovative hybrid IT strategy.
Additionally, today, Rimini Street announced the extension of its proven, award-winning support model and global capabilities to SaaS products, beginning with the launch of services for Salesforce Sales Cloud and Service Cloud products. The Company’s goal is to help clients achieve greater success by optimizing their investment across the hybrid enterprise, which now includes support for traditionally-licensed and SaaS enterprise software. Salesforce customers can leverage Rimini Street’s award-winning, ultra-responsive support services to supplement and complement their core Salesforce-provided maintenance program to accelerate delivery of capabilities, optimize total operating costs and maximize ROI. These new services will enable Salesforce customers to benefit from Rimini Street’s proven 24x7x365 operational support with 15-minute guaranteed response for urgent issues, in addition to managed system administration and configuration, customization and integration project services.
Press releases that contain additional information about the new product and service solutions are posted on the Company’s website.
First Quarter 2018 Financial Highlights
Net Revenue was $59.8 million for the quarter, an increase of 22% compared to $49.1 million for the same period last year. Annualized Subscription Revenue was $239 million for the quarter, an increase of 22% compared to $196 million for the same period last year. Active Clients as of March 31, 2018 were 1,581, an increase of 23% compared to 1,285 as of March 31, 2017. Revenue Retention Rate was 92.9% for the trailing 12-months ended March 31, 2018, compared to 93.6% for the comparable period ending March 31, 2017. Gross Profit Percentage was 60.6% for the quarter compared to 62.6% for the same period last year, reflecting increased infrastructure investment and tax, legal and regulatory deliverables for certain countries. Operating Income was $25.2 million for the quarter compared to $2.8 million for the same period last year and includes $21.3 million from the Oracle litigation refund. Non-GAAP Operating Income was $6.1 million for the quarter compared to $7.1 million for the same period last year. Net income was $3.5 million or diluted earnings per share of $0.05 based on 68.2 million weighted average fully diluted shares outstanding compared to a net loss of $14.5 million, or a diluted loss per share of $0.59 based on 24.4 million weighted average fully diluted shares outstanding for the same period last year. Non-GAAP net loss for the quarter was $16.3 million compared to $4.5 million for the same period last year. Cash flow from operations for the quarter was $18.7 million compared with $6.6 million in the same period last year. Adjusted EBITDA for the quarter was $6.7 million compared to $7.7 million for the same period last year. During March 2018, Oracle was ordered by the U.S. Court of Appeals to refund approximately $50 million paid by Rimini Street to Oracle for overturned and vacated awards related to litigation. On March 30, 2018, Rimini Street received $21.5 million from Oracle. In addition, on May 2, 2018, as agreed upon between Rimini Street and Oracle, Oracle placed an additional $28.5 million in a court-controlled escrow account to be distributed following the outcome of a remand decision on attorney’s fees. We currently expect the U.S. Federal District Court to rule on this matter sometime in 2018.
Reconciliations of the non-GAAP financial measures provided to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”
First Quarter 2018 Company Highlights
Expanded the Rimini Street senior management team with the appointment of Gregory Symon as senior vice president, Worldwide Field Operations. Mr. Symon is a 30-year veteran of enterprise technology and software sales with proven success in sales team leadership, business development and sales strategy, including senior sales leadership roles at Intel, Red Hat and Sitecore. Appointed Hyungwook “Kevin” Kim as country manager, South Korea. Mr. Kim brings over 20 years of sales and sales leadership experience to Rimini Street. Most recently he served as senior sales director for Oracle Korea, and previously served in sales at SAP Korea. Saved clients over $3 billion in total maintenance costs to date since its inception. Closed more than 7,000 support cases across 49 countries, and once again achieved an average client satisfaction rating on the Company’s support delivery of 4.8 out of 5.0 (where 5.0 is “excellent”). Recognized by the Stevie Awards for Sales & Customer Service with five awards including Customer Service Department of the Year and Customer Service Leader of the Year. Presented at 11 CIO and IT and procurement leader events worldwide, including events in Brazil, Japan, Netherlands, South Korea, the UK and the U.S.
Second Quarter 2018 Revenue Guidance
The Company is currently providing second quarter 2018 revenue guidance to be in the range of approximately $60.0 million to $61.0 million.
Full Year 2018 Revenue Guidance
The Company is reaffirming full year 2018 revenue guidance to be in the range of approximately $250 million to $270 million.
Webcast and Conference Call Information
Rimini Street will host a conference call and webcast to discuss the first quarter 2018 results at 5:00 p.m. Eastern / 2:00 p.m. Pacific time on May 10, 2018. A live webcast of the event will be available on Rimini Street’s Investor Relations site at https://investors.riministreet.com/events-and-presentations/upcoming-and-past-events . Dial-in participants can access the conference call by dialing (855) 213-3942 in the U.S. and Canada and entering the code 3094007 . A replay of the webcast will be available for at least 90 days following the event.
Company’s Use of Non-GAAP Financial Measures
This press release contains certain “non-GAAP financial measures.” Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of operating performance in accordance with disclosures required by generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables included . Presented under the heading “About Non-GAAP Financial Measures and Certain Key Metrics” is a description and explanation of our non-GAAP financial measures.
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, based on both the number of active clients supported and recognition by industry analyst firms. The Company has redefined enterprise software support services since 2005 with an innovative, award-winning program that enables licensees of IBM, Microsoft, Oracle, SAP and other enterprise software vendors to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,580 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries currently rely on Rimini Street as their trusted, third-party support provider. To learn more, please visit http://www.riministreet.com , follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn . (IR-RMNI)
Forward-Looking Statements
Certain statements included in this communication are not historical facts but are for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These include, but are not limited to, statements regarding our second quarter and annual 2018 revenue guidance, industry, future events, future opportunities and growth initiatives, hiring plans, estimates of Rimini Street’s total addressable market, and projections of customer savings. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse litigation developments or government inquiry; the final amount and timing of any refunds from Oracle related to our litigation; our ability to refinance existing debt on favorable terms; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the success of our recently introduced products and services, including Rimini Street Mobility, Rimini Street Analytics, Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of RMNI common stock; and those discussed under the heading “Risk Factors” in Rimini Street’s Annual Report on Form 10-K filed on March 15, 2018, as updated from time to time by Rimini Street’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. There may be additional risks that Rimini Street presently knows or that Rimini Street currently believes are immaterial that could also cause actual results to differ from those contained in the . In addition, provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.
Salesforce, Service Cloud, Sales Cloud and others are trademarks of salesforce.com, inc.
© 2018 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.
Rimini Street, Inc. Unaudited Condensed Consolidated Balance Sheets (In thousands, except per share amounts) March 31,
December 31, ASSETS 2018
2017
Current assets: Cash and cash equivalents $ 22,116 $ 21,950 Restricted cash 32,374 18,077 Accounts receivable, net of allowance of $81 and $51, respectively 71,024 63,525 Prepaid expenses and other 8,264 8,560 Total current assets 133,778 112,112 Long-term assets: Property and equipment, net of accumulated depreciation and amortization of $7,426 and $6,947, respectively
4,130 4,255 Deferred debt issuance costs, net 3,177 3,520 Deposits and other 3,347 1,565 Deferred income taxes, net 729 719 Total assets
$ 145,161 $ 122,171 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: Current maturities of long-term debt $ 36,448 $ 15,500 Accounts payable 7,788 10,137 Accrued compensation, benefits and commissions 17,462 18,154 Other accrued liabilities 28,242 22,920 Deferred insurance settlement - 8,033 Liability for embedded derivatives 1,100 1,600 Deferred revenue 160,028 152,390 Total current liabilities
251,068 228,734 Long-term liabilities: Long-term debt, net of current maturities 56,391 66,613 Deferred revenue 35,582 29,182 Other long-term liabilities 7,931 7,943 Total liabilities
350,972 332,472 Stockholders’ deficit: Preferred stock, $0.0001 par value per share. Authorized 100,000 shares; no shares issued and outstanding
- - Common stock; $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 59,440 and 59,314 shares as of March 31, 2018 and December 31, 2017, respectively
6 6 Additional paid-in capital 95,987 94,967 Accumulated other comprehensive loss (904 ) (867 ) Accumulated deficit (300,900 ) (304,407 ) Total stockholders' deficit
(205,811 ) (210,301 ) Total liabilities and stockholders' deficit
$ 145,161 $ 122,171 Rimini Street, Inc. Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share amounts) Three Months Ended March 31, 2018
2017
Net revenue $ 59,805 $ 49,070 Cost of revenue 23,541 18,356 Gross profit 36,264 30,714 Operating expenses: Sales and marketing 20,207 14,696 General and administrative 10,805 9,276 Litigation costs and related recoveries: Professional fees and other defense costs of litigation 8,899 4,971 Litigation appeal refund (21,285 ) - Insurance recoveries, net (7,583 ) (1,026 ) Total operating expenses 11,043 27,917 Operating income 25,221 2,797 Non-operating expenses: Interest expense (13,409 ) (9,936 ) Other debt financing expenses (8,617 ) (1,282 ) Loss from change in fair value of redeemable warrants - (602 ) Gain (loss) from change in fair value of embedded derivatives 500 (5,100 ) Other income, net 328 89 Income (loss) before income taxes 4,023 (14,034 ) Income tax expense (516 ) (441 ) Net income (loss) $ 3,507 $ (14,475 ) Net income (loss) per share: Basic $ 0.06 $ (0.59 ) Diluted $ 0.05 $ (0.59 ) Weighted average number of shares of Common Stock outstanding: (1) Basic 59,393 24,353 Diluted 68,154 24,353 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-rimini-street-announces-fiscal-first-quarter-2018-financial-results.html |
April 30 (Reuters) - Marfin Investment Group Holdings SA :
* FY 2017 TURNOVER AT EUR 1.08 BILLION VERSUS EUR 1.08 BILLION YEAR AGO
* FY 2017 EBIT AMOUNTED TO €40.8M VERSUS €55.7 IN 2016 * FY 2017 RESULTS AFTER TAXES LOSS OF €74.8M VERSUS TO LOSSES OF €84.9M IN 2016 Source text : bit.ly/2jfSyB0 Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-marfin-fy-2017-net-results-at-loss/brief-marfin-fy-2017-net-results-at-loss-of-eur-74-8-mln-idUSFWN1S7157 |
LONDON/MOSCOW/DUBAI (Reuters) - When Qatar negotiated a deal to increase its holding in Rosneft it told the Russian oil company it wanted higher returns on its existing stake before it bought more, three sources familiar with the deal said.
FILE PHOTO: Rosneft Chief Executive Igor Sechin, June 2, 2017. REUTERS/Sergei Karpukhin/File Photo Qatar’s request was one of the triggers which prompted Igor Sechin, Rosneft’s boss and a close ally of President Vladimir Putin, to propose last week a $2 billion share buyback and an $8 billion debt reduction, marking a significant shift in the oil company’s strategy.
Days later, Qatar’s sovereign wealth fund Qatar Investment Authority, one of the world’s largest, raised its stake in state-controlled Rosneft to just under 19 percent from 4.8 percent bringing the value of its total investment to 10 billion euros.
“The pledge to reduce debts and embark on a buyback was taken by Rosneft’s directors as part of preparations for Qatar’s investment,” one of the three sources familiar with the talks, said.
Rosneft and the QIA declined to comment.
Rosneft’s shift to focus on shareholder returns and debt reduction is its biggest in years after a decade of expansion which turned the group into Russia’s most indebted company with borrowings of more than $90 billion as of the end of 2017.
This has had an impact in terms of Rosneft’s valuation versus its rivals.
Rosneft’s market value is currently around $65 billion, while its production is at more than 5 million barrels of oil equivalent per day. ExxonMobil, the world’s biggest oil company by market value, has a market cap of $330 billion while producing less than 4 million boe.
Investors say this partly reflects the impact of Rosneft’s heavy debts.
“Rosneft is just plain cheap. Look at where it value stands versus peers and compare it with its production,” one of the sources involved in negotiation told Reuters asking not to be named as the matter is not public.
Rosneft’s shares were also hit by sanctions on many Russian companies after Moscow’s annexation of Crimea and incursion in east Ukraine.
NEW PARTNERSHIP Sechin travelled to Doha in March together with his right hand man, first vice-president Pavel Fyodorov, who spent days negotiating the Qatar deal, according to two sources close to the talks.
The new partnership could also help Rosneft expand its gas projects around the world, possibly in cooperation with Qatar Petroleum, the world’s largest producer of liquefied gas.
For Qatar, the deal showed the country’s return to making large scale investments nearly a year after a boycott by its Gulf neighbours.
The Rosneft deal would help Qatar guarantee long-term access to “good gas assets”, a Doha-based industry source said: “Qatar is thinking long-term game. By long-term they mean decades, when their own gas reserves could start depleting.”
Qatar bought the Rosneft shares when a deal by Chinese energy firm CEFC to buy a 14 percent stake in the Russian oil company collapsed after an investigation into the Chinese group’s chairman.
The Rosneft deal makes the QIA the third biggest investor in the oil company behind the Russian state with 50 percent and BP with 19.75 percent.
Set up in 2005, the QIA benefited from Qatar’s gas boom amassing assets of over $300 billion and making it one of 10 world’s largest sovereign wealth funds, according to the Sovereign Wealth Fund Institute.
Its investments from the United States to France and China effectively helped the tiny state to gather political support in some of the world’s biggest capitals.
Additional reporting by Ranie El Gamal, Writing by Dmitry Zhdannikov. Editing by Jane Merriman
| ashraq/financial-news-articles | https://in.reuters.com/article/us-rosneft-qatar/rosnefts-tilt-towards-investors-prompted-qatar-stake-increase-idINKBN1IB21Z |
Reports Revenues of $215 million, and GAAP and adjusted EPS of $0.26
Revenues up 4% YOY; GAAP EPS up 117% YOY; Adjusted EPS up 30% YOY
Maintains Guidance for Full-Year 2018
BUFFALO, N.Y.--(BUSINESS WIRE)-- Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for the residential, industrial, infrastructure, and renewable energy and conservation markets, today reported its three-month period ended March 31, 2018. All financial metrics in this release reflect only the Company’s continuing operations unless otherwise noted.
First-quarter Consolidated Results
Gibraltar reported the following consolidated results:
Three Months Ended March 31, Dollars in millions, except EPS GAAP Adjusted 2018
2017
% Change
2018
2017
% Change
Net Sales $215.3 $206.6 4.2% $215.3 $206.6 4.2% Net Income $8.4 $4.0 110.0% $8.3 $6.5 27.7% Diluted EPS $0.26 $0.12 116.7% $0.26 $0.20 30.0% The Company reported first-quarter 2018 net sales of $215.3 million in line with its expectations as noted in its fourth-quarter earnings release. The 4 percent year-over-year increase was driven by higher sales in both the Renewable Energy & Conservation, and Industrial & Infrastructure segments.
GAAP and adjusted earnings met the higher end of the Company’s guidance due to improving performance in the Industrial and Infrastructure business, the success of the 80/20 simplification initiatives, and lower corporate costs related to compensation plans. The adjusted amounts for the first quarter of 2018 and 2017 remove special items from both periods, as described in the appended reconciliation of adjusted financial measures.
Management Comments
“We began the year with a strong quarter, achieving revenues and earnings in line with our guidance,” said President and CEO Frank Heard. “Revenues benefited from solid domestic demand in the Renewable Energy & Conservation and Industrial & Infrastructure businesses and from sales of new innovative products across our segments. On the bottom line, 80/20 simplification initiatives and lower corporate expenses resulted in a 117% year-over-year increase in GAAP EPS and a 30% increase in adjusted EPS.
“During the quarter we continued to successfully execute our four-pillar strategy, particularly in the areas of operational excellence and innovation,” added Heard. “We advanced key projects in in-lining and market rate of demand replenishment to improve our operations, and invested in the development of innovative products across our businesses.”
First-quarter Segment Results
Residential Products
For the first quarter, the Residential Products segment reported:
Three Months Ended March 31, Dollars in millions GAAP Adjusted 2018
2017
% Change
2018
2017
% Change
Net Sales $103.9 $104.5 (0.6)% $103.9 $104.5 (0.6)% Operating Margin 12.7% 15.0% (230) bps 12.6% 15.1% (250) bps First-quarter 2018 revenues in Gibraltar’s Residential Products segment reflected slower demand for roofing-related building products due to weather, substantially offset by higher sales in rain management and Express Locker solutions.
Product mix and raw material costs net of pricing actions accounted for the decrease in adjusted operating income and margins. The adjusted operating margin for the first quarter of 2018 and 2017 removes the special charges for restructuring initiatives under the 80/20 program from both periods.
Industrial & Infrastructure Products
For the first quarter, the Industrial & Infrastructure Products segment reported:
Three Months Ended March 31, Dollars in millions GAAP Adjusted 2018
2017
% Change
2018
2017
% Change
Net Sales $54.4 $50.3 8.2% $54.4 $50.3 8.2% Operating Margin 4.8% (0.1)% 490 bps 3.9% 3.4% 50 bps First-quarter 2018 revenues in Gibraltar’s Industrial & Infrastructure Products segment were up 8 percent versus 2017, driven primarily by demand for industrial products and contributions from the new perimeter security solutions. Backlog for both the infrastructure and industrial businesses was up versus prior-year levels. The Company continues to expect new products in the industrial business to contribute to top and bottom line growth during 2018.
GAAP and adjusted operating margin improvement for the segment reflects higher demand for innovative products and operational efficiencies resulting from the Company’s 80/20 initiatives. This segment’s adjusted operating margin for the first quarter of 2018 and 2017 removes the special charges for restructuring initiatives under the 80/20 program and portfolio management activities.
Renewable Energy & Conservation
For the first quarter, the Renewable Energy & Conservation segment reported:
Three Months Ended March 31, Dollars in millions GAAP Adjusted 2018
2017
% Change
2018
2017
% Change
Net Sales $57.0 $51.8 10.0% $57.0 $51.8 10.0% Operating Margin 7.1% 6.4% 70 bps 7.7% 8.5% (80) bps Renewable Energy & Conservation segment revenues were up 10 percent year over year due to solid demand in both Gibraltar’s domestic solar and conservation markets.
The first-quarter 2018 GAAP and adjusted operating margin reflects the impact of product mix and to a lesser extent, a less favorable alignment of material costs to customer selling prices. This segment’s adjusted operating margin for the first quarter of 2018 and 2017 removes the special charges for restructuring initiatives, senior leadership transition costs and portfolio management activities.
Business Outlook
“We continue to be optimistic about the year ahead,” said Heard. “Our innovative products across all of our markets are gaining traction, including our perimeter security solutions and solar tracker solution, and we are encouraged by the initial signs of a turnaround in the infrastructure market. We also are encouraged by the progress our teams are making in recovering material cost increases. Our goals for 2018 are to drive sustainable organic growth through the acceleration of new product development initiatives, implement 80/20 simplification projects, and seek value-added acquisitions in attractive end markets.”
Gibraltar is maintaining its guidance for revenues and earnings for the full year 2018. Gibraltar expects 2018 consolidated revenues to exceed $1 billion, considering modest growth across the Company’s end markets and continued traction from innovative products. GAAP EPS for the full year 2018 are expected to be in the range of $1.75 to $1.87, or $1.96 to $2.08 on an adjusted basis, compared with $1.95 and $1.71, respectively, in 2017.
For the second quarter of 2018, the Company is expecting revenue in the range of $257 million to $267 million as a result of growth across all end markets and continued traction from innovative products. GAAP EPS for the second quarter 2018 are expected to be between $0.48 and $0.53, or $0.52 to $0.57 on an adjusted basis.
FY 2018 Guidance
Gibraltar Industries Dollars in millions, except EPS Operating Income Net Diluted Earnings
Income Margin Taxes Income Per Share GAAP Measures $ 93-99 9.2-9.6%
$ 22-23 $ 56-60 $ 1.75-1.87 Restructuring Costs 10 1% 3 7 0.21 Adjusted Measures $ 103-109 10.2-10.6% $ 25-26 $ 63-67 $ 1.96-2.08 First-quarter Conference Call Details
Gibraltar has scheduled a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2018. Interested parties may access the call by dialing (877) 407-5790 or (201) 689-8328. The presentation slides that will be discussed in the conference call are expected to be available this morning, prior to the start of the call. The slides may be downloaded from the Gibraltar website: www.gibraltar1.com . A webcast replay of the conference call and a copy of the transcript will be available on the website following the call.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor of building products for the residential, industrial, infrastructure, and renewable energy and conservation markets. With a four-pillar strategy focused on operational improvement, product innovation, portfolio management and acquisitions, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers primarily throughout North America and to a lesser extent Asia. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com .
Safe Harbor Statement
Information contained in this news release, other than historical information, contains and is subject to a number of risk factors, uncertainties, and assumptions. Risk factors that could affect these statements include, but are not limited to, the following: the availability of raw materials and the effects of changing raw material prices on the Company’s results of operations; energy prices and usage; changing demand for the Company’s products and services; changes in the liquidity of the capital and credit markets; risks associated with the integration and performance of acquisitions; and changes in interest and tax rates. In addition, such could also be affected by general industry and market conditions, as well as macroeconomic factors including government monetary and trade policies, such as tariffs and expiration of tax credits along with currency fluctuations and general political conditions. Other that arise from time to time and are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K. The Company undertakes no obligation to update any whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.
Adjusted Financial Measures
To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release. Adjusted financial measures exclude special charges consisting of restructuring costs primarily associated with the 80/20 simplification initiative and portfolio management actions, acquisition-related items, and other reclassifications. These adjustments are shown in the reconciliation of adjusted financial measures excluding special charges provided in the supplemental financial schedules that accompany this news release. The Company believes that the presentation of results excluding special charges provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results, and may be different than adjusted measures used by other companies.
Next Earnings Announcement
Gibraltar expects to release its three-month period ending June 30, 2018, on Thursday, July 26, 2018, and hold its earnings conference call later that morning, starting at 9:00 a.m. ET.
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31, 2018 2017 Net Sales $ 215,337 $ 206,605 Cost of sales 167,019 157,350 Gross profit 48,318 49,255 Selling, general, and administrative expense 34,475 39,576 Income from operations 13,843 9,679 Interest expense 3,269 3,576 Other (income) expense (585 ) 54 Income before taxes 11,159 6,049 Provision for income taxes 2,807 2,053 Net income $ 8,352 $ 3,996 Net earnings per share: Basic $ 0.26 $ 0.13 Diluted $ 0.26 $ 0.12 Weighted average shares outstanding: Basic 31,786 31,688 Diluted 32,444 32,254 GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31,
2018 December 31,
2017 (unaudited) Assets Current assets: Cash and cash equivalents $ 200,741 $ 222,280 Accounts receivable, net 145,182 145,385 Inventories 90,236 86,372 Other current assets 6,712 8,727 Total current assets 442,871 462,764 Property, plant, and equipment, net 93,671 97,098 Goodwill 321,772 321,074 Acquired intangibles 104,059 105,768 Other assets 4,770 4,681 $ 967,143 $ 991,385 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable
$ 80,691 $ 82,387 Accrued expenses 53,254 75,467 Billings in excess of cost 11,572 12,779 Current maturities of long-term debt 400 400 Total current liabilities 145,917 171,033 Long-term debt 209,817 209,621 Deferred income taxes 31,339 31,237 Other non-current liabilities 38,115 47,775 Shareholders’ equity: Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding — — Common stock, $0.01 par value; authorized 50,000 shares; 32,398 shares and 32,332 shares issued and outstanding in 2018 and 2017 324 323 Additional paid-in capital 274,279 271,957 Retained earnings 283,538 274,562 Accumulated other comprehensive loss (4,579 ) (4,366 ) Cost of 639 and 615 common shares held in treasury in 2018 and 2017 (11,607 ) (10,757 ) Total shareholders’ equity 541,955 531,719 $ 967,143 $ 991,385 GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
March 31, 2018 2017 Cash Flows from Operating Activities Net income $ 8,352 $ 3,996 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 5,189 5,480 Stock compensation expense 2,097 1,635 Net (gain) loss on sale of assets (7 ) 12 Exit activity recoveries, non-cash (727 ) (917 ) Other, net 360 240 Changes in operating assets and liabilities, excluding the effects of acquisitions: Accounts receivable 4,947 (4,462 ) Inventories (8,907 ) 2,338 Other current assets and other assets 1,498 410 Accounts payable (1,694 ) 5,672 Accrued expenses and other non-current liabilities (33,314 ) (12,061 ) Net cash (used in) provided by operating activities (22,206 ) 2,343 Cash Flows from Investing Activities Cash paid for acquisitions, net of cash acquired — (18,561 ) Net proceeds from sale of property and equipment 2,823 9,233 Purchases of property, plant, and equipment (1,033 ) (1,453 ) Net cash provided by (used in) investing activities 1,790 (10,781 ) Cash Flows from Financing Activities Purchase of treasury stock at market prices (850 ) (922 ) Net proceeds from issuance of common stock 226 11 Net cash used in financing activities (624 ) (911 ) Effect of exchange rate changes on cash (499 ) 73 Net decrease in cash and cash equivalents (21,539 ) (9,276 ) Cash and cash equivalents at beginning of year 222,280 170,177 Cash and cash equivalents at end of period $ 200,741 $ 160,901 GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31, 2018 As
Reported
In GAAP
Statements
Restructuring
Charges
Senior
Leadership
Transition
Costs
Tax Reform Adjusted
Financial
Measures
Net Sales Residential Products $ 103,948 $ — $ — $ — $ 103,948 Industrial & Infrastructure Products 54,624 — — — 54,624 Less Inter-Segment Sales (221 ) — — — (221 ) 54,403 — — — 54,403 Renewable Energy & Conservation 56,986 — — — 56,986 Consolidated sales 215,337 — — — 215,337 Income from operations Residential Products 13,238 (166 ) — — 13,072 Industrial & Infrastructure Products 2,602 (485 ) — — 2,117 Renewable Energy & Conservation 4,062 136 178 — 4,376 Segments income 19,902 (515 ) 178 — 19,565 Unallocated corporate expense (6,059 ) 44 305 — (5,710 ) Consolidated income from operations 13,843 (471 ) 483 — 13,855 Interest expense 3,269 — — — 3,269 Other income (585 ) — — — (585 ) Income before income taxes 11,159 (471 ) 483 — 11,171 Provision for income taxes 2,807 (146 ) 130 68 2,859 Net income $ 8,352 $ (325 ) $ 353 $ (68 ) $ 8,312 Net earnings per share - diluted $ 0.26 $ (0.01 ) $ 0.01 $ — $ 0.26 Operating margin Residential Products 12.7 % (0.2 )% — % — % 12.6 % Industrial & Infrastructure Products 4.8 % (0.9 )% — % — % 3.9 % Renewable Energy & Conservation 7.1 % 0.2 % 0.3 % — % 7.7 % Segments margin 9.2 % (0.2 )% 0.1 % — % 9.1 % Consolidated 6.4 % (0.2 )% 0.2 % — % 6.4 % GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31, 2017 As Reported
In GAAP
Statements
Acquisition
Related
Items
Restructuring
Charges
Senior
Leadership
Transition
Costs
Portfolio
Management
Adjusted
Financial
Measures
Net Sales Residential Products $ 104,551 $ — $ — $ — $ — $ 104,551 Industrial & Infrastructure Products 50,718 — — — — 50,718 Less Inter-Segment Sales (456 ) — — — — (456 ) 50,262 — — — — 50,262 Renewable Energy & Conservation 51,792 — — — — 51,792 Consolidated sales 206,605 — — — — 206,605 Income from operations Residential Products 15,641 — 164 — — 15,805 Industrial & Infrastructure Products (37 ) — — — 1,760 1,723 Renewable Energy & Conservation 3,340 — — — 1,050 4,390 Segments income
18,944 — 164 — 2,810 21,918 Unallocated corporate expense (9,265 ) 102 28 347 — (8,788 ) Consolidated income from operations 9,679 102 192 347 2,810 13,130 Interest expense 3,576 — — — — 3,576 Other expense 54 — — — — 54 Income before income taxes 6,049 102 192 347 2,810 9,500 Provision for income taxes 2,053 38 71 128 676 2,966 Net income $ 3,996 $ 64 $ 121 $ 219 $ 2,134 $ 6,534 Net earnings per share - diluted $ 0.12 $ — $ — $ 0.01 $ 0.07 $ 0.20 Operating margin Residential Products 15.0 % — % 0.2 % — % — % 15.1 % Industrial & Infrastructure Products
(0.1 )% — % — % — % 3.5 % 3.4 % Renewable Energy & Conservation 6.4 % — % — % — % 2.0 % 8.5 % Segments margin 9.2 % — % 0.1 % — % 1.4 % 10.6 % Consolidated 4.7 % — % 0.1 % 0.2 % 1.4 % 6.4 %
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005293/en/
Gibraltar Industries, Inc.
Timothy Murphy, 716-826-6500 ext. 3277
Chief Financial Officer
[email protected]
Source: Gibraltar Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-gibraltar-announces-first-quarter-2018-financial-results.html |
May 16, 2018 / 5:26 PM / in 2 hours Turkish banker gets 32 months prison in U.S. case over Iran sanctions Brendan Pierson 3 Min Read
NEW YORK (Reuters) - A U.S. judge sentenced Mehmet Hakan Atilla, a Turkish banker at Turkey’s state-controlled Halkbank ( HALKB.IS ), to 32 months in prison on Wednesday after he was found guilty of taking part in a scheme to help Iran evade U.S. sanctions.
Atilla, a 47-year-old Turkish citizen, was sentenced by U.S. District Judge Richard Berman in Manhattan.
The case has strained diplomatic relations between the United States and Turkey, and Turkish President Tayyip Erdogan has condemned it as a political attack on his government.
Prosecutors had sought a sentence of about 20 years for Atilla, who worked as a deputy general manager at Halkbank.
The defendant’s lawyers had argued that federal guidelines recommended a term of just 46 to 57 months, and asked for a sentence “dramatically below” that length.
Atilla was found guilty on Jan. 3 of conspiring to violate U.S. sanctions law. His conviction followed a four-week trial in which Atilla testified in his own defense.
Prosecutors have said that beginning around 2012, Atilla was involved in a scheme to help Iran spend oil and gas revenues abroad using fraudulent gold and food transactions through Halkbank, violating U.S. sanctions.
According to prosecutors, the central figure in the scheme was wealthy Turkish-Iranian gold trader Reza Zarrab, who pleaded guilty to fraud, conspiracy and money laundering charges, and testified for several days as the U.S. government’s star witness against Atilla.
Zarrab, who has yet to be sentenced, said on the witness stand during Atilla’s trial that he bribed Turkish officials, and that Erdogan personally signed off on parts of the scheme while serving as Turkey’s prime minister.
Erdogan has said the U.S. case was based on evidence fabricated by followers of U.S.-based Muslim cleric Fethullah Gulen, whom he has also blamed for a failed 2016 coup attempt.
The Turkish president has repeatedly condemned Atilla’s conviction, most recently in an interview with Bloomberg Television on Tuesday.
“If Hakan Atilla is going to be declared a criminal, that would be almost equivalent to declaring the Turkish Republic a criminal,” Erdogan said.
Atilla was arrested in New York in March 2017, a year after Zarrab’s arrest in Florida. Reporting by Brendan Pierson in New York; Editing by Susan Thomas and Frances Kerry | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-turkey-zarrab/turkish-banker-gets-32-months-prison-in-u-s-case-over-iran-sanctions-idUSKCN1IH2HR |
May 14 (Reuters) - Select Energy Services Inc:
* SELECT ENERGY SERVICES ANNOUNCES EXECUTIVE ADDITION * SELECT ENERGY SERVICES - APPOINTED NICHOLAS SWYKA AS SVP & CFO, SUCCEEDING GARY GILLETTE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-select-energy-services-appointed-n/brief-select-energy-services-appointed-nicholas-swyka-as-cfo-idUSFWN1SL172 |
May 18, 2018 / 8:43 AM / in an hour U.N. sets up human rights probe into Gaza killings, to Israel's fury Tom Miles 4 Min Read
GENEVA (Reuters) - Israel railed against the U.N. Human Rights Council on Friday as it voted to set up a probe into recent killings in Gaza and accused Israel of excessive use of force. FILE PHOTO: United Nations High Commissioner for Human Rights Zeid Ra'ad al-Hussein of Jordan speaks during a news conference at the United Nations European headquarters in Geneva, Switzerland, May 1, 2017. REUTERS/Pierre Albouy
The resolution to send a commission of inquiry to investigate was rejected by the United States and Australia, but backed by 29 members of the 47-state U.N. forum. Another 14 countries, including Britain, Germany and Japan, abstained.
Israel’s ambassador in Geneva, Aviva Raz Shechter, castigated the council for “spreading lies against Israel” during “five hours of ludicrous statements”.
“Simply put, with this resolution, this council has reached a new height of hypocrisy, and the lowest standards of credibility,” she said.
Israel’s Foreign Ministry said it totally rejected the resolution, adding the entire purpose of the council was “not to investigate the truth but to compromise Israel’s right to self-defense and to single out the Jewish state for demonisation”.
Palestinian Foreign Minister Riyad al-Maliki welcomed the U.N. decision.
“The Human Rights Council’s formation of an international committee of investigation is a step towards doing justice to the Palestinian people,” he said in a statement. He urged speedy implementation “to stop Israeli war crimes”.
The special session of the Human Rights Council was convened after the bloodiest day for Palestinians in years on Monday, when 60 were killed by Israeli gunfire during demonstrations that Israel said included attempts to breach its frontier fence.
“Nobody has been made safer by the horrific events of the past week,” U.N. human rights chief Zeid Ra’ad al-Hussein said as he opened the debate.
Israeli forces had killed 106 Palestinians, including 15 children, since March 30, he said. More than 12,000 were injured, at least 3,500 by live ammunition. Israel was an occupying power under international law, obliged to protect the people of Gaza and ensure their welfare, he said. Related Coverage Israel minimizes casualties, but Hamas uses human shields: ambassador “TOXIC SLUM”
“But they are, in essence, caged in a toxic slum from birth to death; deprived of dignity; dehumanised by the Israeli authorities to such a point it appears officials do not even consider that these men and women have a right, as well as every reason, to protest.”
Israel says the deaths took place in protests organised by Hamas, the militant group that controls Gaza, which intentionally provoked the violence, an accusation Hamas denies.
Israel and the United States complain that the Human Rights Council, made up of 47 states chosen by the General Assembly, has a permanent anti-Israel bias.
The United States has stood by Israel during the past week’s violence, which coincided with the opening of a new U.S. embassy in Jerusalem. U.S. chargé d’affaires Theodore Allegra said the Council was ignoring the real culprit: Hamas.
“The one-sided action proposed by the council today only further shows that the Human Rights Council is indeed a broken body,” he said.
Two million people live in Gaza, most of them stateless descendants of refugees from homes in what is now Israel at its founding in 1948.
The territory has been run by Hamas since 2007, during which time Israel has fought three wars against the militant group, which denies Israel’s right to exist.
Israel and Egypt maintain a blockade of Gaza for security reasons, which the United Nations says has led to the collapse of Gaza’s economy. Reporting by Tom Miles, Nidal al-Mughrabi, Stephen Farrell and Dan Williams; Editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-un/israel-keeps-gaza-residents-caged-in-a-toxic-slum-u-n-s-zeid-idUSKCN1IJ0UU |
LISBON (Reuters) - Israel’s Netta Barzilai won the Eurovision Song Contest in Lisbon on Saturday, bringing Israel its fourth victory in the glitzy pageant, watched by over 200 million people around the world, and the right to host the event next year.
“Next time in Jerusalem!” Barzilai, a smiling 25-year-old live looping artist shouted after being named the winner. “I’m so happy! Thank you for accepting differences between us. Thank you for celebrating diversity!”
Wearing a Japanese-style kimono and geisha hairdo, she won with a lively dance mix, singing “I’m Not Your Toy” that has a women’s empowerment twist, beating Cypriot entry Eleni Foureira with her fiery Latin pop song “Fuego”.
“I believe that authenticity passes through,” said Barzilai, who has previously described the message of her song as being about female power and justice, but with a happy, colourful vibe. Her instantly recognisable song began with Barzilai mimicking chicken clucking sounds to loud cheers from fans.
She normally uses a voice looping machine during her live shows, but not in the Eurovision contest where her backing vocalists produced a similar effect.
The Saturday night show had been briefly marred by a protester with a backpack who ran onto the stage and grabbed the microphone from British contestant SuRie. She quickly recomposed and continued to sing her song Storm a few moments later.
The man was arrested by police, said organizers, lamenting the incident.
Israel's Netta reacts as she wins the Grand Final of Eurovision Song Contest 2018 at the Altice Arena hall in Lisbon, Portugal, May 12, 2018. REUTERS/Pedro Nunes Cyprus and Israel had been the bookmakers’ favourites going into the 63rd edition of the Eurovision contest, which was hosted in the Portuguese capital.
Israel made its debut in the contest in 1971 and had previously won in 1978, 1979 and 1998.
Other hopefuls with a social message included French duo Madame Monsieur, clad in black, with their song “Mercy”, inspired by the story of a Nigerian refugee who gave birth to a baby girl aboard a boat that rescued her and hundreds of other refugees trying to cross to Europe. The baby’s name is Mercy.
Lisbon hosted Eurovision for the first time this year after Portugal’s Salvador Sobral won last year’s contest in Ukraine.
The event was broadcast from the 20,000-capacity Altice Arena and projected simultaneously on giant screens on the city’s main Commerce Square overlooking the Tagus river, where thousands of music lovers from all over the world partied and cheered for their countries.
Slideshow (2 Images) Tens of thousands of visitors further boosted the record tourist numbers in the city, where pop star Madonna fixed her residence last year. Lodging bookings had jumped by up to 80 percent in Eurovision week and officials expected the event publicity to lure more foreigners.
Reporting by Andrei Khalip; Editing by Marguerita Choy and Alistair Bell
| ashraq/financial-news-articles | https://in.reuters.com/article/music-eurovision/israels-netta-barzilai-wins-eurovision-song-contest-idINKCN1IE03X |
VALLEJO, Ca (Reuters) - Amazon.com Inc on Wednesday said it has set up model “smart” homes across the United States for shoppers to experience what it’s like for voice aide Alexa to dim the lights, turn on the TV or order more laundry detergent.
The rollout underscores how Amazon aims to make Alexa and the company’s growing list of services, from shopping and entertainment to home security, an everyday part of consumers’ lives. It also steps up competition with retailers such as Best Buy Co Inc that focus on showcasing technology and advising shoppers.
Amazon, the world’s largest online retailer, said it has partnered with Lennar Corp to convert some of the home construction company’s model homes into showrooms for Alexa. The so-called “Amazon Experience Centers” are now open near 15 cities including Los Angeles, Dallas and Washington, with more to come.
“Today, the choices open to customers are, you can go to a brick-and-mortar store and you can see devices on demo tables. You go online and do your research. But you fundamentally are left to imagine what an integrated home would look like,” said Nish Lathia, general manager of Amazon Services, in the company’s Vallejo, California experience center outside San Francisco.
The centers are “intended to educate and inspire. On the secondary benefit, yes, if it drives sales, we’re not complaining,” he said.
David Kaiserman, president of Lennar Ventures, said the centers should increase traffic to Lennar’s model homes and spark ideas for potential home buyers. Lennar will get a standard commission for Amazon sales to customers it helped acquire, too.
An Amazon Echo lowers the blinds and turns on mood lighting and the TV in response to a voice command in the living room of an Amazon ‘experience center’ in Vallejo, California, U.S., May 8, 2018. Picture taken on May 8, 2018. REUTERS/Elijah Nouvelage The global smart home market is expected to reach an estimated $107.4 billion by 2023, according to market research firm ReportLinker.
Best Buy is betting big on this trend. It has expanded its In-Home Advisor program to all major U.S. markets and employs more than 350 advisors under the initiative, its most recent annual report said.
Experts visit customers’ homes and consult on issues from increasing appliance efficiency to setting up connected gadgets - similar in nature to Amazon’s 1.5-year-old “Smart Home Services,” which is poised to gain from the new experience centers.
“We’re excited about Best Buy’s program,” said Amazon’s Lathia. “The more customers that get educated about smart home, the better it is for everybody.”
Slideshow (22 Images) Philippe Ferrey, an Amazon Expert present at the Vallejo center, previously worked five years for Best Buy as a Geek Squad agent, he said.
Reporting By Jeffrey Dastin in Vallejo, California; additional reporting by Nandita Bose; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-amazon-com-smart-home/amazon-rolls-out-model-smart-homes-for-u-s-shoppers-to-try-out-alexa-idUSKBN1IA1ZZ |
41 COMMENTS WASHINGTON—The Trump administration’s decision last week to pull out of the nuclear deal with Iran will create an economic policy challenge for the U.S.: How does it enforce sanctions that the rest of the world no longer backs?
The White House last week announced a plan to reimpose economywide sanctions on Iran in two stages over six months, banning any financial or business dealings with blacklisted entities. Any non-Iranian bank, firm or person who violates that ban risks penalties themselves, including the possibility of losing access to U.S. markets and the ability to use the U.S. dollar in trade and finance.
Few U.S. firms had re-entered the Iranian market after the 2015 nuclear accord gave Tehran sanctions relief across most of the economy in exchange for halting its nuclear development. But the rest of the world ramped up buying Iranian crude and restarted trade relations, pulling the Middle Eastern economy out of recession.
Economic Warfare Iranian oil exports surged as sanctions eased...
$3.0 trillion
Other
France
2.5
Italy
Japan
2.0
South Korea
India
China
1.5
1.0
0.5
0
’18
’15
’14
’17
’16
2013
...but bank lending from rich countries dried up...
$2.5 billion
France
Germany
2.0
Italy
South Korea
1.5
U.K.
Spain
1.0
0.5
0
2012
’14
’15
’16
’13
’17
...while the country battles double-digit inflation and unemployment
%
40
30
Inflation
20
10
Unemployment
0
2000
’10
Source: Kpler (oil exports); Bank for International Settlements (loan data); International Monetary Fund (unemployment and inflation)
The world largely supported the sanctions regime used during the Obama administration, including America’s Western allies and China, a major purchaser of crude from oil-rich Iran. Still, it took years of high-level jawboning, shuttle diplomacy and punitive action to cut Iran off from world markets and the global financial system.
Now, all of the other parties to the 2015 agreement that President Donald Trump pulled the U.S. out of last week say they are committed to sticking with the accord. That, according to the leaders of Germany, France and the U.K., includes “ensuring the continuing economic benefits to the Iranian people that are linked to the agreement.” Read: They will make sure Iran still has access to global markets.
Treasury Secretary Steven Mnuchin, on the other hand, said last week that if other countries don’t comply with U.S. sanctions, the U.S. is prepared to use its authorities to penalize offenders, including by blocking their access to U.S. markets. “We will enforce compliance,” he said.
John Bolton, the White House national security adviser, said in televised appearances Sunday that European countries could face U.S. sanctions if they continue to do business with Iran.
That means the U.S. may end up strong-arming European allies to abide by a sanctions regime they disagree with and challenging other world powers, such as China, that have proven reluctant to implement sanctions they say are unilateral and extraterritorial.
Western allies alone account for more than 30% of Iran’s oil exports. Adding China and India brings that total to 80%.
Some of Europe’s largest companies, including France’s Total SA and Airbus SE , have billion-dollar projects on the line with Iran. France’s financial system had $163 million in cross-border claims on Iranian banks in the last quarter of the year, according to the Bank for International Settlements.
Lending to Iran by advanced economies tumbled under the old sanctions regime and never recovered even after sanctions relief, in part because banks were still wary of facing U.S. action. But there were signs it could pick up. According to the Iran Labour News Agency, the country’s Bank of Sepah collectively secured $10 billion in credit lines from three banks in South Korea, Austria and Denmark.
All those transactions, from oil to shipping to finance, will be banned by the U.S. sanctions by early November.
Treasury has some flexibility in whether to penalize countries and their firms. If a country has made “significant reductions” in oil purchases of crude over the next several months, the U.S. can issue an exemption from penalties. But issuing waivers and exemptions, or failing to penalize noncompliance, undermines the intent of the strategy: to pressure Iran to the negotiating table. Those actions also encourage others to flout U.S. sanctions, undermining Washington’s credibility.
“The U.S. cannot prevaricate,” said Behnam Ben Taleblu, an Iran expert at the Foundation for Defense of Democracies, a think tank that has been critical of the nuclear accord. If the U.S. falters, failing to penalize noncompliant European companies or banks, the U.S. casts doubt over its competence and capability to enforce sanctions.
The risk of Washington punishing its allies over Iran threatens to deepen a growing diplomatic rift and complicate U.S. efforts to secure other foreign policy goals. “It’s a difficult moment,” said a senior European diplomat. “I hope the solidity of the relationship will see us through.”
Even if Europe largely complies, other countries with foreign-policy aims often at odds with the U.S. may see an opportunity. Total, for example, is considering transferring its stake in a joint venture with the National Iranian Oil Co. to China National Petroleum Corp.
The best-case scenario is that the Europeans and Americans are able to craft a new deal that addresses U.S. concerns over Iran’s nuclear development, missile program and support for regional proxies, said Jonas Parello-Plesner, a former Danish diplomat who is a senior fellow at the conservative Hudson Institute.
“Worst-case, we have a spat around whether European governments try to protect their companies, do counterlegislation, or challenge it at the WTO,” he said, referring to the European Union’s use of the World Trade Organization’s to defy the U.S. embargo against Cuba in 1996.
Despite a decadeslong U.S. embargo on Cuba, the world’s rejection of the U.S. position, including Europe, meant Washington wasn’t able to dislodge the Communist Castro government’s grip on the nation.
Write to Ian Talley at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/washingtons-strict-new-policy-on-iran-could-test-ties-with-allies-1526239143 |
Eugenio Suarez and Adam Duvall homered in the first inning as the Cincinnati Reds earned a rare home win, beating the Miami Marlins 4-1 on Friday night at the Great American Ball Park.
Suarez’s homer, his fourth of the season, was a three-run shot to left that followed a Jose Peraza double and Alex Blandino’s walk.
Duvall’s homer, his fifth, was a solo shot that came three pitches after Suarez went deep. Duvall, however, sent his homer to the opposite field, just over the glove of right fielder Brian Anderson.
The Reds, who are in last place in the National League Central at 8-24, snapped a three-game losing streak. They entered Friday with a 3-12 home record. They had also allowed 30 homers and a 5.54 ERA in 15 games at the Great American Ball Park.
On Friday, however, the Reds got solid starting pitching from right-hander Sal Romano (2-3), who allowed three hits, two walks and one run in 5 1/3 innings.
Four Reds relievers — Wandy Peralta, David Hernandez, Jared Hughes and Raisel Iglesias — shut down the Marlins the rest of the way. Iglesias pitched the ninth, earning his fourth save.
The Marlins, who are in last place in the NL East, lost their second straight game following a four-game win streak. Marlins left-hander Wei-Yin Chen, who came off the disabled list last week to allow just one run in 5 1/3 innings against the Colorado Rockies, was ambushed on Friday by those two first-inning homers.
He allowed five hits, four walks and four runs in four innings, striking out two. His ERA climbed from 1.69 to 4.82.
Trailing 4-0, Miami finally got on the board in the fifth inning on Lewis Brinson’s solo home run, which was crushed to straight-away center. He hit a 2-2 fastball for his fourth homer of the season.
The Marlins had a chance to do damage in the sixth, loading the bases with one out. But Hernandez came on and retired Anderson on a line drive to shallow left. Martin Prado then flew out to end Miami’s last major threat.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cin-mia-recap/suarez-duvall-lift-reds-over-marlins-4-1-idUSMTZEE558H812Q |
EMERGING MARKETS-Argentina peso tumbles again despite cenbank moves Gram Slattery Published 23 Hours Ago Reuters
(Updates prices; adds news from Brazil and Mexico) SAO PAULO, May 3 (Reuters) - The Argentine peso hit a new record low on Thursday, dropping for the second straight day despite a dramatic rate hike by the central bank, indicating investors are jittery about a market-friendly transition in Argentina. In afternoon trading, the currency fell nearly 8 percent to trade at 23 pesos per U.S. dollar, even as the bank hiked the benchmark interest rate 300 basis points to 33.25 percent, its second surprise hike in less than a week.
The bank said in a Thursday statement it would continue using all the tools at its disposal to achieve its 15 percent inflation target this year and could raise the interest rate again. Argentina's monetary authority has also heavily intervened in the spot market, selling about $500 million on Thursday, according to traders, after selling the same amount the day before. Elsewhere in the region, other currencies were mainly flat against the dollar, though Colombia's peso was off 0.88 percent as prices for oil took a slide. Regional equities markets were all down as trade jitters weighed on sentiment ahead of a U.S. trade visit to China, with Brazil's benchmark Bovespa and Mexico's S&P/BMV IPC index both down about 1.5 percent. Shares in Brazil's Banco BTG Pactual tumbled 2 percent on Thursday, the day after the country's largest independent investment bank reported profits fell more than 20 percent in the latest quarter. In Mexico, shares of Kimberly-Clark de Mexico dropped as much as 6.5 percent to trade at its lowest since April 2015.
U.S. Treasury Secretary Steven Mnuchin has arrived in Beijing for talks on tariffs, but with state media saying China will stand up to the United States and the U.S. delegation slated to leave as early as Friday, there is little expectation of a breakthrough.
Key Latin American stock indexes and currencies at 2034 GMT:
Stock indexes Latest Daily pct YTD pct change change MSCI Emerging Markets 1,137.85 -1.18 -1.78 MSCI LatAm 2,841.05 -1.85 0.46 Brazil Bovespa 83,288.14 -1.49 9.01 Mexico IPC 47,094.13 -1.5 -4.58 Chile IPSA 5,640.10 -0.96 1.36 Chile IGPA 28,413.30 -0.82 1.55 Argentina MerVal 29,567.99 -0.16 -1.66 Colombia IGBC 12,353.29 -0.59 8.64 Venezuela IBC 21,977.18 1.23 1639.88 Currencies Latest Daily pct YTD pct change change Brazil real 3.5237 0.15 -5.97 Mexico peso 19.0630 0.14 3.34 Chile peso 618.1 0.06 -0.56 Colombia peso 2,857.61 -0.88 4.35 Peru sol 3.272 -0.12 -1.07 Argentina peso 22.4000 -5.36 -16.96
(interbank)
Argentina peso (parallel) 21.45 -1.63 -10.35
(Additional reporting by Eliana Raszewski in Buenos Aires and David Alire Garcia in Mexico City; Editing by Sandra Maler) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-emerging-markets-argentina-peso-tumbles-again-despite-cenbank-moves.html |
Stay Connected Facebook's Fix-It Team The social-media giant is deploying AI and thousands of moderators to fight bad content. But will the clean-up efforts create a new mess over user privacy? By Michal Lev-Ram 6:30 AM EDT
For 20 minutes on the morning of May 1, Facebook users saw a curious query at the end of every update on their feeds. “Does this post contain hate speech?” they were asked, in small font next to “yes” and “no” buttons. (If they clicked yes, a pop-up box of follow-up prompts emerged; if no, the question disappeared.) Users of the social network have long been able to report disturbing posts, but this in-your-face approach was unsettling. Even more perplexing: The question was appended to all posts, including photos of fuzzy kittens and foodie breakfast check-ins.
It didn’t take long for word—and snark—to spread around the web. “So glad Facebook has finally given me the ability to report every single pro–New York Mets post as ‘hate speech,’ ” quipped one Twitter user. Adding to the embarrassment, May 1 was opening day for F8, the company’s annual developer conference—and a cheerful “coming soon” status update from CEO Mark Zuckerberg himself was among those festooned with the query. “Even on a post from Zuck, it asked, ‘Is this hateful?’ ” says Guy Rosen, VP of product for the social media giant’s safety and security team, who sat down with Fortune later that same day.
As it turns out, the hate-speech feature was a bug—an “uncooked test,” in Rosen’s words, released prematurely. But though he was, broadly speaking, responsible for the blunder, he wasn’t apologetic about the technology. At some point soon, Rosen explained, feedback from such queries (applied smartly and sparingly) could be added to Facebook’s growing stockpile of weapons in its fight against harassment and other offensive or illicit activity that has proliferated on the platform. Those reports, in turn, would help train artificial intelligence systems to distinguish between innocuous fluff and posts that infringe on Facebook’s code of conduct.
In hindsight, it was ironically appropriate that the Zuckerberg post that was tagged that day read in part, “I’m going to share more about the work we’re doing to keep people safe.”
That Facebook needs cleaning up is something only a free-speech absolutist would dispute these days. The platform, with its 2.2 billion users, has an unmatched global reach. And its spreading swamp of harmful content, from election-manipulating “fake news,” to racist and terrorist propaganda, to the streaming of assaults and suicides via Facebook Live, has prompted an unprecedented outcry, with critics in the U.S. and abroad demanding that Facebook police itself better—or be policed by regulators. “The technology needs large amounts of training data,” gleaned from users’ posts, to spot “meaningful patterns.”
Guy Rosen: VP of Product Rosen is responsible for developing the tech to help Facebook flag hate speech, illicit photos, and other bad behavior. Jessica Chou for Fortune
The social media giant recently disclosed the mind-boggling quantity of some of these transgressions. In mid-May, Facebook reported that in the first quarter of 2018 alone, it had discovered 837 million instances of spam, false advertising, fraud, malicious links, or promotion of counterfeit goods, along with 583 million fake accounts (all of which it says it disabled). It also found 21 million examples of “adult nudity and sexual activity violations,” 3.4 million of graphic violence, 2.5 million of hate speech, and 1.9 million of terrorist propaganda related to ISIS, al Qaeda, or their affiliates. Facebook’s mission is to bring the world closer together—but this is not the closeness it had in mind.
Part of the fault lies in Facebook’s business model, explains Sarah Roberts, an assistant professor at UCLA’s Graduate School of Education and Information Studies who researches social media: “The only way to encourage user engagement without going broke is to ask people to contribute content for free. But when you ask unknown parties anywhere in the world to express themselves any way they see fit, you will get the full gamut of human expression.”
Granted, it wasn’t such expression that most recently got Facebook in trouble: It was the Cambridge Analytica scandal, in which it emerged that data of some 87 million Facebook users had been obtained by a third-party developer—and used by Donald Trump and other candidates in 2016 to target voters. The privacy breach earned Zuckerberg two grueling days of grilling from Congress. Some legislators, though, were just as eager to press him on fake news and opioid-sales scams. In front of the nation, Zuckerberg conceded, “I agree we are responsible for the content [on Facebook]”—a remarkable admission from a company that for years insisted it was just providing a platform and thus absolved from blame for what gets said, done, or sold on its network. Rank 76 31.4%* *Total Return to Shareholders assumes the 2007–2017 Annual Rate.
By the end of 2018, Facebook plans to double, to nearly 20,000, the number of moderators and other “safety and security” personnel whose job it is to catch and remove inappropriate content. And because even 20,000 people can’t possibly patrol all of the billions of videos, chats, and other posts on the massive network, Facebook is simultaneously developing artificial intelligence technologies to help do so.
Over several weeks this spring, Fortune spent time at Facebook’s Menlo Park, Calif., headquarters to see what that policing might look like. An irony quickly became apparent: For these people and machines to be more effective at their jobs, they will need to rely on increasingly invasive tactics. More humans will need to pore through more of your photos, comments, and updates. To improve their pattern recognition, A.I. tools will need to do the same. (As for your “private” messages, Facebook A.I. already scans those.) And to put particularly high-risk posts in context, humans and machines alike could dig through even more of a user’s history.
Such surveillance “is a bit of a double-edged sword,” says Roberts. It also doesn’t come cheap. Facebook has said that it expects its total expenses in 2018 to grow 50% to 60%, compared with 2017, partly owing to spending on human and A.I. monitoring. (The company doesn’t separately break out its monitoring expenses.)
It’s an outlay Facebook can certainly afford. The company, No. 76 on this year’s Fortune 500, has so far absorbed the recent controversies without taking a serious financial hit. Its first-quarter revenue jumped an impressive 49% year over year, to $12 billion, and its stock, which lost $134 billion in market value after the Cambridge Analytica news broke, now trades near pre-scandal levels. “[Monitoring] would have to be a pretty intensive investment to materially impact the margins of the business,” says John Blackledge, a senior research analyst with Cowen and a longtime follower of the company.
Still, it’s not an investment on which Facebook can skimp. Facebook can afford to lose some squeamish users, but if it drives away advertisers, who account for 98% of its revenue, it’s in big trouble. For now, Facebook says it hasn’t seen tangible disruption to the business, but some brands were voicing concerns over the presence of fake news and criminal activity well before the Cambridge Analytica exposé. And while beefed-up policing could create a safer user experience, that safety could come at an additional price. At a time when Facebook’s handling of private data and the sheer amount of information it holds have come under scrutiny, will consumers trust it to sift through even more of their posts? “We take user privacy very seriously and build our systems with privacy in mind,” Rosen asserts. But the more users know about Facebook’s cleanup efforts, the bigger the mess that might ensue.
On a spring morning in Menlo Park , more than 30 senior staffers gathered in Facebook’s Building 23 to discuss several meaty topics, including how the network should categorize hateful language. Such conversations happen every two weeks, when the company’s Content Standards Forum convenes to discuss possible updates to its rules on what kind of behavior crosses the line between obnoxious and unacceptable.
Five years ago, Facebook assigned the task of running the forum to Monika Bickert, a former assistant U.S. attorney who first joined the company as counsel for its security team. Bickert works closely with Rosen to ensure that Facebook develops tools to help implement the policies her team sets. The duo, in turn, collaborates with Justin Osofsky, whose duties as VP of global operations include overseeing the company’s growing ranks of content reviewers. If Facebook’s worst posts resemble dumpster fires, these three lead the bucket brigade.
Tall, redheaded, and athletic, Bickert exudes a bluntness that’s rare at the social network. She speaks openly about uncomfortable topics like the presence of sex offenders and beheading videos on the platform. And unlike some of the more idealistic executives, she doesn’t seem stunned by the fact that not everyone uses Facebook for good. “The abusive behaviors that we’re addressing are the same ones you would see off-line—certainly as a prosecutor,” she says. “The abusive behaviors that we’re addressing are the same ones you would see off-line.”
Monica Bickert: Head of Global Policy Management Bickert served more than a decade as a federal prosecutor before joining the social network. Now she runs its Content Standards Forum. Jessica Chou for Fortune
Bickert’s team includes subject-matter experts and policy wonks whose credentials are as impressive as they are grim. (Think former counterterrorism specialists, rape crisis counselors, and hate-group researchers.) Their collective job is to develop enforceable policies to target and eradicate the nefarious activities they are all familiar with from the real world, while keeping the platform a bastion of (somewhat) free expression. “If Facebook isn’t a safe place, then people won’t feel comfortable coming to Facebook,” says Bickert.
Just defining impropriety is a tall order, however, especially on a global network. Take hate speech. The intention behind specific words can be tricky to parse: A Portuguese term might be considered a racial slur in Brazil, but not in Portugal. Language is also fluid: People in Russia and Ukraine have long used slang to describe one another, but as conflict between them has escalated in recent years, certain words have taken on more hateful meaning.
In an effort to be more transparent about its rules, Facebook in late April publicly released for the first time its entire, 27-page set of “community standards.” Some of its codes tackle racy content with an ultradry vocabulary. (“Do not post content that depicts or advocates for any form of nonconsensual sexual touching, crushing, necrophilia, or bestiality.”) Others are surprising for what they don’t ban. It’s okay to discuss how to make explosives, for example, if it’s for “scientific or educational purposes.” And while anyone convicted of two or more murders is banned from Facebook, a single homicide won’t get someone exiled from the land of the “Like” button—unless the individual posts an update about it. (The reason: While people may commit a single homicide accidentally or in self-defense, it is easier to establish intent with a multiple murderer; meanwhile, no users are allowed to promote or publicize crime of any kind.)
“They will not be definitions that every person will agree with,” Bickert says of the standards. “But [we want to] at least be clear on what those definitions are.” In the spirit of clarity, Facebook plans to host multiple “interactive” summits in the coming months to get feedback on its rules from the public and the press. Ultimately, though, it is up to the company to decide what it allows and what it bans—even in matters of life and death.
In the spring of 2017 , Rosen put a team of engineers on “lockdown,” a Facebook practice in which people drop everything to solve a problem. The problem was dire indeed: People were using Facebook Live, a video-streaming service that had just launched, to announce their intention to kill themselves, and even to stream themselves doing it.
Dressed in a black T-shirt, jeans, and slip-on gray shoes, Rosen looks the part of a Silicon Valley techie-dude. But his casual demeanor belies the urgency with which his cross-disciplinary team of a few dozen took on the tragic issues on Facebook Live. “The purpose is to help accelerate work that’s already happening,” says the exec, seated in the same conference room where last year’s lockdown took place. The work that came out of the two-months-long period serves as a case study for how Facebook hopes to police content—and it hints at how powerful and pervasive those efforts could become.
Facebook doesn’t disclose the frequency of suicide attempts on its platform. But broader data hints at the scope of the problem. In the U.S. alone, about 45,000 people a year kill themselves, while some 1.3 million try to do so. The U.S. population stands at 325 million; Facebook’s user base tops 2.2 billion. “The scale at which Facebook is dealing with this has to be enormous,” says Dan Reidenberg, executive director of SAVE, a nonprofit aimed at raising suicide awareness.
During and after the lockdown, with Reidenberg’s help, Facebook designed policies to help those in need while reducing the amount of traumatic content on the platform—and the likelihood of “contagion,” or copycats. Company policy now states that Facebook removes content that “encourages suicide or self-injury, including real-time depictions of suicide,” but also that it has been advised not to “remove live videos of self-harm while there is an opportunity for loved ones and authorities to provide help or resources.”
That’s obviously a difficult distinction to make, which is one reason Facebook also brought on 3,000 moderators—one of its biggest expansions of that workforce—to sift through videos of at-risk users. To serve them, engineers developed better review tools, including “speed controls” that allowed reviewers to easily go back and forth within a Live video; automated transcripts of flagged clips; and a “heat map” that showed the point in a video where viewer reactions spike, a sign that the streamers might be about to do harm. Zuckerberg testifies before the U.S. Senate on April 10. Ting Shen — Xinhua News Agency/Getty Images DUDE, WHERE’S MY DATA? Deploying user data to help advertisers remains key to Facebook’s business model. But big changes are looming. A lot has happened since mid-March, when a series of news articles exposed how the now-defunct British data firm Cambridge Analytica used improperly obtained information to build voter profiles for upwards of 87 million Facebook users (and then sold the data to political campaigns). The ensuing public outcry forced CEO Mark Zuckerberg to embark on an apology tour in front of lawmakers, users, and the press. Facebook has since begun to notify the millions of people affected by the breach. It has also implemented more restrictions on the scope of the data currently available to third-party developers, and it kicked off a comprehensive audit of all apps that had access to large amounts of data on the platform, in order to identify other potential abuses. (An update on the audit, published May 14, stated that thousands of apps have already been investigated, with around 200 of them suspended from the platform.) By the end of May, Facebook and other Internet companies will have to comply with the General Data Protection Regulation (GDPR), a new privacy regime aimed at protecting European Union citizens. The GDPR mandates sweeping consumer controls, including allowing users to access and delete personal information, and enabling them to file class-action-style complaints and to download their data and port it to competitors. GDPR raises the bar in more painful ways too: Corporate violators can be punished by fines of up to 4% of annual revenue. That means just one infraction could cost Facebook $1.6 billion.
Facebook says that all of its moderators receive ongoing training. The company gave Fortune a rare glimpse of material used to prep moderators (in this case, on what to do when dealing with content about “regulated goods” like prescription drugs and firearms), and it’s admirably extensive. Still, even armed with training and high-tech tools, reviewers in suicide-risk situations have an emotionally taxing and hugely impactful task—and whether they’re equipped to handle the weight of it is an open question. Like other tech companies that use content reviewers, including Twitter and YouTube, Facebook discloses little about their qualifications, or about how much they’re paid. The company does say that all are offered psychological counseling: “The reality of this work is hard,” admits Osofsky, who spoke with Fortune by phone while on paternity leave.
That makes the role of technology even more crucial. Facebook now deploys A.I. systems that can detect suicidal posts; the software searches for phrases like “Are you OK?,” alerts human reviewers, and directs resources to users it deems at risk. It can even alert a user’s friends and urge them to offer help. At some point soon, chatbots could act more directly, sending messages of concern and even automatically calling first responders.
Rosen says that since last year’s lockdown, Facebook has referred more than 1,000 suicide-risk cases worldwide to first responders. Each life saved is a profound achievement, and the increased reliance on software suggests there’s more progress to come. That’s why Reidenberg is optimistic about A.I. tools. “I believe that technology provides us the best hope of reducing the risk of suicide in the world,” he says. Still, he concedes, “This is uncharted territory.”
Assessing risks and parsing posts, on such a global scale, is indeed unprecedented. To do it effectively, Facebook will likely end up accessing and analyzing ever more of our data.
A.I. is already offering a radical shortcut, because it can sift through so much information in such little time. In cases of sexual exploitation and unlawful nudity, for example, software can already detect the presence of nipples. How do A.I. tools learn to do this? By studying lots and lots of photos—our photos—and looking for patterns. But while technology can ascertain an areola, it can’t distinguish between an acceptable depiction of the body part—breastfeeding pics—and so-called “revenge porn,” a major no-no on the platform. Osofsky, VP of global operations, oversees Facebook’s fast-growing team of content reviewers—including staff who screen posts for hate speech and suicide risks. Jessica Chou for Fortune
Where tech fails, human surveillance fills the gaps. Here, too, more information and more context can lead to more informed decision-making. Facebook’s content cops point out that its reviewers don’t have access to data that isn’t pertinent to the issue at hand. “The tools our content reviewers use provide a limited view and context based on the type of content that is being reviewed,” says Rosen. The implication: Facebook doesn’t have to know all your business to help you avoid hate speech or get help.
But where to draw that line—how much context is enough context—is a call Facebook will increasingly be making behind the scenes. Whether we can accept the tradeoff, giving the network more latitude to assess our data in exchange for safety, is a question too complex to answer with yes or no buttons.
This article originally appeared in the June 1, 2018 issue of Fortune. | ashraq/financial-news-articles | http://fortune.com/longform/facebook-fix-it-team-fortune-500/ |
May 9, 2018 / 11:39 AM / Updated 5 hours ago BMW recalling 312,000 cars in Britain: BBC Reuters Staff 1 Min Read
LONDON (Reuters) - German automaker BMW ( BMWG.DE ) is recalling 312,000 of its cars in Britain due to concerns that they could cut out completely while being driven, the BBC reported on Wednesday. FILE PHOTO: Raindrops cover the bonnet of a BMW car in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth/File Photo
The vehicles being recalled are BMW 1 Series, 3 Series, Z4 and X1 petrol and diesel models made between March 2007 and August 2011, the BBC said.
Last year BMW recalled 36,410 petrol cars due to safety issues. Reporting by Guy Faulconbridge, writing by David Milliken; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bmw-recall-britain/bmw-recalling-312000-cars-in-britain-bbc-idUKKBN1IA1LJ |
May 19, 2018 / 1:19 AM / Updated 16 hours ago Groin strain puts Del Potro's French Open in jeopardy Reuters Staff 1 Min Read
BUENOS AIRES (Reuters) - Juan Martin del Porto has suffered a groin strain and is a doubt for the French Open, the Argentine world number six said on Friday. FILE PHOTO: Britain Tennis - Great Britain v Argentina - Davis Cup Semi Final - Emirates Arena, Glasgow, Scotland - 15/9/16 Argentina's Juan Martin del Porto during a press conference Action Images via Reuters / Andrew Boyers Livepic EDITORIAL USE ONLY
Del Porto was forced to pull out of the Italian Open in Rome on Thursday after feeling a pain in his left groin. At the time, the 2009 U.S. Open champion was 2-6 5-4 down in his last 16 encounter to Belgian David Goffin.
“After the medical examinations today, it has been determined that I have suffered a groin strain (grade 1) in Rome,” the 29-year-old Del Potro said on his verified Twitter account.
“I have started to do rehab and will evaluate the situation in the upcoming days to decide whether I can play the French Open.”
The injury comes at a bad time for Del Potro, who has started the season well with tournament wins in Acapulco and Indian Wells. The French Open starts on May 27 in Paris. Reporting by Ramiro Scandalo; Writing by Andrew Downie; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-argentina-delpotro/groin-strain-puts-del-potros-french-open-in-jeopardy-idUKKCN1IK02E |
Gun vendors frustrated at slumping sales 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/gun-vendors-frustrated-at-slumping-sales.html |
May 29, 2018 / 10:04 PM / Updated 15 minutes ago For job-related skin problems, best prevention unclear Lisa Rapaport 5 Min Read
(Reuters Health) - It’s hard to say whether creams, moisturizers or other preventive measures might help protect workers in many industries from skin damage on their hands that can lead to painful blisters, cracks and infections, a research review suggests.
The analysis focused on so-called occupational irritant hand dermatitis, which can affect employees who regularly come in contact with water, detergents, chemicals and other irritants or who wear gloves during their work day. People at risk include nurses, construction workers, hairdressers, farm workers, restaurant employees and individuals who work in dye, printing and metal industries.
Researchers examined data from nine previous studies with a total of 2,888 workers. The studies lasted anywhere from four weeks to three years; all of them examined the effectiveness of preventive measures like protective gloves, employee education, moisturizers and creams.
Moisturizers, and to a lesser extent barrier creams, were both associated with fewer people getting dermatitis but the quality of this evidence was low, the analysis found.
“We come into contact with lots of different chemicals and other factors every day that will either physically disrupt the natural barrier of the skin or deplete the natural moisturizing factors which then causes disruption to the skin barrier function,” said Dr. Saxon Smith, author of an editorial accompanying the study and a dermatologist at the University of Sydney in Australia.
“The body reacts to these changes and develops inflammation which presents as red, dry, scaley skin on the hands,” Smith said by email.
Topical moisturizers can help replenish moisture lost when the skin is exposed to harsh chemicals, detergents or other things that can damage skin, Smith said. Topical corticosteroids and other immunosuppressive drugs known as calcineurin inhibitors can help ease inflammation in the skin caused by certain types of work.
Gloves and barrier creams can help to diminish the impact and direct contact of the irritating chemicals on the skin, Smith added. But chemicals can sometimes penetrate gloves and barrier creams, and this may explain why the study found this approach less effective than moisturizers for preventing dermatitis - a result Smith said was surprising.
Four studies in the analysis that focused on barrier creams found 29 percent of people who used this method for preventing hand skin irritation developed this problem, compared with 33 percent of workers who didn’t use barrier creams.
Three studies focused on moisturizers found 13 percent of people who used this method for preventing skin issues developed these problems on their hands, compared with 19 percent who didn’t use moisturizers.
Two of the smaller studies in the analysis examined the combination of both barrier creams and moisturizers. Eight percent of people using both methods of prevention developed dermatitis on their hands, compared to 13 percent who didn’t.
It’s not clear based on the study results whether skin protection education is associated with a lower risk of skin irritation on the hands, the analysis found.
Only a few people in the studies reported side effects from moisturizers or barrier creams, and these were generally mild reactions like itching or reddening of the skin.
One limitation of the analysis is that the smaller studies used a variety of methods to assess the effectiveness of approaches to skin irritation and examined a number of different prevention options, Dr. Andrea Bauer of Technical University Dresden in Germany and colleagues write in the Cochrane Database of Systematic Reviews. Dr. Bauer didn’t respond to emails seeking comment.
Still, the results highlight a need for workers in a wide range of industries to educate themselves about the best ways to prevent skin problems that may be associated with their specific job, Smith said.
“If you work in a job that is known to have a high rate of irritant and allergic contact dermatitis, educate yourself about the best workplace practices and look after the care of your hands with soap-free wash, regular moisturizer, and minimal wet work with your hands where possible,” Smith advised.
SOURCE: bit.ly/2spk3vU Cochrane Database of Systematic Reviews, online April 30, 2018. | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-skin-contact-dermatitis/for-job-related-skin-problems-best-prevention-unclear-idINKCN1IU2TT |
Netflix shares just hit an all-time high, and some say the run isn't over yet 2 Hours Ago Netflix is on a tear. Mark Tepper of Strategic Wealth Partners and Stacey Gilbert of Susquehanna discuss the stock with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/netflix-shares-just-hit-an-all-time-high-and-some-say-the-run-isnt-over-yet.html |
April 30 (Reuters) - Harmonic Inc:
* SEES FY 2018 REVENUE ABOUT $5.0 MILLION * QTRLY GAAP REVENUE OF $90.1 MILLION, UP 9% YEAR OVER YEAR
* QUARTER END BACKLOG AND DEFERRED REVENUE OF $224.4 MILLION, UP 21.8% YEAR OVER YEAR
* SEES 2018 LOSS PER SHARE BETWEEN $0.69 AND $0.21 * SEES Q2 NON-GAAP LOSS PER SHARE $0.07 TO EPS OF $0.02
* SEES 2018 ADJUSTED EPS BETWEEN A LOSS PER SHARE OF $0.22 TO EPS OF $0.18 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-harmonic-reports-qtrly-loss-per-sh/brief-harmonic-reports-qtrly-loss-per-share-of-0-16-idUSASC09YB3 |
Europe scrambles to salvage Iran nuclear deal 7:57am EDT - 01:56
Dismayed European allies sought to salvage the international nuclear pact with Iran on Wednesday after President Donald Trump pulled the United States out of the landmark accord.
Dismayed European allies sought to salvage the international nuclear pact with Iran on Wednesday after President Donald Trump pulled the United States out of the landmark accord. //reut.rs/2KPL0l4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/europe-scrambles-to-salvage-iran-nuclear?videoId=425243644 |
LONDON, May 25 (Reuters) - Italy’s short-dated bond yields soared on Friday as a sell-off in peripheral euro zone bond markets gathered pace on mounting concerns over political risks in Italy and Spain.
The two-year Italian bond yield rose more than 15 basis points to 0.445 percent, its highest level since June 2015.
That pushed the gap over short-dated German bond yields to its widest in 4-1/2 years at 108 bps. Italian 2-year bond yields were also set for their biggest weekly jump in five years, up 35 bps. (Reporting by Dhara Ranasinghe and Abhinav Ramnarayan, Editing by xxx)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds-italy/italian-2-year-bond-yields-soar-gap-over-germany-at-4-1-2-year-high-idUSL5N1SW3E4 |
Donald Trump will announce today whether the U.S. will leave the Iran nuclear deal, with consequences likely to be felt from Middle East war zones to oil markets. If the U.S. president refuses to keep waiving sanctions under the six-nation accord reached in 2015, there’s a chance Iran will also walk away and resume its atomic program. European powers have pressed Trump to preserve the agreement while they negotiate side-deals to address his main concerns. A breakthrough has so far remained elusive. So what’s at stake if the U.S. withdraws?
Doing Business A resumption of U.S. sanctions could derail tens of billions of dollars in business deals. While a U.S. exit may not render signed deals illegal, new sanctions would make it risky for international companies to continue working in Iran due to potential ramifications for their U.S. business or banking transactions.
It’s not just companies involved in Iran that are worried. Privately, business leaders increasingly fret about the growing risk of conflict in the region if Iran resumes uranium enrichment in response to a U.S. withdrawal — and what that could mean for world trade.
Among the larger deals at stake:
Airbus Group SE signed off on a contract with Iran for 100 jetliners worth about $19 billion at list prices Boeing Co. and Iran’s Aseman airline signed a $3 billion agreement for 30 737 Max jets; the U.S. company also struck a $16.6 billion deal with national carrier Iran Air for 80 aircraft Total SA along with China National Petroleum Corp. signed a 20-year agreement valued at $5 billion to develop phase 11 of the South Pars offshore gas field
Oil A “snap-back” in Iran sanctions by the U.S. would almost certainly reduce Iran’s oil exports, further stretching global markets. Oil futures rose above $70 a barrel in New York for the first time in more than three years on Monday as traders speculated about Trump’s intentions. What’s more uncertain is exactly how far Iran’s shipments would fall.
A recent Bloomberg survey predicted Iranian exports would be cut by 500,000 barrels a day. Iran is currently shipping just over 2 million barrels a day. More than half of that goes to China and India, while European Union nations buy about a quarter.
Although America purchases no Iranian oil, that might not matter. If U.S. sanctions put banks, shipping companies, refiners, insurers and ports at risk of losing access to the global banking system, they would have little option but to end their involvement with Iran. Much depends on whether Trump offers waivers and exemptions.
Trump’s Iran Decision: What’s at Stake for Global Oil Market?
Global Power Balance On the international stage, the biggest winners from a resumption of American sanctions could be two other signatories to the deal — China and Russia, whose influence has gradually spread in the Middle East as the U.S. scaled back its engagement.
Russia is already fighting, and winning, on the same side as Iran in the Syria conflict. And cold feet among European and U.S. investors could herald a new boom for some Chinese companies, already major investors in Iran, where they have signed multi-billion dollar agreements in the oil, industrial and transportation sectors.
Nuclear Risks The collapse of the accord could hamper denuclearization efforts, and not just in the Middle East. While President Hassan Rouhani has signaled a route that keeps Iran in the deal, Foreign Minister Mohammad Javad Zarif has warned that if the U.S. exits, his country might resume its nuclear program. Iranian officials have also threatened to leave the Non-Proliferation Treaty if the deal crumbles. Iran denies its enrichment was ever intended to build weapons as the U.S., Israel and others had charged.
North Korea, which does have a nuclear arsenal, will be watching developments closely. Ditching a deal the U.S. helped shape could undermine American credibility at the negotiating table as it seeks denuclearization in the Korean peninsula. Some analysts say the upcoming talks with North Korean leader Kim Jong Un might be weighing on Trump — and leave him more inclined to preserve Iran’s agreement.
Iranian Political Dynamics A collapse of the nuclear deal would be a blow for Rouhani and the reformists who championed a diplomatic settlement to the nuclear standoff that had left Iran increasingly isolated. The nuclear deal is a rare concrete achievement for Rouhani, who was re-elected last year but has been weakened by demonstrations, a currency crisis and problems in the banking sector.
Hardliners, who warned through years of talks that the U.S. was not a trustworthy partner, would emerge strengthened. There are also signs that the attitudes of ordinary Iranians, many of whom welcomed a deal they hoped would bring prosperity, are hardening.
“If the U.S. doesn’t stick by its obligations then it’ll go back to before and we will start enriching uranium,” said Morteza, an unemployed Tehran resident. “It’s Iran’s right to do so, because they’re the ones violating it, not us.”
Risk of Conflict If the deal collapses and Iran restarts its nuclear program, the risk of confrontation could increase. Washington’s leading Middle East allies — Israel and Saudi Arabia — are both determined to roll back Iranian influence in their neighborhood. Israel in the past has threatened to bomb Iranian nuclear sites to prevent it obtaining a weapons capability.
The potential for a broader conflict is compounded by the war in Syria, which has already drawn in Iran, Lebanon’s Hezbollah, Russia, the U.S., Turkey and Israel.
Defying the U.S. The amount of turbulence, especially for businesses, will depend on how Iran, and other powers, respond to Trump’s move. Will Iran walk away, or stick to the agreement with China, Russia and the three European signatories? The situation is unpredictable because it was not foreseen by the deal’s architects.
When the agreement was being negotiated and implemented, the thinking was that sanctions would be snapped back by the U.S. and other signatories if Iran did not comply, says Andrew Keller, a Washington-based partner at Hogan Lovells law firm, which offers sanctions advise to companies doing or considering doing business in Iran.
“We are in a completely unpredicted situation where the U.S. is the unreliable party,” says Keller, a former U.S. official who helped develop the sanctions relief aspects of the deal. “Iran is complying with the deal and so the rest of the world will likely be united against the U.S. if President Trump reimposes the sanctions.” | ashraq/financial-news-articles | http://fortune.com/2018/05/08/trump-iran-nuclear-deal/ |
May 3, 2018 / 1:36 PM / Updated an hour ago Myanmar journalists say government failing to protect press freedom - survey Thu Thu Aung 4 Min Read
YANGON (Reuters) - Journalists in Myanmar believe their government is failing to defend media freedom despite the transition from harsh military rule to an elected government of Aung San Suu Kyi, according to a survey published to mark World Press Freedom Day on Thursday. Detained and handcuffed Reuters journalist Wa Lone speaks to media after a court hearing in Yangon, Myanmar May 2, 2018. REUTERS/Ann Wang
Activist group Free Expression Myanmar and its partner organizations interviewed 200 journalists between January and April, finding almost half believed they had less freedom as journalists than a year earlier.
“Journalists are frustrated by the government’s failure to implement its election manifesto commitments to increase media freedom,” the group said in a report on its survey.
Asked to rate the government’s success on defending media freedom, 79 percent of journalists questioned for the survey answered “low” or “very low.”
The government’s main spokesman, Zaw Htay, referred Reuters’ questions about the survey results to the information ministry.
Reuters contacted three officials at the Ministry of Information, who all declined to comment and referred questions to other officials.
Myanmar authorities - some still controlled by the army, which operates without civilian oversight - have detained journalists even though the military handed over the reins of government to Nobel laureate Suu Kyi in early 2016.
Two Reuters reporters were arrested on Dec. 12 and face up to 14 years in prison under accusations they breached the colonial-era Official Secrets Act.
The survey comes after Paris-based Reporters Without Borders last week moved Myanmar down in its annual press freedom index by six places to 137th out of 180 nations, citing legal action against journalists and restrictions on access to conflict-affected areas. Detained and handcuffed Reuters journalist Kyaw Soe Oo carries his daughter Moe Thin Wai Zin while arriving for a court hearing in Yangon, Myanmar. REUTERS/Ann Wang
“Journalists increasingly believe that the government, including the military, is the greatest threat to media freedom in Myanmar, both through its continued use of old oppressive laws which it has no real plans to amend and its adoption of new oppressive laws,” the group said in its report.
Several journalists have faced legal action in connection with their work over the past year or more, but according to Advocacy group Athan, or “voice”, the two Reuters journalists - Wa Lone, 32, and Kyaw Soe Oo, 28 - are the only reporters in detention.
Several U.S. lawmakers expressed solidarity with Wa Lone and Kyaw Soe Oo, and other imprisoned journalists, to mark World Press Freedom Day. Nine U.S. senators signed a letter to the two men promising to continue to urge the country’s authorities to release them and drop all charges.
A court is holding hearings to decide whether the two Reuters journalists will face trial for allegedly handling secret government documents.
At the time of their arrest, the reporters had been working on an investigation into the killing of 10 Rohingya Muslim men and boys in a village in western Myanmar’s Rakhine State.
The killings took place during an army crackdown that United Nations agencies say sent nearly 700,000 people fleeing to Bangladesh.
“Press Freedom Day is very meaningful for us,” Wa Lone told reporters on the steps of a Yangon court on Wednesday, following the most recent hearing.
“We know how important it is because we spend every day in prison.” Reporting by Thu Thu Aungl; Additional reporting by Patricia Zengerle in Washington; Editing by Robert Birsel and Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-journalists/myanmar-journalists-say-government-failing-to-protect-press-freedom-survey-idUKKBN1I41MU |
May 14 (Reuters) - U.S. stock indexes opened higher on Monday on signs of easing U.S.-China trade tensions after President Donald Trump softened his stance on ZTE Corp, pledging to help the Chinese technology company “get back into business, fast”.
The Dow Jones Industrial Average rose 48.20 points, or 0.19 percent, at the open to 24,879.37. The S&P 500 opened higher by 5.65 points, or 0.21 percent, at 2,733.37. The Nasdaq Composite gained 26.57 points, or 0.36 percent, to 7,429.45 at the opening bell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)
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May 15, 2018 / 3:55 AM / Updated 2 hours ago Australia warns missing African athletes to comply with visas Reuters Staff 2 Min Read
(Reuters) - Australia’s Minister for Home Affairs Peter Dutton said on Tuesday that a group of African athletes who went missing during the Commonwealth Games must give themselves up or face being deported.
Eight athletes from Cameroon, two from Uganda and a Rwandan para-powerlifting coach went missing from the April 4-15 Games at the Gold Coast, local media have reported.
The athletes will be in Australia illegally from midnight on Tuesday when their visas expire, unless they have taken legal steps to stay.
“If they breach the conditions, they’re subject to enforcement action,” Dutton told reporters on Tuesday.
“Like anyone else, they’re expected to operate within the law, and enforcement action will take place to identify those people and to deport them if they don’t self-declare.”
Some of the athletes had contacted a refugee advice centre in Sydney, the Daily Telegraph newspaper reported.
“Some have been to us for advice,” Ben Lumsdaine, a solicitor at the Refugee Advice and Casework Service, told the paper on Tuesday.
Australia’s immigration authorities often grant temporary ‘bridging’ visas that allow in-country residency applicants to remain while their cases are assessed.
The eight Cameroon athletes comprised one-third of its 24-athlete delegation to the Gold Coast Games.
Illegal immigration is a highly contentious political issue in Australia.
Australia’s hardline immigration policy, which requires asylum seekers intercepted at sea to be sent for processing to camps in Papua New Guinea and Nauru, has been condemned by human rights groups.
Australia defends its tough law by saying it deters people from making dangerous sea journeys to try to reach its shores after thousands drowned. Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sport-australia-africans/australia-warns-missing-african-athletes-to-comply-with-visas-idUKKCN1IG0C9 |
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