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LONDON (Reuters) - Public sector investor assets surged $2.5 trillion or 7.3 percent in 2017 to $36.2 trillion, the biggest jump in five years, an annual report showed on Wednesday, helped by stellar equity market gains and a gold price rise.
The Official Monetary and Financial Institutions Forum (OMFIF) tracks the assets of 750 institutional investors such as central banks, sovereign wealth funds (SWFs) and public sector pension funds and ranks them by size in its Global Public Investor report.
In this year’s report, OMFIF noted that one-fifth of the $2.5 trillion rise was concentrated in four institutions - Norges Bank Investment Management, the People’s Bank of China (PBOC), the Swiss National Bank and Japan’s Government Pension Investment Fund.
The PBOC retained its position at the top of the ranking, with assets up 4 percent to $3.231 trillion.
In total, pension fund assets rose 8.1 percent or $1.1 trillion, central bank assets 7.8 percent or $959 billion, and SWF assets 5.1 percent or $397 billion.
“Assets were boosted by the continued global economic recovery, particularly across advanced economies,” OMFIF said in the report, adding that Europe had enjoyed the largest increase of 11.8 percent to $7.6 trillion, led by central bank reserves.
A rise in the gold price XAU= helped, with central banks globally adding 371 tonnes of gold in 2017, bringing total holdings to almost 31,800 tonnes, the highest level since the 1990s.
The global stock market rally, which led to gains of over 20 percent in 2017, also leant support, with equities making up around 36-40 percent of SWF and pension fund portfolios.
Only Middle Eastern central banks experienced a decline in assets, of $32 billion, as their economies struggled with weak oil prices, geopolitical instability and the associated pressures on their exchange rates, OMFIF noted.
The Saudi Arabian Monetary Authority’s assets fell by $51 billion to $496 billion. And the Qatar central bank suffered a 53 percent loss in reserves due to large capital outflows following the imposition of sanctions by other Arab states.
The Kuwait Investment Authority, a sovereign wealth fund, lost its top 10 position, falling one place to 11th, with assets down 11 percent or $68 billion. It was replaced in the top 10 by South Korea’s National Pension Service, which enjoyed asset growth of 16 percent.
Asia remained the largest region for assets, holding $13.8 trillion or 38 percent of the total, with year-on-year growth of $948 billion or 7 percent.
The Hong Kong Monetary Authority topped the table of biggest risers, with assets up $73.3 billion or 19 percent.
Infrastructure and real estate remained in favor, with a respective 70 percent and 45 percent of investors surveyed planning to increase their holdings in these segments.
The shift to real assets by long-term investors is a multi-year trend reflecting a search for higher yields against a backdrop of depressed global bond yields.
The growing importance of China’s renminbi in international financial transactions was also reflected in the survey, with 18 percent of poll participants planning to increase their renminbi exposure over the next 12-24 months, the highest response for all currencies.
Reporting by Claire Milhench; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-swf-assets/public-sector-investor-assets-surge-7-3-percent-to-36-trillion-biggest-jump-in-5-years-idUSKCN1IO0DK |
U.S. News Jury: David Copperfield not liable for tourist’s injuries In a complex verdict reached after several weeks of testimony but only about two hours of deliberation, the state civil court jury found negligence by Copperfield, the hotel and Copperfield's company, Backstage Disappearing Inc. "I was having a good time up until the time I was injured," Cox testified. He recalled stagehands shouting "Run! Run! Run!" through an outdoor alleyway that his lawyers say was coated with construction dust. Published 13 Hours Ago The Associated Press George Rose | Getty Images A large outdoor billboard near McCarran International Airport promotes a David Copperfield show at the MGM Grand Hotel on August 12, 2011, in Las Vegas, Nevada. With tourism slowly returning and nearly 32,000 homes in foreclosure or for sale, the desert city continues to suffer from a severe three-year economic downturn.
Illusionist David Copperfield was found negligent but not financially responsible for a British tourist's injuries during a signature vanishing act that used participants from the audience of a Las Vegas Strip show in 2013, a jury said Tuesday.
Gavin Cox and his wife, Minh-Hahn Cox, alleged negligence by the multimillionaire magician, the MGM Grand hotel, two Copperfield business entities and a construction firm that was renovating the hotel.
In a complex verdict reached after several weeks of testimony but only about two hours of deliberation, the state civil court jury found negligence by Copperfield, the hotel and Copperfield's company, Backstage Disappearing Inc.
But jurors found no liability for each of those named in the lawsuit, and instead found Cox 100 percent responsible for his own injuries. The verdict means the Coxes cannot seek monetary damages, court spokeswoman Mary Ann Price said.
Gavin Cox testified that he suffered brain and other injuries in a fall while stagehands urged him and others to run during an illusion that appeared to make as many as 13 audience volunteers disappear onstage and reappear moments later, waving flashlights in the back of the theater.
His lawyer, Benedict Morelli, told jurors during closing arguments that the trick was inherently dangerous, and that Copperfield should be held partially liable for Cox's injuries. Four years ago, attorneys estimated that Cox had that racked up more than $400,000 in medical costs.
Copperfield's lawyers lost a bid to close the courtroom to the public to prevent disclosure of secrets about the illusion. At least 55,000 audience volunteers had taken part in the trick over 17 years, according to Copperfield and show executive producer Chris Kenner.
Jurors learned that in about 60 to 90 seconds, stagehands with flashlights ushered the randomly chosen participants past dark curtains, down passageways, around corners, outdoors, indoors and through an MGM Grand resort kitchen to re-enter the theater for the show's finale, according to testimony.
"I was having a good time up until the time I was injured," Cox testified.
He recalled stagehands shouting "Run! Run! Run!" through an outdoor alleyway that his lawyers say was coated with construction dust.
Cox, 57, a former chef from Kent, England, said he fell hard on his right side and didn't remember getting up to finish the illusion in November 2013.
Afterward, Cox said he received medical treatment from paramedics and at a hospital for shoulder and other injuries. Two days later, he and his wife and a lawyer returned to the theater at the MGM Grand and filed an accident report.
Copperfield testified that until Cox sued in August 2014, he never knew of anyone getting hurt during nearly 20 years performing the illusion on tour and in Las Vegas. He said he stopped performing it in 2015.
The magician said he didn't see construction dust on the ground when he passed through the same outdoor alley alone as part of another illusion about 10 minutes earlier.
Cox's lawyers brought in three women who testified that they also were injured during the illusion over the years, including a Michigan schoolteacher who said she fell but finished with a bloody knee during a Copperfield performance about five months before Cox's fall. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/jury-david-copperfield-not-liable-for-tourists-injuries.html |
The plastic drinking straw, one of the smallest components in the mountain of trash remaining after the typical fast-food meal, has become an unlikely battleground in the war on waste.
A proposal being presented to McDonald's shareholders at their annual meeting Thursday asks that the chain find alternatives to plastic straws at its more than 36,000 restaurants worldwide.
The vote is just the latest shot in a growing backlash against excessive and hard-to-recycle packaging in the fast-food industry, whether it's plastic wrap, plastic foam cups, boxes, carryout bags or trays. The trash pile keeps growing.
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"It's terrible and it only seems like it is getting worse," said Beth Terry, author of Plastic-Free: How I Kicked the Plastic Habit and How You Can Too.
All told, the nation produced 258 million tons of municipal solid waste in 2014, compared to 88 million tons in 1960, based on the most recent data from U.S. Environmental Protection Agency. And almost a quarter of it was various containers and packaging.
McDonald's, citing big efforts already underway to reduce waste and promote recycling, is recommending shareholders vote against the straw study proposal.
"We continue to work to find a more sustainable solution for plastic straws globally," the chain said in a statement Monday. "In the meantime, we have adopted compostable straws in certain markets to meet regulations while we work with packaging experts to develop a planet-friendly, cost-effective answer for all McDonald's restaurants."
A group called SumOfUs wants quicker action. It said it has collected more than 480,000 names on an online petition so far calling on McDonald's to end use of plastic straws. The group estimates McDonald's hands out millions of single-use plastic straws a day.
"Straws are an important issue because, for the most part, we can do without them," said Sondhya Gupta, a London-based senior campaigner for SumOfUs. "You just get them popped into a drink without thinking about them. They are small and they are light so they are difficult to recycle."
The consumer organization cites an academic journal story that appeared last year estimating only 9% of plastics ever produced were recycled.
If McDonald's were to ban plastic straws, it wouldn't be alone. Alaska Airlines just said it is eliminating plastic straws on its flights. A few cities, mostly in California, have imposed bans.
While McDonald's contemplates action in the U.S., it is moving ahead in the United Kingdom. It is replacing plastic straws with paper versions in some restaurants in a test this month.
"Additionally, customers have told us that they want to have to ask for a straw, so we're acting on that and moving them behind the counter," said Paul Pomroy, CEO of McDonald's UK. "Together with our customers we can do our bit for the environment and use fewer straws."
McDonald's points out, too, that it has already pledged to make all customer packaging from renewable, recycled, or certified sources by 2025 , up from 50%. It will also institute recycling at all its restaurants by 2025, up from 10%.
Activists like an author Terry salute McDonald's moves, but at the same time, they say the losing ground on other fronts.
For instance, the current food industry trend of promoting home delivery also means more boxes and additional packaging. "The more progress we make, the more we fall behind," said Terry, based in Oakland, Calif.
"Things are beginning change, but the pace is still too slow," said Eric Goldstein, senior attorney for the Natural Resources Defense Council.
Pressure for change is building, however, forcing more food companies to talk about their efforts to be sustainable.
Some 15% of global food and drink launches mentioned environmentally-friendly packaging in the 12 months leading up to May last year, up from 11% four years previously, according to the global market research firm Mintel.
While McDonad's wrestles with straws, other chains are taking action in different ways.
Starbucks . The chain has set aside $10 million to award grants to inventors in the quest for a compostable coffee cup. Dunkin' Donuts . It is nixing plastic foam cups from all its locations worldwide by 2020. Chipotle Mexican Grill . It says it will cut waste from packaging and leftover food destined for landfills in half by 2020 and initiate recycling at all its locations.
Besides groups, pressure to cut waste is also coming directly from consumers. In the U.S., 78% of adult food shoppers surveyed said brands should work to make packaging more environmentally responsible, Mintel said.
About a third of diners say they actively seek out restaurants that offer environmentally-friendly disposable packaging and avoid those that don't, found tracking firm Technomic. More than half say they're willing to pay more for environmentally-friendly packaging.
Other experts, however, have their doubts.
Tom O'Guinn, a University of Wisconsin expert on consumer behavior, said packaging issues aren't enough to sway diners' decisions on where to eat.
"The average American doesn't care lot about this," he said. "People don't want to sit there and think, 'Gee, this is a slight improvement in packaging.'"
But Terry, who says she has weaned herself down to consumption of about two pounds of plastic a year, said any progress is good -- even if it's just about straws.
"We are not going to solve this problem all at once," she said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/mcdonalds-is-being-sucked-into-the-movement-to-ban-plastic-straws.html |
World Cup fans face fake restaurant reviews 4:51pm BST - 01:44
A Russian marketing agency has offered to help restaurants in cities hosting the soccer World Cup use fake reviews to bump up ratings on review site TripAdvisor. ▲ Hide Transcript ▶ View Transcript
A Russian marketing agency has offered to help restaurants in cities hosting the soccer World Cup use fake reviews to bump up ratings on review site TripAdvisor. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IyC8CF | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/world-cup-fans-face-fake-restaurant-revi?videoId=429027908 |
More illnesses have been reported in connection to a salmonella outbreak that led to the recall of more than 206 million eggs last month.
Twelve more people have been reported sick since the Centers for Disease Control and Prevention (CDC) first issued an advisory about the outbreak in April, the organization announced Thursday . Thirty-five people from nine states have gotten sick in total, with 11 people sent to the hospital. No deaths have been reported.
Salmonella is a bacterial infection that causes symptoms such as a diarrhea, fever, and abdominal cramps. The infection usually clears on its own within a week, but in some cases symptoms may be extreme enough to require medical attention.
The CDC is warning customers to avoid eggs produced by Rose Acre Farms, the company behind April’s massive egg recall. These eggs were sold under multiple brand names at numerous retailers, both in the U.S. and abroad. You can find more information about the egg recall through the Food and Drug Administration (FDA).
Both the CDC and the FDA are also advising consumers to cook eggs fully, and to carefully wash any surfaces or tools that come into contact with raw eggs.
Rose Acre Farms’ recall is the largest involving eggs since 2010. A few days after it was first announced, according to the FDA , Cal-Maine foods also voluntarily recalled 23,400 eggs purchased from Rose Acre Farms. | ashraq/financial-news-articles | http://fortune.com/2018/05/12/egg-recall-salmonella-outbreak/ |
PARIS (Reuters) - U.S. tariffs on European metals would be unjustified and dangerous for growth and free trade, French Finance Minister Bruno Le Maire told U.S. Commerce Secretary Wilbur Ross on Thursday, hours ahead of Washington’s decision on the matter.
French Finance Minister Bruno Le Maire and U.S. Secretary of Commerce Wilbur Ross arrive to attend a meeting at the Bercy Finance Ministry in Paris, France, May 31, 2018. REUTERS/Philippe Wojazer “It’s entirely up to U.S authorities whether they want to enter into a trade conflict with their biggest partner, Europe,” Le Maire told reporters after meeting Ross in Paris.
Le Maire repeated that the EU would take “all necessary measures” to respond if the United States decided to impose tariffs.
Reporting by Myriam Rivet and Ingrid Melander; Editing by Sudip Kar-Gupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-metals-lemaire/french-finance-minister-warns-washington-against-metal-tariffs-idUSKCN1IW0ST |
BRASILIA, May 11 (Reuters) - Retail sales in Brazil rose in line with expectations in March, capping a weak first quarter with more evidence that the economic recovery hit a bump at the start of the year.
Retail sales rose 0.3 percent from February, government statistics agency IBGE said on Friday, matching the median estimate in a Reuters poll of economists.
Though an improvement over the 0.2 percent contraction seen the month before, the result brings first-quarter growth to 3.8 percent from a year ago, softer than the prior three quarters.
The weak demand highlights how double-digit unemployment rates are keeping a lid on Brazil’s recovery from the deepest recession in decades despite record-low interest rates.
“Formal employment would give workers access to funding, which would allow them to purchase furniture and electric appliances,” IBGE economist Isabella Nunes said.
Accordingly, sales of furniture and appliances rose a paltry 1.7 percent in the first quarter, down sharply from 11.3 percent growth in the prior quarter.
Supermarket and household good sales accelerated, mostly due to the Easter holiday in March, Nunes said. Easter last year was celebrated in April.
Weak retail sales should keep the central bank on track to cut interest rates once again next week to an all-time low as it seeks to bolster the sluggish economic recovery.
Retail sales rose 6.5 percent in March from the year before, above an estimate of 5.5 percent in the Reuters poll. (Reporting by Bruno Federowski; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-economy-retail/update-1-brazil-retail-sales-up-in-march-cap-weak-first-quarter-idUSL1N1SI0JA |
Technology and Finance Leader to Enhance Company’s Strategic, IP and M&A Expertise
SANTA ANA, Calif.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that Laura Siegal, chief financial officer of Natel Engineering Company, Inc. (dba NEO Technology Solutions), has been elected to its board of directors.
Ms. Siegal has been the CFO and a member of the board of directors at NEO Technology Solutions, a manufacturer of products in the industrial, medical, and aerospace and defense markets, since July 2013.
“We are very pleased to have Laura join Iteris as an independent director,” said Tom Thomas, chairman of the board for Iteris. “Laura’s extensive financial expertise, experience in technology and public agency markets, and demonstrated success with mergers and acquisitions will be highly valuable to our board.”
“Iteris enables safer, more efficient mobility and sustainable farming with technology solutions that address smart transportation and digital agriculture,” said Ms. Siegal. “I am proud to serve on the board of a company that is solving problems, including pedestrian safety, food availability and environmental sustainability, that make a difference in the lives of everyone.”
Prior to NEO Technology Solutions, Ms. Siegal served in a number of financial management positions at Kratos Defense & Security Solutions, Inc., a publicly traded leading technology, intellectual property, proprietary product and system solution company that provides engineering, information technology and other technical services to government agencies. While there she served as the principal accounting officer, vice president and corporate controller. Ms. Siegal is a certified public accountant and earned a Bachelor's degree in economics from the University of California, San Diego.
About Iteris, Inc.
Iteris is the global leader in applied informatics for transportation and agriculture, turning big data into big breakthrough solutions. We collect, aggregate and analyze data on traffic, roads, weather, water, soil and crops to generate precise informatics that lead to safer transportation and smarter farming. Municipalities, government agencies, crop science companies, farmers and agronomists around the world use our solutions to make roads safer and travel more efficient, as well as farmlands more sustainable, healthy and productive. Visit www.iteris.com for more information and join the conversation on Twitter , LinkedIn and Facebook .
Forward-Looking Statements
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” “will,” "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the impact and contributions of our newly appointed director. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to be (and remain) competitive in new and existing market segments; ability to execute and achieve our plans and initiatives within expected timeframes (or at all) and in a cost-effective manner; and the impact of general industry, economic, political and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website ( www.sec.gov ).
//www.businesswire.com/news/home/20180516005464/en/
Iteris Contact
David Sadeghi, (949) 270-9523
[email protected]
or
Investor Relations
MKR Group, Inc.
Todd Kehrli, (323) 468-2300
[email protected]
Source: Iteris, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-laura-siegal-joins-iteris-board-of-directors.html |
Farm country is worried about reports that China has curbed buying U.S. soybeans due to the ongoing trade spat.
Farmers in the nation's heartland are beginning the new planting season facing uncertainty given Beijing's threat to impose a new tariff on soybean imports . The planting season comes as a delegation from the Trump administration is in Beijing for talks to resolve major differences .
"My concerns are any time trade issues develop that's not good for agriculture," said soybean farmer Chris Hausman, a former Illinois Farm Bureau director. "We export a large percentage of our soybeans that we raise and corn for that matter."
In early April, Beijing warned it might impose a 25 percent tariff on soybeans as well as duties on other major U.S. agricultural products, including corn, wheat, cotton and beef. It followed the Trump administration's threaten to slap tariffs on Chinese products including consumer electronics and robotics.
'Worrisome' retaliation "Using soybeans as a retaliation for other trade disputes is really worrisome for farmers," said Gregg Fujan, a soybean grower in Nebraska. "Those international markets are critical to our profitability. So hopefully the people doing those negotiations can come to an agreement and we can get this worked out."
Sen. Chuck Grassley, R-Iowa, said in a statement Thursday that soybean prices remain low and growers "are barely making ends meet." He called on the Trump administration to take short-term steps "to help farmers if they are harmed" by the retaliation. Longer term, though, he said there's a need for the administration to help the industry "find alternative foreign markets."
"While American farmers are willing to do their part to strengthen the economy, at this point in time we're at five-year lows for farm income and our system can simply not handle any added stress," said Tom Slunecka, CEO of the Minnesota Soybean Growers Association.
China buys roughly half of the U.S. soybean exports, and about 1 in 3 rows of soybeans grown on the nation's farms goes to the world's second-largest economy, according to the American Soybean Association.
China canceling orders But U.S. government data show China has been canceling U.S. soybean orders for three-straight weeks.
In the three weeks ending April 26, China canceled just over 196,000 metric tons (or about 7.2 million bushels) of U.S. beans for the current marketing year, according to U.S. Department of Agriculture . That's roughly equivalent to filling up the cargo holds of four mid-sized bulk ships.
Brazil , though, enjoyed record volumes of soybean exports last month, according to Anec, the country's grain exporter group. Anec put exports at just over 11.6 million tons in April, or about 1 million above the March tally.
Soren Schroder, CEO of agricultural commodities dealer Bunge , said during a Bloomberg interview on Wednesday that U.S. soybean sales to China have essentially stopped. "All the business that's being conducted with China now is being conducted from non-U.S. origins," he said.
Argentina steps up buying "We've been tracking a reduction in Chinese imports [of U.S. soybeans] for really about a month, or ever since the news first started [about the potential tariff]," said Slunecka. "Most of that market has been sucked up by other countries that we typically don't sell soybeans to, like Argentina ."
Argentina's 2017-18 soybean production is expected to fall to a nine-year low due to drought conditions. As a result, Argentine crushers — producers of soy meal and soy oil — have a big appetite these days for U.S. soy.
Still, farmers are quick to point out that this time of year U.S. soybean shipments to China typically decline anyway as Brazil harvests its crop and ramps up its own exports to global markets. Brazil is expected to continue exporting through the summer months.
"This is kind of a normal time of year to have a little bit of a slowdown," said John Heisdorffer, an Iowa soybean producer and president of the American Soy Association. "The South American crop is all coming in hot and heavy, and there are a lot of beans moving into ports down there."
China's 'emergency' steps At the same time, there are reports that China is taking "emergency" steps to boost its domestic soybean output this year to make up for any future shortfalls in American supplies. China wants to boost soybean acreage but its domestic soy production supplies less than 15 percent of its total needs.
Hausman, the Illinois soybean farmer, said he's "not too concerned" about China taking steps to increase its own soy production.
"If it costs more in China to raise a bushel of soybeans than we can, then the Chinese people are going to pay the increase," he said.
China acquires about two-thirds of the world's soybean trade, using most of it for soy protein to feed roughly 700 million pigs in the country or to make cooking oil. China's total bean imports are projected to increase sharply over the next decade, although without resolution of the trade friction between Beijing and Washington the big winner is likely to be South America.
Together, the U.S. and Brazil represent about 80 percent of the global exports of soybeans.
U.S. exporter risks Meantime, some experts suggest U.S. exporters may have second thoughts selling to China these days given the current uncertainties.
"People say the Chinese have quit buying," said John Baize, an international agricultural trade and policy consultant based in Virginia. Yet he said it's more like "U.S. exporters have quit selling" because they run the risk of suffering a financial setback.
Tim Rue | Bloomberg | Getty Images Cargo ship at the Long Beach Container Terminal at the Port of Long Beach in Long Beach, California. According to Baize, the risk for U.S. exporters is they could have the soybeans on cargo ships bound for Chinese ports and Beijing could then announce the tariffs are going into effect.
Eat additional costs
The Chinese importer usually has to pay duties but the risk is they could refuse to do it when the ship is halfway across the ocean. If that were to happen, the U.S. exporter would have to scramble for a new buyer, reroute the vessel and potentially eat additional costs associated with the diverted cargo.
"Nobody is willing to take that risk of maybe a $100 a ton tariff that might be imposed," said Baize. "Either you're going to have to pay that tariff [as an exporter] or the [Chinese] customer will have to pay it, which they won't and the sale will get canceled."
Ag trader's $30 million hit And there is recent history to suggest U.S. exporters may have reason for concern.
Last month, Beijing imposed a hefty anti-dumping duty on U.S. sorghum, and several cargoes of the grain bound for Chinese ports became stranded because grain handlers would have been forced to pay almost 179 percent tariffs. Some of the sorghum shipments eventually got rerouted to Saudi Arabia, Japan and Spain.
On Tuesday, agricultural commodity trader Archer Daniels Midland announced it would take a $30 million hit in connection with sorghum-related impacts. The Chicago-based company is a major soybean processor as well as one of the largest shippers of sorghum to China.
China is the top buyer of U.S. sorghum, which it uses for animal feed and to make liquor. Last year, China bought about $1.1 billion worth of U.S. sorghum. By comparison, the U.S. exports about $14 billion worth of soybeans to China. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/angst-in-farm-belt-after-reports-that-china-halted-buying-us-soybeans.html |
WASHINGTON (AP) — President Donald Trump has warned Congress that he will never sign another foot-tall, $1 trillion-plus government-wide spending bill like the one he did in March. His message to lawmakers in both parties: Get your act together before the next budget lands on my desk.
After a brief government shutdown earlier this year, Democrats and Republicans now agree on the need for budgeting day-to-day operations of government the old-fashioned way. That means weeks of open debate and amendments that empower rank-and-file lawmakers, rather than concentrating power in the hands of a few leaders meeting in secret.
But Capitol Hill's dysfunction is so pervasive that even the most optimistic predictions are for only a handful of the 12 annual spending bills to make it into law by Oct. 1, the start of the new budget year. The rest may get bundled together into a single, massive measure yet again.
The worst-case scenario? A government shutdown just a month before Election Day, Nov. 6, as Republicans and Democrats fight for control of the House and possibly the Senate. Trump is agitating for more money for his long-promised border wall with Mexico. So far, he has been frustrated by limited success on that front.
"We need the wall. We're going to have it all. And again, that wall has started. We got $1.6 billion. We come up again (in) September," Trump said in a campaign-style event in Michigan last month. "If we don't get border security, we'll have no choice. We'll close down the country because we need border security."
At stake is the funding for daily operations of government agencies. A budget deal this year reversed spending cuts that affected military readiness and put a crimp on domestic agencies. A $1.3 trillion spending bill swept through Congress in March, though Trump entertained last-minute second thoughts about the measure and promised he would not sign a repeat.
The demise of the annual appropriations process took root after Republicans took over the House in 2011 and is part of a broader breakdown on Capitol Hill. The yearly bills need bipartisan support to advance, which has grated on tea party lawmakers. GOP leaders such as House Speaker Paul Ryan, R-Wis., and his predecessor as speaker, Ohio Republican John Boehner, have preferred to focus on other priorities.
Ryan did throw his weight behind a two-year budget agreement this year that set an overall spending limit of $1.3 trillion for both 2018 and 2019, citing a need to boost the Pentagon.
That, in theory, makes it easier to get the appropriations process back on track. But in the GOP-controlled House, where Democratic votes are generally needed to pass the bills, Democrats are complaining that Republicans have shortchanged domestic agencies such as the Department of Health and Human Services and the Environmental Protection Agency.
That's not the case in the Senate, where the new chairman of the Senate Appropriations Committee, Alabama Republican Richard Shelby, is determined to get the system working again. Senate Democratic leader Chuck Schumer of New York is on board, as is Majority Leader Mitch McConnell, R-Ky., himself a decades-long veteran of that powerful committee.
"We want this to work," said Sen. Patrick Leahy, D-Vt., who criticized the GOP-controlled House for continuing to pack legislation with "poison pills."
Obstacles remain, however.
For starters, floor debates could lead to votes on contentious issues such as immigration, the border wall, gun control and others that some lawmakers might hope to avoid.
Democrats are wary of Republicans trying to jam through the Pentagon spending bill before dealing with some agencies.
And Trump could blow up the whole effort at any time.
Trump is prone to threatening government shutdowns on Twitter or when he riffs in public, and then backing off when bills are delivered to him.
In the House, a familiar problem awaits.
Many conservative Republicans won't vote for some bills because they think they spend too much money. That means Democratic votes are a must. But many Democrats are upset over unrelated policy add-ons pushed by the GOP, and they won't vote for the spending bills unless those provisions are removed, which usually doesn't happen until end-stage talks.
At the same time, House GOP leaders are distracted by disputes over immigration, and they haven't made the appropriations bills a priority.
An effort led by House Majority Leader Kevin McCarthy, R-Calif., to cut or "rescind" $15 billion in unspent money has run into greater opposition than anticipated. Meantime, the chairman of the House Appropriations Committee, Rep. Rodney Frelinghuysen, R-N.J., is unpopular with some House conservatives, who cite his votes against a recent farm bill and against last year's tax cut measure, and that may hamper his effectiveness. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/the-associated-press-trump-threatens-another-shutdown-as-budget-battle-heats-up.html |
Green Plains Inc:
* GREEN PLAINS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.60 * Q1 REVENUE $1.045 BILLION VERSUS I/B/E/S VIEW $915.6 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.35 — THOMSON REUTERS I/B/E/S
* GREEN PLAINS - TO DIVEST ASSETS THAT DO NOT SUPPORT CO’S STRATEGIC FOCUS ON PRODUCTION OF HIGH-PROTEIN FEED INGREDIENTS AND ETHANOL EXPORTS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-green-plains-q1-loss-per-share-060/brief-green-plains-q1-loss-per-share-0-60-idUSASC0A027 |
May 2 (Reuters) - Hangzhou Silan Microelectronics Co Ltd :
* SAYS IT PLANS TO ISSUE UP TO 800 MILLION YUAN ($125.81 million) BONDS Source text in Chinese: bit.ly/2I32fkj Further company coverage: ($1 = 6.3587 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hangzhou-silan-microelectronics-pl/brief-hangzhou-silan-microelectronics-plans-to-issue-up-to-800-mln-yuan-bonds-idUSH9N1S500E |
(Reuters) - U.S. hospital operator HCA Healthcare Inc ( HCA.N ) and private equity firm KKR & Co ( KKR.N ) have joined forces to make an offer for U.S. physician services provider Envision Healthcare Corp ( EVHC.N ), people familiar with the matter said on Friday.
FILE PHOTO: CEO of Kohlberg Kravis Roberts & Co (KKR) Henry Kravis (C) departs after meeting India's Prime Minister Narendra Modi at a breakfast in the Manhattan borough of New York September 29, 2014. REUTERS/Carlo Allegri/File Photo The move is aimed at giving HCA and KKR an edge over buyout firms that are also pursuing Envision, which has a market capitalization of $5.1 billion and long-term debt of $4.6 billion, the sources said.
HCA, which has a market capitalization of $36 billion and long-term debt of $31.6 billion, wants to acquire Envision’s AmSurg ambulatory surgery business, with KKR taking the over the remainder, according to the sources.
Nashville-based Envision has asked potential acquirers to submit final offers later this month, the sources said. Other private equity firms competing for Envision include a consortium of Carlyle Group LP ( CG.O ) and TPG Global, the sources added.
The sources asked not to be identified because the matter is confidential. KKR, Carlyle and TPG declined to comment. Envision and HCA did not immediately respond to requests for comment.
Envision announced last year it was reviewing a range of strategic alternatives after reporting disappointing third-quarter earnings, which it attributed partly to the effects of hurricanes Harvey and Irma as well as a slowdown in the growth of patient demand.
Last year, Envision agreed to sell its ambulance unit, AMR, to Air Medical, a medical helicopter business owned by KKR, for $2.4 billion.
The year prior, it merged with AmSurg in an all stock deal that valued the combined companies at the time at around $10 billion. HCA’s and KKR’s bid would reverse that combination.
A sale of Envision would be the latest in a spate of mergers and acquisitions activity among physician networks, a business that has struggled in recent years to adapt to changes in how U.S. health insurers reimburse providers.
Federal reimbursement programs such as Medicare and Medicaid, for example, have been trying to shift to a “value-based” payment model, whereby providers sometimes receive fixed payments to encourage them to control costs.
Last year, U.S. kidney care-provider DaVita Inc ( DVA.N ) agreed to sell its medical group business, Davita Medical Group, to UnitedHealth Group Inc. ( UNH.N ) for $4.9 billion.
Envision’s rival MEDNAX Inc ( MD.N ) has also been exploring strategic alternatives, including a sale, Reuters has reported.
In 2016, buyout firm Blackstone Group LP ( BX.N ) acquired hospital staffing provider Team Health Holdings Inc for $6.1 billion.
Reporting by Joshua Franklin and Carl O'Donnell in New York; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://in.reuters.com/article/us-envision-hlthcr-m-a-hca-healthcare-kk/exclusive-hca-kkr-team-up-for-envision-bid-sources-idINKCN1IJ2UK |
May 22, 2018 / 3:51 AM / Updated 19 minutes ago China, U.S. near deal on ZTE reprieve; Beijing cuts auto tariffs Michael Martina 6 Min Read
BEIJING (Reuters) - Washington neared a deal to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp, sources said on Tuesday, and Beijing announced tariff cuts on car imports, further easing trade tensions between the world’s two largest economies.
The reprieve for ZTE, hit by a seven-year ban in April that had crippled its operations, could include China removing tariffs on imported U.S. agricultural products, as well as buying more American farm goods, two people briefed on the matter told Reuters.
The sources declined to be identified because the negotiations are confidential.
Representatives for the U.S. Treasury and Commerce departments did not immediately reply to a request for comment. White House representatives also did not immediately reply.
ZTE, based in the southern Chinese city of Shenzhen, did not immediately reply to requests for comment.
Washington and Beijing stepped back from the brink of full-blown trade war after talks last week, with the United States appearing to set aside for now its demands that China revamp key planks of its industrial policy in exchange for buying more farm products.
U.S. President Donald Trump has adopted a more conciliatory stance in the trade dispute with China as North Korea, whose chief ally is Beijing, has called into question a summit planned for next month in Singapore with Trump.
Many in the U.S. government and in industry are dismayed that Trump appears to be backing off his tough stance on forcing China to open its markets more and tackle what they see as China’s unfair trade and market access practices.
Some in the U.S. government and business community have said they opposed what they saw as a clear-cut legal case against ZTE being used as a bargaining chip in the broader trade conflict.
Republican Senator Marco Rubio, who has been critical of Trump’s moves toward ZTE, blasted his administration over the reported agreement for having “surrendered” to Beijing and pledged that Congress, led by Trump’s fellow Republicans, would seek to block any deal with the company.
“Making changes to their board and a fine won’t stop them from spying and stealing from us. But this is too important to be over. We will begin working on veto-proof congressional action,” Rubio said in a pair of tweets on Tuesday.
The steep cut in import tariffs for autos and car parts follows China’s pledge last month to open its car market, the world’s largest, that included a timeline to remove long-standing caps on foreign ownership of automotive ventures.
Import tariffs will be cut to 15 percent for most vehicles from 25 percent from July 1, the Ministry of Finance said, a move likely to boost carmakers that ship high-end cars to China, such as Tesla Inc and German giants BMW and Daimler AG’s Mercedes-Benz. Tariffs for auto parts would be cut to 6 percent from mostly about 10 percent. Related Coverage Treasury chief says any ZTE penalty changes won't hurt security ‘HANDSHAKE DEAL’
White House advisers have previously said the ban against ZTE was being reexamined, and the firm would still face “harsh” punishment, including enforced changes of management and at board level.
One source told Reuters there was a “handshake deal” on ZTE between U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He during talks in Washington last week that would drop the ban in exchange for purchase of more U.S. farm products.
The second person said China might also eliminate tariffs on U.S. agriculture products it assessed in response to U.S. steel duties, and that ZTE could still be forced to replace its leadership, among other penalties.
The ZTE deal, while not yet cemented, was likely to be finalised before or during a planned trip by U.S. Commerce Secretary Wilbur Ross to Beijing next week to help reach a broader pact to avert a trade war, both sources said.
ZTE, which is publicly traded but whose largest shareholder is a Chinese state-owned enterprise, had been hit with penalties for breaking a 2017 agreement after it was caught illegally shipping U.S. goods to Iran and North Korea, in an investigation dating to the Obama administration.
American companies provide an estimated 25 percent to 30 percent of components in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks.
In May, Trump signaled a stunning reversal on ZTE when he said he would help the company get “back into business, fast”, saying the ban would cost too many jobs in China.
Chinese officials had made the issue a key focus of their demands during talks in Beijing this month, threatening to halt talks on broader two-way trade disputes unless Washington agreed to ease the sanctions, sources said at the time. ‘HOSTAGE RELEASE’
Chinese officials had viewed the U.S. punishment as an attack exposing their country’s dependence on imports of key technologies.
“The release of hostage ZTE will be the start of China and the U.S. to implement their trade agreements,” Hu Xijin, editor in chief of the Chinese state-backed Global Times tabloid, said on his Twitter account after news of the deal.
Washington and Beijing both claimed victory in trade talks on Monday as the world’s two largest economies agreed to hold further talks to boost U.S. exports to China. FILE PHOTO - Visitors pass in front of the Chinese telecoms equipment group ZTE Corp booth at the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Yves Herman/File Picture
Over the weekend, both pledged to keep talking about how China could import more energy and farm commodities from the United States so as to narrow the $335-billion annual trade deficit in U.S. goods and services with China, although details and a firm timeline were thin.
The Chinese government’s top diplomat, State Councillor Wang Yi, will stop in Washington on Wednesday on his way back from Argentina to “exchange views on China-U.S. bilateral relations”, China’s Foreign Ministry said on Tuesday. Reporting by Michael Martina; Additional reporting by Se Young Lee and Ben Blanchard in BEIJING; Adam Jourdan in SHANGHAI; and Susan Heavey in WASHINGTON; Writing by Tony Munroe; Editing by Christopher Cushing and Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-china-zte/u-s-will-lift-sales-ban-order-against-chinas-zte-wsj-idUKKCN1IN0B1 |
May 23 (Reuters) - Strauss Group Ltd:
* STRAUSS GROUP CONTINUES TO DELIVER EXCELLENT RESULTS IN SALES, PROFIT AND CASH FLOW, WITH SALES UP 4% DURING THE QUARTER (7.8% ORGANIC GROWTH EXCLUDING FOREIGN EXCHANGE EFFECTS) AND NET PROFIT RISING 29.6% TO NIS 146 MILLION(1)
* QTRLY SHEKEL, SALES WERE NIS C2.2 BILLION COMPARED TO NIS C2.1 BILLION IN CORRESPONDING PERIOD IN 2017
* QTRLY EPS NIS C$1.28 * STRAUSS GROUP - QTRLY SALES IMPACTED BY NEGATIVE CURRENCY TRANSLATION AMOUNTING TO NIS C51 MILLION MAINLY AS A RESULT OF DEPRECIATION OF BRL AGAINST NIS
* QTRLY GROSS PROFIT WAS NIS C833 MILLION (C38.4% OF SALES), UP C6.8% COMPARED TO CORRESPONDING PERIOD LAST YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-strauss-group-q1-eps-nis-c128/brief-strauss-group-q1-eps-nis-c1-28-idUSASC0A3BR |
May 1, 2018 / 10:51 PM / Updated 19 hours ago Kanye West sounds off on slavery, his opioid addiction and Trump Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - Rapper Kanye West on Tuesday described slavery as a choice, praised Donald Trump for doing “the impossible” by becoming U.S. president, and attributed his 2016 mental breakdown to opioid addiction. FILE PHOTO: U.S. President-elect Donald Trump and musician Kanye West pose for media at Trump Tower in Manhattan, New York, U.S., December 13, 2016. REUTERS/Andrew Kelly/File Photo
In the latest in a series of startling interviews, tweets and videos, West, 40, also revealed he had undergone liposuction some years ago because he did not want to be called fat.
The Grammy Award-winning musician’s most controversial comments came in a rambling video interview at the Southern California offices of celebrity website TMZ.com.
West emerged from a year’s silence on Twitter two weeks ago to post up to 20 tweets an hour on topics ranging from politics, to philosophy and fashion.
At one point in the TMZ interview, shown on its website, West says, “When you hear about slavery for 400 years. For 400 years? That sounds like a choice.”
Amid a social media outcry, West later said on Twitter, “Of course I know that slaves did not get shackled and put on a boat by free will. My point is for us to have stayed in that position even though the numbers were on our side means that we were mentally enslaved.”
The civil rights group NAACP said in a Twitter response addressed to West, “There is a lot of misinformation out there and we are happy to provide insight. Black people have fought against slavery since we first landed on this continent.” FILE PHOTO: Rapper Kanye West arrives at the 2016 MTV Video Music Awards in New York, NY, U.S., August 28, 2016. REUTERS/Eduardo Munoz/File Photo
On Tuesday, the “Jesus Walks” singer also gave the first details of his November 2016 admission to a Los Angeles psychiatric hospital after a series of curtailed concerts and political rants.
“I was drugged out,” he said in the TMZ interview. “Two days before I was taken to the hospital I was on opioids. I was addicted to opioids.”
He said he was given painkillers after undergoing previously unreported liposuction surgery, adding, “I got liposuction, because I didn’t want y’all to call me fat.”
In separate video released on Tuesday to match his new single “Ye vs. the People,” West discussed the support he voiced for Trump last week, which caused controversy among many of his fans.
Asked what he admired about Trump, West told fellow rapper T.I., “the ability to do what no one said you can do, to do the impossible.” FILE PHOTO: Recording artist Kanye West performs during the closing ceremony for the 2015 Pan Am Games at Pan Am Ceremonies Venue in Toronto, Canada, July 26, 2015. Mandatory Credit: Matt Detrich-USA TODAY Sports via REUTERS/File Photo
In the single, West raps lines like “Make America Great Again had a negative perception/I took it, wore it, rocked it, gave it a new direction.” Reporting by Jill Serjeant in Los Angeles; Editing by Matthew Lewis and Lisa Shumaker | ashraq/financial-news-articles | https://in.reuters.com/article/people-kanye-west/kanye-west-sounds-off-on-slavery-trump-and-his-opioid-addiction-idINKBN1I24JM |
IRVINE, Calif., May 15, 2018 /PRNewswire/ -- Griffin-American Healthcare REIT IV, Inc. today announced operating results for the company's first quarter ended March 31, 2018.
"Griffin-American Healthcare REIT IV enjoyed an excellent first quarter, with continued growth in our portfolio and across a number of important financial and performance metrics," said Jeff Hanson, chairman and chief executive officer. "Additionally, the company recently announced a strong initial estimated per share net asset value of its common stock of $9.65 calculated as of December 31, 2017, which demonstrated aggregate portfolio growth of 11.3 percent compared to the aggregate contract purchase price of the company's property acquisitions. 1 Needless to say, we are very pleased with the recent performance of Griffin-American Healthcare REIT IV."
Chief financial officer Brian Peay added, "As our first quarter 2018 results demonstrate, Griffin-American Healthcare REIT IV is performing very well, with significant growth in modified funds from operations, funds from operations and net operating income. Additionally, we experienced year-over-year expansion in portfolio leased percentage and weighted average remaining lease term, while lowering our portfolio leverage 2 to just 15 percent."
First Quarter 2018 Highlights
Modified funds from operations, as defined by the Institute for Portfolio Alternatives, or IPA, attributable to controlling interest, or MFFO, equaled approximately $4.4 million for the quarter ended March 31, 2018, representing year-over-year growth of approximately 214.2 percent compared to MFFO of approximately $1.4 million during the first quarter 2017. (Please see financial reconciliation tables and notes at the end of this release for more information regarding MFFO.) Funds from operations, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, attributable to controlling interest, or FFO, equaled approximately $5.0 million for the quarter ended March 31, 2018, compared to FFO of approximately $1.6 million for the first quarter 2017, representing year-over-year growth of approximately 204.9 percent. (Please see financial reconciliation tables and notes at the end of this release for more information regarding FFO.) Net loss during the quarter was approximately $(2.2) million compared to an approximate net loss of $(85,000) during the first quarter 2017. Net loss is due largely to depreciation and amortization expense of our properties, a non-cash item, in accordance with accounting principles generally accepted in the United States of America, or GAAP. (Please see financial reconciliation tables and notes at the end of this release for more information regarding net loss.) Net operating income, or NOI, totaled approximately $8.3 million for the quarter ended March 31, 2018, representing an increase of approximately 188.2 percent over first quarter 2017 NOI of approximately $2.9 million. (Please see financial reconciliation tables and notes at the end of this release for more information regarding NOI.) As of March 31, 2018, the company's non-RIDEA 3 property portfolio achieved a leased percentage of 95.6 percent and weighted average remaining lease term of 9.4 years. The company's portfolio of senior housing - RIDEA facilities achieved a leased percentage of 76.3 percent. Portfolio leverage 2 was 15.1 percent. The company completed the acquisition of the two-property Central Wisconsin Senior Care Portfolio for $22.6 million. The company declared and paid daily distributions equal to $0.60 per share annualized to its stockholders of record for the first quarter 2018, equal to an annualized distribution rate of 6.0 percent for Class T stockholders and 6.51 percent for Class I stockholders, assuming a purchase price of $10.00 per share for Class T shares and $9.21 per share for Class I shares.
Subsequent Events
On April 9, 2018, the company's board of directors unanimously approved and established an estimated per share net asset value, or NAV, of its common stock of $9.65 calculated as of Dec. 31, 2017, which demonstrated aggregate portfolio growth of 11.3 percent compared to the aggregate contract purchase price of the company's property acquisitions. Consistent with the IPA's practice guideline regarding valuations of publicly registered non-listed REITs, the valuation upon which the NAV was based does not include a portfolio premium that may accrue in a typical real estate valuation process conducted for transaction purposes, nor does it reflect an enterprise value. Subsequent to the close of the first quarter 2018, the company completed property acquisitions totaling approximately $47.4 million, comprised of three medical office buildings. As of May 15, 2018, the company had completed the acquisition of a 2.7 million-square-foot portfolio comprised of 45 medical office buildings, senior housing facilities and skilled nursing facilities located in 16 states for an aggregate contract purchase price of approximately $536.1 million. Additionally, the company is currently pursuing approximately $204.7 million in additional pending acquisitions 4 which would result in a total portfolio of approximately 63 healthcare buildings located in 20 states comprised of approximately 3.5 million square feet of gross leasable area upon the successful completion of these potential acquisitions.
1
Please refer to the company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on April 9, 2018 for additional information.
2
Total debt divided by aggregate contract purchase price of real estate investments as of March 31, 2018.
3
The operation of healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007 is commonly referred to as a "RIDEA" structure.
4
Comprised of prospective real estate acquisitions for which the company has executed letters of intent and/or purchase and sale agreements as of April 15, 2018. These prospective acquisitions are subject to substantial closing conditions and the satisfaction of other requirements as detailed in the agreements. Accordingly, the closing of some or all of these pending transactions may not occur.
FINANCIAL TABLES AND NOTES FOLLOW
GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2018 and December 31, 2017
(Unaudited)
March 31,
2018
December 31,
2017
ASSETS
Real estate investments, net
$
437,688,000
$
419,665,000
Cash and cash equivalents
9,158,000
7,087,000
Accounts and other receivables, net
4,985,000
2,838,000
Restricted cash
16,000
16,000
Real estate deposits
2,075,000
500,000
Identified intangible assets, net
43,920,000
44,821,000
Other assets, net
5,800,000
5,226,000
Total assets
$
503,642,000
$
480,153,000
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage loans payable, net
$
11,483,000
$
11,567,000
Line of credit and term loan
62,300,000
84,100,000
Accounts payable and accrued liabilities
21,995,000
19,428,000
Accounts payable due to affiliates
8,146,000
8,118,000
Identified intangible liabilities, net
1,653,000
1,737,000
Security deposits, prepaid rent and other liabilities
1,694,000
977,000
Total liabilities
107,271,000
125,927,000
Commitments and contingencies
Redeemable noncontrolling interests
1,002,000
1,002,000
Stockholders' equity:
Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding
—
—
Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 45,226,189 and 39,972,049 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
452,000
400,000
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; 2,637,800 and 2,235,111 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
26,000
22,000
Additional paid-in capital
427,228,000
376,284,000
Accumulated deficit
(32,337,000)
(23,482,000)
Total stockholders' equity
395,369,000
353,224,000
Total liabilities, redeemable noncontrolling interests and stockholders' equity
$
503,642,000
$
480,153,000
GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2018 and 2017
(Unaudited)
Three Months Ended March 31,
2018
2017
Revenues:
Real estate revenue
$
9,433,000
$
4,052,000
Resident fees and services
8,409,000
—
Total revenues
17,842,000
4,052,000
Expenses:
Rental expenses
2,351,000
1,187,000
Property operating expenses
7,233,000
—
General and administrative
2,120,000
748,000
Acquisition related expenses
95,000
73,000
Depreciation and amortization
7,195,000
1,711,000
Total expenses
18,994,000
3,719,000
Interest expense (including amortization of deferred financing costs and debt premium)
(1,084,000)
(418,000)
Net loss
(2,236,000)
(85,000)
Less: net loss attributable to redeemable noncontrolling interests
67,000
—
Net loss attributable to controlling interest
$
(2,169,000)
$
(85,000)
Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted
$
(0.05)
$
(0.01)
Weighted average number of Class T and Class I common shares outstanding — basic and diluted
45,136,647
14,655,107
Distributions declared per Class T and Class I common share
$
0.15
$
0.15
GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
NET OPERATING INCOME RECONCILIATION
For the Three Months Ended March 31, 2018 and 2017
Net operating income is a financial measure that is not computed in accordance with GAAP that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, acquisition related expenses, depreciation and amortization and interest expense. Acquisition fees and expenses are paid in cash by us, and we have not set aside or put into escrow any specific amount to be used to fund acquisition fees and expenses. The purchase of real estate and real estate-related investments, and the corresponding expenses associated with that process, is a key operational feature of our business plan in order to generate operating revenues and cash flows to make distributions to our stockholders. However, we do not intend to fund acquisition fees and expenses in the future from operating revenues and cash flows, nor from the sale of properties and subsequent redeployment of capital and concurrent incurring of acquisition fees and expenses. Acquisition fees and expenses include payments to our advisor or its affiliates and third parties. Such fees and expenses are not reimbursed by our advisor or its affiliates and third parties, and therefore, if there is no further cash on hand to fund future acquisition fees and expenses, such fees and expenses will need to be paid from either additional debt, operational earnings or cash flows, net proceeds from the sale of properties or from ancillary cash flows. As a result, the amount of proceeds available for investment, operations and non-operating expenses would be reduced, or we may incur additional interest expense as a result of borrowed funds. Certain acquisition related expenses under GAAP, such as expenses incurred in connection with property acquisitions accounted for as business combinations, are considered operating expenses and as expenses included in the determination of net income (loss), which is a performance measure under GAAP. All paid and accrued acquisition fees and expenses have negative effects on returns to investors, the potential for future distributions and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to such property.
Net operating income is not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, net operating income is not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of our performance, as an alternative to cash flows from operations as an indication of our liquidity, or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. Net operating income should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income (loss) or in its applicability in evaluating our operating performance. Investors are also cautioned that net operating income should only be used to assess our operational performance in periods in which we have not incurred or accrued any acquisition related expenses.
We believe that net operating income is an appropriate supplemental performance measure to reflect the operating performance of our operating assets because net operating income excludes certain items that are not associated with the management of the properties. We believe that net operating income is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term net operating income may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount.
To facilitate understanding of this financial measure, the following is a reconciliation of net loss, which is the most directly comparable GAAP financial measure, to net operating income for the three months ended March 31, 2018 and 2017:
Three Months Ended March 31,
2018
2017
Net loss
$
(2,236,000)
$
(85,000)
General and administrative
2,120,000
748,000
Acquisition related expenses
95,000
73,000
Depreciation and amortization
7,195,000
1,711,000
Interest expense
1,084,000
418,000
Net operating income
$
8,258,000
$
2,865,000
GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
FFO AND MFFO RECONCILIATION
For the Three Months Ended March 31, 2018 and 2017
Due to certain unique operating characteristics of real estate companies, NAREIT, an industry trade group, has promulgated a measure known as funds from operations, a non-GAAP measure, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of a REIT. The use of funds from operations is recommended by the REIT industry as a supplemental performance measure, and our management uses FFO to evaluate our performance over time. FFO is not equivalent to our net income (loss) as determined under GAAP.
We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on funds from operations approved by the Board of Governors of NAREIT, as revised in February 2004, or the White Paper. The White Paper defines funds from operations as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and asset impairment writedowns, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations. Our FFO calculation complies with NAREIT's policy described above.
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time, which is the case if such assets are not adequately maintained or repaired and renovated as required by relevant circumstances and/or as requested or required by lessees for operational purposes in order to maintain the value disclosed. We believe that, since real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation may be less informative. In addition, we believe it is appropriate to exclude impairment charges, as this is a fair value adjustment that is largely based on market fluctuations and assessments regarding general market conditions, which can change over time. Testing for an impairment of an asset is a continuous process and is analyzed on a quarterly basis. If certain impairment indications exist in an asset, and if the asset's carrying, or book value, exceeds the total estimated undiscounted future cash flows (including net rental and lease revenues, net proceeds on the sale of the property and any other ancillary cash flows at a property or group level under GAAP) from such asset, an impairment charge would be recognized. Investors should note, however, that determinations of whether impairment charges have been incurred are based partly on anticipated operating performance, because estimated undiscounted future cash flows from a property, including estimated future net rental and lease revenues, net proceeds on the sale of the property and certain other ancillary cash flows, are taken into account in determining whether an impairment charge has been incurred. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that due to the fact that impairments are based on estimated future undiscounted cash flows and that we intend to have a relatively limited term of our operations, it could be difficult to recover any impairment charges through the eventual sale of the property.
Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our performance to investors and to our management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss).
However, FFO and MFFO, as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income (loss) or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and MFFO measures and the adjustments to GAAP in calculating FFO and MFFO.
Changes in the accounting and reporting rules under GAAP that were put into effect and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT's definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses, as items that are expensed as operating expenses under GAAP. We believe these fees and expenses do not affect our overall long-term operating performance. Publicly registered, non-listed REITs typically have a significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and operation. While other start up entities may also experience significant acquisition activity during their initial years, we believe that publicly registered, non-listed REITs are unique in that they have a limited life with targeted exit strategies within a relatively limited time frame after the acquisition activity ceases. Thus, we do not intend to continuously purchase assets and intend to have a limited life. Due to the above factors and other unique features of publicly registered, non-listed REITs, the IPA, an industry trade group, has standardized a measure known as modified funds from operations, which the IPA has recommended as a supplemental performance measure for publicly registered, non-listed REITs, and which we believe to be another appropriate supplemental performance measure to reflect the operating performance of a publicly registered, non-listed REIT having the characteristics described above. MFFO is not equivalent to our net income (loss) as determined under GAAP, and MFFO may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate with a limited life and targeted exit strategy, as currently intended. We believe that, because MFFO excludes expensed acquisition fees and expenses that affect our operations only in periods in which properties are acquired and that we consider more reflective of investing activities, as well as other non-operating items included in FFO, MFFO can provide, on a going forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of our operating performance after the period in which we are acquiring our properties and once our portfolio is in place. By providing MFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our operating performance after our property acquisition activity ceases. We also believe that MFFO is a recognized measure of sustainable operating performance by the publicly registered, non-listed REIT industry. Further, we believe MFFO is useful in comparing the sustainability of our operating performance after our property acquisition activity ceases with the sustainability of the operating performance of other real estate companies that are not as involved in acquisition activities. Investors are cautioned that MFFO should only be used to assess the sustainability of our operating performance after our property acquisition activity ceases, as it excludes expensed acquisition fees and expenses that have a negative effect on our operating performance during the periods in which properties are acquired.
We define MFFO, a non-GAAP measure, consistent with the IPA's Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations, or the Practice Guideline, issued by the IPA in November 2010. The Practice Guideline defines modified funds from operations as funds from operations further adjusted for the following items included in the determination of GAAP net income (loss): acquisition fees and expenses; amounts relating to deferred rent and amortization of above- and below-market leases and liabilities (which are adjusted in order to reflect such payments from a GAAP accrual basis to closer to an expected to be received cash basis of disclosing the rent and lease payments); accretion of discounts and amortization of premiums on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect modified funds from operations on the same basis. The accretion of discounts and amortization of premiums on debt investments, unrealized gains and losses on hedges, foreign exchange, derivatives or securities holdings, unrealized gains and losses resulting from consolidations, as well as other listed cash flow adjustments are adjustments made to net income (loss) in calculating cash flows from operations and, in some cases, reflect gains or losses which are unrealized and may not ultimately be realized. We are responsible for managing interest rate, hedge and foreign exchange risk, and we do not rely on another party to manage such risk. In as much as interest rate hedges will not be a fundamental part of our operations, we believe it is appropriate to exclude such gains and losses in calculating MFFO, as such gains and losses are based on market fluctuations and may not be directly related or attributable to our operations.
Our MFFO calculation complies with the IPA's Practice Guideline described above. In calculating MFFO, we exclude acquisition related expenses, amortization of above- and below-market leases, change in deferred rent and the adjustments of such items related to redeemable noncontrolling interests. The other adjustments included in the IPA's Practice Guideline are not applicable to us for the three months ended March 31, 2018 and 2017. Acquisition fees and expenses are paid in cash by us, and we have not set aside or put into escrow any specific amount to be used to fund acquisition fees and expenses. The purchase of real estate and real estate-related investments, and the corresponding expenses associated with that process, is a key operational feature of our business plan in order to generate operating revenues and cash flows to make distributions to our stockholders. However, we do not intend to fund acquisition fees and expenses in the future from operating revenues and cash flows, nor from the sale of properties and subsequent redeployment of capital and concurrent incurring of acquisition fees and expenses. Acquisition fees and expenses include payments to our advisor or its affiliates and third parties. Such fees and expenses are not reimbursed by our advisor or its affiliates and third parties, and therefore if there is no further cash on hand to fund future acquisition fees and expenses, such fees and expenses will need to be paid from either additional debt, operational earnings or cash flows, net proceeds from the sale of properties or from ancillary cash flows. Certain acquisition related expenses under GAAP, such as expenses incurred in connection with property acquisitions accounted for as business combinations, are considered operating expenses and as expenses included in the determination of net income (loss), which is a performance measure under GAAP. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to such property. In the future, we may pay acquisition fees or reimburse acquisition expenses due to our advisor and its affiliates, or a portion thereof, with net proceeds from borrowed funds, operational earnings or cash flows, net proceeds from the sale of properties or ancillary cash flows. As a result, the amount of proceeds from borrowings available for investment and operations would be reduced, or we may incur additional interest expense as a result of borrowed funds.
Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income (loss) in determining cash flows from operations. In addition, we view fair value adjustments of derivatives and gains and losses from dispositions of assets as items which are unrealized and may not ultimately be realized or as items which are not reflective of on-going operations and are therefore typically adjusted for when assessing operating performance.
Our management uses MFFO and the adjustments used to calculate it in order to evaluate our performance against other publicly registered, non-listed REITs which intend to have limited lives with short and defined acquisition periods and targeted exit strategies shortly thereafter. As noted above, MFFO may not be a useful measure of the impact of long-term operating performance if we do not continue to operate in this manner. We believe that our use of MFFO and the adjustments used to calculate it allow us to present our performance in a manner that reflects certain characteristics that are unique to publicly registered, non-listed REITs, such as their limited life, limited and defined acquisition period and targeted exit strategy, and hence, that the use of such measures may be useful to investors. For example, acquisition fees and expenses are intended to be funded from other financing sources and not from operations. By excluding expensed acquisition fees and expenses, the use of MFFO provides information consistent with management's analysis of the operating performance of the properties. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such charges that may reflect anticipated and unrealized gains or losses, we believe MFFO provides useful supplemental information.
Presentation of this information is intended to provide useful information to investors as they compare the operating performance of different REITs, although it should be noted that not all REITs calculate funds from operations and modified funds from operations the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and MFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of our performance, as an alternative to cash flows from operations, which is an indication of our liquidity, or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and MFFO should be reviewed in conjunction with other measurements as an indication of our performance. MFFO may be useful in assisting management and investors in assessing the sustainability of operating performance in future operating periods, and in particular, after the capital formation and acquisition stages are complete and net asset value is disclosed. FFO and MFFO are not useful measures in evaluating net asset value because impairments are taken into account in determining net asset value but not in determining FFO and MFFO.
Neither the United States Securities and Exchange Commission, or SEC, NAREIT nor any other regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the publicly registered, non-listed REIT industry and we would have to adjust our calculation and characterization of FFO or MFFO.
The following is a reconciliation of net loss, which is the most directly comparable GAAP financial measure, to FFO and MFFO for the three months ended March 31, 2018 and 2017:
Three Months Ended March 31,
2018
2017
Net loss
$
(2,236,000)
$
(85,000)
Add:
Depreciation and amortization — consolidated properties
7,195,000
1,711,000
Net loss attributable to redeemable noncontrolling interests
67,000
—
Less:
Depreciation and amortization related to redeemable noncontrolling interests
(69,000)
—
FFO attributable to controlling interest
$
4,957,000
$
1,626,000
Acquisition related expenses(1)
$
95,000
$
73,000
Amortization of above- and below-market leases(2)
(45,000)
(34,000)
Change in deferred rent(3)
(633,000)
(273,000)
Adjustments for redeemable noncontrolling interests(4)
—
—
MFFO attributable to controlling interest
$
4,374,000
$
1,392,000
Weighted average Class T and Class I common shares outstanding — basic and diluted
45,136,647
14,655,107
Net loss per Class T and Class I common share — basic and diluted
$
(0.05)
$
(0.01)
FFO attributable to controlling interest per Class T and Class I common share — basic and diluted
$
0.11
$
0.11
MFFO attributable to controlling interest per Class T and Class I common share — basic and diluted
$
0.10
$
0.09
(1)
In evaluating investments in real estate, we differentiate the costs to acquire the investment from the operations derived from the investment. Such information would be comparable only for publicly registered, non-listed REITs that have completed their acquisition activity and have other similar operating characteristics. By excluding expensed acquisition related expenses, we believe MFFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties. Acquisition fees and expenses include payments to our advisor or its affiliates and third parties. Certain acquisition related expenses under GAAP, such as expenses incurred in connection with property acquisitions accounted for as business combinations, are considered operating expenses and as expenses included in the determination of net income (loss), which is a performance measure under GAAP. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to such property.
(2)
Under GAAP, above- and below-market leases are assumed to diminish predictably in value over time and amortized, similar to depreciation and amortization of other real estate-related assets that are excluded from FFO. However, because real estate values and market lease rates historically rise or fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, we believe that by excluding charges relating to the amortization of above- and below-market leases, MFFO may provide useful supplemental information on the performance of the real estate.
(3)
Under GAAP, rental revenue or rental expense is recognized on a straight-line basis over the terms of the related lease (including rent holidays). This may result in income or expense recognition that is significantly different than the underlying contract terms. By adjusting for the change in deferred rent, MFFO may provide useful supplemental information on the realized economic impact of lease terms, providing insight on the expected contractual cash flows of such lease terms, and aligns results with our analysis of operating performance.
(4)
Includes all adjustments to eliminate the redeemable noncontrolling interests' share of the adjustments described in notes (1) – (3) above to convert our FFO to MFFO.
About Griffin-American Healthcare REIT IV, Inc.
Griffin-American Healthcare REIT IV intends to build a balanced and diversified portfolio of healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. Griffin-American Healthcare REIT IV also seeks to provide: portfolio diversification, preservation of capital, monthly distributions and capital appreciation by increasing the value of its properties for its stockholders. Griffin-American Healthcare REIT IV qualified to be taxed as a real estate investment trust for federal income tax purposes beginning with its taxable year ended December 31, 2016, and it intends to continue to qualify to be taxed as a REIT. The REIT is co-sponsored by American Healthcare Investors, LLC and Griffin Capital Company, LLC. For more information regarding Griffin-American Healthcare REIT IV, please visit www.healthcarereitiv.com .
About American Healthcare Investors, LLC
American Healthcare Investors is an investment management firm that specializes in the acquisition and management of healthcare-related real estate. One of the world's largest managers of healthcare real estate, the company oversees an approximately 31 million-square-foot portfolio valued at approximately $8.9 billion, based on aggregate purchase price, on behalf of multiple investment programs that include thousands of individual and institutional investors. As of March 31, 2018, this international portfolio includes approximately 600 buildings comprised of medical office buildings, hospitals, senior housing, skilled nursing facilities and integrated senior health campuses located throughout the United States and the United Kingdom. The company and its principals have completed approximately $26 billion in aggregate acquisition and disposition transactions, approximately $16 billion of which have been healthcare-related. American Healthcare Investors is committed to providing investors with access to the potential benefits that healthcare-related real estate ownership can provide. For more information regarding American Healthcare Investors, please visit www.AmericanHealthcareInvestors.com .
About Griffin Capital Company, LLC
Griffin Capital Company, LLC ("Griffin Capital") is a leading alternative investment asset manager with nearly $10.3 billion in assets* under management. Founded in 1995, the privately-held firm is led by a seasoned team of senior executives with more than two decades of investment and real estate experience and who collectively have executed more than 650 transactions valued in excess of $22 billion. The firm manages, sponsors or co-sponsors a suite of carefully curated, institutional quality investment solutions distributed by Griffin Capital Securities, LLC to retail investors through a community of partners, including independent and insurance broker-dealers, wirehouses, registered investment advisory firms and the financial advisors who work with these enterprises. Additional information about Griffin Capital is available at www.griffincapital.com .
* Includes the property information related to interests held in certain joint ventures. As of December 31, 2017.
This release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, including statements with respect to the performance of our portfolio, the projected value and growth of our portfolio, the estimated per share NAV of our common stock and our ability to achieve our investment objectives. We intend for all forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: our strength and financial condition; uncertainties relating to the strength and financial condition of our current and future real estate investments and their tenants; uncertainties relating to the medical needs and local economies where our real estate investments are located; uncertainties relating to changes in general economic and real estate conditions; the substantial closing conditions and satisfaction of other requirements detailed in the letters of intent and purchase and sale agreements for pending acquisitions; uncertainties regarding changes in the healthcare industry; uncertainties relating to the implementation of recent healthcare legislation; uncertainties relating to the implementation of our real estate investment strategy; and other risk factors as outlined in our company's periodic reports, as filed with the SEC. Forward-looking statements in this document speak only as of the date on which such statements were made, and undue reliance should not be placed on such statements. We undertake no obligation to update any such statements that may become untrue because of subsequent events.
Contact:
Damon Elder
Spotlight Marketing Communications
(949) 427-5172 ext. 702
[email protected]
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SOURCE Griffin-American Healthcare REIT IV, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-griffin-american-healthcare-reit-iv-reports-first-quarter-2018-results.html |
0 COMMENTS Rubbermaid containers are stacked at a store in Detroit, Mich, U.S. Newell Brands is selling its global consumer and commercial package manufacturing business to Novolex Holdings LLC as it continues its consolidation efforts. Photo: AP
Every weekend we select a handful of in-depth articles we think are worth a bit of your time, either because they peel back the layers on a compelling business story, or somehow make us look at business in a different light.
What went wrong when Newell Brands took over Jarden. The $15 billion acquisition united household names such as Elmer’s glue, Sharpie markers and Graco strollers with Rawlings baseball gloves, Crock-Pot cookers and Yankee Candles. The resulting consumer-products giant was supposed to have enough clout to squeeze rivals, dominate store shelves and move quickly into online sales. Instead, the marriage of Newell Brands Inc. and Jarden Corp. has become a case study of the ways a megadeal can go bad, writes the Wall Street Journal.
A gambler who cracked the horse-racing code. Bill Benter did the impossible: He wrote an algorithm that couldn’t lose at the racetrack. Close to a billion dollars later, he tells his story to Bloomberg Businessweek.
How to talk less in a meeting. People don’t want to attend meetings that are just an opportunity for one person to deliver a monologue. And with one person taking up the airspace in a meeting, team members no longer feels that they’re working together. Harvard Business Review explains how to run a meeting without talking too much.
Share this: the weekend reader Previous CFO Moves: National Grid, Capgemini | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/04/the-weekend-reader-three-must-reads-32/ |
GAAP revenue of $291.4 million Net loss of $7.1 million Adjusted EBITDA of $86.2 million Cash flow from operations of $52.4 million Free cash flow of $44.9 million Total subscribers on platform were approximately 5.011 million at March 31, 2018
BURLINGTON, Ma., May 01, 2018 (GLOBE NEWSWIRE) -- Endurance International Group Holdings, Inc. (NASDAQ:EIGI), a leading provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online, today reported financial results for its first quarter ended March 31, 2018.
“We are pleased with our financial and operating progress in the first quarter,” commented Jeffrey H. Fox, president and chief executive officer of Endurance International Group. "With a majority of the year still ahead of us, we remain focused on executing our integrated operating plan. In 2018 we are investing to deliver increased customer value in our market-leading assets and simplify our operations to execute more effectively at scale."
First Quarter 2018 Financial Highlights
Revenue for the first quarter of 2018 was $291.4 million, a decrease of 1 percent compared to $295.1 million for the first quarter of 2017. Net loss for the first quarter of 2018 was $7.1 million compared to net loss of $31.6 million for the first quarter of 2017. Net loss attributable to Endurance International Group Holdings, Inc. for the first quarter of 2018 was $7.1 million, or $(0.05) per diluted share, compared to net loss of $35.4 million, or $(0.26) per diluted share, for the first quarter of 2017. Adjusted EBITDA for the first quarter of 2018 was $86.2 million, an increase of 8 percent compared to $80.1 million for the first quarter of 2017. First quarter 2018 adjusted EBITDA excludes the impact of a total of $8.5 million of accrued expense reserved in connection with our ongoing efforts to resolve two shareholder lawsuits, each brought as a class action against either Endurance or Constant Contact. Any final settlement agreement reached with the plaintiffs in each case would be subject to court approval. Thus, we can make no assurance that any final agreement will be reached, or that any final settlement agreement will be approved by the court. Cash flow from operations for the first quarter of 2018 was $52.4 million, an increase of 55 percent compared to $33.7 million for the first quarter of 2017. Free cash flow, defined as cash flow from operations less capital expenditures and capital lease obligations, for the first quarter of 2018 was $44.9 million, an increase of 100 percent compared to $22.4 million for the first quarter of 2017.
First Quarter Operating Highlights
Total subscribers on platform at March 31, 2018 were approximately 5.011 million, compared to approximately 5.304 million subscribers at March 31, 2017 and approximately 5.051 million subscribers at December 31, 2017. See “Total Subscribers” below. Average revenue per subscriber, or ARPS, for the first quarter of 2018 was $19.30, compared to $18.43 for the first quarter of 2017 and $19.28 for the fourth quarter of 2017. See “Average Revenue Per Subscriber” below.
Fiscal 2018 Guidance
The company’s prior guidance, announced on February 13, 2018, remains unchanged. As of the date of this release, May 1, 2018, for the full year ending December 31, 2018, the company expects:
2017 Actual
as Reported Guidance
(as of May 1, 2018) GAAP revenue $1.177 billion $1.140 to $1.160 billion Adjusted EBITDA $351 million $310 to $330 million Free cash flow $151 million ~$120 million Free cash flow guidance does not include the impact of potential settlements of pending legal proceedings. Adjusted EBITDA and free cash flow are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to their most comparable measure calculated in accordance with GAAP is provided in the financial statement tables included at the end of this press release.
Conference Call and Webcast Information
Endurance International Group’s first quarter 2018 financial results teleconference and webcast is scheduled to begin at 8:00 a.m. EDT on Tuesday, May 1, 2018. To participate on the live call, analysts and investors should dial (888) 734-0328 at least ten minutes prior to the call. Endurance International Group will also offer a live and archived webcast of the conference call, accessible from the Investor Relations section of the company’s website at http://ir.endurance.com .
Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, we use adjusted EBITDA and free cash flow, which are non-GAAP financial measures, to evaluate the operating and financial performance of our business, identify trends affecting our business, develop projections and make strategic business decisions. A non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flow that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP or includes amounts that are excluded from the most directly comparable measure calculated and presented in accordance with GAAP.
Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and exclude expenses that may have a material impact on our reported financial results. For example, adjusted EBITDA excludes interest expense, which has been and will continue to be for the foreseeable future a significant recurring expense in our business. The presentation of non-GAAP financial information is not meant to be considered in isolation from, or as a substitute for, the most directly comparable financial measures prepared in accordance with GAAP. We urge you to review the additional information about adjusted EBITDA and free cash flow shown below, including the reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
Adjusted EBITDA is a non-GAAP financial measure that we calculate as net (loss) income, excluding the impact of interest expense (net), income tax expense (benefit), depreciation, amortization of other intangible assets, stock-based compensation, restructuring expenses, transaction expenses and charges, (gain) loss of unconsolidated entities, impairment of other long-lived assets, SEC investigations reserve (with respect to fiscal year and third quarter 2017), and shareholder litigation reserve. We view adjusted EBITDA as a performance measure and believe it helps investors evaluate and compare our core operating performance from period to period.
Free Cash Flow, or FCF, is a non-GAAP financial measure that we calculate as cash flow from operations less capital expenditures and capital lease obligations. We believe that FCF provides investors with an indicator of our ability to generate positive cash flows after meeting our obligations with regard to capital expenditures (including capital lease obligations).
Key Operating Metrics
Total Subscribers - We define total subscribers as the approximate number of subscribers that, as of the end of a period, are identified as subscribing directly to our products on a paid basis, excluding accounts that access our solutions via resellers or that purchase only domain names from us. Subscribers of more than one brand, and subscribers with more than one distinct billing relationship or subscription with us, are counted as separate subscribers. Total subscribers for a period reflects adjustments to add or subtract subscribers as we integrate acquisitions and/or are otherwise able to identify subscribers that meet, or do not meet, this definition of total subscribers. There were no adjustments for the first quarter of 2018.
Average Revenue Per Subscriber (ARPS) - We calculate ARPS as the amount of revenue we recognize in a period, including marketing development funds and other revenue not received from subscribers, divided by the average of the number of total subscribers at the beginning of the period and at the end of the period, which we refer to as average subscribers for the period, divided by the number of months in the period. See definition of “Total Subscribers” above. ARPS does not represent an exact measure of the average amount a subscriber spends with us each month, since our calculation of ARPS is impacted by revenues generated by non-subscribers.
Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning our financial guidance for fiscal year 2018, our expectations regarding our investments to deliver increased customer value, simplify our operations, and operate more effectively at scale, and our expected financial and operational performance in general. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, and statements identified by words such as “expects,” “believes,” “estimates,” “may,” “continue,” “positions,” “confident,” and variations of such words or words of similar meaning and the use of future dates. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that these plans, intentions, expectations, strategies or prospects will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: the possibility that our financial guidance may differ from expectations (including due to our payment of any potential settlements of pending legal proceedings); the possibility that our planned investment and operational initiatives will not result in the anticipated benefits to our business; the possibility that we will continue to experience decreases in our subscriber base; an adverse impact on our business from litigation or regulatory proceedings; an adverse impact on our business from our substantial indebtedness and the cost of servicing our debt; the rate of growth of the Small and Medium Business (“SMB”) market for our solutions; our inability to increase sales to our existing subscribers, or retain our existing subscribers; data breaches; system or Internet failures; our inability to maintain or improve our competitive position or market share; and other risks and uncertainties discussed in our filings with the SEC, including those set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2017 filed with the SEC on February 22, 2018 and other reports we file with the SEC.
We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
About Endurance International Group
Endurance International Group Holdings, Inc. (NASDAQ:EIGI) (em)Powers millions of small businesses worldwide with products and technology to enhance their online web presence, email marketing, mobile business solutions, and more. The Endurance family of brands includes: Constant Contact, Bluehost, HostGator, Domain.com and SiteBuilder, among others. Headquartered in Burlington, Massachusetts, Endurance employs over 3,500 people across the United States, Brazil, India and the Netherlands. For more information, visit: www.endurance.com .
Endurance International Group and the compass logo are trademarks of The Endurance International Group, Inc. Constant Contact, the Constant Contact logo and other brand names of Endurance International Group are trademarks of The Endurance International Group, Inc. or its subsidiaries.
Investor Contact:
Angela White
Endurance International Group
(781) 852-3450
[email protected]
Press Contact:
Kristen Andrews
Endurance International Group
(781) 418-6716
[email protected]
Endurance International Group Holdings, Inc. Consolidated Balance Sheets (unaudited) (in thousands, except share and per share amounts) December 31,
2017 March 31,
2018 Assets Current assets: Cash and cash equivalents $ 66,493 $ 86,678 Restricted cash 2,625 1,772 Accounts receivable 15,945 13,493 Prepaid domain name registry fees 53,805 59,690 Prepaid commissions — 42,746 Prepaid expenses and other current assets 29,327 30,653 Total current assets 168,195 235,032 Property and equipment—net 95,452 87,653 Goodwill 1,850,582 1,851,209 Other intangible assets—net 455,440 429,797 Deferred financing costs 3,189 2,732 Investments 15,267 15,241 Prepaid domain name registry fees, net of current portion 10,806 11,889 Prepaid commissions, net of current portion — 41,164 Other assets 2,155 3,091 Total assets $ 2,601,086 $ 2,677,808 Liabilities, redeemable non-controlling interest and stockholders’ equity Current liabilities: Accounts payable $ 11,058 $ 19,118 Accrued expenses 79,991 81,065 Accrued interest 24,457 14,979 Deferred revenue 361,940 389,734 Current portion of notes payable 33,945 33,945 Current portion of capital lease obligations 7,630 7,281 Deferred consideration—short term 4,365 4,435 Other current liabilities 4,031 3,754 Total current liabilities 527,417 554,311 Long-term deferred revenue 90,972 96,718 Notes payable—long term, net of original issue discounts of $25,811 and $24,752 and deferred financing costs of $37,736 and $36,299, respectively 1,858,300 1,835,309 Capital lease obligations—long term 7,719 5,837 Deferred tax liability 19,696 27,679 Deferred consideration—long term 3,551 3,608 Other liabilities 10,426 10,157 Total liabilities 2,518,081 2,533,619 Stockholders’ equity: Preferred Stock—par value $0.0001; 5,000,000 shares authorized; no shares issued or outstanding — — Common Stock—par value $0.0001; 500,000,000 shares authorized; 140,190,165 and 140,457,825 shares issued at December 31, 2017 and March 31, 2018, respectively; 140,190,695 and 140,457,825 outstanding at December 31, 2017 and March 31, 2018, respectively 14 14 Additional paid-in capital 931,033 938,301 Accumulated other comprehensive (loss) income (541 ) 1,080 Accumulated deficit (847,501 ) (795,206 ) Total stockholders’ equity 83,005 144,189 Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 2,601,086 $ 2,677,808
Endurance International Group Holdings, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) (in thousands, except share and per share amounts) Three Months Ended
March 31, 2017 2018 Revenue $ 295,137 $ 291,356 Cost of revenue 148,749 133,906 Gross profit 146,388 157,450 Operating expense: Sales and marketing 72,772 67,356 Engineering and development 20,362 19,917 General and administrative 39,080 38,775 Transaction expenses 580 — Total operating expense 132,794 126,048 Income from operations 13,594 31,402 Other income (expense): Interest income 118 204 Interest expense (39,516 ) (36,050 ) Total other expense—net (39,398 ) (35,846 ) (Loss) income before income taxes and equity earnings of unconsolidated entities (25,804 ) (4,444 ) Income tax expense 5,774 2,617 (Loss) income before equity earnings of unconsolidated entities (31,578 ) (7,061 ) Equity loss of unconsolidated entities, net of tax — 27 Net (loss) income $ (31,578 ) $ (7,088 ) Net loss attributable to non-controlling interest 226 — Excess accretion of non-controlling interest 3,584 — Total net loss attributable to non-controlling interest 3,810 — Net (loss) income attributable to Endurance International Group Holdings, Inc. $ (35,388 ) $ (7,088 ) Comprehensive income (loss): Foreign currency translation adjustments 686 580 Unrealized (loss) gain on cash flow hedge, net of taxes of $38 and ($325) for the three months ended March 31, 2017 and 2018, respectively (216 ) 1,041 Total comprehensive (loss) income $ (34,918 ) $ (5,467 ) Basic net (loss) income per share attributable to Endurance International Group Holdings, Inc. $ (0.26 ) $ (0.05 ) Diluted net (loss) income per share attributable to Endurance International Group Holdings, Inc. $ (0.26 ) $ (0.05 ) Weighted-average common shares used in computing net loss per share attributable to Endurance International Group Holdings, Inc.: Basic 134,935,153 140,457,487 Diluted 134,935,153 140,457,487
Endurance International Group Holdings, Inc. Consolidated Statements of Cash Flows (unaudited) (in thousands) Three Months Ended March 31, 2017 2018 Cash flows from operating activities: Net (loss) income $ (31,578 ) $ (7,088 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation of property and equipment 13,111 12,068 Amortization of other intangible assets 34,267 25,735 Amortization of deferred financing costs 1,744 1,894 Amortization of net present value of deferred consideration 190 128 Amortization of original issue discounts 846 1,058 Stock-based compensation 12,924 6,992 Deferred tax (benefit) expense 3,440 492 Loss (gain) on sale of assets (225 ) 48 Loss (gain) from unconsolidated entities — 27 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 2,392 2,448 Prepaid expenses and other current assets (5,717 ) (2,697 ) Accounts payable and accrued expenses (13,467 ) 595 Deferred revenue 15,747 10,660 Net cash provided by operating activities 33,674 52,360 Cash flows from investing activities: Purchases of property and equipment (9,258 ) (5,254 ) Proceeds from sale of assets 251 — Purchases of intangible assets (33 ) — Net cash provided by (used in) investing activities (9,040 ) (5,254 ) Cash flows from financing activities: Repayments of term loans (8,925 ) (25,486 ) Payment of financing costs (92 ) — Payment of deferred consideration (818 ) — Principal payments on capital lease obligations (2,037 ) (2,230 ) Proceeds from exercise of stock options 628 25 Net cash used in financing activities (11,244 ) (27,691 ) Net effect of exchange rate on cash and cash equivalents and restricted cash 2,327 (83 ) Net increase in cash and cash equivalents and restricted cash 15,717 19,332 Cash and cash equivalents and restricted cash: Beginning of period 56,898 69,118 End of period $ 72,615 $ 88,450 Supplemental cash flow information: Interest paid $ 46,546 $ 42,091 Income taxes paid $ 952 $ 603
GAAP to Non-GAAP Reconciliation - Adjusted EBITDA
The following table presents a reconciliation of net income (loss) calculated in accordance with GAAP to adjusted EBITDA (all data in thousands):
Three Months Ended
March 31, 2017 2018 Net (loss) income $ (31,578 ) $ (7,088 ) Interest expense, net (1) 39,398 35,846 Income tax expense (benefit) 5,774 2,617 Depreciation 13,111 12,068 Amortization of other intangible assets 34,267 25,735 Stock-based compensation 12,924 6,992 Restructuring expenses 5,627 1,529 Transaction expenses and charges 580 — Loss of unconsolidated entities — 27 Impairment of other long-lived assets — — Shareholder litigation reserve — 8,500 Adjusted EBITDA $ 80,103 $ 86,226 (1) Interest expense includes impact of amortization of deferred financing costs, original issuance discounts and interest income.
GAAP to Non-GAAP Reconciliation – Free Cash Flow
The following table reflects the reconciliation of cash flow from operations to free cash flow (“FCF”) (all data in thousands):
Three Months Ended March 31, 2017 2018 Cash flow from operations $ 33,674 $ 52,360 Less: Capital expenditures and capital lease obligations (1) (11,295 ) (7,484 ) Free cash flow $ 22,379 $ 44,876 (1) Capital expenditures during the three months ended March 31, 2017 and 2018 includes $2.0 million and $2.2 million, respectively, of principal payments under a three year capital lease for software. The remaining balance on the capital lease is $13.1 million as of March 31, 2018.
Average Revenue Per Subscriber - Calculation and Segment Detail
We present our financial results in the following three segments.
Web presence. The web presence segment consists primarily of our web hosting brands and related products such as website security, website design tools and services, and e-commerce products.
Email marketing. The email marketing segment consists of Constant Contact email marketing tools and related products and the SinglePlatform digital storefront product.
Domain. The domain segment consists of domain-focused brands and certain web hosting brands that are aligned with our domain-focused brands. This segment sells domain names and domain management services to resellers and end users, as well as premium domain names, and also generates advertising revenue from domain name parking.
The following table presents the calculation of ARPS, on a consolidated basis and by segment (all data in thousands, except ARPS data):
Three Months Ended March 31, 2017 2018 Consolidated revenue $ 295,137 $ 291,356 Consolidated total subscribers 5,304 5,011 Consolidated average subscribers for the period 5,338 5,031 Consolidated ARPS $ 18.43 $ 19.30 Web presence revenue $ 164,009 $ 155,017 Web presence subscribers 4,135 3,811 Web presence average subscribers for the period 4,167 3,829 Web presence ARPS $ 13.12 $ 13.49 Email marketing revenue $ 97,789 $ 102,447 Email marketing subscribers 537 518 Email marketing average subscribers for the period 541 519 Email marketing ARPS $ 60.31 $ 65.83 Domain revenue $ 33,339 $ 33,892 Domain subscribers 632 682 Domain average subscribers for the period 630 683 Domain ARPS $ 17.63 $ 16.54
The following table presents revenue, gross profit, and a reconciliation by segment of net income (loss) calculated in accordance with GAAP to adjusted EBITDA (all data in thousands):
Three Months Ended
March 31, 2017 Web presence Email
marketing Domain Total Revised (2) Revenue $ 164,009 $ 97,789 $ 33,339 $ 295,137 Gross profit $ 77,870 $ 59,772 $ 8,746 $ 146,388 Net (loss) income $ (19,018 ) $ (7,952 ) $ (4,608 ) $ (31,578 ) Interest expense, net (1) 16,390 22,519 489 39,398 Income tax expense (benefit) 8,493 (4,777 ) 2,058 5,774 Depreciation 8,419 3,873 819 13,111 Amortization of other intangible assets 14,551 18,362 1,354 34,267 Stock-based compensation 9,790 1,824 1,310 12,924 Restructuring expenses 2,128 3,292 207 5,627 Transaction expenses and charges — 580 — 580 (Gain) loss of unconsolidated entities — — — — Impairment of other long-lived assets — — — — Shareholder litigation reserve — — — — Adjusted EBITDA $ 40,753 $ 37,721 $ 1,629 $ 80,103 Three Months Ended
March 31, 2018 Web presence Email
marketing Domain Total Revenue $ 155,017 $ 102,447 $ 33,892 $ 291,356 Gross profit $ 74,373 $ 72,177 $ 10,900 $ 157,450 Net (loss) income $ (17,108 ) $ 15,129 $ (5,109 ) $ (7,088 ) Interest expense, net (1) 16,986 16,409 2,451 35,846 Income tax expense (benefit) 6,321 (5,607 ) 1,903 2,617 Depreciation 7,977 3,146 945 12,068 Amortization of other intangible assets 12,008 13,093 634 25,735 Stock-based compensation 5,073 1,408 511 6,992 Restructuring expenses 812 162 555 1,529 Transaction expenses and charges — — — — Loss of unconsolidated entities 27 — — 27 Impairment of other long-lived assets — — — — Shareholder litigation reserve 5,745 1,500 1,255 8,500 Adjusted EBITDA $ 37,841 $ 45,240 $ 3,145 $ 86,226 (1) Interest expense includes impact of amortization of deferred financing costs, original issuance discounts and interest income.
(2) We have revised the allocation for our 2016 and 2017 full year and adjusted EBITDA between our web presence and domain segment to correct a misallocation of domain registration costs in our previously reported segment figures. This correction resulted in the reallocation of adjusted EBITDA from the domain segment to the web presence segment of $1.1 million for the period ending March 31, 2017. Consolidated adjusted EBITDA figures for these periods were not affected by this correction.
GAAP to Non-GAAP Reconciliation of Fiscal Year 2018 Guidance (as of May 1, 2018) - Adjusted EBITDA
The following table reflects the reconciliation of fiscal year 2018 estimated net loss calculated in accordance with GAAP to fiscal year 2018 guidance for adjusted EBITDA. All figures shown are approximate.
Twelve Months Ending ($ in millions) December 31, 2018 Estimated net loss $ (19.5 ) $ (4.5 ) Estimated interest expense (net) 135 135 Estimated income tax expense (benefit) 4 4 Estimated depreciation 50 52 Estimated amortization of acquired intangible assets 100 100 Estimated stock-based compensation 30 32 Estimated restructuring expenses 2 3 Estimated transaction expenses and charges — — Estimated (gain) loss of unconsolidated entities — — Estimated impairment of other long-lived assets — — Estimated shareholder litigation reserve 8.5 8.5 Adjusted EBITDA guidance $ 310 $ 330
GAAP to Non-GAAP Reconciliation of Fiscal Year 2018 Guidance (as of May 1, 2018) - Free Cash Flow
The following table reflects the reconciliation of fiscal year 2018 estimated cash flow from operations calculated in accordance with GAAP to fiscal year 2018 guidance for free cash flow. All figures shown are approximate.
Twelve Months Ending ($ in millions) December 31, 2018 Estimated cash flow from operations $ 178 Estimated capital expenditures and capital lease obligations (58 ) Free cash flow guidance $ 120
Source:Endurance International Group Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-endurance-international-group-reports-2018-first-quarter-results.html |
TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX:TSU), a leading international specialty insurance holding company, today announced financial results for the first quarter of 2018.
Greg Morrison, CEO of Trisura, stated, “We continued executing our strategic plan in the first quarter of 2018, making progress across a number of initiatives.
Our Specialty P&C business lines performed well with 21.7% premium growth, and a strong 83.6% combined ratio in Canada.
The new US team started writing business and bound four transactions, generating fee income and premiums in its first quarter of operations. Through internal resources, we increased the capital in the US platform which will further enhance our ability to write new business. The team is excited to continue our trajectory of growth and strong underwriting performance through the year.”
Highlights
Excellent premium growth in Q1 2018, increasing gross premiums written by 21.7% and net premiums written by 22.8% supported by strong top line growth in Canadian Specialty P&C lines and new business written in the US.
Net Income of $1.9 million and annualized ROE of 6.1% at Trisura Group, book value per share increased to $18.68 from $18.35 at year-end 2017.
Strong underwriting performance in our Canadian Specialty P&C lines with combined ratio of 83.6% and trailing 12-month operating return on equity of 14.5%
Increased the capital and surplus of our US company, Trisura Specialty by $7.1 million from internal resources to support its development and move its AM Best size categorization to VII.
Amounts in C$ millions Q1 2018 Q1 2017 variance Gross Premiums Written 34.8 28.6 21.7% Net Premiums Written 23.9 19.5 22.8% Net Underwriting Income 1.2 1.4 (17.9%) Net Investment Income 1.9 0.7 156.7% Net Income (Loss) 1.9 (4.0) 146.2% Earnings Per Common Share - basic, $ 0.28 n/a n/a Earnings Per Common Share - diluted, $ 0.27 n/a n/a Book Value Per Share, $ 18.68 n/a n/a Debt-to-Capital Ratio 19.4% n/a n/a ROE (Annualized) 6.1% n/a n/a ROE since Spin-off on June 22, 2017 (Annualized) 4.6% n/a n/a Combined Ratio - Canadian Specialty P&C 83.6% 87.7% (4.1) pts ROE on Canadian Specialty P&C - trailing 12 months 14.5% 7.9% 6.6 pts Underwriting
Continued strong operational performance from our Canadian Specialty P&C insurance operations, achieving an 83.6% combined ratio.
Capital
The minimum capital test (“MCT”) ratio of our Canadian Specialty P&C subsidiary, Trisura Guarantee Insurance Company was 242% as at March 31, 2018 (255% as at December 31, 2017), which comfortably exceeds regulatory requirements of 150%.
Trisura Specialty Insurance Company’s capital and surplus of $64.3 million as at March 31, 2018 is well in excess of the $19.3 million minimum capital requirements of the Oklahoma Insurance Department.
Trisura International Insurance Company had capital of $27.3 million as at March 31, 2018 which was well in excess of its regulatory capital requirement of $0.2 million.
Consolidated debt-to-capital ratio of 19.4% as at March 31, 2018 is below its long-term target maximum of 20%.
Increased capital flexibility by transitioning debt from a term loan at our Canadian subsidiary to a revolving credit facility at the group level.
Investments
Net investment income of $1.9 million compared to $0.7 million in Q1 2017. Interest and dividend income was slightly higher in Q1 2018, as we deployed the US portfolio into fixed income assets, and the assets in the reinsurance portfolio continued to benefit from rising interest rates in Europe.
Build out of our in-house investment management function progressed including deployment of our US portfolio assets and development of portfolio administration systems.
About Trisura Group
Trisura Group Ltd. is an international specialty insurance holding company operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company in Canada, Trisura Specialty Insurance Company in the US and Trisura International Insurance Ltd. in Barbados. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”.
Further information is available at http://www.trisura.com/group . Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR profile at www.sedar.com .
For more information, please contact:
Name: David Clare
Tel: 416 607 2177
Email: [email protected]
Cautionary Statement Regarding Forward-Looking Statements and Information
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “ ” within the meaning of applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Trisura Group, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”
Although we believe that our anticipated future results, performance or achievements expressed or implied by the and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Trisura Group to differ materially from anticipated future results, performance or achievement expressed or implied by such and information.
Factors that could cause actual results to differ materially from those contemplated or implied by include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our , investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Trisura Group undertakes no obligation to publicly update or revise any or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Trisura Group Ltd. Consolidated Statements of Financial Position As at March 31, 2018 and December 31, 2017 (in thousands of Canadian dollars, except as otherwise noted) As at March 31, 2018 December 31, 2017 Cash and cash equivalents 104,627 165,675 Investments 247,750 190,641 Premiums and accounts receivable, and other assets 23,370 23,172 Deferred acquisition costs 42,979 40,266 Recoverable from reinsurers 63,828 65,254 Capital assets and intangible assets 2,690 2,612 Deferred tax assets 779 740 Total assets 486,023 488,360 Accounts payable, accrued and other liabilities 13,921 19,795 Reinsurance premiums payable 13,106 17,555 Unearned premiums 122,771 115,357 Unearned reinsurance commissions 5,810 5,566 Unpaid claims and loss adjustment expenses 177,012 178,885 Loan payable 29,700 29,700 Total liabilities 362,320 366,858 Shareholders' equity 123,703 121,502 Total liabilities and shareholders' equity 486,023 488,360
Trisura Group Ltd. Consolidated Statements of Comprehensive Income (Loss) For the three-month periods ended March 31 (in thousands of Canadian dollars, except as otherwise noted) Q1 2018 Q1 2017 Gross premiums written 34,824 28,615 Net premiums written 23,911 19,466 Net premiums earned 19,254 17,629 Fee income 3,276 2,929 Total underwriting revenue 22,530 20,558 Net claims (4,703) (4,265) Net commissions (7,597) (6,632) Premium taxes (936) (897) Operating expenses (8,121) (7,335) Net claims and expenses (21,357 ) (19,129 ) Net underwriting income 1,173 1,429 Net investment income 1,910 744 Foreign exchange loss (117) (15) Interest expense (231) (276) Change in minority interests - (5,158) Income (loss) before income taxes 2,735 (3,276 ) Income tax expense (872) (759) Net income (loss) 1,863 (4,035 ) Other comprehensive income 302 765 Comprehensive income (loss) 2,165 (3,270 )
Trisura Group Ltd. Consolidated Statements of Cash Flows For the three-month periods ended March 31 (in thousands of Canadian dollars, except as otherwise noted) Q1 2018 Q1 2017 Net income (loss) from operating activities 1,863 (4,035 ) Non-cash items to be deducted 1,101 237 Stock options granted 88 - Change in working capital operating items (7,064) (6,051) Realized gains (losses) on AFS investments 492 (28) Income taxes paid (931) (4,188) Interest paid (233) (268) Net cash used in operating activities (4,684 ) (14,333 ) Proceeds on disposal of investments 5,762 4,412 Purchases of investments (64,217) (4,044) Net purchases of capital and intangible assets (229) (41) Net cash (used in) from investing activities (58,684 ) 327 Change in minority interests - 5,158 Dividends paid (24) - Issuance of new loan payable 29,700 - Repayment of note payable - (319) Repayment of loan payable (29,700) (2,700) Net cash (used in) from financing activities (24 ) 2,139 Net decrease in cash (63,392 ) (11,867 ) Cash at beginning of the period 165,675 122,096 Currency translation 2,344 (885) Cash at the end of the period 104,627 109,344
Source: Trisura Group Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-trisura-group-reports-first-quarter-of-2018-results.html |
Wall Street's most hated trade 1 Hour Ago CNBC's Mike Santoli explains why consumer staples appear to be out of favor with investors right now. 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/wall-streets-most-hated-trade.html |
May 1 (Reuters) - Associated Banc-Corp:
* ASSOCIATED BANC-CORP TO ACQUIRE ANDERSON INSURANCE & INVESTMENT AGENCY, INC.
* ASSOCIATED BANC-CORP - TERMS OF TRANSACTION WERE NOT DISCLOSED.
* ASSOCIATED BANC-CORP - AS PART OF PROPOSED TRANSACTION, KEY ANDERSON EXECUTIVES WILL CONTINUE LEADERSHIP ROLES FOR SOME TIME Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-associated-banc-corp-to-acquire-an/brief-associated-banc-corp-to-acquire-anderson-insurance-investment-agency-idUSASC09YPU |
May 3 (Reuters) - Linewell Software Co Ltd
* Says it will pay a cash dividend of 0.2 yuan per share (before tax) for 2017 to shareholders of record on May 9
* 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/MmJ1jg
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-linewell-software-to-pay-cash-divi/brief-linewell-software-to-pay-cash-dividend-of-0-2-yuan-per-share-on-may-10-idUSL3N1SA2P6 |
May 22 (Reuters) - EyeGate Pharmaceuticals Inc:
* EYEGATE ADDRESSES MAJORITY OF FDA’S ACTION ITEMS WITH SUBMISSION OF INVESTIGATIONAL DEVICE EXEMPTION AMENDMENT FOR OCULAR BANDAGE GEL
* EYEGATE PHARMACEUTICALS INC - RESPONSE TO FOURTH ACTION ITEM EXPECTED IN Q2 OF 2018 WITH POTENTIAL TO START CLINICAL STUDY IN Q3 OF 2018
* EYEGATE PHARMACEUTICALS INC - WORK CONTINUES ON FILTER VALIDATION REQUIREMENT ASSOCIATED WITH EYEGATE OBG PRODUCT
* EYEGATE PHARMACEUTICALS - ADDRESSED THREE OF FOUR OUTSTANDING ITEMS IN SECOND AMENDMENT IN RESPONSE TO U.S. FDA’S REVIEW OF FIRST AMENDMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eyegate-submits-investigational-de/brief-eyegate-submits-investigational-device-exemption-amendment-for-ocular-bandage-gel-idUSASC0A37Y |
May 2, 2018 / 11:36 AM / Updated 37 minutes ago Malaysia PM likely to win election but opposition could win popular vote: survey Reuters Staff 3 Min Read
KUALA LUMPUR (Reuters) - With just a week to go to a general election, Malaysia’s main opposition bloc is making gains and will likely win the popular vote, but Prime Minister Najib Razak is expected to retain power, according to a survey by pollster Merdeka Center. Malaysia's Prime Minister Najib Razak speaks during an election campaign rally in Kuala Lumpur, Malaysia May 1, 2018. REUTERS/Lai Seng Sin
Malaysians vote on May 9, with Najib going up against his former mentor turned critic Mahathir Mohamad, a former long-serving prime minister now leading the opposition.
Najib is facing his toughest election yet as he grapples with public anger over rising costs and a financial scandal at a state fund.
Mahathir’s Pakatan Harapan coalition is likely to win 43.7 percent of the popular vote, as of May 1, up from a forecast of 42 percent, as of April 9, Merdeka Center director Ibrahim Suffian said on Wednesday.
Najib’s Barisan Nasional (BN) coalition is expected to win 40.3 percent of the popular vote, as of May 1, down slightly from an April 9 forecast of 40.8 percent, Ibrahim said.
The Merdeka Center is one of Malaysia’s few independent pollsters.
The poll was conducted in west Malaysia, which accounts for nearly 75 percent of parliamentary seats. It did not include the Malaysian part of Borneo island.
Support for Parti Islam se-Malaysia (PAS), another opposition party that is not part of Mahathir’s coalition, dropped from 17.2 percent in April to 16 percent as of May 1.
“If elections were held yesterday, BN would still prevail,” Ibrahim said in a presentation streamed live on Facebook, referring to the ruling coalition which has held power since independence from Britain in 1957.
Najib’s coalition failed to win the popular vote in the last elections in 2013, getting 47.3 percent of the votes in what was seen as a setback for the ruling alliance even though it retained power.
Under Malaysia’s first-past-the-post, or simple majority, system the party that gets the most seats in parliament wins even if it does not win the popular vote.
A worse performance for the BN coalition than in 2013, even if it retains power, would likely raise questions within the ruling bloc about Najib’s leadership.
Support for Mahathir’s opposition alliance among majority ethnic Malays has increased, with the gains coming at the expense of the PAS, not the BN, Ibrahim said.
“In the last two weeks, Malay numbers have started to shift,” Ibrahim said.
He also said he could not predict the number of seats each party would win as the “voting patterns have gotten complex”.
The opposition and other critics have said recently redrawn electoral boundaries favor the BN, which has been accused of gerrymandering.
BN and the Election Commission have rejected that, saying the changes were made independently and without any political interference. Reporting by A. Ananthalakshmi; Editing by Robert Birsel | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-survey/malaysia-pm-likely-to-win-election-but-opposition-could-win-popular-vote-survey-idUSKBN1I31HR |
RIYADH/ADEN (Reuters) - Forces backed by a Saudi-led coalition are closing in on Yemen’s Houthi-held port city Hodeidah, a coalition spokesman said, but did not specify whether there were plans for an assault to seize the western port, long a key target in the war.
“Hodeidah is 20 km (12.43 miles) away and operations are continuing,” spokesman Colonel Turki al-Malki said at a press briefing in the Saudi capital Riyadh late on Monday, detailing gains made against the Iran-aligned Houthi movement.
The Western-backed military alliance last year announced plans to move on Hodeidah, but backed off amid international pressure, with the United Nations warning that any attack on the country’s largest port would have a “catastrophic” impact.
The renewed push towards Hodeidah comes amid increased tensions between Saudi Arabia and Iran, which are locked in a three-year-old proxy war in Yemen that has killed more than 10,000 people, displaced three million and pushed the impoverished country to the verge of starvation.
Yemeni officials told Reuters earlier this month that troops were advancing on Hodeidah province but did not plan to launch an assault on densely populated areas nearby.
Coalition-backed troops have now reached al-Durayhmi, a rural area some 18 km from Hodeidah port, residents and the spokesperson for one military unit told Reuters on Monday.
It was unclear if Saudi Arabia’s Western allies, which have come under increasing scrutiny for arms sales to coalition member states, have approved an attack on Hodeidah, whose port handles the bulk of Yemen’s commercial imports and critically-needed aid supplies.
Riyadh says the Houthis are using the port to smuggle Iranian-made weapons, accusations denied by the group and Tehran.
Houthi leader Abdul Malik al-Houthi called on his followers and Yemeni tribesmen in a televised address on Sunday to head to Hodeidah to confront the “breach” along coastal areas.
The alliance of mainly Gulf Arab states has made gains along the southwestern coast since it intervened in Yemen’s war in 2015 to restore the internationally recognized government in exile and drive back the Houthis, who hold the north including the capital Sanaa.
Tens of thousands of Yemenis have been fleeing Hodeidah, Yemen’s second most populous province, as fighting intensifies on the frontlines, Amnesty International reported earlier this month.
Reporting by Sarah Dadouch in Riyadh and Mohammed Ghobari in Aden; Writing by Ghaida Ghantous; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security/saudi-led-coalition-closes-in-on-yemen-port-city-hodeidah-idUSKCN1IT21K |
April’s producer price index rises 58 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/aprils-producer-price-index-rises.html |
Spirit Airlines is joining the Wi-Fi club.
The ultra-low cost carrier is known for its rock-bottom fares as well as for charging for everything from seat selection to bottled water. On Friday it said Wi-Fi service is expected to be installed on its entire fleet by summer 2019.
Spirit said this would make it the first ultra-low-cost carrier in the Americas to offer onboard Wi-Fi. Fellow ultra-low-cost carrier Frontier Airlines does not offer Wi-Fi, which it includes on its website as one of the reasons it is able to "keep fares so low."
In addition to standing out among low-cost airlines, the move is an attempt to catch up to large full-service airlines that already offer onboard internet service. Competitor JetBlue, which like Spirit, has a robust service to popular warm-weather vacation destinations, offers free Wi-Fi.
Meanwhile, large airlines like American and United have taken a page from the ultra-low-cost airline playbook. Last year, they rolled out basic economy fares: generally the lowest coach-class fare but one that doesn't include perks that used to be free, like advanced seat assignments, upgrade potential and access to overhead bins.
The first time I flew spirit airlines, I had no idea they didn't have wifi so I did not download any music. I was forced to listen to one song I had downloaded over and over again which was Play it Again by Luke Bryan - ironic really.
Spirit is working with Thales Group to bring high-speed Wi-Fi on board. The airline said that by 2021, speeds will be faster when it will be using a new satellite built by Thales Alenia Space.
Travelers will pay an average of $6.50 to use the service on board, but prices could vary based on route and demand, Spirit said.
The airline declined to provide details on the cost of the investment.
The addition of Wi-Fi is part of a broader campaign of the airline to win over consumers, which have complained about the airline's service on social media. A ranking by travel-and-credit card-blog The Points Guy earlier this year ranked Spirit seventh out of 10 U.S. airlines. That was up from dead last a year before, which the blog said was "an improvement but hardly anything to get excited about."
The airline has gotten better at on-time arrivals and decreasing the number of lost bags.
Spirit wants passengers to "give us a shot," Ted Christie, the airline's president, told CNBC.
"Wi-Fi is a component of that," he said. "It's the splashiest way to start."
The airline is also trying to win over shareholders. Spirit shares are down 19 percent so far this year, compared with a nearly 16 decline in JetBlue 's share price and a 4 percent increase in Allegiant shares as of Thursday's close. Other major airline stocks are down this year too, however, as investors grapple with the sharp increase in fuel costs. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/spirit-airlines-to-start-offering-in-flight-wi-fi.html |
TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Wednesday his nation will normalize ties with North Korea if the nuclear and missile issues, along with that of the abduction of Japanese citizens, are solved comprehensively.
Japan's Prime Minister Shinzo Abe delivers a speech at their trilateral summit with South Korea's President Moon Jae-in and Chinese Premier Li Keqiang (not in picture) at Akasaka Palace state guest house in Tokyo, Japan May 9, 2018. REUTERS/Kim Kyung-Hoon/Pool Abe was speaking after a trilateral summit with Chinese Premier Li Keqiang and South Korean President Moon Jae-in held in Tokyo.
Chinese Premier Li Keqiang said at the same news conference he supported the idea of dialogue between Japan and North Korea.
North Korea has admitted to kidnapping 13 Japanese citizens decades ago to train spies. Five have returned to Japan.
Reporting by Kiyoshi Takenaka; Editing by Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-summit-northkorea/japan-says-to-normalize-north-korea-ties-if-nuclear-abduction-issues-are-solved-idUSKBN1IA09V |
May 23, 2018 / 4:27 AM / Updated an hour ago China Yangtze River Delta air quality worsens Jan-Apr - ministry Reuters Staff 3 Min Read
SHANGHAI (Reuters) - Air quality in the major Chinese manufacturing hub around the Yangtze River Delta worsened in the first four months of the year, largely because of a 20 percent surge in emissions in January, environment ministry data showed on Wednesday.
The region, which includes Shanghai, saw concentrations of PM2.5 - lung-damaging particles measuring less than 2.5 microns in diameter - rise 1.9 percent from a year ago to hit an average of 55 micrograms per cubic metre over the period, the Ministry of Ecology and Environment said in a statement.
Environmental groups have said they are worried that the government’s focus on smog in northern China has driven industrial production and pollution further south.
China is currently drawing up a new 2018-2020 action plan to further improve air quality after meeting its 2013-2017 targets.
The government aims to bring down national concentrations down to its “interim” standard of 35 micrograms by around 2035. Average PM2.5 concentrations in 338 cities across China stood at 39 micrograms in the first four months of 2018, unchanged from a year earlier.
January-April PM2.5 readings in the key smog control area of Beijing-Tianjin-Hebei fell 18.8 percent on the year to 69 micrograms, nearly double the national standard.
Six of China’s 10 most polluted cities for the period are in Hebei province, China’s biggest steel producing region.
The capital Beijing said on Monday its pollution levels fell 22.4 percent from a year ago to 59 micrograms over January to April, though it saw readings rise 20.8 percent year-on-year in April alone.
A senior MEE official said last month that China had reached a “stalemate” when it comes to improving air quality, with smog abatement measures often counterbalanced by unfavourable weather conditions.
China President Xi Jinping promised in a speech on Saturday that the might of the Chinese Communist Party would be used to tackle the nation’s environmental problems, with the aim of achieving fundamental improvements by 2035. Reporting by David Stanway; Editing by Tom Hogue | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-pollution/china-yangtze-river-delta-air-quality-worsens-jan-apr-ministry-idUKKCN1IO0EF |
May 8, 2018 / 3:25 PM / Updated 2 minutes ago Colombia boosts candidate security after reports of assassination bids Reuters Staff 2 Min Read
BOGOTA (Reuters) - Colombia will increase protection for presidential candidates ahead of elections this month, the police said on Tuesday, after contenders from across the spectrum reported assassination plots against them.
Voters will go to the polls on May 27 to elect a successor to President Juan Manuel Santos, who leaves office in August.
Right-wing candidate Ivan Duque said last week assailants had planned to attack his campaign headquarters with explosives, while left-wing candidate Gustavo Petro said there were plans to assassinate him.
Ex-president Alvaro Uribe, Duque’s mentor, said on Monday the national intelligence agency had informed him of a possible attack on his life that involved Colombians and foreigners.
The police have said they are investigating the reports of potential attacks.
“We don’t underestimate any kind of information of this kind,” General Jorge Hernando Nieto, the head of the national police, told journalists.
The police will not skimp in any way on security for the candidates or others who are threatened, Nieto said, though he declined to give details about increased protection efforts.
Besides armed guards from the police and the national protection service, candidates’ security also includes armored vehicles and the use of bulletproof vests.
The safety of Colombian politicians has improved markedly since a low point in 1990, when presidential candidates Luis Carlos Galan, Bernardo Jaramillo Ossa and Carlos Pizarro were murdered in attacks attributed to drug trafficking gangs allied with right-wing paramilitaries. Reporting by Luis Jaime Acosta; Writing by Julia Symmes Cobb; Editing by Helen Murphy and Jeffrey Benkoe | ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-vote/colombia-boosts-candidate-security-after-reports-of-assassination-bids-idUSKBN1I925K |
May 1 (Reuters) -
* ITERUM THERAPEUTICS LTD FILES FOR INITIAL PUBLIC OFFERING OF UP TO $92 MILLION - SEC FILING
* ITERUM THERAPEUTICS LTD APPLIED TO LIST ITS ORDINARY SHARES ON NASDAQ GLOBAL SELECT MARKET UNDER THE SYMBOL “ITRM”
* ITERUM THERAPEUTICS LTD SAYS LEERINK PARTNERS, RBC CAPITAL MARKETS, GUGGENHEIM SECURITIES AND NEEDHAM & COMPANY ARE UNDERWRITERS TO IPO
* ITERUM THERAPEUTICS LTD - PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR PURPOSE OF CALCULATING SEC REGISTRATION FEE
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-iterum-therapeutics-files-for-ipo/brief-iterum-therapeutics-files-for-ipo-of-up-to-92-mln-idUSFWN1S80LN |
Cooper-Standard Holdings Inc:
* Q1 EARNINGS PER SHARE $3.07 * Q1 SALES $967.4 MILLION VERSUS I/B/E/S VIEW $900.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $2.91 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED EARNINGS PER SHARE $3.45 * COMPANY IS MAINTAINING ITS PREVIOUS GUIDANCE FOR FULL YEAR 2018
* FY2018 EARNINGS PER SHARE VIEW $11.82, REVENUE VIEW $3.62 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cooper-standard-holdings-q1-earnin/brief-cooper-standard-holdings-q1-earnings-per-share-3-07-idUSASC09YST |
NEW YORK, May 1, 2018 /PRNewswire/ -- New York REIT, Inc. (NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating and winding down pursuant to a plan of liquidation, announced today the Company's Board of Directors has declared a cash liquidating distribution of $4.85 per share to be paid on May 18, 2018 to shareholders of record as of May 11, 2018. The liquidating distribution is being paid from the net proceeds from recent property sales.
ASSET SALES
Separately, the Company has announced that it has closed on the previously announced sales of its properties located at 416 Washington Street, 350 Bleecker Street and 367-387 Bleecker Street in Manhattan, New York as well as its 2067-2073 Coney Island Avenue, Brooklyn, New York property in three separate transactions to unaffiliated third parties. The Company has also announced that it has closed on the sale of its Centurion Parking Garage property to an unaffiliated third party.
The 416 Washington Street property was sold for a gross sales price of $11.2 million. The property was part of the collateral for the Company's cross collateralized and secured loan. In connection with the sale, the Company paid approximately $5.5 million on account of the loan as required by the loan documents. After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $5.1 million. The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017.
The 350 Bleecker Street and 367-387 Bleecker Street properties were sold for an aggregate gross sales price of $31.5 million. The properties were part of the collateral for the Company's cross-collateralized and secured loan. In connection with the sale, the Company paid approximately $21.1 million on account of the loan as required by the loan documents. After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $8.8 million. The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017.
The 2067-2073 Coney Island Avenue property, which was part of 1100 Kings Highway, was sold for a gross sales price of $30.5 million. The property was encumbered by a $15.8 million mortgage loan which was fully satisfied at closing. After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $13.7 million. The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017.
The Centurion Parking Garage property, located at 33 West 56 th Street, was sold for a gross sales price of $3.5 million. After satisfaction of pro-rations and closing costs, the Company received net proceeds of $3.3 million. The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017.
DEBT SATISFACTION
Following the paydowns from the sales of 416 Washington Street and the Bleecker Street properties, the remaining outstanding balance on the Company's cross-collateralized and secured loan was $14.6 million. The Company repaid this loan in full on April 19, 2018.
About NYRT
NYRT is a publicly traded real estate investment trust listed on the NYSE that owns income-producing commercial real estate, including office and retail properties, located in New York City. NYRT's shareholders recently adopted a plan of liquidation pursuant to which NYRT is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. For more information, please visit our website at www.nyrt.com .
Forward-Looking Statements
The statements in this release that are not historical facts may be forward-looking statements. These forward-looking statements involve substantial risks and uncertainties. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. Forward-looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns. The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that might cause such differences include, but are not limited to: the purchaser consummating the transactions contemplated by the purchase agreement; and other factors, many of which are beyond the Company's control, including other factors included in the Company's reports filed with the Securities and Exchange Commission ("SEC"), particularly in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's latest Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 1, 2018, as such Risk Factors may be updated from time to time in subsequent reports. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Wendy Silverstein, Chief Executive Officer
New York REIT, Inc.
[email protected]
(617) 570-4750
John Garilli, Chief Financial Officer
New York REIT, Inc.
[email protected]
(617) 570-4750
Jonathan Keehner
Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
[email protected]
[email protected]
(212) 355-4449
View original content: http://www.prnewswire.com/news-releases/new-york-reit-inc-declares-a-4-85-per-share-cash-liquidating-distribution-300640546.html
SOURCE New York REIT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-new-york-reit-inc-declares-a-4-point-85-per-share-cash-liquidating-distribution.html |
May 2, 2018 / 1:02 PM / Updated 8 hours ago Indian officials lament inaction of cities with world's worst air Neha Dasgupta , Krishna N. Das 4 Min Read
NEW DELHI (Reuters) - Only a handful of India’s 100 most polluted cities have drawn up plans to combat air pollution despite being asked to do so three years ago, senior government officials said on Wednesday after a damning report by the World Health Organisation. Buildings are shrouded by smog in New Delhi, May 2, 2018. REUTERS/Adnan Abidi
India is home to the world’s 14 most polluted cities, the WHO said, based on the amount of particulate matter under 2.5 micrograms found in every cubic metre of air.
Environment ministry officials said the WHO’s findings were embarrassing but not surprising.
“It hurts India’s image, hurts the India story, hurts tourism, hurts medical tourism,” said one official, ruing that fewer than 30 cities had an action plan ready to fight air pollution.
“India will eventually overcome the problem, but my frustration is with the timeline.”
The ministry could spend about 7 billion rupees ($105 million) this fiscal year to help cities set up air-quality monitoring systems and buy equipment like water-sprinklers to settle dust, said the officials, who declined to be identified, citing government policy.
“The smaller cities have very poor air-quality management capability and most of them are also in the northern belt, which we know have inherent adverse geographical features because they are landlocked,” said Anumita Roychowdhury, an executive director at the Centre for Science and Environment think-tank.
Officials said the environment ministry had asked municipalities to finalise anti-pollution plans quickly.
The ministry has also fixed six-month to two-year deadlines to set up monitoring stations in rural areas, run health-impact studies and build air-quality forecasting systems, according to a government document seen by Reuters.
Kanpur, a city in Uttar Pradesh with three million people, is the world’s most polluted city, yet it only has one system to monitor air quality, whereas at least five are needed, said another environment ministry official.
The air in Kanpur had an average of 173 micrograms of particulate matter under 2.5 micrograms in 2016. The U.S. Environmental Protection Agency says a “good” level would be 0-50 micrograms.
The city’s authorities have only just begun to draft plans to fight pollution, said the ministry official. A man collects recyclable materials as smoke billows from a burning garbage dump site in New Delhi, May 2, 2018. REUTERS/Adnan Abidi
The city is on the banks of the Ganges, and the effluent from its tanneries is polluting the river.
Surendra Singh, Kanpur’s main administrator, did not respond to requests for comment. DELHI POLLUTION
The WHO said it was “particularly concerned” about India’s pollution levels and urged it to follow the example China had set in striving for cleaner air.
Around the world, nine out of 10 people breathe polluted air, which can lead to heart disease, stroke and lung cancer, the WHO said.
Globally about 7 million people die as a result of polluted air a year, it said, with people living in poor Asian and African countries at most risk.
A British medical journal, The Lancet, estimated that air pollution was responsible for almost 10 percent of the total disease burden in India in 2016.
Air pollution in Delhi over recent winters, when the colder weather tends to trap fumes, forced schools to shut and prompted Prime Minister Narendra Modi’s office to directly monitor measures to clean up the capital’s air.
Steps have included sprinkling water to damp down dust and banning certain fuels but there’s barely any improvement.
Delhi was the world’s sixth most polluted city, according to the WHO. On Wednesday, air quality in the capital stood at 143 micrograms, which is “unhealthy for sensitive groups”. Slideshow (2 Images)
“We Indians need to stand up for our right to breathe clean air, and demand improvement and implementation of the (environment ministry’s) Clean Air Programme,” Greenpeace India said. Reporting by Krishna N. Das; Editing by Simon Cameron-Moore, Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/health-pollution-india/indian-officials-lament-inaction-of-cities-with-worlds-worst-air-idINKBN1I31QB |
May 9 (Reuters) - Liberty Media Corp:
* LIBERTY MEDIA CORPORATION REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $1.52 BILLION VERSUS $1.40 BILLION * QTRLY NET EARNINGS ATTRIBUTABLE TO CONSOLIDATED LIBERTY STOCKHOLDERS $131 MILLION VERSUS NET LOSS ATTRIBUTABLE OF $21 MILLION LAST YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-liberty-media-reports-q1-revenue-1/brief-liberty-media-reports-q1-revenue-1-52-billion-idUSL8N1SG69K |
May 2 (Reuters) - NOVO NORDISK A/S SAYS:
* OPERATING PROFIT DECREASED BY 8% IN DANISH KRONER AND INCREASED BY 6% IN LOCAL CURRENCIES IN THE FIRST THREE MONTHS OF 2018
* 2018 OPERATING PROFIT GROWTH IS NOW EXPECTED TO BE 2-5% COMPARED WITH PRIOR GUIDANCE OF 1-5%
* Q1 EBIT 12.4 BILLION DKK VERSUS 11.8 BILLION DKK SEEN IN REUTERS POLL
* Q1 SALES 26.9 BILLION DKK VERSUS 26.7 BILLION DKK SEEN IN REUTERS POLL
* 2018 SALES GROWTH IS NOW EXPECTED TO BE 3-5% MEASURED IN LOCAL CURRENCIES COMPARED WITH PRIOR GUIDANCE OF 2-5%
* Q1 NET PROFIT 10.8 BILLION DKK VERSUS 10.1 BILLION DKK SEEN IN REUTERS POLL
* 2018 SALES GROWTH AND OPERATING PROFIT GROWTH REPORTED IN DANISH KRONER ARE NOW EXPECTED TO BE 6 AND 9 PERCENTAGE POINTS LOWER THAN IN LOCAL CURRENCIES, RESPECTIVELY
* CEO SAYS “BASED ON PERFORMANCE OF OUR KEY PRODUCTS VICTOZA, TRESIBA AND SAXENDA, WE DELIVERED SOLID UNDERLYING GROWTH IN BOTH SALES AND OPERATING PROFIT IN FIRST THREE MONTHS OF 2018”
* EXPECTS SALES IN 2019 TO BE NEGATIVELY IMPACTED BY 1-2% AS A RESULT OF NEW REQUIREMENTS FOR MEDICARE PART D COVERAGE SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: (Reporting by Jacob Gronholt-Pedersen)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novo-nordisk-beats-q1-expectations/brief-novo-nordisk-beats-q1-expectations-lifts-2018-guidance-a-tad-idUSASO00043U |
LAS VEGAS, May 30, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- South American Gold Corp (OTC:SAGD) provided a market update regarding the two cannabis related acquisition targets with whom SAGD has been negotiating. With both acquisition targets having existing operations with current revenue, and both having business models that are centered around value-added products within the cannabis sector, the Company has decided to pursue both opportunities with the hopes of securing financing and stock to complete both transactions.
Gary Austin, director of South American Gold Corp, commented on this news, “Our goal is to complete a transaction that will enable us to begin creating strong revenue with little out of pocket money on the front end. One of our targets has already agreed in principal with our offer and we are working on the final terms to move towards a final agreement. Based on recent conversations with the principals we are hopeful that we will close on this first acquisition in June. The second opportunity is still in negotiations, but we feel very confident we are getting close to a solution that makes sense for everyone involved.”
Mr. Austin continued, “Our Company is sitting on a wealth of very strong technology assets that are built around the cannabis industry. Our board feels strongly that we can unlock the full potential of those assets by combining them with the strength and longevity of a couple of very strong tangible products that support the same sector. We have made that our goal and we are moving aggressively to complete that goal. We have a good team in place and I feel encouraged that we will get the job done.”
About SAGD : South American Gold Corp (SAGD) is an operational management company focused on enhancing shareholder value by acquiring and operating under valued cannabis and tech assets.
Corporate Website: www.sagdcorp.co
Media contact: [email protected]
General contact: [email protected]
Disclaimer : This release contains forward-looking statements that are based on beliefs of South American Gold Corp. management and reflect South American Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words "estimate," "project," "looks," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of South America Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, South American Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release may incorporate by reference the Company's reports and other filings. Investors are encouraged to review all filings. There is no assurance South American Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential projects and/or acquisitions will be favorable nor that definitive terms can be negotiated. Investors should consult their financial advisor before making an investment in a company.
Source:South American Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-sagd-updates-the-market-on-cannabis-related-acquisition-targets.html |
Hanley Ramirez hit a two-run homer, David Price pitched into the sixth inning and the visiting Boston Red Sox defeated the Toronto Blue Jays 5-2 on Saturday.
May 12, 2018; Toronto, Ontario, CAN; Boston Red Sox starting pitcher David Price (24) throws a pitch during the first inning against the Toronto Blue Jays at Rogers Centre. Mandatory Credit: Nick Turchiaro-USA TODAY Sports Price (3-4) allowed two runs, five hits and three walks and struck out six in 5 1/3 innings for his first win since April 17, a span of three winless starts.
Price had missed his scheduled start on Wednesday with a mild case of carpal tunnel syndrome.
Craig Kimbrel pitched a perfect ninth for his 11th save of the season.
Toronto’s Marco Estrada (2-3) allowed four runs, seven hits and one walk while striking out five in six innings in his fourth straight start without a win.
May 12, 2018; Toronto, Ontario, CAN; Boston Red Sox designated hitter Hanley Ramirez (13) celebrates with Boston Red Sox left fielder Andrew Benintendi (16) after hitting a two run home run during the third inning against the Toronto Blue Jays at Rogers Centre. Mandatory Credit: Nick Turchiaro-USA TODAY Sports Justin Smoak homered for the Blue Jays, who won the opener of the three-game series in 12 innings Friday.
The Red Sox led 3-0 in the third on doubles by Mookie Betts, his first of three hits, and Andrew Benintendi, who also had three hits, and the sixth homer of the season by Ramirez.
The Blue Jays scored once in the fourth. Smoak and Russell Martin walked, and Anthony Alford stroked an RBI single.
May 12, 2018; Toronto, Ontario, CAN; Boston Red Sox right fielder Mookie Betts (50) celebrates the win with Boston Red Sox shortstop Xander Bogaerts (2) at the end of the ninth inning against the Toronto Blue Jays at Rogers Centre. Mandatory Credit: Nick Turchiaro-USA TODAY Sports Estrada retired nine batters in a row before Xander Bogaerts doubled with one out in the sixth and scored on a single by Rafael Devers.
Smoak led off the sixth with his fifth home run of the season.
After Kevin Pillar fouled out, Price was replaced by Carson Smith.
Toronto’s Jake Petricka allowed singles to Christian Vazquez and Betts in the seventh and was replaced by Aaron Loup. Vazquez was out at third on an attempted double steal with Betts reaching second. Loup struck out Benintendi and was replaced by Seunghwan Oh, who finished the inning and pitched a scoreless eighth.
Boston’s Hector Velazquez pitched around a single in the seventh, and Joe Kelly survived a single and had three strikeouts in the eighth.
Betts doubled and Benintendi had an RBI single in the ninth against Ryan Tepera.
Before the game, the Blue Jays added infielder Gio Urshela to the 25-man roster. Obtained for cash or a player to be named from the Cleveland Indians on Wednesday, he started at shortstop and singled in his first at-bat and finished 1-for-2. Outfielder Dalton Pompey was optioned to Triple-A Buffalo.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-tor-bos/price-solid-in-return-as-red-sox-beat-blue-jays-5-2-idUSKCN1ID0XW |
KL-Singapore HSR termination: Winners and losers 6 Hours Ago Corrine Png of Crucial Perspective says the cancellation of a high-speed railway project between Singapore and Kuala Lumpur is likely to benefit certain regional airlines. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/kl-singapore-hsr-termination-winners-and-losers.html |
May 29, 2018 / 3:46 AM / Updated 27 minutes ago Chinese firm in talks to takeover German auto supplier Grammer Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China’s Ningbo Jifeng Auto Parts Co Ltd ( 603997.SS ) is in talks to buy Grammer AG ( GMMG.DE ) in a deal that would value the German auto supplier at around 752 million euros (656 million pounds), Grammer said in a statement.
The acquisition would mark the latest Chinese investment in German technology, after a $9 billion deal earlier this year saw the Chinese magnate behind Geely Auto ( 0175.HK ) take a major stake in Mercedes-Benz maker Daimler AG ( DAIGn.DE ).
Ningbo Jifeng, already a major shareholder in Grammer, is in “advanced negotiations” with the firm and has offered 60 euros per share with a further proposed dividend of 1.25 euros per share in a potential takeover bid, the German company said.
Grammer shares closed at 51.3 euros on Monday and are down a just over 1 percent so far this year. It has a market capitalisation of 648.3 million euros.
Grammer said it was uncertain whether the negotiations will be concluded successfully and a takeover offer will be launched. It added it was “assessing strategic options in the best interest of the company”.
Ningbo Jifeng raised its stake in Grammer in October last year to 25.51 percent. Sources told Reuters around then the Chinese firm wanted to increase its stake amid an power struggle with a rival shareholder, Bosnia’s Hastor family.
Grammer’s management has generally welcomed the attention of Ningbo Jifeng, another supplier of vehicle interior components, as a potential “white knight” in its conflict with Hastor. Reporting by Adam Jourdan; Editing by Himani Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-grammer-m-a-ningbo-jifeng/chinese-firm-in-talks-to-takeover-german-auto-supplier-grammer-idUKKCN1IU0A7 |
* For the week, Brent drops 2.7 pct and WTI down 4.9 pct
* Russian, Saudi oilmins meet in St Petersburg
* Russia says oil output cuts likely to be eased at June meeting
* U.S. drillers add most rigs in week since Feb -Baker Hughes (Adds market settlement, commentary)
NEW YORK, May 25 (Reuters) - Oil prices fell more than $2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.
Brent crude futures fell $2.35, or 3 percent, to settle at $76.44 a barrel. The global benchmark lost about 2.7 percent this week, its largest weekly drop since early April. The contract hit its highest since late 2014 at $80.50 last week.
U.S. West Texas Intermediate (WTI) crude slumped $2.83, or 4 percent, to finish at $67.88 a barrel. For the week, WTI tumbled about 4.9 percent, its biggest loss since early February, a sharp course reversal after six weeks of gains.
The discount of WTI to Brent <WTCLc1-LCOc1> hit $8.60 per barrel, its widest since May 17, and not far off levels last seen three years ago.
The energy ministers of Russia and Saudi Arabia met in St. Petersburg to review the terms of a global oil supply pact that has been in place for 17 months, ahead of a key OPEC meeting in Vienna next month.
The ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters.
Russia's energy minister said oil ministers from OPEC states and non-OPEC countries participating in a deal to cut output would likely decide to gradually ease curbs at their meeting in Vienna next month.
"After hitting that $80 level, which is a psychological level, we were seeing a little bit of a pull-back yesterday, and then rhetoric out of Saudi and Russia has only exacerbated the sell-off today," said Matt Smith, director of commodity research at ClipperData.
Global crude inventories have fallen over the past year because of the OPEC-led cuts, which were boosted by a dramatic drop in Venezuelan production.
The prospect of renewed sanctions on Iran after Trump pulled out of an international nuclear deal with Tehran has further supported prices in recent weeks.
This comes even as U.S. crude production has risen. The United States in February produced 10.3 million bpd, a record.
The U.S. oil rig count, an indicator of future production, rose by 15 to 859 in the week to May 25, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said.
(Additional reporting by Ron Bousso in London, and Henning Gloystein and Roslan Khasawneh in Singapore Editing by Marguerita Choy and Chris Reese) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-update-10-oil-prices-slump-as-opec-and-russia-consider-output-boost.html |
Goldman Sachs Becomes a Strategic Investor in LookingGlass Cyber Solutions and Joins Board of Directors
RESTON, Va.--(BUSINESS WIRE)-- LookingGlass™ Cyber Solutions , a leader in threat intelligence-driven security, today announced its acquisition of Sentinel™, a threat intelligence platform developed by global investment banking and securities firm Goldman Sachs .
LookingGlass has been a long-term threat intelligence vendor to Goldman Sachs, a relationship that facilitated LookingGlass’ acquisition of Sentinel and fulfills Goldman Sachs’ vision to expand the platform to the broader financial services industry and beyond. Under the terms of the acquisition, LookingGlass will further develop and commercialize the technology behind Sentinel. Goldman Sachs also becomes a strategic investor in LookingGlass, with Rana Yared, Managing Director in the Principal Strategic Investments (PSI) group at Goldman Sachs, joining LookingGlass’ board of directors.
Built by Goldman Sachs engineers, Sentinel served as the firm’s in-house Security Information and Event Management platform to facilitate the ingestion, extraction, and organizational workflow of cyber threat intelligence in the heavily-targeted financial services industry. Recognized by the public sector and financial services community for its technology and role in critical infrastructure protection, Sentinel has enabled Goldman Sachs to amplify its security analyst team’s efforts to address a myriad of cybersecurity threats. Sentinel also earned the 2015 Technology Banking Award for “Best Cyber-Security Initiative” from the U.S. Department of Homeland Security.
“The financial services industry has traditionally led other sectors in building or buying cybersecurity tools to safeguard the corporate and customer information within their networks,” said Chris Coleman, CEO at LookingGlass Cyber Solutions. “The Sentinel platform is a leading example of a financial services company building an elegant solution to meet its unique needs and developing it into an industry-leading technology. As we worked with Goldman Sachs in discussing threats and intelligence-powered security operations, it quickly became apparent that acquiring Sentinel was a natural way to meaningfully advance the state of technology and help protect the wider financial services industry as well as other sectors facing greater cyber risk stakes. LookingGlass is proud to shepherd the platform into its next stages.”
This acquisition supports and accelerates LookingGlass’ strategic vision to create a centralized cyber intelligence orchestration and workflows platform for governments and enterprises around the world. Furthermore, the addition of Yared to the company’s Board of Directors provides an experienced advisory voice as the company augments its offerings with new go-to-market capabilities for further penetration into the financial services market.
“Our engineers built Sentinel with the goal of developing a platform that spans the entire threat lifecycle and we have seen great success in its application and adoption by our threat intelligence, incident response, and security operations teams at Goldman Sachs,” said Andy Ozment, Goldman Sachs’ Chief Information Security Officer and an overseer on the LookingGlass board of directors. “Given our relationship with LookingGlass and recognition of the company’s global reach and leadership in cyber risk management and threat intelligence, we believe they are the right partner to further develop Sentinel and extend the platform to the broader cyber defense community.”
LookingGlass will incorporate the Sentinel platform into its comprehensive portfolio of Automated Data Services™, Threat Intelligence Platforms, Threat Intelligence-as-a-Service™ solutions, and network-based threat response platforms. Sentinel complements the visibility and situational awareness delivered by LookingGlass’ ScoutPrime™ security management command center, addressing the process by which analysts perform entity extraction of structured and unstructured threat intelligence, make analytic assertions and relations, alert on areas of interest, and produce reports.
About LookingGlass
LookingGlass Cyber Solutions delivers unified threat protection against sophisticated cyber attacks to global enterprises and government agencies by operationalizing threat intelligence across its end-to-end portfolio. Scalable threat intelligence platforms and network-based threat response products consume our machine-readable data feeds to provide comprehensive threat-driven security. Augmenting the solutions portfolio is a worldwide team of security analysts who continuously enrich our data feeds and provide customers unprecedented understanding and response capability into cyber, physical and 3rd party risks. Prioritized, relevant and timely insights enable customers to take action on threat intelligence across the different stages of the attack life cycle. Learn more at https://www.lookingglasscyber.com/ .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005223/en/
Goldman Sachs
Tiffany Galvin-Cohen, 212-357-0019
[email protected]
or
W2 Communications for LookingGlass
Christy Pittman, 703-877-8108
[email protected]
Source: LookingGlass Cyber Solutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-lookingglass-cyber-solutions-announces-acquisition-of-goldman-sachsa-threat-intelligence-platform.html |
May 2, 2018 / 12:48 PM / Updated 13 minutes ago BRIEF-Quad/Graphics Wins U.S. Bank Credit Card Acquisition Program Reuters Staff
May 2 (Reuters) - Quad/Graphics Inc:
* QUAD/GRAPHICS WINS U.S. BANK CREDIT CARD ACQUISITION PROGRAM
* QUAD/GRAPHICS - SIGNED MULTI-YEAR CONTRACT WITH U.S. BANK TO MANAGE CREDIT CARD ACQUISITION PROGRAMS FOR ITS SMALL AND MID-SIZE REGIONAL BANKS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-quad-graphics-wins-us-bank-credit/brief-quad-graphics-wins-u-s-bank-credit-card-acquisition-program-idUSFWN1S90XW |
May 3, 2018 / 4:22 PM / Updated an hour ago 'Black Panther' knocks out 'Infinity War' in MTV movie nominations Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - Superhero movie “Black Panther” scored a leading seven nominations on Thursday for the MTV Movie & TV awards, delivering a knockout punch to box-office blockbuster “Avengers: Infinity War.” FILE PHOTO: Actor Lupita Nyong'o arrives at the premiere of the new Marvel superhero film 'Black Panther' in London, Britain February 8, 2018. REUTERS/Peter Nicholls/File Photo
Supernatural television show “Stranger Things” landed six nods, MTV announced, including a best performance nomination for 14-year-old Millie Bobby Brown who will also compete in the fan favourite best kiss category.
The youth-oriented TV network, known for its irreverent award shows, again dispensed with gender classifications, placing men and women together in performance categories in a move to embrace equality and gender fluidity.
Other entries in the best kiss category include the Ferris wheel scene between actors Nick Robinson (Simon) and Keiynan Lonsdale (Bram) in popular teen coming out movie “Love, Simon.”
The MTV awards show, to be held in June in Los Angeles, features the stars of blockbuster productions and has established itself as an antidote to the winter Hollywood awards season, which honours more serious fare. Winners are chosen by fans voting online.
“Black Panther” got nominations for Chadwick Boseman as both best hero and best performance, as well as Michael B. Jordan (best villain), Letitia Wright (scene stealer), best fight for the battle between Boseman’s Black Panther and Winston Duke’s M’Baku, and best movie.
“Avengers: Infinity War,” which assembles more than 20 Marvel superheroes and set a new world record for its opening weekend box office, got just three nominations, including best fight, best villain (Josh Brolin’s Thanos) and best movie.
Other best movie nominees included “Wonder Woman,” horror movie “IT” and comedy “Girls Trip,” while best TV shows nods went to teen suicide drama “13 Reasons Why,”“Game of Thrones,”“Riverdale,” and “grown-ish.”
Daisy Ridley and Adam Driver scored nods as best hero and best villain respectively for their roles in “Star Wars: The Last Jedi,” although their lightsaber battles failed to make the cut in the race for best fight.
“Girls Trip” breakout star Tiffany Haddish will host the MTV Movie & TV Awards ceremony on June 18. Reporting by Jill Serjeant; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-awards-mtv-nominations/black-panther-knocks-out-infinity-war-in-mtv-movie-nominations-idUKKBN1I423J |
May 10 (Reuters) - Canadian auto parts maker Magna International Inc posted a 14.3 percent rise in first-quarter profit on Thursday, helped by higher demand for mirrors and electronic components.
Net income attributable to the company rose to $660 million, or $1.83 per share, for the three months ended March 31 from $577 million, or $1.51 per share, a year earlier. nGNX8C81gz]
The Aurora, Ontario-based company’s sales rose to $10.79 billion from $8.90 billion. (Reporting By Allison Lampert in Montreal and Ahmed Farhatha in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/magna-results/canadas-magna-international-profit-jumps-14-3-pct-idUSL3N1SH4PO |
Pinterest
Being able to launch, land and relaunch with minimal refurbishment between flights has been a central focus for SpaceX. The company has become quite successful at landing the largest part of the rocket — known as the first stage or booster. But it has yet to complete more than two flights with the same Falcon 9 booster. Block 5 is set to change that.
“Block 5 is capable of at least 100 flights before being retired,” Musk told reporters on a prelaunch conference call.
Musk expects each Block 5 to be able to launch 10 or more times before needing major refurbishment. He said SpaceX will have “30 to 50” of the Block 5 rockets in its fleet. Musk added, however, that the number of rockets SpaceX will produce “totally depends” on how many “customers insist on launching a new rocket.”
The new rocket type comes with several upgrades, Musk said, making it “significantly easier to produce.” Block 5 has more powerful engines, more resilient hardware to survive the harsh conditions of re-entering the atmosphere and landing, less weight (notably through its unpainted components, such as the black interstage) and a more easily produced structure.
Block 5 arrives just as SpaceX is on pace to shatter its record 18 successful launches completed last year. With three more missions completed at this point than the same time in 2017 — including the debut of Falcon Heavy, the most powerful rocket in the world — SpaceX is aiming for about 30 launches this year, according to SpaceX President and COO Gwynne Shotwell.
The debut mission will launch Bangabandhu Satellite-1, a telecommunications satellite for the Bangladesh Telecommunication Regulatory Commission. The new satellite will expand communications and broadband coverage to Bangladesh, as well as to India, Nepal, Bhutan, Sri Lanka, the Philippines and Indonesia.
After pushing the satellite and Falcon 9’s upper stage out of the Earth’s lower atmosphere, the booster will return to land on the SpaceX autonomous ship in the Atlantic about 8 minutes after liftoff. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/spacex-livestream-watch-the-falcon-9-block-5-rocket-launch.html/ |
* Reports Italian parties seeking debt forgiveness hits euro
* Emerging markets currencies face renewed selling pressure (Recasts, updates rates, adds new comments, changes dateline from LONDON)
By Saqib Iqbal Ahmed
NEW YORK, May 16 (Reuters) - The dollar extended its rally against a basket of currencies on Wednesday to touch a five-month high, supported by relatively strong U.S. economic data in recent days, while the euro was hit by reports that a likely future Italian government would seek debt forgiveness from European creditors.
The dollar index, which measures the greenback against a basket of six other currencies, was up 0.14 percent at 93.352, after rising as high as 93.632, its highest since December 19.
The greenback has risen about 1.6 percent this month, boosted by a view that the Federal Reserve will outpace most major central banks in policy normalization.
“There’s been some improved sentiment on conditions in the U.S. compared with other parts of the world,” said Sireen Harajli, foreign exchange strategist at Mizuho in New York.
U.S. factory output rose in April, although new estimates of manufacturing and overall industrial production showed less growth in prior months than initially believed.
The U.S. currency got a boost on Tuesday when strong U.S. consumer spending numbers sent 10-year Treasury yields surging to a seven-year peak of 3.095 percent.
Euro zone inflation slowed in April, European statistics agency Eurostat said on Wednesday, confirming an earlier flash estimate and adding to the headache of European Central Bank policy makers seeking to phase out monetary stimulus.
Japan’s economy contracted more than expected at the start of this year, suggesting growth has peaked after the best run of expansion in decades, unwelcome news for a government struggling to get traction for its reflationary policies.
“Essentially, the dollar is stronger mostly because the rest of the world is not,” said Harajli.
The euro was 0.25 percent lower against the greenback at $1.1807, its lowest since December, after reports that Italy’s anti-establishment 5-Star Movement and anti-immigrant League may ask the European Central Bank to forgive 250 billion euros ($294.18 billion) of debt.
“The reaction that we saw in the market definitely reflects the investor sentiment about that,” she said.
The euro was 0.4-percent lower against the Swiss franc, after dropping to a five-week low of 1.1772 francs. The Swiss franc typically attracts capital in times of uncertainty.
Against the yen, the dollar was down 0.11 percent at 110.22 yen, but still close to the highest it has been since early February.
Emerging market currencies suffered more losses on Wednesday with the dollar’s rise, although the Turkish lira pulled back from record lows after the central bank said it would intervene to stop its slide.
Sterling fell towards its lowest point of the year against the dollar amid fresh worries about Britain’s Brexit negotiations and relatively modest UK wage growth, but pared losses to trade little changed on the day at $1.3495.
Reporting by Saqib Iqbal Ahmed Editing by Nick Zieminski
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-extends-rally-to-five-month-high-euro-weak-idUSL5N1SN4QT |
US home building tumbles in April 43 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/housing-stats-home-building-data-economy.html |
May 21, 2018 / 7:55 PM / Updated 23 minutes ago 'Alien asteroid' may be the oldest object in the solar system Will Dunham 3 Min Read
WASHINGTON (Reuters) - An “alien asteroid” that circles the sun in the giant gas planet Jupiter’s orbital path, but hurtling in the opposite direction, is the first-known permanent resident of our solar system that astronomers have concluded originated in another star system. FILE PHOTO: A color-enhanced image of Jupiter which was captured by NASA's Juno spacecraft on the outbound leg of its 12th close flyby of the gas giant planet on April 1, 2018. Image captured on April 1, 2018. Courtesy NASA/JPL-Caltech/SwRI/MSSS/Gerald Eichstad/Sean Doran/Handout via REUTERS
Researchers said on Monday a close examination of the asteroid’s orbit indicated it formed elsewhere and was captured by gravitational forces when our solar system — the sun, planets and various other objects — formed from a swirling cloud of gas and dust about 4.5 billion years ago.
“It is a strong candidate for the oldest object in the solar system,” said astronomer Fathi Namouni of Observatoire de la Côte d’Azur in France.
The asteroid, called (514107) 2015 BZ509 or “BZ” for short, measures nearly 2 miles (3 km) wide. Its composition is unknown. BZ orbits in the opposite direction of all the planets and nearly everything else in the solar system, called a retrograde orbit.
The first-known interstellar interloper, a cigar-shaped object called ‘Oumuamua spotted last year passing through the solar system, differed from BZ.
“If the solar system had a consular service and could issue visas to incoming asteroids, then ‘Oumuamua had only a short-stay visa whereas BZ was issued a green card,” signifying permanent-resident status, Namouni said.
BZ, observed with ground-based telescopes in Hawaii and Arizona, apparently tumbled into interstellar space when the star system where it formed interacted with other systems in a tightly packed star cluster.
“The solar system formed in a star cluster where each star has its own planets and asteroids. The close proximity of the star systems, assisted by their gravitational interactions, helped remove and capture asteroids,” Namouni said.
“The motion of the asteroid is synchronized with that of Jupiter. They complete an orbit around the sun in the same amount of time while moving in opposite directions,” said astronomer Helena Morais of Universidade Estadual Paulista in Brazil.
BZ may be pertinent in discussions about life’s origins on Earth.
“This discovery tells us that the solar system is likely to be home to more extra-solar asteroids and comets captured early in its history. Some of these objects may have collided with the Earth in the past possibly carrying water, biomolecules or even organic material,” Morais added.
The researchers said a few dozen other solar system objects with retrograde orbits are being investigated as possible “alien asteroids.”
The research was published in the Monthly Notices of the Royal Astronomical Society: Letters. Reporting by Will Dunham; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-space-asteroid/alien-asteroid-may-be-the-oldest-object-in-the-solar-system-idUKKCN1IM27K |
May 3 (Reuters) - OMV AG:
* OMV CEO SEELE SAYS CURRENTLY, NEW U.S. SANCTIONS ON RUSSIA HAVE NO EFFECT ON OMV
* OMV CEO SEELE SAYS LET’S WAIT AND SEE IF THERE IS AN OPPORTUNITY TO SIGN AGREEMENTS WITH GAZPROM AT MEETING NEXT MONTH
* OMV CEO SEELE SAYS LOOKING TO COOPERATE MORE CLOSELY IN DOWNSTREAM WITH UAE’S ADNOC, DECLINES TO COMMENT ON WHETHER INTERESTED IN RUWAIS REFINERY
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-omv-says-not-affected-by-latest-us/brief-omv-says-not-affected-by-latest-u-s-sanctions-on-russia-idUSV9N1R400U |
TORONTO and TAMPA, FL, May 2, 2018 /PRNewswire/ - Cott Corporation (NYSE:COT; TSX:BCB) (the "Company" or "Cott") today announced the results of voting for directors at its annual and special meeting of shareowners held on May 1, 2018 (the "Meeting") and the declaration of a dividend.
VOTING RESULTS FOR ELECTION OF DIRECTORS
By a vote conducted by ballot, each of the nominees listed in the proxy statement dated March 21, 2018 was elected as a director of the Company at the Meeting. The detailed voting results are as follows:
Nominee
# of
Votes For
% of Votes
For
# of Votes
Withheld
% of Votes
Withheld
Jerry Fowden
105,406,196
99.49%
538,554
0.51%
David T. Gibbons
103,919,346
98.09%
2,025,404
1.91%
Stephen H. Halperin
94,071,804
88.79%
11,872,946
11.21%
Betty Jane Hess
104,262,952
98.41%
1,681,798
1.59%
Kenneth C. Keller, Jr.
105,653,195
99.72%
291,555
0.28%
Gregory Monahan
104,709,915
98.83%
1,234,835
1.17%
Mario Pilozzi
105,012,455
99.12%
932,295
0.88%
Eric Rosenfeld
76,974,738
72.66%
28,970,012
27.34%
Graham Savage
105,415,867
99.50%
528,883
0.50%
Details of the voting results on all matters considered at the Meeting are available in the Company's report of voting results, which is available under the Company's profile on SEDAR at www.sedar.com .
DECLARATION OF DIVIDEND
Cott's Board of Directors has declared a dividend of US$0.06 per share on common shares, payable in cash on June 13, 2018 to shareowners of record at the close of business on June 1, 2018.
ABOUT COTT CORPORATION
Cott is a water, coffee, tea, extracts and filtration service company with a leading volume-based national presence in the North American and European home and office bottled water delivery industry and a leader in custom coffee roasting, blending of iced tea, and extract solutions for the U.S. foodservice industry. Our platform reaches over 2.4 million customers or delivery points across North America and Europe supported by strategically located sales and distribution facilities and fleets, as well as wholesalers and distributors. This enables us to efficiently service residences, businesses, restaurant chains, hotels and motels, small and large retailers, and healthcare facilities.
View original content with multimedia: http://www.prnewswire.com/news-releases/cott-announces-results-of-voting-for-directors-at-annual-and-special-meeting-of-shareowners-and-declaration-of-dividend-300640560.html
SOURCE Cott Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cott-announces-results-of-voting-for-directors-at-annual-and-special-meeting-of-shareowners-and-declaration-of-dividend.html |
(Repeats with no changes to text. The opinions expressed here are those of the author, a columnist for Reuters.)
By Jamie McGeever
LONDON, May 16 (Reuters) - The U.S. bond market is at a turning point, with the 10-year yield finally making a convincing break above 3 percent, paving the way for a more prolonged rise in U.S. borrowing costs.
This is pushing the dollar to its highest level this year, threatening a similarly prolonged rise in the U.S. currency and a double tightening whammy for global financial conditions. Trillions of dollars of loans around the world, especially in emerging markets, are tied to U.S. yields and the dollar.
Whether this trend continues may depend on what hedge funds and speculators do next. In the decade since the 2008 crisis, there has been a pretty good correlation between turning points in speculators’ positioning and turning points in the dollar and U.S. bond market.
If that relationship is to hold up this time around, the dollar could continue to strengthen but it’s less clear where bond yields go.
Commodity Futures Trading Commission figures show that late last month hedge funds and specs held a record net short position in 10-year Treasuries and a record net long euro position. Their overall net dollar position was the biggest short in seven years.
They’ve started to unwind those positions. The euro has fallen almost 5 percent against the dollar and the 10-year yield has struggled to make that break above 3 pct. Until now.
Let’s start with Treasuries.
Rising yields will draw investment into U.S. bonds from across the investment community, including pension funds, insurance funds, multi-asset portfolio managers and FX reserve managers. These flows will act as a downward force on yields.
Despite the recent short covering, CFTC specs’ outstanding net short position remains massive at over 400,000 contracts. Do they continue to cover, or do they increase that short position with the yield now at a seven-year high of 3.07 pct and threatening to go higher still?
The inverse correlation between CFTC spec positions and the 10-year yield has held up for much of the post-crisis decade, barring the 2013-15 period.
In early 2009 CFTC specs went from broadly neutral to a then record net short of 275,000 contracts in April 2010. The yield shot up from just under 3.00 pct to 3.95 pct.
A flip to a net long position just under 100,000 contracts by the end of that year coincided with the yield falling back to 2.40 pct.
A build up of long positions over 2012 culminated in a net long of over 200,000 contracts in December that year. The yield bottomed out in July just under 1.5 pct.
The next time CFTC positions rose to a historically high net long, around 185,000 contracts in July 2016, the yield was down at a multi-decade low of 1.32 pct.
By May 2017, CFTC specs had amassed a large net long position of more than 360,000 contracts and the yield had eased back down towards 2 pct from 2.60 pct.
The subsequent liquidation and flip to record net short of over 460,000 contracts within a year has coincided with the yield rising above 3 pct for the first time since 2014.
If we take the CFTC euro position as a proxy for the dollar, we again see a close correlation between position turning points and the euro.
In May 2007 speculators were net long a record 119,000 contracts, but the euro didn’t peak until a year later at just under $1.60.
The correlation tightened between 2009 and 2015. A then record net short 110,000 contracts in May 2010 coincided with the euro at a four-year low of $1.20, before both flipped over the next year to a net long 100,000 contracts and $1.48.
The deepening euro crisis triggered something of a speculative run on the euro, culminating in then record short position of 214,000 contracts in June 2012, a month before Mario Draghi’s “whatever it takes” speech.
The euro bottomed out at $1.2150 in July, and as CFTC spec positions flipped to 72,000 net long in October 2013 the euro rose to $1.39 a month later.
The euro then went into steep decline, and looked like breaking below parity with the dollar in early 2015. It troughed at just under $1.05 in March that year, just as specs amassed what remains a record net short position of 226,000 contracts.
The relationship broke down over the next 18 months or so but picked up again in early 2017 - CFTC specs went from a net short 140,000 contracts to a record long 151,000, and the euro rallied from under $1.05 to $1.25 a few months ago.
If the current longs are liquidated, the euro’s slide could have much further to run.
Reporting by Jamie McGeever Graphics by Jamie McGeever Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets-speculators/rpt-column-hedge-funds-may-hold-key-to-higher-u-s-bond-yields-dollar-mcgeever-idUSL5N1SN4PB |
TOKYO (Reuters) - The United States and Japan will “move rapidly” to get a trade deal under a new framework aimed at intensifying bilateral trade consultations, U.S. ambassador William Hagerty said, keeping pressure on Tokyo to open up protected markets like agriculture.
U.S. ambassador to Japan William Hagerty speaks during the Wall Street Journal CEO Conference in Tokyo, Japan May 15, 2018. REUTERS/Toru Hanai U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agreed last month to set up the new framework focusing on bilateral trade led by U.S. Trade Representative Robert Lighthizer and Economy Minister Toshimitsu Motegi.
“Trade is very important to us. I think we’re going to move rapidly toward getting something done on trade,” Hagerty said at a conference in Tokyo, adding that USTR staff had visited Japan “just this past week” to iron out details.
“The president is, as you know, a man of action and expects us to get results quickly. I think Mr. Abe understands that,” he said.
Analysts say the new framework led by Lighthizer and Motegi could put Japan under direct U.S. pressure to enter talks for a bilateral free trade agreement (FTA).
Japan is wary of entering such talks and wants to convince Washington to rejoin the multilateral Trans-Pacific Partnership (TPP) pact.
Hagerty said Japan’s focus on TPP would not conflict with Washington’s desire to have a trade agreement with Tokyo, stressing that the United States already has FTAs with six TPP members.
Japanese Minister of Economic Revitalization Toshimitsu Motegi attends a news conference on the Trans Pacific Partnership (TPP) Ministerial Meeting during APEC 2017 in Da Nang, Vietnam, November 11, 2017. REUTERS/Kham “Those six countries consist more than half of world trade today. There’s only one country to push that to over 90 percent and that’s Japan,” he said.
Motegi said last month Japan won’t sign a bilateral FTA with the United States, and that talks under the new framework won’t begin until mid-June at the earliest.
Japan and the United States remain at loggerheads over how to frame trade talks. Japan is opposed to a two-way trade deal for fear of coming under pressure to open up politically sensitive markets like agriculture.
But U.S. Treasury Secretary Steven Mnuchin has maintained pressure on Japan, saying Washington wants a bilateral FTA.
Trump pulled the United States out of TPP in early 2017 and has said he won’t consider rejoining unless conditions provided under the pact were far better than before.
Since the United States withdrew from TPP, the other 11 nations have forged ahead with their own agreement. Japan, which signed up for the pact, wants to pass relevant legislation through parliament in the current session running until June 20.
Reporting by Leika Kihara; Editing by Chris Gallagher and Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-japan/u-s-japan-to-move-rapidly-on-trade-deal-hagerty-idUSKCN1IG0FV |
BEIRUT (Reuters) - The humanitarian crisis in Syria is worse this year than ever before in the country’s seven-year-old civil war, a United Nations official said on Friday.
FILE PHOTO: A Syria Civil Defence member carries a wounded child in the besieged town of Hamoria, Eastern Ghouta, in Damascus, Syria Janauary 6, 2018. REUTERS/ Bassam Khabieh “We see in 2018 the humanitarian situation inside Syria being the worst we have seen since the war started: a very dramatic deterioration, massive displacement, disrespect of protection of civilians and people’s lives still being turned upside down,” Panos Moumtzis, U.N. Humanitarian Coordinator for the Syria crisis, said in Beirut.
Syria is the worst place in modern history in terms of attacks on healthcare workers and facilities, accounting for 70 percent of all such attacks worldwide, he said.
U.N. data shows 89 healthcare workers died in 92 confirmed military attacks on healthcare facilities between Jan 1 and May 4, compared to 73 killed in 112 attacks in the whole of 2017, U.N. Humanitarian Coordinator for the Syria crisis.
The two areas which saw the most healthcare attacks in 2018 were Eastern Ghouta and Idlib.
Eastern Ghouta had been the largest rebel-held pocket near the capital Damascus, but came back under government control in mid-April after a fierce offensive.
Idlib, in northwest Syria, is the largest remaining area under opposition control, containing around 2.5 million people.
Idlib’s population has ballooned over the course of the conflict, with people there from fighting inn other areas. The government has also transferred a large number of rebel fighters and their families to Idlib as part of surrender deals elsewhere in Syria.
Syrian President Bashar al-Assad has vowed to take back every inch of Syria.
Moumtzis said the U.N. does not want to see a repeat of what happened in Ghouta happen in Idlib. He urged the warring sides to come to a peaceful solution.
Moumtzis also said he was concerned about poor aid access in Syria.
In 2017, 27 percent of requests made by the U.N. to Syrian authorities for permission to deliver aid were granted. In the first four months of 2018 only seven percent were granted, Moumtzis said.
The number of people designated by the U.N. as living in besieged areas has fallen dramatically this year to stand at 11,100, after the Syrian government took back control of almost all rebel-held pockets around the capital Damascus.
But 2.05 million people in need of humanitarian assistance still live in hard-to-reach areas, the U.N. said.
Reporting by Lisa Barrington; editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-humanitarian/2018-worst-year-in-syrias-humanitarian-crisis-u-n-official-idUSKCN1IJ256 |
May 14 (Reuters) - Loop Industries Inc:
* LOOP INDUSTRIES REPORTS FOURTH QUARTER AND FISCAL 2018 CONSOLIDATED RESULTS
* LOOP INDUSTRIES INC - QTRLY LOSS PER SHARE $0.11 Source bit.ly/2IBBIe2 Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-loop-industries-qtrly-loss-per-sha/brief-loop-industries-qtrly-loss-per-share-0-11-idUSFWN1SL17O |
A man killed two policewomen and a woman passer-by in the Belgian city of Liege on Tuesday, public broadcaster RTBF said, before being shot dead in an exchange of fire that sent people scattering and scurrying to take cover.
The city authorities confirmed the death toll.
The national crisis center, on high alert since past attacks by Islamic State in Paris and Brussels, said it was looking into whether terrorism might have been a motive for Tuesday's attack in Belgium's third city.
RTBF named the alleged assailant as a 36-year-old Belgian who had been released on parole from a prison near Liege, close to the German and Dutch borders, on Monday.
He was serving time for drug offences and classified as "unstable", according to RTBF. It remained unclear how the incident, during which pupils at a nearby high school were moved to a place of safety, had unfolded.
"The children in the local schools are safe," Liege city authorities said on Twitter, adding that apart from the two police officers the passenger in a car had been killed.
RTBF said the man may have attacked the police officers with a box-cutter and then seized one of their weapons.
La Libre Belgique newspaper quoted a police source as saying the gunman shouted "Allahu Akbar" -- God is greatest in Arabic -- and RTBF said investigators were looking into whether he might have been converted to Islam and radicalized in prison.
"(Terrorism) is one of the questions on the table, but for the moment all scenarios are open," a spokesman for the crisis center told Reuters.
Federal prosecutors took over the investigation, a further indication that a terrorist motive was possible.
Prime Minister Charles Michel, expressing his condolences to the families of the victims, said it was too early to say what had caused the incident.
RTBF said the attacker had a history of minor criminal convictions but was not on a list of possible violent extremists.
Two other police officers had been injured, a spokeswoman for the Liege
public prosecutors office said.
Images on social media showed people scurrying for safety on Liege's central boulevard d'Avroy with shots and sirens being heard in the background.
Liege, the biggest city in Belgium's French-speaking Wallonia region, was the scene of a mass shooting in 2011, when a gunman killed four people and wounded more than 100 others before turning the gun on himself.
Belgium has been on high alert since a Brussels-based Islamic State cell was involved in attacks on Paris in 2015 that killed 130 people and Brussels in 2016 in which 32 died.
The Brussels IS cell had links to militants in Verviers, another industrial town close to Liege, where in early 2015 police raided a safe house and killed two men who had returned from fighting with radical Islamists in Syria. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/gunman-shoots-police-in-liege-four-dead-belgian-media-reports.html |
VICTORIA FALLS, Zimbabwe (Reuters) - Zimbabwe needs up to $11 billion to modernize its mines and boost production to maximum capacity over the next five years, the head of the country’s Chamber of Mines said on Friday.
Foreign investor interest in the southern African nation is growing after the fall of longtime leader Robert Mugabe following a de facto military coup last November but projects are still constrained by lack of funding.
Batirai Manhando, Chamber of Mines president, said with the exception of platinum producers, all other mines, including those of gold, nickel, cobalt and coal were operating below their installed capacity.
Mining generates more than half of Zimbabwe’s export receipts — last year it earned $2.8 billion — but industry executives say it has the potential to earn more with increased investment.
“The local mining industry is currently operating below capacity on the back of capital shortages,” Manhando told an annual meeting of the mining chamber.
“At the beginning of the year the capital intensive industry required $7 billion for both ramp-up and sustenance capital. The figure has lately been revised upwards to $11 billion with renewed interest in our sector,” Manhando said.
Zimbabwe holds the second largest deposits of platinum and chrome after South Africa and has lately seen increased interest from lithium investors, who however say funding still remains a hurdle.
Manhando said mining companies in Zimbabwe faced problems that included high costs of electricity, labor and royalty fees when compared to other jurisdictions. There had also been little exploration in the country since 2000, he added.
Equipment at most mines was more than 50 years old, severely undermining efficiency and cost effectiveness of the sector, said Manhando.
Mines Minister Winston Chitando said the government would announce a new “mining vision” at the end of June and projected that the output of gold could rise to 85 tonnes in five years.
Output of gold, the biggest mineral by earnings, is expected to rise to 30 tonnes this year from 23 tonnes in 2017, according to Ministry of Mines data.
Reporting by MacDonald Dzirutwe; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zimbabwe-mining-funding/zimbabwe-mines-need-11-billion-investment-to-modernize-idUSKCN1IJ0ZV |
May 22, 2018 / 7:19 AM / Updated 28 minutes ago May joins families to remember Manchester pop concert victims Darren Staples 3 Min Read
MANCHESTER, England (Reuters) - Prime Minister Theresa May joined Prince William at a memorial service on Tuesday to remember the 22 victims of a suicide bombing at a pop concert in Manchester a year ago, Britain’s deadliest attack for 12 years.
Salman Abedi, a 22-year-old Briton born to Libyan parents, blew himself up in the foyer of the Manchester Arena in northern England at the end of a show by U.S. singer Ariana Grande as the crowds began to leave.
His victims included seven children, the youngest aged just eight, while more than 500 were injured.
“Thinking of you all today and every day. I love you with all of me and am sending you all of the light and warmth I have to offer on this challenging day,” Grande wrote on Twitter, including a bee emoticon, the symbol of Manchester.
On Tuesday, an hour-long service of commemoration was held at Manchester Cathedral while there was also a nationwide one-minute silence. William, Queen Elizabeth’s grandson, delivered a Bible reading and met some of the bereaved families privately afterwards.
“The targeting of the young and innocent as they enjoyed a care free night out in the Manchester Arena on May 22, 2017, was an act of sickening cowardice,” May wrote in an article for the Manchester Evening News newspaper. Andy Burnham, the Mayor of Manchester, greets Britain's Prime Minister Theresa May as she arrives to attend The Manchester Arena National Service of Commemoration at Manchester Cathedral in central Manchester, Britain May 22, 2018. Paul Ellis/Pool via Reuters
“It was designed to strike at the heart of our values and our way of life, in one of our most vibrant cities, with the aim of breaking our resolve and dividing us. It failed.”
In other events being held in the city, singers from local choirs, including the Manchester Survivors Choir made up of those caught up in the attack, will join together in the city for a mass singalong titled “Manchester Together - With One Voice”.
It echoes a moment when crowds broke into an emotional chorus of “Don’t Look Back in Anger” by Manchester rock group Oasis after a minute of silent tribute days after the bombing.
At the exact time the attack occurred, 10.31 p.m., bells will also ring out across Manchester. Slideshow (15 Images)
Britain is seeking the extradition of Abedi’s brother Hashem from Libya over the attack, although the authorities do not believe a wider network was involved.
The Manchester bombing was the deadliest of five attacks in Britain last year blamed on militants which killed a total of 36 people. Reporting by Michael Holden; Editing by Kate Holton and Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-security-manchester/pm-may-joins-families-to-remember-manchester-pop-concert-victims-idUKKCN1IN0PY |
Corporate buybacks on a roll 2 Hours Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/corporate-buybacks-on-a-roll.html |
May 1 (Reuters) - Tapestry Inc:
* TAPESTRY INC CEO SAYS KATE SPADE TOTAL COMPARABLE STORE SALES FOR QUARTER IMPACTED BY “PURPOSEFUL REDUCTION OF PROMOTIONAL SALES ONLINE” - CONF CALL
* TAPESTRY INC CEO SAYS WILL CONTINUE TO SIGNIFICANTLY CURTAIL PROMOTIONAL IMPRESSIONS BY REDUCING SURPRISE SALES & PULLING BACK ON WHOLESALE DISPOSITION FOR KATE SPADE - CONF CALL
* TAPESTRY INC CEO SAYS STILL EXPECT ABOUT $100 MILLION IMPACT FOR FULL YEAR FOR KATE SPADE - CONF CALL
* TAPESTRY INC CEO SAYS STUART WEITZMAN SALES, PROFITABILITY WILL CONTINUE TO BE UNDER PRESSURE IN Q4 WITH ONLY SLIGHT REVENUE GROWTH FOR FISCAL YEAR - CONF CALL
* TAPESTRY INC CEO SAYS EXPECTS STUART WEITZMAN TO RETURN TO TOP LINE GROWTH IN H2 2019 - CONF CALL
* TAPESTRY INC CFO SAYS KATE SPADE REVENUE PROJECTION INCLUDES IMPACT OF STRATEGIC PULLBACK IN THE WHOLESALE DISPOSITION & ONLINE FLASH SALES CHANNEL - CONF CALL Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tapestry-ceo-says-kate-spade-total/brief-tapestry-ceo-says-kate-spade-total-comparable-store-sales-for-qtr-impacted-by-purposeful-reduction-of-promotional-sales-online-conf-call-idUSFWN1S8083 |
May 7, 2018 / 10:32 PM / Updated 29 minutes ago Fed officials say price pressures rising but no need to shift rate path Lindsay Dunsmuir , Howard Schneider 2 Min Read
AMELIA ISLAND, Fla. (Reuters) - As benchmark oil prices touched $70 a barrel, Federal Reserve officials on Monday said that rising U.S. inflation and wage pressures are not enough yet to prompt a change in the central bank’s rate outlook. Dallas Federal Reserve Bank President, Robert Kaplan, stands on a stage at Stanford UniversityÕs Hoover Institution where he is attending an annual monetary policy conference in Stanford, California, U.S., May 4, 2018. REUTERS/Ann Saphir
Speaking on the sidelines of an automation conference here, Atlanta Federal Reserve Bank President Raphael Bostic and Dallas Federal Reserve Bank President Robert Kaplan both said they would tolerate inflation a bit over the Fed’s two percent target, and were sticking with an outlook for two more interest rate increases this year.
Kaplan said that tariffs on metals and more expensive oil were increasing costs for U.S. businesses, and labour markets were tight.
“The short run cyclical forces are strengthening,” Kaplan said. But that will be offset by longer term trends that will keep prices lower and the path of the Fed’s target interest rate “flatter than we are historically accustomed.” Atlanta Federal Reserve Bank President, Raphael Bostic speaks with Reuters in an interview at Stanford UniversityÕs Hoover Institution in Stanford, California, U.S., May 4, 2018. REUTERS/Ann Saphir
Bostic said that if current trends continue, “we are going to see wages start to go up because we will truly have a scarcity of labour.” However, he said, “I am not sure there is a big signal” in how wage increases will feed through to inflation.
Like other Fed officials, Bostic said he would tolerate “some overshoot” in the 2 percent inflation target, hewing to the Fed’s “symmetric” view that after years of price increases that were below target, the central bank should not overreact to inflation slightly over its goal.
In separate comments in Virginia, new Richmond Federal Reserve Bank President Thomas Barkin would not comment on his rate views. But he did say that wage pressures do not seem out of hand, and that he feels inflation is being tempered by structural changes such as the influence of Amazon.com Inc and other e-commerce companies.
The Fed raised interest rates in March and is expected to do so again when it meets in June. Reporting by Howard Schneider; editing by Diane Craft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-fed-kaplan/fed-officials-say-price-pressures-rising-but-no-need-to-shift-rate-path-idUKKBN1I82IT |
SAN FRANCISCO (AP) — The Latest on Uber's new U.S. policy on passenger and driver complaints about sexual misconduct (all times local):
11:10 a.m.
Lyft's ride-hailing service is following market leader Uber's example and dropping a requirement that kept a lid on allegations of sexual misconduct made by its passengers and drivers.
In a move mirroring its rival, Lyft no longer will require complaints about sexual assault and harassment be heard in private arbitration, with all settlements remaining confidential. Both passengers and drivers now will have the option of pursuing their claims in open courtrooms and to share their experiences.
Lyft announced its new stance Tuesday, a few hours after Uber announced the same shift as part of its efforts to turn over a new leaf after a wave of revelations and allegations about its bad behavior.
In a statement, Lyft applauded Uber for its "good decision."
3 a.m.
Uber's ride-hailing service will give its U.S. passengers and drivers more leeway to pursue claims of sexual misconduct, its latest attempt to reverse its reputation for brushing aside bad behavior.
The shift announced Tuesday will allow riders and drivers to file allegations of rape and other sexual misconduct in courts and mediation instead of being locked into an arbitration hearing.
The San Francisco company is also scrapping a policy requiring all settlements of sexual misconduct to be kept confidential.
The new rules mark another conciliatory move made by Uber CEO Dara Khosrowshahi (kahs-row-SHAH'-hee). He was hired last August amid a wave of revelations and allegations about internal sexual harassment , a cover-up of a massive data breach , dirty tricks and stolen trade secrets . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/the-associated-press-the-latest-lyft-follows-ubers-shift-on-sexual-misconduct.html |
Cramer reviews Berkshire Hathaway's top 5 stock positions Elizabeth Gurdus Reblog "Mad Money" host Jim Cramer goes over Berkshire Hathaway's top five portfolio positions as Warren Buffett's annual shareholder meeting in Omaha, Nebraska kicks off. Berkshire Hathaway's BRK.A festival-like annual shareholder meeting in Omaha, Nebraska, told CNBC's Jim Cramer a lot more than just how beloved the Warren Buffett -run company is. "For us, there'll be talk of stocks galore, especially Buffett's portfolio," the "Mad Money" host said on Friday as the 40,000-person event kicked off. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/cramer-reviews-berkshire-hathaways-top-5-stock-positions.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
JERUSALEM (Reuters) - Israel said on Tuesday it does not seek war with Iran, a day after presenting purported evidence of past Iranian nuclear arms work, but suggested U.S. President Donald Trump backed its latest attempt to kill a deal aimed at curbing Iran’s atomic ambitions.
A senior Israeli official said Prime Minister Benjamin Netanyahu had informed Trump on March 5 about alleged evidence seized by Israel in what Netanyahu on Monday presented as a “great intelligence achievement”.
Trump agreed at the meeting that Israel would publish the information before May 12, the date by which he is due to decide whether the United States should quit the nuclear deal with Iran, an arch foe of both countries, the Israeli official said.
Word of the consultations between Trump and Netanyahu serves to underscore perceptions of a coordinated bid by both leaders to bury the international agreement, which Trump has called “horrible” and Netanyahu has termed “terrible.”
Under the deal struck by Iran and six major powers Tehran agreed to limit its nuclear program in return for relief from U.S. and other economic sanctions.
Trump gave Britain, France and Germany a May 12 deadline to fix what he views as the deal’s flaws - its failure to address Iran’s ballistic missile program, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some of its terms expire - or he will reimpose U.S. sanctions.
In a televised statement on Monday night Netanyahu detailed what he said were Iranian documents that purportedly prove Iran had been developing nuclear arms before the 2015 deal that it signed with the United States and world powers. [L8N1S7531]
White House spokeswoman Sarah Sanders told reporters that the Israeli announcement offered proof that the Iran deal was made “under false pretenses” as Trump decides whether to withdraw the United States.
“The president has been very clear that he thinks the deal is one of the worst that we’ve ever seen and we’ll keep you posted on when he has made a final decision,” she said.
On Tuesday Netanyahu told CNN that “nobody” sought a conflict with the Islamic Republic, a prospect seen by some as a possible result of the deal’s collapse.
Asked if Israel is prepared to go to war with Tehran, Netanyahu said: “Nobody’s seeking that kind of development. Iran is the one that’s changing the rules in the region.”
But Netanyahu’s presentation said the evidence showed Iran lied going into the deal, a landmark agreement seen by Trump as flawed but by European powers as vital to allaying concerns that Iran could one day develop nuclear bombs.
Tehran, which denies ever pursuing nuclear weapons, dismissed Netanyahu as “the boy who cried wolf,” and called his presentation propaganda.
“We warn the Zionist regime and its allies to stop their plots and dangerous behaviors or they will face Iran’s surprising and firm response,” Iranian Defence Minister Amir Hatami was Quote: d as saying by Iranian news agency Tasnim on Tuesday.
Hatami called Netanyahu’s accusations “baseless”.
Former U.S. Secretary of State John Kerry, in a series of tweets on Tuesday, said the information disclosed by Israel was proof of why the agreement should be retained.
Related Coverage White House: Iran's nuclear program further along than indicated in 2015 Iran will respond to 'Israeli aggression', MP says after Syria attacks France says Israeli information on Iran could be basis for long-term deal “There was no negotiation - and all of that changed with (the deal). Blow up the deal and you’re back there tomorrow!” said Kerry, who negotiated the pact.
International and Israeli experts said Netanyahu had presented no evidence Iran was in breach of the deal. Rather, it appeared the presentation, delivered almost entirely in English, was composed as an Israeli prelude to Trump quitting the accord.
Tzachi Hanegbi, Israeli minister for regional development and a Netanyahu confidant, said the presentation was meant to provide Trump with grounds to bolt the deal.
“In 12 days a huge drama will unfold. The American president will likely pull out of the deal,” Hanegbi said in an interview on Israeli Army Radio. “What the prime minister did last night, was to give Trump ammunition against the European naiveté and unwillingness regarding Iran.”
The senior Israeli official said Israel knew about the Iranian archive for a year, got hold of it in February and informed Trump about it at a meeting in Washington on March 5.
REVIEW Israel had updated China on its Iran material and by the end of this week was scheduled to host experts from Britain, Germany and France who would inspect it, the senior official said.
Most of the purported evidence Netanyahu presented dated to the period before the 2015 accord was signed, although he said Iran had also kept important files on nuclear technology since then, and continued adding to its “nuclear weapons knowledge”.
Although the presentation was live on Israeli television, Netanyahu made clear his audience was abroad, delivering most of his speech in English, before switching to Hebrew.
A 2007 U.S. National Intelligence Estimate judged with “high confidence” that Tehran halted its nuclear weapons program in the fall of 2003. The IAEA later reached a similar judgment.
One Vienna-based diplomat who has dealt with the IAEA for years, when asked what he made of Netanyahu’s speech, said: “Nothing new. Theatrics.”
EU foreign policy chief Federica Mogherini said Netanyahu did not question Iran’s compliance with the deal. She noted the deal was made “exactly because there was no trust between the parties, otherwise we would not have required a nuclear deal to be put in place”.
Hanegbi acknowledged Netanyahu had not shown Iran had violated the agreement: “The Iranians are clean in regard to the nuclear deal because it is a gift given to them by an exhausted, tired, naive world.”
An Israeli official familiar with Netanyahu’s telegenic style - one the Israeli leader has refined over decades in the international arena - said that the two-word headline “Iran Lied” that appeared beside him during the presentation was tailor-made for Trump’s own short, pithy, rhetorical style.
Israeli Prime Minister Benjamin Netanyahu speaks during a news conference at the Ministry of Defence in Tel Aviv. REUTERS/Amir Cohen Noting Trump’s own use of short epithets, the Israeli official said Trump “responds to pithy messaging, and that is what we were going for with this briefing.”
Writing by Maayan Lubell; Additional reporting by Dan Williams in Jerusalem, François Murphy in Vienna, Mark Heinrich in London, Alastair Macdonald in Brussels, Bozorgmehr Sharefedin in London and Steve Holland in Washington; Editing by William Maclean and James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-iran/netanyahu-told-trump-about-iran-claims-at-march-5-meet-senior-official-idUSKBN1I23HA |
LONDON (Reuters) - Formula One is hoping to hold a race through the streets of downtown Miami next year.
Sean Bratches, the sport’s managing director for commercial operations, said in a statement on Wednesday that he hoped Miami city authorities would back the plan.
“Earlier today the City of Miami Commission took an important step by adding an item to their upcoming agenda, that if approved, will make way to bring Formula One to downtown Miami next season,” he said.
“We appreciate the community’s interest in hosting a Formula One race and look forward to working with local officials and stakeholders to bring this vision to life.”
Formula One said that, if plans were approved, it hoped the inaugural race would be scheduled on the calendar for October, 2019.
The Miami Herald website (www.miamiherald.com) reported a 10-year deal was under consideration, with the Commission due to meet on May 10 to authorize city manager Emilio Gonzalez to negotiate a contract by July 1.
A fan festival is already scheduled for Miami this year, in the same week as the Oct. 21 U.S. Grand Prix at the Circuit of the Americas in Austin.
Texas currently hosts the only U.S. race on the calendar but commercial rights holders Liberty Media, who took over the sport in January last year, want to grow Formula One in what they see as a key market.
Miami has long been talked about as a possible venue, along with Las Vegas and Los Angeles, although there could be some local opposition to street closures and noise.
A group calling itself the Better Florida Alliance (www.betterfloridaalliance.org) has already organized a petition headlined “Say no to Formula One closing Miami streets”.
The south Florida city has never before hosted a Formula One championship grand prix, although it has hosted a round of the all-electric Formula E series.
“Miami is a first-class global city and Formula One is a first-class global brand,” said U.S. entrepreneur and Miami Dolphins NFL franchise owner Stephen Ross, who is supporting the Miami project.
“In cooperation with the City of Miami and Miami-Dade County, I am confident we can deliver yet another global event that will be a destination for people from around the world and drive economic value to South Florida.”
The Miami Herald said a new company owned by Ross would be the potential promoter of the race.
Reporting by Alan Baldwin, editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-miami/formula-one-aiming-for-miami-street-race-in-october-2019-idUSKBN1I326D |
May 9 (Reuters) - Akebia Therapeutics Inc:
* AKEBIA THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.48 * Q1 EARNINGS PER SHARE VIEW $-0.59 — THOMSON REUTERS I/B/E/S
* AKEBIA THERAPEUTICS - EXISTING CASH RESOURCES & COMMITTED CAPITAL FROM COLLABORATION PARTNERS EXPECTED TO FUND CURRENT OPERATING PLAN INTO EARLY 2020
* QTRLY COLLABORATION REVENUE $45.9 MILLION VERSUS $20.9 MILLION
* Q1 REVENUE VIEW $46.1 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-akebia-therapeutics-reports-q1-los/brief-akebia-therapeutics-reports-q1-loss-per-share-0-48-idUSASC0A12X |
MIAMI, May 22, 2018 (GLOBE NEWSWIRE) -- Perry Ellis International, Inc. (NASDAQ:PERY) announced today that the Company will release its financial results for the first quarter on Thursday, May 31, 2018 before the market opens. The Company will sponsor a conference call to discuss these results the same day at 9:00 a.m. ET (8:00 a.m. CT; 7:00 a.m. MT; 6:00 a.m. PT).
To access the live broadcast, please visit the investor relations section on the Company's homepage at http://www.pery.com .
A Digital Replay of the conference call will be available for ten days, starting two hours after its completion, and can be accessed by dialing toll-free 888-203-1112 or 719-457-0820 and give the conference I.D. #1980372.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories and fragrances. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men's and women's swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis®, An Original Penguin® by Munsingwear®, Laundry by Shelli Segal®, Rafaella®, Cubavera®, Ben Hogan®, Savane®, Grand Slam®, John Henry®, Manhattan®, Axist®, Jantzen® and Farah®. The Company enhances its roster of brands by licensing trademarks from third parties, including: Nike® and Jag® for swimwear, and Callaway®, PGA TOUR®, and Jack Nicklaus® for golf apparel and Guy Harvey® for performance fishing and resort wear. Additional information on the Company is available at http://www.pery.com .
CONTACT:
Annette Ramos
Investor Relations
305-592-2830
Source:Perry Ellis International Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-perry-ellis-international-to-release-fiscal-2019-first-quarter-results.html |
M&S targets rapid change after latest profit drop 8:17pm IST - 01:44
Marks & Spencer says it needs to modernise urgently to survive after a second straight annual profit fall and a 321 million pound charge for a store closure programme. As Ciara Lee reports, shares in the iconic British brand have fallen by more than a quarter over the past year.
Marks & Spencer says it needs to modernise urgently to survive after a second straight annual profit fall and a 321 million pound charge for a store closure programme. As Ciara Lee reports, shares in the iconic British brand have fallen by more than a quarter over the past year. //reut.rs/2KOnKmq | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/ms-targets-rapid-change-after-latest-pro?videoId=429618807 |
May 14, 2018 / 2:41 PM / Updated 23 minutes ago Trump defends intervention on China's ZTE David Lawder , Karen Freifeld 2 Min Read
WASHINGTON (Reuters) - President Donald Trump on Monday defended his decision to revisit penalties for Chinese company ZTE Corp for flouting U.S. sanctions on trade with Iran, saying the telecom maker is a big buyer for U.S. suppliers. FILE PHOTO: The logo of ZTE Corp is seen on its building in Beijing, China April 19, 2018. REUTERS/Stringer
The U.S. Commerce Department is exploring options besides a supplier ban to punish ZTE ( 000063.SZ ) ( 0763.HK ), Commerce Secretary Wilbur Ross said on Monday. The review came after Trump pledged in a tweet to work with Chinese President Xi Jinping to help ZTE, saying too many jobs in China had been lost. Related Coverage U.S. optical stocks jump as Trump softens on China's ZTE
The company shut its main operations after the Commerce Department banned U.S. companies from selling components to ZTE for seven years after it violated the terms of a settlement deal for illegally shipped goods made with U.S. parts to Iran and North Korea. FILE PHOTO: U.S. President Donald Trump speaks about lowering drug prices from the Rose Garden at the White House in Washington, U.S., May 11, 2018. REUTERS/Leah Millis
Trump, a frequent critic of China, faced backlash from both Republican and Democratic lawmakers, who were shocked by his move.
“ZTE, the large Chinese phone company, buys a big percentage of individual parts from U.S. companies. This is also reflective of the larger trade deal we are negotiating with China and my personal relationship with President Xi,” Trump said on Monday.
ZTE declined comment on Monday. Ross did not provide details about options under consideration.
“ZTE did do some inappropriate things ... the question is are there alternative remedies to the ones we had originally put forward and that’s the area we will be exploring very, very promptly,” Ross told journalists at the National Press Club in Washington. Reporting by Karen Freifeld, David Lawder, Doina Chiacu, Susan Heavey, Roberta Rampton, Steve Holland, John Walcott, David Shepardson; Writing by Roberta Rampton; Editing by Meredith Mazzilli | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte/trumps-comments-on-chinas-zte-draw-security-concerns-idUSKCN1IF201 |
May 24, 2018 / 2:38 PM / Updated 7 minutes ago Tunisian parties discuss cabinet reshuffle, exit of prime minister Tarek Amara 4 Min Read
TUNIS (Reuters) - Tunisia’s ruling coalition is holding talks to tackle an economic crisis that could lead to a cabinet reshuffle and the exit of Prime Minister Youssef Chahed, political sources said.
Tunisia is hailed as the Arab Spring’s only democratic success because protests toppled autocrat Zine El Abidine Ben Ali in 2011 without triggering upheaval like in Syria or Libya.
But seven prime ministers have failed to fix an economic crisis as turmoil and militant attacks have deterred investors and tourists, eroding living standards of ordinary people and causing an increase in unemployment.
Annual inflation hit record levels of 7.7 percent in April as the dinar tanked, making food imports more expensive.
Experts from the two ruling parties — the secular Nidaa Tounes and the moderate Islamists of Ennahda — and labor and employers’ unions agreed this week to start a new economic program, sources said.
No details were available but the parties will meet with President Beji Caid Essebsi at the weekend to discuss details and a cabinet reshuffle, they said. On the table are the options of a small reshuffle or broad change with the departure of Chahed, a technocrat who took office in 2016.
Chahed’s party, Nidaa Tounes, said it supported a full cabinet reshuffle while Ennahda favoured changing only some portfolios for the sake of stability.
Since 2011, nine cabinets have failed to break the economic deadlock. Impatience is rising among lenders such as the International Monetary Fund which have kept the country afloat.
The IMF is due to review the next tranche of its loan plan in June, diplomats said.
Chahed’s office declined to comment, but some of his ministers have said the economy is starting to recover with a first quarter GDP rise of 2.5 percent and tourists coming back.
Chahed in March floated the idea of overhauling loss-making public companies, sparking an outcry from labor union UGTT which has ruled out any sale. The UGTT supports a broad cabinet change, saying Chahed’s government is the worst since 2011. POWER PLAY
Chahed also came under fire from Hafedh Caid Essebsi, the president’s son and head of Nidaa Tounes, who said the party had no problem with sacking him.
“What stability do you want to maintain; stability in the deterioration of the purchasing power of the Tunisians? The collapse of the value of the dinar? Stability in the absence of any vision of economic reform?”, said Hafedh Caid Essebsi added.
Analyst Jamel Arfoui said the power struggle was about personal ambitions related to disagreements about a campaign against corruption launched by Chahed last year.
More than 20 officials and businessmen were arrested in the crackdown, including Chafik Jaraya, who helped finance Nidaa Tounes campaign in the 2014 elections.
On social media many Tunsians tired of seeing frequent new governments achieving little vented their anger. “Maybe the man (Essebsi’s son) didn’t play enough when he was a child... so he sees Tunisia as a game now,” activist Laila Tobel wrote. Editing by Ulf Laessing, Editing by William Maclean | ashraq/financial-news-articles | https://www.reuters.com/article/us-tunisia-politics/tunisian-parties-discuss-cabinet-reshuffle-exit-of-prime-minister-idUSKCN1IP2GI |
The Senate Banking Committee will meet on May 15 to consider the nomination of Richard Clarida to become the Federal Reserve’s vice chairman, the panel said in a statement Tuesday.
Mr. Clarida is an economist at Columbia University and managing director at Pacific Investment Management Co. who has been tapped to serve as the Fed’s No. 2, alongside the central bank’s new chairman, Jerome Powell.
The... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/senate-banking-committee-sets-confirmation-hearing-for-two-fed-nominations-1525818602 |
Today, a select number of high-profile business leaders argue that college is not the key to professional prosperity often arguing that " college is not for everyone ."
While sky-high college costs make this theory attractive, it's not entirely true. Going to college greatly increases your lifetime earning potential and is one of the biggest predictors of business success — just look at the CEOs of Fortune 500 companies.
Companies run by business executives with undergraduate and graduate degrees dominate Fortune's annual list . Every CEO of one of the top 10 Fortune 500 companies went to college, and seven also earned a graduate degree.
Of course, there are famous examples of successful college dropouts like Mark Zuckerberg and Bill Gates, but these tech titans are the exceptions to the rule — most successful CEOs spend some serious time studying.
Here's where the most powerful industry leaders hit the books and what they studied:
Mary Catherine Wellons | CNBC Mary Barra, CEO, General Motors 10. Mary Barra , General Motors
Revenue, last fiscal year: $157.3 billion
Undergraduate: BA in electrical engineering, Kettering University
Graduate: MBA, Stanford University
Katie Kramer | CNBC Randall Stephenson 9. Randall Stephenson , AT&T
Revenue, last fiscal year: $160.5 billion
Undergraduate: BA in accounting, University of Central Oklahoma
Graduate: MA in accounting, University of Oklahoma
Michael S. Williamson | The Washington Post | Getty Images Jeff Bezos 8. Jeff Bezos , Amazon
Revenue, last fiscal year: $177.9 billion
Undergraduate: BA in electrical engineering and computer science, Princeton University
Graduate: n/a
Cameron Costa | CNBC Larry Merlo 7. Larry Merlo , CVS Health
Revenue, last fiscal year: $184.8 billion
Undergraduate: BA in pharmacy, University of Pittsburgh School of Pharmacy
Graduate: n/a
Aaron P. Bernstein/Bloomberg via Getty Images John Hammergren, president and chief executive officer of McKesson Corp., testifies during a House Energy and Commerce Subcommittee hearing in Washington, D.C., U.S., on Tuesday, May 8, 2018. 6. John Hammergren , McKesson
Revenue, last fiscal year: $198.5 billion
Undergraduate: BA in business administration, University of Minnesota
Graduate: MBA, Xavier University
show chapters UNH CEO: Tech will push health care to become more value-based in 10 years 7:00 PM ET Wed, 28 March 2018 | 01:00 5. David Wichmann , UnitedHealth Group
Revenue, last fiscal year: $201.2 billion
Undergraduate: BA in accounting, Illinois State University
Graduate: n/a
David Paul Morris | Bloomberg | Getty Images Tim Cook, chief executive officer of Apple Inc. 4. Tim Cook , Apple
Revenue, last fiscal year: $229.2 billion
Undergraduate: BA in industrial engineering, Auburn University
Graduate: MBA, Duke University
David A. Grogan | CNBC Warren Buffett 3. Warren Buffett , Berkshire Hathaway
Revenue, last fiscal year: $242.1 billion
Undergraduate: BA in business administration, University of Nebraska
Graduate: MA in economics, Columbia University
Katie Kramer | CNBC Darren Woods, Chairman and CEO, Exxon Mobil. 2. Darren Woods , Exxon Mobil
Revenue, last fiscal year: $244.4 billion
Undergraduate: BA in electrical engineering, Texas A&M University
Graduate: MBA, Northwestern University
David Orrell | CNBC | NBCU Photo Bank | Getty Images Doug McMillon, President and CEO of Wal-Mart Stores, Inc., in an interview on October 14, 2015. 1. Doug McMillon , Walmart
Revenue, last fiscal year: $500.3 billion
Undergraduate: BA in business administration, University of Arkansas
Graduate: MBA, University of Tulsa
As in other years, companies run by business majors dominated the 2018 Fortune 500 list. Executives like Walmart CEO Doug McMillon, Berkshire Hathaway CEO Warren Buffett and McKesson CEO John Hammergren all studied business administration at large public universities. Seven of the 10 CEOs also earned their MBAs.
Overall, a majority of these top-tier business executives attended big state schools for undergrad. Amazon CEO Jeff Bezos and General Motors CEO Mary Barra were the only two leaders to earn their bachelor's degree from a private institution, though overall, graduates from selective schools out-earn those who attended less selective institutions.
The CEOs of these top 10 companies who did not study business all earned degrees in a STEM (science, technology, engineering and math) field. Three CEOs — Exxon Mobile's Darren Woods, Amazon's Jeff Bezos and GM's Mary Barra — studied electrical engineering.
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Federal regulators warned 13 e-cigarette liquid makers and sellers Tuesday that they need to change packaging that markets the tobacco products to children and has led to some children accidentally drinking liquid nicotine.
Several of the online retailers were also cited for illegally selling the products to minors.
The e-cigarettes targeted had labeling and/or advertising that looked like kid-friendly food products, such as juice boxes, candy or cookies, some including cartoon images.
There were more than 8,200 e-cigarette and liquid nicotine exposures among children younger than six between January 2012 and April 2017, according to a recent analysis of National Poison Data System data.
Children are at greater risk because exposure to the nicotine in e-liquid products, even in small amounts, could lead to death from cardiac arrest, as well as seizure, coma, and respiratory failure.
"No child should be using any tobacco product, and no tobacco products should be marketed in a way that endangers kids — especially by using imagery that misleads them into thinking the products are things they'd eat or drink. said FDA Commissioner and physician Scott Gottlieb. "Looking at these side-to-side comparisons is alarming."
Read more from USA Today:
FDA may block consumer sales of pure or near pure bulk caffeine to consumers after two deaths
FDA orders kratom product recall over Salmonella; first such mandatory move in history
FDA chief Scott Gottlieb pushes for lower sodium, better labels to reduce disease, obesity
Products targeted include: "One Mad Hit Juice Box," which resembles children's apple juice boxes, such as Tree Top-brand juice boxes; "Vape Heads Sour Smurf Sauce," which resembles War Heads candy; and "V'Nilla Cookies & Milk," which resembles Nilla Wafer and Golden Oreo cookies; "Whip'd Strawberry," which looks like Reddi-wip dairy whipped topping, and "Twirly Pop," which "not only resembles a Unicorn Pop lollipop but is shipped with one," the FDA says.
"Nicotine is highly toxic, and these letters make clear that marketing methods that put kids at risk of nicotine poisoning are unacceptable," said Acting FTC Chairman Maureen K. Ohlhausen.
"Companies selling these products have a responsibility to ensure they aren't putting children in harm's way or enticing youth use," says Gottlieb. He vowed to "continue to take action against those who sell tobacco products to youth and market products in this egregious fashion."
FDA says it might file injunctions or seize products if the companies don't take action to address regulators' concerns. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/feds-warn-e-cig-liquid-companies-about-packaging-after-thousands-of-kids-drink-toxic-liquid.html |
Appoints Two Directors Who Increase Board Healthcare and Technology Expertise Names Group President of Medical and Healthcare Vertical Announces Planned Retirement of Chamberlain University President
CHICAGO--(BUSINESS WIRE)-- Adtalem Global Education (NYSE: ATGE) today announced several leadership changes to both its Board of Directors and senior leadership team. Adtalem has appointed Georgette Kiser and Dr. Steven M. Altschuler, M.D. to its Board of Directors effective May 8, 2018. At the same time, Adtalem named board director Kathy Boden Holland as the Group President of its Medical and Healthcare vertical, currently Adtalem’s largest business unit and a key focus for Adtalem’s organic and inorganic growth strategy. Ms. Boden Holland resigned from the Adtalem Board of Directors and will begin the role leading the medical and healthcare vertical on May 9, 2018.
“We are pleased to have Ms. Kiser and Dr. Altschuler join the Adtalem Board, and value their expertise in technology, business, healthcare and medical education,” said James D. White, Adtalem’s Board Chair. “This is an exciting time in the evolution of Adtalem and for the portfolio of institutions and companies it operates. We are confident these additional directors will provide insightful contributions as Adtalem focuses on its three verticals: medical and healthcare, technology and business, and professional education.”
With these changes, the Adtalem Board will be composed of nine Directors, seven of whom are independent. The Board composition now includes three women and four persons of color, demonstrating Adtalem’s commitment to Board diversity as a business imperative.
“Ms. Boden Holland brings a wealth of operational and strategic experience to the medical and healthcare vertical. Well-versed in growing businesses organically as well as successfully executing M&A transactions, she will provide the strategic oversight to our portfolio of mission driven medical and healthcare institutions. Ms. Boden Holland will lead a team of experienced professionals and we are eager to see the evolution of this vertical under her direction,” said Lisa Wardell, President and Chief Executive Officer of Adtalem Global Education.
Also today, Adtalem announced the planned retirement of Chamberlain University President Susan Groenwald, PhD, RN, ANEF, FAAN. Throughout the last 12 years, Dr. Groenwald has led the evolution of Chamberlain University, leading the institution from one campus to 21 campuses in 15 states, while developing and managing all undergraduate and graduate nursing programs. She established and led the Chamberlain Care culture, which created an environment that embodies excellence in nursing, and was the basis of a book she published last fall. Susan successfully launched master’s and doctoral degrees, most recently the master of public health program. Under her leadership, Chamberlain University also achieved distinction as a Center of Excellence by the National League for Nursing. Adtalem is conducting an active search for her successor. Dr. Groenwald will retire once her successor is in place and is committed to ensuring a smooth transition. Dr. Groenwald will continue her affiliation with Adtalem in her role as Trustee for Ross University School of Medicine and Ross University School of Veterinary Medicine, and has also agreed to serve as a senior advisor to Adtalem on a go forward basis.
“Chamberlain University’s growth and presence as a leading provider of quality nursing education is a testament to Susan’s passion for nursing and dedication to our students,” said Wardell. “We sincerely thank her for her market leading and transformational contributions to Chamberlain University and Adtalem Global Education and we know that Chamberlain will continue to reflect her commitment to the success of our students.”
About Georgette Kiser
Ms. Kiser is the Managing Director and Chief Information Officer of The Carlyle Group (NASDAQ: CG), an investment firm with $195 billion in assets under management. Prior to that, she was in various executive roles at T. Rowe Price from 1996 to 2015, including Vice President and Head of Enterprise Solutions and Capabilities. She was a Senior Systems Analyst at United States Fidelity and Growth (USF&G) Insurance Information Systems from 1995 to 1996. She was a consultant and Software Engineer at Martin Marietta Management Data Systems from 1993 to 1995, and a Software Design Engineer in the Aerospace Division of the General Electric Company from 1989 to 1993. She received a bachelor’s degree in mathematics with a concentration in computer science from the University of Maryland, a M.S. in mathematics from Villanova University, and an MBA from the University of Baltimore.
About Dr. Steven M. Altschuler, M.D.
Dr. Altschuler is Managing Director, Healthcare Ventures, at Ziff Capital Partners. Dr. Altschuler was the CEO of UHealth and the Executive Vice President of Health Affairs at the University of Miami from 2015 to 2017. Prior to that, he held a number of leadership roles at Children’s Hospital of Philadelphia from 1984 to 2015 including the President and CEO of the Foundation and the Hospital and was the Leonard and Madlyn Abramson Endowed Chair of Pediatrics. He held various roles, including President, of the Children’s Health Care Association Practice Board at the University of Pennsylvania School of Medicine from 1993 to 2000. Early in his career, he was an Emergency Room Physician at Episcopal Hospital in Philadelphia and Montgomery Hospital in Norristown, Pennsylvania. He is currently a Director on the Board of Weight Watchers International, Inc., where he sits on the audit committee and the compensation and benefits committee. He is also on the Board of Spark Therapeutics, Inc. and is on the compensation committee and the nominating and governance committee. He received a bachelor’s degree in mathematics from Case Western Reserve University and an M.D. from Case Western Reserve University School of Medicine. He completed his residency at Children’s Hospital and Medical Center in Boston and was a postdoctoral fellow at Children’s Hospital of Philadelphia.
About Kathy Boden Holland
Ms. Boden Holland served as Executive Vice President, Bank Products and in other executive leadership roles at Elevate Credit, Inc. (NYSE: ELVT), a fintech company providing non-prime online credit products direct to consumers and technology solutions to banks, from 2014 to 2018. Prior roles include Executive Vice President, Corporate Development, of Think Finance Incorporated from 2012 to 2014, and President of RLJ Financial LLC, focused on developing and marketing new consumer credit products for the underbanked from 2010 to 2012. She was a Director of Adtalem Global Education from 2017 to 2018, and serves as an Advisory Board Member of Capital A Partners, an early stage venture capital firm. She earned a bachelor’s degree in economics from the Wharton School at the University of Pennsylvania, and an MBA from the University of North Carolina Kenan-Flagler Business School.
About Adtalem Global Education
The purpose of Adtalem Global Education is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. Adtalem Global Education Inc. (NYSE: ATGE; member S&P MidCap 400 Index) is a leading global education provider and the parent organization of Adtalem Educacional do Brasil, American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Carrington College, Chamberlain University, DeVry University and its Keller Graduate School of Management, Ross University School of Medicine and Ross University School of Veterinary Medicine. For more information, please visit adtalem.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006477/en/
Adtalem Global Education
Media Contact:
Ernie Gibble
[email protected]
630-353-9920
or
Investor Contact:
Beth Coronelli
[email protected]
630-353-9035
Source: Adtalem Global Education | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-adtalem-global-education-announces-new-board-directors-and-leadership-changes.html |
MIAMI--(BUSINESS WIRE)-- EnviroStar, Inc. (NYSE American:EVI) reported record results for the three and nine month periods ended March 31, 2018. Record revenues of $44 million and $106 million during the three and nine-month periods ended March 31, 2018, respectively, reflect revenues generated by recently acquired businesses as well as revenue growth from historical operations.
In addition to these results, during the third fiscal quarter, EVI continued to execute its buy and build growth strategy through the addition of AAdvantage Laundry Systems and Sky-Rent LP. The effective execution of EVI’s buy-and-build growth strategy has led to growth in the Company’s operations and market capitalization, which has required the Company to invest and incur expenses in certain areas that support this and future growth. More notably, EVI believes that its growth and execution has won the confidence of many entrepreneurs with businesses in and around the commercial laundry industry, resulting in increased acquisition and other growth opportunities for the Company.
Third Quarter Results
Revenue increased 77% to a record $44 million Gross Margins increased from 23% to a record 26% Operating Income increased 26% to $1.9 million Net Income increased 28% to $1.1 million Adjusted EBITDA increased 45% to $2.8 million or 6.3%
Nine Month Results
Revenue increased 57% to a record $106 million Gross Margins increased from 22% to 24% Operating Income increased 17% to a record $5.1 million Net Income increased 25% to a record $3.2 million Adjusted EBITDA increased 47% to $7.3 million or 6.9%
Henry M. Nahmad, EVI’s Chairman and CEO, stated, “EVI delivered another record quarter with strong revenues, increased gross margins, and the addition of two high-quality companies. While we continue to aggressively pursue the addition of new businesses to the EVI Family, our team of successful entrepreneurs is focused on creating growth for EVI and each of our businesses.”
It is important to note that the timing of revenue recognition related to the sale and installation of commercial, industrial, and vended laundry products is occasionally impacted by delays related to installation schedules.
Use of Non-GAAP Financial Information
In this release, EVI discloses the non-GAAP financial measure of Adjusted EBITDA, which EVI defines as earnings before interest, taxes, depreciation, amortization, and amortization of share-based compensation. Adjusted EBITDA is determined by adding interest expense, income taxes, depreciation, amortization, and amortization of share-based compensation to net income, as shown in the attached Condensed Consolidated Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-based Compensation). EVI considers Adjusted EBITDA to be an important indicator of its operating performance. Adjusted EBITDA is also used by companies, lenders, investors and others because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels and credit ratings, and the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. Adjusted EBITDA should not be considered as an alternative to net income or any other measure of financial performance or liquidity, including cash flow, derived in accordance with GAAP, or to any other method of analyzing EVI’s results as reported under GAAP. In addition, EVI’s definition of Adjusted EBITDA may not be comparable to definitions of Adjusted EBITDA or other similarly titled measures used by other companies.
About EnviroStar
EnviroStar, Inc., through its wholly-owned subsidiaries, distributes commercial, industrial and vended laundry and dry cleaning equipment and steam and hot water boilers manufactured by others, supplies related replacement parts and accessories, provides installation and maintenance services to its customers, and designs and plans turn-key laundry, dry cleaning and boiler systems for its customers, which include institutional, retail, industrial, commercial and government customers.
Safe Harbor Statement
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements of EVI, or industry trends and results, to differ from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, the risks related to EVI’s business, results, financial condition and prospects, the risk that service, rental and lease operations may not grow or otherwise result in increased revenues or gross margins, risks associated with the EVI’s buy-and-build growth strategy, including that EVI may not be successful in achieving its goals with respect to such strategy, that EVI may not be successful in identifying or consummating acquisitions or other strategic opportunities when anticipated or at all, that the potential benefits of acquisitions, including the addition of AAdvantage, may not be realized to the extent anticipated or at all, integration risks, risks related to indebtedness incurred in connection with acquisitions, dilution experienced by EVI’s stockholders as a result of shares issued in connection with acquisitions and the financing of acquisitions, and risks related to the business, operations and prospects of acquired businesses, the risk that EVI’s investments in, and other expenses related to, its growth or otherwise may continue to increase and not result in improved performance or growth, and other economic, competitive, governmental, technological and other risks and factors, including those discussed in EVI’s filings with the Securities and Exchange Commission, including, without limitation, EVI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017. Many of these risks and factors are beyond EVI’s control. Further, past performance and perceived trends may not be indicative of future results. EVI cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. EVI does not undertake to, and specifically disclaims any obligation to, update or supplement any forward-looking statement, whether as a result of changes in circumstances, new information, subsequent events or otherwise, except as may be required by law.
EnviroStar, Inc. Condensed Consolidated Income Statement (in thousands, except per share data)
9-Months Ended 9-Months Ended 3-Months Ended 3-Months Ended 3/31/18 3/31/17 3/31/18 3/31/17 Revenues $ 105,995 $ 67,523 $ 43,673 $ 24,653 Cost of Sales 80,604 52,855 32,500 19,073 Gross Profit 25,391 14,668 11,173 5,580 SG&A 20,313 10,328 9,286 4,081 Operating Income 5,078 4,340 1,887 1,499 Interest Expense, net 376 112 193 62 Income before Income Taxes 4,702 4,228 1,694 1,437 Provision for Income Taxes 1,493 1,658 558 547 Net Income 3,209 2,570 1,136 890 Net Income per Share Basic $ 0.28 $ 0.27 $ 0.10 $ 0.08 Diluted $ 0.27 $ 0.27 $ 0.09 $ 0.08 Weighted Average Shares Outstanding Basic 10,728 9,140 11,020 10,369 Diluted 11,145 9,172 11,519 10,465 The table below reconciles net income, the most comparable GAAP financial measure, to Adjusted EBITDA.
EnviroStar, Inc. Condensed Consolidated Adjusted EBITDA (in thousands)
Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-Based Compensation
9-Months Ended 9-Months Ended 3-Months Ended 3-Months Ended 3/31/18 3/31/17 3/31/18 3/31/17 Net Income $ 3,209 $ 2,570 $ 1,136 $ 890 Interest Expense 376 112 193 62 Provision for Income Taxes 1,493 1,658 558 547 Depreciation and Amortization 1,023 409 476 251 Amortization of Share-Based Compensation 1,164 200 391 154 Adjusted EBITDA 7,265 4,949 2,754 1,904 Adjusted EBITDA % 6.9 % 7.3 % 6.3 % 7.7 %
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005820/en/
EnviroStar, Inc.
Henry M. Nahmad, 305-754-8676
or
Michael Steiner, 305-754-8676
Source: EnviroStar, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-envirostar-reports-record-third-quarter-results.html |
May 29, 2018 / 5:57 AM / Updated 5 minutes ago KWS makes non-binding offer for Bayer's vegetable seed business Reuters Staff 1 Min Read
FRANKFURT (Reuters) - German seed seller KWS Saat ( KWSG.DE ) emerged as an interloper on Tuesday by making an offer for Bayer’s ( BAYGn.DE ) vegetable seed business, a division which Bayer had agreed to sell to BASF ( BASFn.DE ) as part of its planned merger with Monsanto ( MON.N ).
The KWS offer is non-binding and KWS did not disclose financial terms.
Bayer struck a deal to sell its vegetable seed business, which operates under the name Nunhems, to Germany’s BASF ( BASFn.DE ) last month. Reporting by Christoph Steitz and Patricia Weiss; Editing by Edward Taylor | ashraq/financial-news-articles | https://uk.reuters.com/article/us-monsanto-m-a-bayer-kws/kws-makes-non-binding-offer-for-bayers-vegetable-seed-business-idUKKCN1IU0GD |
HOUSTON, May 02, 2018 (GLOBE NEWSWIRE) -- Exterran Corporation (NYSE:EXTN) (“Exterran” or the “Company”) today announced net income from continuing operations of 2018 of $3.9 million, or $0.11 per share, on revenue of $350.4 million. This compares to net income from continuing operations of $2.1 million, or $0.06 per share, on revenue of $337.7 million for the fourth quarter of 2017 and net loss from continuing operations of $12.3 million, or $0.35 per share, on revenue of $245.4 million of 2017.
Andrew Way, Exterran’s President and Chief Executive Officer commented, “Revenue was the highest reported in eight quarters as we benefited from conversion of strong 2017 product bookings and contractual recoveries in our contract operations business. In addition, first quarter product bookings rebounded as expected from fourth quarter 2017 levels, with bookings of $193.4 million.
“We are pleased with the way the year has started, coupled with what we believe will be a very strong second quarter for contract operations and product orders, provides us strong momentum as we look to the second half of the year and beyond. Product segment margins continue to improve and our commercial teams continue to work their extensive project pipelines to capture new contract operations and aftermarket opportunities.”
Net income of 2018 was $5.3 million. This compares to net income of $6.7 million for the fourth quarter of 2017 and net income of $20.3 million of 2017.
EBITDA, as adjusted, was $50.7 million of 2018, as compared with EBITDA, as adjusted, of $50.5 million for the fourth quarter of 2017 and $34.5 million of 2017.
Selling, general and administrative expenses were $44.2 million in the first quarter of 2018, as compared with $44.5 million in the fourth quarter of 2017 and $44.4 million in the first quarter of 2017.
Contract Operations Segment
Contract operations revenue in the first quarter of 2018 was $96.5 million, a 1% increase from fourth quarter of 2017 revenue of $95.3 million and a 5% increase from first quarter of 2017 revenue of $92.0 million.
Contract operations gross margin in the first quarter of 2018 was $61.1 million, unchanged from fourth quarter of 2017 gross margin of $61.1 million and slightly lower from first quarter of 2017 gross margin of $61.2 million. Gross margin percentage in the first quarter of 2018 was 63%, as compared with 64% in the fourth quarter of 2017 and 67% in the first quarter of 2017.
The sequential revenue increase was primarily due to contractual recoveries, while the sequential gross margin percentage decrease was due to an increase in project expenses which are not expected to repeat.
Aftermarket Services Segment
Aftermarket services revenue in the first quarter of 2018 was $26.4 million, a 14% decrease from fourth quarter of 2017 revenue of $30.5 million and a 17% increase from first quarter of 2017 revenue of $22.5 million.
Aftermarket services gross margin in the first quarter of 2018 was $7.5 million, a 7% decrease from fourth quarter of 2017 gross margin of $8.1 million and a 26% increase from first quarter of 2017 gross margin of $5.9 million. Gross margin percentage in the first quarter of 2018 was 28%, as compared with 26% in the fourth quarter of 2017 and 26% in the first quarter of 2017.
The sequential decrease in aftermarket service revenue and gross margin were driven by the normal first quarter decrease in parts sales and maintenance services in the Latin America region.
Product Sales Segment
Product sales revenue in the first quarter of 2018 was $227.5 million, a 7% increase from fourth quarter of 2017 revenue of $211.9 million, and a 74% increase from first quarter of 2017 revenue of $130.9 million.
Product sales gross margin in the first quarter of 2018 was $27.2 million, an 11% increase from fourth quarter of 2017 gross margin of $24.5 million and a 140% increase from first quarter of 2017 gross margin of $11.3 million. Gross margin percentage in the first quarter of 2018 improved 40 basis points as compared to fourth quarter of 2017 and 330 basis points as compared to first quarter of 2017.
The sequential increase in revenue and gross margin was primarily due to an increase in processing and treating equipment and compression equipment sales, resulting from higher activity in the North America region. The gross margin was positively impacted as a result of a continued strong focus on productivity.
Product sales backlog was $426.9 million at March 31, 2018, as compared to $461.0 million at December 31, 2017 and $424.6 million at March 31, 2017. Product bookings of 2018 were $193.4 million, resulting in a book-to-bill ratio of 85%. This compares to bookings of $113.0 million for the fourth quarter of 2017 and bookings of $249.2 million of 2017.
Sale of PEQ Assets
On April 17, 2018, the Company entered into a definitive agreement for the sale of its North America production equipment manufacturing facility and associated inventory to Titan Production Equipment Acquisition, LLC, an affiliate of Castle Harlan, Inc. The sale is not expected to have a material financial impact to the Company, and it allows Exterran to accelerate its growth strategy by focusing as a systems and process company for oil, gas, water and power. The Company will continue to manufacture production equipment outside of North America. In addition, Exterran will continue to offer its customers complete solutions in gas gathering, processing, treating and compression, including offering production equipment in North America through Titan.
Conference Call Information
The Company will host a conference call at 10 a.m. Central Time on Thursday, May 3, 2018. The call can be accessed from the Company’s website at www.exterran.com or by telephone at 877-524-8416. For those who cannot listen to the live call, a telephonic replay will be available through Thursday, May 10, 2018 and may be accessed by calling 877-660-6853 and using the pass code 13679034.
For information, contact:
Dave Barta, Chief Financial Officer, 281-836-7825
Or visit www.exterran.com
About Exterran Corporation
Exterran Corporation (NYSE:EXTN) is a global systems and process company offering solutions in the oil, gas, water and power markets. We are a market leader in natural gas processing and treatment and compression products and services, providing critical midstream infrastructure solutions to customers throughout the world. Exterran Corporation is headquartered in Houston, Texas and operates in approximately 30 countries.
Non-GAAP and Other Financial Information
Gross Margin is defined as revenue less cost of sales (excluding depreciation and amortization expense). Gross margin percentage is defined as gross margin divided by revenue. The Company evaluates the performance of its segments based on gross margin for each segment.
EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss) excluding income (loss) from discontinued operations (net of tax), cumulative effect of accounting changes (net of tax), income taxes, interest expense (including debt extinguishment costs), depreciation and amortization expense, impairment charges, restructuring and other charges, non-cash gains or losses from foreign currency exchange rate changes recorded on intercompany obligations, expensed acquisition costs and other items. EBITDA, as adjusted, excludes the benefit of the two previously announced sales of our Venezuelan assets.
Adjusted net income (loss) from continuing operations and diluted adjusted net income (loss) from continuing operations per common share, non-GAAP measures, are defined as net income (loss) and earnings per share, excluding the impact of income (loss) from discontinued operations (net of tax), cumulative effect of accounting changes (net of tax), impairment charges (net of tax), restructuring and other charges (net of tax), the benefit of the previously announced sale of our joint ventures’ Venezuelan assets, the effect of income tax adjustments that are outside of the Company’s anticipated effective tax rates and other items.
See tables below for additional information concerning non-GAAP financial information, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements should be read together with, and are not an alternative or substitute for, the Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may include words such as “guidance,” “anticipate,” “estimate,” “expect,” “forecast,” “project,” “plan,” “intend,” “believe,” “confident,” “may,” “should,” “can have,” “likely,” “future” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking information in this release include, but are not limited to: Exterran’s financial and operational strategies and ability to successfully effect those strategies; Exterran’s expectations regarding future economic and market conditions; Exterran’s financial and operational outlook and ability to fulfill that outlook; demand for Exterran’s products and services and growth opportunities for those products and services; and statements regarding industry activity levels and infrastructure build-out opportunities.
These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside Exterran’s control, which could cause actual results to differ materially from such statements. As a result, any such forward-looking statements are not guarantees of future performance or results. While Exterran believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: local, regional, national and international economic conditions and the impact they may have on Exterran and its customers; Exterran’s reduced profit margins or loss of market share resulting from competition or the introduction of competing technologies by other companies; Exterran’s ability to secure new oil and gas product sales customers; conditions in the oil and gas industry, including a sustained imbalance in the level of supply or demand for oil or natural gas or a sustained low price of oil or natural gas; Exterran’s ability to timely and cost-effectively execute projects; Exterran enhancing its asset utilization, particularly with respect to its fleet of compressors; Exterran’s ability to integrate acquired businesses; employment and workforce factors, including the ability to hire, train and retain key employees; Exterran’s ability to accurately estimate costs and time required under Exterran’s fixed price contracts; liability related to the use of Exterran’s products and services; changes in political or economic conditions in key operating markets, including international markets; changes in current exchange rates, including the risk of currency devaluations by foreign governments, and restrictions on currency repatriation; risks associated with Exterran’s operations, such as equipment defects, equipment malfunctions and natural disasters; any non-performance by third parties of their contractual obligations, including the financial condition of our customers; changes in safety, health, environmental and other regulations; the effectiveness of Exterran’s internal controls going forward, including the existence of any control deficiencies identified in the future; the results of governmental actions relating to pending investigations, including Exterran’s pending Securities and Exchange Commission investigation; the results of any shareholder actions relating to the restatement of Exterran’s financial statements; the effect of the agreements related to Exterran’s spin-off, and the anticipated effects of restructuring its business; and Exterran’s indebtedness and its ability to fund its operations, capital commitments and other contractual cash obligations, including our debt obligations.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Exterran’s Annual Report on Form 10-K for the year ended December 31, 2017, and other filings with the Securities and Exchange Commission available on the Securities and Exchange Commission’s website www.sec.gov . A discussion of these risks is expressly incorporated by reference into this release. Except as required by law, Exterran expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
EXTERRAN CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Revenues: Contract operations $ 96,493 $ 95,322 $ 92,045 Aftermarket services 26,371 30,496 22,524 Product sales 227,519 211,871 130,856 350,383 337,689 245,425 Costs and expenses: Cost of sales (excluding depreciation and amortization expense): Contract operations 35,385 34,251 30,798 Aftermarket services 18,897 22,428 16,612 Product sales 200,336 187,372 119,537 Selling, general and administrative 44,242 44,463 44,411 Depreciation and amortization 31,029 29,714 24,752 Long-lived asset impairment 1,804 5,700 — Restatement related charges 621 408 2,172 Restructuring and other charges — 154 2,308 Interest expense 7,219 7,497 7,087 Other (income) expense, net 1,420 537 (1,819 ) 340,953 332,524 245,858 Income (loss) before income taxes 9,430 5,165 (433 ) Provision for income taxes 5,492 3,082 11,890 Income (loss) from continuing operations 3,938 2,083 (12,323 ) Income from discontinued operations, net of tax 1,399 4,579 32,644 Net income $ 5,337 $ 6,662 $ 20,321 Basic net income per common share: Income (loss) from continuing operations per common share $ 0.11 $ 0.06 $ (0.35 ) Income from discontinued operations per common share 0.04 0.12 0.93 Net income per common share $ 0.15 $ 0.18 $ 0.58 Diluted net income per common share: Income (loss) from continuing operations per common share $ 0.11 $ 0.06 $ (0.35 ) Income from discontinued operations per common share 0.04 0.12 0.93 Net income per common share $ 0.15 $ 0.18 $ 0.58 Weighted average common shares outstanding used in net income per common share: Basic 35,301 35,101 34,850 Diluted 35,373 35,179 34,850
EXTERRAN CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 17,336 $ 49,145 Restricted cash 546 546 Accounts receivable, net 237,211 266,052 Inventory, net 141,219 107,909 Costs and estimated earnings in excess of billings on uncompleted contracts — 40,695 Contract assets 78,941 — Other current assets 33,058 38,707 Current assets held for sale 16,604 15,761 Current assets associated with discontinued operations 17,781 23,751 Total current assets 542,696 542,566 Property, plant and equipment, net 837,528 822,279 Deferred income taxes 13,175 10,550 Intangible and other assets, net 98,118 76,980 Long-term assets held for sale 4,422 4,732 Long-term assets associated with discontinued operations 3,648 3,700 Total assets $ 1,499,587 $ 1,460,807 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable, trade $ 177,718 $ 148,744 Accrued liabilities 108,632 114,336 Deferred revenue — 23,902 Billings on uncompleted contracts in excess of costs and estimated earnings — 89,565 Contract liabilities 107,447 — Current liabilities associated with discontinued operations 21,511 31,971 Total current liabilities 415,308 408,518 Long-term debt 386,580 368,472 Deferred income taxes 8,928 9,746 Long-term deferred revenue — 92,485 Long-term contract liabilities 87,596 — Other long-term liabilities 42,965 20,272 Long-term liabilities associated with discontinued operations 6,759 6,528 Total liabilities 948,136 906,021 Total stockholders’ equity 551,451 554,786 Total liabilities and stockholders’ equity $ 1,499,587 $ 1,460,807
EXTERRAN CORPORATION UNAUDITED SUPPLEMENTAL INFORMATION (In thousands, except percentages) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Revenues: Contract operations $ 96,493 $ 95,322 $ 92,045 Aftermarket services 26,371 30,496 22,524 Product sales 227,519 211,871 130,856 $ 350,383 $ 337,689 $ 245,425 Gross margin: Contract operations $ 61,108 $ 61,071 $ 61,247 Aftermarket services 7,474 8,068 5,912 Product sales 27,183 24,499 11,319 Total $ 95,765 $ 93,638 $ 78,478 Gross margin percentage: Contract operations 63 % 64 % 67 % Aftermarket services 28 % 26 % 26 % Product sales 12 % 12 % 9 % Total 27 % 28 % 32 % Selling, general and administrative $ 44,242 $ 44,463 $ 44,411 % of revenue 13 % 13 % 18 % EBITDA, as adjusted $ 50,733 $ 50,501 $ 34,535 % of revenue 14 % 15 % 14 % Capital expenditures $ 49,219 $ 52,551 $ 20,590 Less: Proceeds from sale of PP&E (2,260 ) (1,557 ) (2,584 ) Net Capital expenditures $ 46,959 $ 50,994 $ 18,006 March 31, December 31, March 31, 2018 2017 2017 Product Sales Backlog: Compression equipment $ 206,252 $ 254,745 $ 221,994 Processing and treating equipment 199,122 178,814 143,562 Production equipment 9,481 14,138 36,126 Other product sales 12,041 13,349 22,872 Total product sales backlog $ 426,896 $ 461,046 $ 424,554
EXTERRAN CORPORATION UNAUDITED NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Non-GAAP Financial Information—Reconciliation of Income (loss) before income taxes to Total gross margin: Income (loss) before income taxes $ 9,430 $ 5,165 $ (433 ) Selling, general and administrative 44,242 44,463 44,411 Depreciation and amortization 31,029 29,714 24,752 Long-lived asset impairment 1,804 5,700 — Restatement related charges 621 408 2,172 Restructuring and other charges — 154 2,308 Interest expense 7,219 7,497 7,087 Other (income) expense, net 1,420 537 (1,819 ) Total gross margin (1) $ 95,765 $ 93,638 $ 78,478 Non-GAAP Financial Information—Reconciliation of Net income to EBITDA, as adjusted: Net income $ 5,337 $ 6,662 $ 20,321 Income from discontinued operations, net of tax (1,399 ) (4,579 ) (32,644 ) Depreciation and amortization 31,029 29,714 24,752 Long-lived asset impairment 1,804 5,700 — Restatement related charges 621 408 2,172 Restructuring and other charges — 154 2,308 Interest expense 7,219 7,497 7,087 (Gain) loss on currency exchange rate remeasurement of intercompany balances 630 1,957 (1,462 ) Loss on sale of business — — 111 Penalties from Brazilian tax programs — (94 ) — Provision for income taxes 5,492 3,082 11,890 EBITDA, as adjusted (2) $ 50,733 $ 50,501 $ 34,535 Non-GAAP Financial Information—Reconciliation of Net income to Adjusted net income (loss) from continuing operations: Net income $ 5,337 $ 6,662 $ 20,321 Income from discontinued operations, net of tax (1,399 ) (4,579 ) (32,644 ) Income (loss) from continuing operations 3,938 2,083 (12,323 ) Adjustment for items: Long-lived asset impairment 1,804 5,700 — Restatement related charges 621 408 2,172 Restructuring and other charges — 154 2,308 Loss on sale of business — — 111 Penalties from Brazilian tax programs — (94 ) — Interest expense from Brazilian tax programs — (47 ) — Tax impact of adjustments (3) — 22 (104 ) Income tax benefit from Brazilian tax programs — (400 ) — Income tax benefit from U.S. and Argentina tax reforms — (8,708 ) — Adjusted net income (loss) from continuing operations (4) $ 6,363 $ (882 ) $ (7,836 ) Diluted income (loss) from continuing operations per common share $ 0.11 $ 0.06 $ (0.35 ) Adjustment for items, after-tax, per diluted common share 0.07 (0.09 ) 0.13 Diluted adjusted net income (loss) from continuing operations per common share (4) (5) $ 0.18 $ (0.03 ) $ (0.22 ) (1) Management evaluates the performance of each of the Company’s segments based on gross margin. Total gross margin, a non-GAAP measure, is included as a supplemental disclosure because it is a primary measure used by our management to evaluate the results of revenue and cost of sales (excluding depreciation and amortization expense), which are key components of our operations. Management believes total gross margin is important supplemental information for investors because it focuses on the current performance of our operations and excludes the impact of the prior historical costs of the assets acquired or constructed that are utilized in those operations, the indirect costs associated with our SG&A activities, the impact of our financing methods, restatement related charges, restructuring and other charges and income taxes. In addition, the inclusion of depreciation and amortization expense may not accurately reflect the costs required to maintain and replenish the operational usage of our assets and therefore may not portray the costs from current operating activity. (2) Management believes EBITDA, as adjusted, is an important measure of operating performance because it allows management, investors and others to evaluate and compare our core operating results from period to period by removing the impact of our capital structure (interest expense from outstanding debt), asset base (depreciation and amortization), our subsidiaries’ capital structure (non-cash gains or losses from foreign currency exchange rate changes on intercompany obligations), tax consequences, impairment charges, restatement related charges, restructuring and other charges, expensed acquisition costs and other items. Management uses EBITDA, as adjusted, as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, the Company's compensation committee has used EBITDA, as adjusted, in evaluating the performance of the Company and management and in evaluating certain components of executive compensation, including performance-based annual incentive programs. (3) The tax impacts of adjustments were based on the Company’s statutory tax rates applicable to each item in the appropriate taxing jurisdictions. Using statutory tax rates for presentation of the non-GAAP measures allows a consistent basis for investors to understand financial performance of the Company across historical periods. The overall effective tax rate on adjustments was impacted by the inability to recognize tax benefits from charges in jurisdictions that are in cumulative-loss positions. (4) Management believes adjusted net income (loss) from continuing operations and diluted adjusted net income (loss) from continuing operations per common share provide useful information to investors because it allows management, investors and others to evaluate and compare our core operating results from period to period by removing the impact of impairment charges, restructuring and other charges, restatement related charges, expensed acquisition costs and other items not appropriately reflective of our core business. (5) Diluted adjusted net income (loss) from continuing operations per common share, was computed using the two-class method to determine the net income (loss) per share for each class of common stock and participating security (restricted stock and certain of our stock settled restricted stock units) according to participation rights in undistributed earnings. Accordingly, we have excluded adjusted net income from continuing operations attributable to participating securities of $0.2 million for the three months ended March 31, 2018 from our calculation of diluted adjusted net income from continuing operations per common share.
Source:Exterran Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-exterran-corporation-announces-first-quarter-2018-results.html |
WARSAW (Reuters) - Poland’s ruling Law and Justice party (PiS) has increased its control over the energy sector to a level unseen for years, which could trigger EU competition concerns, Maciej Bando, the head of the energy regulator (URE) said on Friday.
Poland has four major power producers - PGE, Enea, Tauron and Energa - all under government control.
The conservative PiS party, which came to power in 2015, has clawed back control of many foreign-owned power and heating assets to ensure the country’s energy security.
The biggest deals include PGE buying power and heating assets from France’s EDF and Enea taking over the Polaniec power plant from Engie.
Earlier this week PGE announced a tender to take over smaller rival Polenergia, one of few private energy companies left in Poland.
“Such a jump in market concentration as in 2017, has probably been unseen in the past 25 years. De facto, there is one owner of Polish energy companies,” Bando told Reuters.
URE said that the share of Poland’s three biggest power companies - PGE, Enea and Tauron - in the volume of electricity fed into the grid rose in 2017 by 14 percentage points year-on-year to 69 percent.
“Concentration in the Polish energy sector is striking in terms of ratios and I think questions from the European Commission may come up in relation to this issue,” he added.
The EC did not immediately respond to a request for comment.
The opinion of the energy market regulator on a merger needs to be taken into account by the antimonopoly office when it approves or rejects a planned takeover.
Reporting by Agnieszka Barteczko and Anna Koper, Editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-poland-energy/polish-state-has-too-much-control-over-energy-regulator-idUSKCN1IQ1JP |
May 30, 2018 / 8:14 AM / Updated 5 minutes ago KWS bows out of bid to buy Bayer's vegetable business Reuters Staff 1 Min Read
FRANKFURT (Reuters) - German seed seller KWS Saat ( KWSG.DE ) has bowed out of an eleventh-hour bid for Bayer’s ( BAYGn.DE ) vegetable seed business saying it accepts a decision by the European Commission that BASF ( BASFn.DE ) is the most suitable buyer.
“We have accepted the decision that the business will go to BASF,” a KWS spokesman said on Wednesday. “Possible new steps are now up to BASF.”
Bayer said on Tuesday it had won approval from the EU commission for BASF to take over the businesses it will divest to win regulatory clearance for its planned acquisition of Monsanto. Reporting by Patricia Weiss; Writing by Caroline Copley | ashraq/financial-news-articles | https://uk.reuters.com/article/us-monsanto-m-a-bayer-kws/kws-bows-out-of-bid-to-buy-bayers-vegetable-business-idUKKCN1IV0VG |
May 2 (Reuters) - MYOS RENS Technology Inc:
* DAVID J. MATLIN REPORTS 8.29 PERCENT PASSIVE STAKE IN MYOS RENS TECHNOLOGY AS OF APRIL 25, 2018 - SEC FILING Source text : ( bit.ly/2rgSl4d ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-david-matlin-reports-829-pct-passi/brief-david-matlin-reports-8-29-pct-passive-stake-in-myos-rens-technology-as-of-april-25-2018-idUSFWN1S9198 |
May 6, 2018 / 5:39 AM / Updated 11 hours ago Stormy Daniels plays cameo role in Trump comedy sketch Reuters Staff 2 Min Read
(Reuters) - Adult film actress Stormy Daniels, who claims she had an affair with President Donald Trump, played herself in a sketch on U.S. comedy show Saturday Night Live in which she warns Trump that “a storm’s a-comin baby.” FILE PHOTO: A combination photo shows Adult film actress Stephanie Clifford, also known as Stormy Daniels speaking in New York City, and U.S. President Donald Trump speaking in Washington, Michigan, U.S. on April 16, 2018 and April 28, 2018 respectively. . REUTERS/Brendan Mcdermid (L) REUTERS/Joshua Roberts (R)/File Photos
In the show, Trump, played by actor Alec Baldwin, asks his lawyer, Michael Cohen, played by Ben Stiller, to call Daniels and try to fix their ongoing legal battle “once and for all.”
Daniels, whose real name is Stephanie Clifford, sued Trump in March to get out of a “hush agreement” over their alleged relationship in which she was paid $130,000 by Cohen to keep quiet. Trump has denied he had an affair with Clifford.
In the sketch aired on Saturday night, Trump listens in to the conversation between Cohen and Clifford and soon cuts his lawyer off to speak directly with her.
“What do you need for all this to just go away?” he asks.
“A resignation,” Clifford says.
Trump persists, saying: “I solved North and South Korea, why can’t I solve us?”
Clifford says it’s too late for that.
“I know you don’t believe in climate change, but a storm’s a-comin baby,” Clifford says, before she and Baldwin break off to give the show’s trademark introduction “live from New York it’s Saturday Night Live!” Reporting by Andrew Hay; Editing by Nick Macfie | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-daniels/stormy-daniels-plays-cameo-role-in-trump-comedy-sketch-idINKBN1I7033 |
ATHENS/PATRAS, Greece (Reuters) - Greek student Stavros Tsompanidis was walking on a beach when he saw a business idea in the piles of dried-up seagrass.
Sunglasses made by processed leaves of seagrass, in partnership with Greek handmade eyewear maker ZYLO, are on display at the manufacturing workshop of PHEE in Patras, Greece, March 8, 2018. Picture taken March 8, 2018. REUTERS/Alkis Konstantinidis He decided to recycle it to make iPhone cases, sunglasses and gift boxes.
Four years on, his startup, PHEE, sells its products across Greece and abroad. He represents a change in mindset among young Greeks who are turning to entrepreneurship as a result of the crisis.
“If we don’t act, in the next five years we’ll be saying the same things: that Greece isn’t going well, that there are no jobs ... that we have a new programme by the International Monetary Fund and European Union to support us,” the 25-year-old said.
Greek startups are mushrooming in a financial crisis that started in 2008. The economy is only just recovering. It shrank by a quarter and cut off traditional routes to employment — jobs in government and family businesses.
“Startups” were virtually unheard of a decade ago but they are now creating jobs and offering some hope that Greece can reverse an exodus of its highly skilled youth.
Greece has no official startups register but several private databases show they number between around 600 and 1,100. The earliest count of startups, made in 2010 by non-profit advisory Endeavour Greece, stood at just 16.
AngelList, an online database, puts the current number at 600 while audit firm Grant Thornton found 1,127 in a 2017 report. Greek venture capital firm Marathon VC, established only last year, counts about 1,000 tech startups in its database.
Venture capital in the sector is growing.
A European Investment Fund (EIF) initiative, supported by private investors, is expected to pump about 400 million euros ($479.48 million) into Greek startups and other small businesses over the next five years.
In 2008, when George Tziralis, a partner at Marathon VC, launched a networking event for startups, about 12 people turned up. Now, between 200-300 people attend each month and three to five new startups are presented.
“Ten years ago there was almost nothing,” Tziralis said. “Today we’re seeing something much more mature which we believe to be the tip of the iceberg.”
Marathon VC has made five investments so far, has three more in the pipeline and Tziralis believes it can allocate its entire 32 million-euro fund in under a year.
“IT COULDN’T GET WORSE” Tourism and shipping, Greece’s two main industries, are driving a tentative economic recovery. The structure of the economy could change if the number of startups continues to grow, economists say.
During the crisis thousands of firms shut and unemployment peaked at 27.9 percent, with six in 10 young job-seekers out of work. About 223,000 Greeks aged 25-39 emigrated in 2008-13 to richer countries, central bank data shows.
The austerity that was a condition of repeated international financial bailouts deepened the depression. Those who stayed in Greece had to innovate to survive.
“The crisis created necessity entrepreneurship,” said Panagiotis Zamanis, vice chairman of the Hellenic Startups Association.
Greek lender National Bank says the tech startup sector is showing particular promise even though it only has a total valuation of around 300 million euros.
“The Greek ecosystem of tech startups is still in its infancy though it already shows signs of high growth potential,” it said in a report.
Founder of PHEE Stavros Tsompanidis, 25, arranges dried leaves of seagrass on a panel at the manufacturing workshop of PHEE in Patras, Greece, March 8, 2018. REUTERS/Alkis Konstantinidis Three engineers founded Ex Machina, a software startup offering predictive analytics for weather-sensitive industries in the summer of 2015 when capital controls were imposed..
“We wanted to take more risk because we believed that — the way things were — it couldn’t get worse,” said one of the founders, 38-year-old Manolis Nikiforakis.
He was speaking in Ex Machina’s Athens office in Greek lender Eurobank’s startup hub EGG, where cubicle walls are covered in business plans and Post-it notes.
Ex Machina now has Greece’s biggest gas supplier among its customers and is in talks for funding to expand abroad.
“FIGHTING BRAIN DRAIN” The owners of Ex Machina and other startups say they have succeeded despite the constraints of Greece’s business environment. Red tape, high taxes and funding constraints are holding back entrepreneurs, they say.
Greece ranks 87th out of 137 countries in the World Economic Forum’s Global Competitiveness Index, behind Tajikistan and Ukraine. Taxation, which has climbed as a result of austerity, and crippling bureaucracy are cited among hurdles to business.
It took Ex Machina three months to open a bank account so clients could not pay them. Funding was scarce as Greek investors were used to more traditional sectors such as restaurants and tourism. Ex Machina and PHEE, both relied on savings, grants and winning startup competitions at first.
The Greeks behind taxi-hailing app Beat, bought by Germany’s Daimler last year, set up in London because of the more flexible legal framework and lower start-up costs.
“I tried to see with my accountant how long it would take to open the company in Greece, to open a bank account, and then get the money,” Beat’s founder Nikos Drandakis told the Greek parliament in March.
“We were talking about more than one to two months... We opened the company in England in one day.”
The government is considering introducing tax breaks for startups this summer.
“The economy’s growth depends on how well these businesses fair in the next 10 years,” Eurobank Deputy CEO Stavros Ioannou said. “We have to help them.”
The government teamed up in April with the EIF to launch Equifund, the 400 million euro fund-of-funds aimed at startups and other small companies. About a quarter of the money will be from private investors, the rest will be public funds.
The EIF said in an emailed statement it hoped to fight “brain drain, maybe even reversing it into brain gain.”
The money should focus on helping startups expand beyond the Greek market, said Costas Andripoulos, professor of Innovation and Entrepreneurship at London’s Cass Business School.
Workable, a startup whose software aims to make hiring easier, was launched in Athens in 2012. It now has offices in London and Boston and 180 staff, most of whom are in Greece.
It has raised $32 million from investors and counts Porsche, Ryanair and Marks & Spencer among its 6,000 customers.
Founder of PHEE Stavros Tsompanidis, 25, arranges dried leaves of seagrass on a panel at the manufacturing workshop of PHEE in Patras, Greece, March 8, 2018. Picture taken March 8, 2018. REUTERS/Alkis Konstantinidis Workable’s Nikos Moraitakis quit a job in Dubai to set up Workable in Athens despite Greece’s problems.
“Successful (startups) are often created in recession,” he said.
Editing by Anna Willard
| ashraq/financial-news-articles | https://in.reuters.com/article/eurozone-greece-startups/greeces-new-startup-culture-technology-and-seagrass-sunglasses-idINKBN1I41QZ |
April 30 (Reuters) - Sime Darby Plantation Bhd:
* MARCH FFB PRODUCTION 810,925 MT, CRUDE PALM OIL PRODUCTION 215,955 MT, PALM KERNEL PRODUCTION 54,077 MT Source text: ( bit.ly/2FstGyz ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sime-darby-plantation-posts-march/brief-sime-darby-plantation-posts-march-ffb-production-of-810925-mt-idUSFWN1S70FU |
May 3 (Reuters) - GoPro Inc:
* GOPRO ANNOUNCES FIRST QUARTER 2018 RESULTS * QUARTERLY NON-GAAP LOSS PER SHARE $0.34
* QUARTERLY LOSS PER SHARE $0.55 * QUARTERLY GAAP GROSS MARGIN 22.2 PERCENT VERSUS 31.4 PERCENT REPORTED LAST YEAR
* QUARTERLY NON-GAAP GROSS MARGIN 24.3 PERCENT VERSUS 32.3 PERCENT REPORTED LAST YEAR
* Q1 EARNINGS PER SHARE VIEW $-0.37, REVENUE VIEW $184.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gopro-reports-quarterly-loss-per-s/brief-gopro-qtrly-non-gaap-loss-per-share-0-34-idUSL8N1SA95V |
McDonald’s has been hit by sexual harassment complaints from ten former and current employees.
The women are receiving support from Fight for $15, an organization that works to raise pay for low-wage workers, and the TIME’S UP Legal Defense Fund, which gives women who cannot afford their own legal cases access to attorney support.
The complaints, which were filed over the last several days with the Equal Employment Opportunity Commission, cover incidents that have occurred across seven states. While the locations in question are run by franchisees, both McDonald’s Corp. and the franchisee are named in the complaints.
For its part, McDonald’s (mcd) said in a statement Tuesday “there is no place for harassment of any kind” in its workplace.
“McDonald’s Corporation takes allegations of sexual harassment very seriously and are confident our independent franchisees who own and operate approximately 90 percent of our 14,000 U.S. restaurants will do the same,” it continued.
The allegations include lewd comments, groping, indecent exposure, and proposition for sex. In some cases, the women were reportedly mocked or ignored when they sought to report the incidents, while others faced retaliation.
This is not the first time McDonald’s employees have made allegations of sexual harassment in the workplace. Nearly two years ago, 15 individuals filed a series of complaints against the company, many of which remain pending .
Unlike the 2016 complaints, however, the women are now receiving financial support for their legal fees from the TIME’S UP Legal Defense Fund. The attorneys reportedly plan to ask the EEOC to consolidate or coordinate the 2016 and current complaints . Access to these attorneys, combined with explosion of the #MeToo movement, could alter the case and more effectively hold McDonald’s to account. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/mcdonalds-sexual-harassment-claims-times-up/ |
Former Fortune 500 CEO and Women’s Empowerment Visionary Joins Online Home Furnishings Leader
BOSTON--(BUSINESS WIRE)-- Wayfair (NYSE:W), one of the world’s largest online destinations for the home, today announced that Andrea Jung, the former chairman and chief executive officer of Avon Products, Inc., has been elected to Wayfair’s board of directors. Currently president and chief executive officer of Grameen America , Jung leads the fastest growing microfinance organization in the United States, serving low-income women entrepreneurs with access to financial capital, training, and support. Jung was the longest serving female chief executive in the Fortune 500 and is widely respected as a trailblazer for women’s empowerment. Jung currently serves on the boards of Apple Inc. and Unilever NV.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180518005050/en/
Wayfair Names Andrea Jung to its Board of Directors (Photo: Business Wire)
“We are honored to welcome Andrea to the Wayfair board,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “Andrea brings a unique perspective and a wealth of global experience to our leadership team, drawing upon her accomplished career as a chief executive and as a true visionary for women’s issues. I am confident that Wayfair will benefit greatly from her insights and expertise. We look forward to Andrea’s perspective and guidance as we continue to drive Wayfair’s rapid growth and ongoing success as the number one retailer for home.”
During her tenure at Avon, Jung was responsible for developing and expanding the company’s global brands to more than one hundred countries. Jung has been lauded globally for her dedication to empowering women through her pursuit of public-private partnerships. Under her leadership, the Avon Foundation for Women raised and awarded nearly $1 billion to support health and empowerment causes, becoming the largest women-focused corporate philanthropy around the world. In 2010, Jung received the Clinton Global Citizen Award for her visionary leadership in solving pressing global issues.
“I am delighted to join Niraj and Steve and the entire Wayfair team at such an exciting point in the company’s evolution,” said Jung. “As an intensely customer-focused organization rooted in a strong culture of innovation, Wayfair is well positioned to capture the lion’s share of a massive market category globally. I look forward to contributing to Wayfair’s ongoing success and momentum as the company continues to transform the way people shop for their homes.”
Jung previously served on the boards of General Electric and Daimler AG. She is a graduate of Princeton University.
About Wayfair
Wayfair believes everyone should live in a home they love. Through technology and innovation, Wayfair makes it possible for shoppers to quickly and easily find exactly what they want from a selection of more than 10 million items across home furnishings, décor, home improvement, housewares and more. Committed to delighting its customers every step of the way, Wayfair is reinventing the way people shop for their homes - from product discovery to final delivery.
The Wayfair family of sites includes:
Wayfair, an online destination for all things home Joss & Main, where beautiful furniture and finds meet irresistible savings AllModern, unbelievable prices on everything modern Birch Lane, a collection of classic furnishings and timeless home décor Perigold, unparalleled access to the finest home décor and furnishings
Wayfair generated $5.2 billion in net revenue for the twelve months ended March 31, 2018. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, the company employs more than 8,700 people.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005050/en/
Wayfair
Media Relations Contact:
Jane Carpenter, 617-502-7595
[email protected]
or
Investor Relations Contact:
Joe Wilson
[email protected]
Source: Wayfair | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-wayfair-names-andrea-jung-to-its-board-of-directors.html |
SEOUL, May 24 (Reuters) - Oil prices fell on Thursday, pulled down by expectations that OPEC members could step up production in the face of worries over supply from both Venezuela and Iran.
International benchmark Brent futures were down 15 cents, or 0.19 percent, at $79.65 per barrel at 0103 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.14 percent, at $71.74 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) may decide to increase oil output to make up reduced supply from Iran and Venezuela in response to concerns from Washington over a rally in oil prices, OPEC and oil industry sources told Reuters.
Supply concerns in Iran and Venezuela following new U.S. sanctions had pushed both Brent and WTI to multi-year highs, with Brent breaking through a $80 threshold last week for the first time since November 2014.
“The chat is still that OPEC will do something at its June meeting in reaction to the looming prospect of a fall in crude production and exports from both Iran and Venezuela as the year progresses,” said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22. The group previously agreed to curb their output by about 1.8 million barrels per day to boost oil prices and clear a supply glut.
“Any signs that the group may be heading towards an early exit from the production cut agreement would weigh on prices,” ANZ bank said in a note.
A surprise increase in U.S. weekly crude stockpiles also kept a lid on oil prices. Commercial U.S. crude inventories rose C-STK-T-EIA by 5.8 million barrels in the week to May 18, beating analyst expectations for a decrease of 1.6 million barrels, the Energy Information Administration (EIA) said on Wednesday.
Meanwhile, Libya, which is an OPEC member, cut its oil production by about 120,000 barrels per day as unusually hot weather prompted power problems, an official from the National Oil Corp said on Wednesday. (Reporting by Jane Chung Editing by Joseph Radford)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-oil/oil-prices-drop-on-potential-increase-in-opec-output-idUSL3N1SV0A2 |
As a former Federal prosecutor, Eric Tirschwell strives mightily but fails in arguing that concealed-carry reciprocity is unconstitutional (“The NRA Versus the Constitution,” op-ed. May 21). He completely ignores the Constitution’s Full Faith and Credit Clause, which requires the public acts of a state’s legislature and judiciary be respected by other states. This provision, for example, supported Congress’s mandate that child-support and custody orders of one state be respected by other states. He ignores the bedrock principle that congressional acts in support of express constitutional rights, like the Second Amendment,... | ashraq/financial-news-articles | https://www.wsj.com/articles/constitution-protects-arms-not-gambling-1527279726 |
The Supreme Court hasn’t yet ruled on the future of sports betting, but New Jersey is already gearing up to cash in.
State officials, casinos, racetracks and sports-betting operators have been making preparations and investments in anticipation of the court’s decision. They want to be ready for the first wagers if the justices side with New Jersey in its challenge to a 1992 federal law that effectively blocked gambling on sporting events outside of Nevada and a handful of states.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/n-j-gears-up-for-sports-betting-before-court-ruling-1526220001 |
May 22, 2018 / 12:39 PM / Updated 2 minutes ago TJX same-store sales top estimates Reuters Staff 1 Min Read
May 22 (Reuters) - Off-price apparel retailer TJX Cos Inc reported better-than-expected quarterly comparable-store sales on Tuesday, as deep discounts helped drive more customers into its stores.
The company’s net income rose to $716.4 million, or $1.13 per share, in the first quarter ended May 5, from $536.3 million, or 82 cents per share, a year earlier.
TJX reported a 3 percent rise in comparable store sales, compared with the 2.5 percent increase analysts had expected, according to Thomson Reuters I/B/E/S.
The Framingham, Massachusetts-based company’s net sales rose to $8.69 billion from $7.78 billion. (Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel) | ashraq/financial-news-articles | https://www.reuters.com/article/tjx-results/tjx-same-store-sales-top-estimates-idUSL3N1ST44F |
BOSTON--(BUSINESS WIRE)-- Elektrofi, Inc., a Boston based biotechnology company focused on drug formulation innovations, announced today that it has appointed a distinguished group of leading scientists and biotech entrepreneurs to its Board of Advisors. The newly formed Advisory Board will serve as a key strategic resource as the company advances its work to formulate biologics for high-concentration, low-viscosity subcutaneous administration.
“We are delighted that these accomplished individuals will be contributing their deep research, regulatory and technological expertise to our endeavors, as well as their considerable business acumen,” said Chase Coffman, co-founder of Elektrofi. “We are confident that their scientific and strategic breadth of experience will be instrumental as we work to deliver on our promise of a paradigm shift in the delivery of protein therapeutics to dramatically improve the lives of patients.”
The members of Elektrofi’s new advisory board include:
Larry Brown, Sc.D., Vice President R&D and chief scientific officer of Noveome Biotherapeutics. Dr. Brown was most recently at Baxter Healthcare Corporation as vice president, research, and corporate head of drug delivery. Sc.D. Biochemistry and Bioengineering MIT. Charles Cooney, Ph.D., professor emeritus in Chemical Engineering at MIT; scientific co-founder of Genzyme Corporation and 30-year board member; formerly on the boards of Polypore International and Biocon, Ltd. (India). Ph.D. Biochemical Engineering MIT. Elazer Edelman, M.D., Ph.D., professor of Health Sciences and Technology at MIT, professor of medicine at Harvard Medical School, and senior attending physician at the Brigham and Women’s Hospital in Boston. Dr. Edelman also directs the Harvard-MIT Biomedical Engineering Center (BMEC). Ph.D. Medical Engineering and Medical Physics MIT and M.D. Harvard Medical School. Peter Barton Hutt J.D., LLB, LLM , senior counsel at the law firm of Covington & Burling LLP, specializing in food and drug law. Former chief counsel for the FDA, Mr. Hutt is an expert on FDA regulatory affairs and teaches food and drug law at Harvard Law School. LLB Harvard Law School and LLM NYU School of Law. Jeb Keiper, Chief Financial Officer and Chief Business Officer at Nimbus Therapeutics. Mr. Keiper has a 20-year career in partnering and fundraising in industry and was previously the VP, Business Development, GSK Oncology. MBA and an MS in Chemical Engineering MIT. Wolfgang Klietmann, M.D., clinical pathologist and medical microbiologist; appointed lecturer in pathology at Harvard Medical School. Ignacio Loscertales, Ph.D., professor of Fluid Mechanics at Malaga University, Spain; expert in electro-hydro-dynamic (EHD) atomization of liquids. Ph.D. Mechanical Engineering Yale. Paulo Lozano, Ph.D., professor of Aeronautics and Astronautics at MIT and Director of the Space Propulsion Lab. Ph.D. Space Propulsion MIT. John Quelch, D.B.A., M.P.H., Dean of the University of Miami Business School; former professor, Harvard Business School and School of Public Health. Director of Alere and Aramark, with previous board appointments at Pepsi Bottling Company and Reebok. MBA Wharton UPenn. Julia Rashba-Step, Ph.D., Vice President R&D and Alliance Management Phosphorex. Formerly Sr. Director Novel Delivery Technologies Biotherapeutics Pfizer. Ph.D. Biophysics Academy of Sciences, Russia. Greg Rutledge, Ph.D., professor of Chemical Engineering at MIT; research interests include polymer science and engineering, statistical thermodynamics, molecular simulation, nanotechnology. Ph.D. MIT. Anthony Sinskey, Sc.D., professor of Microbiology at MIT and professor of Health Sciences and Technology at the Harvard-MIT Division Health Sciences and Technology Program; scientific co-founder of Genzyme Corporation; co-founder of Metabolix, Merrimack Pharmaceuticals and Tepha. Sc.D. MIT.
“This is a truly exceptional team and we are thrilled to have them working with us,” said co-founder Jason Norris. “They will play a pivotal role as Elektrofi advances on our goal of redefining the standard of drug delivery by transforming the patient experience.”
About Elektrofi, Inc.
Elektrofi is a MIT-founded biotechnology company in Boston, MA working on transforming drug delivery via its proprietary particle based formulation technology. Founded in 2016, Elektrofi has developed its Elektroject™ platform which is capable of concentrating biologics by greater than 15 times, and is using this technology to create a paradigm shift from long-duration infusions to quick, cost-effective injections. We are working in partnership with biotech and large biopharmaceutical companies. For more information, please visit www.elektrofi.com , follow us @elektrofi or send a message to [email protected] .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005056/en/
Elektrofi, Inc.
Jason Norris, 617-766-3917
CoFounder
[email protected]
Source: Elektrofi, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-elektrofi-appoints-leading-scientists-and-biotech-entrepreneurs-to-new-board-of-advisors.html |
May 14, 2018 / 10:31 PM / Updated 15 minutes ago Toys 'R' Us to sell Geoffrey the Giraffe, and sex-toys-r-us.com Tom Hals 2 Min Read
WILMINGTON, Del (Reuters) - Next month, Toys ‘R’ Us is putting its famous mascot, Geoffrey the Giraffe, on the auction block. Also up for sale: sex-toys-r-us.com. A closed Toys 'R' Us store is seen near York, Britain March 21, 2018. REUTERS/Phil Noble
The adult-oriented domain name is one of hundreds of website addresses that the bankrupt toy-store chain is looking to find a buyer for as it winds down its business and shutters 735 U.S. stores, according to court records.
Also up for sale: ihatetoysrus.com, toysrussucks.com, kinkytoysrus.com and adult-toys-r-us.com.
The company is selling its intellectual property, which includes its name, Geoffrey the Giraffe logo, and the Babies ‘R’ Us brand, to raise money to repay its creditors. Brand specialists said it could be one of the most valuable brands ever sold by a company going out of business.
A spokeswoman for Toys ‘R’ Us did not immediately respond to a request for comment.
Companies like Toys ‘R’ Us often register related domain names to guard against someone hijacking their brand for their own business, said Bob Phibbs, a brand specialist and chief executive of the Retail Doctor consulting firm.
“They just went crazy,” said Phibbs. “I’m sure they were laughing and drinking Red Bull and then just came up with every iteration they could.”
Phibbs said the long list of domain names owned by the company reveals the allure of the Toys ‘R’ Us brand. The company registered dozens of domain names: lodges-r-us.com, bistros-r-us.com, recipes-r-us.com, burgers-r-us.com and even cigars-r-us.com.
“It shows the power of the brand,” said Phibbs. “The ‘R’ Us is the key to the brand, not the Toys.”
None of the domain names are currently active. Reporting by Tom Hals in Wilmington, Delaware, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-toys-r-us-bankruptcy-domains/toys-r-us-to-sell-geoffrey-the-giraffe-and-sex-toys-r-us-com-idUKKCN1IF32E |
Pizza Hut expanding beer delivery test Tuesday, May 08, 2018 - 01:32
Yum Brands' Pizza Hut is expanding a beer delivery test to nearly 100 restaurants in Arizona and California this month looking for growth. Aleksandra Michalska
Yum Brands' Pizza Hut is expanding a beer delivery test to nearly 100 restaurants in Arizona and California this month looking for growth. Aleksandra Michalska //reut.rs/2KLLQit | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/pizza-hut-expanding-beer-delivery-test?videoId=425055413 |
May 17 (Reuters) - Alaris Royalty Corp:
* ALARIS ROYALTY CORP. RECEIVES $97.6 MILLION FROM REPURCHASES, RESULTING IN A 40% GAIN ON INVESTED CAPITAL
* ALARIS ROYALTY - LABSTAT, ITS AFFILIATES ENTERED INTO PURCHASE AND SALE AGREEMENT, WITH THIRD PARTY, PURSUANT TO WHICH THIRD PARTY WILL BUY LABSTAT
* ALARIS ROYALTY - LABSTAT SALE WILL RESULT IN A REPURCHASE OF ALL OF UNITS ALARIS HOLDS IN LABSTAT AND ALARIS RECEIVING GROSS PROCEEDS OF $69.63 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alaris-royalty-receives-976-mln-fr/brief-alaris-royalty-receives-97-6-mln-from-repurchases-resulting-in-a-40-pct-gain-on-invested-capital-idUSFWN1SO0JH |
May 14, 2018 / 1:27 AM / Updated 2 hours ago Cracks in Hawaii volcano roar amid warnings of more Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - New fissures roaring like jet engines and spewing magma have opened on Hawaii’s Kilauea volcano, piling lava as high as a four-story building as the U.S. Geological Survey warned that more outbreaks were likely.
A crack in pasture land on Kilauea’s east flank was the 16th recorded since the U.S. volcano, one of the world’s most active, erupted eight days ago. Thousands of people have fled their homes on Big Island and dozens of homes have been destroyed.
The new fissure opened up on Saturday about a mile (1.6 km) east of the existing vent system that has devastated the island’s Leilani Estates neighbourhood, close to several homes on the edge of the field.
“It’s right by my house, which is kind of scary,” said Haley Clinton, 17, who walked to see the new crack with her father, Darryl, and sister Jolon, 15. “It’s really cool.”
From afar, the fissure gave off dull, thumping roars that sharpened on approach to a scream from venting steam and gas, mixed with the slapping sounds of liquid lava.
Within hours of opening, the fissure had piled reddish-black lava about 40 feet (12 meters) high and at least 150 feet (45 meters) in length. Chunks of magma were being spewed 100 feet (30 meters) in the air.
The intense heat left onlookers drenched with sweat, and the air was filled with an acrid, burned scent. But with billowing gas and smoke blowing in the opposite direction, there was no pungent smell of toxic sulphur dioxide in the air.
Shortly after the fissure opened, the Geological Survey’s Hawaii Volcano Observatory said seismic activity remained “elevated” at Kilauea’s 4,000-feet-high (1,200-meter-high) summit. The USGS reported a shallow but small earthquake with a magnitude of 3.5 hit the island on Saturday.
Another fissure, the 17th since the lava flows began May 3, opened about 6 p.m. local time, venting gases the Hawaiian Volcano Observatory said.
Geologists warned on Friday that a steam-driven eruption from the summit’s Halemaumau crater could spew ash plumes 20,000 feet (6,100 meters) high and spread ash and debris up to 12 miles (19 km).
Kilauea’s vents have been oozing relatively cool, sluggish magma left over from a similar event in 1955. Fresher magma could now emerge behind it and the volcano is threatening to start a series of explosive eruptions, scientists have said. Cracks are visible along a road in the Leilani Estates subdivision during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 13, 2018. REUTERS/Terray Sylvester
GRAPHIC - Scorched earth: tmsnrt.rs/2IldVyS “WE NEED TO BREATHE”
As the area affected by Kilauea’s eruption widens, Hawaii residents are racing to buy respirators to cope with the ash and toxic gases spewing from the volcano.
David Baxter, 54, an employee of Pahoa Auto Parts, said the shop was selling out of respirators as soon as they get in and had sold about 3,000 so far. The shop was all out on Saturday.
“We pretty much bought up every (respirator) in the state, and we are selling them at cost - actually, a slight loss,” said Baxter. “We need to breathe.”
Even as the volcano continued to erupt, Hawaii Academy of Arts and Sciences, a charter middle and high school in Pahoa, will resume classes on Monday after being shut for a week.
A teacher at the school, Tiffany Edwards Hunts, who lives in the Big Island’s Vacationland neighbourhood, said she, her husband and two children - ages 10 and 6 - were readying to evacuate their home.
“My husband has been doing a good job of protecting them, but it is scary for kids,” she said.
Some pets have been left behind as many residents have fled their homes, and the Hawaii Island Humane Society said it had rescued 16 dogs, three rabbits, four tortoises and four cats. Slideshow (3 Images)
Almost all had been picked up by their owners, and 1,400 livestock and 32 horses had also been taken from the volcano zone, it said in a statement Reporting by Terray Sylvester in Pahoa, Jolyn Rosa in Honolulu and Karin Stanton on the Big Island; Writing by Ian Simpson in Washington; additional reportinng by Rich McKay in Atlanta; Editing by Marguerita Choy and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hawaii-volcano/cracks-in-hawaii-volcano-roar-amid-warnings-of-more-idUKKCN1IF02V |
May 3, 2018 / 2:46 PM / Updated 16 minutes ago FMC sees strong outlook for lithium demand, prices Reuters Staff 2 Min Read
TORONTO, May 3 (Reuters) - FMC Corporation “on track” for lithium IPO in October 2018 - CEO Pierre Brondeau FMC Corp says lithium customers increasingly seeking long-term supply commitments - CEO FMC Corp says nearly 60% of agriculture business EBITDA expected in first-half 2018, reversing pattern in previous years - CEO FMC Corp expects by end-2018 80% of its 2020 lithium hydroxide capacity will be committed under long-term contracts - CEO FMC Corp says this last quarter of extensive commentary on its lithium business due to SEC IPO filing this summer - CFO Paul Graves FMC Corp says lithium hydroxide customers “far more focused” on security of supply than price as demand poised to grow - CFO FMC Corp “pretty sure” of lithium price increases in 2018 and 2019, reflects annual price escalation in its contracts, industry supply-demand outlook - CEO FMC Corp sees $550-$700 mln capex for Argentina lithium expansion up to 2025, lithium hydroxide expansion capex seen at $100-$200 mln in next 3-4 years - CFO (Reporting by Susan Taylor) | ashraq/financial-news-articles | https://www.reuters.com/article/fmc-outlook/fmc-sees-strong-outlook-for-lithium-demand-prices-idUSL1N1S9253 |
PRINCETON, N.J., May 14, 2018 (GLOBE NEWSWIRE) -- AMERI Holdings, Inc. (NASDAQ:AMRH) (“Ameri100”), announced today it will issue financial results for its fiscal first quarter ended March 31, 2018 before the market open on Tuesday, May 15, 2018. In conjunction with the release, the Company has scheduled a conference call at 8:30 a.m. Eastern Time (New York) that will also be broadcast live over the Internet.
What: Ameri100 2018 First Quarter Financial Results Conference Call When: Tuesday, May 15, 2018, at 8:30 a.m. Eastern Time (New York) Where: Via phone by dialing +1 877-270-2148 or +1 412-902-6510 and asking for the Ameri100 call; via live webcast: https://services.choruscall.com/links/amrh180510.html A telephonic replay of the conference call will be available for one week and may be accessed by dialing +1 877-344-7529 or +1 412-317-0088 with passcode 10119168. The webcast will be archived in the Events section of the Ameri100’s corporate website for a period of one year.
About Ameri100
Ameri100 is a fast-growing specialized SAP® cloud, digital and enterprise services company which provides SAP® services to customers worldwide. Headquartered in Princeton, New Jersey, Ameri100 has offices in the U.S. and Canada. Ameri100 also has global delivery centers in India. With its bespoke engagement model, Ameri100 delivers transformational value to its clients across industry verticals. For further information, visit www.ameri100.com .
Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of Ameri100 and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Ameri100's financial and growth projections as well as statements concerning our plans, predictions, estimates, strategies, intentions, beliefs and other information concerning our business and the markets in which we operate. The future performance of Ameri100 may be adversely affected by the following risks and uncertainties: the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions around the world, and other risks not specifically mentioned herein but those that are common to industry. For a more detailed discussion of these factors and risks, investors should review Ameri100's reports on Form 10-K and other reports filed with the Securities and Exchange Commission (the “SEC”), which can be accessed through the SEC's website. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Ameri100 undertakes no duty to update this information to reflect future events, information or circumstances.
Corporate Contact:
Viraj Patel, Chief Financial Officer
[email protected]
Investor Relations Contact:
Sanjay M. Hurry/Jody Burfening
LHA Investor Relations
(212) 838-3777
[email protected]
Source:Ameri Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-ameri100-to-announce-first-quarter-2018-financial-results-on-tuesday-may-15.html |
SAN DIEGO, May 15, 2018 /PRNewswire/ -- Biocept, Inc. (NASDAQ: BIOC), a leading commercial provider of liquid biopsy tests designed to provide physicians with clinically actionable information to improve the outcomes of cancer patients, reports financial results for the three months ended March 31, 2018, and provides an update on its business progress.
"Our actions to grow our business resulted in a 10% increase in billable test volume for 2018 over the fourth quarter of 2017," said Michael Nall, President and CEO of Biocept. "In reviewing our year-over-year performance, 2018 revenue of $807,000 was essentially unchanged with one less sales day compared to the prior-year period. Importantly, 2017 included a one-time benefit of $874,000 due to the conversion to accrual-based revenue recognition, which would have resulted in $809,000 of accrual-based revenue. As has been our experience in past years, average reimbursement per assay for the quarter was impacted by the seasonal reset of health insurance deductibles that occur at the beginning of each year."
Mr. Nall continued, "We have consolidated our salesforce to a team of experienced sales professionals with a directive to focus on lung cancer profiling and monitoring where the need for liquid biopsy is high. To that end, our sales representatives are educating physicians with two case studies, both recently published in peer-reviewed journals, featuring the advantages of our Target Selector™ platform in patients with lung cancer. We are also raising awareness of the revised clinical consensus guidelines issued earlier this year that recommend expanded use of liquid biopsy for both the profiling and monitoring of molecular biomarkers in patients diagnosed with lung cancer.
"I'm also pleased to report that we have shipped our first order of patented blood collection tubes for distribution through our previously announced exclusive agreement with global laboratory product supplier VWR," Mr. Nall added. "VWR has launched our tubes commercially, which now can be ordered through VWR's extensive distribution network. This is an important milestone as we transition our business from a CLIA laboratory to a fully integrated diagnostic provider, offering services as well as devices and kits."
Review of First Quarter and Recent Accomplishments
Collaborations
Entered into a partnership with Thermo Fisher Scientific to validate its Oncomine™ next-generation sequencing panel in Biocept's CLIA laboratory. Upon completion of validation, Biocept expects to become a Thermo Fisher Liquid Biopsy Center of Excellence with the potential to jointly market services to the pharmaceutical industry.
Clinical Data Presentations and Publications
Published case report in the peer-reviewed journal Oncology & Hematology Review, demonstrating the clinical utility of Biocept's Target Selector™ ALK gene rearrangement test. The circulating tumor cell (CTC)-based assay detected the ALK gene translocation in a patient diagnosed with non-small cell lung cancer who subsequently received sequential ALK inhibitor therapies and exhibited excellent clinical response to treatment. Announced publication of a letter to the editor in the peer-reviewed Journal of Thoracic Oncology, the official journal of the International Association for the study of Lung Cancer. The letter outlined the ability of Biocept's Target Selector™ test to identify a ROS1 gene rearrangement in a patient with lung cancer, confirming the results of a prior tissue biopsy. Another liquid biopsy method cited in the report failed to find this important cancer biomarker. Presented two posters at the fifth AACR-IASLC International Joint Conference including clinical data generated in collaboration with the University of Minnesota demonstrating clinical utility of monitoring metastatic testicular cancer using Biocept's CTC assay technology, as well as data showing that incorporation of Thermo Fisher Scientific's QuantStudio 5 PCR Instrument into the Company's Target Selector™ platform improves sensitivity and specificity for the detection of lung cancer biomarkers.
Patents
Awarded a patent in China for assays to perform molecular (ctDNA) analysis using real-time PCR, Sanger sequencing and next-generation sequencing, encompassing Biocept's proprietary "switch-blocker" technology. Granted patents in the U.S. and Australia for the Company's Target Selector ctDNA assay platform, which enriches for mutations of interest associated with cancer. Awarded a patent in Japan for the use of antibodies to capture any target of interest from any sample type on a device surface. These targets include CTCs, sub-cellular vesicles and exosomes shed by solid tumors into the bloodstream. Awarded a patent in Australia for the use of antibodies in microchannels for the capture of cancer cells, including uses for CTCs and other rare cells.
First Quarter Financial Results
Revenues for 2018 were $0.8 million, compared with $1.7 million for 2017, which included one-time revenues of $874,000 associated with the conversion from cash-based to accrual-based revenue recognition. Without the impact of the conversion, revenues for the first quarters of 2018 and 2017 would have been unchanged at $0.8 million. For 2018, revenues included $762,000 in commercial test revenues and $45,000 in development services test revenues.
Biocept accessioned 1,170 total samples in 2018 compared with 1,246 total samples in 2017. Total accessions include billable samples and samples from research activities, assay validations, and other non-billable sources. The Company accessioned 1,084 billable samples in 2018 with one less sales day compared with 1,107 billable samples for 2017.
Cost of revenues for 2018 was $2.4 million compared with $2.1 million for 2017. The increase was due to increased software amortization and other information technology and laboratory equipment costs related to the laboratory information system and laboratory equipment, as well as direct costs from the addition of excess capacity in our laboratory operations to service expected higher test volumes in future months associated with the signing of Pathology Partnership agreements.
Research and development (R&D) expenses for 2018 were $1.1 million compared with $0.8 million for 2017, with the increase due primarily to the addition of personnel for the development of new biomarker assays and a higher proportion of allocated laboratory costs in support of increased R&D activities.
General and administrative (G&A) expenses were unchanged at $1.9 million for the first quarters of 2018 and 2017.
Sales and marketing expenses for 2018 were $1.6 million, compared with $1.3 million for 2017, with the increase due to higher salesforce expenses.
The net loss for 2018 was $6.4 million, or $0.11 per share on 57.1 million weighted-average shares outstanding. This compares with a net loss for 2017 of $4.4 million, or $0.21 per share on 21.0 million weighted-average shares outstanding.
as of March 31, 2018 were $9.3 million compared with $2.1 million as of December 31, 2017. In January 2018, the Company completed the sale of common stock and warrants raising $13.3 million in net proceeds.
Biocept has begun implementing a cost-reduction program, which is expected to save an estimated $1.0 million to $1.5 million annually. Additionally, the Company expects to make the final payment on its long-term debt obligation in July of this year, which is anticipated to reduce the Company's annual cash need by more than $2.0 million, bringing total expected annual cost savings to a range of $3.0 million to $3.5 million.
Conference Call and Webcast
Biocept will hold a conference call today at 4:30 p.m. Eastern time to discuss these results and answer questions. The conference call can be accessed by dialing (855) 656-0927 for domestic callers, (855) 669-9657 for Canadian callers or (412) 902-4109 for other international callers. A live webcast of the conference call will be available on the investor relations page of the company's website at http://ir.biocept.com/events.cfm . A replay of the webcast will be available for 90 days.
A replay of the call will be available for 48 hours following the conclusion of the call and can be accessed by dialing (877) 344-7529 for domestic callers, (855) 669-9658 for Canadian callers or (412) 317-0088 for other international callers. Please use event passcode 10119942.
About Biocept
Biocept, Inc. is a molecular diagnostics company with commercialized assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma. The Company leverages its proprietary liquid biopsy technology to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with cancer. Biocept's patented Target Selector™ liquid biopsy technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and in circulating tumor DNA (ctDNA). With thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient's disease and therapeutic options. For additional information, please visit www.biocept.com .
Forward-Looking Statements Disclaimer Statement
This news release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this news release are not strictly historical, including, without limitation, statements as to our ability to provide physicians with clinically actionable information to improve the outcomes of cancer patients, our ability to transition our business from a CLIA laboratory to a fully integrated diagnostic provider, the ability of recent developments to support future growth, the success of our collaboration with Thermo Fisher Scientific, the benefits of our cost-reduction program, our ability to pay-off our long-term debt obligation, and our ability to increase physician adoption of our liquid biopsy platform, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these as these statements are subject to numerous risk factors as set forth in our Securities and Exchange Commission (SEC) filings. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this news release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC at www.sec.gov .
BIOCEPT, INC.
CONDENSED BALANCE SHEETS
December 31,
March 31,
2017
2018
(unaudited)
ASSETS
Cash
$
2,146,611
$
9,272,420
Accounts receivable, net
1,193,426
1,329,701
Inventories, net
498,702
490,979
Prepaid expenses and other current assets
416,600
665,140
TOTAL CURRENT ASSETS
4,255,339
11,758,240
FIXED ASSETS, NET
3,123,567
2,989,587
TOTAL ASSETS
$
7,378,906
$
14,747,827
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES, NET
$
4,661,345
$
4,882,920
NON-CURRENT LIABILITIES, NET
1,421,527
1,357,193
TOTAL LIABILITIES
6,082,872
6,240,113
SHAREHOLDERS' EQUITY
1,296,034
8,507,714
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
7,378,906
$
14,747,827
BIOCEPT, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the three months ended March 31,
2017
2018
(unaudited)
(unaudited)
NET REVENUES
$
1,683,065
$
806,943
COSTS AND EXPENSES
Cost of revenues
2,129,454
2,434,886
Research and development expenses
757,258
1,070,581
General and administrative expenses
1,909,635
1,938,664
Sales and marketing expenses
1,278,311
1,636,542
Total costs and expenses
6,071,658
7,080,673
LOSS FROM OPERATIONS
(4,388,593)
(6,273,730)
INTEREST AND OTHER INCOME/(EXPENSE), NET
(44,114)
(82,674)
LOSS BEFORE INCOME TAXES
(4,432,707)
(6,356,404)
INCOME TAXES
—
—
NET LOSS AND COMPREHENSIVE LOSS
$
(4,432,707)
$
(6,356,404)
NET LOSS PER SHARE
- Basic
$
(0.21)
$
(0.11)
- Diluted
$
(0.21)
$
(0.11)
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
- Basic
20,969,131
57,086,814
- Diluted
20,969,131
57,086,814
View original content with multimedia: http://www.prnewswire.com/news-releases/biocept-reports-first-quarter-2018-financial-results-300648926.html
SOURCE Biocept, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-biocept-reports-first-quarter-2018-financial-results.html |
MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov said on Thursday that the remaining signatories of the Iran deal were working to find ways to preserve it, because it was important to keep the international agreement in place despite the U.S. withdrawal from it.
Reporting by Andrey Ostroukh, writing by Denis Pinchuk, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-russia-lavrov/moscow-says-remaining-sides-working-to-find-ways-to-preserve-iran-deal-idUSKBN1IB1FT |
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