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The longer-term outlook for London remains positive despite the uncertainty surrounding Brexit, according to global consulting firm A.T. Kearney's 2018 Global Cities Report.
London is "still very solid" in terms of business activity, cultural experience and its ability to attract top talent, said Olivier Gergele, consumer industries and retail practice partner at the firm.
Speaking with CNBC's "Squawk Box" on Wednesday, Gergele acknowledged that Brexit could have an impact to a "certain extent" but said a city such as London has "very strong foundations" for the longer term.
As a result, he said, there is "no reason" that London is not going to continue having a high ranking in the future and there is a need to differentiate between "short-term market volatility to the long-term basis, the long-term fundamentals" of cities.
Positioning for the future On the topic of how cities can better position themselves for the future, Gergele said metropolitan areas will need to focus on attracting business, top talent and investment.
"Ultimately, you need those three elements to really ensure that ... you're leading the rank(s)," he added.
Acknowledging that "there is no perfect city in the world," Gergele said it was likely for cities such as Singapore and Hong Kong in Asia to remain among the leaders.
This year's report also saw an increase in the number of Chinese cities included in the index, with six cities appearing in the rankings for the first time, and Beijing and Shanghai appearing in the top 20.
Gergele said China was a country that A.T. Kearney is "looking at very carefully" because "they are doing lots of things right." Some of the efforts cited in A.T. Kearney's report include the "increasing ability" of China's mega-cities to attract multinational companies and the development of a tech industry with "a home court advantage" due to internet regulations.
According to the report, the "evolution" seen in China's cities are a reflection of "intentional efforts by national, regional, and local entities to improve the country's competitiveness." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/london-remains-a-very-solid-city-despite-brexit-consulting-firm-says.html |
* U.S. stock futures up 0.6 pct, China shares shine
* U.S. bonds steady but seen vulnerable
* Trade war truce seen as positive for risk sentiment
* Oil up after Venezuelan election
* European shares seen 0.4-0.7 pct higher
By Hideyuki Sano
TOKYO, May 21 (Reuters) - Stocks rose on Monday after U.S. Treasury Secretary Steven Mnuchin declared the U.S.-China trade war “on hold” following their agreement to suspend the tariff threats that roiled global markets this year.
U.S. S&P mini futures rose 0.60 percent in Asian trade on Monday. European stocks are expected to follow suit, with spread-betters seeing a higher opening of 0.7 percent in Britain’s FTSE and 0.4 percent in Germany’s DAX and France’s CAC.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.45 percent, led by strong gains in greater China. Hong Kong’s Hang Seng was up 1.3 percent, Taiwanese shares 1.3 percent.
The Shanghai Shenzen CSI 300 gained 0.7 percent, hitting five-week highs.
Japan’s Nikkei gained 0.4 percent.
Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future.
“The weekend talks appear to have made progress. While they still need to work out details of a wider trade deal, it is positive for markets that they struck a truce,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities.
As safe-haven demand for debt fell, U.S. bond prices were under pressure, keeping their yields not far from last week’s peaks.
The 10-year Treasuries yield stood at 3.076 percent , near a seven-year high of 3.128 percent hit on Friday.
“Recent data suggests the U.S. economy is very strong, hardly slowing down in Jan-Mar. The world economy slowed in that quarter but it appears to be rebounding. And recent rises in oil prices are likely to lift inflation expectations further,” said Tomoaki Shishido, senior fixed income analyst at Nomura Securities.
“We expect more selling until the next Fed’s meeting in June,” he said.
In the currency market, higher U.S. yields helped to strengthen the dollar against a wide range of currencies.
The euro dipped 0.2 percent to $1.1748, hitting its lowest level since mid-December.
The common currency was also hit after two anti-establishment parties pledged to increase spending in a deal to form a new coalition government in Italy.
The dollar maintained an uptrend against the yen, rising 0.5 percent to 110.29 yen,, a high last seen in January.
Some emerging market currencies remained fragile. The Indonesian rupiah dropped 0.3 percent to 2 1/2-year lows and the Turkish lira slipped 0.7 percent to record lows.
Oil prices held firm near 3-1/2-year highs, drawing support from easing trade tensions between the world’s two biggest economies.
The market is keeping an eye on Venezuela, where President Nicolas Maduro won a new six-year term, an outcome that could trigger additional sanctions from the United States and more censure from the European Union and Latin America.
Oil prices have been supported by plummeting Venezuelan production, in addition to a solid global demand and supply concerns stemming from tensions in the Middle East.
U.S. crude futures rose 0.8 percent to $71.83 per barrel, near last week’s 3 1/2-year high of $72.30 while Brent crude futures notched up 0.8 percent to $79.10 per barrel. It had risen to $80.50 last week, its highest since November 2014.
Venezuelan debt is barely traded in Asia but bonds issued by Venezuelan oil company PDVSA maturing in 2020 were Quote: d at a yield around 19.4 percent, a tad above last week’s low around 18.4 percent.
Elsewhere U.S. soybeans jumped 2 percent on the Sino-U.S. agreement to drop tariff threats. In April, China proposed a 25 percent duty on U.S. soybeans as part of its response to Washington’s plans to impose tariffs on a range of Chinese products.
Reporting by Hideyuki Sano Editing by Eric Meijer & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-stocks-rally-after-mnuchin-says-sino-u-s-trade-war-on-hold-idUSL3N1SS2DD |
DUBAI, May 22 (Reuters) - Dubai stocks led gains among Gulf markets in early trading on Tuesday, helped by a surge in Emirates NBD after it agreed to buy Turkish lender Denizbank for $3.2 billion.
The Dubai index was up 0.8 percent on Tuesday, with Emirates NBD, climbing 6.9 percent. Dubai’s largest bank has been one of the standout performers in the Dubai market so far this year, with its gains so far reaching around 29 percent.
Emirates NBD, which already has a presence outside the United Arab Emirates in several countries, said the deal would add value for shareholders in the first year.
Emaar Properties was the other large driver of the index, rising 0.6 percent. Emaar Properties and other property stocks have been given a lift since a decision earlier this week by the United Arab Emirates’ government to grant residency visas of up to 10 years to investors and specialists.
The Saudi index was down 0.3 percent in early trade. National Commercial Bank, the largest bank in the kingdom by assets, was down 1.3 percent.
Abu Dhabi was the other strong performer in early trade with the index climbing 0.8 percent, supported by First Abu Dhabi Bank, the emirate’s largest bank, which gained 1.8 percent.
In Qatar, the index was up 0.5 percent. Commercial Bank was flat. Moody’s downgraded the bank’s long-term deposit ratings to A3 from A2 and its short-term deposit ratings to Prime-2 from Prime-1. The agency maintained the bank’s outlook as negative.
Doha Bank’s stock was up 1.3 percent, despite Moody’s downgrading the bank’s long-term deposit ratings to A3 from A2 and short-term deposit ratings to Prime-2 from Prime-1, while maintaining the outlook as negative. (Reporting by Tom Arnold Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-emirates-nbds-turkish-deal-lifts-dubai-index-idUSL5N1ST1I6 |
How to navigate the market's buyback boom 4 Hours Ago Jack Hough, senior editors at Barron’s, discusses the buyback boom happening in the U.S. stock market, and which stocks stand to benefit the most. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/how-to-navigate-the-markets-buyback-boom.html |
May 8 (Reuters) - Opiant Pharmaceuticals Inc:
* OPIANT PHARMACEUTICALS, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 LOSS PER SHARE $3.68 * QTRLY TOTAL REVENUE $1.7 MILLION VERSUS $11,000 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-opiant-pharmaceuticals-reports-q1/brief-opiant-pharmaceuticals-reports-q1-loss-per-share-3-68-idUSASC0A0N2 |
BAGHDAD (Reuters) - Iraqis voted on Saturday in their first parliamentary election since the defeat of Islamic State’s self-declared caliphate, a poll which could affect the balance of power in the Middle East.
Here is how the new government will be formed, according to the Iraqi constitution, which specifies a 90-day process:
*The Independent High Election Commission will announce the election results on Monday.
*President Fouad Masoum will call the newly-elected parliament into session within 15 days of the announcement.
*Lawmakers will elect a parliamentary Speaker and two deputies by an absolute majority within their first session.
*Parliament will elect a new president by a two-thirds majority within 30 days of its first session.
*The new president will within 15 days formally task the largest parliamentary bloc’s nominee with forming a government.
*The prime minister-designate has 30 days to put together a cabinet and present it to parliament for approval.
*Parliament must approve the government programme and each individual minister in separate absolute majority votes.
If the prime minister-designate fails to put together a governing coalition after 30 days, or if parliament rejects the prime minister-designate’s proposed cabinet, the president must nominate another candidate within 15 days.
Reporting by Ahmed Aboulenein; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-factbox/factbox-how-the-new-iraqi-government-will-be-formed-idUSKCN1IE0GH |
VANCOUVER, British Columbia, May 11, 2018 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the three months ended March 31, 2018. All amounts are presented in United States dollars unless otherwise stated.
Liberty Gold will continue to focus on exploring, discovery and de-risking Carlin Style gold deposits in the Great Basin – USA. Our focus is driven by a proven track record of multiple discoveries and a Company decision to focus our efforts in safe jurisdictions, Utah, Idaho and Nevada. The Goldstrike Project in Utah has advanced from being an exploration property to a project with an active PEA underway. The Black Pine Project in Idaho follows Goldstrike in terms of advancement and is being prepared for its first extensive RC drill program since historical mine closure in 1997. Liberty Gold continues to drill test the Kinsley project in Nevada, targeting deeper high grade Carlin Style targets.
Recent Highlights:
Goldstrike
Announced commencement of a Preliminary Economic Assessment (“PEA”) 1 . Completed a 1,357 metre (m), 15 hole diamond core drilling program, providing additional material for metallurgical testing in areas of the deposit not previously studied. Commenced a 14,900m phase reverse circulation (“RC”) drill plan which will include resource expansion drilling and exploratory drilling of new targets. Announced a maiden resource estimate consisting of an indicated resource of 865,000 ounces of gold at an average grade of 0.54 g/t Au (49,553,000 tonnes); and an inferred resource of 274,000 ounces of gold at an average grade of 0.52 g/t Au (16,443,000 tonnes), Quote: d at a cut-off grade of 0.25 g/t Au. 2
Black Pine 3
Announced the remaining drill results from the 2017 RC drill program at Black Pine: 0.96 grams per tonne gold (g/t Au) over 24.4 metres (m) including 6.18 g/t Au over 1.5 m, and 1.03 g/t Au over 9.1 m including 1.28 g/t Au over 6.1 m and 0.54 g/t Au over 15.2 m in LBP004 0.72 g/t Au over 9.1 m including 2.65 g/t Au over 1.5 m and 0.42 g/t Au over 9.1 m in LBP005 1.80 g/t Au over 7.6 m including 2.77 g/t Au over 4.6 m and 0.60 g/t Au over 18.3 m in LBP006 0.52 g/t Au over 33.5 m including 1.41 g/t Au over 3.0 m and 0.45 g/t Au over 9.1 m and 0.69 g/t Au over 24.4 m in LBP009 2.37 g/t Au over 10.7 m and 0.65 g/t Au over 15.2 m including 1.38 g/t Au over 4.6 m in LBP011.
Kinsley
Commenced a 2,250m RC drill program focusing on the Western Flank’s eastern extension and the Secret Canyon Shale horizon.
Moira Smith, Ph.D., P.Geo., Vice President Exploration and Geosciences, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the scientific and technical information contained in this release is accurate.
Goldstrike, Kinsley and Black Pine are early stage exploration projects; the potential quantities and grades disclosed herein are conceptual in nature and, except for the mineral resource estimate at Goldstrike and Kinsley, there has been insufficient exploration to define a mineral resource for other targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.
1 See press release of March 22, 2018
2 See the “Independent Technical Report and Resource Estimate for the Goldstrike Project, Washington County, Utah, USA” effective February 8, 2018 and signed March 21, 2018 authored by Independent Qualified Persons David Rowe, CPG, of SRK Consulting (Canada) Inc., James N. Gray, P.Geo, of Advantage Geoservices and Gary Simmons, MMSA of GL Simmons Consulting LLC, and is in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The report is available under the Company’s profile at sedar.com and is also available on the Company’s website at www.libertygold.ca .
3 See press release of April 11, 2018
SELECTED FINANCIAL DATA
The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the three months ended March 31, 2018 as prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. A copy of the Interim Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com .
The information in the tables below is presented in $000s except per share data:
Three months ended March 31, 2018 2017 Attributable to shareholders: Loss for the period $ 2,411 $ 2,434 Loss and comprehensive loss for the period $ 2,792 $ 2,310 Basic and diluted loss per share $ 0.01 $ 0.02
As at March 31, As at December 31, 2018 2017 Cash and short-term investments $ 7,732 $ 2,266 Working capital $ 7,279 $ 1,510 Total assets $ 35,490 $ 30,009 Current liabilities $ 821 $ 972 Non-current liabilities $ 793 $ 703 Shareholders’ equity $ 24,692 $ 19,006 ABOUT LIBERTY GOLD
Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Goldstrike, Black Pine and Kinsley Mountain, all of which are past producing open-pit mines, where previous operators only scratched the surface.
For more information, visit www.libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
[email protected]
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, the commencement of a PEA, proposed additional metallurgical testing and beliefs regarding gold resources being contained within the larger property area. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the availability of drill rigs, the completion of a preliminary economic assessment, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2018 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com .
The mineral resource estimates referenced in this press release use the terms "Indicated Mineral Resources" and "Inferred Mineral Resources." While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission ("SEC"). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Liberty Gold is not an SEC registered company.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Source: Liberty Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-liberty-gold-reports-q1-2018-financial-and-operating-results.html |
(Updates news, yields, analyst Quote: s) By Kate Duguid NEW YORK, May 8 (Reuters) - U.S. government bond yields across maturities fell on Tuesday as demand for the safe-haven investment increased following President Donald Trump's announcement that the country would withdraw from its nuclear deal with Iran. But the moves were relatively muted, with the 10-year Treasury yield reaching a weekly high of 2.987 percent, before falling to 2.974 percent, just 2 basis points above Monday's close. That suggested markets had already priced in the possibility of U.S. withdrawal. "The market has been preparing, in a sense, for this announcement. The combination of the changeover in the president’s team from Tillerson to Pompeo and the appointment of John Bolton was a signal to the market of the direction that the administration was going," said Brian Daingerfield, macro strategist at NatWest Markets in Stamford, Connecticut. In a televised speech, Trump said the United States would pull out of a 2015 international agreement designed to deny Tehran the ability to build nuclear weapons, and also reinstate sanctions on Iran. The decision is likely to raise the risk of conflict in the Middle East, upset America's European allies and disrupt global oil supplies. The response in currency markets was similarly muffled, with the dollar, which is also a safe-haven investment, up to 93.105 against a basket of six currencies, having hit a session high of 93.280 earlier in the day. The lassitude across asset classes may also suggest investors believe there is more to be revealed about the deal. "I think right now there's still quite a bit of uncertainty about the future of the deal even now that the U.S. has made its intentions clear," said Daingerfield. The European Union has said it will continue to uphold the accord regardless of U.S. participation. And Iran's response is also not yet clear. What's more "you could argue that President Trump being open to the negotiation of a better deal while also hanging the risk of sanctions over Iran… that if an agreement could still be reached, a risky scenario could be avoided," said Daingerfield. The Treasury Department on Tuesday auctioned $31 billion in three-year notes to modestly improved participation, part of its auction of $73 billion in U.S. debt this week. The issuance of three-year notes at auction increased by $1 billion from April, and by $7 billion from February. The two-year note's yield was last at 2.514 percent, up from 2.497 at the end of Monday's session. May 8 Tuesday 3:30PM New York / 1930 GMT Price US T BONDS JUN8 143-8/32 -0-10/32 10YR TNotes JUN8 119-116/256 -0-60/25 6 Price Current Net Yield % Change (bps) Three-month bills 1.84 1.8744 0.039 Six-month bills 1.995 2.0434 0.011 Two-year note 99-188/256 2.5135 0.016 Three-year note 99-58/256 2.6504 0.019 Five-year note 99-182/256 2.8126 0.029 Seven-year note 99-168/256 2.9298 0.030 10-year note 98-28/256 2.9741 0.024 30-year bond 97-132/256 3.1287 0.009 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 26.00 -0.75 spread U.S. 3-year dollar swap 21.75 -0.75 spread U.S. 5-year dollar swap 12.25 -0.75 spread U.S. 10-year dollar swap 3.50 -0.25 spread U.S. 30-year dollar swap -10.25 0.75 spread (Reporting by Kate Duguid; Editing by Will Dunham and Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-flight-to-safety-as-u-s-quits-iran-deal-drives-yields-down-idUSL1N1SF1KG |
May 20, 2018 / 3:29 PM / Updated 25 minutes ago Golf-Otaegui claims second tour title in Belgian Knockout Reuters Staff 1 Min Read
May 20 (Reuters) - Spanish golfer Adrian Otaegui lifted a second European Tour trophy after edging Benjamin Hebert of France by two shots in the final of the inaugural Belgian Knockout at the Rinkven International Golf Club on Sunday.
Hebert took the lead with a birdie on the second hole, but Otaegui drew level on the fourth before three birdies in a row from holes six to eight sealed the tournament win for the 25-year-old.
Otaegui’s previous tour victory was the Saltire Energy Paul Lawrie Match Play in August last year, and he has now had six top 20 finishes in a row in this season’s Race to Dubai.
Scotland’s David Drysdale (-1) claimed third place in Antwerp after he beat James Heath (par) from England in a playoff.
The Belgian Knockout is an attempt by the European Tour to try new formats, featuring 36 holes of regular stroke-play, with the leading 64 players going head-to-head in nine-hole match-play clashes. (Reporting By Nick Said Editing by Christian Radnedge) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-european/golf-otaegui-claims-second-tour-title-in-belgian-knockout-idINL3N1SR0E6 |
DETROIT, May 17, 2018 /PRNewswire/ -- motormindz, Inc., a global automotive professional services and technology accelerator, announced today that Bruce Coventry will join their team as a Managing Partner heading up their Automotive Manufacturing & Technology Practice.
With more than 40 years of auto tech experience, Bruce has spent his career in manufacturing, quality, manufacturing engineering, industrial engineering, maintenance, purchasing, product design, operations, strategy, and a variety of C-level responsibilities working for General Motors, Ford, Chrysler and Dresser Waukesha Engine.
"Bruce joining the team represents the final piece of the puzzle in building our global Automotive Manufacturing and Technology Practice. Bruce has his thumb on the pulse and has unprecedented domain relative the core challenges and opportunities our industry will be faced with over the next decade. Not only will Bruce play a critical role in helping our manufacturing partners think through this evolving ecosystem, his thought leadership will also be invaluable in helping our automotive retail partners prepare themselves to effectively embrace and monetize future technologies. We are extremely excited about Bruce joining our management team," said Jeff Van Dongen, Founder & CEO of motormindz.
Coventry joins a team of 60+ global automotive and technology leaders including the likes of Kevin Corbett from Intel, John Felice from Ford Motor Company, Jim O'Sullivan from Mazda, Don Johnson from General Motors, Ray Fisher from Chrysler and many more.
"The automotive industry is in the middle of a massive transformation due to evolving business models and mobility preferences. The automobile is quickly becoming the platform of choice for new tech implementation. Artificial intelligence, over the air software delivery, machine learning, electrification of vehicles and infrastructure, advancement in sensors and sensor fusion, autonomous vehicles, and more are not only disrupting the traditional automotive ecosystem but creating enormous opportunities. The breadth of knowledge and experience at motormindz across all verticals of the industry uniquely positions us to effectively address this transformation challenge. I'm very excited to be joining team."
About motormindz :
motormindz is a global automotive professional services and technology accelerator that combines unparalleled experience and comprehensive capabilities across all facets of the automotive industry. motormindz collaborates with solution and technology partners and investors to develop and integrate disruptive, leading-edge solutions and technologies aimed at solving crucial challenges for automotive manufacturers, industry providers and dealers. For more information, please visit www.motormindz.com.
View original content with multimedia: http://www.prnewswire.com/news-releases/bruce-coventry-joins-motormindz-as-managing-partner-300649816.html
SOURCE motormindz inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-bruce-coventry-joins-motormindz-as-managing-partner.html |
May 7, 2018 / 7:25 AM / Updated 39 minutes ago Pressure rises on Air France as strike forces early CEO exit Sudip Kar-Gupta 4 Min Read
PARIS (Reuters) - Pressure on Air France-KLM ( AIRF.PA ) grew on Monday as its shares fell by more than 10 percent after chief executive Jean-Marc Janaillac said he would resign over the rejection of a pay deal by the airline’s staff. Jean-Marc Janaillac, Chief Executive Officer of Air France-KLM Group, attends a news conference in Paris, France, May 4, 2018. REUTERS/Charles Platiau
French Finance Minister Bruno Le Maire had urged the airline and its workers to resume talks on Sunday, saying that if Air France did not become more competitive it “will disappear”.
However, pilots, cabin crew and ground staff were on strike for a fourteenth day since February on Monday and Air France said one in five flights would be canceled on Tuesday. It estimates the industrial action has so far cost it 300 million euros ($357 million)..
Janaillac had been CEO for less than two years, running into the same union resistance to reform as his predecessor. His exit raises questions over Air France’s ability to cut costs to compete with Gulf carriers and low-cost airlines.
“The future looks turbulent for the company,” said Gregoire Laverne, fund manager at Roche Brune Asset Management, who sold his Air France-KLM shares in September 2017.
Last year Italy’s Alitalia filed to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making airline being overhauled, sold off or wound up.
The French government, which is the national carrier’s largest shareholder with a 14 percent stake, has said it will not ride to the rescue and a meeting of Air France-KLM’s board has been called for May 15 to decide on a management transition plan.
Air France-KLM shares fell more than 14 percent before recovering some losses to trade down 10 percent at 7.28 euros ($8.68) at 1230 GMT, their lowest level since April 2017.
The stock is down almost 50 percent since the start of 2018, versus a 3.7 percent gain on the broader Paris SBF-120 .SBF120 index and a 4 percent fall on the pan-European STOXX 600 Travel & Leisure index .SXTP.
This is in sharp contrast to its performance last year, when the shares rose 160 percent as Janaillac initiated reforms to restructure and improve the finances of its French brand, said Roche Brune Asset Management’s Laverne. UNDONE BY CUTS
During Janaillac’s tenure, Air France-KLM struck deals with Delta Air Lines ( DAL.N ) and China Eastern ( 600115.SS ), which each acquired stakes of just under 9 percent.
He also oversaw the launch of Joon, a low cost subsidiary of Air France, and growth in its maintenance business. But his efforts to bring down costs proved his undoing.
Air France had offered workers a salary increase of 2 percent in 2018 and a further 5 percent over the following three years, but French unions, which have demanded 5.1 percent this year, have complained management is not serious about talks.
After negotiations reached deadlock, Janaillac called a vote last Friday, the results of which went against him.
Profits at the Dutch sister company KLM, which has succeeded in cutting costs, rose in the first quarter, contrasting with losses at Air France.
($1 = 0.8381 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-air-france-klm-ceo/air-france-klm-shares-slump-as-ceo-prepares-to-quit-over-union-pay-row-idUKKBN1I80KA |
BANGKOK (Thomson Reuters Foundation) - Farmers and fishermen in western India have welcomed a U.S. Supreme Court decision to hear their lawsuit against a World Bank agency, which financed a power plant they blame for damaging the environment and their livelihoods.
The U.S. Supreme Court on Monday agreed to hear an appeal by the villagers of a lower court ruling that the International Finance Corp (IFC) was immune from such lawsuits under federal law.
The court must now consider for the first time whether international organizations are immune from such suits under federal law, according to the advocacy group EarthRights International (ERI), which is representing the plaintiffs.
“This is a big victory for us,” said Bharat Patel, a plaintiff and general secretary of the fishermen’s group Machimar Adhikar Sangharsh Sangatha.
“We fought for so many years to be heard. This decision gives us hope,” he told the Thomson Reuters Foundation.
The case revolves around the IFC’s decision in 2008 to provide $450 million in loans for a coal-fired plant operated by a Tata Power unit near Mundra, in Gujarat state.
Loans from the IFC include provisions requiring that certain environmental standards will be met.
But the 4,000 megawatt plant - billed as key to providing cheap energy and creating jobs - has had a “devastating and irreversible impact” on the coastal ecosystem, according to the submission by villagers who live near the plant.
Coal ash damages crops, water for drinking and irrigation have been contaminated, while discharges from the plant’s cooling system have reduced fish stocks, they said.
Lead plaintiff Budha Ismail Jam and others sued in federal court in Washington in 2015, saying the IFC had failed to meet its obligations.
Representatives for Tata Power and the World Bank in India did not respond to e-mails seeking comment.
A district court in 2016 and the U.S. Court of Appeals for the District of Columbia Circuit in 2017 ruled that the lawsuit was barred because the IFC is immune from such litigation under a 1945 law.
The question before the Supreme Court now is whether there are limits to immunity for entities like the IFC under the 1945 International Organizations Immunity Act.
That law gives international organizations “the same immunity” from suit “as is enjoyed by foreign governments”.
However, governments “are not entitled to immunity from suits arising out of their commercial activities” under the 1976 Foreign Sovereign Immunities Act, according to ERI.
“Since a foreign government would not be immune from this suit, the IFC, which is made up of foreign states, should not be immune either,” it said.
The court will hear arguments and decide the case in its next term, which begins in October.
Reporting by Rina Chandran @rinachandran. Editing by Jared Ferrie. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org to see more stories.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-landrights-lawsuit/indian-fishermen-hail-u-s-supreme-court-decision-to-hear-world-bank-suit-idUSKCN1IN0TO |
May 15 (Reuters) - StorageVault Canada Inc:
* STORAGEVAULT REPORTS 2018 FIRST QUARTER RESULTS, INCREASES ANNUAL DIVIDEND AND UPDATES PREVIOUSLY ANNOUNCED ACQUISITIONS
* Q1 REVENUE C$20.9 MILLION * Q1 2018 NET LOSS OF $7.8 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-storagevault-canada-q1-2018-net-lo/brief-storagevault-canada-q1-2018-net-loss-of-7-8-million-idUSASC0A2HP |
May 3 (Reuters) - Apple supplier Skyworks Solutions Inc reported a 7.2 percent rise in quarterly revenue on Thursday, helped by higher demand for its radio frequency chips.
Net income rose to $276 million, or $1.50 per share, in the second quarter ended March 30 from $224.9 million, or $1.20 per share, a year earlier.
Revenue rose to $913.4 million from $851.7 million. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/skyworks-solutions-results/apple-supplier-skyworks-revenue-rises-7-2-pct-idUSL3N1SA5KK |
May 14 (Reuters) - HP Inc:
* INC. BOARD DECLARES DIVIDEND * SETS CASH DIVIDEND OF $0.1393PER SHARE Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hp-inc-sets-cash-dividend-of-01393/brief-hp-inc-sets-cash-dividend-of-0-1393per-share-idUSFWN1SL188 |
May 30, 2018 / 8:04 AM / Updated 31 minutes ago U.S., Europe expose trade divisions as tariff clock ticks Philip Blenkinsop , Michel Rose 4 Min Read
PARIS (Reuters) - Talks in Paris to avoid a transatlantic trade war showed no sign of a breakthrough on Wednesday, less than 48 hours before Donald Trump’s deadline on tariffs, as the United States and Europe defended opposing views of the global economic order.
Invoking memories of the pre-World War Two 1930s, French President Emmanuel Macron warned the world was at risk of sleepwalking towards war.
“Trade wars quickly become war, full stop,” Macron said. “This continent felt it in its flesh. It paid the consequences.”
Trump has imposed tariffs on imports of aluminum and steel, hitting China, but gave the European Union and some other partners a temporary exemption, which expires on Friday.
With less than two days before the deadline, talks were still going on at the Organization for Economic Cooperation and Development.
The French and German finance ministers and the EU’s trade commissioner held a series of meetings with the U.S. Commerce Secretary Wilbur Ross.
A French presidential adviser said U.S. tariffs were “very likely”. The Commission pointed to EU trade chief Cecilia Malmstrom’s comment on Tuesday that she expected some sort of U.S. measures to cap EU exports.
French Finance Minister Bruno Le Maire and German counterpart Peter Altmaier told journalists the European response would be united and firm.
“We are prepared to react in a united and clear way whatever the decision of the president,” Altmaier said.
EU leaders agreed earlier in May to open discussions about market access for U.S. products, but only if Washington granted the EU a permanent exemption from tariffs.
Ross said the two should still negotiate even if the United States imposed tariffs on metals, without revealing whether that was Washington’s plan.
“There can be negotiations with or without tariffs in place. There are plenty of tariffs the EU has on us,” Ross told a panel. Related Coverage Europe will respond if attacked by U.S. with tariffs, says French finance minister
China, he said, had continued to negotiate even after getting hit by tariffs. “It’s only the EU that is insisting we can’t negotiate if there are tariffs.”
A source at Macron’s office said it would be wrong to think China’s current trade talks with the United States meant “brutal bilateralism” had worked: “What we see so far is that China doesn’t seem to have given away much.”
Dutch Trade Minister Sigrid Kaag added that a 1962 trade law allowing protection for U.S. producers on national security grounds that Trump had invoked belonged to a different era. LONG WTO CASES “A JOKE”
Ross also took aim at the World Trade Organization, where Washington has blocked appointments to its appeals chamber, effectively engineering a crisis in the system of settling global disputes.
Any dispute mechanism that takes multiple years to settle cases was “no good”, he said, labeling a 14-year case over subsidies for aircraft Airbus “a joke”.
He also said that in many multilateral organizations, people had substituted conversation for action.
“We don’t think just raising issues is adequate,” he said, adding that the WTO needed more than just the “tweak”.
Macron called on the world’s main economic powers to reform the WTO to save multilateralism and produce a blueprint by the end of the year.
Ross denied claims that U.S. tariffs would harm its own steel-consuming industries. The price of a can of soup would rise just a fraction of a cent and car prices would go up by less than 1 percent, he said. FILE PHOTO: U.S. Commerce Secretary Wilbur Ross, a member of the U.S. trade delegation to China, returns to a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee
“The sky has not fallen in the United States since we put the tariffs on. It hasn’t fallen and it won’t,” he said. Reporting by Philip Blenkinsop and Michel Rose, editing by Mark Heinrich, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-eu/u-s-eu-could-still-talk-trade-with-tariffs-in-place-ross-idUKKCN1IV0U7 |
April 30, 2018 / 10:06 AM / 3 days ago India infrastructure trust to list via $487 million private placement: IFR Reuters Staff 2 Min Read
SINGAPORE (Reuters) - India’s IndInfravit Trust will launch a 32 billion-rupee ($487 million) private placement of new units on Thursday, IFR reported, citing a deal term sheet.
A total of 323 million units - 279 million primary and 44 million secondary - will be sold at a fixed price of 100 rupees each, or an annual implied rate of return of 12 percent, IFR, a Thomson Reuters publication, said.
L&T Infrastructure Development Projects Ltd (L&T IDPL) is the sponsor of the trust and also the vendor of the secondary units.
Books will close on May 4 and listing on the local stock exchanges will take place on May 10, IFR said, adding Citigroup and ICICI Securities are the lead managers to the issue.
A spokesman for Larsen & Toubro (L&T) ( LART.NS ), India’s biggest engineering company and L&T IDPL’s parent, did not immediately respond to an emailed request for comment.
The infrastructure investment trust (InvIT) comprising road assets will be the first in India to list through a private placement.
IRB InvIT Fund and India Grid Trust are the only two other listed InvITs in India. Both are still trading below prices of their 2017 IPOs.
($1 = 66.4150 Indian rupees) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-l-t-infrastructure-ipo/india-infrastructure-trust-to-list-via-487-mln-private-placement-ifr-idUKKBN1I10RW |
May 18 (Reuters) - Natus Medical Inc:
* NATUS MEDICAL FILES DEFINITIVE PROXY MATERIALS * NATUS MEDICAL INC - URGES SHAREHOLDERS TO VOTE “FOR” DORIS ENGIBOUS AND ROBERT WEISS ON WHITE PROXY CARD TODAY
* NATUS MEDICAL INC - BOARD RECOMMENDS SHAREHOLDERS “REFRAIN FROM VOTING FOR REMOVAL OF CHAIRMAN ROBERT GUNST” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-natus-medical-files-definitive-pro/brief-natus-medical-files-definitive-proxy-materials-idUSFWN1SP0IP |
WASHINGTON--(BUSINESS WIRE)-- Easterly Government Properties, Inc. (NYSE: DEA), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to U.S. Government agencies, announced today that its Board of Directors has approved a quarterly cash dividend of $0.26 per common share. The dividend will be payable on June 28, 2018 to shareholders of record on June 11, 2018.
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased primarily through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com .
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to those risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on March 1, 2018. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005032/en/
Easterly Government Properties, Inc.
Lindsay S. Winterhalter, 202-596-3947
Vice President, Investor Relations & Operations
[email protected]
Source: Easterly Government Properties, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-easterly-government-properties-announces-quarterly-dividend.html |
May 10, 2018 / 8:04 PM / Updated 2 minutes ago Chinese owner eyes Volvo Cars IPO, picks banks: source Reuters Staff 5 Min Read
NEW YORK/STOCKHOLM/BEIJING (Reuters) - The Chinese owner of Volvo Cars has hired three investment banks for an initial public offering (IPO) this year that could value the Swedish carmaker in a broad range of $16 billion to $30 billion, a person familiar with the matter said on Thursday. FILE PHOTO: The Volvo logo is seen on the grille of the 2019 Volvo V60 at the New York Auto Show in the Manhattan borough of New York City, New York, U.S., March 28, 2018. REUTERS/Shannon Stapleton/File Photo
China’s Zhejiang Geely Holding Group, which bought Volvo Cars in 2010, has picked Citigroup, Goldman Sachs and Morgan Stanley, the source, who asked not to be identified because the deliberations are confidential, told Reuters.
A Volvo Cars spokeswoman said an IPO was an option and the decision was up to its owner. She declined to comment further.
Geely said on Friday the firm was “looking at the possibilities” when asked about a potential dual listing for Volvo Cars. “We haven’t made a final decision on how to proceed as of yet,” the company said in a statement to Reuters.
The reason for a Volvo Cars IPO was not immediately clear, although the funds could be used for investment in electric and driverless technology or allow Geely’s boss Li Shufu to fund more deals to add to his growing list of transactions.
These have recently included buying a $3.3 billion stake in truck maker AB Volvo ( VOLVb.ST ) and purchasing a $9 billion stake in Daimler AG ( DAIGn.DE ), a rival of AB Volvo.
Established carmakers are investing heavily in new technology against competition from the likes of Tesla ( TSLA.O ) in electric vehicles and Google ( GOOGL.O ) in autonomous driving.
Volvo Cars last year promised every model from 2019 would have an electric motor. TIMING
The potential listing could take place as soon as September this year, the source said, depending on market conditions.
An increasing number of companies have failed to get over the start line in this year’s race to public markets in Europe as investors take a harder line on prices they pay.
Automotive firms looking at potential IPOs include British sportscar firm Aston Martin, the drive systems business of Swiss technology group OC Oerlikon ( OERL.S ) and Fiat Chrysler Automobiles’ ( FCHA.MI ) parts business Magneti Marelli, sources have said.
A Volvo IPO has been on the cards since 2016, when it raised 5 billion crowns ($583 million) from Swedish pension funds AMF, the First Swedish National Pension Fund and domestic insurance firm Folksam. It said at the time that its ambition was to “act as a listed company”.
A source close to one of these Swedish investors told Reuters on Friday that neither Geely nor Volvo Cars had recently held any meetings or discussed a potential IPO with the group.
A source close to another of the Swedish investors said its investment had been made with a future IPO in sight.
Evercore ISI analysts said in a client note that the IPO range given by the source familiar with the IPO details suggested an enterprise value for Volvo Cars of five to 10 times operating profit before depreciation and amortization (EBITDA).
“While premium peers BMW and Daimler trade at about two to three times 2018 EV/EBITDA, we don’t see a higher multiple for Volvo as totally unreasonable, given the potential for growth which will undoubtedly (be) the key pillar in the equity story,” they wrote.
Under Li’s ownership, Volvo has turned around its fortunes and reported four straight years of record sales, helped by its steady push into the premium automobiles market that has pitted it against Daimler’s Mercedes-Benz and BMW ( BMWG.DE ).
It made revenues of 211 billion crowns ($24.4 billion) in 2017, with an operating profit of 14.1 billion.
Citigroup, Goldman Sachs and Morgan Stanley declined to comment on the IPO plans that were first reported by Bloomberg.
The source said the three investment banks were at this stage joint co-managers and no lead bank had been appointed yet.
($1 = 8.6415 Swedish crowns) Reporting by Harry Brumpton in NEW YORK, Norihiko Shirouzu in BEIJING and Esha Vaish and Olof Swahnberg in STOCKHOLM; Editing by Anna Ringstrom and Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-volvo-cars-ipo/volvo-cars-owner-picks-banks-for-ipo-source-idUSKBN1IB2VI |
And at the 2018 Code Conference, CEO Katrina Lake said the young clothing subscription company has never seriously discussed a buyout from Amazon. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/stitch-fix-ceo-katrina-lake-is-committed-to-remaining-independent.html |
Malian immigrant rescues boy from Paris balcony 1:21am IST - 00:40
Video shows Mamoudou Gassama, a 22-year-old illegal immigrant from Mali, risking his life on Sunday as he climbed up the balconies of a Paris apartment building to rescue the four-year-old who is clinging to a railing and glancing at the ground below, while horrified onlookers watched. Rough Cut (no reporter narration).
Video shows Mamoudou Gassama, a 22-year-old illegal immigrant from Mali, risking his life on Sunday as he climbed up the balconies of a Paris apartment building to rescue the four-year-old who is clinging to a railing and glancing at the ground below, while horrified onlookers watched. Rough Cut (no reporter narration). //reut.rs/2GZ8uRv | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/28/malian-immigrant-rescues-boy-from-paris?videoId=431217753 |
NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Esperion Therapeutics, Inc. (NASDAQ: ESPR) who purchased shares between February 22, 2017 and May 1, 2018. The action, which was filed in the United States District Court for the Eastern District of Michigan, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) Esperion's cholesterol-lowering medication, bempedoic acid, entailed serious undisclosed safety risks, including death; and (ii) as a result of the foregoing, Esperion's public statements were materially false and misleading at all relevant times. On May 2, 2018, Esperion announced results from its second Phase 3 study for its cholesterol-lowering medication bempedoic acid. Esperion reported that while the trial met the primary endpoint of safety and tolerability and the key efficacy endpoint, there were 13 deaths in the treatment group compared to only two in the control group. On this news, Esperion’s share price fell from a close of $70.50 per share on May 1, 2018, to a close of $45.75 per share the following day.
Shareholders have until July 6, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/esperion-therapeutics-inc-2?wire=2 .
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006194/en/
The Klein Law Firm
Joseph Klein, Esq., 212-616-4899
Fax: 347-558-9665
www.kleinstocklaw.com
Source: Klein Law Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-the-klein-law-firm-reminds-investors-of-a-class-action-commenced-on-behalf-of-esperion-therapeutics-inc-shareholders-and-a.html |
BERLIN (Reuters) - Germany’s finance and foreign ministers called on Wednesday for fair burden-sharing between European Union member states in the 2021-27 budget period, when the bloc will have to fill the funding gap left by Britain’s exit next year.
FILE PHOTO: Foreign Minister Heiko Maas, Finance Minister and vice-chancellor Olaf Scholz and German Chancellor Angela Merkel attend the cabinet meeting at German government guesthouse Meseberg Palace in Meseberg, Germany, April 10, 2018. REUTERS/Fabrizio Bensch Finance Minister Olaf Scholz and Foreign Minister Heiko Maas called for the EU to better focus its future budget on protecting the bloc’s external borders, joint defence policy, and on innovation.
Earlier on Wednesday, the European Commission proposed a bigger new multi-year budget for the 2021-27 period that would trim the biggest single item, farm subsidies, by five percent.
It would spend more on research and technology, foreign aid, euro zone stability, compensation for job losses from open trade and on joint defence and frontier guards.
“We are ready to take responsibility for strengthening the European Union - but this requires a fair burden-sharing of all Member States,” Scholz and Maas said in a joint statement.
“The proposal of the EU Commission would considerably increase the additional burden on Germany,” they added.
“Even with an EU budget of one percent of gross national income (GNI), Germany would have to pay an average of up to 10 billion euros (8.8 billion pounds) per year more from 2021 onwards.”
Reporting by Sabine Siebold, Writing by Paul Carrel, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-eu-budget-germany/germany-wants-fair-burden-sharing-across-eu-after-brexit-idUSKBN1I31UP |
FRANKFURT (Reuters) - The slowdown in euro zone growth is not dramatic and the European Central Bank can still end its bond purchase scheme this year, ECB policymaker Vitas Vasiliauskas told German newspaper Boersen-Zeitung on Tuesday.
“An end to the net asset purchases by the end of this year seems a realistic and appropriate scenario to me given the current growth and inflation outlook,” Vasiliauskas, Lithuania’s central bank chief, was Quote: d as saying.
In a separate interview to the Handelsblatt newspaper Vasiliauskas said it was likely that the purchases would stop at the end of the year after “a transitional period”.
In the Boersen-Zeitung interview, Vasiliauskas added that market expectations for the first rate hike six to nine months after the end of asset buys was “logical and appropriate”.
“We continue to expect solid and broad-based growth,” he said. “We have to wait until June, what our new projections will tell us. But there is no reason to dramatize the situation today. That is certainly not the end of the recovery.”
Reporting by Balazs Koranyi; Editing by Francesco Canepa
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy-vasiliauskas/ecb-can-end-bond-buys-this-year-despite-slowdown-vasiliauskas-idUSKBN1I9257 |
May 27, 2018 / 12:48 PM / Updated 6 hours ago Palestinian President Abbas hospital stay extended Ali Sawafta 3 Min Read
RAMALLAH, West Bank (Reuters) - Palestinian President Mahmoud Abbas, who officials said is being treated for a lung infection, will remain in hospital for an eighth day on Sunday. FILE PHOTO: Palestinian President Mahmoud Abbas walks inside the hospital in Ramallah, in the occupied West Bank May 21, 2018. Palestinian President Office (PPO)/Handout via REUTERS/File Photo ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE
The 82-year-old leader had been expected to be released from hospital in the occupied West Bank on Sunday, but this was postponed, Abbas’ office said in a text message to journalists.
Abbas, who is a heavy smoker, was admitted on May 20 for what doctors had initially said were medical tests following ear surgery. He was shown on Palestinian television last week walking along a hospital corridor and sitting in an armchair reading a newspaper.
A Palestinian official, who spoke on condition of anonymity, said Abbas was still undergoing treatment and would not be released on Sunday, adding that he has been holding meetings with international and Palestinian officials at his bedside.
The official Palestinian news agency Wafa ran a statement which quoted Istishari Hospital’s medical director, Said Sarahneh, as saying test results show an improvement in his health.
“President Mahmoud Abbas’s condition is showing a continuous and speedy improvement,” Sarahneh told Wafa.
Abbas, who was also hospitalised for medical checks during a trip to address the U.N. Security Council in February, became president after the death in 2004 of Yasser Arafat.
The Western-backed president pursued U.S.-led peace talks with Israel but these broke down in 2014 and his democratic mandate expired eight years ago.
There has been no presidential election since 2005 and the term of office is only five years. His authority is essentially limited to the Israeli-occupied West Bank, with the Islamist group Hamas in control of the Gaza Strip.
Abbas has no formal deputy in the Palestinian Authority. In theory, the speaker of parliament would take over on an interim basis if the president were to die in office.
But the speaker’s role is held by a Hamas representative, and Abbas’s Fatah faction would likely dispute the constitutional legitimacy of his taking over. Reporting by Ali Sawafta and Nidal al-Mughrabi; Writing by Maayan Lubell, Editing by Jeffrey Heller and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-abbas/palestinian-president-abbas-hospital-stay-extended-idUKKCN1IS0EJ |
May 1 (Reuters) - ARAB BANKING CORP JORDAN:
* Q1 PROFIT 2.6 MILLION DINARS VERSUS 3.3 MILLION DINARS YEAR AGO
* Q1 NET INTEREST INCOME 8.2 MILLION DINARS VERSUS 8.8 MILLION DINARS YEAR AGO Source:( bit.ly/2KsNeGO ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/jordans-arab-banking-corp-q1-profit-fall/jordans-arab-banking-corp-q1-profit-falls-idUSL3N1S81AB |
Korean film almost mirrors present day politics at Cannes 3:43pm EDT - 02:08
''The Spy Gone North'' about a South Korean spy who infiltrated North Korea in the 1990s could almost be today's news, as efforts to resolve the nuclear stand-off face a real-life cliffhanger. Jayson Mansaray reports.
"The Spy Gone North" about a South Korean spy who infiltrated North Korea in the 1990s could almost be today's news, as efforts to resolve the nuclear stand-off face a real-life cliffhanger. Jayson Mansaray reports. //reut.rs/2GoFz97 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/korean-film-almost-mirrors-present-day-p?videoId=427508443 |
KUWAIT (Reuters) - Kuwait and the Philippines agreed measures on Friday to regulate the employment of domestic workers from the Southeast Asian country, following a diplomatic row amid reports of abuse.
Last month Kuwait ordered the ambassador from the Philippines to leave the Gulf state within a week, and recalled its own envoy for consultations after staff at the Philippines’ embassy tried to “rescue” citizens employed as domestic workers following the reports of mistreatment.
The bilateral agreement includes the establishment of a mechanism to provide assistance to domestic workers from the Philippines on a 24-hour basis. It also bans employers who have records of abusing domestic help from recruiting Philippine workers, and taking legal action against them, according to a joint statement.
The agreement was signed in Kuwait by Kuwaiti Foreign Minister Sheikh Sabah al Khalid Al Sabah and the Philippine Foreign Affairs Secretary Alan Peter Cayetano.
In March, Philippine President Rodrigo Duterte ordered workers in Kuwait to return to their home country after a Filipino migrant worker’s body was found in a freezer in an abandoned home. It was the latest incident in what Manila called a pattern of abuse in the Gulf state.
The agreement signed on Friday did not include the lifting of Duterte’s order, but Cayetano said it was being discussed.
“We will make the necessary recommendations to lift the ban on skilled Filipino labor in Kuwait,” Cayetano said.
“The final decision to lift the ban is in the hands of the president,” but they are moving in that direction, he added.
Cayetano said Kuwait and the Philippines would start to discuss arrangements for Duterte to visit Kuwait and Manila would soon appoint a new ambassador to Kuwait.
Workers in many Gulf states are employed under a sponsorship system that gives employers the right to keep their passports and exercise full control over their stay.
Rights groups say the system leaves millions of workers in the region open to exploitation.
Writing by Hadeel Al Sayegh; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kuwait-phillipines-domestic-workers/kuwait-to-regulate-employment-of-philippine-domestic-workers-after-reports-of-abuse-idUSKBN1IC1KC |
May 31, 2018 / 7:45 AM / Updated 11 minutes ago European shares edge up, Italy's political crisis in focus Julien Ponthus 3 Min Read
LONDON (Reuters) - European shares edged higher on Thursday, as investors waited for any signs of resolution of Italy’s political crisis and trade war concerns weighed on German automakers. FILE PHOTO: Traders work at Frankfurt's stock exchange in Frankfurt, Germany, February 6, 2018. REUTERS/Ralph Orlowski
Milan's bourse opened higher but trade was volatile, with the FTSE MIB .FTMIB index falling up to 0.4 percent before gaining 1 percent as shares in financials recovered.
Italy’s banking index .FTIT8300, which fell sharply in the first part of the week, extended yesterday’s gains with a 1.6 percent rise.
The pan-European STOXX 600 index was up 0.2 percent but Germany's DAX .GDAXI was down 0.2 percent as car makers Volkswagen and ( VOWG_p.DE ) Daimler ( DAIGn.DE ) lost 1.1 and 0.8 percent respectively after a report President Trump wanted to block German luxury cars from the U.S. market.
Trade tensions between Europe and Washington are threatening to spill over as the latter prepares to announce plans for tariffs on EU steel and aluminium imports.
France’s Finance Minister said the EU would take “all necessary measures” to respond if Washington imposed tariffs, while the U.S. commerce secretary said any escalation of their dispute would depend on the bloc’s reaction.
“While events in Italy appear to be in pause, investors still have to contend with the looming deadline of the US tariffs waiver ... as well as the ongoing negotiations with respect to NAFTA and China trade”, said Michael Hewson, chief market analyst at CMC Markets.
Inflation was also on investors’ mind ahead of the release of Euro zone numbers, after surprisingly high readings in Germany, France and Spain.
While some analysts argue stronger than expected inflation could strengthen the euro by prompting the ECB to take a less dovish stance, others believe the bloc’s economic slowdown makes such a move unlikely.
CRH ( CRH.I ) posted the best performance of the STOXX 600, up close to 5 percent after the Irish building materials group announced it would streamline some European and American businesses by combining them, in a move to improve profit margins.
News that Italy’s Enel ( ENEI.MI ) outbid Spain’s Iberdrola ( IBE.MC ) with a 2 billion dollar bid for Brazilian grid operator Eletropaulo Metropolitana Eletricidade de Sao Paulo ( ELPL3.SA ) did not support the utilities’ share price. Enel and Iberdrola both lost 0.5 percent. Reporting by Julien Ponthus, Editing by Kit Rees and John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-stocks/european-shares-edge-up-as-italy-tries-to-solve-political-crisis-idUKKCN1IW0RB |
James River Group Holdings Ltd:
* JAMES RIVER ANNOUNCES CLOSING OF SECONDARY OFFERING Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-james-river-announces-closing-of-s/brief-james-river-announces-closing-of-secondary-offering-idUSASC0A2HV |
May 16, 2018 / 12:47 PM / Updated 39 minutes ago Charities warn of drowning danger as migrants camp along Paris canal Julie Carriat , Clotaire Achi 3 Min Read
PARIS (Reuters) - With hundreds of migrants and asylum seekers packed in tents alongside a Paris canal and under a nearby bridge, charities are warning of the risk from drowning and violence if the authorities do not act to tackle makeshift camps. Tents where migrants live in a makeshift camp are seen on the Quai de Valmy of the canal Saint-Martin in Paris, France, May 15, 2018. Picture taken May 15, 2018. REUTERS/Philippe Wojazer
Two young men - one Afghan and one probably Sudanese - drowned in the canal this month from the camps housing more than 2,400 people by the Canal St Martin, a trendy area known for hipsters having picnics along its banks on sunny days.
France, which has received far fewer asylum seekers over the past years than neighboring Germany, has nevertheless been struggling with tackling new arrivals - for years in what became know as the Calais “jungle”, on the northern coast, and, since that was shut down, increasingly in Paris. Tents where migrants live in a makeshift camp are seen on the Quai de Valmy (background) and Quai de Jemmapes of the canal Saint-Martin in Paris, France, May 15, 2018. Picture taken May 15, 2018. REUTERS/Philippe Wojazer
“If this situation continues, there will be other dramas, there will inevitably be deaths. And therefore I call on the public authorities to act, and give shelter to the people who are there,” said Pierre Henry, the director of the France Terre d’Asile charity. Slideshow (5 Images)
Some bathe in the canal’s unsanitary waters, while the mobile phones and subsidies handed out by authorities to some of the asylum seekers are the target of attacks, with knives used as weapons to obtain them, said charity volunteer Pauline Doyen.
“There is too much crazy people. I see, look, this is my face. I fight yesterday here,” a 24-year-old Pakistani man, who gave his name as Suleiman, said in broken English .
“I am new,” Suleiman said, showing a trace of blow on his cheek which he says he sustained trying to stop people stealing his belongings. “People take my phone, I have 300 euros, it is taken.”
The Paris municipality and government disagree on how to tackle the situation and blame each other for it, drawing criticism from charities.
In a letter to Prime Minister Edouard Philippe last week, Paris Mayor Anne Hidalgo spoke of the “chaos (that) now characterizes the campments”, asking the government for action.
An Interior ministry source described the relations between the municipality and the government as “complex” and said Hidalgo was blocking their plans to evacuate the camp. In her letter Hidalgo confirmed she thought the government’s evacuation plan was not the right solution. Additional reporting by Feyi Adegbite; Writing by Ingrid Melander; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-paris-camp/charities-warn-of-drowning-danger-as-migrants-camp-along-paris-canal-idUSKCN1IH1O1 |
BAGHDAD (Reuters) - Iraq’s crude oil exports from the southern ports, on the Gulf, averaged 3.340 million barrels per day (bpd) in April, lower than in March, because of maintenance works at loading terminals, two Iraqi oil executives said on Tuesday.
A worker walks past the oil well at the Sindbad oil field near the Iraqi-Iranian border in Basra, Iraq April 23, 2018. Picture taken April 23, 2018. REUTERS/Essam Al-Sudani The March average was 3.45 million bpd. The export level dropped because of maintenance work carried out at loading terminals in early April.
Reporting by Aref Mohammed; Writing by Maher Chmaytelli; editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-oil-exports/iraq-exports-from-southern-ports-average-3-340-million-bpd-in-april-oil-executives-idUSKBN1I22Z7 |
MELBOURNE (Reuters) - Shares in Santos Ltd ( STO.AX ) fell 9 percent after the Australian gas producer rejected a $10.8 billion takeover offer from U.S.-based Harbour Energy, holding up slightly better than analysts had expected.
A sign for Santos Ltd is displayed on the front of the company's office building in the rural township of Gunnedah, located in north-western New South Wales in Australia, March 9, 2018. Picture taken March 9, 2018. REUTERS/David Gray Santos late on Monday rebuffed Harbour’s sixth offer in nine months, worth up to A$7.00 a share, stunning investors and analysts who considered the offer well worth considering.
“We thought it was a pretty good offer. I’m not sure when we’ll necessarily see A$7.00 again,” said Andy Forster, senior investment officer at Argo Investments, a top 10 shareholder in Santos.
“I’m a bit surprised we didn’t get an opportunity to at least vote on it,” he said.
Macquarie analysts predicted Santos shares could drop as much as 15 percent to between A$5.50 and A$5.80 without a takeover premium to shore up the stock.
Based just on the 29 percent rise in Brent crude prices LCOc1 since Harbour’s first approach was revealed last November, Santos shares would be worth about A$5.65.
Harbour Energy noted in a statement that Santos shares would only be worth about A$5.10, based on the performance of shares in rivals Woodside ( WPL.AX ) and Oil Search over the same period.
However, Santos shares fell just over 9 percent to a six-week low of A$5.82, retaining some element of a takeover premium.
“Santos remains a prime acquisition target for Harbour if they persist with their LNG ambitions, or any other player looking to establish an LNG investment platform,” Wood Mackenzie analyst Saul Kavonic said.
He said if oil prices dropped again, Santos could reemerge as an attractive acquisition at the recent bid levels.
“Santos has a well-developed strategy, strong leadership and management team and outstanding growth opportunities that the Board believes will deliver superior value for its shareholders over time,” Santos Chairman Keith Spence said in a statement late on Monday.
Analysts said that while Santos had done very well slashing costs over the past two years, paying down debt and putting itself in a position to resume paying dividends, risks remained around its growth projects.
The key growth projects that most have put any value on are the development of the Barossa gas field off Darwin and an expansion of the PNG LNG project in Papua New Guinea, but those depend on others who are in control — ConocoPhillips ( COP.N ) and ExxonMobil Corp ( XOM.N ) respectively.
“Santos’s board have put out a clear challenge, ‘Trust us, trust the strategy!’ But there is a world of difference between cutting costs to survive and sustaining them while growing,” Macquarie analysts said in a note.
Reporting by Sonali Paul; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-santos-m-a/santos-shares-set-to-slide-after-snubs-10-8-billion-takeover-offer-idUSKCN1IO00I |
Venture Capital Morgan Stanley says the 'easy' investing days are over, lowers stock weighting and raises cash allocation "After nine years of markets outperforming the real economy, we think the opposite now applies," the team of Morgan Stanley strategists wrote Sunday. Chief among Morgan Stanley worries are a return of inflation, uncertain political outlook and tightening monetary policy. "We are not looking for an economic recession in the next 12 months but we could experience the fear of one," wrote equity strategist Mike Wilson. Mohamed Abd El Ghany | Reuters
The "end of easy" investing is over. At least, according to Morgan Stanley.
The investment bank warned investors that it may be time to swap some equities for cash as a confluence of economic factors hamstring 12-month return forecasts and demand a move into safer asset classes.
"After nine years of markets outperforming the real economy, we think the opposite now applies as policy tightens," the team of Morgan Stanley strategists wrote Sunday. "2018 is seeing multiple tailwinds of the last nine years abate — the end of easy."
Chief among Morgan Stanley worries are a return of inflation, uncertain political outlook and tightening monetary policy, the lack of which helped fuel the unprecedented run in the U.S. stock market over the past nine years.
As such, chief U.S. equity strategist Mike Wilson — currently the most bearish strategist tracked by CNBC — told clients that the two 10 percent corrections in the S&P 500 earlier this year were hardly a shock.
The firm lowered its global equity allocation from overweight to equal weight.
"We think it's pretty obvious that the market had discounted the news on tax cuts, global growth and still supportive financial conditions," Wilson wrote. "In many ways a correction or consolidation was overdue and makes perfect sense. The question is whether or not this turns into something more sinister."
"We are not looking for an economic recession in the next 12 months but we could experience the fear of one if financial conditions deteriorate further and investors begin to worry about an earnings deceleration turning into an outright decline," he added.
Both the Dow Jones industrial average and the S&P 500 fell into correction territory earlier this year amid a spike in market volatility, a rude awakening after a year of historic calm and successive all-time highs.
The indexes have since pared their losses amid a rally in technology stocks and rising crude prices, with the Dow up roughly 2.5 percent and the S&P 500 up 3 percent over the past month.
Still, the bank advised curbing equity exposure overall, with Wilson recommending energy, financials and industrials across all regions on a sector-by-sector basis. Energy, in particular, could prove a smart move as crude prices climb, he explained, while also providing some defensive characteristics such as yield and capital return.
Among safer options, the strategists increased their exposure to cash by 2 percent and said that among global government debt, long-term U.S. Treasurys are likely the best bet.
"We forecast 10-year Treasury yields to end the year below 3 percent (year-end forecast at 2.85 percent) and eventually fall below 2.75 percent towards mid-2019," strategist Matthew Hornbach wrote.
"We expect debate over the size of the Fed's balance sheet to increase meaningfully into and out of end-2018," he added. "The primary risk to its size is larger than the consensus expects — meaning that the Fed would stop normalization earlier than expected."
The technically important yield curve should continue to flatten throughout 2018, the Morgan Stanley strategists said, as short-term yields outpace long-term rates.
And while the strategists aren't expecting a recession anytime soon, they do foresee a curve inversion in early 2019, typically a bellwether of economic troubles. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/morgan-stanley-says-the-easy-investing-days-are-over-lowers-stock-weighting-and-raises-cash-allocation.html |
Legal weed could mean fewer opioid prescriptions: Cannabis CEO 15 Hours Ago Jim Cramer sits down with Canopy Growth CEO Bruce Linton after his company applied to list its shares on the New York Stock Exchange. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/legal-weed-fewer-opioid-prescriptions-cannabis-ceo.html |
May 31, 2018 / 1:20 PM / Updated an hour ago Rohingyas at ICC demand justice over Myanmar deportations Stephanie van den Berg 2 Min Read
THE HAGUE (Reuters) - Hundreds of Rohingya victims have appealed to judges at the International Criminal Court to grant prosecutors jurisdiction to investigate deportations from Myanmar to neighbouring Bangladesh, an ICC official said on Thursday. Rohingya refugees are reflected in rain water along an embankment next to paddy fields after fleeing from Myanmar into Palang Khali, near Cox's Bazar, Bangladesh November 2, 2017. REUTERS/Hannah McKay
The world’s first permanent war crimes court does not have automatic jurisdiction in Myanmar because it is not a member state, but the prosecutor in April asked the court to look into the Rohingya crisis and a possible prosecution through Bangladesh, which is a member.
Since August, nearly 700,000 Rohingya Muslims have fled a military crackdown in mainly Buddhist Myanmar, the United Nations and aid agencies have said.
Refugees have reported killings, rape and arson on a large scale; some countries compared the situation to the widespread ethnic cleansing seen during the Balkan wars of the 1990s.
“We are of Rohingya identity and we want justice,” the group said in a letter, demanding that the court take action. “We have been raped, tortured and killed.”
It was signed with fingerprints of the victims, mostly illiterate women from rural communities.
A submission on behalf of 400 victims was handed to the court on Wednesday, backing the earlier request from the ICC prosecutor for jurisdiction, spokesman Fadi El Abdallah said.
The families asked the court to examine allegations not only of deportation but persecution and what they called genocide by the Myanmar military against the Muslim Rohingya minority.
Myanmar has rejected the efforts to establish international jurisdiction over the matter.
Lawyers representing a group called Shanti Molhila, or Peace Women, said the court should hear the case because some of the crimes were committed across the border in Bangladesh.
In her request to judges, ICC prosecutor Fatou Bensouda argued that the ICC had jurisdiction over the deportations because of the cross-border nature of the offence. Editing by Anthony Deutsch and Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-rohingya-icc/rohingyas-at-icc-demand-justice-over-myanmar-deportations-idUKKCN1IW1S4 |
May 2, 2018 / 1:38 PM / Updated 7 minutes ago BRIEF-Sonoco Products Says During 2018, Co Announced Closure Of Flexible Packaging Plant In North Carolina Reuters Staff 1 Min Read
May 2 (Reuters) - Sonoco Products Co:
* SONOCO PRODUCTS CO SAYS DURING 2018, CO ANNOUNCED CLOSURE OF FLEXIBLE PACKAGING PLANT IN NORTH CAROLINA AND GLOBAL BRAND MANAGEMENT FACILITY IN CANADA
* SONOCO PRODUCTS CO SAYS DURING 2018, CO ALSO ANNOUNCED CLOSURE OF TUBES AND CORES PLANT IN ALABAMA AND PROTECTIVE PACKAGING PLANT IN NORTH CAROLINA
* SONOCO PRODUCTS SAYS IN ADDITION, ABOUT 20 POSITIONS ELIMINATED IN Q1 IN CONJUNCTION WITH ONGOING ORGANIZATIONAL EFFECTIVENESS EFFORTS - SEC FILING
* SONOCO PRODUCTS SAYS EXPECTS TO PAY MAJORITY OF REMAINING 2018 ACTIONS RESTRUCTURING COSTS BY END OF 2018 USING CASH GENERATED FROM OPERATIONS Source text: ( bit.ly/2HHdsaK ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sonoco-products-says-during-2018-c/brief-sonoco-products-says-during-2018-co-announced-closure-of-flexible-packaging-plant-in-north-carolina-idUSFWN1S90Y8 |
May 1 (Reuters) - U.S. grains merchant Archer Daniels Midland Co posted a rise in quarterly profit on Tuesday, helped by higher returns from its oilseed processing business.
Net profit attributable to ADM rose to $393 million, or 70 cents per share, in the first quarter ended March 31, from $339 million, or 59 cents a year earlier.
Total revenue rose to $15.53 billion from $14.99 billion. (Reporting by Akshara P in Bengaluru; Editing by Amrutha Gayathri)
| ashraq/financial-news-articles | https://www.reuters.com/article/archer-daniels-results/adm-posts-higher-first-quarter-profit-idUSL3N1S828A |
May 16, 2018 / 6:19 PM / Updated 33 minutes ago Nadal cruises into Italian Open third round, Thiem exit Reuters Staff 2 Min Read
ROME (Reuters) - Rafa Nadal got his claycourt season back on track with a 6-1 6-0 victory over Bosnian Damir Dzumhur to reach the third round of the Italian Open on Wednesday, while sixth-seed Dominic Thiem suffered an early exit. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 16, 2018 Spain’s Rafael Nadal in action during his second round match against Bosnia and Herzegovina’s Damir Dzumhur REUTERS/Tony Gentile
Nadal, who lost his number world one ranking after his 14-match winning run on clay was snapped by Thiem in the Madrid Open quarter-finals last week, was back to his best as he wrapped up victory with a blistering forehand winner.
“It was important, after a loss in Madrid, to come back strong,” the 31-year-old, who received a bye in the opening round, said. “And that’s what I did today.
“I went on court with the right intensity. I don’t know how many mistakes I made, but not many. I also had control, more or less, of a high percentage of the points. That was the way that I want to play.”
The Spaniard can reclaim the world number one ranking from Roger Federer if he wins a record-extending eighth title in Rome this week. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 16, 2018 Bosnia and Herzegovina’s Damir Dzumhur in action during his second round match against Spain’s Rafael Nadal REUTERS/Tony Gentile
Thiem, who finished runner-up in Madrid on Sunday, struggled to find his rhythm in a 6-4 1-6 6-3 defeat by Fabio Fognini.
World number 21 Fognini, backed by a partisan Italian crowd, frustrated Thiem with well-placed lobs and touch volleys and went on to record his first win over the Austrian in three meetings.
Novak Djokovic, a four-time winner in Rome, powered into the third round with a convincing 6-4 6-2 win over Georgian Nikoloz Basilashvili.
The Serb will have opportunity to reach his first quarter-final of the season on Thursday, when he faces Spain’s Albert Ramos-Vinolas.
Japan’s Kei Nishikori denied Grigor Dimitrov a 27th birthday win to progress to the third round, rallying back from a set down to beat the world number four 6-7(4) 7-5 6-4. Reporting by Hardik Vyas in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-rome-men/nadal-cruises-into-italian-open-third-round-thiem-exit-idUKKCN1IH2M4 |
May 10, 2018 / 11:34 AM / Updated 25 minutes ago UPDATE 2-Magna cautiously optimistic about NAFTA; raises profit forecast Reuters Staff 3 Min Read
(Adds CEO and CFO remarks from AGM, stock price)
May 10 (Reuters) - Magna International’s chief executive said on Thursday he was “cautiously optimistic” that talks to renegotiate NAFTA would result in a competitive trade deal, after the Canadian auto parts maker raised its full-year sales and profit forecasts.
Canadian, Mexican and U.S. officials have been locked in intense negotiations for more than eight months to modernize the North American Free Trade Agreement (NAFTA) but rules around automotive industry content have emerged as a key sticking point.
To be exempt from duties, the U.S. has argued that autos should be composed of 75 percent North American auto content, up from the current 62.5 percent.
While a higher North American content would benefit Magna as the region’s largest auto parts supplier, negotiators must also weigh carmakers’ needs, CEO Don Walker said.
“In theory, Magna is the biggest beneficiary because we’re the biggest supplier here,” he said. “But if it goes too high, that means the car companies say I can’t meet it.”
Walker told the company’s annual general meeting in Ontario that he was “cautiously optimistic” the talks would lead to a deal “that’s not too bureaucratic” and “keeps NAFTA competitive.”
Earlier, Magna reported higher-than-expected quarterly profit and raised its full-year sales target to $40.9 billion to $43.1 billion, up from its previous forecast range of $39.3 billion to $41.5 billion.
It forecast 2018 net income of $2.4 billion-$2.6 billion, slightly higher than its previous projection of $2.3 billion-$2.5 billion.
The company expects more than $6 billion in free cash flow between 2018 and 2020 amid higher revenues and lower capital expenditures, Magna Chief Financial Officer Vince Galifi said.
Magna shares were up 3.8 percent at C$81.13 in afternoon trading, while the benchmark Canada share index was up 0.5 percent. The stock has risen 13.6 percent this year, compared with a 1.8 percent fall in the benchmark index in the same period.
Magna expects to grow sales faster than vehicle production through 2020 as it launches new programs, such as its autonomous car agreement with Lyft, even as demand is expected to soften in the key North American market this year.
Sales at the business that assembles cars under contract from manufacturers rose more than three-fold to $1.66 billion in the first quarter ended March 31. (Reporting By Allison Lampert in Montreal and Ahmed Farhatha in Bengaluru; Editing by Saumyadeb Chakrabarty and Bernadette Baum) | ashraq/financial-news-articles | https://www.reuters.com/article/magna-intl-results/update-1-canadian-auto-parts-maker-magna-raises-2018-profit-sales-forecasts-idUSL3N1SH4RG |
Falling rates, big banks & your money 2 Hours Ago Christopher Whalen of Whalen Global Advisors breaks down how the Italian political turmoil weighs on bonds and banks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/falling-rates-big-banks-your-money.html |
May 10, 2018 / 12:13 PM / in 7 minutes BRIEF-Reliq Health Technologies Announces Strategic Partnership With ForaCare Inc Reuters Staff 1 Min Read
May 10 (Reuters) - Reliq Health Technologies Inc:
* RELIQ HEALTH TECHNOLOGIES ANNOUNCES STRATEGIC PARTNERSHIP WITH FORACARE INC. TO ENSURE HARDWARE AVAILABILITY FOR IUGO CARE CUSTOMERS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-reliq-health-technologies-announce/brief-reliq-health-technologies-announces-strategic-partnership-with-foracare-inc-idUSFWN1SH166 |
May 13, 2018 / 1:52 PM / Updated an hour ago Rhetoric over U.S. exit from Iran deal rises amid sanctions threat Valerie Volcovici , Richard Cowan 4 Min Read
WASHINGTON (Reuters) - The United States on Sunday threatened to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational. National Security Advisor John Bolton arrives before a joint news conference of U.S. President Donald Trump and Germany's Chancellor Angela Merkel in the East Room of the White House in Washington, U.S., April 27, 2018. REUTERS/Brian Snyder
White House National Security adviser John Bolton said U.S. sanctions on European companies that maintain business dealings with Iran were “possible,” but Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran.
Bolton struck a more hawkish tone with his comments in an interview with CNN’s “State of the Union” program than Pompeo did when he was interviewed on “Fox News Sunday.”
U.S. President Donald Trump on May 8 announced that the United States was withdrawing from a 2015 deal negotiated by the Obama administration.
So far, China, France, Russia, Britain, the European Union and Iran remain in the accord, which placed controls on Iran’s nuclear program and led to a relaxation of U.S. economic sanctions against Iran and companies doing business there.
Despite the U.S. exit, Britain and Iran on Sunday expressed their commitment to ensuring that the accord is upheld, according to a statement released by British Prime Minister Theresa May’s office.
And Germany said it will spend the next few months trying to persuade Washington to change its mind.
When asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: “It’s possible. It depends on the conduct of other governments.”
Pompeo said he was “hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behaviour, not just their nuclear program, but their missiles and their malign behaviour as well.” Related Coverage Germany sees difficulties in shielding firms after U.S. exits Iran deal ‘REGIME CHANGE’
The U.S. withdrawal from the Iran deal has upset Washington’s European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East.
Germany’s minister for economic affairs, Peter Altmaier, said on Sunday that Berlin will try to “persuade the U.S. government to change its behaviour.”
In an interview with ZDF public television, Altmaier noted the United States has set a 90-day deadline for foreign firms to comply with the return of sanctions and that this period can be used to convince Washington to change course.
Israel and Iran engaged in an extensive military exchange on the heels of Trump’s decision to leave the deal. On Saturday, French President Emmanuel Macron told Trump in a telephone call that he was worried about stability in the Middle East, according to Macron’s office.
As a private citizen, Bolton in the past has suggested that the United States push for a change in Iran’s government. But in an interview aired on the ABC’s “This Week” program, Bolton said, “That’s not the policy of the administration. The policy of the administration is to make sure that Iran never gets close to deliverable nuclear weapons.”
In the CNN interview, Bolton did not respond directly when asked whether Trump might seek “regime change” in Iran, or whether the U.S. military would be ordered to make a preemptive strike against any Iranian nuclear facility.
“I’m not the national security decision-maker,” Bolton said, adding that Trump “makes the decision and the advice that I give him is between us.”
When pressed by CNN on whether the Trump administration would sanction European firms that continue to do business with Iran, Bolton said, “I think the Europeans will see that it’s in their interest ultimately to come along with us.”
Bolton said Europe was still digesting Trump’s May 8 move.
“I think at the moment there’s some feeling in Europe - they’re really surprised we got out of it, really surprised at the reimposition of strict sanctions. I think that will sink in; we’ll see what happens then,” Bolton said. Reporting by Valerie Volcovici, Sarah N. Lynch and Richard Cowan in Washington and Michael Nienaber in Berlin; Editing by David Gregorio and Paul Simao | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear/u-s-sanctions-possible-on-european-companies-doing-business-with-iran-bolton-idUKKCN1IE0MO |
May 15, 2018 / 4:20 AM / Updated 31 minutes ago Australia central bank 'a source of stability' as banking scandal threatens households Swati Pandey 4 Min Read
SYDNEY (Reuters) - Damaging revelations of widespread misconduct in Australia’s banking sector could hurt house price growth and household spending, the country’s central bank said on Tuesday in a fresh signal that rates will stay at record lows for some time. FILE PHOTO: A worker walks past the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo
The Reserve Bank of Australia (RBA) inserted a new line in the minutes of its May policy meeting, saying “it would be appropriate to hold the cash rate steady and for the Reserve Bank to be a source of stability and confidence.”
“Members noted that a further tightening in lending standards in Australia, particularly in the context of the current high level of public scrutiny of banks, was possible, which would affect household borrowing and spending,” the RBA said.
Economists said the central bank may be trying to signal a steady policy path at a time when the quasi-judicial Royal Commission inquiry was unearthing years of malpractice and criminal behavior at the country’s largest financial firms.
“The new comment in the minutes...suggests that the RBA isn’t going to rock the boat by raising interest rates while the Royal Commission is questioning the behavior of the banks,” said Capital Economics chief economist Paul Dales.
“The new ‘stability and confidence’ comment imply that the RBA believes it has an extra role to play over and above setting policy according to the economic outlook.”
The RBA last cut rates to a historical low of 1.5 percent in August 2016, notching up the longest period without a change in modern history. Financial markets are wagering the steady spell could last well into 2019.
Overall credit growth has already slowed since last year thanks to macroprudential measures, but banks are seen further battening down the hatches as the Royal Commission reveals dodgy lending practices.
In a speech ahead of the minutes, RBA Deputy Governor Guy Debelle said the inquiry has more of an implication for house prices than it does for the outlook for consumption.
Home prices across Australia’s major cities have been falling since late last year with a marked pullback in demand in the once red-hot markets of Sydney and Melbourne. LOWER FOR LONGER
The current economic outlook does not warrant higher interest rates, as inflation remains below target and likely to stay subdued in the face of sluggish wage growth, the RBA said.
Growth in Australia’s A$1.8 trillion economy slowed to an annual 2.4 percent last year, in-part due to bad weather but the RBA has forecast activity to pick up to 3 percent or above over the next two years.
The RBA repeated that the board agreed there was not a “strong case” for a near-term adjustment in monetary policy.
Data out on Wednesday is likely to show wage growth stuck at record lows of around 2 percent, half the rate enjoyed by workers during the mining boom.
Debelle said there was a risk it may take a lower unemployment rate than currently expected to generate a sustained move higher.
Australia’s jobless rate has remained stubbornly stuck around 5.5 percent and levels of underemployment - those already working but wanting more hours - are near historical highs, a major factor weighing on wages.
“How much longer is wages growth going to remain at its current low rates?” Debelle said in the speech.
“The experience of other countries with labor markets closer to full capacity than Australia’s is that wages growth may remain lower than historical experience would suggest.” Reporting by Swati Pandey, Editing by Rosalba O'Brien & Shri Navaratnam | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-economy-rba/australia-central-bank-a-source-of-stability-as-banking-scandal-threatens-households-idUSKCN1IG0CZ |
ANCHORAGE, Alaska, April 30, 2018 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported profits grew 6% to $4.1 million, or $0.58 per diluted share, in the first quarter of 2018 compared to $3.8 million, or $0.55 per diluted share, in the first quarter of 2017. The increase in profits was supported by an increase in the net interest margin ("NIM"), which was boosted by the repricing of short-term investments at higher interest rates during the quarter, plus a significant benefit from lower tax rates effective for 2018.
“Our first quarter financial results reflect the stability and strength of our Alaska banking franchise, the benefits of rising interest rates on our investment portfolio, and the lower corporate tax rates enacted last year,” said Joe Schierhorn, President and CEO.
In the first quarter of 2018, $56.0 million of investments matured or repriced at current market rates. An additional $141.1 million will mature or reprice this year, which is 47% of the $303.1 million investment portfolio at quarter end. Of those securities that repriced in the first quarter of 2018, the average yield increased to 2.87% from 2.07%. As of March 31, 2018, the average yield of the investments that will mature and be repriced in the remainder of the year is 1.68%. Rates for new investment opportunities continue to rise and are expected to have a positive impact on the Bank’s short duration portfolio, going forward.
“As Alaska’s oil-price-driven recession begins to subside, the Northrim team continues to demonstrate the resilience of our banking model with solid profitability and moderate balance sheet growth,” Schierhorn continued. “We are pleased with our ability to expand the loan portfolio, despite normal maturities in the portfolio, as well as the lingering recession, and the seasonality of the Alaska economy. Growth of loans and deposits will continue to be a challenge, which we believe we can overcome with the planned investments in technology, recruiting and retaining business talent, and working to gain market share.”
First Quarter 2018 Highlights:
Total revenue, which includes net interest income plus other operating income, was $21.7 million in the first quarter of 2018, compared to $22.6 million in the fourth quarter of 2017, and $22.7 million in the first quarter a year ago.
— Community Banking contributed 76% to total revenues and 86% to net income in the first quarter of 2018.
— Home Mortgage Lending contributed 24% to total revenues and 14% to net income in the first quarter of 2018. Net interest income in the first quarter of 2018 increased 3% to $14.3 million from $13.8 million in the first quarter a year ago, mainly due to the higher yield on the investment portfolio, and was down 3% from $14.7 million in the preceding quarter due to a change in the mix of assets and a decline in average interest-earning assets. Operating net income* increased 28% to $4.1 million from $3.2 million in the preceding quarter and grew 1% from $4.0 million in the year ago quarter. Operating net income excludes one-time or non-operating items as detailed below. NIM tax equivalent* ("NIMTE") expanded to 4.33%, a 2 basis point improvement, compared to the preceding quarter and an 11 basis point improvement compared to the first quarter a year ago. Total portfolio loans grew 1% in both the quarter and year-over-year to $967.6 million with growth in commercial loans, which account for 33% of the portfolio. Non-owner occupied commercial real estate loans, which account for 41% of the portfolio, also increased from the prior quarter. Total deposits held steady during the quarter and increased 1% year-over-year with demand deposits growing to 34% of the portfolio and time deposits declining to 8% of total deposits. Northrim paid a quarterly cash dividend of $0.24 per share in March 2018, up from the $0.21 per share dividend paid in March 2017. The dividend provides an annual yield of approximately 2.73% at current market share prices. Book value per share increased 3% to $28.37 at the end of the first quarter of 2018 from $27.42 a year ago, while tangible book value per share* increased 4% to $26.01 at the end of the first quarter of 2018 from $25.06 a year ago. At quarter end total non-performing assets, net of government guarantees, decreased to $26.1 million, or 1.71% of assets compared to $28.7 million, or 1.89% of assets, at December 31, 2017, and increased from $18.4 million, or 1.22% of assets a year ago. Total adversely classified loans remained consistent at $34.9 million at quarter end, compared to $33.8 million at December 31, 2017 and $34.5 million a year ago. Following net charge-offs of $1.0 million in the first quarter of 2018, the allowance for loan losses to portfolio loans grew to 2.11% at March 31, 2018, compared to 2.07% a year ago. Northrim remains well-capitalized with Tier 1 Capital to Risk Adjusted Assets of 14.88%, total shareholders' equity to total assets of 12.79%, and tangible common equity to tangible assets* of 11.85% at March 31, 2018.
Financial Highlights Three Months Ended (Dollars in thousands, except per share data) March 31, 2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31, 2017 Total assets $1,524,741 $1,518,596 $1,522,784 $1,492,603 $1,506,356 Total portfolio loans $967,575 $954,953 $988,490 $990,380 $959,946 Average portfolio loans $955,718 $980,351 $1,003,751 $969,051 $970,493 Total deposits $1,260,790 $1,258,283 $1,258,317 $1,234,310 $1,247,073 Average deposits $1,233,745 $1,254,566 $1,262,808 $1,244,583 $1,230,947 Total shareholders' equity $194,973 $192,802 $194,427 $191,777 $189,452 Net income attributable to Northrim BanCorp $4,062 $214 $5,523 $3,589 $3,825 Operating net income* $4,062 $3,181 $3,100 $3,962 $4,005 Diluted earnings per share $0.58 $0.03 $0.79 $0.51 $0.55 Operating diluted earnings per share* $0.58 $0.46 $0.45 $0.57 $0.57 Return on average assets 1.10 % 0.06 % 1.44 % 0.96 % 1.04 % Operating return on average assets* 1.10 % 0.83 % 0.81 % 1.05 % 1.09 % Return on average shareholders' equity 8.43 % 0.43 % 11.25 % 7.43 % 8.30 % Operating return on average shareholders' equity* 8.43 % 6.40 % 6.32 % 8.21 % 8.69 % Net interest margin ("NIM") 4.28 % 4.25 % 4.28 % 4.20 % 4.15 % Tax equivalent NIM* 4.33 % 4.31 % 4.34 % 4.26 % 4.22 % Efficiency ratio 77.22 % 80.92 % 61.40 % 76.99 % 72.96 % Operating efficiency ratio* 77.22 % 78.74 % 71.26 % 74.36 % 71.62 % Total shareholders' equity/total assets 12.79 % 12.70 % 12.77 % 12.85 % 12.58 % Tangible common equity/tangible assets* 11.85 % 11.75 % 11.83 % 11.89 % 11.62 % Book value per share $28.37 $28.06 $28.37 $27.75 $27.42 Tangible book value per share* $26.01 $25.70 $26.00 $25.40 $25.06 Dividends per share $0.24 $0.22 $0.22 $0.21 $0.21 * References to operating net income, operating diluted earnings per share, operating return on average assets, operating return on average shareholders' equity, tax equivalent NIM, operating efficiency ratio, tangible book value per share, tangible common equity and tangible assets (all of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures. “Over the past few quarters, we have booked a number of unusual gains and charges, particularly the expense for the revaluation of our deferred tax assets (DTA) at the end of 2017,” said Jed Ballard, Chief Financial Officer. “The first quarter of 2018 was the first period in six quarters where there were no one-time or non-operating items on the income statement.” Those items that impacted prior quarterly comparisons are summarized in the following table for the periods presented.
Three Months Ended (Dollars in thousands, except per share data) March 31,
2018 December 31,
2017 September
30, 2017 June 30, 2017 March 31,
2017 Net income attributable to Northrim BanCorp $4,062 $214 $5,523 $3,589 $3,825 Impact of one-time and other non-operating items: Gain on sale of Northrim Benefits Group — (2 ) (4,443 ) — — Core conversion costs — — 179 633 131 Writedown minority interest in equity method investment — 686 — — — Compensation expense, net RML acquisition payments — (193 ) 149 — 174 Provision for income taxes related to above one-time items — (202 ) 1,692 (260 ) (125 ) Provision for income taxes, change in DTA valuation — 2,678 — — — Operating net income* $4,062 $3,181 $3,100 $3,962 $4,005 Average diluted shares 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Operating diluted earnings per share* $0.58 $0.46 $0.45 $0.57 $0.57 Alaska Economic Update
(Note: sources for information included in this section are included on page 10.)
Alaska has generated three consecutive quarters of Gross State Product growth, due in large part to the recent increases in the price of oil. Employment remains challenging, as February 2018 marked the 29 th consecutive month of job losses, with wages falling 3.6% in the third quarter of 2017 (the most recent data available). Despite falling wages and employment throughout most of the state, home values remain stable and foreclosure rates are among the lowest in the country.
“We are concerned that the State continues to lose jobs, but heartened by recent oil discoveries on the North Slope that could result in meaningful increases in oil production in the future,” Schierhorn noted.
Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com , or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form a part of this press release.
Review of Income Statement
Consolidated Income Statement
In the first quarter of 2018, Northrim generated a return on average assets ("ROAA") of 1.10% and a return on average equity ("ROAE") of 8.43%, compared to 1.04% and 8.30%, respectively in the first quarter of 2017. These results were above the average 0.85% ROAA and the 7.96% ROAE posted by the 148 banks that make up the SNL U.S. Bank Index with assets between $1 billion and $5 billion as of December 31, 2017. NIM and NIMTE* for the first quarter of 2018 were 4.28% and 4.33%, respectively, compared to 3.62% NIMTE* for the index peers 1 .
1 As of December 31, 2017, the SNL US Bank Index tracked 148 banks with assets between $1 billion and $5 billion with averages for the following ratios: NIM (tax equivalent) 3.62%, loan loss reserves to gross loans of 0.93%, return on average assets (ROAA) 0.85%, and return on average equity (ROAE) 7.96%. Net Interest Income/Net Interest Margin
Net interest income grew 3% to $14.3 million in the first quarter of 2018 compared to $13.8 million in the first quarter of 2017 and was down 3% from $14.7 million in the fourth quarter of 2017.
NIMTE* was 4.33% in the first quarter of 2018 compared to 4.31% in the preceding quarter and 4.22% from the same quarter a year ago. Higher total interest income, coupled with lower total interest expense, contributed to the increases in net interest income and NIMTE* in the first quarter of 2018 compared to the first quarter of 2017. Net interest income declined and NIMTE* increased in the first quarter of 2018 compared to the fourth quarter of 2017 primarily due to lower average earning-asset balances and a less favorable mix. The cost of funds was stable in the first quarter of 2018 compared to the preceding quarter and declined compared to the same quarter last year.
In August 2017, Northrim redeemed $8.0 million in junior subordinated debt held at Northrim Capital Trust 1. This liability bore interest at a floating rate of 90-day LIBOR plus 3.15%, or 4.33% at the time it was redeemed, and had a final maturity of May 15, 2033. Interest expense on this debt in 2017 through the date of redemption on August 15, 2017 averaged $84,800 per quarter. This redemption decreased Tier 1 Capital to Risk Adjusted Assets and Total Capital to Risk Adjusted Assets by 62 basis points each. An interest rate swap executed in September 2017 effectively converted the floating rate of interest on the remaining $10.0 million in outstanding junior subordinated debt from 90-day LIBOR plus 1.37%, or 3.4% as of March 31, 2018, to a fixed rate of 3.72% through the junior subordinated debt's final maturity date of March 15, 2036. In the first quarter of 2018, the hedge was effective in offsetting the unrealized losses on this debt.
“As expected, the repayment of one of our higher-cost floating rate liabilities, completed in August of 2017, helped reduce interest expense on borrowings by 4% in the quarter and 14% year over year, and provided further benefits to the net interest margin,” said Jed Ballard, Chief Financial Officer.
“As we anticipated at the beginning of the year, NIM has increased during the quarter, and we expect it will continue to increase throughout 2018. With the expectation of further interest rate increases, we anticipate benefiting from the repricing of our loan portfolio and also our short duration investment portfolio, where $141 million in securities will be either maturing or repricing during the remainder of 2018," Ballard continued.
The components of the change in NIMTE are detailed in the table below:
1Q18 vs. 4Q17 1Q18 vs. 1Q17 Nonaccrual interest adjustments 0.01 % (0.01 )% Interest rates and loan fees 0.05 % 0.14 % Volume and mix of interest-earning assets (0.04 )% (0.02 )% Change in NIMTE* 0.02 % 0.11 % Provision for Loan Losses
There was no provision for loan losses in the first quarter of 2018 primarily due to decreases in nonperforming loans. The decrease in the reserve on impaired loans is the result of charge-offs, net of newly impaired loans.
The allowance for loan losses was 110% of nonperforming loans, net of government guarantees, at March 31, 2018.
Other Operating Income
In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities. It provides financial services to businesses and individuals through these interests, including purchased receivables financing and wealth management. Other operating income contributed $7.5 million, or 34% of total first quarter revenues. as compared to $8.0 million, or 35% of revenues in the fourth quarter of 2017, and $8.9 million, or 39% of revenues in the first quarter of 2017.
Total other operating income declined 6% to $7.5 million in the first quarter of 2018 and 16% year-over-year, reflecting the slowing mortgage market. Partially offsetting this decline was the improvement in purchased receivable income, which grew 11% to $840,000 from $758,000 in the preceding quarter and 22% from $689,000 in the first quarter a year ago.
In August 2017, Northrim sold its interest in Northrim Benefits Group ("NBG") recognizing a gain of $4.4 million, or $2.6 million net of tax. There was no income from NBG in either the first quarter of 2018 or the fourth quarter of 2017, compared to $936,000 in the first quarter a year ago.
Other Operating Expenses
Operating expenses were $16.8 million in the first quarter 2018, compared to $18.3 million in the fourth quarter of 2017 and $16.6 million in the first quarter of 2017. Higher data processing expenses during the first quarter of 2018, compared to prior quarters, was offset by lower salaries and benefits. Items impacting the comparative periods include a $686,000 write down of the carrying value of the Company's minority ownership interest in another mortgage origination business in the fourth quarter of 2017, a $563,000 write down on one land development project included in other real estate owned ("OREO") in the fourth quarter of 2017, and the changes in compensation expense related to the acquisition of RML that fluctuate with expected earnings from RML for all periods. In addition, $131,000 of one-time costs related to the core conversion were recorded in the first quarter of 2017.
“During the first quarter, we updated and enhanced our profit sharing program and increased the 401K matching benefit for all employees,” said Ballard. “These benefit programs improve our competitive position in the market for skilled banking professionals, and align our benefits to incentivize profitable growth, but will not materially increase overhead costs. We continue to work to be the employer of choice in our markets, and these benefit improvements are consistent with that goal.”
Community Banking
“We continue to invest in our Alaska franchise and are well positioned to capitalize on long-term opportunities in the market,” said Schierhorn. “We opened a loan production office in Soldotna on the Kenai Peninsula, expanding on the strong market presence established by our mortgage subsidiary. In addition, we have plans for additional branch enhancements in the future.”
Net interest income in the Community Banking segment increased 4% to $14.0 million in the first quarter of 2018 from $13.5 million in the first quarter of 2017.
The following table provides highlights of the Community Banking segment of Northrim, and detail significant one-time and other non-operating items impacting the periods presented:
Three Months Ended (Dollars in thousands, except per share data) March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Net interest income $14,036 $14,381 $14,566 $13,952 $13,549 Provision for loan losses — — 2,500 300 400 Other operating income 2,518 2,685 7,635 3,412 3,455 Compensation expense, net RML acquisition payments — (193 ) 149 — 174 Other operating expense 12,394 13,113 12,252 13,284 11,622 Income before provision for income taxes 4,160 4,146 7,300 3,780 4,808 Provision for income taxes 659 4,754 2,452 871 1,422 Net income 3,501 (608 ) 4,848 2,909 3,386 Less: net income attributable to the noncontrolling interest — — 78 152 97 Net income attributable to Northrim BanCorp $3,501 ($608 ) $4,770 $2,757 $3,289 Average diluted shares 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Diluted earnings per share $0.50 ($0.09 ) $0.69 $0.39 $0.47
Three Months Ended (Dollars in thousands, except per share data) March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Net income attributable to Northrim BanCorp $3,501 ($608 ) $4,770 $2,757 $3,289 Impact of one-time and other non-operating items: Gain on sale of Northrim Benefits Group — (2 ) (4,443 ) — — Core conversion costs — — 179 633 131 Compensation expense, net RML acquisition payments — (193 ) 149 — 174 Provision for income taxes related to above items — 80 1,692 (260 ) (125 ) Provision for income taxes, change in DTA valuation — 3,411 — — — Operating net income* $3,501 $2,688 $2,347 $3,130 $3,469 Average diluted shares 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Operating diluted earnings per share* $0.50 $0.39 $0.34 $0.45 $0.50 Home Mortgage Lending
“The mortgage market continues to be a profitable segment in our business, although activity has slowed as the Alaska housing market normalizes. Loans funded in the first quarter of 2018 were down 18% in the quarter as compared to the prior quarter and 5% year-over year, reflecting the general slowing of the Alaska economy, rising interest rates and normal market cycles,” said Ballard. “As the recessionary pressures in the economy ease, we anticipate mortgage activity will gradually improve. In the meantime, the operating expenses are being actively and carefully controlled to improve efficiency and profitability in this part of our business.”
“Our mortgage servicing business, which was initiated in the fourth quarter of 2015 to service loans for the Alaska Housing Finance Corporation, continues to grow,” Ballard continued. “Northrim now services 1,761 loans in its $439.6 million home mortgage servicing portfolio, which is a 43% increase from the $307.5 million serviced a year ago.” Mortgage servicing contributed $1.2 million to first quarter of 2018 and $1.4 million to the first quarter of 2017 revenues. Total mortgage servicing income fluctuates based on the amount of mortgage servicing rights originated during the period, and also based on changes in the fair value of mortgage servicing rights, which are driven by interest rate volatility and fluctuations in estimated prepayment speeds, which are based on published industry metrics.
Lastly, the $686,000 pre-tax write down of the carrying value of the Company's minority ownership interest in another mortgage origination business was recorded in the fourth quarter of 2017.
The following table provides highlights of the Home Mortgage Lending segment of Northrim:
Three Months Ended (Dollars in thousands, except per share data) March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Mortgage commitments $64,819 $43,602 $68,601 $80,068 $67,589 Mortgage loans funded for sale $109,069 $132,606 $162,470 $143,944 $115,058 Mortgage loan refinances to total fundings 18 % 17 % 12 % 12 % 24 % Mortgage loans serviced for others $439,561 $406,291 $362,983 $332,485 $307,502 Net realized gains on mortgage loans sold $3,346 $4,084 $5,218 $4,990 $3,721 Change in fair value of mortgage loan commitments, net 316 (551 ) (23 ) 299 128 Total production revenue 3,662 3,533 5,195 5,289 3,849 Mortgage servicing revenue 1,183 1,450 997 838 1,153 Change in fair value of mortgage servicing rights, net 2 (26 ) 64 (296 ) (48 ) 282 Total mortgage servicing revenue, net 1,157 1,514 701 790 1,435 Other mortgage banking revenue 125 220 323 272 166 Total mortgage banking income $4,944 $5,267 $6,219 $6,351 $5,450 Net interest income $227 $303 $352 $291 $284 Provision for loan losses — — — — — Other operating income 4,944 5,267 6,219 6,351 5,450 Other operating expense 4,401 5,417 5,290 5,226 4,819 Income before provision for income taxes 770 153 1,281 1,416 915 Provision for income taxes 209 (669 ) 528 584 379 Net income attributable to Northrim BanCorp $561 $822 $753 $832 $536 Average diluted shares 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Diluted earnings per share $0.08 $0.12 $0.11 $0.12 $0.08 2 Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates, net of collection/realization of expected cash flows over time.
Three Months Ended (Dollars in thousands, except per share data) March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Net income attributable to Northrim BanCorp $561 $822 $753 $832 $536 Impact of one-time and other non-operating items: Writedown minority interest in equity method investment — 686 — — — Provision for income taxes related to above items — (282 ) — — — Provision for income taxes, change in DTA valuation — (733 ) — — — Operating net income* $561 $493 $753 $832 $536 Average diluted shares 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Operating diluted earnings per share* $0.08 $0.07 $0.11 $0.12 $0.08 Balance Sheet Review
Northrim’s total assets were $1.52 billion at March 31, 2018, virtually unchanged from both preceding and year ago quarters. Average interest earning assets were also relatively unchanged from a year ago and down 1% from the fourth quarter of 2017.
Average investment securities increased 9% in the first quarter of 2018 from the year ago quarter and decreased 3% from the fourth quarter of 2017. The investment portfolio generated an average net tax equivalent yield of 1.85% for the first quarter of 2018, up from 1.77% in the preceding quarter and 1.59% a year ago. The average estimated duration of the investment portfolio was 22 months, at March 31, 2018, which is expected to generate improvement in yields as securities reprice in this rising interest rate environment.
Loans held for sale decreased 6% to $41.2 million in the first quarter of 2018 compared to the preceding quarter and increased 46% from the same quarter a year ago, primarily reflecting the seasonality of the mortgage business and the volatility of demand for home loans in the Alaska marketplace.
Portfolio loans were up 1% to $967.6 million at the end of the first quarter of 2018 compared to both the preceding and year ago quarters. Average portfolio loans in the first quarter of 2018 were $955.7 million, down 2% from a year ago and 3% from the preceding quarter. Seasonality, the slowing Alaska economy, and some larger loan payoffs contributed to moderate declines in average balances in all loan categories for the quarter.
Alaskans account for substantially all of Northrim’s deposit base, which is primarily made up of low-cost transaction accounts. Balances in transaction accounts at March 31, 2018, represented 92% of total deposits. At March 31, 2018, total deposits were $1.26 billion, unchanged from the immediate prior quarter end and up from $1.25 billion a year ago. Average interest-bearing deposits were stable in the first quarter compared to the preceding quarter and up 2% from a year ago.
Shareholders’ equity increased 3% to $195.0 million, or $28.37 per share, at March 31, 2018, compared to $189.5 million, or $27.42 per share, a year ago. Tangible book value per share* was $26.01 at March 31, 2018, compared to $25.06 per share a year ago. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” under the Basel III and Dodd Frank regulatory standards with Tier 1 Capital to Risk Adjusted Assets of 14.88% at March 31, 2018. “The repayment of the $8 million in junior subordinated debt in August 2017 brought our capital ratios down, which is expected to improve profitability without reducing liquidity significantly,” said Schierhorn.
Asset Quality
Nonperforming assets ("NPAs"), net of government guarantees, decreased to $26.1 million at March 31, 2018, compared to $28.7 million at the end of the preceding quarter reflecting $2.0 million in payments and $1.1 million in charge-offs. NPAs increased from $18.4 million at March 31, 2017, primarily due to the addition of one $7.1 million commercial loan to nonaccrual loans. Of the NPAs, $17.9 million or 68% are nonaccrual loans related to four commercial relationships. Two of these relationships, which total $9.1 million at the end of the first quarter, are businesses in the medical industry.
Adversely classified loans, net of government guarantees, were $34.9 million at the end of the first quarter of 2018 as compared to $33.8 million at the end of the fourth quarter of 2017 and $34.5 million one year ago. Charge-offs in the first quarter of 2018 were $1.1 million compared to minimal charge-offs in prior quarters. “The charge-offs in the first quarter related primarily to loans in the health care industry and not the oil sector,” said Ballard.
The following table details loan charge-offs, by industry:
(Dollars in thousands) Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Charge-offs: Transportation and warehousing $— $24 $339 $— $250 Other services — 5 48 — — Retail trade — — — 202 12 News media — — 731 — — Health care and social assistance 965 — — — — Consumer 139 26 85 5 17 Total charge-offs $1,104 $55 $1,203 $207 $279 Performing restructured loans that were not included in nonaccrual loans at the end of the first quarter of 2018 were $9.2 million, up from $7.7 million in the preceding quarter and $6.3 million a year ago. The increase in the first quarter of 2018 compared to the year ago quarter is primarily due to the addition of two commercial relationships. Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, term extensions, or payment alterations are categorized as restructured loans. The Company presents restructured loans that are performing separately from those that are classified as nonaccrual to provide more information on this category of loans and to differentiate between accruing performing and nonperforming restructured loans.
Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. As of March 31, 2018, $29.1 million, or 83% of adversely classified loans net of government guarantees are attributable to six relationships in the following sectors; three commercial businesses, two medical businesses, and one oilfield services commercial business.
Northrim estimates that $63.6 million, or approximately 7% of portfolio loans as of March 31, 2018, had direct exposure to the oil and gas industry in Alaska, and $4.1 million of these loans are adversely classified. Northrim has an additional $45.8 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and none of these unfunded commitments are considered to be adversely classified loans. “We continue to have no loans to oil producers or exploration companies,” added Ballard. “We define direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that we have identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.”
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 14 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, and Sitka serving 90% of Alaska’s population; and an asset based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.
www.northrim.com
Forward-Looking Statement
This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: our ability to maintain strong asset quality and to maintain or expand our market share or net interest margins; and our ability to execute our business plan. Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy as those factors relate to our cost of funds and return on assets. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
References:
http://labor.alaska.gov/trends/apr18.pdf#cover
Income Statement (Dollars in thousands, except per share data) Three Months Ended (Unaudited) March 31, December 31, Three Month March 31, Year-
Over-Year 2018 2017 % Change 2017 % Change Interest Income: Interest and fees on loans $13,263 $13,861 -4 % $13,238 — % Interest on portfolio investments 1,348 1,168 15 % 1,179 14 % Interest on deposits in banks 184 203 -9 % 48 283 % Total interest income 14,795 15,232 -3 % 14,465 2 % Interest Expense: Interest expense on deposits 372 382 -3 % 445 -16 % Interest expense on borrowings 160 166 -4 % 187 -14 % Total interest expense 532 548 -3 % 632 -16 % Net interest income 14,263 14,684 -3 % 13,833 3 % Provision for loan losses — — — % 400 -100 % Net interest income after provision for loan losses 14,263 14,684 -3 % 13,433 6 % Other Operating Income: Mortgage banking income 4,944 5,267 -6 % 5,450 -9 % Purchased receivable income 840 758 11 % 689 22 % Bankcard fees 625 694 -10 % 581 8 % Service charges on deposit accounts 354 360 -2 % 439 -19 % Gain on sale of securities — — NM 14 -100 % Gain on sale of Northrim Benefits Group — 2 NM — 0 % Employee benefit plan income — — — % 936 -100 % Other income 699 871 -20 % 796 -12 % Total other operating income 7,462 7,952 -6 % 8,905 -16 % Other Operating Expense: Salaries and other personnel expense 10,585 10,971 -4 % 10,842 -2 % Occupancy expense 1,700 1,761 -3 % 1,621 5 % Data processing expense 1,548 1,340 16 % 1,247 24 % Marketing expense 632 833 -24 % 510 24 % Professional and outside services 499 457 9 % 622 -20 % Insurance expense 296 239 24 % 253 17 % OREO expense, net rental income and gains on sale 103 621 -83 % 177 -42 % Intangible asset amortization expense 18 21 -14 % 26 -31 % Compensation expense, net RML acquisition payments — (193 ) NM 174 -100 % Other operating expense 1,414 2,287 -38 % 1,143 24 % Total other operating expense 16,795 18,337 -8 % 16,615 1 % Income before provision for income taxes 4,930 4,299 15 % 5,723 -14 % Provision for income taxes 868 4,085 -79 % 1,801 -52 % Net income 4,062 214 1,798 % 3,922 4 % Less: Net income attributable to the noncontrolling interest — — — % 97 -100 % Net income attributable to Northrim BanCorp $4,062 $214 1,798 % $3,825 6 % Basic EPS $0.59 $0.03 1,867 % $0.55 7 % Diluted EPS $0.58 $0.03 1,833 % $0.55 5 % Average basic shares 6,871,963 6,865,753 0 % 6,909,780 -1 % Average diluted shares 6,968,082 6,963,125 0 % 6,993,726 0 %
Balance Sheet (Dollars in thousands) (Unaudited) March 31, December 31, Three Month March 31, One Year 2018 2017 % Change 2017 % Change Assets: Cash and due from banks $15,170 $25,016 -39 % $36,729 -59 % Interest bearing deposits in other banks 68,792 52,825 30 % 44,203 56 % Investment securities available for sale 297,573 312,750 -5 % 319,459 -7 % Marketable securities 5,527 — 100 % — 100 % Investment in Federal Home Loan Bank stock 2,105 2,115 0 % 1,993 6 % Loans held for sale 41,216 43,979 -6 % 28,268 46 % Portfolio loans 967,575 954,953 1 % 959,946 1 % Allowance for loan losses (20,449 ) (21,461 ) -5 % (19,893 ) 3 % Net portfolio loans 947,126 933,492 1 % 940,053 1 % Purchased receivables, net 19,412 22,231 -13 % 14,485 34 % Mortgage servicing rights 8,039 7,305 10 % 5,325 51 % Other real estate owned, net 8,815 8,651 2 % 5,802 52 % Premises and equipment, net 37,331 37,867 -1 % 39,682 -6 % Goodwill and intangible assets 16,207 16,224 0 % 16,298 -1 % Other assets 57,428 56,141 2 % 54,059 6 % Total assets $1,524,741 $1,518,596 0 % $1,506,356 1 % Liabilities: Demand deposits $433,046 $414,686 4 % $421,867 3 % Interest-bearing demand 244,601 252,009 -3 % 194,414 26 % Savings deposits 246,981 247,458 0 % 252,218 -2 % Money market deposits 239,242 243,603 -2 % 244,881 -2 % Time deposits 96,920 100,527 -4 % 133,693 -28 % Total deposits 1,260,790 1,258,283 0 % 1,247,073 1 % Securities sold under repurchase agreements 31,018 27,746 12 % 31,783 -2 % Other borrowings 7,338 7,362 0 % 4,326 70 % Junior subordinated debentures 10,310 10,310 — % 18,558 -44 % Other liabilities 20,312 22,093 -8 % 20,742 -2 % Total liabilities 1,329,768 1,325,794 0 % 1,322,482 1 % Shareholders' Equity: Northrim BanCorp shareholders' equity 194,973 192,802 1 % 189,324 3 % Noncontrolling interest — — — % 128 -100 % Total shareholders' equity 194,973 192,802 1 % 189,452 3 % Total liabilities and shareholders' equity $1,524,741 $1,518,596 0 % $1,511,934 1 % Additional Financial Information
(Dollars in thousands)
(Unaudited)
Composition of Portfolio Investments March 31, 2018 December 31, 2017 March 31, 2017 Balance % of
total Balance % of
total Balance % of
total U.S. Treasury securities $49,603 16.4 % $49,877 15.9 % $30,082 9.3 % U.S. Agency securities 193,715 63.9 % 199,583 63.9 % 230,553 70.9 % U.S. Agency mortgage-backed securities — 0.0 % — 0.0 % 1 — % Corporate securities 39,996 13.2 % 42,863 13.7 % 45,434 14.0 % Collateralized loan obligations 6,010 2.0 % 6,005 1.9 % — — % Alaska municipality, utility, or state bonds 9,160 3.0 % 9,752 3.1 % 14,181 4.4 % Other municipality, utility, or state bonds 4,616 1.5 % 4,670 1.5 % 4,786 1.5 % Total portfolio investments $303,100 $312,750 $325,037
Composition of Portfolio Loans March 31, 2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31, 2017 Balance % of
total Balance % of
total Balance % of
total Balance % of
total Balance % of
total Commercial loans $316,081 33 % $313,514 33 % $315,226 32 % $309,177 31 % $275,463 29 % CRE owner occupied loans 132,589 14 % 132,041 14 % 134,994 14 % 139,414 14 % 140,039 15 % CRE nonowner occupied loans 395,915 41 % 359,725 38 % 386,137 38 % 401,493 40 % 408,292 42 % Construction loans 85,257 9 % 111,294 12 % 111,427 11 % 98,713 10 % 94,004 10 % Consumer loans 41,841 3 % 42,535 3 % 44,681 5 % 45,727 5 % 46,541 4 % Subtotal 971,683 959,109 992,465 994,524 964,339 Unearned loan fees, net (4,108 ) (4,156 ) (3,975 ) (4,144 ) (4,393 ) Total portfolio loans $967,575 $954,953 $988,490 $990,380 $959,946
Composition of Deposits March 31, 2018 December 31, 2017 September 30,
2017 June 30, 2017 March 31, 2017 Balance % of
total Balance % of
total Balance % of
total Balance % of
total Balance % of
total Demand deposits $433,046 34 % $414,686 33 % $426,946 34 % $395,310 32 % $421,867 33 % Interest-bearing demand 244,601 19 % 252,009 20 % 240,274 19 % 231,073 19 % 194,414 16 % Savings deposits 246,981 20 % 247,458 20 % 251,266 20 % 249,275 20 % 252,218 20 % Money market deposits 239,242 19 % 243,603 19 % 233,768 19 % 231,780 19 % 244,881 20 % Time deposits 96,920 8 % 100,527 8 % 106,063 8 % 126,872 10 % 133,693 11 % Total deposits $1,260,790 $1,258,283 $1,258,317 $1,234,310 $1,247,073 Additional Financial Information
(Dollars in thousands)
(Unaudited)
Asset Quality March 31, December 31, March 31, 2018 2017 2017 Nonaccrual loans $18,895 $21,626 $13,513 Loans 90 days past due and accruing 84 252 588 Total nonperforming loans 18,979 21,878 14,101 Nonperforming loans guaranteed by government (412 ) (467 ) (1,478 ) Net nonperforming loans 18,567 21,411 12,623 Other real estate owned 8,815 8,651 5,802 Other real estate owned guaranteed by government (1,280 ) (1,333 ) — Net nonperforming assets $26,102 $28,729 $18,425 Nonperforming loans / portfolio loans, net of government guarantees 1.92 % 2.24 % 1.31 % Nonperforming assets / total assets, net of government guarantees 1.71 % 1.89 % 1.22 % Performing restructured loans $9,162 $7,668 $6,290 Nonperforming loans plus performing restructured loans, net of government guarantees $27,729 $29,079 $18,913 Nonperforming loans plus performing restructured loans / portfolio loans, net of government guarantees 2.87 % 3.05 % 1.97 % Nonperforming assets plus performing restructured loans / total assets, net of government guarantees 2.31 % 2.40 % 1.64 % Adversely classified loans, net of government guarantees $34,934 $33,845 $34,489 Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans 0.92 % 0.22 % 0.21 % Allowance for loan losses / portfolio loans 2.11 % 2.25 % 2.07 % Allowance for loan losses / nonperforming loans, net of government guarantees 110 % 100 % 158 % Gross loan charge-offs for the quarter $1,104 $55 $279 Gross loan recoveries for the quarter ($92 ) ($53 ) ($75 ) Net loan charge-offs for the quarter $1,012 $2 $204 Net loan charge-offs for the quarter / average loans, for the quarter 0.11 % 0.00 % 0.02 % Additional Financial Information
(Dollars in thousands)
(Unaudited)
Nonperforming Assets Rollforward Balance at Additions Payments Writedowns Transfers to Transfers to Sales Balance at December
31, 2017 this
quarter this
quarter /Charge-
offs
this quarter OREO Performing
Status
this quarter this
quarter March 31,
2018 Commercial loans $20,157 $69 ($1,993 ) ($965 ) $— $— $— $17,268 Commercial real estate 1,331 — — — — — — 1,331 Construction loans — — — — — — — — Consumer loans 390 457 (93 ) (139 ) (235 ) — — 380 Non-performing loans guaranteed by government (467 ) — 55 — — — — (412 ) Total non-performing loans 21,411 526 (2,031 ) (1,104 ) (235 ) — — 18,567 Other real estate owned 8,651 235 — — — — (71 ) 8,815 Other real estate owned guaranteed by government (1,333 ) — — — — — 53 (1,280 ) Total non-performing assets, net of government guarantees $28,729 $761 ($2,031 ) ($1,104 ) ($235 ) $— ($18 ) $26,102 Additional Financial Information
(Dollars in thousands)
(Unaudited)
Average Balances, Yields, and Rates Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Average Average Average Average Tax
Equivalent Average Tax
Equivalent Average Tax
Equivalent Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate Assets Interest bearing deposits in other banks $48,177 1.53 % $61,030 1.30 % $23,490 0.81 % Portfolio investments 314,099 1.85 % 287,393 1.77 % 323,753 1.59 % Loans held for sale 34,503 3.73 % 43,259 4.28 % 34,435 3.95 % Portfolio loans 955,718 5.52 % 980,351 5.45 % 970,493 5.44 % Total interest-earning assets 1,352,497 4.49 % 1,372,033 4.46 % 1,352,171 4.40 % Nonearning assets 141,588 147,832 139,405 Total assets $1,494,085 $1,519,865 $1,491,576 Liabilities and Shareholders' Equity Interest-bearing deposits $829,545 0.18 % $829,295 0.18 % $814,232 0.22 % Borrowings 46,263 1.38 % 48,376 1.35 % 52,579 1.40 % Total interest-bearing liabilities 875,808 0.25 % 877,671 0.25 % 866,811 0.29 % Noninterest-bearing demand deposits 404,200 425,271 416,715 Other liabilities 18,581 19,857 21,090 Shareholders' equity 195,496 197,066 186,960 Total liabilities and shareholders' equity $1,494,085 $1,519,865 $1,491,576 Net spread 4.24 % 4.21 % 4.11 % Net interest margin ("NIM") 4.28 % 4.25 % 4.15 % Tax equivalent NIM* 4.33 % 4.31 % 4.22 % Average portfolio loans to average interest-earning assets 70.66 % 71.45 % 71.77 % Average portfolio loans to average total deposits 77.46 % 78.14 % 78.84 % Average non-interest deposits to average total deposits 32.76 % 33.90 % 33.85 % Average interest-earning assets to average interest-bearing liabilities 154.43 % 156.33 % 155.99 % Additional Financial Information
(Dollars in thousands)
(Unaudited)
Capital Data (At quarter end) March 31, 2018 December 31, 2017 March 31, 2017 Book value per share $28.37 $28.06 $27.42 Tangible book value per share* $26.01 $25.70 $25.06 Total shareholders' equity/total assets 12.79 % 12.70 % 12.58 % Tangible Common Equity/Tangible Assets* 11.85 % 11.75 % 11.62 % Tier 1 Capital / Risk Adjusted Assets 14.88 % 14.65 % 15.19 % Total Capital / Risk Adjusted Assets 16.14 % 15.90 % 16.44 % Tier 1 Capital / Average Assets 12.82 % 12.41 % 12.95 % Shares outstanding 6,871,963 6,871,963 6,909,865 Unrealized loss on AFS debt securities, net of income taxes ($1,530 ) ($454 ) ($31 ) Unrealized gain on derivatives and hedging activities $651 $184 $— Additional Financial Information
(Dollars and shares in thousands)
(Unaudited)
Profitability Ratios March 31,
2018 December
31, 2017 September 30,
2017 June 30, 2017 March 31,
2017 For the quarter: Net interest margin ("NIM") 4.28 % 4.25 % 4.28 % 4.20 % 4.15 % Tax equivalent NIM* 4.33 % 4.31 % 4.34 % 4.26 % 4.22 % Efficiency ratio 77.22 % 80.92 % 61.40 % 76.99 % 72.96 % Return on average assets 1.10 % 0.06 % 1.44 % 0.96 % 1.04 % Return on average equity 8.43 % 0.43 % 11.25 % 7.43 % 8.30 % *Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)
Tax equivalent NIM
Tax equivalent NIM is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in 2018 and 41.11% in 2017. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of tax equivalent NIM to net interest margin.
Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Net interest income $14,263 $14,684 $14,917 $14,244 $13,833 Divided by average interest-bearing assets 1,352,497 1,372,033 1,383,252 1,360,961 1,352,171 Net interest margin ("NIM") 2 4.28 % 4.25 % 4.28 % 4.20 % 4.15 % Net interest income $14,263 $14,684 $14,917 $14,244 $13,833 Plus: reduction in tax expense related to tax-exempt interest income 173 204 220 224 224 $14,436 $14,888 $15,137 $14,468 $14,057 Divided by average interest-bearing assets 1,352,497 1,372,033 1,383,252 1,360,961 1,352,171 Tax equivalent NIM 3 4.33 % 4.31 % 4.34 % 4.26 % 4.22 % 3 Calculated using actual days in the quarter divided by 365 for quarters ended in 2018 and 2017.
Tangible Book Value
Tangible book value is a non-GAAP measure defined as shareholders' equity, less intangible assets, divided by shares outstanding. The following table sets forth the reconciliation of tangible book value per share and book value per share.
March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Total shareholders' equity $194,973 $192,802 $194,427 $191,777 $189,452 Divided by shares outstanding 6,872 6,872 6,852 6,911 6,910 Book value per share $28.37 $28.06 $28.37 $27.75 $27.42
March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Total shareholders' equity $194,973 $192,802 $194,427 $191,777 $189,452 Less: goodwill and intangible assets 16,207 16,224 16,245 16,271 16,298 $178,766 $176,578 $178,182 $175,506 $173,154 Divided by shares outstanding 6,872 6,872 6,852 6,911 6,910 Tangible book value per share $26.01 $25.70 $26.00 $25.40 $25.06 (Dollars and shares in thousands, except per share data)
(Unaudited)
Tangible Common Equity to Tangible Assets
Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. This ratio has received more attention over the past several years from stock analysts and regulators. The most comparable GAAP measure of shareholders' equity to total assets is calculated by dividing total shareholders' equity by total assets.
Northrim BanCorp, Inc. March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Total shareholders' equity $194,973 $192,802 $194,427 $191,777 $189,452 Total assets 1,524,741 1,518,596 1,522,784 1,492,603 1,506,356 Total shareholders' equity to total assets 12.79 % 12.70 % 12.77 % 12.85 % 12.58 %
Northrim BanCorp, Inc. March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Total shareholders' equity $194,973 $192,802 $194,427 $191,777 $189,452 Less: goodwill and other intangible assets, net 16,207 16,224 16,245 16,271 16,298 Tangible common shareholders' equity $178,766 $176,578 $178,182 $175,506 $173,154 Total assets $1,524,741 $1,518,596 $1,522,784 $1,492,603 $1,506,356 Less: goodwill and other intangible assets, net 16,207 16,224 16,245 16,271 16,298 Tangible assets $1,508,534 $1,502,372 $1,506,539 $1,476,332 $1,490,058 Tangible common equity ratio 11.85 % 11.75 % 11.83 % 11.89 % 11.62 % Operating diluted earnings per share
Operating diluted earnings per share is a non-GAAP ratio that represents operating net income divided by average diluted shares. The most comparable GAAP measure is diluted earnings per share. The following table provides a reconciliation of operating diluted earnings per share with diluted earnings per share (See page 3 of this earnings release for a reconciliation between net income and operating net income):
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December
31, 2017 September
30, 2017 June 30,
2017 March 31,
2017 Net income $4,062 $214 $5,523 $3,589 $3,825 Divided by weighted-average diluted shares outstanding 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Diluted earnings per share $0.58 $0.03 $0.79 $0.51 $0.55
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December
31, 2017 September
30, 2017 June 30,
2017 March 31,
2017 Operating net income $4,062 $3,181 $3,100 $3,962 $4,005 Divided by weighted-average diluted shares outstanding 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Operating diluted earnings per share $0.58 $0.46 $0.45 $0.57 $0.57 (Dollars and shares in thousands, except per share data)
(Unaudited)
Community Banking Three Months Ended March 31,
2018 December
31, 2017 September
30, 2017 June 30,
2017 March 31,
2017 Net income $3,501 ($608 ) $4,770 $2,757 $3,289 Divided by weighted-average diluted shares outstanding 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Diluted earnings per share $0.50 $(0.09 ) $0.69 $0.39 $0.47
Community Banking Three Months Ended March 31,
2018 December
31, 2017 September
30, 2017 June 30,
2017 March 31,
2017 Operating net income $3,501 $2,688 $2,347 $3,130 $3,469 Divided by weighted-average diluted shares outstanding 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Operating diluted earnings per share $0.50 $0.39 $0.34 $0.45 $0.50
Home Mortgage Lending Three Months Ended March 31,
2018 December
31, 2017 September
30, 2017 June 30,
2017 March 31,
2017 Net income $561 $822 $753 $832 $536 Divided by weighted-average diluted shares outstanding 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Diluted earnings per share $0.08 $0.12 $0.11 $0.12 $0.08
Home Mortgage Lending Three Months Ended March 31,
2018 December
31, 2017 September
30, 2017 June 30,
2017 March 31,
2017 Operating net income $561 $493 $753 $832 $536 Divided by weighted-average diluted shares outstanding 6,968,082 6,963,125 6,959,035 6,997,727 6,993,726 Operating diluted earnings per share $0.08 $0.07 $0.11 $0.12 $0.08 (Dollars and shares in thousands, except per share data)
(Unaudited)
Operating efficiency ratio
The operating efficiency ratio is a non-GAAP ratio that is calculated by dividing operating other operating expense (which exclude certain non-operating expense items), exclusive of intangible asset amortization, by the sum of net interest income and operating other operating income (which exclude certain non-operating income items). The following tables set forth the calculation of the operating efficiency ratio:
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Total other operating expense $16,795 $18,337 $17,691 $18,510 $16,615 Less: intangible asset amortization 18 21 26 27 26 $16,777 $18,316 $17,665 $18,483 $16,589 Other operating income $7,462 $7,952 $13,855 $9,762 $8,905 Plus: net interest income 14,263 14,684 14,917 14,244 13,833 $21,725 $22,636 $28,772 $24,006 $22,738 Efficiency ratio 77.22 % 80.92 % 61.40 % 76.99 % 72.96 %
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Total other operating expense $16,795 $18,337 $17,691 $18,510 $16,615 Less: core conversion costs — — 179 633 131 Less: writedown minority interest in equity method investment — 686 — — — Less: compensation expense, net RML acquisition payments — (193 ) 149 — 174 Operating other operating expense $16,795 $17,844 $17,363 $17,877 $16,310 Less: intangible asset amortization 18 21 26 27 26 $16,777 $17,823 $17,337 $17,850 $16,284 Other operating income $7,462 $7,952 $13,855 $9,762 $8,905 Less: gain on sale of Northrim Benefits Group — 2 4,443 — — Operating other operating income $7,462 $7,950 $9,412 $9,762 $8,905 Plus: net interest income 14,263 14,684 14,917 14,244 13,833 $21,725 $22,634 $24,329 $24,006 $22,738 Operating efficiency ratio 77.22 % 78.74 % 71.26 % 74.36 % 71.62 % Operating return on average assets ratio
The operating return on average assets ratio is a non-GAAP ratio that is calculated by dividing operating net income (which exclude certain non-operating income and expense items) by average assets. The following tables set forth the calculation of the operating return on average assets ratio:
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Net income $4,062 $214 $5,523 $3,589 $3,825 Divided by average assets 1,494,085 1,519,865 1,525,478 1,506,820 1,491,576 Return on average assets ratio 1.10 % 0.06 % 1.44 % 0.96 % 1.04 % (Dollars and shares in thousands, except per share data)
(Unaudited)
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Operating net income $4,062 $3,181 $3,100 $3,962 $4,005 Divided by average assets 1,494,085 1,519,865 1,525,478 1,506,820 1,491,576 Operating return on average assets ratio 1.10 % 0.83 % 0.81 % 1.05 % 1.09 % Operating return on average shareholders' equity ratio
The operating return on average shareholders' equity ratio is a non-GAAP ratio that is calculated by dividing operating net income (which exclude certain non-operating income and expense items) by average shareholders' equity. The following tables set forth the calculation of the operating return on average equity ratio:
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Net income $4,062 $214 $5,523 $3,589 $3,825 Divided by average shareholders' equity 195,496 197,066 194,703 193,656 186,960 Return on average shareholders' equity ratio 8.43 % 0.43 % 11.25 % 7.43 % 8.30 %
Northrim BanCorp, Inc. Three Months Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30, 2017 March 31,
2017 Operating net income $4,062 $3,181 $3,100 $3,962 $4,005 Divided by average shareholders' equity 195,496 197,066 194,703 193,656 186,960 Operating return on average shareholders' equity ratio 8.43 % 6.40 % 6.32 % 8.21 % 8.69 %
Contact: Joe Schierhorn, President, CEO, and COO (907) 261-3308 Jed Ballard, Chief Financial Officer (907) 261-3539
Source:Northrim BanCorp Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-northrim-bancorp-first-quarter-2018-net-income-increases-6-percent-to-4-point-1-million-or-0-point-58-per-diluted-share.html |
Pompeo set to immediately pursue Iran talks 2:43pm IST - 01:55
Secretary of State Mike Pompeo will embark on talks with allies in Europe, the Middle East and Asia to try to persuade them to press Iran to curb its nuclear and missile programs.
Secretary of State Mike Pompeo will embark on talks with allies in Europe, the Middle East and Asia to try to persuade them to press Iran to curb its nuclear and missile programs. //reut.rs/2KLT3PD | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/pompeo-set-to-immediately-pursue-iran-ta?videoId=425509377 |
DURHAM, N.C.--(BUSINESS WIRE)-- Implus , a provider of athletic, fitness and outdoor accessories, today announced the acquisition of 32 North Corporation d/b/a STABIL® , the maker of STABILicers®, Stat-A-Rest® and STABIL Turf performance footwear traction products made in the United States and Canada. STABIL will be integrated into Implus’ current portfolio of leading traction brands which includes Yaktrak®, SnowTrax® by Yaktrax and ICEtrekkers®. In conjunction with the transaction, Implus will maintain STABIL’s sales operation based in Biddeford, Maine, with fulfillment transitioning to Implus’ headquarters in Durham, N.C.
“STABIL’s hard work and efforts over the last 25 years have created a perfect product complement to Implus’ leading assortment of traction accessories,” said Seth Richards, CEO of Implus. “We’re excited to offer a multi-branded traction portfolio to our retailer, industrial and government customers as we continue building on our ‘one-stop-shop’ approach for all accessory needs.”
Anne Gould, retiring CFO and Founder of STABIL, said, “Implus is a strong partner to continue growing and innovating STABIL's comprehensive and well-known product line. I’m certain that under the guidance of the Implus team, STABIL will continue to see the same steady growth that has been the hallmark of the STABIL brand throughout its history.”
STABIL will operate as a subsidiary of Implus, which is majority owned by Berkshire Partners, a Boston-based investment firm. STABIL represents the seventh acquisition for Implus since Berkshire’s investment in the company in April 2015.
About Implus
Headquartered in Durham, North Carolina, Implus is an innovative provider of athletic, fitness, and outdoor accessory products ranging from footcare and seasonal accessories to fitness and recovery solutions. Implus’ family of brands includes Sof Sole®, Balega®, Yaktrax®, apara®, Airplus®, Sneaker Balls®, Sof Comfort®, Little Hotties®, Penguin®, Perfect Fitness®, ICETrekkers®, FitDeck®, DryGuy®, TriggerPoint™, Harbinger®, FuelBelt®, Spenco®, and now STABIL®. Implus proudly distributes to over 75,000 retail outlets across North America and in 70 countries worldwide. For more information, please call 800-446-7587 or visit www.implus.com .
About Berkshire Partners
Berkshire Partners, a Boston-based investment firm, has raised nine private equity funds with more than $16 billion in aggregate capital and has made over 120 investments in primarily middle market companies since its founding in 1986. Berkshire has developed specific industry experience in several areas including consumer products and retail, communications, business services, industrials and healthcare. Berkshire has a strong history of partnering with management teams to grow the companies in which it invests with the goal of consistently achieving superior investment returns. Other investments in the retail sector have included Aritzia, Carter’s, Kendra Scott, Party City and Portillo’s. The firm is currently investing from Berkshire Fund IX, a $5.5 billion fund raised in 2016. The firm seeks to invest $50 million to $500 million of capital in each portfolio company. For additional information, visit www.berkshirepartners.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006431/en/
Verde Brand Communications
Julie Evans, 970-946-0856
[email protected]
Source: Implus | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-implus-acquires-leading-winter-traction-brand.html |
May 10 (Reuters) - Range Resources Corp:
* STELLIAM INVESTMENT MANAGEMENT - SENT LETTER TO RANGE RESOURCES INDEPENDENT DIRECTOR, INDICATING ITS INTENTION TO VOTE AGAINST CO’S BOARD NOMINEES
* STELLIAM INVESTMENT - ALSO INDICATED INTENTION TO VOTE AGAINST ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION IN LETTER TO DIRECTOR OF RANGE’S BOARD
* STELLIAM INVESTMENT - AS OF MARCH 31, HELD ABOUT 8.9 MILLION RANGE RESOURCES SHARES, REPRESENTING ABOUT 3.6% OF SHARES OUTSTANDING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-stelliam-investment-management-say/brief-stelliam-investment-management-says-sent-letter-to-range-resources-independent-director-indicating-its-intention-to-vote-against-cos-board-nominees-idUSFWN1SH1JJ |
How to pick a financial advisor 25 Mins Ago Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, discusses what to look for and ask when choosing a new financial advisor. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/how-to-pick-a-financial-advisor.html |
May 25, 2018 / 9:32 AM / Updated 11 hours ago Major League Baseball roundup: Rays' Snell masterful again vs. Red Sox Reuters Staff 5 Min Read
Blake Snell continued his dominance of the Boston Red Sox with eight strikeouts over six scoreless innings as the Tampa Bay Rays avoided a three-game sweep with a 6-3 win on Thursday in St. Petersburg, Fla. May 24, 2018; St. Petersburg, FL, USA; Tampa Bay Rays starting pitcher Blake Snell (4) is congratulated by pitcher Chris Archer (22) and teammates at the end of the top of the fifth inning against the Boston Red Sox at Tropicana Field. Mandatory Credit: Kim Klement-USA TODAY Sports
Snell (6-3) has allowed two runs with 19 strikeouts in three starts against Boston this season. He gave up three hits and walked two Thursday to boost his team-leading win total as the Rays snapped a three-game skid.
Wilson Ramos went 3-for-4 with two RBIs and Matt Duffy and Brad Miller each drove in a run for Tampa Bay, which has lost all but four of its 13 games against the AL East rival Red Sox this season.
Mitch Moreland hit a solo homer for the Red Sox, who had won four straight and six of seven. Boston starter Rick Porcello (6-2) allowed six runs (four earned) on eight hits in 3 2/3 innings.
Astros 8, Indians 2
Alex Bregman and Jake Marisnick slammed three-run homers and combined to drive in seven runs, and right-hander Charlie Morton ran his record to 7-0 as Houston won at Cleveland.
Houston secured its ninth win in 11 games and its third victory in four tries against the Indians this season as the teams began a four-game weekend series.
Morton went six innings, giving up two runs and five hits with three walks and five strikeouts. His ERA rose from 1.94 to 2.04. Morton has posted quality starts in eight of his 10 outings.
A’s 4, Mariners 3
Oakland rocked Felix Hernandez for four runs in the bottom of the first inning and then used five double plays to thwart Seattle.
The A’s got seven innings of one-run ball from their bullpen. Injury-replacement starter Josh Lucas was pulled after struggling through the first two innings, allowing a run in each but getting bailed out from further damage by a pair of double plays. May 24, 2018; Cleveland, OH, USA; Houston Astros third baseman Alex Bregman hits a three run home run during the fifth inning against the Cleveland Indians at Progressive Field. Mandatory Credit: Ken Blaze-USA TODAY Sports
In between, the A’s did all their scoring against Hernandez, whose 26 career wins are the most of any active pitcher against Oakland.
Mets 5, Brewers 0
Brandon Nimmo continued his breakout season by collecting four hits and reaching base in all five plate appearances as New York won at Milwaukee.
Mets left-hander Steven Matz (2-3) tossed six scoreless innings, allowing four hits and three walks while striking out three. Paul Sewald tossed two perfect innings before Jacob Rhame worked a one-hit ninth to complete New York’s five-hit shutout.
Nimmo, who has been thrust into everyday duty due to injuries to outfielders Yoenis Cespedes and Juan Lagares, has reached base in his past eight plate appearances dating back to Wednesday, when he walked, homered and singled in his final three at-bats.
Angels 8, Blue Jays 1
Martin Maldonado had three RBIs, Mike Trout and Albert Pujols hit home runs, and Nick Tropeano pitched 7 1/3 strong innings as Los Angeles was victorious in Toronto.
Tropeano (2-3) allowed one run, four hits and one walk while striking out six for his first win since April 12, a stretch of five starts in which he was 0-3.
Toronto’s Marco Estrada (2-5) yielded four runs, seven hits and two walks in 4 1/3 innings. He has not won since April 20, a span of six starts with four losses. Slideshow (6 Images)
Orioles 9, White Sox 3
Dylan Bundy (3-6) pitched a complete game and set a career high with 14 strikeouts as Baltimore cruised to a win in Chicago.
Trey Mancini and Adam Jones hit back-to-back home runs in the rout. Chance Sisco drove in three runs on a single and a bases-loaded walk, and Pedro Alvarez knocked in two more as Baltimore earned a 2-2 series split.
Bundy eclipsed his previous high of 12 strikeouts and registered his second career complete game.
Royals 8, Rangers 2
Salvador Perez drove in four runs as Kansas City routed Texas in Arlington, Texas.
Kansas City’s Danny Duffy (2-6) worked a season-high 7 2/3 innings and allowed one run on four hits. The lefty struck out five and walked two.
Perez had two-run singles in the fifth and seventh innings, the latter making it 6-0. Roman Torres scored three times and Whit Merrifield drove in a pair with a double in the eighth.
Reds 5, Pirates 4
Eugenio Suarez hit his third career grand slam and Jesse Winker added a solo homer as Cincinnati won at home against Pittsburgh.
Cincinnati’s Brandon Dixon was 3-for-4 with two singles and a double, his first three major league hits.
Reds starter Luis Castillo (4-4) gave up two runs and four hits in six innings, with five strikeouts and two walks. He is 3-1 in five May starts.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/major-league-baseball-roundup-rays-snell-masterful-again-vs-red-sox-idUSKCN1IQ13D |
Ramsey, NJ, May 21, 2018 (GLOBE NEWSWIRE) -- Technology giant, Konica Minolta Business Solutions U.S.A., Inc . (Konica Minolta) continues to accelerate its business transformation to become a leading edge IT platform based business through the acquisition of the Apple platform experts, Macprofessionals Inc . (Macprofessionals). Based in Farmington Hills, Michigan, the team will become a key strategic entity of All Covered , the IT Services division of Konica Minolta.
“As part of our strategy to help realize our vision for the Workplace of the Future™, enabled by smart decision support, it is important to ensure that we are able to connect disparate data points by being flexible to our customers’ hardware, software and platform choices,” states Todd Croteau, President of All Covered. “The acquisition of Macprofessionals is key for consolidating Konica Minolta’s corporate ambition to provide our customers a true end to end value proposition, propelling them towards the future of work.”
Macprofessionals, an accredited partner of Apple Inc (Apple), offers customers comprehensive services from procurement, consulting, design, configuration, deployment, and more. The unique capabilities brought by the Macprofessionals acquisition will add deep Apple platform expertise to All Covered’s already comprehensive portfolio of services.
Lisa Glush, President and CEO of Macprofessionals, said, “The team here at Macprofessionals is thrilled to be joining All Covered, Konica Minolta’s IT services division. The blending of IT expertise from the two organizations will allow us to offer new capabilities across our organizations. The opportunities for our customers are extraordinary, and we couldn’t be more excited about the future.”
About Konica Minolta
Konica Minolta Business Solutions U.S.A., Inc. is reshaping and revolutionizing the Workplace of the Future ™ ( www.reshapework.com ) with its expansive smart office product portfolio from IT Services ( All Covered ), ECM, Managed Print Services and industrial and commercial print solutions. Konica Minolta has been recognized as the #1 Brand for Customer Loyalty in the MFP Office Copier Market by Brand Keys for 11 consecutive years, and is proud to be ranked on the Forbes 2017 America's Best Employers list. The World Technology Awards recently named the company a finalist in the IT Software category. Konica Minolta, Inc. has been named to the Dow Jones Sustainability World Index for six consecutive years. It partners with its clients to give shape to ideas and work to bring value to our society. For more information, please visit: www.CountOnKonicaMinolta.com and follow Konica Minolta on Facebook , YouTube , and Twitter .
Stacey Sujeebun Konica Minolta Business Solutions U.S.A., Inc. +1 201-236-4272 [email protected]
Source:Konica Minolta Business Solutions U.S.A., Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-konica-minolta-acquires-macprofessionals-the-apple-platform-experts.html |
May 17, 2018 / 6:42 AM / Updated 10 minutes ago Angry Birds maker Rovio doubles first-quarter profit Reuters Staff 1 Min Read
HELSINKI (Reuters) - Rovio Entertainment ( ROVIO.HE ), the maker of the “Angry Birds” mobile game series and movie, doubled operating profit in the first quarter as growth in its top games offset negative effects from currency exchange rates. FILE PHOTO: Angry Birds characters Bomb, Chuck and Red are pictured during the Angry Birds movie premiere in Helsinki, Finland, May 11, 2016. REUTERS/Tuomas Forsell/File Photo
The company, which listed its shares last September, on Thursday reported adjusted operating profit in the quarter increased to 10 million euros (8.8 million pounds) from about 5 million euros a year ago. Sales fell by 1 percent on declining revenue from its 2016 Hollywood movie.
Rovio reiterated its full-year outlook, which in February wiped 50 percent off its share price. The company expects total sales of between 260 million euros and 300 million euros this year, against 297 million in 2017. Reporting by Jussi Rosendahl; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rovio-results/angry-birds-maker-rovio-doubles-first-quarter-profit-idUKKCN1II0N2 |
May 10 (Reuters) - U.S. Global Investors Inc:
* U.S. GLOBAL INVESTORS REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2018 FISCAL YEAR
* Q3 LOSS PER SHARE $0.07 * QTRLY OPERATING REVENUE $1.4 MILLION VERSUS $1.7 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-us-global-investors-reports-q3-los/brief-u-s-global-investors-reports-q3-loss-per-share-0-07-idUSASC0A1M1 |
Transaction Will Expand FVCbank’s Market Area Into Maryland and Washington, DC
FAIRFAX, Va. & ROCKVILLE, Md.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (“FVCB”) (OTCQX: FVCB) and Colombo Bank (“Colombo”) (OTC PINK: IFSB) jointly announced today that they have entered into a definitive merger agreement pursuant to which FVCB will acquire Colombo in a cash and stock transaction for total consideration valued at approximately $33.3 million. Upon the closing of the transaction, Colombo will merge into FVCbank, FVCB’s wholly owned bank subsidiary. The merger has been unanimously approved by the boards of directors of both institutions. The transaction is expected to be completed early in the fourth quarter of 2018, subject to the approval of Colombo’s shareholders, as well as customary regulatory approvals and other conditions to closing.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180503006622/en/
Colombo is headquartered in Rockville, Maryland, and serves its customers and communities through five full-service locations in Bethesda, Rockville, Silver Spring and Baltimore, Maryland and Washington, D.C. Colombo has assets of approximately $195 million, loans of $154 million and deposits of $145 million as of March 31, 2018.
FVCB recently reported record first quarter 2018 earnings on the heels of celebrating ten years of operations and reaching $1 billion in total assets as of December 31, 2017. FVCB has realized a five-year compounded annual growth rate of approximately 20% in loans, deposits and total assets and earnings growth of approximately 40% over the same period.
Morton A. Bender, Chairman of Colombo stated, “We are excited about the proposed merger and look forward to working with David Pijor and his team at FVCbank. Both banks share a similar culture of providing outstanding service and are committed to our community banking model. Colombo has been in existence since 1914 and we are proud of our long-standing ties in the communities we serve. This merger will increase our lending capabilities and drive significant cost efficiencies. I am proud to be joining FVCbank’s board of directors and working to expand the combined bank’s customer reach within our larger branch footprint.”
Gilbert F. Kennedy III, President and CEO of Colombo said, “Our merger with FVCbank will enable Colombo customers to enjoy a relationship with a bank that has a broader product array, and a larger legal lending limit. Our employees will have the opportunity to work for a community bank with exceptional momentum and reputation. I am delighted to be joining FVCbank as an executive officer and a market president expanding on the great momentum our colleagues at Colombo have achieved in recent years.”
“We are extremely pleased about the proposed acquisition of Colombo and the transformative opportunities the combination creates for us. We currently lend in these markets and believe this merger provides substantial opportunities for growth of the combined bank. We look forward to serving Colombo customers with our portfolio of deposit, cash management, and loan products for businesses and consumers. We plan to work very closely with the Colombo team to provide a seamless transition, and make Colombo customers feel that nothing has changed, except our capacity to serve them. I am very proud and eager to lead the combined entity into a new market and new opportunities,” said David W. Pijor, FVCB’s Chairman and CEO. “In addition, we believe the transaction will be immediately accretive to FVCB’s earnings per share with modest dilution to our tangible book value.”
According to the terms of the merger agreement, Colombo shareholders will receive a number of shares determined by dividing $0.043492 by the average of the closing price per share of FVCB Common Stock for the five trading days ending on and including the second trading day immediately prior to the Closing Date and cash in an amount equal to $0.053157 per share, provided however that any beneficial owner of Colombo Common Stock that would be entitled to receive fewer than 100 shares of FVCB Common Stock shall be entitled to elect to receive all cash consideration of $0.096649 per share of Colombo Common Stock. As a condition to the consummation of the merger, FVCB will raise at least $10 million in additional capital.
Sandler O’Neill + Partners, L.P. acted as financial advisor to FVCB. Buckley Sandler LLP provided legal counsel to FVCB and Silver, Freedman, Taff & Tiernan LLP provided legal counsel to Colombo. RP Financial, LC provided a fairness opinion to Colombo’s Board of Directors.
About FVCBankcorp, Inc.
Celebrating 10 years of sound financial performance and continued growth, FVCbank commenced operations in November 2007 and is the wholly-owned subsidiary of FVCBankcorp, Inc. FVCbank is a $1.1 billion asset Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Washington, D.C., metropolitan and Northern Virginia area. Locally owned and managed, it is based in Fairfax, Virginia, and has six full-service offices in Arlington, Ashburn, Fairfax, Manassas, Reston and Springfield, Virginia.
About Colombo Bank
Colombo Bank, first known as Apicella Bank, opened in the summer of 1914 in the "Little Italy" area of Baltimore. Advocating the banking needs of the community was and continues to be the foundation for which Colombo has been built. Through a desire to grow and focus on its community roots, the Bank grew from the small branch office in "Little Italy" by adding four additional locations in Rockville, Bethesda, Silver Spring, and the Shaw neighborhood of Washington, D.C. To sustain its operations, which span over its broad and deep markets, the Bank's headquarters are located in Rockville.
Forward-Looking Statements
Certain statements contained in this communication may not be based on historical facts and are “ ” Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These may be identified by reference to a future period(s) or by the use of forward-looking terminology, such as “anticipate,” “estimate,” “expect,” “foresee,” “may,” “might,” “will,” “would,” “could,” “believes,” “plans,” “potential,” “continue,” “should,” or “intend,” and similar words or phrases, future or conditional verb tenses, and variations or negatives of such terms. These include, without limitation, those relating to FVCB’s and Colombo’s future growth and management’s outlook or expectations for revenue, assets, asset quality, profitability, business prospects, net interest margin, non-interest revenue, allowance for loan losses, the level of credit losses from lending, liquidity levels, capital levels, or other future financial or business performance strategies or expectations.
Readers are cautioned not to place undue reliance on the contained in this document in that actual results could differ materially from those indicated in such , due to a variety of factors. These statements are based upon the beliefs of the respective managements of FVCB and Colombo as to the expected outcome of future events, current and anticipated economic conditions, nationally and in the parties’ markets, and their impact on the operations and assets of the parties, interest rates and interest rate policy, competitive factors, judgments about the ability of the parties to successfully consummate the merger and to integrate the operations of the two companies, the expected growth opportunities or cost savings resulting from the merger, which may not be fully realized or take longer than expected to realize; the ability of the two companies to avoid customer dislocation or runoff, and employee attrition, during the period leading up to and following the merger, the timing of and any conditions to required regulatory approvals, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. FVCB factors that could cause actual results to differ materially from or historical performance include, among others: changes in FVCB’s operating or expansion strategy, availability of and costs associated with obtaining adequate and timely sources of liquidity, the ability to maintain credit quality, possible adverse rulings, judgments, settlements and other outcomes of pending litigation, the ability of FVCB and Colombo to collect amounts due under loan agreements, changes in consumer preferences, effectiveness of FVCB’s interest rate risk management strategies, laws and regulations affecting financial institutions in general or relating to taxes, the effect of pending or future legislation, the ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by Colombo’s shareholders on the expected terms and schedule, delay in closing the merger, difficulties and delays in integrating Colombo’s business or fully realizing cost savings and other benefits of the merger, business disruption following the merger, changes in interest rates and capital markets, inflation, customer acceptance of FVCB’s products and services, customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions and other risk factors. Any forward-looking statement speaks only as of the date of this document, and we undertake no obligation to update these to reflect events or circumstances that occur after the date of this document.
Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.
Important Additional Information and Where to Find It
In connection with the proposed merger, FVCB will file with the Securities (the “SEC”) a registration statement on Form S-4 to register the shares of FVCB Common Stock to be issued to Colombo shareholders. The registration statement will include a combined proxy statement/prospectus that will be sent to shareholders of Colombo in connection with the meeting of Colombo shareholders at which approval of the merger will be sought, as well as other relevant documents concerning the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. SHAREHOLDERS OF COLOMBO ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY FVCB, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FVCB, COLOMBO AND THE MERGER.
A free copy of the proxy statement/prospectus, as well as other filings containing information about FVCB and Colombo, may be obtained at the SEC’s Internet site ( https://sec.gov ), when they are filed by FVCB. You will also be able to obtain the documents filed with the SEC, which will include the proxy statement/prospectus, when it is filed by FVCB, free of charge, from FVCB at www.fvcbank.com under the heading “Investor Relations.” Certain information relating to Colombo may also be found on Colombo’s website at www.colombobank.com under the heading “Investor Relations.” Copies of the proxy statement/prospectus can also be obtained, when it becomes available, free of charge, by directing a request to FVCBankcorp, Inc., 11325 Random Hills Road; Suite 240, Fairfax, VA 22030, Attention: David W. Pijor, Chairman and CEO, Telephone: (703) 436-3800; or to Colombo Bank, 1600 East Gude Drive, Rockville, MD 20850, Attention: Gilbert F. Kennedy III, President and CEO Telephone: (240) 268-2265.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006622/en/
FVCBankcorp, Inc.
David W. Pijor, 703-436-3800
Chairman and CEO
[email protected]
or
Colombo Bank
Gilbert F. Kennedy III, 240-268-2265
President and CEO
[email protected]
Source: FVCBankcorp, Inc. and Colombo Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-fvcbankcorp-inc-to-acquire-colombo-bank.html |
May 23 (Reuters) - Rockwell Medical Inc:
* ROCKWELL MEDICAL SAYS DETERMINATION OF NON-CONFLICTED INDEPENDENT DIRECTORS WAS THAT CEO TERMINATION WAS NOT EFFECTIVE - SEC FILING
* ROCKWELL MEDICAL - CEO CONTINUES TO SERVE AS CEO CONSISTENT WITH TERMS OF HIS EMPLOYMENT AGREEMENT
* ROCKWELL MEDICAL - CEO THROUGH COUNSEL NOTIFIED SEC OF ACTION TAKEN BY DIRECTORS WHOSE CONDUCT IS DISCUSSED IN DEMAND LETTER
* ROCKWELL MEDICAL INC - INTERNAL INVESTIGATION IS PROCEEDING UNDER TWO NON-CONFLICTED INDEPENDENT DIRECTORS PATRICK BAGLEY AND RONALD BOYD.
* ROCKWELL MEDICAL - INDEPENDENT DIRECTORS HIRED INDEPENDENT COUNSEL TO CONDUCT INTERNAL INVESTIGATION IN RESPONSE TO SHAREHOLDER DEMAND LETTER Source: ( bit.ly/2J0cGpb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rockwell-medical-says-independent/brief-rockwell-medical-says-independent-directors-determined-ceo-termination-not-effective-idUSFWN1SU0DE |
Many retirement savers who are changing jobs transfer funds directly from their previous employer's 401(k) into their new employer's retirement plan, starting and finishing the process with a quick phone call to the new plan administrator. That's not always the best move, financial advisors say.
"There's no real blanket answer for every situation," said Altair Gobo, a certified financial planner and partner with U.S. Financial Services. "You have to look at the individual person and come up with the right solution."
Hero Images | Getty Images Here are six options that would-be rollover Jedis may want to keep in mind for their individual situations.
1. Roll over into a new individual retirement account. Transferring funds from a previous 401(k) into a new IRA preserves the most investing flexibility, advisors say. Company plans may limit options to a handful of mutual funds. An IRA lets an investor choose nearly anything, from bank certificates of deposit to real estate.
On the downside, a 401(k) tends to have lower costs than an IRA. "You probably have an advisor to the plan who's basing the fees on a plan that has millions or tens of millions of dollars," said Joseph Heider, a Chartered Financial Consultant and president of Cirrus Wealth Management. "So the investment costs and fees are generally lower."
A major advantage a 401(k) has is that, as long as the account holder is still employed, he or she can borrow from it. Being able to tap retirement funds without paying the penalties and taxes levied on preretirement withdrawals is a potent benefit when deciding whether to roll funds out of a 401(k) and into an IRA, according to U.S. Financial Services' Gobo. "The biggest reason for leaving it there would be the ability to borrow from the plan," he said.
2. Leave funds in a former employer's plan. Sometimes it is best to leave retirement funds in a former employer's plan rather than transfer them to a new employer's plan. For example, the old plan may have lower investment costs or better investment choices than the new employer plan.
"You want to look at the plan summaries to see which has the lower fees," said Daryl Dagit, a CFP and financial advisor with Savant Capital Management. A plan summary will also describe the investment choices available.
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Staying in a former employer's plan is not always an option. If an account has less than $1,000, custodians can force an account holder to leave. "They can write the check and send it to you," Dagit said. "Then you owe not only the tax but a penalty if you're under age 59½."
3. Transfer to a new company plan. Transferring 401(k) funds to a new company-sponsored retirement plan can be smarter than leaving them where they are if the new plan has more investment choices or lower fees. And it may be smarter than transferring to a new IRA, because of advantages a 401(k) has over an IRA.
The ability to borrow against account funds is just one advantage 401(k) plans hold. Savers who have reached age 55 and stopped working can withdraw 401(k) funds without having to pay the 10 percent penalty otherwise levied on early IRA withdrawals.
"It may be best for you to stay in a 401(k) even if your investment options are limited or costly if you want to retire before age 59½," said Jonathon Jordan, CFP and vice president with Walkner Condon Financial Advisors. "That's the age you can take withdrawals from an IRA.
"But with a 401(k), it's 55."
4. Do an in-plan Roth conversion. Sometimes the right approach is to do an in-plan 401(k) Roth conversion. Some plans allow for transferring all or a portion of a 401(k) plan's funds into a Roth account within the same plan. This can save on taxes long-term, as future Roth 401(k) distributions won't be subject to taxes.
"If you feel you're in a lower tax bracket than you will be in retirement, then the Roth conversion makes sense," Savant's Dagit said. "If you'll be in a lower tax bracket in retirement, it may make sense to do the Roth conversion once you retire."
Sign Up for Our Newsletter Your Wealth Weekly advice on managing your money SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . The downside of an in-plan Roth conversion is that the account holder must pay income taxes on the amount converted. Cirrus Wealth's Heider says that makes the account holder's age another key consideration.
A 30-year-old can pay taxes on a Roth conversion and then watch the remainder grow tax-free until retirement, Heider notes. "That's a tremendous benefit," he said. "On the other hand, if I'm 65 and convert to a Roth, pay the tax and start withdrawing it in a couple of years, I'd argue that makes no sense unless you're in a nearly zero percent bracket."
5. Withdraw funds and convert to a new Roth IRA. Taking money from an ex-employer's retirement account and using it to fund a new Roth IRA outside the plan can, like a transfer to a new IRA, increase investment flexibility over an in-plan conversion. And compared to a similarly flexible IRA, an out-of-plan Roth offers appealing long-term estate planning benefits.
"It's a nice way to transfer wealth to your kids," said Walkner Condon's Jordan. A big advantage is that heirs won't pay taxes on Roth funds as they would with IRA funds. The primary disadvantage is the same as with an in-plan Roth — taxes have to be paid now.
6. Take a lump-sum conversion and pay tax. Advisors rarely recommend taking a 401(k) distribution as a lump sum, paying tax on it and placing it in a regular brokerage account. However, this may be a good move if the plan contains employer stock. When transferred from a tax-advantaged account, the difference between the shares' current value and their average cost — the net unrealized appreciation — may be taxed as capital gains rather than ordinary income, Jordan explains.
"If something comes up that's unexpected, such as you're fired or laid off, don't feel pressured. Take a little bit of time, get over the emotion of the moment, and sit back and look at all your options." -Joseph Heider, president of Cirrus Wealth Management Getting net unrealized appreciation treatment for highly appreciated shares can save lots on taxes, since the capital gains rate is generally lower than ordinary income tax. But savers may still have significant taxes due and also need good records showing prices at which shares were acquired. "This is one that takes careful planning," Jordan said.
Waiting in the end game People leaving a job may reactively transfer funds from an old plan to a new IRA or employer plan, Cirrus' Heider says. But following that impulse can be a costly mistake.
"Particularly if something comes up that's unexpected, such as you're fired or laid off, don't feel pressured," Heider said. "Take a little bit of time, get over the emotion of the moment, and sit back and look at all your options." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/new-job-how-to-become-a-retirement-plan-rollover-champ.html |
For the second year in a row, the U.S. fertility rate hit a record low, extending a decline in the number of American births that started in 2008.
The rate fell to 60.2 births per 1,000 women of childbearing age in 2017, down 3 percent from 2016, according to the Centers for Disease Control and Prevention's National Center for Health Statistics.
As would-be parents push back parenthood, companies that provide baby products are feeling the pinch.
Kimberly-Clark , the maker of Huggies diapers, has been vocal about the hit it's taking from declining birth rates.
In January, the company announced it would cut about 13 percent of its workforce globally , or at least 5,000 jobs, in a bid to reduce costs as sales fell.
"I'd say, certainly in 2017 we had some factors like the birthrate in the U.S. and Korea being more negative than expected, that you can't encourage moms to use more diapers in a developed market where the babies aren't being born in those markets," CEO Thomas Falk said in an earnings call in January.
Pampers-maker Procter & Gamble and Edgewell Personal Care, the maker of Playtex baby bottles, have also reported sales declines in their baby businesses this year.
"The declining birth rates sweeping across America are going to have a profound [e]ffect on many businesses — some in the immediate term and others 5 to 10 years out," Jason Dorsey, president of the Center for Generational Kinetics, told CNBC via email. "The reason is that declining birth rates hit the obvious group of businesses first: diaper makers, toy makers, kids meals at restaurants, car seat manufacturers and the like."
With a shrinking market, it becomes even more important to perfect your pitch. Baby care heavyweight Johnson & Johnson's has seen a 20 percent sales decline in its Baby Care unit since 2011 and plans to redesign its Johnson's Baby products to appeal more to modern-day moms.
The new line emphasizes more natural ingredients.
"Perhaps because of our success, we became a bit complacent and did not want to mess with success, for lack of a better expression," Jorge Mesquita, worldwide chairman and executive vice president for J&J's global consumer unit, said in an interview with CNBC's Meg Tirrell recently. "Frankly, we failed to see evolving needs from millennial consumers, millennial moms, and we failed to evolve our model."
The U.S. has experienced birth-rate declines before. The longest period of continuous decline on record happened between 1958 and 1968, according to the CDC.
However, generational changes could exacerbate this decline. Women are postponing marriage in favor of their careers and waiting to have children until later in life, if at all.
"The big question we're exploring at our generational research center is if this is a temporary generational delay or a new normal," Dorsey said. "At this point, our research appears to show this is heavily generational driven by millennials who are now well into their late 30s. We consistently hear millennials tell us that they're delaying having kids until they feel ready —financially and otherwise — yet they also tell us they still intend to have kids."
"What will be telling to us is how Generation Z reaches traditional markers of adulthood, such as having children, and if they swing the pendulum back the other way as they emerge," he said. "They are now up to age 22. This is a trend business leaders need to watch closely whether it impacts them now or will in the future."
Watch: Johnson & Johnson CEO Alex Gorsky on revamping baby products show chapters Johnson & Johnson CEO Alex Gorsky on revamping baby products 8:26 AM ET Wed, 16 May 2018 | 02:37 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/more-pain-for-companies-that-make-baby-products-as-us-births-hit-low.html |
May 27, 2018 / 5:12 PM / Updated 6 minutes ago Tennis: Kyrgios out of Roland Garros with elbow injury Ossian Shine 2 Min Read
PARIS (Reuters) - Australian dynamo Nick Kyrgios pulled out of the French Open on Sunday after failing to shake off a persistent elbow injury that has troubled him in recent weeks. FILE PHOTO: Tennis - Davis Cup - Semi-Finals - Belgium vs Australia - Palais 12, Brussels, Belgium - September 17, 2017 Australia's Nick Kyrgios in action during his match against Belgium's David Goffin REUTERS/Yves Herman
The burly 23-year-old had looked untroubled when sauntering into the grounds of the Roland Garros stadium at around 11am local time on a bright and sunny Parisian morning, but just a handful of hours later his tournament was over.
“Sorry guys, I tried everything I could to be ready... but I came up short,” Kyrgios wrote in a message on Twitter, adorned with tearful emojis.
He attached a picture of a more formal note.
“Unfortunately I have to withdraw from this year’s French Open,” Kyrgios’s note said. “Having consulted with my team and medical experts it is deemed too risky for me to step out and potentially play five sets on clay especially as I have not played a singles match in nearly two months.
“I’ve worked hard to be ready and desperately wanted to play Roland Garros, which is very special to me but I literally ran out of time.”
The world number 23 had been scheduled to take on compatriot Bernard Tomic in the opening round on Monday.
Kyrgios said a dramatic increase in load on his elbow could potentially put him back to square one, and that he was not prepared to take the risk with the grasscourt season looming.
“The good news is I am finally pain free,” he added, “working hard and enjoying my training and am looking forward to being back in action in Stuttgart.”
The Mercedes Cup starts in Stuttgart, on grass, on June 11.
Grass, a much faster surface than clay, better suits the Australian’s all-action style. Additional reporting by Shrivathsa Sridhar in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-kyrgios/tennis-kyrgios-out-of-roland-garros-with-elbow-injury-idUSKCN1IS0LY |
May 28, 2018 / 11:04 AM / Updated an hour ago Germany grills Daimler boss over extent of Vito van emissions fix Edward Taylor 4 Min Read
BERLIN/FRANKFURT (Reuters) - Germany’s Transport Ministry quizzed Daimler Chief Executive Dieter Zetsche on Monday over how many Mercedes-Benz vans and cars need to be fixed after a regulator said it had found illegal software in one of its models. FILE PHOTO: Daimler CEO Dieter Zetsche speaks during a world premiere for the new Mercedes Benz A-Class L Sedan in Beijing, China, April 24, 2018. REUTERS/Damir Sagolj/File Photo
The luxury carmaker was summoned to a closed-door meeting to answer questions about software devices found in Mercedes-Benz vans by Germany’s KBA motor vehicle authority.
Daimler was last week ordered by KBA to recall Vito vans fitted with 1.6 litre diesel engines because it said they breached emissions rules. Daimler has said it will appeal against KBA’s decision to classify the software as illegal and contest its findings in court if necessary, although it said it was cooperating fully.
German Transport Minister Andreas Scheuer said Daimler had been given until June 15 to come up with a solution to the Vito delivery van’s emissions issues following “an in-depth exchange about highly complex technical questions”.
“At a further meeting in 14 days, concrete results will be on the table,” Scheuer added in a statement.
Asked how the meeting went, Zetsche told Reuters: “It was a good discussion. We will see each other again in 14 days.”
Global carmakers are facing a regulatory clamp-down since Volkswagen ( VOWG_p.DE ) admitted to deliberately cheating diesel emissions tests in 2015. Related Coverage Stuttgart prosecutor cooperates with foreign authorities in Daimler probe
Regulators are now focussing on narrowing the gap between pollution levels “on the road” when compared to exhaust emissions measured during testing.
Germany’s Transport Ministry said the Vito had been equipped with a software device which manipulated the an emissions filtering system which relies on injecting a urea-based liquid to help neutralise nitrogen oxide emissions in exhaust fumes. CRIMINAL INQUIRY
Some Mercedes-Benz models, including the Vito, use diesel engines supplied by Daimler’s partner Renault. French prosecutors opened a probe into Renault in January 2017 after the country’s consumer watchdog DGCCRF found engine software deactivated anti-pollution functions.
Daimler has previously said Mercedes vehicles being scrutinised by KBA were fitted with a Renault supplied OM622 engine, which had been used in around 1,000 Mercedes-Benz Vito tourer models in Germany.
Under European rules, carmakers rather than suppliers are responsible for the legality of road certification of each model they sell, even if engines and software were supplied by third party.
Daimler and Robert Bosch, which supplies engine management systems, are both being investigated by criminal prosecutors in Stuttgart.
Asked whether French prosecutors were being briefed as part of the Mercedes probe, the Stuttgart prosecutor’s office said only that it was in touch with foreign authorities.
Renault declined to comment.
Daimler said on Monday that no diesel engines supplied by Renault were used in Mercedes-Benz vehicles sold in the United States, where the discovery of illegal software devices carries far higher penalties than in Europe.
European rules on using software to manage exhaust emissions filtering systems are more lax than in the United States, allowing carmakers greater leeway to switch off exhaust filtering systems if “engine damage” can be reduced as a result.
German newspaper Bild am Sonntag, without citing sources, said regulators are probing around 40,000 Mercedes-Benz Vito vans and 80,000 C-Class models for possible software that allowed them to emit excess pollution without detection.
European carmakers had invested heavily in diesel engines, which produce less carbon dioxide but more of other pollutants blamed for causing respiratory disease than petrol engines.
However, German cities are now entitled to ban older diesel vehicles from streets to bring air pollution levels in line with European Union rules. Reporting by Edward Taylor and Ilona Wissenbach in Frankfurt and Gabi Sajonz in Berlin, Gilles Gulliaume in Paris; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-daimler-emissions/germany-grills-daimler-boss-over-extent-of-vito-van-emissions-fix-idUKKCN1IT0YP |
JAKARTA, Indonesia—Indonesia is trying to capture a bigger share of the vast wealth from its natural resources by seeking more favorable deals and building state-owned firms into industrial behemoths, a strategy that risks alienating foreign investors and has already spookedFreeport-McMoRan Inc. shareholders.
President Joko Widodo is attempting to seal an agreement that would give a majority stake in the mountaintop Grasberg mine in eastern Indonesia to the government. Phoenix-based Freeport agreed to give up majority control... | ashraq/financial-news-articles | https://www.wsj.com/articles/indonesia-digs-in-to-grab-a-bigger-share-of-its-resource-wealth-1525262404 |
Company’s lead investigational product, FUROSCIX ® , has a PDUFA date of June 23, 2018
Company has initiated staged commercialization activities for FUROSCIX
BURLINGTON, Mass., May 07, 2018 (GLOBE NEWSWIRE) -- scPharmaceuticals Inc. (Nasdaq:SCPH), a pharmaceutical company focused on developing and commercializing products that have the potential to optimize the delivery of infused therapies, advance patient care and reduce healthcare costs, today announced financial results for the first quarter ended March 31, 2018, and provided a business update.
“Our first full quarter as a public company was very productive and set the foundation for what we believe will be a transformational year for scPharmaceuticals,” said John Tucker, president and chief executive officer of scPharmaceuticals. “With the approaching PDUFA date for FUROSCIX, we are preparing for the potential commercial launch early in the fourth quarter of 2018. In addition to expanding our team with key hires to help plan and execute our commercial strategy, we continue to work with investigators to advance clinical studies to further support the economic and clinical value of FUROSCIX.”
Business Highlights
Continuing staged launch preparation for FUROSCIX. The target date for the U.S. Food and Drug Administration (FDA) to take action under the Prescription Drug User Fee Act (PDUFA) for FUROSCIX is Saturday, June 23, 2018. The Company continues to work with the FDA, including the completion of a pre-approval inspection at the Company’s corporate offices. If approved, FUROSCIX would be the first formulation of furosemide administered subcutaneously for the treatment of edema in patients with heart failure. In the first quarter, the Company continued pre-launch preparation for FUROSCIX and completed the following:
Hired and deployed field Medical Affairs Liaisons who are meeting with key thought leaders from top hospital systems that treat heart failure patients Hired and deployed a National Account Director team, which met with the top 10 Medicare Part D plans representing 80 percent of total covered Medicare lives Appointed a Head of Sales, finalized salesforce sizing and alignment, and initiated recruitment of the field sales management team
Continuing FUROSCIX clinical initiatives. The Company continues to expect initiating enrollment in the FREEDOM-HF ( FUROSCIX Re al-World E valuation for D ecreasing H o spital Ad m issions in H eart F ailure) study in the second quarter of 2018. This study will evaluate the economic impact of FUROSCIX administered in an outpatient setting compared with intravenous (IV) furosemide administered in the hospital. Two investigator-sponsored studies evaluating outcomes, tolerability and economic value of heart failure patients treated with FUROSCIX are currently enrolling.
New FUROSCIX patent issued (U.S. Patent No. 9,884,039). The U.S. Patent & Trademark Office issued a new patent that expands the current intellectual property around FUROSCIX. The granted patent, which is expected to expire in April 2034, covers a method of treating a patient exhibiting the symptoms of edema, hypertension or heart failure using the formulation of FUROSCIX.
Heart failure community continues to identify medical need in heart failure. In February 2018, JAMA Cardiology published a review highlighting the public health and economic burden of treating worsening heart failure and the growing need to identify ways to lower heart failure hospitalization with alternative therapies and outpatient care strategies. scPharmaceuticals believes that FUROSCIX, if approved, will offer healthcare practitioners an alternate approach to treating worsening heart failure that addresses many of the public health and economic burdens of treating this condition.
First Quarter 2018 Financial Results and Financial Guidance
scPharmaceuticals reported a net loss of $8.7 million in the first quarter of 2018 compared to $4.9 million for the first quarter period of 2017. The increase in net loss for the first quarter ended March 31, 2018, was largely due to costs associated with increased headcount, the expansion of the Company’s commercial organization, and costs incurred as a public company.
Research and development expenses were $4.0 million for the first quarter of 2017 compared to $2.9 million for the comparable period in 2017. The increase in research and development expenses for the quarter ended March 31, 2018, was largely due to increased headcount and costs associated with clinical initiatives.
General and administrative expenses were $4.7 million for the first quarter of 2018 compared to $2.1 million for the comparable period in 2017. The increase in general and administrative expenses for the year was primarily due to increased headcount, the expansion of the Company’s commercial organization, and costs incurred as a public company.
scPharmaceuticals ended the first quarter of 2018 with $109.5 million in cash compared to $118.5 million as of December 31, 2017. This change reflects the ongoing investment in product and clinical development, as well as the costs incurred in the Company’s transition to a public company and costs associated with preparing for the potential commercialization of FUROSCIX.
Based on its current operating plan, scPharmaceuticals expects that its existing cash resources will enable it to successfully fund operating expenses through 2019.
About FUROSCIX
FUROSCIX is a proprietary furosemide solution formulated to a neutral pH to allow for subcutaneous infusion via the patented Infusor, a wearable, pre-programed drug delivery system that is applied to the abdomen for subcutaneous drug administration. FUROSCIX is under review by the FDA for treatment of edema, or fluid overload, in patients with heart failure. The pivotal studies included a pharmacokinetic study that demonstrated 99.6% bioavailability and comparable urine output with subcutaneous infusion of FUROSCIX compared to an IV bolus of furosemide and a clinical validation and product design study that demonstrated usability and performance of the Infusor. FUROSCIX has the potential to provide an outpatient alternative to IV furosemide for the treatment of worsening heart failure due to edema that would typically require hospitalization.
About scPharmaceuticals
scPharmaceuticals is a clinical-stage pharmaceutical company focused on developing and commercializing products that reduce healthcare costs and improve health outcomes. The Company develops products for the subcutaneous, self-administration of IV-strength treatments in heart failure and infectious disease. scPharmaceuticals is headquartered in Burlington, MA. For more information, please visit scPharmaceuticals.com .
Forward-Looking Statement
This press release contains “ ” within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company’s product candidates, including the potential timing of regulatory filings, approvals regarding our product candidates, and the expected timing of the commercial launch of any of our approved product candidates, including FUROSCIX; potential timing and advancement of our ongoing or planned clinical trials and investigator-sponsored studies; the announcement of data from these trials and studies; and the Company’s financial condition and cash runway through 2019. Any are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such . These risks and uncertainties include, but are not limited to, the risk that any one or more of our product candidates will not receive regulatory approval or be successfully developed and commercialized, the risk of cessation or delay of any of the ongoing or planned clinical trials and/or our development of our product candidates, and the risk that the results of previously conducted studies will not be repeated or observed in ongoing or future studies involving our product candidates. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the , see the section entitled “Risk Factors” in the final prospectus related to the Company’s initial public offering filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act of 1933, as amended, as well as discussions of potential risks, uncertainties and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All information is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
Contacts:
Katherine Taudvin, scPharmaceuticals Inc.
781-301-6706
[email protected]
Christopher F. Brinzey, Westwicke Partners
339-970-2843
[email protected]
scPharmaceuticals, Inc. Unaudited Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) THREE MONTHS ENDED MARCH 31, 2017 2018 Operating expenses: Research and development $ 2,885 $ 4,048 General and administrative 2,074 4,651 Total operating expenses 4,959 8,699 Loss from operations (4,959 ) (8,699 ) Other income (expense) 10 (42 ) Interest income 37 351 Interest expense - (342 ) Net loss and comprehensive loss $ (4,912 ) $ (8,732 ) Net loss per share, basic and diluted $ (4.59 ) $ (0.47 ) Weighted—average common shares outstanding, basic and
diluted 1,070,691 18,535,432
scPharmaceuticals, Inc. Unaudited Balance Sheet Data (in thousands) DECEMBER 31,
2017 MARCH 31, 2018 Cash and restricted cash $ 118,480 $ 109,462 Working capital 114,672 105,768 Total assets 122,048 113,652 Term loan 9,419 9,487 Accumulated deficit (67,016 ) (75,748 ) Total stockholders’ equity 105,997 97,944
Source: scPharmaceuticals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-scpharmaceuticals-inc-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
'Indefinite stay' for Australia's asylum seekers 4:26pm BST - 01:40
Hundreds of asylum-seekers held in Australian-run detention centres in the Pacific are likely to remain there indefinitely as no other country is willing to resettle them, Minister for Home Affairs Peter Dutton said on Monday. ▲ Hide Transcript ▶ View Transcript
Hundreds of asylum-seekers held in Australian-run detention centres in the Pacific are likely to remain there indefinitely as no other country is willing to resettle them, Minister for Home Affairs Peter Dutton said on Monday. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KJnXbu | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/indefinite-stay-for-australias-asylum-se?videoId=424686716 |
895 COMMENTS Democrats and their media allies are again shouting “constitutional crisis,” this time claiming President Trump has waded too far into the Russia investigation. The howls are a diversion from the actual crisis: the Justice Department’s unprecedented contempt for duly elected representatives, and the lasting harm it is doing to law enforcement and to the department’s relationship with Congress.
The conceit of those claiming Mr. Trump has crossed some line in ordering the Justice Department to comply with oversight is that “investigators” are beyond question. We are meant to take them at their word that they did everything appropriately. Never mind that the revelations of warrants and spies and dirty dossiers and biased text messages already show otherwise.
We are told that Mr. Trump cannot be allowed to have any say over the Justice Department’s actions, since this might make him privy to sensitive details about an investigation into himself. We are also told that Congress—a separate branch of government, a primary duty of which is oversight—cannot be allowed to access Justice Department material. House Intelligence Committee Chairman Devin Nunes can’t be trusted to view classified information—something every intelligence chairman has done—since he might blow a source or method, or tip off the president.
That’s a political judgment, but it holds no authority. The Constitution set up Congress to act as a check on the executive branch—and it’s got more than enough cause to do some checking here. Yet the Justice Department and Federal Bureau of Investigation have spent a year disrespecting Congress—flouting subpoenas, ignoring requests, hiding witnesses, blacking out information, and leaking accusations.
Senate Judiciary Chairman Chuck Grassley has not been allowed to question a single current or former Justice or FBI official involved in this affair. Not one. He’s also more than a year into his demand for the transcript of former national security adviser Mike Flynn’s infamous call with the Russian ambassador, as well as reports from the FBI agents who interviewed Mr. Flynn. And still nothing.
Ron Johnson, chairman of the Senate Homeland Security and Government Affairs Committee, is being stonewalled on at least three inquiries. The House Judiciary and Oversight committee chairmen required a full-blown summit in April with Justice Department officials to get movement on their own subpoena. The FBI continues to block a fuller release of the House Intelligence Committee’s Russia report.
Not that the documents that Justice sends over are of much use. Mr. Grassley this week excoriated the department for its routine practice of redacting key information, and for similarly refusing to provide a “privilege log” that details the legal basis for withholding information. His team recently discovered that one of the items Justice had scrubbed from the Peter Strzok-Lisa Page texts was the duo’s concern that former Deputy FBI Director Andrew McCabe had a $70,000 conference table. (Was it lacquered with unicorn tears?) A separate text refers to an investigation that the White House is “running,” but conveniently blacks out which one. The FBI won’t answer Mr. Johnson’s questions about who is doing the redacting.
This intransigence is creating an unprecedented toxicity between law enforcement and Congress, undermining what has long been a cooperative and vital relationship. It is also pushing lawmakers ever closer to holding Justice Department officials in contempt or impeaching them. Congress hasn’t impeached a member of the executive branch (presidents excepted) since the 19th century. Let’s agree such a step would amount to a real crisis. And the pressure to use these tools to get disclosure is growing, as congressional Republicans worry about losing their oversight authority in the midterms, and suspect the Justice Department is stringing them along for that very reason.
Which is why Mr. Trump was right to order that Justice comply with Mr. Nunes’s demands for documents about the alleged FBI spy Stefan Halper and other information related to the catalyst of this investigation. As president, he has a duty to protect the reputation and integrity of the Justice Department—even from its own leaders. Forcing officials to comply with legitimate congressional oversight is far better than sitting back to watch those same officials singe the institution and its relationship with Congress in a flame of impeachment resolutions.
Mr. Trump has an even quicker way to bring the hostility to an end. He can—and should—declassify everything possible, letting Congress and the public see the truth. That would put an end to the daily spin and conspiracy theories. It would puncture Democratic arguments that the administration is seeking to gain this information only for itself, to “undermine” an investigation. And it would end the Justice Department’s campaign of secrecy, which has done such harm to its reputation with the public and with Congress.
Write to [email protected]. | ashraq/financial-news-articles | https://www.wsj.com/articles/the-real-constitutional-crisis-1527201552 |
Ivanka Trump is on a trademarking frenzy in China.
The first daughter ’s brand has been granted 13 new trademarks in China over the last three months, for items ranging from books and cosmetics to housewares and cushions. Another eight trademarks received the provisional okay from Beijing; they’ll be finalized in three months if no objections arise during the comment period.
At first glance, these trademarks may appear somewhat unremarkable. However, some ethics experts have suggested that Trump’s trademark applications may represent a conflict of interest , as her father remains engaged in trade negotiations with China and she herself serves as a senior advisor to the White House.
Conflict of interest? Norm Eisen, the ethics chief under President Obama, told CNN that the trademarks come at a time when the Trump administration is “making enormously consequential decisions with and about China.”
“The conflict comes because we do not know if the Trump administration is making these official decisions [on China] to benefit the U.S., or to get more trademarks and other benefits for the Trump family,” he added.
“ Ivanka Trump ’s refusal to divest from her business is especially troubling as the Ivanka brand continues to expand its business in foreign countries,” explained Noah Bookbinder, executive director of Citizens for Responsibility and Ethics to the AP .
“It raises significant questions about corruption, as it invites the possibility that she could be benefiting financially from her position and her father’s presidency or that she could be influenced in her policy work by countries’ treatment of her business.”
Online records from China’s trademark office reviewed by the Associated Press show that the Ivanka Trump company applied for 17 trademarks on March 28, 2017—just a day before the first daughter and businesswoman formally took on a role in the White House. Recent documents show the brand owning 36 active trademarks in China. Eight have provisional approval, while 25 are still awaiting review, according to the AP.
‘Protective in nature’ Abigail Klem, president of the brand, said in a statement that the application for such trademarks were protective in nature. They were reportedly filed “in the normal course of business,” particularly in areas “where trademark infringement is rampant,” such as China. The move, therefore, is intended to protect the Ivanka Trump brand and name.
Since President Donald Trump’s election, Ivanka Trump has ceased managing her brand. She nevertheless maintains an ownership stake, which is subject to federal regulations that bar her from engaging in activities in which she has a financial interest. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/ivanka-trump-clothing-brand-trademark-china/ |
Germany does not want to finance the budget to support reforms in a French proposal to "refound" the European economic and political integration (aka "the European project").
At the same time, the presumption of European unity is being severely tested by the extraterritorial impact of President Donald Trump's unilateral sanctions on Iran.
Ironically, the money is the least of the problems in a quasi-permanent state of unease in French-German relations. Against that background, displays of bonhomie on official occasions look like a polite gloss of convenience on a centuries-old hostility of neighbors living the illusion of harmony and cooperation.
After a decade of taking a back seat to Germany in economic policy and European affairs, France is now moving center stage in denouncing what it calls the German "fetishism of trade and budget surpluses" at the expense of the rest of Europe and a wider world. France, correctly, sees these policies as a serious obstacle to its proposals to strengthen the European project.
Predictably, Germany is stalling, while the hostility of the German media sounds like an intention to bring the young French upstart — President Emmanuel Macron — down to the real world by showing him who's the boss.
"Don't be afraid," says Macron Paris , however, is neither fooled nor intimidated. The highly educated French president is no shrinking violet, as he showed in his frontal attack on Trump's policies during his address to the joint session of the U.S. Congress last month.
He knows that his ideas about the future of Europe and the French-German relations are issues for serious debate. He also knows that Germany's peremptory dismissal of his reform proposals are signs of vulnerability because he is pressing the right buttons.
Here is what's at stake. In several of his speeches last year, Macron proposed measures mostly focused on the 19-nation monetary union that should serve as a strong core of the European Union consisting of 28 member states (or 27 if the UK concludes the separation agreement by the spring 2019).
Among the key proposals are a common euro area finance minister, a legislative and executive authority and a budget to finance the euro area's economic, social and fiscal convergence.
Suffering from a protracted interregnum last year, Germany took all that as an affront. Macron's pIan was dead on arrival in Berlin , shot to pieces well in advance in a typical NIH (not invented here) manner. The whole thing was ridiculed as an exercise in building unnecessary bureaucracy and imposing new financial burdens.
Berlin prefers to talk about its own priorities, such as the mandatory EU quotas for taking migrants that Germany invited and could no longer manage, digital economy and the completion of the euro area banking union. True to form, the German "down-to-earth" talk is also accompanied by the usual violins about staying competitive to push exports.
Make no mistake, this French-German kabuki show is a deadly serious power play.
As a well-informed analyst of the European political scene, Macron is moved by a number of fundamental factors underlying the future of the European project.
Macron again: "The time to act is now!" One, his plan for a complete federal structure of the monetary and fiscal union is meant to guarantee the strength and the finality of the European project and its legal tender.
Two, such a structure would be impossible to deconstruct by nationalists, populists and similar constituencies blaming all sorts of socio-economic problems on the EU's single market and the common currency.
Three, I'll take the liberty of ascribing to Macron this unstated thought: His euro area reform program would also make it impossible for Germany to boss people around; the administrative setup he proposes would unfailingly and routinely enforce the rules of the monetary and fiscal union.
The focus is now on the meeting of the European Council — a forum of EU heads of state and government — on June 28-29, where France and Germany are supposed to present a joint "road map" of European reforms.
French commentators of all stripes expect a damp squib, accusing Macron of talking too much instead of "banging his fist on the table." Responding to that criticism, the French presidency announced last week that it was looking for substantive decisions next month.
Wish them luck, because Germany does not seem ready for substantive decisions on anything.
In her speech last week to celebrate Macron's Charlemagne Prize (for contributions to the cause of the European Union), German Chancellor Angela Merkel spoke mainly of the problems the U.S. was creating for the German economy with its unilateral sanctions on Iran .
Macron, in her words, was "bubbling with ideas," but said nothing about Germany's response, or what Germany was prepared to do to help "Europe take its destiny in its own hands."
The reaction to the fallout from Washington's Iran sanctions is characteristic of ambiguity in French-German relations. In spite of statements that the two countries wanted to stay in Iran's nuclear agreement, Paris and Berlin are working on separate tracks to get exemptions from the U.S.-imposed sanctions on their companies involved in multi-year and multi-billion deals with Tehran.
France says that the extraterritorial reach of Trump's Iran sanctions is "unacceptable," while Germany remains resigned that "nothing can be done about it." Following that conclusion, Germany is talking about post-Trump policies, because Berlin presumably expects that next November's mid-term Congressional elections can cripple what they apparently believe will be a one-term presidency.
More realistically, Germany seems to be counting on China and Russia (and perhaps India ) to reject Washington's unilateral sanctions on Iran — offering a way out the German-led Europe is unable to find on its own. All eyes are now on Iran's ongoing talks in Beijing and Moscow, and a visit of Tehran's delegation to Brussels next Tuesday.
Investment thoughts Investors voting with their savings on euro-denominated assets may wish to follow closely the French-German clash about measures that are necessary to strengthen the European project. These are crucially important steps to make irrevocable the EU's single market and the euro as a legal tender.
France has posed that question in the form of far-reaching reforms to mend Europe's dangerous fault lines and set the famously fractious continent on a path to peace, harmony and prosperity. So far, Germany has shown no interest to cooperate, but France, apparently, won't give up. A prominent French philosopher reminded the body politic last week that "article one of Macronist doctrine is attachment to the idea of a united Europe."
Trump has made this intra-European discord more difficult with extraterritorial economic and financial implications of his wide-ranging sanctions.
By withdrawing from the Iran nuclear agreement, and threatening sanctions on any company working with Iranian counterparts, Trump could potentially tear up the fragile European project.
I am not betting on that, but those who argue that Trump's disruptions could achieve the opposite result ignore deeply entrenched divisions and outright hostilities plaguing what people still hopefully call the European Union.
You want to take a bet?
Here is mine: Macron will win and Italy will soon get a pro-European prime minister with little patience for Germany. The fiercely independent and highly professional European Central Bank will remain a pillar of the steadily growing euro area economy. Trump will be "convinced" by China, Russia and India — all actively trading with Tehran as an ally — to scale back his Iranian hostilities.
Commentary by Michael Ivanovitch, an independent analyst focusing on world economy, geopolitics and investment strategy. He served as a senior economist at the OECD in Paris, international economist at the Federal Reserve Bank of New York, and taught economics at Columbia Business School. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/iran-sanctions-will-aggravate-discord-on-eu-reforms--commentary.html |
ADDIS ABABA (Reuters) - An exiled Ethiopian opposition party from the country’s restive Oromiya region said it had held talks with the government, a tentative step in its aim of returning to the political fold.
The talks on Friday and Saturday followed pledges by Ethiopia’s new prime minister, Abiy Ahmed, to push through democratic reforms in the wake of unrest, mainly in the Oromiya region, that threatened the ruling coalition’s tight hold on Africa’s second most populous nation.
The Oromo Democratic Front (ODF) was formed in 2013 by former members of the secessionist Oromo Liberation Front (OLF) and seeks self-determination for ethnic Oromos, Ethiopia’s largest ethnic group. ODF leaders have been living in exile in Europe and North America since the early 1990s when OLF turned against the ruling coalition and was designated a “terrorist” group by the government.
“A high-level delegation of the government ... and a delegation of the Oromo Democratic Front held a fruitful discussion, from May 11-12, 2018, regarding the reforms currently unfolding in Ethiopia,” the group said in a statement.
“Pursuant to its longstanding public position, the ODF reiterated its commitment to deepening and broadening the reforms and democratization process. The government delegation also expressed its enthusiasm to engage all those espousing non-violent means of struggle.”
It did not disclose where the talks were held but said they were the start of a wider engagement between the two sides, and it would soon send an “advance team” to the capital Addis Ababa for formal talks.
Government officials were not immediately available for comment.
The ODF previously held lower level discussions with the government in 2015, but government officials declined to meet party leader Lencho Leta when he traveled to Ethiopia from his home in Norway for the talks.
Oromos make up roughly a third of Ethiopia’s population of 100 million.
Oromiya, which surrounds the capital Addis Ababa, has been plagued by violence since 2015, largely fueled by a sense of political and economic marginalization among its young population.
The ruling Ethiopian People’s Revolutionary Democratic Front (EPRDF) has been in power since 1991, when it took over from the Derg military regime. Abiy, who became prime minister in April, has told opposition leaders the country will strengthen a range of political and civil rights, in the latest sign he may be willing to push through reforms announced in the wake of violent protests.
Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ethiopia-politics/exiled-ethiopian-opposition-group-holds-talks-with-government-idUSKCN1IF228 |
STOCKHOLM, May 4 (Reuters) - Wet snuff and cigar maker Swedish Match reported on Friday a bigger first-quarter operating profit than expected and predicted a growing but competitive Scandinavian snus market in 2018.
Operating profit fell to 1.05 billion crowns ($119 million) from a year-ago 1.24 billion which included one-off gains of 238 million. The mean forecast in Reuters’ poll of analysts was for 1.03 billion.
The operating margin for snus and snuff widened more than expected to 45.0 percent from 41.2 percent, against a forecast 43.2 percent. The margin for the Other Tobacco Products division, which includes cigars, shrank. ($1 = 8.8080 Swedish crowns) (Reporting by Anna Ringstrom, editing by Helena Soderpalm)
| ashraq/financial-news-articles | https://www.reuters.com/article/swedish-match-results/tobacco-group-swedish-match-q1-profit-snus-margin-beat-expectations-idUSFWN1SA1GF |
May 9, 2018 / 8:52 PM / Updated 2 minutes ago Qualcomm sets new $10 billion buyback plan Reuters Staff 1 Min Read
(Reuters) - Chipmaker Qualcomm Inc ( QCOM.O ) said on Wednesday its board has approved a new $10 billion buyback program that replaces the previous $15 billion stock repurchase program announced in March 2015. FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo
The earlier stock repurchase program had $1.2 billion remaining, the company said.
The company’s shares rose 2.5 percent to $54.49 in extended trading. Reporting by Laharee Chatterjee in Bengaluru | ashraq/financial-news-articles | https://www.reuters.com/article/us-qualcomm-buyback/qualcomm-sets-new-10-billion-buyback-plan-idUSKBN1IA39R |
Concho Resources Inc:
* . REPORTS FIRST-QUARTER 2018 RESULTS
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.00 EXCLUDING ITEMS
* Q1 EARNINGS PER SHARE $5.58 * Q1 EARNINGS PER SHARE VIEW $0.78 — THOMSON REUTERS I/B/E/S
* RAISED FULL-YEAR 2018 PRODUCTION GROWTH OUTLOOK TO A RANGE OF 18% - 20% AND MAINTAINED CAPITAL EXPENDITURE GUIDANCE
* QTRLY PRODUCTION WAS 21 MILLION BARRELS OF OIL EQUIVALENT , UP 26 PERCENT FROM Q1 2017
* SEES SECOND-QUARTER 2018 PRODUCTION TO BE 226 MBOEPD TO 230 MBOEPD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-concho-resources-q1-earnings-per-s/brief-concho-resources-q1-earnings-per-share-5-58-idUSASC09YRQ |
REDWOOD CITY, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Relypsa, Inc., a Vifor Pharma Group company, today announced that the United States (U.S) Food and Drug Administration (FDA) approved a supplemental New Drug Application (sNDA) for Veltassa ® (patiromer) for oral suspension in the treatment of hyperkalemia, or elevated blood potassium levels. The label update is effective immediately and based on results from the Phase 4 TOURMALINE study, which showed no statistically significant difference between the groups taking Veltassa with or without food in achieving serum potassium levels within the target range (3.8 to 5.0 mEq/L).
“Since the U.S. approval of Veltassa two years ago, we have seen how the availability of this medicine has been able to significantly transform the way physicians treat hyperkalemia,” said Scott Garland, president of Relypsa. “We are pleased with the FDA's approval of this supplement and believe the updated label will provide patients with greater flexibility in incorporating Veltassa in their daily treatment regimen.”
In the TOURMALINE study, 87.3 percent of the Veltassa with food group and 82.5 percent of the Veltassa without food group achieved potassium levels in the target range at either week 3 or week 4. Patients with higher baseline potassium values generally had greater potassium reductions. Results were consistent when evaluated by baseline potassium, race, eGFR (an assessment of kidney function) and type 2 diabetes. Rates of adverse events were consistent with previous clinical trials of Veltassa and were similar between study participants who took Veltassa with food (48.2 percent) and those who took it without food (42.1 percent).
TOURMALINE Study Design
The study randomly assigned 114 patients with blood potassium levels greater than 5.0 mEq/L to receive Veltassa once-a-day at a starting dose of 8.4 g either with or without food. Patients were treated for four weeks and followed for two weeks after completing Veltassa treatment. The primary endpoint was a comparison of the proportion of patients with blood potassium in the target range (3.8 to 5.0 mEq/L) at week 3 or week 4 between the two treatment groups. The study was conducted at 29 sites in the United States. Of the 112 patients evaluable for efficacy, 65 percent were male, 12.5 percent were African American, 56 percent were Hispanic/Latino, 65 percent were age 65 or older and 62 percent had stage 3b-5 (non-dialysis) chronic kidney disease.
About Hyperkalemia
Approximately 3 million people in the United States with stage 3 or 4 chronic kidney disease (CKD) and/or heart failure have hyperkalemia, or elevated blood potassium levels. Hyperkalemia can cause abnormal heart rhythms and even sudden death. There are often no warning signs, meaning a person can unknowingly experience spikes in potassium levels recurrently and be at risk for these cardiac events. Some medicines that are often prescribed to people with CKD and heart failure to help delay progression of their underlying disease can cause hyperkalemia as a side effect. These include renin angiotensin aldosterone system (RAAS) inhibitors such as angiotensin receptor blockers (ARBs), aldosterone antagonists (AAs) and angiotensin-converting-enzyme (ACE) inhibitors.
About Veltassa
Veltassa is a sodium-free potassium binder approved for the treatment of hyperkalemia. Veltassa should not be used as an emergency treatment for life-threatening hyperkalemia because of its delayed onset of action.
Made in powder form consisting of smooth, spherical beads, Veltassa is mixed with water (one-third of a cup) and taken once-a-day. Veltassa is not absorbed and acts within the gastrointestinal tract. It binds to potassium in exchange for calcium, primarily in the colon. The potassium is then excreted from the body through the normal excretion process.
Important Safety Information
Contraindications
Veltassa is contraindicated in patients with a history of a hypersensitivity reaction to Veltassa or any of its components.
Worsening of Gastrointestinal Motility
Use of Veltassa should be avoided in patients with severe constipation, bowel obstruction or impaction, including abnormal post-operative bowel motility disorders, because Veltassa may be ineffective and may worsen gastrointestinal conditions. Patients with a history of bowel obstruction or major gastrointestinal surgery, severe gastrointestinal disorders, or swallowing disorders were not included in clinical studies.
Hypomagnesemia
Veltassa binds to magnesium in the colon, which can lead to hypomagnesemia. In clinical studies, hypomagnesemia was reported as an adverse reaction in 5.3 percent of patients treated with Veltassa. Approximately 9 percent of patients in clinical trials developed hypomagnesemia with a serum magnesium value <1.4 mg/dL. Doctors should monitor serum magnesium and consider magnesium supplementation in patients who develop low serum magnesium levels.
Adverse Reactions
The most common adverse reactions (incidence ≥2 percent) are constipation, hypomagnesemia, diarrhea, nausea, abdominal discomfort and flatulence. Mild to moderate hypersensitivity reactions were reported in 0.3 percent of patients treated with Veltassa and included edema of the lips.
For Veltassa’s full Prescribing Information, please visit https://www.veltassa.com/pi.pdf .
About Relypsa, Inc.
Relypsa, Inc., a Vifor Pharma Group company, is a biopharmaceutical company focused on the
discovery, development and commercialization of polymeric medicines for patients with conditions that are often overlooked and undertreated and can be addressed in the gastrointestinal tract. The Company's first medicine, Veltassa ® (patiromer) for oral suspension, was developed based on Relypsa's rich legacy in polymer science. More information is available at www.relypsa.com .
About Vifor Pharma Group
Vifor Pharma Group , formerly Galenica Group, is a global pharmaceuticals company. It aims to become the global leader in iron deficiency, nephrology and cardio-renal therapies. The company is the partner of choice for pharmaceuticals and innovative patient-focused solutions. Vifor Pharma Group strives to help patients around the world with severe and chronic diseases lead better, healthier lives. The company develops, manufactures and markets pharmaceutical products for precision patient care. Vifor Pharma Group holds a leading position in all its core business activities and consists of the following companies: Vifor Pharma; Vifor Fresenius Medical Care Renal Pharma, a joint company with Fresenius Medical Care; Relypsa; and OM Pharma. Vifor Pharma Group is headquartered in Switzerland, and listed on the Swiss Stock Exchange (SIX Swiss Exchange, VIFN, ISIN: CH0364749348). For more information, please visit www.viforpharma.com .
Contact:
Albert Liao
Director of U.S. Communications
Relypsa
+1 650 421 9532
[email protected]
Source:Relypsa, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-relypsa-announces-fda-approval-of-supplemental-new-drug-application-to-enable-the-usage-of-veltassaa-patiromer-with-or.html |
May 25, 2018 / 4:48 PM / Updated 19 minutes ago U.S. reached deal to keep Chinese telecom ZTE in business -New York Times Reuters Staff 1 Min Read
WASHINGTON, May 25 (Reuters) - The U.S. government has reached a deal to put Chinese telecommunications firm ZTE Corp back in business, the Trump administration told lawmakers, according to a report Friday in the New York Times.
The deal, brokered by the Commerce Department, requires ZTE would pay a substantial fine, place American compliance officers at the firm and change its management team, the Times reported, citing a person familiar with the agreement. Commerce would then lift an order preventing the company from buying U.S. products. (Reporting by Tim Ahmann and Doina Chiacu;) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-zte/u-s-reached-deal-to-keep-chinese-telecom-zte-in-business-new-york-times-idUSL2N1SW18U |
May 23 (Reuters) - Centene Corp:
* CENTENE CORP SAYS UNIT ISSUED $1.8 BILLION IN AGGREGATE PRINCIPAL AMOUNT OF 5.375% SENIOR NOTES DUE 2026 - SEC FILING Source text: ( bit.ly/2x8KtI9 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-centene-corp-says-unit-issued-18-b/brief-centene-corp-says-unit-issued-1-8-bln-in-aggregate-principal-amount-of-5-375-pct-senior-notes-due-2026-idUSFWN1SU13A |
8:29 AM ET Wed, 25 Oct 2017 | 01:05
I trudged down the street to another place and, before placing my order, was careful to ask, "Do you accept cash here?" This cashier gave me an equally quizzical look. "Yes," she answered slowly, as though what she really wanted to say was, "Obviously."
I tried to stick to my cash diet for a few more days, but these tiny inconveniences kept getting the best of me, and I gave up.
My biggest hindrance to going cash-only was the fact that so many things aren't cash-based anymore. Throughout my single week on the diet, I separately contemplated buying tickets to an event and ordering household supplies via Amazon, only to backtrack after realizing those purchases would break my rule.
To some extent, that was the point of the experiment. I wasn't able to impulsively spend $40 on a concert or $10 downloading a new Kindle book. If I had to go out of my way to buy something, I thought twice about whether it was worth the chunk of my weekly budget it would cost.
However, I couldn't see myself sticking to that system long-term. Going back and forth between cash and credit was too hard to keep track of. I prefer to charge everything I can to my credit card and pay it off each month. That way I have an electronic record of every single purchase I've made. After all, i f you're not keeping a close eye on cash, it can begin to feel like Monopoly money. show chapters 3:09 PM ET Wed, 10 May 2017 | 02:35 The upsides
For many, going cash-only creates a helpful physical barrier to overspending. Take my colleague Kathleen Elkins, who went on a two-month-long cash diet last winter. After living on $60 a week for eight weeks, she was able to save over $1,000 .
"It's easy to mindlessly swipe a credit card and forget you even bought something," she writes. "Try handing over physical bills and watching your money disappear right in front of your eyes. Chances are, you'll start to think longer and harder before making purchases."
"On the cash diet, I've become a much more conscious spender, buying more of what I need and less of what I want in the moment," she adds.
No matter what your method for saving is, it's helpful to have a specific goal in mind. It shifts your focus from "I wish I could buy X now!" to "I'm excited to buy Y later!"
For Elkins, she knew she would celebrate the end of her cash diet at Mardi Gras in New Orleans, and having a goal helped her save. "Those $5 lattes and $2 Vitamin Waters are much less tempting when I think about all the beignets that money could buy over the course of my trip," she says. show chapters 6:29 PM ET Wed, 18 Jan 2017 | 02:40
It's the same lesson I learned when I challenged myself to rack up "zero spend" days in January and then lost my motivation halfway through. I realized that I needed a goal. "The ambiguity of having more spend-free days on my calendar wasn't enough of a draw to keep me from the small impulsive purchases that drain my bank account," I wrote then.
What failing at a second savings challenge taught me isn't that I'm bad with money. In fact, I generally make smart spending choices and I'm able to save a large chunk of my pay each month.
Rather, I've learned that you have to find the system that works for you. Just because going cash-only works for your colleague doesn't mean it's the magic answer to improving your own finances.
I've found that it's worth it to invest time in trying different systems and figuring out which strategy will work long-term. For me, that means using credit cards responsibly and making everything automatic . I'm not ready to ditch the plastic just yet. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/i-tried-a-month-long-cash-diet-heres-why-i-stopped-after-a-week.html |
Cabiralizumab advanced into a randomized Phase 2 trial in pancreatic cancer Five Prime initiated the Phase 1 portion of the FIGHT Phase 1/3 global registrational trial of bemarituzumab in gastric cancer FPA150, a first-in-class B7-H4 antibody, entered a Phase 1 monotherapy trial
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Five Prime Therapeutics, Inc. (NASDAQ: FPRX), a clinical-stage biotechnology company focused on discovering and developing innovative immuno-oncology protein therapeutics, today provided a corporate update and reported financial results for the fiscal quarter ended March 31, 2018.
“We were pleased that, during the quarter, BMS initiated a Phase 2 clinical trial to evaluate cabiralizumab and OPDIVO ® as a second-line treatment in patients with advanced pancreatic cancer,” said Aron Knickerbocker, chief executive officer of Five Prime Therapeutics. “This randomized, open-label trial has an active comparator arm and is being conducted at multiple sites. This quarter was also a period of pipeline expansion and clinical advancements for Five Prime. FPA150, our first-in-class B7-H4 antibody, recently entered clinical development. We also initiated the safety lead-in for the global Phase 1/3 FIGHT trial of bemarituzumab in gastric cancer, our first registrational trial. Beyond expanding our own pipeline, our platform continues to fuel our collaborators’ pipelines. During the quarter, UCB licensed a drug target identified using our discovery platform and BMS began clinical development of a unique TIM-3 antibody identified through our immuno-oncology research collaboration.”
First Quarter 2018 Business Highlights and Recent Developments
Clinical Pipeline:
Cabiralizumab (FPA008): An antibody that inhibits CSF1R and has been shown to block the activation and survival of macrophages.
BMS is conducting a randomized Phase 2 clinical trial in patients with locally advanced or metastatic pancreatic cancer. In January 2018, Bristol-Myers Squibb Company (BMS) initiated a randomized Phase 2 clinical trial (NCT03336216) to evaluate cabiralizumab and OPDIVO ® with and without chemotherapy compared to chemotherapy alone as a second-line treatment in patients with advanced pancreatic cancer. The Phase 2 trial is expected to enroll approximately 160 patients with locally advanced or metastatic pancreatic cancer that has progressed during or after one line of chemotherapy. The advancement of the cabiralizumab and OPDIVO ® combination into Phase 2 development triggered a $25 million milestone payment to Five Prime. Five Prime and others have previously demonstrated evidence of synergy by combining CSF1R and PD-1 antibodies with chemotherapy in preclinical models of pancreatic cancer. Treatment is ongoing in Five Prime’s Phase 1a/1b clinical trial of cabiralizumab and OPDIVO ® (nivolumab). Five Prime and BMS are evaluating the safety, tolerability and preliminary efficacy of the immunotherapy combination of cabiralizumab with the PD-1 immune checkpoint inhibitor OPDIVO ® in advanced solid tumors. The trial has completed enrollment, patients continue to be treated and biopsies are being assessed for a panel of tissue biomarkers for approximately one third of the patients. Five Prime and BMS enrolled an additional 35 patients with pancreatic cancer in the Phase 1a portion of the trial to assess efficacy, safety and multiple tissue biomarkers measured in pre- and on-treatment biopsy samples. The abstract titled “Pharmacodynamics (PD) and Genomic Profiling of Pts Treated with cabiralizumab (cabira) + nivolumab (NIVO) Provide Evidence of On-Target Tumor Immune Modulations and Support Future Clinical Applications” was accepted for a poster presentation at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting on Monday, June 4. Ongoing Phase 1/2 clinical trial (NCT02471716) of cabiralizumab in patients with pigmented villonodular synovitis (PVNS). Five Prime is enrolling a second cohort of up to 30 additional patients in the Phase 2 portion of the trial to evaluate a less frequent dosing schedule to optimize the therapeutic index of cabiralizumab in this chronic disease setting. Data from these additional patients are intended to enable a go/no go decision by the end of 2018 on whether Five Prime will advance cabiralizumab in PVNS into a pivotal trial in 2019. Five Prime estimates the combined prevalence of diffuse PVNS is approximately 67,500 patients in the U.S., EU5 and Japan.
Bemarituzumab (FPA144): An isoform-selective antibody with enhanced antibody-dependent cell-mediated cytotoxicity (ADCC) in development as a targeted immuno-therapy for tumors that overexpress FGFR2b.
In December 2017, Five Prime initiated the Phase 1 portion (NCT03343301) of the Phase 1/3 FIGHT (FGFR2b Inhibition in Gastric and Gastroesophageal Junction Cancer Treatment) global registrational trial. The Phase 3 portion of the FIGHT trial will evaluate bemarituzumab in combination with the modified FOLFOX6 standard of care chemotherapy regimen (mFOLFOX6) versus placebo plus mFOLFOX6 in approximately 550 patients with advanced gastric or gastroesophageal junction cancer whose tumors overexpress FGFR2b. The Phase 1 safety lead-in portion of the trial is designed to identify a recommended dose of bemarituzumab in combination with mFOLFOX6 to support the initiation of the Phase 3 portion of the trial. The Phase 3 portion of the trial is expected to begin in the second half of 2018 and will include sites in the U.S., Europe and Asia, including China, South Korea and Japan, where the incidence of gastric cancer is high. Five Prime is using immunohistochemistry (IHC) and circulating tumor DNA (ctDNA) tests to identify the estimated 10% of patients with FGFR2b-overexpressing gastric cancer who would be eligible for the trial. In April, Five Prime and Personal Genome Diagnostics (PGDx) announced a collaboration to develop a plasma-based ctDNA in vitro companion diagnostic to identify patients for the trial. Five Prime has filed a clinical trial application for bemarituzumab in China and, via its collaboration with Zai Lab, anticipates initiating clinical trial sites in China by the end of 2018. In April, Five Prime closed the bladder cancer cohort of its Phase 1 clinical trial after evaluating the feasibility and timing of activating additional clinical sites, the rate of patient enrollment in the bladder cancer cohort and the current landscape of potential treatment options for bladder cancer patients. The abstract titled “FIGHT: A Phase 3 Randomized, Double-Blind, Placebo Controlled Study Evaluating (Bemarituzumab) FPA144 and Modified FOLFOX6 (mFOLFOX6) in Patients with Previously Untreated Advanced Gastric and Gastroesophageal Cancer with a Dose Finding Phase 1 Lead-In” was accepted for a poster presentation at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting on June 3.
FPA150 (anti-B7-H4): An antibody designed for two mechanisms of action – to block an inhibitory T-cell checkpoint pathway and to enhance killing of B7-H4 overexpressing tumors by ADCC. B7-H4 is frequently overexpressed in breast, ovarian, endometrial and bladder cancers.
In March, Five Prime initiated patient dosing in a Phase 1a/1b clinical trial of FPA150 monotherapy with a dose-escalation phase in solid tumors, which will be followed by dose expansion in pre-specified cohorts of patients whose tumors have high B7-H4 expression levels, as measured by an IHC molecular diagnostic test. The initial targeted tumors are advanced or metastatic breast, ovarian, endometrial and bladder cancers. Phase 1a dose escalation endpoints include identification of a maximum tolerated dose (MTD), safety, and pharmacokinetics (PK) of FPA150. Phase 1b dose expansion endpoints include objective response rate, as well as safety and PK. In an oral presentation at the AACR 2018 Annual Meeting in April, Five Prime presented data showing dose-dependent anti-tumor activity of FPA150 in vivo as a monotherapy and complete tumor regressions in preclinical tumor models when given in combination with PD-1 blockade.
BMS TIM-3 Antibody: Five Prime received a $5 million milestone payment for the first IND filing by BMS for a therapeutic candidate under the immuno-oncology research collaboration between the parties.
In December 2017, BMS filed an IND for the first clinical candidate from the immuno-oncology research collaboration with Five Prime. The candidate is a fully-human monoclonal antibody targeting TIM-3 (T-cell immunoglobulin and mucin domain-3), an immune checkpoint receptor that is known to limit the duration and magnitude of T-cell responses. During the quarter, BMS initiated dosing of patients in a Phase 1 study.
Preclinical Research and Development:
FPT155 (CD80-Fc): A CD80 fusion protein that uses the binding interactions of soluble CD80 to (i) block CTLA-4 from competing for endogenous CD80, allowing CD28 signaling to prevail in T-cell activation in the tumor microenvironment and (ii) directly engage CD28 to further enhance its co-stimulatory T-cell activation activity without inducing super agonism.
Studies in preclinical models suggest FPT155 has the potential to be a potent T-cell co-stimulator with strong monotherapy antitumor activity and may have a synergistic effect when combined with anti-PD1 therapy. Five Prime anticipates submitting an IND application or a foreign equivalent in the second half of 2018.
Corporate:
In January, the Company completed a public offering of common stock, raising net proceeds of approximately $108 million. In February, Five Prime received $4.2 million from Zai Lab in connection with the license and collaboration agreement for bemarituzumab in Greater China. In March, Five Prime received a $25 million milestone payment from BMS for the initiation of the Phase 2 clinical trial evaluating cabiralizumab and OPDIVO ® (nivolumab) with and without chemotherapy in patients with advanced pancreatic cancer. In March, UCB elected to exclusively license an undisclosed drug target for inflammatory diseases. Five Prime identified the target using its discovery platform. In March, the Company announced that Marc Belsky, Senior Vice President and Chief Financial Officer, had resigned to pursue another opportunity. Linda Rubinstein has been appointed interim CFO. A search is currently underway to identify a new permanent CFO.
Summary of Financial Results and Guidance:
Cash Position . Cash, cash equivalents and marketable securities totaled $389.4 million as of March 31, 2018, compared to $292.7 million as of December 31, 2017. The increase in cash, cash equivalents and marketable securities was primarily attributable to $107.6 million in net proceeds from the January 2018 public offering of common stock and $25.0 million in milestone payments Five Prime received from collaboration partners net of cash used by Five Prime in operations to advance its three clinical stage programs as well as preclinical research and development. Revenue . Collaboration and license revenue for the first quarter of 2018 increased by $22.4 million, or 222%, to $32.5 million from $10.1 million for the first quarter of 2017. This increase was primarily related to the $25.0 million earned in the first quarter of 2018 for the milestone achieved under the cabiralizumab collaboration agreement with BMS for the initiation of the Phase 2 clinical trial of cabiralizumab in pancreatic cancer. R&D Expenses . Research and development expenses for the first quarter of 2018 increased by $9.8 million, or 29%, to $43.6 million from $33.8 million in the first quarter of 2017. This increase was primarily related to increased spending on the bemarituzumab program, including in connection with the initiation of the Phase 1 portion of the FIGHT trial, and the initiation of the FPA150 Phase 1 trial. G&A Expenses . General and administrative expenses for both the first quarter of 2018 and 2017 were $10.5 million. Net Loss . Net loss for the first quarter of 2018 was $20.4 million, or $0.63 per basic and diluted share, compared to a net loss of $33.4 million, or $1.21 per basic and diluted share, for the first quarter of 2017. Shares Outstanding . Total shares outstanding were 34.3 million as of March 31, 2018.
Cash Guidance. Five Prime expects full-year 2018 net cash used in operating activities to be less than $135 million, which includes the previously mentioned milestone payments earned by Five Prime. Five Prime estimates ending 2018 with approximately $250 million in cash, cash equivalents and marketable securities.
Conference Call Information
Five Prime will host a conference call and live audio webcast today at 4:30 p.m. (ET) / 1:30 p.m. (PT) to discuss its financial results and provide a corporate update. To participate in the conference call, please dial (877) 878-2269 (domestic) or (253) 237-1188 (international) and refer to conference ID 6585139. To access the live webcast please visit the "Events & Presentations" page under the "Investors" tab on Five Prime's website at www.fiveprime.com . An archived copy of the webcast will be available on Five Prime's website beginning approximately two hours after the conference call. Five Prime will maintain an archived replay of the webcast on its website for at least 30 days after the conference call.
About Five Prime Therapeutics
Five Prime Therapeutics, Inc. discovers and develops innovative therapeutics to improve the lives of patients with serious diseases. Five Prime's comprehensive discovery platform, which encompasses virtually every medically relevant extracellular protein, positions it to explore pathways in cancer, inflammation and their intersection in immuno-oncology, an area with significant therapeutic potential and the focus of the company's R&D activities. Five Prime has entered into strategic collaborations with leading global pharmaceutical companies and has promising product candidates in clinical and late preclinical development. For more information, please visit www.fiveprime.com or follow us on LinkedIn , Twitter and Facebook .
Cautionary Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Five Prime's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include statements regarding (i) the timing of IND filings; (ii) the timing of initiation, progress and scope of clinical trials for Five Prime’s product candidates; (iii) the extent of protein overexpression in certain patient populations; (iv) the prevalence and incidence of certain diseases; (v) Five Prime’s full-year 2018 net cash used in operating activities; and (vi) the amount of Five Prime’s cash, cash equivalents and marketable securities at the end of 2018. Many factors may cause differences between current expectations and actual results including unexpected safety or efficacy data observed during research, preclinical or clinical studies, changes in expected or existing competition, changes in the regulatory, pricing or reimbursement environment, and unexpected litigation or other disputes. Other factors that may cause actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Five Prime’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” contained therein. Except as required by law, Five Prime assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Five Prime Therapeutics, Inc. Selected Balance Sheet Data (in thousands)
March 31, December 31, 2018 2017 Balance Sheet Data Cash, cash equivalents and marketable securities $ 389,426 $ 292,690 Total assets 436,714 344,047 Total current liabilities (excluding deferred revenue) 36,723 38,268 Deferred revenue (in total, including short term portion) 19,259 22,936 Total stockholders' equity 362,216 265,202 Five Prime Therapeutics, Inc. Condensed Statements of Operations (in thousands, except per share amounts)
For The Three For The Three Months Ended Months Ended March 31, March 31, 2018 2017 Collaboration and license revenue $ 32,486 $ 10,135 Operating expenses: Research and development 43,552 33,760 General and administrative 10,478 10,486 Total operating expenses 54,030 44,246 Operating loss (21,544 ) (34,111 ) Interest and other income, net 1,159 668 Other loss, net (5 ) - Loss before income tax (20,390 ) (33,443 ) Income tax benefit - - Net loss $ (20,390 ) $ (33,443 ) Basic and diluted net loss per common share $ (0.63 ) $ (1.21 ) Weighted-average shares used to compute basic and diluted net loss per common share 32,314 27,657
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Five Prime Therapeutics, Inc.
Heather Rowe, 415-365-5737
Senior Director, Investor Relations and Corporate Communications
[email protected]
Source: Five Prime Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-five-prime-therapeutics-announces-first-quarter-2018-financial-results.html |
EditorsNote: Minor tweak in sixth graf
Baltimore’s four-run fourth inning helped Alex Cobb get his first win with the Orioles and snapped a 13-game road losing streak in the process in a 7-4 victory against the Boston Red Sox on Friday night.
Adam Jones, Manny Machado and Mark Trumbo all had two RBIs apiece and Jonathan Schoop hit a solo homer for Baltimore, which equaled the longest road skid in team history after Thursday’s 6-2 series-opening loss.
Cobb (1-5) gave up three runs on 10 hits and a walk with three strikeouts in 6 1/3 innings. It was the Boston native’s first win since Sept. 22 with Tampa Bay versus Baltimore. Cobb had a 7.06 ERA through six starts after joining the Orioles in March.
Baltimore’s last road win came April 8 against the New York Yankees, an 8-7 decision in 12 innings. The Orioles had dropped three of four overall after their season-high four-game winning streak.
Mookie Betts hit a solo homer and had two RBIs and both Andrew Benintendi and Eduardo Nunez drove in one for Boston, which had won four of six. The Red Sox are 13-13 since their franchise-best 17-2 start.
Boston starter Drew Pomeranz (1-2) allowed five runs (four earned) on seven hits and three walks with two strikeouts over four innings.
J.D. Martinez (2-for-5) was back in the Red Sox’s lineup after exiting Thursday with an illness.
Trumbo’s bases-loaded groundout in the first put Baltimore ahead 1-0.
Betts’ third-inning blast to left field tied it, matching Machado for the major league lead with his 14th homer.
Jones and Machado knocked in two apiece on their RBI singles in the fourth, making it 5-1.
Betts’ RBI double in the fifth was followed by Benintendi’s RBI single, but Schoop hit his fourth homer of the year two innings later.
Nunez’s eighth-inning RBI double made it 6-4. Trumbo answered with an RBI double in the ninth.
Baltimore closer Brad Brach recorded the last four outs for his sixth save.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-bos-bal-recap/orioles-get-to-red-sox-early-roll-7-4-idUSMTZEE5JYFB1XJ |
May 15, 2018 / 4:32 AM / Updated 7 hours ago Australia looking into claim Google harvests data while consumers pay Colin Packham 4 Min Read
SYDNEY (Reuters) - Google is under investigation in Australia following claims that it collects data from millions of Android smartphone users, who unwittingly pay their telecom service providers for gigabytes consumed by the activity, regulators said on Tuesday. FILE PHOTO: A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin, August 11, 2015. REUTERS/Pawel Kopczynski/File Photo
Responding to the latest privacy concerns surrounding Google, a spokesman for the U.S. based search engine operator said the company has users’ permission to collect data.
“Any charges for transmission of data over a cellular connection, including any location-related data, would be governed by a user’s mobile carrier plan,” Google said in a statement. “The types and quantity of such data that a user’s device transmits would depend on the products or services they use, and in some cases a user’s settings,” it added.
The Australian investigations are set to focus on allegations made by Oracle Corp in a report provided as part of an Australian review into the impact that Google, owned by Alphabet Inc, and Facebook have on the advertising market.
Both the Australian Competition and Consumer Commission (ACCC) and the country’s Privacy Commissioner said they were reviewing the report’s findings.
“The ACCC met with Oracle and is considering information it has provided about Google services,” said Geesche Jacobsen, a spokeswoman for the competition regulator.
“We are exploring how much consumers know about the use of location data and are working closely with the Privacy Commissioner.”
Oracle, according to The Australian newspaper, said Alphabet receives detailed information about people’s internet searches and user locations if they have a phone that carries Android - the mobile operating system developed by Google.
Transferring that information to Google means using up gigabytes of data that consumers have paid for under data packages purchased from local telecom service providers, according to the Oracle report.
Reuters was unable to immediately verify the content of the Oracle report.
Data privacy advocates said many consumers are unlikely to understand what they agreed to when signing up to use a smartphone. Industry analysts estimate there are more than 10 million Android users in Australia.
“Some mobile plans may only include a few gigabytes of data so if Google is harvesting a gigabyte of data, it is a very real cost to consumers,” said David Vaile, chairman of the industry group, the Australian Privacy Foundation.
Australian telecommunications companies said they were seeking confirmation from Google on the allegations.
“We are aware of the reports in the media and we have asked Google to advise whether they are accurate,” a spokesman for Australia’s biggest telecom company Telsta said.
Earlier this year, social media giant Facebook Inc apologised after web marketing firm Cambridge Analytica was accused of obtaining users’ data without permission for the 2016 election campaign of United States President Donald Trump.
Oracle has its own long-running dispute with Google. The U.S. based software company is seeking royalties for Google’s use of some of the Java language, while Google argues it should be able to use Java without paying a fee. Reporting by Colin Packham; Editing by Byron Kaye, Simon Cameron-Moore & Kim Coghill | ashraq/financial-news-articles | https://in.reuters.com/article/australia-google-privacy/australia-probes-claim-google-harvests-data-consumers-pay-idINKCN1IG0DL |
MILAN, May 22 (Reuters) - UEFA will turn down a request by Italian soccer club AC Milan for a settlement agreement regarding a breach of financial fair play rules, a source with knowledge of the matter said on Tuesday.
Under UEFA regulations, any European soccer club spending more than its generated revenue faces possible sanctions, including, in certain circumstances, a ban from playing.
Milan asked UEFA to exercise its right to waive the rules after Chinese entrepreneur Li Yonghong bought the club from Italian holding company Fininvest.
U.S. private equity fund Elliott last year gave Li a 180 million euro lifeline to complete the purchase of the Serie A club, which is trying to emerge from years of losses with a turnaround plan.
UEFA was not immediately available for a comment. (Reporting by Elvira Pollina, writing by Stephen Jewkes)
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-italy-acmilan/uefa-to-turn-down-ac-milans-request-for-fair-play-settlement-agreement-source-idUSI6N1S302O |
Published: May 1, 2018 8:54 a.m. ET Share
Company has struggled with its debt load after a series of acquisitions Getty Images
By Austen Hufford
Storied guitar maker Gibson Brands Inc. filed for bankruptcy protection Tuesday as the company has struggled with its debt load after a series of acquisitions.
The company, which filed for chapter 11 in U.S. Bankruptcy Court in Delaware, said it will continue to operate during the proceedings as it focuses on reorganizing around its core businesses. Gibson plans to wind down its Gibson’s Innovations business, which is largely outside of the U.S.
The Nashville-based maker of Gibson Les Paul guitars has been struggling with debt it took on to finance acquisitions of home-entertainment and audio-equipment makers years ago. Among businesses the company has added are some of Royal Phillips’s home-entertainment systems, TEAC and Onkyo stereos.
Gibson said it has reached an agreement with holders of more than 69% of its senior secured notes due in 2018 and shareholders that lets it continue to operate. The company also said existing noteholders have committed to provide $135 million in debtor-in-possession financing. | ashraq/financial-news-articles | https://www.wsj.com/articles/guitar-maker-gibson-brands-files-for-bankruptcy-1525177170?mod=searchresults&page=1&pos=1 |
May 17 (Reuters) - Bookmakers William Hill and Paddy Power Betfair said plans to cut the maximum stake on fixed odd betting terminals in Britain to two pounds would hit gaming revenue hard.
William Hill expects total gaming net revenue to fall by 35-45 percent, while Paddy Power sees a 33-43 percent decline in its machine gaming revenue.
Rival GVC Holdings Plc said it expects to be able to reposition its business within two years following implementation, with fully mitigated impact of about 120 million pounds on its core earnings.
The cut to two pounds from the current 100 pounds ($136) curtails a major source of revenue for high street bookmakers and potentially puts jobs at risk.
Reporting by Arathy S Nair in Bengaluru Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-gambling-companies/bookies-william-hill-paddy-power-set-out-cost-of-new-gambling-curbs-idUSL3N1SO2OW |
May 21 (Reuters) - Boxlight Corp:
* BOXLIGHT CORP - ANNOUNCES EXCLUSIVE PARTNERSHIP WITH MULTI TOUCH INTERACTIVES
* BOXLIGHT CORP - PARTNERSHIP WITH MULTI TOUCH INTERACTIVES TO CREATE INTERACTIVE EDUCATIONAL ACTIVITIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-boxlight-corp-announces-exclusive/brief-boxlight-corp-announces-exclusive-partnership-with-multi-touch-interactives-idUSFWN1SS0IM |
May 18, 2018 / 12:56 AM / Updated 24 minutes ago China seeks investigation into University of Southern California abuse accusations Dan Whitcomb 3 Min Read
LOS ANGELES (Reuters) - The Chinese government has expressed “deep concern” over published reports that a University of Southern California gynaecologist was allowed for years to treat students, many of them from China, despite accusations of sexual abuse and harassment.
The Los Angeles Times reported this week that Dr. George Tyndall, 71, resigned from USC last year after an internal investigation at the university found he performed unnecessary or unprofessional physical exams and made inappropriate comments to some of the young women in his care.
Tyndall was not suspended by the university until 2016 despite complaints dating to the 1990s, according to the article. He has not been arrested or charged with any crime, the newspaper reported.
Late on Wednesday, China’s state-owned news agency Xinhua quoted an unidentified official of the Consulate General of China in Los Angeles as saying, “We noticed the report and expressed our deep concern over the situation.”
“We request USC to take serious step to investigate the issue and protect Chinese students from illegal violation.”
The Chinese consul general in Los Angeles could not be reached for comment.
Tyndall could not be reached by Reuters for comment. In an interview with the Los Angeles Times, he denied any wrongdoing, saying, “I’m there to protect the health of Trojan women,” referring to the school’s mascot.
Emily Gersema, a spokeswoman for the university, said on Thursday that it was preparing a statement in response to the Chinese government. USC enrolled 5,101 students from China in 2017, according to its website.
In a “letter to the USC community” issued on Tuesday on the school’s website, its president C.L. Nikias said Tyndall was placed on administrative leave in June 2016 after a complaint by a staff member and since then had not been allowed contact with students.
The school acknowledged in the letter that it did not report accusations against Tyndall to the California Medical Board until this year, when he sought reinstatement at USC.
“On behalf of the university, I sincerely apologise to any student who may have visited the student health centre and did not receive the respectful care each individual deserves,” Nikias said.
Earlier this year Larry Nassar, a former faculty member and physician at an on-campus clinic at Michigan State University and a doctor for USA Gymnastics, was sentenced to prison after pleading guilty to criminal sexual conduct. Reporting by Dan Whitcomb Editing by Bill Tarrant | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usc-gynecologist-china/china-seeks-investigation-into-university-of-southern-california-abuse-accusations-idUKKCN1IJ01X |
May 30, 2018 / 4:43 PM / Updated 2 hours ago Buffett utility to be first in U.S. to reach 100 percent renewables Reuters Staff 2 Min Read
(Reuters) - MidAmerican Energy Co will become the first U.S. investor-owned utility to source 100 percent of its customers’ electricity needs from renewable energy when it completes a $922 million wind farm in 2020, the company said on Wednesday. FILE PHOTO: Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. More than 40,000 Berkshire Hathaway shareholders poured into Omaha this weekend to celebrate Buffett's 50th anniversary running the company, at what the world's third-richest person calls Woodstock for Capitalists. REUTERS/Rick Wilking/File Photo
The utility owned by Warren Buffett’s Berkshire Hathaway Inc began investing in wind power about 15 years ago to both hedge against volatile fuel prices and generate more pollutant-free power, its chief executive said, adding that federal tax credits for renewable projects have kept costs low.
“We have not had to raise customers’ rates, and that’s a big part of the way we evaluate these projects,” MidAmerican CEO Adam Wright said in an interview. “We’re not building wind just for the sake of building wind.”
The company, based in Des Moines, Iowa, serves 770,000 electric customers.
With the completion of the utility’s twelfth wind project, MidAmerican will generate enough renewable energy to equal the amount consumed by customers in its Iowa service territory.
Because of the intermittency of electricity generated by wind, the utility will continue to use its existing natural gas, nuclear and coal-fired power plants, MidAmerican said, adding that it is seeking sites to add more wind farms.
Wind power accounts for more than 35 percent of the electricity generated in Iowa, more than any other U.S. state.
MidAmerican’s 591-megawatt Wind XII project is subject to approval by the Iowa Utilities Board. Reporting by Nichola Groom; Editing by Marguerita Choy | ashraq/financial-news-articles | https://www.reuters.com/article/us-midamerican-renewables/buffett-utility-to-be-first-in-u-s-to-reach-100-percent-renewables-idUSKCN1IV2A2 |
NEW YORK (Reuters) - Drugmaker Allergan Plc ( AGN.N ) plans to sell off its women’s health and infectious disease businesses as Chief Executive Brent Saunders works to end the steep slide in its share price over the last year.
FILE PHOTO: Traders work at the post where Allergan stock is traded on the floor of the New York Stock Exchange (NYSE) April 6, 2016. REUTERS/Brendan McDermid Saunders said that after the sales, the company would focus on four core businesses: medical aesthetics, central nervous system, eye care and gastrointestinal products.
“We have a very strong pipeline in all those areas. Having a focus on those four areas will make Allergan a more exciting company,” he said in an interview.
Allergan’s board launched a major review of strategy earlier this year and considered more drastic options like splitting the company or making acquisitions, as its sagging stock price required the company to look at all options “with a sense of urgency.”
Shares of Allergan closed at $151.03 on Tuesday, down more than 40 percent from last July.
Saunders said the decision by the board to shed just those two businesses was unanimous.
Investors hoping for a dramatic shift in the Botox maker’s strategy may be disappointed. Some analysts have suggested a breakup of the company could create value, but Allergan’s executives have argued the process would be difficult, lengthy and costly, limiting its benefits.
RBC Capital Markets analyst Randall Stanicky has lobbied for splitting Allergan into one growth-focused business and another segment that holds its more mature assets.
He wrote earlier this month that just selling off women’s health and infectious diseases would not bring in sufficient proceeds for meaningful redeployment of capital and would fail to change how investors value the company.
“In other words, we do not think that would be enough,” he wrote.
Assuming a 30 percent premium for the businesses, Stanicky said the infectious diseases business could be worth around $1.5 billion, while women’s health could be worth more than double that.
One issue that could slow the sale of the women’s health business is a ruling on safety by U.S. regulators for its uterine fibroids treatment Esmya, expected in August.
Saunders said potential buyers would probably want to wait out that decision before completing a deal.
He said proceeds from the sales would likely be split between paying down debt and share buybacks.
Reporting by Michael Erman in New York; Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-allergan-divestiture/allergan-plans-sales-of-womens-health-infectious-disease-units-idUSKCN1IV1TN |
MOSCOW (Reuters) - Syrian President Bashar al-Assad flew to Russian leader Vladimir Putin’s summer residence on the Black Sea for talks on Thursday about the Syrian conflict, the Kremlin said, a visit that underscored Moscow’s status as Assad’s chief backer.
Russian President Vladimir Putin welcomes Syrian President Bashar al-Assad during their meeting in the Black Sea resort of Sochi, Russia May 17, 2018. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS Since fighting broke out in his country in 2011, Assad has traveled only rarely, but has made three publicly-acknowledged visits to Russia, each time for meetings with Putin.
Russia’s entry into the conflict in 2015 turned the tide of the conflict in Assad’s favor, and established Russia as a powerbroker in the Middle East.
At the meeting, in the Black Sea resort of Sochi, Assad congratulated Putin on his new term as president, after he was re-elected in March, and thanked the Russian military for its support in Syria.
Kremlin spokesman Dmitry Peskov said the meeting, which had not been announced in advance, took place on Thursday.
Russian President Vladimir Putin welcomes Syrian President Bashar al-Assad during their meeting in the Black Sea resort of Sochi, Russia May 17, 2018. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS “Stability is improving, and all that opens the doors to the political process, which we started a while ago,” Assad told Putin, according to a transcript of the opening remarks from the meeting posted on the Kremlin website.
“I have always said, and I repeat it again, that we have always wholeheartedly supported the political process, which should proceed in parallel with the war on terrorism.”
“We know that will not be easy, since there are countries which do not want stability to return to Syria. However, together with you and our other partners and friends, we will move firmly forward with the peace process,” Assad was Quote: d as saying.
Russian President Vladimir Putin shakes hands with Syrian President Bashar al-Assad during their meeting in the Black Sea resort of Sochi, Russia May 17, 2018. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS Russia said it intervened militarily in Syria to defeat violent Islamist extremists who had taken control over parts of the country and were launching bomb and gun attacks in other parts of the world.
Critics of Russia’s action, among them the United States and European states, say it is propping up an Assad leadership that has lost its legitimacy, and that its air strikes have killed large numbers of civilians. Russia says it never targets civilian areas.
In remarks cited by the Kremlin, Putin congratulated the Syrian leader on what he said were significant successes on the battlefield achieved by the Syrian military.
“The terrorists have laid down their arms in key locations in Syria, which has allowed for the restoration of Syrian infra-structure,” Putin was cited as saying.
“And of course now, after these military successes, additional conditions have doubtless been created for the renewal of a fully-fledged political process.”
Assad was making his second visit to see Putin in Sochi. The previous occasion was in November last year. He also visited Putin in Moscow in October 2015, soon after Russia launched its military operation in Syria.
Writing by Maxim Rodionov and Christian Lowe; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-russia-putin/syrias-assad-flies-to-russia-for-talks-with-putin-idUSKCN1II2PD |
May 17, 2018 / 8:45 AM / Updated an hour ago Turkey seeks U.N. General Assembly motion on Jerusalem - foreign minister Reuters Staff 1 Min Read
ISTANBUL (Reuters) - Turkey wants the United Nations General Assembly to pass a motion regarding Jerusalem, Turkish Foreign Minister Mevlut Cavusoglu said on Thursday, as the discomfort over Palestinians killed in Gaza by Israeli forces grows. Palestinian demonstrators run for cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa
Speaking in an interview to state-broadcaster TRT Haber, Cavusoglu also said that an independent comission needs to prepare a report on the violence in Gaza and that Israel needs to stand in the face of law.
Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday as the United States opened its embassy to Israel in Jerusalem. Reporting by Ece Toksabay and Tuvan Gumrukcu; Writing by Daren Butler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-usa-turkey/turkey-seeks-u-n-general-assembly-motion-on-jerusalem-foreign-minister-idUKKCN1II0Z1 |
If you invested $1,000 in Apple 10 years ago, here’s how much you’d have now More Famed investor and Berkshire Hathaway chief executive officer Warren Buffett revealed to CNBC Friday that his company bought 75 million shares of Apple, adding to the 165.3 million shares it already owned. Analysts predicted that could be good news for Apple's stock value — which, indeed, promptly hit an all-time high. And if you invested in Apple early on, the return on that investment could have been good, too. According to CNBC calculations, a $1,000 investment in 2008 would be worth $7,111 as of Friday, or over seven as much, including price appreciation and dividend gains reinvested. In the charts below, all data splits are adjusted and gain-loss figures do not include dividends, interest, | ashraq/financial-news-articles | http://www.cnbc.com/id/105186250 |
Bloomberg | Getty Images Carson Block, founder and director of Muddy Waters Short-seller Carson Block believes he has found a better way to bet against companies.
With market "volatility still so low, this [new] strategy depends on options," he said at the Kase Learning: The Art, Pain and Opportunity of Short Selling conference in New York. "We look at the capital structure. If there is debt, we can go long those bonds and use cash flows to buy long-dated out-of-the money puts ."
The investor said the strategy, which he calls the "future of short-selling," does well in this market environment versus shorting stocks directly. He said it can make a "few percentage points" when the market rallies but can do much better when the market declines.
A put gives an investor the option to sell when a stock hits a certain price. The bond part of the strategy involves buying corporate debt that generally would benefit when a stock goes higher but would get hit if it falls.
"Senior credit recoveries tend to be very good," he said.
The fund manager said senior credit bonds prices often drop marginally when a company's stock price falls dramatically.
Block is chief investment officer of investment firm Muddy Waters Capital. He is known for his short-selling research, which led to several government fraud investigations and financial restatements. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/carson-block-shares-his-new-future-of-short-selling-strategy.html |
After a brutally long winter, comes the brutal bump of potholes—followed by a line of bent, cracked and scratched wheels at the auto repair shop.
On Monday, Gov. Andrew Cuomo announced that the state would spend $100 million to repair highways across New York. That would be in addition to the $65 million already included in the state budget to repair pothole-damaged local roads and the $300 million that had been allocated this year to repave state highways.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/new-york-to-spend-100-million-to-fix-potholes-1525131561 |
EU's Juncker slams 'unacceptable' U.S. tariffs 11:59am EDT - 00:40
European Commission President Jean-Claude Juncker says the EU will take counter-measures after the U.S. decided to no longer exempt the bloc from steel and aluminum tariffs. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
European Commission President Jean-Claude Juncker says the EU will take counter-measures after the U.S. decided to no longer exempt the bloc from steel and aluminum tariffs. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://www.reuters.com/video/2018/05/31/eus-juncker-slams-unacceptable-us-tariff?videoId=431947428&videoChannel=13421 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/eus-juncker-slams-unacceptable-us-tariff?videoId=431947428 |
Cereal giant Kellogg’s received a boost last quarter not from Fruit Loops or Apple Jacks but Pringles, among some of the company’s other snacks.
The chips helped Kellogg’s sales rise 4.7% to $3.4 billion this past quarter, Kellogg’s said, according to the Wall Street Journal . Frozen foods and other snacks like protein-packed RXBARs, which came from a startup Kellogg’s acquired last year for $600 million , also contributed.
Kellogg’s cereal brands, on the other hand, have fallen off in recent years due to new trends in healthier snacking. Even the health-conscious Special K brand struggled, though its begun to make up ground, CEO Steve Cahillane said, according to the Journal .
“We still have work to do…but we are firmly on the right track,” Cahillane added.
Overall, sales on a comparable basis rose 0.6% last quarter, Kellogg’s best result for several quarters now. Subsequently, the company’s shares rose 4.1% in premarket trading Thursday.
Kellogg’s, which makes additional iconic brands such as Frosted Flakes , Rice Krispies, Pop-Tarts and Cheez-Its, is also expanding into western portions of Africa. The company this week increased its investment in a Nigerian packaged food company, the Journal reported.
“Expansion in emerging markets is an important element of our growth strategy,” Cahillane said. | ashraq/financial-news-articles | http://fortune.com/2018/05/03/kelloggs-sales-pringles-chips/ |
May 24, 2018 / 12:30 PM / Updated an hour ago Hungary to submit tightened bill on NGOs next week - government Reuters Staff 4 Min Read
BUDAPEST (Reuters) - Hungary’s government will submit a tougher version of its “Stop Soros” bill to parliament next week, adding criminal penalties for groups accused of financing illegal immigration, Prime Minister Viktor Orban’s chief of staff said on Thursday.
The legislation, which would empower the interior minister to ban non-government organisations that support migration and are seen as a national security risk, is part of the nationalist right-wing government’s campaign against Soros, a Hungarian-born U.S. financier known for funding liberal causes.
In power since 2010, Orban has increased his control over the media, put allies in charge of once independent institutions and campaigned on a platform of fierce hostility to immigration, policies that have put him into conflict with the European Union, which funds Hungary with billions of euros a year.
Soros has become a hate figure in Hungarian state-controlled media, where the authorities regularly accuse him of a plot to wipe out the country’s culture by flooding it with immigrants, an allegation which Soros has denied.
“The bill has been tightened ... to state that the organisation and financing of illegal migration should be punished,” Orban’s chief of staff Gergely Gulyas said after a meeting of the government.
Hungary was a major transit route for hundreds of thousands of mainly Muslim immigrants entering the European Union in 2015, but virtually none of them tried to stay there, nearly all passing through en route to richer EU countries.
Orban’s government has campaigned stridently against EU plans to require countries to host some asylum seekers resettled from other EU states, calling it a threat to Hungary’s survival as a nation. Hungary’s quota is fewer than 1,300 asylum seekers.
Gulyas said the government would submit amended legislation to parliament next Tuesday, including changes to the criminal code, the law regulating police, the law relating to the borders and the law governing asylum rights.
He did not reveal further details but said experts of the Venice Commission, a panel of constitutional law experts of the human rights body Council of Europe, were in Hungary, holding talks with the government about the legislation.
The “Stop Soros” bill was submitted in its first form to parliament in February. Soros’s pro-democracy foundation said last week that it would shut its office in Budapest and move to Berlin, leaving what it called “an increasingly repressive political and legal environment” in Hungary.
Gulyas also reiterated that the ruling Fidesz party, using its two-thirds majority in parliament, will modify the constitution to ensure that the European Union cannot force the country to accept migrants.
He said the government would make it clear that under the Geneva convention Hungary is willing to grant refugee status to those who are entitled to it — if Hungary is the first safe country they enter.
On the politically sensitive question of the judiciary, Gulyas reiterated that the government planned to set up a new high court to deal with lawsuits concerning public administration. Reporting by Krisztina Than; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hungary-law-soros/hungary-to-submit-tightened-bill-on-ngos-next-week-government-idUKKCN1IP1YK |
Trump says Giuliani will 'get his facts straight' Friday, May 04, 2018 - 01:34
U.S. President Donald Trump said Friday that his new chief lawyer, Rudy Giuliani, is ''a great guy'' and ''he'll get his facts straight,'' following a series of curious interviews by the former New York mayor, in which he claimed Trump paid back his lawyer Michael Cohen for a $130,000 payment made to porn star Stormy Daniels. Jonah Green reports.
U.S. President Donald Trump said Friday that his new chief lawyer, Rudy Giuliani, is "a great guy" and "he'll get his facts straight," following a series of curious interviews by the former New York mayor, in which he claimed Trump paid back his lawyer Michael Cohen for a $130,000 payment made to porn star Stormy Daniels. Jonah Green reports. //reut.rs/2FJwveV | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/trump-says-giuliani-will-get-his-facts-s?videoId=423906072 |
May 8 (Reuters) - Applied Genetic Technologies Corp :
* QTRLY LOSS PER SHARE $0.45 * Q3 EARNINGS PER SHARE VIEW $-0.41 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-applied-genetic-technologies-qtrly/brief-applied-genetic-technologies-qtrly-rev-fell-to-3-6-mln-idUSL8N1SF9S7 |
N. Korea suspends talks with South over military drills 2:18am IST - 02:11
North Korea said on Wednesday it had no choice but to suspend high-level talks with South Korea due to U.S.-South Korean military exercises that went against the trend of warming North-South ties.
North Korea said on Wednesday it had no choice but to suspend high-level talks with South Korea due to U.S.-South Korean military exercises that went against the trend of warming North-South ties. //reut.rs/2L4XiG3 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/n-korea-suspends-talks-with-south-over-m?videoId=427217944 |
May 1 (Reuters) - Energen Corp:
* ENERGEN SAYS EFFECTIVE APRIL 30, CO ENTERED INTO AN EIGHTH AMENDMENT TO ITS CREDIT AGREEMENT - SEC FILING
* ENERGEN CORP - AMENDMENT EXTENDS CREDIT AGREEMENT'S MATURITY DATE TO APRIL 30, 2023, INCREASES AMOUNT OF BORROWING BASE TO $2.15 BILLION Source text : ( bit.ly/2Fy7Sl7 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-energen-says-enters-into-an-eighth/brief-energen-says-enters-into-an-eighth-amendment-to-its-credit-agreement-idUSFWN1S80KS |
On July 6, 26 works by Helen Frankenthaler go on view at the Provincetown Art Association and Museum (PAAM), in the Cape Cod enclave the artist called home during an especially fruitful phase of her 60-year career. The show will comprise paintings, photographs and ephemera primarily from the 1960s, when she and her then-husband, the painter Robert Motherwell, would decamp to Provincetown in the summer. (The exhibition will travel to the Parrish Art Museum in Water Mill, New York, next year.)
A born-and-bred New Yorker,... | ashraq/financial-news-articles | https://www.wsj.com/articles/growing-up-with-helen-frankenthaler-on-cape-cod-1527703140 |
Students at Markle's former school celebrate her upcoming wedding Wednesday, May 16, 2018 - 00:45
Students at the Los Angeles school attended by Meghan Markle celebrate her upcoming wedding to Prince Harry. Rough Cut
Students at the Los Angeles school attended by Meghan Markle celebrate her upcoming wedding to Prince Harry. Rough Cut //reut.rs/2L5P6pb | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/students-at-markles-former-school-celebr?videoId=427593901 |
WASHINGTON/MEXICO CITY (Reuters) - U.S. Trade Representative Robert Lighthizer said on Tuesday that if a deal to revise the North American Free Trade Agreement cannot be reached with Canada and Mexico in about three weeks, its approval by the U.S. Congress could be in jeopardy.
U.S. Trade Representative Robert Lighthizer speaks during a meeting hosted by U.S. President Donald Trump with governors and members of Congress at the White House in Washington, U.S., April 12, 2018. REUTERS/Kevin Lamarque Lighthizer said at a U.S. Chamber of Commerce event that a deal to update NAFTA was needed quickly because of the lengthy notification process for congressional approval of trade deals.
If a deal takes too long, he said approval by the current Republican-controlled Congress may be on “thin ice” without sufficient time for a vote before November elections put a new Congress in control in January 2019.
Lighthizer is traveling to Beijing for trade talks with Chinese officials on Thursday and Friday, but will resume intensive negotiations with Canadian Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo on May 7.
“We’re going to meet again on Monday, and we’ll see,” Lighthizer said. “If we can get a good agreement, I’d like to get it done a week or two after that. If not, then you start having a problem.”
U.S. Democrats, who have traditionally been skeptical of free trade deals, are expected to gain ground in November elections, possibly taking control of the House of Representatives.
Lighthizer said he was aiming to get an agreement that is acceptable to U.S. President Donald Trump, Canada, Mexico and a strong bipartisan majority in Congress.
Mexico's Economy Minister Ildefonso Guajardo speaks during a news conference at Los Pinos presidential residence in Mexico City, Mexico May 1, 2018. REUTERS/Henry Romero “My objective is to get an agreement that is going to have overwhelming support and I think we will do that,” he said, adding that such a vote could shift public sentiment in favor of trade deals.
AUTOS RULES, METALS TARIFFS The U.S. trade chief’s latest offer to revamp NAFTA’s automotive regional content rules to encourage more U.S. production has industry players concerned that it would still prove too costly.
Guajardo said Mexico will respond to the U.S. autos proposal when ministers meet next week.
Mexico’s main auto sector lobby on Monday described the latest U.S. demands, which include raising overall North American content to 75 percent from the current 62.5 percent over a period of four years for passenger vehicles, as “not acceptable.”
Flags of Canada, Mexico and the U.S. are seen before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City, Mexico March 5, 2018. REUTERS/Edgard Garrido When asked whether he agreed with the automotive lobby, Guajardo said Mexico was still consulting with the industry over the matter.
“We will bring a plan in response to the U.S. position,” he told reporters at a news conference in Mexico City.
The minister said it was too early to say whether the three countries could reach a deal in the coming days. But if the negotiators were sufficiently “creative” and “flexible,” a successful outcome was probable, Guajardo added.
Both Guajardo and Lighthizer spoke a day after Trump extended until June 1 the possible imposition of steel and aluminum tariffs on Canada and Mexico.
Lighthizer said the metals tariff negotiations “will go hand-in-hand” with talks over NAFTA.
Guajardo and Canada’s Freeland have rejected linking the two trade negotiations, both insisting on a permanent exemption from the 25 percent steel tariff and 10 percent aluminum tariff without quotas or other conditions.
“Last night’s decision is certainly a step forward,” said Freeland to reporters. “Canada will continue to work for a full and permanent exemption.
White House trade adviser Peter Navarro told American steel industry executives on Tuesday that the administration was insisting on “quotas and other restrictions to make sure that we defend our industries in the interest of national security.”
Reporting by Dave Graham; Editing by Phil Berlowitz and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta-mexico/mexico-says-creativity-and-flexibility-needed-for-nafta-deal-idUSKBN1I249J |
Gold prices gained on Thursday after the U.S. central bank reassured investors that increases to interest rates would be gradual, with geopolitical uncertainties also providing support.
Spot gold rose for a second session, firming by 0.73 percent to $1,313.96 an ounce by by 3:20 p.m. ET, while U.S. gold futures for June delivery settled up $7.10 at $1,312.70.
The U.S. Federal Reserve said inflation on a 12-month basis was "expected to run near the committee's symmetric 2 percent objective."
"Yesterday's FOMC meeting didn't spark much fireworks, but it eased concerns over whether the Fed was going to stick to its gradual tightening policy, which I believe they are," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "The key change is they added the word 'symmetric', which was taken as a sign that they would allow inflation to overshoot, which is positive for gold."
Gold is highly sensitive to rising U.S. interest rates because it becomes less attractive compared with interest-bearing assets.
Julius Baer economists expect the Fed to shift its guidance to four rate hikes this year, from three, which will weigh on gold, said Carsten Menke, commodities analyst at the Swiss bank.
"Rising rates and a temporarily stronger dollar should bring sufficient headwinds to push prices below $1,300 over the coming months," he added. Uncertainties were providing a supportive background for bullion, including U.S.-China trade talks and the potential U.S. withdrawal from the Iranian nuclear accord.
"Safe-haven buying has been absent of late ... But there have been some signals for the past few days that the (U.S.-China) negotiations won't be as smooth as expected. That would definitely be a focus, particularly now we have got past the FOMC meeting," said ANZ analyst Daniel Hynes.
Meanwhile, gold demand has made its weakest start to a year since 2008, the World Gold Council said on Thursday, with stagnant prices and the threat of rising interest rates leading investors to seek better returns elsewhere.
Among other precious metals, silver rose 0.6 percent to $16.45, platinum climbed by 1.45 percent to $903 and palladium was flat at $960.20.
WATCH: More room to fall for gold?
show chapters Gold is trading near its lowest level of the year, and some say there’s more room to fall 23 Hours Ago | 03:55 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/gold-markets-us-sino-trade-talks-and-fed-statement-in-focus.html |
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