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PARAMUS, N.J.--(BUSINESS WIRE)-- Movado Group, Inc. (NYSE: MOV) invites investors to listen to a broadcast of the Company's conference call to discuss first quarter fiscal year 2019 earnings results on Wednesday, May 30, 2018 at 9:00 a.m. Eastern Time. A press release detailing the Company’s first quarter fiscal year 2019 results will be issued before the market opens and prior to the call. The conference call will be hosted by Efraim Grinberg, Chairman and Chief Executive Officer, and Sallie DeMarsilis, Chief Financial Officer.
Investors and analysts interested in participating in the call are invited to dial (800) 263-0877 and reference conference ID number 5790883 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at www.movadogroup.com . The webcast will be archived online within one hour of the completion of the conference call and remain available for 90 days. Additionally, a telephonic re-play of the call will be available at 12:00 p.m. ET on May 30, 2018 until 11:59 p.m. ET on June 6, 2018 and can be accessed by dialing (844) 512-2921 and entering replay pin number 5790883.
Movado Group, Inc. designs, sources, and distributes MOVADO®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE®, SCUDERIA FERRARI®, REBECCA MINKOFF® and URI MINKOFF® watches worldwide, and operates Movado company stores in the United States.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005097/en/
ICR, Inc.
Investors:
Rachel Schacter/Allison Malkin
203-682-8200
Source: Movado Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-movado-group-inc-announces-date-of-conference-call-and-webcast-for-first-quarter-fiscal-year-2019-results.html |
May 16 (Reuters) - Tenet Healthcare Corp:
* TENET ANNOUNCES EXECUTIVE LEADERSHIP APPOINTMENTS * TENET HEALTHCARE CORP - PAOLA ARBOUR NAMED CHIEF INFORMATION OFFICER, MARIE QUINTANA NAMED CHIEF MARKETING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tenet-healthcare-named-paola-arbou/brief-tenet-healthcare-named-paola-arbour-as-chief-information-officer-idUSFWN1SN0YF |
US wage growth is 'coming,' says strategist 2 Hours Ago Participation of people who want to be working in the U.S. is "up quite high," says Patrick Bennett of CIBC. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/us-wage-growth-is-coming-says-strategist.html |
KUALA LUMPUR (Reuters) - Zeti Akhthar Aziz, a senior adviser to the Malaysian government, said on Tuesday that a strategy for removal of the goods and services tax (GST) would be announced within one hundred days, but assured investors that fiscal balance can be maintained.
Malaysia’s new Prime Minister Mahathir Mohamad has promised to cancel the consumption tax, reintroduce fuel subsidies and review Chinese investment deals, raising concerns over the country’s fiscal strength.
The outgoing government had planned to collect 43.8 billion ringgit ($11.08 billion) in 2018, 18 percent of total revenue.
“What we will do well within the 100 days is to make an announcement of what we want to do and then it will be done by process, whether it has to go through parliament and get approval and so on,” said Zeti, a former central bank governor who is part of a newly appointed council of senior advisers.
Mahathir had previously vowed to get rid of GST within 100 days of taking office. He was sworn in as Malaysia’s seventh Prime Minister last Thursday after a surprise general election win over rival Najib Razak.
The council of advisers met about 180 fund managers in Kuala Lumpur on Tuesday to hear their concerns, and also reassure them.
Zeti, who led the discussions, told reporters after the meetings that many issues were raised by investors.
“But the point that I highlighted is that this change that is taking place in Malaysia is a historic development and it takes place at a time when our economy is doing well,” she said.
“And it is taking place at a time when the global economy is also rebounding, so this is a very positive environment to undertake these changes.”
Zeti said the country’s fiscal deficit would be improved by controlling expenditure.
“There will be a re-prioritizing of projects, efforts to increase efficiency of the government, efforts to reduce wastage of the public sector. All this will improve the fiscal position,” Zeti said.
Malaysian markets have reacted positively to 92-year-old Mahathir’s surprise election win. The stock market was up 0.4 percent at 0700 GMT on Tuesday after making a 0.21 percent gain on Monday.
The ringgit was also stronger after dipping offshore last week in the wake of the election.
Zeti said the ringgit will perform better when confidence is restored.
“Especially when the fiscal regime and the fiscal conditions improve, this is the final factor that will contribute to us having a better opportunity to have our ratings improved,” Zeti said.
Reporting by A.Ananthalakshmi; writing by Praveen Menon; editing by Raju Gopalakrishnan
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-gst/senior-malaysian-adviser-says-to-announce-gst-strategy-in-hundred-days-idUSKCN1IG0I8 |
Neighbors in New Orleans’s historic Faubourg Marigny recently threw a street party that marked the first anniversary of a pothole the length of a small sedan.
They brought beer, sliders and 700 pounds of quick-dry asphalt. Somebody googled, “How to fill a pothole.” Neighbors blocked off the street with trash cans and took turns hoisting bags and filling the tire-busting crater.
“People... | ashraq/financial-news-articles | https://www.wsj.com/articles/pothole-vigilantes-fill-the-streets-plugging-gaps-left-by-city-workers-1527693501 |
Despite some pushback from global regulators, Wall Street veteran and CEO of Japanese online broker Monex Group says the new crypto asset class could take off like derivatives did 38 years ago.
"Regulators really hated derivatives in 1980 but just soon after that they really embraced them," Oki Matsumoto, CEO of Monex, said on stage at the Japan Society in New York Tuesday. "What's happening in the crypto world today is very similar to derivatives in the 1980s, and sooner or later all of those regulatory frameworks will be fixed."
The Japanese CEO started his career in derivatives at Solomon Brothers in 1987. Matsumoto later spent 12 years at Goldman Sachs, where he launched the investment bank's yen fixed-income trading desk.
Matsumoto now runs Monex, which he established in 1999 with Sony Corporation. This week, Monex Group completed its acquisition of cryptocurrency exchange Coincheck, which was the target of a $534 million hack in January.
"We work beautifully together, they can provide a lot of value," the CEO said, adding that shares of Monex have doubled since that deal was announced in April.
Having a regulated public company in Japan buy a crypto exchange was widely seen as a confidence boost for the space.
Similar to cryptocurrency, Matsumoto said the concept of derivatives was confusing in the early days.
"Only a few people could understand derivatives, just the rocket scientists and those people," Matsumoto said. "But five years later, all the biggest schools in the world were teaching derivatives."
High tax rates on cryptocurrency, which can be as high as 55 percent in Japan, have been a roadblock for retail investors, he said. Traders however, aren't as worried.
"You don't drink thinking about getting hungover the next day," Matsumoto said. "I think it's going to take time for Japanese retail people to move a good portion of money into crypto."
Cryptocurrency volatility has captured the attention of traders looking to profit, especially after bitcoin rose more than 1,300, to near $20,000 last year. The cryptocurrency was trading near $9,000 Tuesday, according to CoinDesk. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/monex-ceo-says-cryptocurrencies-could-take-off-like-derivatives-did.html |
May 17, 2018 / 3:00 AM / Updated 8 hours ago Founded to protest Pakistan 'disappearances', group now sees supporters go missing Saad Sayeed 8 Min Read
KARACHI (Reuters) - As they were about to enter the office of the Commissioner of Karachi for a meeting to discuss a rally planned in Pakistan’s largest city, leaders of a Pashtun-led rights movement were intercepted by armed men accompanied by paramilitary Rangers. A supporter of the Pashtun Tahaffuz Movement (PTM) holds a placard, with a photo of a missing person, at a rally in response to alleged human rights violations by security forces, in Karachi, Pakistan May 13, 2018. REUTERS/Akhtar Soomro
“A car with men in plainclothes pulled up in front of us and men with guns got out and told us to stand still,” Said Alam Mahsud, an organiser with the Pashtun Tahafaz Movement (PTM), told Reuters.
He said three PTM activists with him were put in a truck and taken away by the armed men, as uniformed Rangers stood by. They returned two days later saying they had been interrogated, threatened, punched and kicked by the unidentified men, then handed over to the Rangers, who released them.
PTM, which drew nearly 10,000 people to its Karachi rally on Sunday, was founded in January in protest against alleged extrajudicial killings, arbitrary detention and “disappearances” of young Pashtun men.
Leaders of the emerging movement have blamed Pakistan’s military for these abuses, in an unusually direct challenge to the country’s most powerful institution.
Now, PTM’s activists themselves have started disappearing, according to Mohsin Dawar, one of the movement’s leaders.
PTM organisers again blame the powerful military, saying the movement’s growing popularity in major cities, even amid a local media blackout, has left the security forces feeling threatened.
The military’s press wing did not respond to requests for comment on the allegations. In the past, the army has said it does not detain individuals without evidence.
Officials from the paramilitary Rangers, which are part of the security forces and have broad powers in Karachi, also did not respond to requests for comment. Neither did the office of the Karachi Commissioner, who is the head of the city government.
“ANTI-STATE AGENDA”
In the past month, PTM says dozens of its activists have been detained across the country, while newspaper columnists have had articles on PTM rejected. Some students and academics say they have been threatened and universities forced to call off talks about Pashtun inequality.
In the week leading up to the Karachi protest, PTM’s leadership said Rangers and unidentified security officials detained and interrogated more than 100 of its supporters and kept nearly 30 workers in custody.
“The amount they are trying to stop us, it shows they are scared,” student activist Manzoor Pashteen, who has become the face of the movement, told Reuters. “I don’t think they know they are our guardians, their behaviour is that of criminals.”
Despite the apparent crackdown, the protest in Karachi drew nearly 10,000 people. Pashteen himself was stopped from boarding a flight from the capital, Islamabad, to Karachi on Saturday after the airline told him his ticket had been cancelled, he said, adding it took him 40 hours to drive to the city after being stopped and detained several times while on the road.
While there has been no official action against the PTM, army chief Qamar Javed Bajwa said recently that “no anti-state agenda in the garb of engineered protests” would be allowed to succeed. His comments were widely interpreted as being directed at the group.
Many of Pakistan’s 30 million ethnic Pashtun’s hail originally from the borderlands with Afghanistan, where the Pakistani Taliban controlled swathes of territory until they were pushed out by military operations in 2009 and 2014.
PTM leaders say they do not want to challenge the government or undermine security, but complain Pashtuns - many of whom have moved to the cities to escape a near-decade long insurgency by Islamist militants - are unfairly targeted and suffer abuses at the hands of security forces in the name of fighting terrorism. CAMPUS CHALLENGE
In April, a week before PTM was due to stage a rally in Lahore, Habib University in Karachi and the Lahore University of Management Sciences (LUMS) called off talks related to Pashtun rights organised by students and academics.
On the morning of the talks, both universities received calls from security officials, including representatives of Pakistan’s spy agency the Inter Services Intelligence (ISI), telling them to cancel the discussions, faculty members said. Ismat Shahjahan, organiser of the Pashtun Tahaffuz Movement (PTM) walks with flags at rally against, what they say, are human rights violations by security forces, in Karachi, Pakistan May 13, 2018. REUTERS/Akhtar Soomro
“Calls were made to the administration as well as in-person visits from people who identified themselves as ISI,” said a LUMS professor. “I received a call and was told to refrain from anti-military activity.”
Officials from the ISI did not respond to a request for comment.
At Habib University, the administration received visits from security officials and a call on the morning the lecture was due to take place, three different faculty members said.
Representatives from LUMS and Habib University did not respond to requests for comment.
Three students who had expressed support for PTM on social media told Reuters they had received threatening calls from unknown numbers telling them to stop, adding they knew of a dozen others who had received similar calls.
The same week, Punjab University professor Ammar Ali Jan said he was removed from his post for encouraging students to be vocal about human rights issues and supporting PTM.
Punjab University spokesman Khurram Shahzad said Jan was dismissed because of incomplete paperwork.
Pakistan’s minister for state and interior affairs, Talal Chaudhry, said such actions “by unnamed forces” were part of a wider clampdown on freedom of thought in Pakistan.
“We now have to listen to the people of Pakistan,” Chaudhry said. “There have been very few such things in Pakistan’s history where people come out on their own, to support a leaderless group,” he added, referring to PTM.
Relations between the army and civilian government have been increasingly strained since the removal of former Prime Minister Nawaz Sharif by the courts last year, with some ruling party insiders accusing elements of the military of trying to destabilise it ahead of a general election expected in July.
The military, which has ruled Pakistan for about half its history, denies any interference in civilian politics. CRACKDOWN IN KARACHI
Mohsin Dawar arrived in Karachi on May 6 and, along with other PTM leaders, began meeting local Pashtuns to plan the weekend rally.
“From the day we arrived they [the Rangers] began arresting our supporters,” Dawar said.
People who provided PTM with logistical support, such as a place to hold their meetings, were picked up for five to six hours and threatened, he said.
“They told them not to support us; that we will leave Karachi but they have to continue living here,” Dawar added.
Karachi is where the killing of a young Pashtun, Naqeebullah Mehsud, by police in January sparked nationwide peaceful demonstrations about Pashtun rights, from which PTM emerged.
Organisers say they attempted to contract vendors to supply chairs, a stage, and a sound system for the rally, but none of the equipment was delivered. Slideshow (2 Images)
One vendor, who asked not to be identified, told Reuters he received a call after meeting PTM members. “They said that if even one candle was delivered to the rally, my body would never be found,” he said. Reporting by Saad Sayeed; Additional reporting by Mubasher Bukhari in Lahore and Syed Raza Hasan in Karachi; Writing by Saad Sayeed; Editing by Kay Johnson and Alex Richardson | ashraq/financial-news-articles | https://in.reuters.com/article/pakistan-pashtuns/founded-to-protest-pakistan-disappearances-group-now-sees-supporters-go-missing-idINKCN1II09P |
May 24, 2018 / 5:17 PM / a day ago Norway worried by intensified Russian naval activity Jonathan Saul 3 Min Read
LONDON (Reuters) - Russia has increased its naval activity in international waters close to Norway and its military capabilities are a growing concern, Norway’s navy chief said on Thursday.
Norway has an Arctic border with Russia and its economy is highly reliant on its free access to the seas.
Rear Admiral Nils Andreas Stensoenes, Chief of the Royal Norwegian Navy, told Reuters it was Russia’s legal right to operate in international waters.
“We are worried about the increase in activity and the increasing capability because that might be used to their advantage and to our disadvantage later,” he said on the sidelines of a Royal United Services Institute conference in London.
Foreign Minister Ine Eriksen Soereide told Reuters in April that, while the risk of war in the Arctic was “low”, Norway was concerned about how Russia is developing militarily and in terms of civil society.
“What we saw last year were demonstrations of their capability to strike important targets in Norway,” said Stensoenes.
“That was a very clear demonstration that they have the capability both in the air, naval and from land – that is not reassuring.”
Lieutenant General Morten Haga Lunde, head of the Norwegian Intelligence Service, said in a speech in March that Russian bombers had last year flown tactical flights towards the Arctic town of Vardoe and its Norwegian intelligence installations.
Last year NATO’s top officer said Russian naval activity in Europe had exceeded levels seen during the Cold War, although the size of Moscow’s seaborne forces was smaller now.
Stensoenes said Norway depended on a “well-functioning international law-based system”.
“We have good functioning cooperation (with Russia) on the coastguard, search and rescue, border guards,” he said.
“So far they are adhering to the international rules.”
Last year, civilian air flights in northeast Norway, adjoining Russia, experienced a loss of GPS signals, which coincided with Russian military exercises.
“We do see jamming of GPS in the northeast and it has mainly been affecting the civilian air industry,” Stensoenes said.
“I cannot say if it was deliberately targeted against us or not. But we have registered that there are disturbances on the GPS.” Editing by Gwladys Fouche and Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-norway-russia-security/norway-worried-by-intensified-russian-naval-activity-idUSKCN1IP335 |
FRANKFURT/BERLIN (Reuters) - Fresenius SE’s ( FREG.DE ) chief executive has defended the company’s decision to pull out of a planned $4.8 billion takeover of Akorn ( AKRX.O ), saying it was the only option after uncovering data integrity breaches at the U.S drugmaker.
FILE PHOTO: Fresenius SE's CEO Sturm gestures during the company's annual news conference in Bad Homburg near Frankfurt, Germany February 22, 2017. REUTERS/Ralph Orlowski/File Photo “It was certainly not an easy decision, but ultimately there was only one correct course,” CEO Stephan Sturm, a former investment banker and experienced dealmaker, said at Fresenius’ annual shareholder meeting in Frankfurt on Friday.
Sturm served as chief financial officer before taking over as CEO in 2016 and has helped build the German company into a globally diversified healthcare group through a series of multi-billion dollar deals.
He rejected suggestions that Fresenius had not done its homework ahead of the Akorn acquisition.
“You might say, ‘Couldn’t you have found out before? Did you really take a close look at Akorn before making your purchase offer?’,” he said.
FILE PHOTO: Fresenius headquarters in Bad Homburg near Frankfurt, Germany, February 27, 2018. REUTERS/Ralph Orlowski/File Photo “Yes, we did: we looked very closely. In fact, the due diligence undertaken was the most intensive that I have experienced at Fresenius.”
Deficiencies it later uncovered were in areas Fresenius was not allowed to access before the deal because Akorn was a listed, direct competitor, he said.
The German healthcare group called off the acquisition in April after it said it had found Akorn breached U.S. Food and Drug Administration data integrity requirements related to product development.
Akorn disagrees with the allegations and has said Fresenius wants to back out of a deal it soured on for financial reasons. It is suing Fresenius to try and hold the German company to the deal.
Sturm told shareholders Fresenius had spent around 60 million euros ($71 million) before taxes on costs related to the Akorn transaction so far. He said the company was examining whether provisions needed to be set aside in connection with the lawsuit and had filed for damages from Akorn.
A hearing is expected to take place in Delaware Court of Chancery on July 9 regarding the complaint Akorn has filed against Fresenius.
Fresenius expects the court proceedings to conclude in the course of 2019.
“We think that our decision to terminate the agreement was right and fully justified. And we will defend our position vigorously,” Sturm said.
Berenberg analysts, who rate the stock ‘buy’, say the Akorn legal challenge has dampened sentiment around the stock. But they said in a note it was a distraction rather than a disaster - even though the outcome of the trial is open.
“Whether Akorn’s transgressions amount to a breach of the merger agreement will depend on the true extent to which data was falsified and whether the Court determines it is material in the context of the merger,” they wrote in a note.
Reporting by Patricia Weiss and Caroline Copley; editing by Jason Neely and Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fresenius-agm/fresenius-ceo-defends-canceled-akorn-deal-idUSKCN1IJ1RE |
May 1, 2018 / 5:09 PM / Updated an hour ago Horseracing - Justify draws number seven for Kentucky Derby Reuters Staff 2 Min Read
(Reuters) - Kentucky Derby favourite Justify will break from the seventh post position for the 144th Run for the Roses, as the 20-horse field was set on Tuesday for the first jewel in American thoroughbred racing’s Triple Crown. May 1, 2018; Louisville, KY, USA; An exercise rider leads Kentucky Derby hopeful Justify to the racetrack for a workout at Churchill Downs. Jamie Rhodes-USA TODAY Sports
Unbeaten in three starts, Justify was established as the early morning favourite at 3-1 for Saturday’s showcase at Churchill Downs.
Justify will attempt to become the first horse since 1882 to win the Kentucky Derby without having raced as a two-year, known as the Curse of the Apollo in honour of the last horse to achieve that feat. May 1, 2018; Louisville, KY, USA; An exercise rider works out Kentucky Derby hopeful Justify at Churchill Downs. Jamie Rhodes-USA TODAY Sports
Mendelssohn, winner of the UAE Derby by 18 lengths, will break from the 14th hole and was set as second favourite at 5-1. Slideshow (2 Images)
“I’m happy, I think everybody should be happy with their post.” said Justify’s Hall of Fame trainer Bob Baffert, who trained four Kentucky Derby winners including 2015 Triple Crown winner American Pharoah. “When I looked at the board I was in seventh so I was happy with that.
“I wanted to be in the middle or outside, we didn’t want the one hole that’s for sure, so I was relieved when I saw him in seventh.
“The break is so important, when you are in the seven you better break.”
While the Curse of Apollo may be a concern for the superstitious, on the other side of the coin favourites have won the last five Kentucky Derby’s and seven of the last 11.
Magnum Moon, winner of both the Arkansas Derby and Rebel Stakes, was set as third favourite at 6-1 and will leave from 16th post.
Audible, fourth favourite at 8-1 with Bolt d’Oro, drew lucky number five, the post position having delivered 10 Kentucky Derby champions including last year’s winner Always Dreaming. Reporting by Steve Keating in Toronto; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-horseracing-kentucky-draw/horseracing-justify-draws-number-seven-for-kentucky-derby-idUKKBN1I242F |
May 2 (Reuters) - U.S. solar and wind energy companies have donated far more money to Republicans than Democrats in congressional races this election cycle, according to a Reuters analysis of campaign finance data, an unprecedented tilt to the right for an industry long associated with the environmental left.
While the money is modest compared with that donated by fossil fuel interests, the support provides GOP candidates with added credibility on clean energy, an issue polling shows swing voters care about.
Renewable energy has typically depended on government subsidies and policies to help fuel its growth, and the donations come at a time when Republicans control both houses of Congress as well as a majority of state houses across the country. Republicans have so far left subsidies for the industry largely intact.
"We support those leaders who share our vision," said Arthur Haubenstock, vice president of policy and strategy at 8minutenergy Renewables LLC, a California-based solar project developer, and treasurer of a newly formed employee-funded political action committee that shares the company's name. So far, the PAC has donated only to Republicans.
Overall, political action committees representing solar and wind companies have donated nearly $400,000 to candidates and PACs in the 2018 election cycle, including $247,000 to Republicans, $139,300 to Democrats, and $7,500 to independents, according to the Reuters analysis.
That marks a record. During the 2016 presidential elections, the first cycle during which the clean energy industry gave more to the GOP than to Democrats, Republicans received just over half of the combined $695,470 in political contributions from major wind and solar PACs.
Before that, solar and wind companies mainly donated to Democrats, who were broadly seen as more supportive of policies that could help the nascent sector grow. In 2014, 70 percent of the contributions from seven major wind and solar PACs went to Democrats.
The U.S. solar and wind industries have expanded greatly over the last decade and now employ some 300,000 workers nationwide, nearly six times more than coal mining. The hottest growth has been in states that voted heavily for President Donald Trump in 2016.
That has helped strengthen the industry's appeal to Republican lawmakers, allowing it to rebrand as a jobs engine for the heartland, instead of as a tool for combating global warming, an issue that played better with Democrats.
"Solar is creating economic activity in so many districts," said Abigail Ross Hopper, head of the Solar Energy Industries Association (SEIA), whose donations have tilted heavily toward the GOP. Global warming "is certainly not our lead talking point," she said.
SEIA has contributed more than twice as much to Republicans as to Democrats this cycle, $56,500 versus $26,700.
Prior to 2016, SEIAs contributions to Democrats were reliably double what the group gave to Republicans. The American Wind Energy Association's PAC, too, has shifted its giving. In 2014 it gave Democrats twice as much money as Republicans, while in the current cycle it has given $87,500 to Republicans compared to $67,500 for Democrats.
SUPPORT FOR CLEAN ENERGY
Polls have found widespread support for renewable energy among voters, including among Republicans. Most recently, a Gallup poll from early March found 73 percent of adults favor an emphasis on alternatives like wind and solar over traditional fossil fuels. Just over half of Republicans - 51 percent - favored alternatives, compared with 88 percent of Democrats, Gallup said.
Among moderate Republicans and voters who lean Republican, there is even wider support for renewable energy. A poll conducted by Pew Research Center in early 2017 found that nearly two-thirds of that group favored alternative energy sources over fossil fuels.
The polls also found that attitudes toward clean energy are not necessarily linked to those about climate change. The Gallup poll, for instance, found just 35 percent of Republicans think climate change is caused by human activities, and 69 percent think the seriousness of global warming is exaggerated.
"Clean energy works every time and it doesnt alienate the base," said Jay Faison, Chief Executive of ClearPath, a group that aims to help elect Republicans supporting clean power. Independent-minded voters view support for alternative energy as a signal that a candidate is "not an errand boy for the party leadership," he added.
Nevada incumbent Senator Dean Heller is among the chief Republican beneficiaries of support from the clean energy industry. His re-election effort has drawn more than $15,000 in backing from solar and wind this election cycle.
Nevada ranks fourth in the nation in solar installations and generates more than 11 percent of its electricity from the sun. One in every 203 people is employed by the solar industry in Nevada, putting it second only to ultra-green California.
Heller told Reuters he supports clean energy because of the jobs it has brought to his state. Nevada has been able to attract employers like Tesla, he said, in part because its abundant sunshine can produce renewable power for factories and other business operations.
He added he doesn't see a conflict with supporting both solar energy and fossil fuel interests: "I'm very pro 'all of the above,' and I think that's where the GOP is," he said.
Other Republicans receiving solar and wind donations include Kevin Brady of Texas, Carlos Curbelo of Florida, George Holding of North Carolina and Tom Reed of New York, all members of the House Committee on Ways and Means, which is responsible for writing tax policy.
All four hail from states with sizeable solar markets, and Curbelo is also co-chair of the Climate Solutions Caucus, a bipartisan group of House lawmakers working on policies to address climate change.
House Majority Leader Kevin McCarthy has received about $13,500 in contributions from the renewable energy PACs, and SEIA held a fundraiser for him in his California district last year. McCarthys congressional district, which includes a swath of the Mojave desert, boasts more solar capacity than any other district in the nation, most of it in large-scale projects for utilities.
ROCK-BOTTOM MARKS
Democratic and environmental groups downplay the clean energy industrys shifting financial support, saying companies are simply trying to protect their interests by supporting the party in power.
AWEA and SEIA are trade associations representing the financial business interests of their member companies, said Sara Chieffo, vice president of government affairs at the League of Conservation Voters, which has found itself at odds with solar and wind PACs on many candidates, including Heller.
The league gives Heller rock-bottom marks for his environmental voting record and has endorsed his Democratic opponent, Jacky Rosen, in the Nevada senate race.
Most environmental groups still primarily back Democrats. The League of Conservation Voters, for example, has contributed $1.3 million to Democratic congressional candidates this cycle but has not supported a single Republican. Billionaire Tom Steyers NextGen Climate Action Super PAC has spent tens of millions of dollars in recent election cycles on campaigns against Republicans and for Democratic candidates.
Democratic National Committee spokeswoman Sabrina Singh questions why solar and wind companies would support Republicans over Democrats.
Republicans, she said, "consistently seek to defund efforts to promote clean energy," while "Democrats at both the federal and state level have been fighting to promote renewable energy.
The Republican National Committee did not respond to a request for comment.
(Additional reporting by Grant Smith in New York Editing by Richard Valdmanis and Sue Horton) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/reuters-america-clean-energy-sector-swings-republican-with-u-s-campaign-donations.html |
(Adds details, quote, price reaction)
NEW YORK, May 23 (Reuters) - U.S. crude oil stockpiles climbed unexpectedly last week as net imports jumped, while gasoline stocks also posted a surprise build, the Energy Information Administration said on Wednesday.
Crude inventories rose 5.8 million barrels in the week to May 18, compared with analysts' expectations for a decrease of 1.6 million barrels.
Inventories rose in part due to a sharp 1.4 million-barrels-per-day hike in net crude imports. Exports fell 818,000 bpd last week to 1.7 million bpd, after reaching a weekly record of 2.6 million bpd in the previous week.
"The large rise in crude oil inventories made for a bearish report, and it came as a result of decent sized drop in exports, along with a large increase in imports," said John Kilduff, a partner at Again Capital LLC in New York.
Oil prices were down on the news, pulling back from the broader rally on concerns about tightening supply around the world. The collapse of Venezuela's economy and increased U.S. sanctions is likely to hamper already depressed output from the OPEC member. Renewed U.S. sanctions following the cancellation of the Iran nuclear arms deal may also remove supply from the market.
Both of those factors, along with strong demand, have pushed oil to near-four-year highs. Brent crude recently touched $80 a barrel, though it was lower on Wednesday. As of 10:46 a.m. EDT (1446 GMT), Brent was down $1.17 a barrel at $78.40; U.S. crude lost 85 cents to $71.35 a barrel.
Refinery crude runs fell by 7,000 bpd, EIA data showed. Refinery utilization rates rose by 0.7 percentage point to 91.8 percent of total capacity.
Gasoline stocks rose by 1.9 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 1 million barrels, versus expectations for a 1.3 million-barrel drop, the EIA data showed.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, EIA said. (Reporting By Jessica Resnick-Ault Editing by Marguerita Choy) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-update-1-u-s-crude-gasoline-inventories-rise-unexpectedly--eia.html |
May 1, 2018 / 1:08 PM / Updated 23 minutes ago Sri Lankan stocks steady as rupee weakness hurts risk appetite
COLOMBO, May 1 (Reuters) - Sri Lankan shares ended steady on Tuesday as a weak rupee, which is trading near all-time lows, kept risk appetite muted, stockbrokers said.
Sri Lanka’s president reshuffled his cabinet on Tuesday after the defection of several ministers from his party, but it failed to boost the stock market, which had been looking for an end to the country’s political uncertainty.
The Colombo stock index ended 0.04 percent firmer at 6,533.94. The index lost 0.15 percent last week.
“Cabinet reshuffle had nothing to do with the market. But at least it has ended speculation of uncertainty dragging into future,” said Prashan Fernando, CEO at Acuity Stockbrokers.
“Investors are looking for the stability of the rupee and interest rates. The market P/E ratio is below 10 times, which makes Sri Lankan stocks very attractive to foreigners compared to other frontier markets.”
Gains led by top mobile phone service provider Dialog Axiata , which rose 2.1 percent, were offset by losses led by top listed lender Commercial Bank of Ceylon Plc. Commercial Bank fell 0.9 percent.
Fitch Ratings said on Thursday that recent political developments in Sri Lanka have created some uncertainty over reform momentum and fiscal consolidation, and prolonged upheaval could undermine investor confidence ahead of large external debt maturities in 2019-22.
Turnover stood at 517.9 million rupees ($3.3 million), less than half of this year’s daily average of around 1.1 billion rupees.
Foreign investors bought a net 303.1 million rupees on Tuesday, but they have sold net 650.8 million rupees worth of equities so far this year.
Sri Lankan markets were open on Tuesday as the government, citing a Buddhist celebration on Sunday and Monday, decided to celebrate workers day on May 7. ($1 = 157.5500 Sri Lankan rupees) (Reporting by Shihar Aneez; Editing by Amrutha Gayathri) | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-stocks/sri-lankan-stocks-steady-as-rupee-weakness-hurts-risk-appetite-idUSL3N1S82IE |
Camposol's 1Q-2018 EBITDA [1] amounted to USD 19.0 million, up 94.6% compared to the same period last year. EBITDA margin increased to 23.2% from 16.8% in 1Q-2018. Sales amounted to USD 82.2 million, up 41.3% compared to the same period last year due to higher volume and prices of blueberries and higher volumes of shrimps. As of March 31 st , 2018, the Company maintained a cash balance of USD 42.5 million, Net Debt was USD 147.3 million, resulting in a Net leverage ratio [2] of 1.1x.
The Company expects to continue its diversification strategy by: increasing production of the F&V Division (blueberries, avocados and tangerines), converting open ponds into intensive ponds in Marinasol, and strengthening relationship with clients adding value through commercial strategies, marketing and service initiatives.
Perspectives of long-term growth of fresh and healthy products are excellent. Avocado and blueberry consumption is growing, with headroom for increased per capita consumption in key markets. The Company expects good demand for its products in North America, Europe and Asia.
"During the first quarter of the year we maintained the growth trend as a result of our strategic decision to focus on fresh and healthy products and to develop a direct road to market. In order to achieve our vision of become the preferred global supplier of healthy, fresh and convenient food, we continued the internationalization of our agricultural operations by acquiring land and plantations of tangerines in Uruguay. We will keep executing our business plan in order to continue strengthening Camposol as a world class company" stated Jorge Ramirez Rubio, CEO of Camposol.
Mr. Andrés Colichón Sas, CFO, and Mr. Jossue Yesquen Lihim will host a conference call today, Wednesday May 23 rd at 10:00 a.m. (Lima). For details on the conference call, please see attached invitation details.
Please see the First Quarter 2018 Financial Results' report and presentation enclosed (or click on the links below of this release if received by e-mail).
For further information, please contact:
Andrés Colichón Sas, CFO
[email protected]
Jossue Yesquen, Deputy Manager of Investor Relations
[email protected]
Phone: +511 621 0800 Ext.: 7171
About CAMPOSOL
CAMPOSOL is a vertically integrated producer of branded fresh and healthy food that offers high quality, healthy and fresh food to consumers around the world, based on a sustainable management model. CAMPOSOL is organized into two main business units: Camposol Fruits and Vegetables (fresh produce) and Marinasol (aquaculture) and its portfolio includes superfoods like blueberries, avocados, shrimp, mandarins, among others. Additionally, our international commercial platform is responsible for the commercialization of the products of these two units, with offices in the US, The Netherlands and China.
CAMPOSOL guarantees the full traceability of its products and is committed to supporting sustainable development through social and environmental responsibility policies and projects intended to increase the shared-value for all its stakeholders. On the strength of this value proposition, CAMPOSOL's commercial offices have established long-term relationships with the top worldwide supermarket chains and service them directly.
CAMPOSOL is also an active member of the Global Compact since 2008. It presents annual Sustainability Reports aligned to the GRI Methodology and has achieved the following international certifications: BSCI, Global Gap, IFS, HACCP and BRC among others.
To learn more about CAMPOSOL please visit: www.camposol.com.pe
[1] EBITDA is a non-IFRS financial measure. For a reconciliation of EBITDA to profit (loss) for the period/year and for Non-IFRS Measures and Other Information, see 1Q-2018 Camposol Holding Report.
[2] Net leverage ratio = (Gross debt - cash) / EBITDA
Attachments
Camposol Holding 1Q - 2018 Presentation.pdf Camposol Holding 1Q - 2018 Invitation.pdf Camposol Holding 1Q - 2018 Report.pdf
Source:Camposol Holding LTD | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-camposol-holding-plc-reports-first-quarter-2018-financial-results.html |
Loneliness among Americans has reached " epidemic levels ," according to health service company Cigna's U.S. Loneliness Index, released Tuesday.
The index, which surveyed over 20,000 U.S. adults, found that nearly half of survey respondents reported sometimes or always feeling alone (46 percent) or left out (47 percent) and younger generations feel much lonelier than older ones.
The survey also revealed that striking the right work-life balance can combat feelings of isolation, with those working less than desired actually feeling lonelier than those working more than desired.
For Cigna's report, survey respondents were evaluated on their loneliness using the UCLA Loneliness Scale, a 20-item questionnaire that was developed to assess subjective feelings of loneliness and social isolation.
Gen Z adults surveyed (ages 18 to 22), are the loneliest, according to the report. More than half of Gen Zers identified with 10 of the 11 feelings associated with loneliness, according to the survey, including feeling like people around them are not really with them (69 percent), feeling shy (69 percent) and feeling like no one really knows them well (68 percent).
"While we know that this is a group that is making life changes, these findings give us a surprising understanding of how this generation perceives themselves," Douglas Nemecek, M.D., chief medical officer for Behavioral Health at Cigna, tells CNBC Make It in an email. "It's something that we need to explore to understand how we can address it. And that's what we're planning to do."
Loneliness seems to lessen with age: Millennials (adults ages 23 to 37, according to the study) are not quite as lonely as Gen Z, but lonelier than Baby Boomers (ages 52 to 71). People in the Greatest Generation (ages 72 and up, according to Cigna's report ) are least likely to report having feelings of loneliness.
Though the survey found that social media does't have much of an impact on loneliness — those who defined themselves as very heavy users of social media had similar loneliness scores as those who say they never used it — other things you do during the day have an impact.
Those who are employed, for example, are less lonely than students and the unemployed, the latter of whom have the highest feelings of loneliness. (Retired people were the least lonely, because many of them seem to have found a supportive community, says Nemecek, and homemakers fell in the middle of the spectrum.)
"The fact is that we spend a lot of time at work, so it's very natural that this time — and the relationships you build with co-workers — truly matter," says Nemecek, explaining the findings. "[S]o it's critical that employers create a space where employees can connect face-to-face and form meaningful relationships with their co-workers."
In fact, one way to combat loneliness, the survey found, is to work the right amount — those who reported doing so were the least likely to be lonely, while those who work more than desired had a three point increase in loneliness and those who work less than desired had a full six point increase in loneliness.
While Nemecek says the optimal level of hours of work per week is largely dependent on the individual and their line of work, "Balance is critical," he says. "It's important that managers keep watch over how much time employees spend at the office."
The survey also found that striking the right balance of sleep, exercise, socializing with friends and family and "me time," can help alleviate feelings of loneliness.
Don't miss: Air pollution can be bad for the brain — these are the cleanest and the smoggiest places in America
show chapters This woman’s request for a mental health day set the internet on fire 12:55 PM ET Wed, 12 July 2017 | 01:01 Like this story? Like CNBC Make It on Facebook | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/cigna-study-loneliness-is-an-epidemic-gen-z-is-the-worst-off.html |
May 7 (Reuters) - Canada’s main index opened higher on Monday, as oil prices surged to their highest levels since late-2014 boosting the energy sector, and as NAFTA deal talks entered a crucial stage.
* At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index rose 34.8 points, or 0.22 percent, to 15,764.2. (Reporting by Amy Caren Daniel in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-opens-higher-as-oil-prices-provide-boost-idUSL3N1SE4DR |
CNBC Markets Now: May 04, 2018 8 Hours Ago CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/cnbc-markets-now-may-04-2018.html |
May 28, 2018 / 4:58 PM / Updated 18 minutes ago Volkswagen expects to beat electric car sales goal on China, Europe demand Andreas Cremer 4 Min Read
WOLFSBURG, Germany (Reuters) - Volkswagen’s ( VOWG_p.DE ) core brand expects to beat the company’s stated target of selling 1 million electric cars by 2025, a senior manager said, citing solid demand in China and Europe, as well as untapped potential in the southern hemisphere. FILE PHOTO: The logo of a Volkswagen e-Golf is seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Pierre Albouy/File Photo
Volkswagen’s push into volume production of electric cars comes as rival Tesla struggles to scale up manufacturing of its Model 3, which is also aimed at the mass market.
After its emissions scandal broke in 2015, Europe’s largest automaker by sales unveiled an ambitious plan to become a world leader in green transport and deliver 1 million electric VW-brand electric vehicles (EVs) a year by 2025, based on a platform called MEB.
Efforts by China, the world’s largest auto market, to tackle air pollution have helped trigger a surge of investment into the EV sector, cutting battery prices while raising the German brand’s optimism on the appeal of the technology.
“One could argue that we will well exceed the 1 million (target) from the MEB,” Christian Senger, head of electric mobility at the Volkswagen (VW) brand, said in an interview.
Other German carmakers are also investing heavily in EVs.
BMW said last week it would start mass producing electric cars in 2020, while Daimler’s Mercedes-Benz Cars plans to launch more than 10 electric vehicle models by 2022.
Senger said latest signs that demand could beat expectations come from national sales organisations such as Moeller Mobility Group in Scandinavia, which distribute VW cars across markets and regions.
“In the cycle plan where we again and again undertake forward planning for up to 15 years, we see that the markets even want more (electric) cars than we have earmarked.”
Besides Europe, China and the United States, VW sees additional potential in other regions including South America that are not reflected in its sales targets, Senger said.
He also said VW needs to gauge whether its battery production capacity would allow it to serve demand in the southern hemisphere at all. MASS DEMAND
To stoke mass demand, VW is aiming to sell its EVs at the price of conventional combustion engine cars, drawing on MEB synergies and falling battery costs, Senger said.
Designed to underpin nearly 30 battery-driven models from four group brands, ranging from the Golf-size I.D. hatchback to the Vizzion sedan, the MEB platform will allow the VW group to gain savings in a production cycle due to economies of scale.
VW group has a goal of selling 3 million EVs by 2025, including models from premium brands Audi and Porsche, and Czech division Skoda.
Waiting lists for the E-Golf have grown to more than 12 months after state and industry-backed incentives led the model’s price to drop by about a third to about 25,000 euros ($29,020), according to VW.
Not everyone shares the confidence.
VW’s works council has repeatedly warned against the EV hype and said greater progress on setting up charging stations will be key to meeting VW’s sales goals.
In Germany, two-thirds of 1,800 respondents to a March survey by advisory firm Deloitte said they would opt to buy a combustion engine car as their next vehicle, with 23 percent favouring hybrids and only 7 percent an all-electric model.
“EVs are only competitive with large subsidies and there are still question marks over driving range and charging networks,” said an analyst who declined to be named.
But VW’s Senger was unfazed.
“We are looking at growth rates here that we have in no other product,” he said. Demand is always volatile, “but the indicators we have show that it (beating the 1 million goal) can work.” Reporting by Andreas Cremer; Editing by David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-volkswagen-electric/volkswagen-expects-to-beat-electric-car-sales-goal-on-china-europe-demand-idUKKCN1IT1RC |
May 9 (Reuters) - Tamedia AG:
* GOLDBACH TAKEOVER: COMCO TO CARRY OUT IN-DEPTH REVIEW
* COMPLETION OF ACQUISITION HAS BEEN POSTPONED TO SEPTEMBER OR OCTOBER 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tamedia-comco-to-carry-out-in-dept/brief-tamedia-comco-to-carry-out-in-depth-review-of-goldbach-takeover-idUSFWN1SF1DD |
May 23, 2018 / 5:10 AM / Updated an hour ago India's Vedanta hits over 10-month low as protests against copper plant turn violent Reuters Staff 2 Min Read
(Reuters) - Shares of Vedanta Ltd ( VDAN.NS ) fell to their lowest since July 5, 2017, after at least nine people were killed in the southern state of Tamil Nadu when police fired at violent protesters calling for the closure of a copper smelter run by parent Vedanta Resources Plc ( VED.L ). Women shout slogans during a protest against the government and police forces after at least nine people were killed when police fired at protesters calling for the closure of a Vedanta Resources-controlled copper smelter in Thootukudi, in southern Indian state of Tamil Nadu, in Chennai, India, May 22, 2018. REUTERS/P.Ravikumar
Demonstrations against the copper plant, one of India’s biggest, have been going on for more than three months, with protesters alleging that it is a major source of pollution and risk to fisheries. FILE PHOTO: A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/File Photo
The smelter, run by Vedanta’s Sterlite Copper unit, is controlled by Vedanta Ltd ( VDAN.NS ), a majority-owned subsidiary of London-listed Vedanta Resources.
Environmental activists and some local politicians want the government to shut the plant permanently.
Vedanta had earlier said the protests were based on “false allegations”, and that it plans to double capacity at the smelter to 800,000 tonnes per year.
Shares were down 3.2 percent as of 0500 GMT, after falling as much as 5.50 percent earlier in the session. Reporting by Arnab Paul in Bengaluru; Editing by Sunil Nair | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-vedanta-protests/indias-vedanta-hits-over-10-month-low-as-protests-against-copper-plant-turn-violent-idUKKCN1IO0GG |
May 2, 2018 / 1:05 PM / a day ago Weak growth may test ECB resolve to roll back stimulus Balazs Koranyi , Francesco Canepa 5 Min Read
FRANKFURT (Reuters) - The European Central Bank will not easily retreat from plans to end its bond purchases this year, even though growth is slowing, but it may push out expectations for interest rate increases to maintain the flow of money and support confidence. The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach
The euro zone’s economy has expanded for 20 straight quarters, but a string of indicators suggests that growth has slowed in early 2018, with the threat of a global trade war further clouding the outlook.
The slowdown comes at a sensitive time for the ECB. Its policymakers are debating whether to end bond buying this year, assuming rapid growth will eventually raise inflation, even if price growth will undershoot its target for years to come.
Cutting stimulus during a slowdown could weaken investor confidence and raise doubts about the ECB’s resolve to lift inflation to its target of just below 2 percent.
Yet small additions to the ECB’s 2.55 trillion-euro bond- buying scheme are likely to do little for borrowing costs. And a major extension would require expanding the list of eligible assets, a politically difficult move.
That makes it harder for the ECB to reconsider ending quantitative easing (QE) this year. A substantial deterioration in growth or inflation would be needed.
“You would need to see a pretty dramatic slowdown in the rate of demand growth below the level that the ECB thinks is consistent with potential supply growth – so below say 1.5 percent,” Kallum Pickering, an economist at Berenberg, said.
The ECB could still dampen rate hike expectations, if growth continued to falter.
For now, though, policymakers speaking privately say they are not eager to rein in market expectations. They argue that the slowdown is at least partly temporary and rising oil prices will ease any downward pressure on inflation.
Economic growth slowed to a quarterly 0.4 percent in the first three months from 0.7 percent in each of the preceding three quarters. That was a big but not unexpected drop, since the bloc is running out of spare capacity and has expanded at twice the rate of its potential.
Strikes, cold weather, doubts about free trade and an especially vicious winter and flu season contributed to the drop, fuelling hopes that the bloc will bounce back.
Indeed, soft indicators like sentiment and manufacturing surveys already suggest that growth has at least leveled off early in the second quarter, even if hard indicators have yet to confirm this.
The ECB forecasts growth of around 0.5 percent for each of the last three quarters of the year, suggesting that even if the first three months was big miss, growth around this level was penciled in for the rest of the year. OPTIONS
The weak readings and uncertainty about the rebound suggest the ECB will not decide until the last possible moment about future bond buys, which are due to expire at the end of September. That means a final decision may not come until July.
“To extend the asset purchase program, you have to change some of the parameters, which comes with political and economic risks,” said Dirk Schumacher, an economist at Natixis. “... You really have to have good reasons to change the plan.”
Key policymakers argue that additional purchases would do little to cut the premium needed to buy longer-dated bonds, so the economic case for more asset buys is also lacking.
The most likely option to counter unexpected growth and inflation weakness would be to guarantee low rates for even longer. Markets now see a rate increase in June 2019, a delay from April, the expectation just a few weeks ago.
“For the ECB, it will be an immense success if they can finish QE. It’s way too soon to talk about raising rates considering the slowdown we’re seeing in Europe,” said Kenneth Broux, an analyst at Societe Generale.
Specific guidance could guarantee low rates. Another round of long-term loans for banks could also effectively lock in low rates for years to come. But a shallower rate path would also reignite a debate among policymakers about the inflation target.
Doves maintain that accepting anything less than 1.9 percent would threaten the credibility of the ECB. Hawks argue that as long as growth is above potential, inflationary pressures will continue to build and the ECB can afford to be patient.
(1 = 0.8336 euros) | ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy-outlook/weak-growth-may-test-ecb-resolve-to-roll-back-stimulus-idUSKBN1I31R8 |
Post-Market Wrap: May 3, 2018 1 Hour Ago 01:14 01:14 | 6:28 PM ET Thu, 29 March 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/post-market-wrap-may-3-2018.html |
May 7 (Reuters) - Preservia Hyresfastigheter AB (publ) :
* PROPOSES PREFERENTIAL SHARE DIVIDEND OF SEK 2.5 PER QUARTER PER PREFERENCE SHARE Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-preservia-hyresfastigheter-propose/brief-preservia-hyresfastigheter-proposes-preferential-share-dividend-idUSFWN1SE0UE |
May 23, 2018 / 10:42 AM / Updated 9 minutes ago Denmark in global court campaign to recoup tax fraud billions Reuters Staff 1 Min Read
COPENHAGEN, May 23 (Reuters) - Denmark has launched 50 court cases around the world against foreign pension funds and other investors an effort to recoup up to 12.7 billion Danish crowns ($2 billion) it alleges was paid out in fraudulent tax refunds between 2012 and 2015.
The tax authorities have claimed a total of 2.3 billion crowns in the 50 cases, and will seek to launch “a large number” of cases to bring the total claims to around 11 billion crowns, Tax Minister Karsten Lauritzen told reporters in Copenhagen. ($1 = 6.3531 Danish crowns) (Reporting by Teis Jensen; Editing by Jacob Gronholt-Pedersen and Jon Boyle) | ashraq/financial-news-articles | https://www.reuters.com/article/denmark-tax/denmark-in-global-court-campaign-to-recoup-tax-fraud-billions-idUSC7N1S101H |
WASHINGTON, May 21 (Reuters) - U.S. President Donald Trump on Monday called on the Venezuelan government to “hold free and fair elections” after President Nicolas Maduro was re-elected in a vote widely condemned overseas.
“We call for the Maduro regime to restore democracy, hold free and fair elections, release all political prisoners immediately and unconditionally, and end the repression and economic deprivation of the Venezuelan people,” Trump said in a statement.
Earlier, Trump signed an executive order putting in place new economic sanctions aimed at preventing U.S. citizens from being involved in the sale of Venezuela’s accounts receivables related to oil and other assets.
Reporting by Eric Beech Editing by David Alexander
| ashraq/financial-news-articles | https://www.reuters.com/article/venezuela-politics-usa-trump/trump-calls-on-venezuelas-maduro-to-restore-democracy-idUSW1N1S7045 |
May 31, 2018 / 1:05 PM / Updated 6 minutes ago Deutsche Bank's U.S. ops deemed 'troubled' by U.S. Federal Reserve a year ago - WSJ Reuters Staff 2 Min Read
FRANKFURT (Reuters) - The United States Federal Reserve last year designated Deutsche Bank AG’s ( DBKGn.DE ) U.S. operations to be in “troubled condition”, The Wall Street Journal reported, citing people familiar with the matter. FILE PHOTO: The headquarters of Germany's Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo
The Fed's assessment has not been previously been made public, it said, sending shares in the German lender down 5.5 percent by 1317 GMT, underperforming the German blue-chip DAX .GDAXI index, which was trading 0.6 percent lower.
The “troubled condition” status is one of the lowest designations employed by the Fed, The WSJ said.
The Fed downgrade caused the U.S. Federal Deposit Insurance Corporation (FDIC) to put Deutsche Bank Trust Company Americas, on its list of “Problem Banks”, it said.
Deutsche Bank declined to comment on the WSJ report and on its relations with the Fed, but said it was working to remedy weaknesses in its U.S. business identified by regulators.
It said in a statement that despite potential weaknesses in parts of its United States operations, the parent Deutsche Bank AG remained well capitalised and had adequate liquidity reserves. Reporting by Edward Taylor; Additional reporting by Kathrin Jones; Editing by Maria Sheahan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-deutsche-bank-fed-assessment/deutsche-banks-u-s-ops-deemed-troubled-by-fed-a-year-ago-wsj-idUKKCN1IW1QW |
COPENHAGEN, May 17 (Reuters) - Danish shipping company A.P. Moller-Maersk missed first-quarter core profit expectations on Thursday and kept guidance for the year unchanged, though it flagged increased uncertainties related to geopolitical risks and trade tensions.
Maersk’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $669 million, well below the $852 million forecast by analysts in a Reuters poll.
“Our result, especially in the ocean-related part of the business, was unsatisfactory,” Chief Executive Soren Skou said in a statement.
He also noted “increased uncertainties due to geopolitical risks, trade tensions and other factors impacting container freight rates, bunker prices and rate of exchange”. (Reporting by Jacob Gronholt-Pedersen Editing by David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/maersk-results/maersk-profit-lags-forecast-flags-geopolitical-and-trade-risks-idUSL5N1SO0XC |
Italian political risk way overdone: Costa 1 Hour Ago Peter Costa, Empire Executions, and CNBC's Seema Mody, Mike Santoli and Wilfred Frost look at the day's market action, including the impact of Italian political turmoil. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/italian-political-risk-overdone-costa.html |
May 4 (Reuters) - TUS International Ltd:
* SUZHOU QIYIZHI CONDITIONALLY TO ACQUIRE 3.876% EQUITY INTERESTS IN SUZHOU ZHIHUA FROM WUJIANG VC IN CONSIDERATION OF RMB15.5 MILLION
* FOLLOWING COMPLETION, GROUP TO HOLD ABOUT 51.54% STAKE IN SUZHOU ZHIHUA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tus-international-says-suzhou-qiyi/brief-tus-international-says-suzhou-qiyizhi-to-acquire-equity-interests-in-suzhou-zhihua-from-wujiang-vc-for-rmb15-5-million-idUSFWN1SB133 |
SEOUL (Reuters) - North Korea said on Sunday its intention to denuclearize, unveiled at a historic inter-Korean summit, was not the result of U.S.-led sanctions and pressure, warning the United States not to mislead public opinion.
North Korean leader Kim Jong Un (inside a vehicle) bids farewell to South Korean President Moon Jae-in as he leaves after a farewell ceremony at the truce village of Panmunjom inside the demilitarized zone separating the two Koreas, South Korea, April 27, 2018. Korea Summit Press Pool/Pool via Reuters Impoverished North Korea has been hit by a series of U.N. and U.S. sanctions in recent years in a bid to rein in its nuclear and missile programs.
North Korean leader Kim Jong Un and South Korean President Moon Jae-in vowed “complete denuclearization” of the Korean peninsula in the first inter-Korean summit in more than a decade on April 27, but the declaration did not include concrete steps to reach that goal.
The North’s official KCNA news agency said Washington was “misleading public opinion” by claiming the denuclearization pledge was the result of sanctions and other pressure.
The United States should not “deliberately provoke” the North by moving to deploy strategic assets in South Korea and raising human rights issues, KCNA said, citing a foreign ministry spokesman.
“This act cannot be construed otherwise than a dangerous attempt to ruin the hardly-won atmosphere of dialogue and bring the situation back to square one,” the spokesman was quoted as saying.
It would not be conducive to resolving the issue of denuclearization if Washington miscalculated North Korea’s “peace-loving intention” as a sign of weakness and continued to pursue its pressure and military threats, KCNA said.
U.S. President Donald Trump, who plans to meet Kim over the next few weeks, has said he will maintain sanctions and pressure on the North and “not repeat the mistakes of past administrations” and has said his tough stance had led to the breakthrough.
Trump told the National Rifle Association’s annual convention in Dallas on Friday that he had toned down his rhetoric in anticipation of the talks after labeling Kim “Little Rocket Man” last year and threatening him with “fire and fury”.
Moon said Trump deserved a Nobel Peace Prize for his efforts to end the standoff with the North.
The White House said that Trump’s national security adviser, John Bolton, met his South Korean counterpart, Chung Eui-yong, on Friday and both said there were no plans to change the U.S.–South Korea bilateral defense posture.
North and South Korea are technically still at war because their 1950-53 conflict ended in a truce, not a peace treaty. South Korea said U.S. troops need to stay in the area even after a peace treaty is concluded to replace the armistice.
The United States stations 28,500 troops in South Korea, a legacy of the war.
Reporting by Haejin Choi and Hyonhee Shin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-southkorea/north-korea-says-denuclearization-pledge-not-result-of-u-s-led-sanctions-idUSKBN1I703M |
Weinstein to surrender on sex assault charges: media reports 6:47pm EDT - 00:55
Harvey Weinstein is expected to surrender to New York City police on charges of sexual misconduct on Friday (May 25). Bob Mezan reports. ▲ Hide Transcript ▶ View Transcript
Harvey Weinstein is expected to surrender to New York City police on charges of sexual misconduct on Friday (May 25). Bob Mezan reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GMOzoV | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/weinstein-to-surrender-on-sex-assault-ch?videoId=430019362 |
NEW YORK and LOS ANGELES, May 15, 2018 /PRNewswire/ -- Dolphin Entertainment (NASDAQ: DLPN), a publicly-traded independent producer of premium feature films and digital content, and parent company of 42West, one of the largest public relations and marketing services firms in the entertainment industry, announces its financial results for the quarter ending March 31, 2018.
Quarterly Highlights
Revenue of $5.7 million, up from $0.5 million as compared to the same period in the prior year. 42West Revenue of $5.4 million, up from $4.6 million as compared to the same period in the prior year. 88.88% of 42West Revenue was from repeat clients (i.e. 42West clients in 2017). Operating loss of $98,924 compared to an operating loss of $871,692 in the same period in the prior year. Net income of $0.8 million, compared to net income of $4.9 million in the same period in the prior year. The March 31, 2017 net income included $6.8 million of changes in fair value of derivative liabilities as compared to $1.3 million included in the March 31, 2018 net income. 42West signed many new clients, including the Emmy-nominated star of "Empire," Taraji P. Henson, multi-platinum pop phenomenon Camila Cabello, and comedian and podcaster Marc Maron, along with increased business from existing clients, including Universal Films and one of the largest Internet video streaming services in the world.
Dolphin's CEO, Bill O'Dowd, commented, "Our first quarter has us off to a great start in 2018, with our March 2017 acquisition of 42West really performing for us. Revenue grew substantially, to $5.7 million, compared to half a million in the prior year, with 42West revenue growing to $5.4 million, a 16.34% increase from Q1 2017, which we feel points to, and validates, 42West's market-leading position in the entertainment industry. To this end, it is worth noting that almost 90% of Q1 42West revenue came from repeat clients, providing a strong base of predictable billings every month."
Mr. O'Dowd continued, "We're also excited about our new clients that we signed in the first quarter, including Taraji P. Henson, Camila Cabello and Marc Maron, among several others. The organic growth of 42West is something we hope to highlight for many quarters and years to come. Also, as we have noted before, we have a solid pipeline for acquisitions of companies and personnel to complement 42West in public relations and marketing for celebrities and entertainment content. We continue to believe we can close the first of these acquisitions in 2018. Finally, with respect to our legacy content production business, we remain committed to moving at least one film into production this year, contributing additional revenues from our production division and providing upside optionality in 2019. Between 42West's organic growth, our acquisition pipeline and our feature film production slate, we remain very excited about our business and believe we are well-positioned for meaningful growth in both 2018 and 2019."
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: Wednesday, May 16, 2018, at 9 a.m. ET
Toll-free: 877-407-0782
International: 201-689-8567
Live Webcast: http://www.investorcalendar.com/event/29627
Conference Call Replay Information
The replay will be available beginning approximately 1 hour after the completion of the live event.
Toll-free: 877.481.4010
International: 919.882.2331
Reference ID: 29627
About Dolphin Entertainment, Inc.
Dolphin Entertainment is a leading independent entertainment marketing and premium content production company. Through our recent acquisition of 42West, we provide expert strategic marketing and publicity services to all of the major film studios, and many of the leading independent distributors and streaming content providers, as well as for hundreds of A-list celebrity talent, including actors, directors, producers and recording artists. 42West is a recognized global leader in PR services for the entertainment industry and, in December 2017, the New York Observer listed 42West as one of the top four most powerful PR firms of any kind in the United States. Our content production business is a long established independent producer, committed to distributing best-in-class film and digital entertainment primarily aimed at family and young adult markets. The strategic acquisition of 42West brings together industry-leading marketing services with our legacy content production business, creating significant opportunities to serve our respective constituents more strategically and to grow and diversify our revenue streams.
Investor Contact:
James Carbonara
Partner, Hayden IR
[email protected]
+ 1 646 755 7412
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
ASSETS
As of March 31, 2018
As of December 31, 2017
Current
Cash and cash equivalents
$ 4,538,122
$ 5,296,873
Accounts receivable, net of allowance for doubtful accounts of $392,530 and $366,280,
respectively.
3,087,579
3,700,618
Other current assets
525,155
422,118
Total current assets
8,150,856
9,419,609
Capitalized production costs
930,947
1,075,645
Intangible assets, net of accumulated amortization of $1,346,558 and $1,043,255, respectively.
8,203,442
8,506,745
Goodwill
12,778,860
12,778,860
Property, equipment and leasehold improvements
1,063,402
1,110,776
Investments
220,000
220,000
Deposits
445,289
485,508
Total Assets
$ 31,792,796
$ 33,597,143
LIABILITIES
Current
Accounts payable
$ 928,265
$ 1,097,006
Other current liabilities
7,466,944
6,487,819
Line of credit
1,700,390
750,000
Put rights
2,675,568
2,446,216
Accrued compensation
2,562,500
2,500,000
Debt
2,948,492
3,987,220
Loan from related party
1,577,873
1,708,874
Deferred revenue
48,449
48,449
Convertible notes payable
800,000
800,000
Notes payable
500,000
300,000
Total current liabilities
21,208,481
20,125,584
Noncurrent
Warrant liability
1,273,514
1,441,831
Put rights
2,466,846
3,779,794
Convertible notes payable
75,000
75,000
Notes payable
400,000
600,000
Deferred tax
187,537
187,537
Other noncurrent liabilities
936,732
1,311,040
Total noncurrent liabilities
5,339,629
7,395,202
Total Liabilities
26,548,110
27,520,786
STOCKHOLDERS' EQUITY
Common stock, $0.015 par value, 200,000,000 shares authorized, 11,229,144 and 10,565,789,
respectively, issued and outstanding at March 31, 2018 and December 31, 2017.
168,437
158,487
Preferred Stock, Series C, $0.001 par value, 50,000 shares authorized, issued and outstanding at
March 31, 2018 and December 31, 2017.
1,000
1,000
Additional paid in capital
97,141,970
98,816,550
Accumulated deficit
(92,066,721)
(92,899,680)
Total Stockholders' Equity
$ 5,244,686
$ 6,076,357
Total Liabilities and Stockholders' Equity
$ 31,792,796
$ 33,597,143
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
For the three months ended
March 31,
2018
2017
Revenues:
Entertainment publicity
$ 5,455,733
$ -
Production and distribution
329,192
532,866
Total revenues
5,784,925
532,866
Expenses:
Direct costs
571,336
500,526
Selling, general and administrative
1,032,407
187,774
Depreciation and amortization
371,181
4,635
Legal and professional
459,580
375,269
Payroll
3,449,345
336,354
Total expenses
5,883,849
1,404,558
Loss before other expenses
(98,924)
(871,692)
Other Income (Expenses):
Acquisition costs
-
(537,708)
Change in fair value of warrant liability
168,317
6,823,325
Change in fair value of put rights
1,083,596
-
Interest expense
(267,426)
(452,137)
Total other income (expense)
984,487
5,833,480
Income before income taxes
$ 885,563
$ 4,961,788
Income taxes
(52,604)
-
Net income
$ 832,959
$ 4,961,788
Income per Share:
Basic
$ 0.07
$ 0.69
Diluted
$ 0.07
$ 0.10
Weighted average number of shares used in per share calculation
Basic
12,517,660
7,238,707
Diluted
12,786,065
8,652,809
View original content: http://www.prnewswire.com/news-releases/dolphin-entertainment-q1-2018-revenue-increases-to-5-7-million-compared-to-0-5-million-in-q1-2017--300649057.html
SOURCE Dolphin Entertainment, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-dolphin-entertainment-q1-2018-revenue-increases-to-5-point-7-million-compared-to-0-point-5-million-in-q1-2017.html |
KUALA LUMPUR, May 7 (Reuters) - Malaysia's gross international reserves edged down to $109.5 billion as of April 30, from $110 billion as of April 13, the central bank said on Monday. Bank Negara Malaysia said the reserves were sufficient to finance 7.5 months of retained imports, and were 1.1 times the short-term external debt. The central bank released the following international reserves data, expressed in billions of dollars: Apr 30 Apr 13 Mar 30 Mar 15 Total gross international 109.5 110.0 107.8 103.9 reserves Foreign currency reserves 102.9 103.2 101.3 97.4 IMF reserves position 0.8 0.8 0.8 0.8 SDRs 1.2 1.2 1.2 1.2 Gold 1.6 1.6 1.6 1.5 Other reserve assets 3.0 3.2 2.9 3.0 (Reporting by Emily Chow; Editing by Sam Holmes)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-economy-reserves/malaysias-cenbank-reserves-fall-to-109-5-bln-as-of-april-30-idUSK7N1E4001 |
May 14 (Reuters) - Image Sensing Systems Inc:
* IMAGE SENSING SYSTEMS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* IMAGE SENSING SYSTEMS INC - 2018 Q1 REVENUE WAS $3.0 MILLION, COMPARED TO $3.1 MILLION IN Q1 OF 2017
* IMAGE SENSING SYSTEMS INC QTRLY LOSS PER SHARE $0.00 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-image-sensing-systems-q1-loss-per/brief-image-sensing-systems-q1-loss-per-share-0-00-idUSASC0A22O |
May 17, 2018 / 7:55 AM / Updated 14 minutes ago Investec sees steady earnings growth as it prepares for changing of the guard Reuters Staff 3 Min Read
JOHANNESBURG (Reuters) - Anglo-South African investment bank and asset manager Investec Plc ( INVP.L ) ( INLJ.J ) reported an increase in operating profit on Thursday, with funds managed by its asset management business topping 100 billion British pounds for the first time.
The 5.6 percent rise in operating profit for the year ended in March indicates stability as Investec heads for a changing of the guard this year with co-founder Stephen Koseff set to step down as CEO in October and two other founding members of the business - Bernard Kantor and Glynn Burger - also due to retire.
Analysts do not expect any big strategy shift for the group, which reported ongoing operating profit of 701 million pounds for the full-year ended March 31, up from 663.7 million pounds a year earlier.
“Operating performance during the year was underpinned by sound growth in loans and funds under management and a solid recurring income base, despite a challenging backdrop in South Africa and the UK,” Koseff said in a statement.
Adjusted earnings per share before goodwill, acquired intangibles and non-operating items jumped 13.3 percent to 61.3 pence, the company said in a statement.
The board proposed a final dividend of 13.5 pence per ordinary share, equating to a full year dividend of 24 pence, up from 23 pence last year.
Uncertainty about the terms of Britain’s departure from the European Union and political uncertainty in South Africa continued to affect corporate and consumer confidence in those two markets during the period under review, Investec said.
The group’s wealth & investment and asset management businesses generated substantial net inflows taking fund management’s assets under management above 100 billion pounds, Koseff said.
Shares in Johannesburg-listed Investec were up 1 percent at 95.99 rand by 0704 GMT, while in London the group’s shares were flat.
Chairman Fani Titi and Hendrik du Toit - head of Investec’s asset management business - have been picked as the group’s new joint chief executives and will formally take charge in October. Reporting by Nqobile Dludla; Editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-investec-ltd-results/investec-sees-steady-earnings-growth-as-it-prepares-for-changing-of-the-guard-idUKKCN1II0UZ |
May 14, 2018 / 11:24 AM / Updated 2 minutes ago Apple supplier Foxconn posts 14.5 percent drop in first-quarter net profit, lags forecasts Reuters Staff 2 Min Read
TAIPEI (Reuters) - Taiwan’s Foxconn ( 2317.TW ), the world’s largest contract electronics maker and supplier to Apple ( AAPL.O ), posted a 14.5 percent fall in first-quarter net profit on Monday, lagging estimates despite a strong quarter for the U.S. iPhone maker. FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu
Net profit for the first three months of 2018 for the company known formally as Hon Hai Precision Industry Co reached T$24.08 billion ($809 million), it said in a filing to the Taiwan stock exchange.
That was down 14.5 percent from T$28.168 billion a year earlier, according to Reuters’ calculations. The first-quarter result was also lower than an average estimate of T$28.71 billion from nine analysts, Thomson Reuters data showed.
In May Apple reported resilient iPhone sales in the face of waning global demand, with quarterly results that topped Wall Street forecasts. Foxconn assembles electronic devices including iPhones for Apple, which is a major customer.
Foxconn CEO Terry Gou, however, has been moving towards reducing the company’s dependence on Apple by diversifying. In 2016 it acquired control of Japanese electronics and display panels maker Sharp Corp ( 6753.T ).
And in March, a unit of Foxconn announced it is buying Belkin International, a California-based maker of consumer electronics in a deal worth $866 million. Another unit, which makes cloud computing service equipment and industrial robots, filed on Monday for an IPO in Shanghai to raise capital for 5G-related projects and other uses. Reporting by Lee Chyen Yee in SINGAPORE and Zhang Min in BEIJING; Writing by Jess Macy Yu; Editing by David Goodman and Murali Anantharaman | ashraq/financial-news-articles | https://www.reuters.com/article/us-foxconn-results/apple-supplier-foxconn-posts-14-5-percent-drop-in-first-quarter-net-profit-idUSKCN1IF1F0 |
NFL owners approve David Tepper's purchase of Carolina Panthers 2 Hours Ago CNBC's Scott Wapner reports that NFL owners have approved the purchase of the Carolina Panthers by Appaloosa Management's David Tepper. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/nfl-owners-approve-david-teppers-purchase-of-carolina-panthers.html |
May 2 (Reuters) - Zhejiang Huatong Meat Products Co Ltd :
* SAYS UNIT SIGNS TWO PROJECTS IN JIANGSU PROVINCE FOR TOTAL INVESTMENT OF 400 MILLION YUAN ($62.90 million) Source text in Chinese: bit.ly/2KqPJt0 Further company coverage: ($1 = 6.3596 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhejiang-huatong-meat-products-uni/brief-zhejiang-huatong-meat-products-unit-signs-two-projects-in-jiangsu-province-idUSH9N1S5001 |
* Benchmark rate left unchanged at 6.5 pct
* Rising oil prices flagged as risk to CPI
* Banks says growth outlook remains challenging (Adds detail, context)
By Mfuneko Toyana and Alexander Winning
PRETORIA, May 24 (Reuters) - South Africa’s central bank kept its benchmark repo rate on hold as expected on Thursday following a rate cut at the previous meeting, as it balances risks to consumer price inflation and a fragile economic growth recovery.
Africa’s most industrialised economy has barely grown in the past decade with fiscal missteps and government corruption contributing to weak business and consumer confidence.
The South African Reserve Bank said the growth outlook remained challenging but was expected to outperform recent outcomes underpinned by better business and consumer confidence.
Investor sentiment has picked up since President Cyril Ramaphosa took the helm in February after the resignation of scandal-plagued Jacob Zuma.
The bank’s Monetary Policy Committee (MPC) unanimously decided to keep the repo rate at 6.5 percent and said it expects the economy to expand 1.7 percent this year, after growing by 1.3 percent in 2017.
“The MPC still assesses the stance of monetary policy to be accommodative and appropriate given the forecast inflation trajectory and the current state of the economy,” Governor Lesetja Kganyago told a news conference.
“However, with risks and uncertainties at high levels, the MPC will maintain its vigilance to ensure that inflation remains well within the inflation target range, and will adjust the policy stance should the need arise.”
The bank sees consumer inflation peaking at 5.3 percent in the third quarter, but would average 4.9 percent for the year.
While the rate of increase in consumer prices is not expected to breach the top-end of the bank’s 3-6 percent target during the forecast horizon, it said risks to the inflation outlook have tilted to the upside.
Rising oil prices and possible higher electricity tariffs posed risks to the inflation outlook, Kganyago said.
In February the National Treasury announced a VAT increase for the first time in two decades, which could hurt consumer demand, to cap ballooning debt and close a large revenue shortfall.
Kganyago said there was a degree of uncertainty regarding the likely impact of the VAT hike and sugar tax on food, and the extent to which these would be absorbed by manufacturers and retailers.
South Africa’s headline CPI quickened to 4.5 percent year-on-year in April after the VAT increase.
“The SARB makes no secret of the fact that it would like to see inflation expectations converge around 4.5 percent, and the best way to achieve this is actually to bring inflation down to similar levels, on a sustained basis,” Standard Chartered Bank’s Chief Africa Economist Razia Khan said.
At 1637 GMT, the rand, which has been under pressure in the past month from a strong dollar, was trading at 12.4100 against the dollar, 0.4 percent stronger than its close on Wednesday.
All 25 economists surveyed by Reuters had predicted the repo rate would stay on hold. (Additional reporting by Patricia Aruo Writing by Olivia Kumwenda-Mtambo Editing by James Macharia and Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/safrica-rates/update-1-south-african-central-bank-holds-repo-rate-at-6-5-percent-idUSL5N1SV5IE |
FRANKFURT/WASHINGTON (Reuters) - Bayer ( BAYGn.DE ) won U.S. approval for its planned takeover of Monsanto ( MON.N ) after agreeing to sell about $9 billion in assets, clearing a major hurdle for the $62.5 billion deal that will create by far the largest seeds and pesticides maker.
FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo Makan Delrahim, who heads the U.S. Justice Department’s (DoJ) Antitrust Division, said the asset sales agreed to by Bayer were the “largest ever divestiture ever required by the United States.”
A Bayer spokesman said the planned sale of businesses with 2.2 billion euros ($2.54 billion) in sales to BASF already agreed to address antitrust concerns, mainly in Europe, were not materially different from the DoJ’s demands.
“Receipt of the DOJ’s approval brings us close to our goal of creating a leading company in agriculture,” Bayer CEO Werner Baumann said in a statement.
After months of delays in a drawn-out review process the ruling brings Bayer close to creating an agricultural supplies giant with sales of about 20 billion euros, based on 2017 figures, when taking into account the divestments.
At current foreign exchange rates, that compares to about 12.4 billion euros at DowDuPont’s ( DWDP.N ) Corteva Agriscience unit, 11 billion euros at ChemChina’s Syngenta and 7.9 billion at BASF, including businesses to be acquired.
Bayer’s move to combine its crop chemicals business, the world’s second-largest after Syngenta AG SYNN.S, with Monsanto’s industry-leading seeds business, is the latest in a series of major agrochemicals tie-ups. U.S. chemicals giants Dow Chemical DOW.N and DuPont merged in September 2017 and are now in the process of splitting into three units. In other consolidation in the sector, China’s state-owned ChemChina purchased Syngenta and two huge Canadian fertilizer producers merged to form a new company, now called Nutrien ( NTR.TO ). Bayer committed to selling its entire cotton, canola, soybean and vegetable seeds businesses and digital farming business, as well its Liberty herbicide, which competes with Monsanto’s Roundup.
Under agreements with European and other antitrust enforcers, Bayer agreed to sell assets with revenues of 2.2 billion euros ($2.6 billion), to rival BASF ( BASFn.DE ) for 7.6 billion euros.
Bayer said in a statement it expected Bayer and Monsanto to begin the integration process as soon as the sales to BASF are complete, which it said are expected to take two months to complete.
If Bayer does not close the deal by June 14, Monsanto could withdraw from the takeover agreement and seek a higher price.
It has already secured the go-ahead from key jurisdictions, including the European Union, Brazil and Russia. Apart from the United States, it still needs clearance in Canada and Mexico.
In a separate statement, Bayer said on Tuesday said the European Commission had approved BASF as a suitable buyer of the businesses to be divested.
Bayer last week said synergies from folding Monsanto into its organization would be about $300 million below its previous target because it will have to sell more businesses than initially expected.
($1 = 0.8668 euros)
Additional reporting by Patricia Weiss; Editing by Mark Potter, Dan Grebler and David Evans
| ashraq/financial-news-articles | https://in.reuters.com/article/us-monsanto-m-a-bayer-doj/bayer-could-get-u-s-approval-for-monsanto-deal-on-tuesday-source-idINKCN1IU1DO |
Greensboro, NC, May 24, 2018 (GLOBE NEWSWIRE) -- Technology Concepts & Design, Inc. (TCDI), a pioneer in legal technology, has announced David Mattera as its new Senior Director of Litigation Services, based in New York City. David brings 22 years of experience and sales expertise to TCDI and will be focused on the company’s expansion into new markets and supporting its growing customer base in the northeast.
“David brings a level of enthusiasm and passion to his role, and his vast knowledge of the legal process and understanding of the latest AI technologies will benefit the company and our clients,” said Bill Johnson, CEO of TCDI. “We are thrilled to have David join the TCDI family to support our customers in New York and to fuel our growth in the northeast.”
Mattera was most recently director of sales at SENTIO AI, overseeing sales of a new artificial intelligence software using predictive analytics and machine learning to solve legal technology challenges. He earlier served as regional director of sales for RICOH Legal and was responsible for sales strategy and legal market growth in the New York metropolitan region. Mattera has extensive consulting experience across the full litigation process and understands the unique challenges law firms and corporate legal departments face when implementing new technologies and workflows within their operational and case teams.
“I look forward to working closely with TCDI’s growing list of corporate and law firm clientele, and providing expert advice regarding their legal technology and information security initiatives,” said Mattera. “I’m also excited to be working side by side with our client services team to jointly deliver superior support and consultation for my clients.”
For more information on TCDI’s litigation services, please visit www.tcdi.com/services/legal-services/ .
TCDI is a speaking sponsor at the Today’s General Counsel eDiscovery Exchange in New York, July 16-17 and both David Mattera and Caragh Landry, President of Litigation Services, TCDI will be in attendance.
Attachment
David Mattera Alexis Robbins 661-644-8329 [email protected]
Source: TCDI | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-david-mattera-seasoned-legal-technology-executive-joins-tcdi.html |
LONE TREE, Colo., May 1, 2018 /PRNewswire/ -- Zynex (OTCQB: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, announced today that it will host the Company's 2018 first quarter investor webcast on Tuesday, May 8, 2018 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time.)
The Company expects to file its 2018 first quarter financial results on Tuesday, May 8, 2018.
Webcast Details: Tuesday, May 8, 2018 at 9:00 a.m. MT – 11:00 a.m. ET
To register and participate in the webcast, interested parties should click on the following link or dial in approximately 10-15 minutes prior to the webcast:
https://www.webcaster4.com/Webcast/Page/1487/25740
US PARTICIPANT DIAL IN (TOLL FREE):
1-844-825-9790
INTERNATIONAL DIAL IN:
1-412-317-5170
Canada Toll Free:
1-855-669-9657
About Zynex
Zynex, founded in 1996, markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation; and the company's proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients. Zynex is also developing a new blood volume monitor for use in hospitals and surgery centers. For additional information, please visit: zynex.com
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force our ability to up-list to a larger exchange and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2017 as well as Forms 10-Q, 8-K and 8-K/A, press releases and the Company's website.
Contact:
Zynex, 303-703-4906
Investor Relations Contact:
Amato And Partners, LLC
Investor Relations Counsel
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/zynex-schedules-2018-first-quarter-earnings-release-and-webcast-300639801.html
SOURCE Zynex | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-zynex-schedules-2018-first-quarter-earnings-release-and-webcast.html |
Pompeo teases North Korea sanctions relief 8:03pm BST - 01:17
U.S. Secretary of State Mike Pompeo said on Sunday that the U.S. could potentially provide North Korea with sanctions relief if it completely ends its nuclear program, and will allow private investors to help build an economy to rival South Korea.
U.S. Secretary of State Mike Pompeo said on Sunday that the U.S. could potentially provide North Korea with sanctions relief if it completely ends its nuclear program, and will allow private investors to help build an economy to rival South Korea. //reut.rs/2KWE85v | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/13/pompeo-teases-north-korea-sanctions-reli?videoId=426579499 |
May 21 (Reuters) - Nordson Corp:
* NORDSON CORPORATION REPORTS RECORD SECOND QUARTER SALES, OPERATING PROFIT, DILUTED EARNINGS PER SHARE, AND EBITDA
* Q2 SALES $554 MILLION VERSUS I/B/E/S VIEW $552 MILLION * Q2 EARNINGS PER SHARE VIEW $1.43 — THOMSON REUTERS I/B/E/S
* SEES Q3 2018 GAAP EARNINGS PER SHARE $1.47 TO $1.63 * SEES Q3 2018 SALES IN RANGE OF UP 1 PERCENT TO DOWN 3 PERCENT
* BACKLOG FOR QUARTER ENDED APRIL 30, 2018 WAS ABOUT $460 MILLION, AN INCREASE OF 11 PERCENT COMPARED TO THE SAME PERIOD A YEAR AGO
* EXPECT TO GENERATE TOTAL COMPANY ORGANIC SALES GROWTH IN LOW SINGLE-DIGITS ON A FULL YEAR BASIS FOR FISCAL 2018
* Q3 EARNINGS PER SHARE VIEW $1.91 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nordson-corp-reports-q2-adj-shr-15/brief-nordson-corp-reports-q2-adj-shr-1-56-idUSL5N1SS51Q |
LONDON, May 11 (Reuters) - British regulators said on Friday they had fined Barclays Chief Executive Jes Staley a total of 642,430 pounds ($870,428.41) for breaching conduct rules by attempting to identify who had sent letters criticising a Barclays employee.
The fine by the Financial Conduct Authority and the Prudential Regulation Authority included a 30 percent discount for Staley agreeing at an early stage to settle.
Regulators said the fine is only 10 percent of his overall pay package. While it draws a line under an episode some insiders had feared might cost him his job, Staley is the first sitting CEO of a major bank to face such a penalty.
Barclays had no immediate comment.
$1 = 0.7381 pounds Reporting By Lawrence White and Huw Jones; editing by Emma Rumney
| ashraq/financial-news-articles | https://www.reuters.com/article/barclays-ceo/british-watchdogs-fine-barclays-ceo-870000-for-whistleblowing-probe-idUSFWN1SI0MY |
May 3, 2018 / 2:32 PM / Updated 10 minutes ago Turkish cartoonist wins prize on World Press Freedom Day Stephanie Nebehay 3 Min Read
GENEVA (Reuters) - A Turkish caricaturist facing more than three years in jail won the International Press Drawing Prize on Thursday, an award given every two years to leading cartoonists, especially those working under authoritarian regimes.
Musa Kart of the opposition newspaper Cumhuriyet was one of 14 staff handed sentences last month ranging from 2 1/2 to 7 1/2 years on charges of supporting Fethullah Gulen, the U.S.-based Muslim cleric that Ankara blames for a 2016 attempted coup. They have denied the charges.
Kart, 64, was sentenced to three years and nine months and is banned from travel pending his appeal. After the coup attempt, he spent nine months in prison.
“My beloved newspaper is currently surrounded by those who are uncomfortable with its journalism and want to silence it completely by threatening heavy punishments,” Kart said in a message read out by his daughter, Seran Uney, to a ceremony in Geneva on Thursday, marking World Press Freedom Day.
The staff of the Istanbul newspaper, long seen as a thorn in the side of President Tayyip Erdogan, is one of the few remaining voices critical of the government.
The jury of the Cartooning for Peace Foundation includes cartoonists Jean Plantu of France and Patrick Chappatte of Switzerland, and Ken Roth, executive director of Human Rights Watch.
They make the award based on cartoonists’“approach and commitment ... especially if their cartoons were published in a political context of repression and censorship.”
“Cartoonists are the barometer for freedom of expression. When there is some little opening in Iran, we know it thanks to cartoonists,” Plantu said.
Autocrats maintain a facade of toughness to inspire fear, Roth said.
“That’s why cartoonists are so dangerous, they make us smile. They crack the facade of strength with humor and for a moment they liberate us from our fears. They remind us of our freedom and they undermine the pretence of the strong man. Musa Kart very much played this role in Turkey.”
The Cumhuriyet case is one of several high-profile trials, part of a broader crackdown since Erdogan announced a state of emergency following the attempted coup. Around 150 media outlets have been shut down and 160 journalists have been jailed, the Turkish Journalists Association says.
Turkey is at a crossroads, with tens of thousands of journalists, activists and politicians dismissed from their jobs or imprisoned ahead of snap parliamentary elections on June 24, Roth said.
“So this award today is in many ways at the forefront of the fight for freedom in one of the most important battlefields around.
“Is it going to go down the path of dictatorship that Erdogan is trying to bring it or will the Turkish people be able to fight back? Reporting by Stephanie Nebehay | ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-security-cartoon/turkish-cartoonist-wins-prize-on-world-press-freedom-day-idUSKBN1I41TV |
May 16, 2018 / 11:44 PM / Updated 43 minutes ago Neymar worried about foot as he prepares to return from injury Reuters Staff 2 Min Read
SAO PAULO (Reuters) - Brazilian striker Neymar said getting fit for the World Cup following surgery has been the biggest challenge of his career and he is also worried about how his injured foot will respond to top-class competition. Soccer Football - Ligue 1 - Paris St Germain vs Stade Rennes - Parc des Princes, Paris, France - May 12, 2018 Paris Saint-Germain's Neymar on the phone as he celebrates winning Ligue 1 REUTERS/Pascal Rossignol
“This injury is difficult, and the biggest challenge is right now, going to the World Cup after not playing for three months,” the 26-year-old Paris St Germain forward said on a sponsor’s social media channel.
“The expectations are very high, not just from the fans but from me as well, that’s why this is the biggest challenge I’m facing.”
He has been out of action since spraining his ankle and fracturing his fifth metatarsal on Feb. 25, which led him to undergo surgery in Brazil.
The striker said he feared he would miss the June 14-July 15 World Cup finals in Russia in the immediate aftermath of suffering the injury.
“I was a bit worried I might not be ready in time but after I had the scans, they...told me about the surgery, how long the recovery would take, and that helped to calm me down.
“I’ve started training with the ball, I’ve started shooting and passing and now it’s just a case of improving,” he added. “I feel good, comfortable, at ease. Of course, there is a certain worry, fear, but little by little I’ll lose that.”
Neymar, who joined the Ligue 1 club from Barcelona for a record 222 million euros (£193.6 million) last August, is expected to be fully fit by the time Brazil kick off their World Cup campaign against Switzerland on June 17.
The five-times world champions will also play Costa Rica and Serbia in Group E. Reporting by Tatiana Ramil, Writing by Andrew Downie, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-bra-neymar/neymar-worried-about-foot-as-he-prepares-to-return-from-injury-idUKKCN1IH38Y |
Reblog Ford cars and California fruits are among the goods piling up at Chinese ports, the result of increased inspections that business groups say is China’s way of reminding the U.S. how important its market is to American exporters. Navel oranges, lemons and cherries from California, along with American apples, have been sitting at Chinese wharves for longer than normal as Chinese inspectors spend more time inspecting the fruits for pests and decays, U.S. trade groups said. Ford Motor Co. vehicles are likewise being subjected to unusually rigorous checks at the port, people familiar with the matter said. | ashraq/financial-news-articles | https://www.wsj.com/articles/spoiled-relations-u-s-goods-stuck-at-china-ports-as-tensions-heat-up-1525957870?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
Vice President Mike Pence is postponing a planned trip to Brazil this month as President Donald Trump prepares for a historic meeting with North Korean leader Kim Jong Un .
The vice president had been expected to visit Brazil in late May. But his office says the trip is being postponed to avoid pulling national security resources away from Trump's planned meeting with Kim.
Trump has not yet announced a date or location for the meeting. But he has said he favors holding the meeting at the Demilitarized Zone separating North and South Korea.
Pence's office says by remaining in the U.S. the vice president will be able to support the president and the national security team as the North Korean meeting approaches. Trump is pushing to denuclearize the Korean Peninsula. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/pence-postponing-trip-to-brazil-ahead-of-north-korea-meeting.html |
May 2, 2018 / 10:15 AM / in 22 minutes BRIEF-Enable Midstream Partners Q1 Diluted Earnings Per Common Units $0.24 Reuters Staff 1 Min Read
May 2 (Reuters) - Enable Midstream Partners LP:
* ENABLE MIDSTREAM ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS, QUARTERLY DISTRIBUTIONS AND INCREASED 2018 OUTLOOK * Q1 REVENUE $748 MILLION VERSUS $666 MILLION
* RAISING OUTLOOK FOR 2018 NET INCOME ATTRIBUTABLE TO COMMON UNITS, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
* ENABLE MIDSTREAM PARTNERS- NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS WAS $114 MILLION FOR Q1 2018, A DECREASE OF $6 MILLION COMPARED TO $120 MILLION FOR Q1 2017
* SEES TOTAL EXPANSION CAPITAL IN 2018 FROM $475 MILLION TO $625 MILLION * QTRLY DILUTED EARNINGS PER COMMON UNITS $0.24
* SEES 2018 NET INCOME ATTRIBUTABLE TO COMMON UNITS $375 MILLION - $445 MILLION
* SEES 2018 ADJUSTED EBITDA $975 MILLION - $1,050 MILLION
* ENABLE MIDSTREAM PARTNERS- NATURAL GAS GATHERED VOLUMES 4.28 TRILLION BRITISH THERMAL UNITS PER DAY FOR Q1, INCREASE OF 30 PERCENT VERSUS 3.29 TBTU/D FOR Q1 2017 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-enable-midstream-partners-q1-dilut/brief-enable-midstream-partners-q1-diluted-earnings-per-common-units-0-24-idUSASC09YVU |
MIDDLEFIELD, Ohio--(BUSINESS WIRE)-- Middlefield Banc Corp. (NASDAQ: MBCN) today announced that the company’s board of directors declared a quarterly cash dividend of $0.28 per common share payable on June 15, 2018, to shareholders of record on June 1, 2018.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a bank holding company with total assets of $1.11 billion at March 31, 2018. The bank operates 14 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio. Additional information is available at www.middlefieldbank.bank .
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005868/en/
Company Contact:
Middlefield Banc Corp.
Thomas G. Caldwell, 440-632-1666 Ext. 3200
President/Chief Executive Officer
[email protected]
www.middlefieldbank.bank
or
Investor and Media Contact:
SM Berger & Company, Inc.
Andrew M. Berger, 216-464-6400
Managing Director
[email protected]
Source: Middlefield Banc Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-middlefield-banc-corp-announces-2018-second-quarter-cash-dividend-payment.html |
Inequalities in unemployment levels are long-term and systemic, Marc Morial, president and CEO of the National Urban League, told CNBC.
"There's still implicit and explicit bias in the labor market," Morial said on " Power Lunch " Friday.
Earlier that day , the U.S. Bureau of Labor Statistics released the April jobs report , showing an unemployment rate of 3.9 percent . The number marked an 18-year low.
Among African-Americans the unemployment rate fell to 6.6 percent , one of the lowest levels since 1972 .
But in the same month, the unemployment rate was 2.7 percent for Asian-Americans , 3.6 percent for whites and 4.8 percent for Hispanics .
"This is shocking," Morial said.
Morial, who served as the mayor of New Orleans from 1992 to 1998, also pointed out that nearly two-thirds of all wealth is intergenerational.
The median household income, he said, is lowest among African-Americans. In 2018, the median income for black Americans is $38,555, compared with $63,155 in white families. Hispanic households have a median income of $46,882.
Morial also pointed out the gap in employment among African-Americans in the technology sector. Black Americans make up just 6.6 percent of the workforce in U.S. technology companies.
The 2016 Equal Employment Opportunity report , filed by Google, Facebook and Twitter, showed that in the combined workforce of 41,000 employees, only 1.8 percent, or 758 employees, were black.
Facebook declined to comment. A Google representative noted by email that the most recent diversity report showed 2 percent of "Googlers" are black . A Twitter representative referred to the company's diversity report blog , which states that the company hopes to have a workforce of at least 5 percent African-Americans by 2019.
In the housing space, the black homeownership rate was 42.1 percent during the fourth quarter of 2017, compared with 72.7 percent among whites, according to the U.S. Census Bureau .
"African-American wealth did decline with the Great Recession and has not recovered, mainly because so much of African-American wealth was tied up into equity in people's homes," Morial said.
The answer, he said, lies in teaching the next generation of workers new skills that will allow them to compete.
"What our state of Black American reports shows with the changing landscape due to the digital and technology economy [is that] jobs are going to disappear, types of jobs are going to disappear, but new jobs are going to emerge," Morial said.
"We've got to make sure this increasingly diverse workforce of tomorrow is prepared for the jobs that are going to emerge from this transformation that we're seeing that is touching every aspect of our lives," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/aprils-jobs-report-shows-racial-inequalities-in-unemployment-rate.html |
80.1 million Sold Items, up 50.6%, the third consecutive quarter above 50%
74.3 million Total Payment Transactions, up 68.5%
Net Revenues of $321.0 million, up 30.1% on an FX neutral basis, after changes in accounting standards
BUENOS AIRES, Argentina, May 09, 2018 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq:MELI) ( http://www.mercadolibre.com ), Latin America's leading e-commerce technology company, today reported first quarter ended March 31, 2018.
Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, “We are as excited as we have ever been about growing our businesses. We will continue to drive the success of our company through building on our market position as a leading innovator in Latin America, and leveraging our regional breadth, trusted brand, and increasing installed base of engaged users. Going forward, executing on our business plan will continue to be our first order of priority. We will strive to maintain ourselves as a leading ecommerce and payments platforms in the region, while delivering a sustainable financial model that finds the right balance between earnings and investing in innovation to deliver benefits for our users. By following this path, we believe that we will deliver long-term shareholder value through an increasingly attractive business model.”
First Quarter 2018 Business Highlights
Gross merchandise volume surpassed the $3 billion mark, reaching $3,126.4 million, a 34.0% year-over-year increase in USD, and a 42.7% year-over-year increase on an FX neutral basis. Items sold increased for the second consecutive quarter to 80.1 million, a 50.6% year-over-year increase, delivering one of the fastest rates of unit volume growth in the last five years. Unique buyers increased 28.0% year-over-year, driven primarily by Brazil and Mexico. Colombia and Chile also delivered excellent performance, increasing unique buyers both sequentially and year-over-year. Live listings offered on Mercado Libre’s marketplace grew to 127.1 million in the first quarter of 2018, a 50% year-over-year increase, representing the third time the Company exceeded the 100 million mark. Mobile GMV penetration grew 13.0% year-over-year to 54%, representing the first time the Company has surpassed 50% growth in terms of representation of total GMV. Items shipped through MercadoEnvíos reached 52.5 million, a 92.4% year-over-year increase, driven primarily by investments in free shipping, our loyalty program, MercadoPuntos and customer acquisition. Mexico was one of the highlights of the quarter, with items shipped growing 183% year-over-year. Total payment volume through MercadoPago increased to $4,175.3 million, a year-over-year increase of 60.5% in USD and 81.7% on an FX neutral basis. Total payment transactions increased 68.5% year-over-year, ending the quarter with 74.3 million. Merchant services continues to represent one of the fastest growing non-marketplace business units. On a consolidated basis, off-platform total payment volume grew 127.1% year-over-year on an FX neutral basis. Mobile-point-of-sale devices sold in Brazil grew by a factor of 10 year-over-year, while mPos TPV already represented 52% of the off platform total payment volume.
Adoption of ASC 606
Effective January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers related to revenue recognition (“ASC 606”) issued by the Financial Accounting Standards Board (“FASB”). The Company has adopted ASC 606 using the full retrospective transition method and has accordingly revised its consolidated financial statements for the year ended December 31, 2017, and applicable interim periods within the year ended December 31, 2017, as if ASC 606 had been effective for those periods. Because the Company did not offer free shipping in 2016, net revenue for that year does not need to be recast. As a result of adopting ASC 606, the Company must present net revenue net of amounts paid in connection with the Company’s free shipping initiative rather than including these amounts in the cost of net sales, as previously recorded. For the three-month period ended March 31, 2018 the Company incurred $112.5 million of shipping subsidies that have been netted from revenues. As a result of adopting ASC 606, our net revenues for the periods indicated below have been recast as presented below. Our adoption of 606 does not affect our operating or net income/loss.
In millions
Q1 2017 Q2 2017 Q3 2017 Q4 2017 As reported $ 273.9 $ 316.5 $ 370.7 $ 437.0 In millions
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Adjustments (Decrease) $ (4.3 ) $ (32.6 ) $ (65.7 ) $ (78.9 ) In millions
As
reported
(in
millions)
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 As recast $ 269.7 $ 283.9 $ 304.9 $ 358.1 $ 321.0 The tables below present our gross billing and amounts paid by us in connection with our free shipping service.
Gross billing (1) (in millions) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Brazil $ 159.8 $ 180.0 $ 229.5 $ 262.1 $ 276.3 Argentina 71.4 88.0 91.3 108.7 106.1 Mexico 15.5 20.2 22.6 28.2 29.4 Venezuela 14.4 14.2 9.8 16.0 — Others 12.8 14.1 17.5 22.0 21.7 Total $ 273.9 $ 316.5 $ 370.7 $ 437.0 $ 433.5 Free shipping paid by Mercado Libre (2) (in millions) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Brazil — $ (22.9 ) $ (52.9 ) $ (64.8 ) $ (92.1 ) Argentina — — — — (4.1 ) Mexico (4.2 ) (9.4 ) (11.1 ) (10.4 ) (12.3 ) Venezuela — — — — — Others (0.1 ) (0.3 ) (1.7 ) (3.7 ) (3.9 ) Total $ (4.3 ) $ (32.6 ) $ (65.7 ) $ (78.9 ) $ (112.5 ) Net revenues as recast (in millions) Net
revenues as
reported (in
millions) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Brazil $ 159.8 $ 157.2 $ 176.6 $ 197.3 $ 184.2 Argentina 71.4 88.0 91.3 108.7 101.9 Mexico 11.3 10.8 11.5 17.7 17.1 Venezuela 14.4 14.2 9.8 16.0 — Others 12.8 13.8 15.8 18.4 17.8 Total $ 269.7 $ 283.9 $ 304.9 $ 358.1 $ 321.0
Gross billing growth Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Brazil 106.1 % 75.0 % 75.2 % 82.5 % 72.9 % Argentina 48.1 % 30.0 % 30.5 % 42.3 % 48.6 % Mexico 39.8 % 76.3 % 91.4 % 135.5 % 89.2 % Venezuela 18.9 % 90.1 % 41.6 % 49.0 % — Others 47.8 % 39.1 % 56.9 % 61.9 % 69.6 % (1) Total accrued fees, commissions, interest, and other sales received from users
(2) Prior to the adoption of ASC 606, this amount was presented as a component of cost of net revenues.
First Quarter 2018 Financial Highlights
Net revenues for the first quarter grew to $321.0 million, a year-over-year increase of 19.0% in USD and 30.1% on an FX neutral basis, after adoption of ASC 606. Enhanced marketplace revenues decreased 20.9% year-over-year in USD, and 18.6% on an FX neutral basis, while non-marketplace revenues increased 96.5% year-over-year in USD and 143.5% on an FX neutral basis. Gross profit was $162.8 million with a margin of 50.7%, compared to negative 3.6% in the first quarter of 2017. Most of the gross margin compression is attributed to an increase in free shipping subsidies. Total operating expenses were $192.2 million, up 82.1% year-over-year. As a percentage of revenues, operating expenses were 59.9%, as compared to 39.1% during the first quarter of 2017. Loss from operations was $29.4 million, down 146.5% year-over-year. As a percentage of revenues, loss from operations was 9.2%, as compared to 23.5% during the first quarter of 2017. Interest income was $9.2 million, a 24.4% decrease year-over-year as a result of lower interest rates in Brazil as well as lower float and interest rates in Argentina. The company incurred $10.7 million in financial expenses in the first quarter of 2018. Net loss before taxes was $25.4 million, down 136.4% year-over-year. Income tax expense was $12.4 million during the first quarter, yielding a blended tax rate for the period of 49.1%. Net loss as reported for the first quarter was $12.9 million, resulting in basic net loss per share of $0.29. Operating cash flow was negative $37 million. Net decrease in cash and cash equivalents was $37.8 million in during the first quarter of 2018.
The following table summarizes certain key performance metrics for the three months ended March 31th, 2018 and 2017.
Three-month Periods Ended
March 31, (in millions) 2018 2017 Number of confirmed registered users at end of period 223.1 182.2 Number of confirmed new registered users during period 11.2 8.1 Gross merchandise volume $ 3,126.4 $ 2,334.0 Number of successful items sold 80.1 53.2 Number of successful items shipped 52.5 27.3 Total payment volume $ 4,175.3 $ 2,601.0 Total volume of payments on marketplace $ 3,036.9 $ 1,825.8 Total payment transactions 74.3 44.1 Unique buyers 17.0 13.3 Unique sellers 5.0 4.1 Capital expenditures $ 23.0 $ 12.8 Depreciation and amortization $ 11.1 $ 9.0 Table of Year-over-Year USD Revenue Growth Rates by Quarter
YoY Growth rates Consolidated Net Revenues Q1’17 Q2’17 Q3’17 Q4’17 Q1’18* Brazil 106% 53% 35% 37% 15% Argentina 48% 30% 30% 42% 43% Mexico 2% (6)% (3)% 48% 51% * Reflecting impact of ASC 606 adoption.
Table of Year-over-Year Local Currency Revenue Growth Rates by Quarter
YoY Growth
rates Consolidated Net Revenues Q1’17 Q2’17 Q3’17 Q4’17 Q1’18* Brazil 66% 40% 31% 35% 19% Argentina 58% 44% 51% 62% 80% Mexico 15% (3)% (7)% 41% 39% * Reflecting impact of ASC 606 adoption.
Conference Call and Webcast
The Company and audio webcast on May 9 th , 2018 at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing +(970) 315-0420 or +(877) 303-7209 (Conference ID 9396246) and requesting inclusion in the call for Mercado Libre. The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at http://investor.mercadolibre.com . An archive of the webcast will be available for one week following the conclusion of the conference call.
Definition of Selected Operational Metrics
Gross Billing - Total accrued fees, commissions, interest, and other sales-related payments received from users.
Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2017 and applying it to the corresponding months in the current year, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations.
Gross merchandise volume – Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding motor vehicles, vessels, aircraft, real estate, and services.
Total payment transactions – Measure of the number of all transactions completed using MercadoPago.
Total volume of payments on marketplace - Measure of the total U.S. dollar sum of all marketplace transactions paid for using MercadoPago, excluding shipping and financing fees.
Total payment volume – Measure of total U.S. dollar sum of all transactions paid for using MercadoPago.
Enhanced Marketplace - Revenues from the Enhanced Marketplace service, include the final value fees and shipping fees charged to the Company’s customers.
Items sold – Measure of the number of items sold/purchased through the Mercado Libre Marketplace.
Items shipped- Measure of the number of items that were shipped through our shipping service.
Local Currency Growth Rates – Refer to FX Neutral definition.
Net income margin – Defined as net income as a percentage of net revenues.
New confirmed registered users – Measure of the number of new users who have registered on the Mercado Libre platform (including Mercado Pago) and confirmed their registration. Since July’12, registration and confirmation take place in the same step of the registration flow.
Operating margin – Defined as income from operations as a percentage of net revenues.
Total confirmed registered users – Measure of the cumulative number of users who have registered on the Mercado Libre platform (including Mercado Pago) and confirmed their registration. Since July ’12, registration and confirmation take place in the same step of the registration flow.
Unique Buyers – New or existing buyers with at least one purchase made in the period.
Unique Sellers – New or existing sellers with at least one sale made in the period.
About Mercado Libre
Founded in 1999, Mercado Libre is Latin America's leading e-commerce technology company. Through its primary platforms, Mercado Libre.com and Mercado Pago.com, it provides solutions to individuals and companies buying, selling, advertising, and paying for goods and services online.
Mercado Libre.com serves millions of users and creates a market for a wide variety of goods and services in an easy, safe and efficient way. The site is among the top 50 in the world in terms of page views and is the leading retail platform in unique visitors in the major countries in which it operates according to metrics provided by comScore Networks. The Company is listed on NASDAQ (Nasdaq:MELI) following its initial public offering in 2007.
For more information about the Company visit: http://investor.mercadolibre.com .
The Mercado Libre, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4193
Forward-Looking Statements
Any statements herein regarding MercadoLibre, Inc. that are not historical or current facts are . These convey MercadoLibre, Inc.’s current expectations or forecasts of future events. Forward-looking statements regarding MercadoLibre, Inc. involve known and unknown risks, uncertainties and other factors that may cause MercadoLibre, Inc.’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the . Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary Note Regarding Forward-Looking Statements” sections of MercadoLibre, Inc.’s annual report on Form 10-K for the year ended December 31, 2017, and any of MercadoLibre, Inc.’s other applicable filings with the Securities and Exchange Commission. Unless required by law, MercadoLibre, Inc. undertakes no obligation to publicly update or revise any to reflect circumstances or events after the date hereof.
Consolidated balance sheets
(In thousands of U.S. dollars, except par value)
March 31, December 31, 2018 2017 Assets Current assets: $ 350,411 $ 388,260 Short-term investments 159,446 209,432 Accounts receivable, net 29,914 28,168 Credit cards receivables, net 530,185 521,130 Loans receivable, net 122,328 73,409 Prepaid expenses 21,862 5,864 Inventory 3,362 2,549 Other assets 68,052 58,107 Total current assets 1,285,560 1,286,919 Non-current assets: Long-term investments 33,410 34,720 Property and equipment, net 122,859 114,837 Goodwill 93,714 92,279 Intangible assets, net 22,392 23,174 Deferred tax assets 93,708 57,324 Other assets 68,044 63,934 Total non-current assets 434,127 386,268 Total assets $ 1,719,687 $ 1,673,187 Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 228,318 $ 221,095 Funds payable to customers 592,923 583,107 Salaries and social security payable 97,769 65,053 Taxes payable 28,306 32,150 Loans payable and other financial liabilities 134,466 56,325 Other liabilities 4,069 3,678 Dividends payable — 6,624 Total current liabilities 1,085,851 968,032 Non-current liabilities: Salaries and social security payable 19,500 25,002 Loans payable and other financial liabilities 314,953 312,089 Deferred tax liabilities 25,542 23,819 Other liabilities 20,974 18,466 Total non-current liabilities 380,969 379,376 Total liabilities $ 1,466,820 $ 1,347,408 Equity: Common stock, $0.001 par value, 110,000,000 shares authorized, 44,157,364 shares issued and outstanding at March 31, 2018 and December 31, 2017 $ 44 $ 44 Additional paid-in capital 24,969 70,661 Retained earnings 527,098 537,925 Accumulated other comprehensive loss (299,244 ) (282,851 ) Total Equity 252,867 325,779 Total Liabilities and Equity $ 1,719,687 $ 1,673,187 Consolidated statements of cash flows
(In thousands of U.S. dollars, except par value)
Three Months Ended March 31, 2018 2017 Cash flows from operations: Net (loss) income $ (12,919 ) $ 48,518 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization 11,084 9,003 Accrued interest (4,447 ) (5,679 ) Non cash interest and convertible notes amortization of debt discount and amortization of debt issuance costs 7,063 4,226 LTRP accrued compensation 15,737 9,176 Deferred income taxes (30,601 ) (2,798 ) Changes in assets and liabilities: Accounts receivable (9,347 ) (1,305 ) Credit Card Receivables (33,870 ) 15,583 Prepaid expenses (16,164 ) 347 Inventory (872 ) 727 Other assets (13,009 ) (4,472 ) Accounts payable and accrued expenses 22,773 13,364 Funds payable to customers 20,613 13,929 Other liabilities 3,041 123 Interest received from investments 3,912 4,015 Net cash (used in) provided by operating activities (37,006 ) 104,757 Cash flows from investing activities: Purchase of investments (632,734 ) (897,589 ) Proceeds from sale and maturity of investments 683,909 876,040 Purchases of intangible assets (97 ) (17 ) Advance for property and equipment (3,390 ) (2,505 ) Changes in principal of loans receivable, net (52,243 ) (4,808 ) Purchases of property and equipment (19,542 ) (10,268 ) Net cash used in investing activities (24,097 ) (39,147 ) Cash flows from financing activities: Proceeds from loans payable and other financial liabilities 80,925 4,290 Payments on loans payable and other financing liabilities (4,583 ) (2,875 ) Dividends paid (6,624 ) (6,624 ) Purchase of convertible note capped call (45,692 ) — Net cash provided by (used in) financing activities 24,026 (5,209 ) Effect of exchange rate changes on cash and cash equivalents (772 ) 6,847 Net (decrease) increase in cash and cash equivalents (37,849 ) 67,248 , beginning of the period $ 388,260 $ 234,140 , end of the period $ 350,411 $ 301,388
Consolidated statements of income
(In thousands of U.S. dollars, except for share data)
Three Months Ended March 31, 2018 2017 Net revenues $ 320,976 $ 269,675 Cost of net revenues (158,218 ) (100,819 ) Gross profit 162,758 168,856 Operating expenses: Product and technology development (38,396 ) (30,302 ) Sales and marketing (110,723 ) (46,931 ) General and administrative (43,058 ) (28,309 ) Total operating expenses (192,177 ) (105,542 ) (Loss) income from operations (29,419 ) 63,314 Other income (expenses): Interest income and other financial gains 9,195 12,157 Interest expense and other financial losses (10,734 ) (6,471 ) Foreign currency gains 5,601 663 Net (loss) income before income tax gain (expense) (25,357 ) 69,663 Income tax gain (expense) 12,438 (21,145 ) Net (loss) income $ (12,919 ) $ 48,518
Three Months Ended March 31,
2018 2017 Basic EPS Basic net (loss) income Available to shareholders per common share $ (0.29 ) $ 1.10 Weighted average of outstanding common shares 44,157,364 44,157,364 Diluted EPS Diluted net (loss) income Available to shareholders per common share $ (0.29 ) $ 1.10 Weighted average of outstanding common shares 44,157,364 44,157,364 Cash Dividends declared (per share) — 0.150 Financial results of reporting segments
Three Months Ended March 31, 2018 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 184,155 $ 101,939 $ 17,065 $ 17,817 $ 320,976 Direct costs (176,980 ) (57,295 ) (26,323 ) (17,272 ) (277,870 ) Direct contribution 7,175 44,644 (9,258 ) 545 43,106 Operating expenses and indirect costs of net revenues (72,525 ) Loss from operations (29,419 ) Other income (expenses): Interest income and other financial gains 9,195 Interest expense and other financial losses (10,734 ) Foreign currency gains 5,601 Net loss before income tax expense $ (25,357 )
Three Months Ended March 31, 2017 Brazil Argentina Mexico Venezuela Other Countries Total (In thousands) Net revenues $ 159,781 $ 71,392 $ 11,326 $ 14,397 $ 12,779 $ 269,675 Direct costs (87,037 ) (45,066 ) (12,631 ) (6,551 ) (9,697 ) (160,982 ) Direct contribution 72,744 26,326 (1,305 ) 7,846 3,082 108,693 Operating expenses and indirect costs of net revenues (45,379 ) Income from operations 63,314 Other income (expenses): Interest income and other financial gains 12,157 Interest expense and other financial losses (6,471 ) Foreign currency gains 663 Net income before income tax expense $ 69,663 Non-GAAP Financial Measures
To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we use foreign exchange (“FX”) neutral measures as non-GAAP measure.
This non-GAAP measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP and may be different from non-GAAP measures used by other companies. In addition, this non-GAAP measure is not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. This non-GAAP financial measure should only be used to evaluate our results of operations in conjunction with the most comparable U.S. GAAP financial measures.
Reconciliation of this non-GAAP financial measure to the most comparable U.S. GAAP financial measures can be found in the tables included in this quarterly report.
The Company believes that reconciliation of FX neutral measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future. Specifically, we believe this non-GAAP measure provide useful information to both management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook.
The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2017 and applying them to the corresponding months in 2018, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The table below excludes intercompany allocation FX effects. Finally, this measure does not include any other macroeconomic effect such as local currency inflation effects, the impact on impairment calculations or any price adjustment to compensate local currency inflation or devaluations.
The following table sets forth the FX neutral measures related to our reported results of the operations for the three-month periods ended March 31, 2018:
Three-month Periods Ended
March 31, (*) As reported FX Neutral Measures (In millions, except percentages) 2018 2017 Percentage
Change 2018 2017 Percentage
Change (Unaudited) (Unaudited) Net revenues $ 321.0 $ 269.7 19.0 % $ 350.8 $ 269.7 30.1 % Cost of net revenues (158.2 ) (100.8 ) 56.9 % (170.2 ) (100.8 ) 68.8 % Gross profit 162.8 168.9 -3.6 % 180.6 168.9 6.9 % Operating expenses (192.2 ) (105.5 ) 82.1 % (212.7 ) (105.5 ) 101.5 % Loss / Income from operations (29.4 ) 63.3 -146.5 % (32.2 ) 63.3 -150.8 % (*) The table above may not total due to rounding.
CONTACT: MercadoLibre, Inc.
Investor Relations
[email protected]
http://investor.mercadolibre.com
Source:MercadoLibre, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-mercadolibre-inc-reports-first-quarter-financial-results.html |
No Nobel Prize for literature will be given this year, following a scandal over sexual misconduct allegations that has seen a string of board members resign from the board of the Swedish Academy that awards it, the Nobel Foundation said on Friday.
The foundation said in a statement the intention was to award the 2018 prize next year, along with that year's prize. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/nobel-literature-prize-2018-postponed.html |
Jordan Siemens | Getty Images A young couple pushing their bikes across a bridge near downtown Portland, Oregon.
The median home value across the U.S. is $215,600, according to Zillow . In many places, that can buy thousands of square feet worth of space, while in others, it only amounts to a few hundred.
Real estate site PropertyShark compared home values across the U.S. to see how far $200,000 goes in various locations . To calculate the median price per square foot in each city, the company divided the median sale price by the median home size, using data from the U.S. Census Bureau and PropertyShark's own listings.
For anyone aiming to maximize their budget, the South holds some of the best deals, with Atlanta, Austin, Texas, and Charlotte, North Carolina, all offering over 1,000 square feet of space for the money. Although Atlanta is one of the more expensive southern cities, the study notes that it's also "the most vibrant when it comes to entertainment."
Click to enlarge:
Here's how much home you can buy for $200,000 in 10 major U.S. cities. San Antonio, Texas
How much space $200,000 gets you: 3,249 sq. ft.
Median household income: $45,481 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/how-much-square-footage-200000-buys-in-major-us-cities.html |
By Polina Marinova 9:30 AM EDT BIG BUCKS
Good morning, Term Sheet readers.
Robinhood, a zero-commission stock trading platform, has officially closed its monster round. It looks like the company raised even more than what was previously reported.
When I first saw the numbers in an email, I responded with a simple but necessary & appropriate: “holy crap.” Here are the final numbers. Robinhood raised $363 million in Series D funding at a $5.6 billion valuation, making it one of the highest-valued fintech companies at the moment. DST Global led the round, and was joined by investors including Kleiner Perkins, Sequoia, Capital G, and Iconiq.
I’ve been following Robinhood since Fortune featured the company and its founders Vlad Tenev & Baiju Bhatt in 2015. At the time, the company had raised $16 million in total funding from Index Ventures and Andreessen Horowitz. Two years and hundreds of millions dollars later, Robinhood continues to expand its footprint. The company told Term Sheet that it has doubled its user base from 2 million to 4 million people and surpassed $150 billion in transaction volume since April 2017.
The fresh infusion of capital comes on the heels of Robinhood’s announcement that it’s adding a cryptocurrency trading feature to its platform. In January, the company said it would allow customers to buy tokens using its same streamlined, no-commission approach it offers for stocks.
Robinhood plans to deploy the new capital toward expanding its product lineup, investing in its tech infrastructure, and recruiting more engineers dedicated to its crypto business.
Read more at Fortune.
WINDFALL: Tiger Global Management, SoftBank, and Accel are the biggest winners to emerge from the Walmart-Flipkart acquisition. Walmart confirmed that it will invest $16 billion into the India-based online retailer for 77% of the company — a deal that values Flipkart at $21 billion.
Here are the winners:
— Tiger Global Management , a New York-based, low-profile investment firm, had doubled down on its investment in Flipkart more than any other investor. It made about $3 billion after investing a total of $1 billion in the company over the years. Tiger Global began backing Flipkart in 2009 with an initial investment of just $9 million.
— SoftBank, through Masayoshi Son’s SoftBank Vision Fund, invested roughly $2.5 billion into Flipkart last year, and its stake is now worth about $4 billion. That’s a pretty quick return.
— Accel: Accel, a Palo Alto based venture capital firm, has been holding on for 10 years. The firm invested $800,000 back in 2008 when Flipkart was operating with an 8-person team. (It now employs more than 30,000 people, and it is the largest e-commerce company in India.) Accel invested approximately $160 million over several rounds, and its position in the company is now worth about $1.1 billion.
Advertisement THE LATEST FROM FORTUNE...
• China Has Sentenced Anbang’s Wu Xiaohui to 18 Years in Prison for $10 Billion Fraud
• Novartis Put Money In Michael Cohen’s Cookie Jar. Did It Get Any Cookies In Return? (by Clifton Leaf)
• Walmart Investors Anxious About Its $16 Billion Flipkart Deal (by Phil Wahba)
• Fox Is Buying 7 Sinclair-Owned Television Stations for $910 Million (by Emily Price)
…AND ELSEWHERE
Morgan Creek Blockchain Capital tokenized the equity of an Inc 500 company . How much do CEOs make ? Mike Novogratz’s Galaxy Digital Capital Management and Bloomberg have launched a cryptocurrency index . Business hates Mexico’s presidential frontrunner — and he doesn’t care . Lawsuit says that McKinsey hid conflicts of interest from courts .
VENTURE DEALS
• WeDoctor , a China-based online healthcare platform, raised $500 million in funding at a $5.5 billion valuation. AIA Company Ltd led the round, and was joined by investors including AIA Group Ltd and NWS Holdings Ltd. Read more.
• Akili Interactive , a Boston and San Francisco Bay Area-based prescription digital medicine company, raised $55 million in Series C funding. Temasek led the round, and was joined by investors including Baillie Gifford, Amgen Ventures, M Ventures, JAZZ Venture Partners, Canepa Advanced Healthcare Fund and Brooklands Capital Strategies.
• Life House , a New York-based operator of a boutique hotel company, raised $40 million in funding. Investors include Henley Investments , Global Founders Capital , Comcast Ventures and Trinity Ventures .
• Perch , a New York-based marketplace for buying and selling homes, raised $30 million in Series A funding. FirstMark Capital led the round, and was joined by investors including Juxtapose and Accomplice .
• Trussle , a U.K.-based digital mortgage broker, raised 13.6 million pounds ($16.2 million) in Series B funding. Investors include Goldman Sachs and BBVA.
• Tailor Brands , a New York and Tel Aviv-based AI branding startup, raised $15.5 million in Series B funding. Pitango Venture Capital Growth Fund and British Armat Group led the round, and was joined by investors including Disruptive Technologies L.P and Mangrove Capital Partners.
• GrowGeneration Corp , a Denver, Colo.-based owner and operator of specialty retail hydroponic and organic gardening stores, raised $10 million in funding. Investors include Gotham Green Partners, Merida Capital Partners and Navy Capital .
• Localize.city , a New York-based company that applies data analysis to the real estate market, raised $8 million in Series A funding. Investors include Avigdor Willenz and Zvi Limon .
• Axiom Energy , an industrial internet of things company, raised $7.6 million in Series A funding. GXP Investments and Shell Ventures led the round, and were joined by investors including WorldQuant Ventures, SV Tech Ventures, Meson Capital and Seabed VC.
• Targetprocess , an Amherst, N.Y.-based provider of visual agile management solutions, raised $5 million in Series A funding. European Bank for Reconstruction and Development led the round.
• Fairygodboss , a New York-based career community for women, raised $3 million in funding. GSV Acceleration led the round.
• The Mom Project, a Cincinnati, Ohio-based platform for enterprises to connect with experienced and diverse talent, raised $2.6 million in seed funding. Atlanta Seed Company led the round, and was joined by investors including OCA Ventures, BBG Ventures, IrishAngels, Wintrust Ventures and Engage VC .
• Ample Foods , a San Francisco-based nutrition startup, raised $2 million in seed funding. Slow Ventures led the round.
Advertisement HEALTH AND LIFE SCIENCES DEALS
• Escient Pharmaceuticals , a San Diego-based biotech company, raised $40 million in Series A funding. Investors include The Column Group, 5AM Ventures and Osage University Partners.
• LyGenesis Inc , a Pittsburgh-based biotechnology company developing technology for organ regeneration, raised $3 million in Series A funding. The investor was Juvenescence Ltd.
Advertisement PRIVATE EQUITY DEALS
• Red Ventures sold Caring.com , a San Mateo, Calif.-based senior care resources company, to a consortium of unnamed family office and private equity investors and digital marketing experts. Financial terms weren’t disclosed.
• Cove Hill Partners agreed to invest in Gamma Technologies , a Westmont, Ill.-based provider of engineering simulation software. Financial terms weren’t disclosed.
Advertisement OTHER DEALS
• Symphony Technology Group acquired Winshuttle Holdings LLC , a SAP-centric robotic process automation and data management platform provider. Financial terms weren’t disclosed.
• Canadian Tire Corp Ltd agreed to buy the company that owns and operates the Helly Hansen, a Norway-based sportswear and workwear brands company, for $985 million Canadian dollars ($770 milion). Ontario Teachers’ Pension Plan was the seller.
Advertisement IPOs
• AXA Equitable Holdings , the U.S. insurance arm of France’s AXA, plans to raise $2.75 billion in an IPO of 137.25 million shares priced at $20 apiece, below its previously stated range between $24 to $27. The firm plans to list on the NYSE. Read more .
• Meili, the Chinese fashion e-commerce platform, is reportedly seeking an U.S. IPO of $500 million later this year. Tencent backs the firm. Morgan Stanley, Credit Suisse, and China Renaissance are underwriters. Read more .
• Evelo Biosciences , a Cambridge, Mass.-basd biotech focused on the gut, raised $85 million in an IPO of 5.31 million shares priced at $16 a share, at the mid-point of its $15 to $17 range. Flagship Pioneering (68% pre-offering) and Fidelity (7%) back the firm. Morgan Stanley, Cowen, and BMO Capital are underwriters in the deal. The firm plans to list on the Nasdaq as “EVLO.” Read more .
• SurveyMonkey , the U.S.-based survey platform, has reportedly tapped J.P. Morgan to lead its IPO potentially slated for later this year. Read more .
Advertisement EXITS
• Recruit Holdings Co (TSE:6098) agreed to buy Glassdoor Inc , a Mill Valley, Calif.-based operator of online jobs site, for $1.2 billion. Glassdoor had raised approximately $204.5 million from investors including Tiger Global Management, Google Capital, and T. Rowe Price, and Benchmark . Read more.
• OMERS Private Equity agreed to buy Alexander Mann Solutions, a provider of talent acquisition and management solutions, from New Mountain Capital for 820 million pounds ($1.1 billion).
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• EQT , a Sweden-based private equity and venture capital firm, raised $800 million for its third mid-market Asia fund.
• Fifth Wall Ventures , a real estate-focused venture capital firm, raised $60 million toward a $200 million Fifth Wall Ventures Retail Fund, according to a filing with the SEC .
Advertisement PEOPLE
• Jacques Perreault joined Brightspark as a senior partner.
• Manpreet Bagga joined CircleUp Growth Partners as a partner at CircleUp Growth Partners. Previously, she was at TA Associates.
• Steven Paget will join Angelo, Gordon as a managing director and portfolio manager of European performing credit.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here . | ashraq/financial-news-articles | http://fortune.com/2018/05/10/term-sheet-thursday-may-10/ |
(Reuters) - President Donald Trump on May 8 pulled the United States out of an international nuclear deal with Iran, sealed in 2015, and said he will re-impose economic sanctions on Iran.
Some sanctions take effect after a 90-day “wind-down” period ending on Aug. 6, and the rest, most notably on the petroleum sector, after a 180-day “wind-down period” ending on Nov. 4.
Below are reactions since Trump’s decision from companies most likely to be affected by the move to reimpose sanctions.
For a related factbox on Iran’s deals with foreign firms since the easing of sanctions in 2015 click on:
AVIATION - U.S. Treasury Secretary Steven Mnuchin said Airbus and Boeing Co will lose licenses to sell passenger jets to Iran.
- IranAir had ordered 200 passenger aircraft - 100 from Airbus, 80 from Boeing and 20 from Franco-Italian turboprop maker ATR. All the deals are dependent on U.S. licenses because of the heavy use of American parts in commercial planes.
- Boeing said it would consult with the U.S. government on the next steps, adding Boeing’s 777 production plan “is not dependent on the Iranian orders.”
- Airbus said it needed time to study the impact of Trump’s decision on Iran.
CARMAKERS - German carmaker Volkswagen ( VOWG_p.DE ), which began exporting cars to Iran last year, said it was closely monitoring and reviewing political and economic developments in the region.
- “As a matter of principle, Volkswagen complies with all applicable national and international laws and export regulations,” a company spokesperson said.
- VW, which sold its iconic Beetle in Iran in the 1950s and its Gol subcompact model in the 1990s, left the Iranian market in 2000, before resuming exports in 2017.
- France’s PSA said it hoped the European Union would adopt a common position on Iran.
- French automakers PSA and Renault have pushed hard into Iran after sanctions were lifted following the 2015 international nuclear pact.
- PSA has signed production deals worth 700 million euros ($830 million) to reclaim the leading position it once enjoyed in the market, while Renault invested to increase its production capacity to 350,000 vehicles a year.
- Germany’s Daimler said it was closely monitoring any further developments and would then evaluate the potential impact on its business.
CONSUMER GOODS - Nestle said there were no direct implications for its business at this stage, but it was closely following political developments.
- Nestle Iran has its headquarters in Tehran and employs 818 people. It operates two factories, producing infant cereals and formula in one and bottled water in another. It imports a limited range of Nestle products from abroad.
- Dairy and food group Danone would not discuss implications for its business in Iran, which it described as “small”. Danone has a dairy product plant in Qazvin, which produces Danette pudding. It also produces infant formula and mineral water in Iran through joint ventures and imports a range of Danone Medical Nutrition products from abroad.
- British tobacco company Imperial Brands said it did not see any significant impact to its Middle East business from the U.S. decision.
- German consumer goods firm Henkel ( HNKG_p.DE ) said it was still unclear what impact the U.S. decision on Iran would have on its business.
FINANCIAL SERVICES - Austrian lender Oberbank said it would be able to make a statement on the potential impact of the U.S. decision on Iran in one to two weeks at the earliest.
- Oberbank was the first European bank to seal a financing deal with Iran since sanctions were eased in 2015. However, the bank said on Wednesday that it had not provided any financing related to Iran, following a decision by the executive board in November, given the constantly changing political framework.
- Oberbank in September signed a deal with Iran, enabling it to provide credit for Austrian companies doing business in Iran
- Denmark’s Danske Bank said it decided earlier this year to phase out and exit all activities to and from Iran, due to increasing operational and reputational risks associated with doing business in Iran.
- Danske Bank said it also decided to suspend existing relations with Iran that allowed it to support certain customers in doing business in Iran.
- Danske Bank, in January last year, said it was in talks with the Iranian central bank on arranging credit to clients with business activities in the country.
HEALTHCARE - Denmark’s Novo Nordisk, the world’s largest diabetes drugmaker, said it was still unclear what the implications would be.
- Novo Nordisk, which was operating in Iran even before sanctions were lifted in 2015, has built a local manufacturing plant in the region to support market access for its diabetes products. ( reut.rs/2jHe5mm )
- The drugmaker is also looking to expand the obesity drug market as the prevalence of obese people in Iran is similar to the high levels in the United States.
MANUFACTURERS - German engineering group Siemens said it was assessing the implications of the Iran decision and would comply with all export controls that arise.
- Siemens signed a contract in October 2016 to upgrade Iran’s railway network and also to supply components for 50 diesel-electric locomotives to Iran.
- Switzerland’s Autoneum, which makes sound and heat shields for vehicles, said Iran accounted for “a negligible proportion” of its consolidated annual sales of 2.2 billion Swiss francs ($2.2 bln).
- In December it announced a licensing deal for Iran’s Ayegh Khodro Toos to produce carpets, inner dashes and floor insulators for carmakers Iran Khodro and PSA.
OIL AND GAS - Trump’s decision could scupper French oil major Total’s multibillion-dollar gas project in Iran unless it can secure a waiver.
- Total signed a deal with Tehran in July 2017 to develop phase 11 of Iran’s South Pars field with an initial investment of $1 billion.
- Total Chief Executive Patrick Pouyanne in April said the company would have to apply for specific waivers to continue working in Iran if sanctions were imposed.
- In the 1990s it obtained a waiver for the South Pars 2 and 3 projects after the imposition of U.S. sanctions at the time.
- Austria’s OMV, which signed an MoU last year for projects in the Zagros area of western Iran and the Fars field in the south, said it was unclear what the implications of Trump’s decision would be and how the company would proceed.
- Britain’s Serica Energy said it was studying how renewed sanctions would affect a British gas field which it operates with Iranian Oil Co (UK) Ltd.
POWER ENGINEERING COS - Italian state-controlled power engineering firm Ansaldo Energia said it was too early to react to the U.S. decision on Iran and would instead need to see what Europe would do.
- In October, Ansaldo signed an MoU with several subsidiaries of Iran’s state oil company National Iranian Oil Company to convert flare gas into electricity at NIOC’s South Pars gas field.
TELCOS - MTN Group said the U.S. decision to reimpose sanctions on Iran might limit the South African telecoms firm’s ability to repatriate cash from MTN Irancell.
- In 2018, MTN had repatriated about 88 million euros ($104 million) from MTN Irancell, with another 200 million euros due.
TRANSPORT AND LOGISTICS - Sweden’s Concordia Maritime said it sees no direct impact from a tanker perspective, as it expects Saudi Arabia to compensate for whatever tankers lose out in terms of Iranian barrels.
- Maersk Line, the world’s biggest container line and a part of A.P. Moller-Maersk, said it will monitor developments and keep customers informed of any changes.
- Maersk Line, which employs 12 people in Tehran, Bandar Abbas and Bushehr, said its presence in Iran was limited.
($1 = 0.8432 euros)
($1 = 0.9984 Swiss francs)
Reporting by Silke Koltrowitz, Stephen Jewkes, Teis Jensen, Esha Vaish, John Miller, Stine Jacobsen, Tenzin Pema, Kirsti Knolle, Alexandra Schwarz-Goerlich, Emma Thomasson, Martinne Geller, Sudip Kar-Gupta, Dominique Vidalon, Edward Taylor, Sarah Young, Arathy S Nair; Editing by Patrick Graham/Jon Boyle/Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-companies-factbox/factbox-corporate-exposure-reactions-to-new-iran-sanctions-idUSKCN1IF23Q |
Levine brings exceptional leadership and experience in SaaS Computerized Maintenance Management Software (CMMS) and Enterprise Asset Management (EAM)
DALLAS--(BUSINESS WIRE)-- Flywheel Building Intelligence, Inc., a building-management software company, today named Mike Levine as Chief Executive Officer, adding exceptional leadership and experience in Computerized Maintenance Management Software (CMMS) and Enterprise Asset Management (EAM) to help the smart-building company continue its focus on innovation and improving asset management.
Levine brings nearly three decades of experience in helping companies build their business with a focus on data-driven customer-focused solutions. Prior to Flywheel, he served as President of bibliotheca, CEO of AssetPoint and CEO of Redhawk Communications.
“Flywheel’s industry leading mobile Software as a Service (SaaS) release brings new preventive maintenance functionality and increased ease of use navigation within facilities management to a new level. Our flexible building management solution leverages an imbedded business analytics program which is seamlessly integrated into our mobile application making Flywheel the most user friendly and powerful asset management solution available. We’re committed to transforming the mobile user experience and ultimately drive operational excellence for our customers,” said Levine. “I’m truly excited to join Flywheel, a company with an industry leading solution and a phenomenal team that’s eager to revolutionize the management of maintenance, energy and people.”
Added William Lese, co-founder and managing partner of Braemar Energy Ventures and a Flywheel board member: “We’re thrilled to have Mike on board. He has tremendous experience in CMMS and EAM and we look forward to bringing Flywheel to the next level of innovation in energy and workforce management technology.”
About Flywheel Building Intelligence, Inc.
Flywheel helps every employee, from the boardroom to the boiler room, Run a Better Building. Currently supporting more than 150 million square feet, the Flywheel team is committed to connecting customers to the data and insights they need to reduce operating costs, improve energy efficiency and optimize maintenance strategies. Flywheel is backed by leading investors and led by a management team with tenure in the energy, sustainability, big data and analytics industries. With customers in the hospitality, commercial real estate, healthcare and education industries, they strive to make high performance building operations accessible to everyone.
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams that contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at Twitter.com/BraemarEnergy or @BraemarEnergy.
//www.businesswire.com/news/home/20180516005118/en/
Media
Prosek Partners
Jacqueline Schofield, 203-541-0903
[email protected]
Source: Flywheel Building Intelligence, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-flywheel-names-software-industry-leader-mike-levine-as-ceo.html |
May 16, 2018 / 11:01 AM / in 8 hours Netflix's next act: feeding the service with its own movies Lisa Richwine 6 Min Read
LOS ANGELES (Reuters) - As Hollywood studios unleash their summer blockbusters into theaters, Netflix Inc is trying to give film buffs a reason to stay home.
The streaming service is on track to release at least 86 Netflix original films in 2018, the company told Reuters. That exceeds the scheduled output of the top four traditional studios combined, as well as Netflix’s previous record of 61 films last year.
The aggressive strategy is aimed in part at addressing complaints that the service’s movie library is stale, an issue likely to be exacerbated by Walt Disney Co’s decision to stop supplying Netflix with new films for its U.S. customers in 2019. Buying movies from other studios also has become more expensive as streaming competition has intensified.
Having more of its own films is paying off, Netflix said. The company told Reuters that the 33 Netflix films released so far this year have been watched more than 300 million times by more than 80 million account holders worldwide. That’s an average audience of more than 9 million viewers per film.
Executives said the large number of movies is a response to the wide range of tastes they are trying to satisfy, and that data they collect on subscriber viewing habits provides insight that helps them choose movies.
Fifty-five percent of Netflix’s 125 million customers live outside the United States, and the company is counting on foreign markets to drive future growth.
“It’s art and science,” said Ian Bricke, who oversees Netflix’s independent film licensing and production. “Our global audience is more and more diverse. We are constantly learning and trying to get smarter.” SPENDING SPREE
The company would not say how much it is spending on its film push, but it has budgeted $8 billion for programming in 2018, a figure that includes original TV series and films as well as content licensed from others.
The heavy spending will lead to negative free cash flow of up to $4 billion this year, the company has said. Investors have so far endorsed the strategy as Netflix subscriber rolls keep booming, sending shares soaring 70 percent this year to $326.13.
The Netflix film slate features everything from low-budget family fare to higher-brow independent dramas such as last year’s “Mudbound,” which earned four Oscar nominations, and an expensive mobster tale due out next year starring Robert De Niro and Al Pacino.
About one-third of Netflix viewership is for movies, company executives have said, while the rest is for television offerings, including the company’s highly acclaimed original series such as “House of Cards” and “Stranger Things.”
The critical reception for Netflix original films has been mixed, and some prominent directors balk at the idea of making movies that will be seen mainly on the small screen.
“My entire life has been spent trying to give audiences something in a large, large forum,” Steven Spielberg told Reuters. “I love the whole feeling of social interaction outside. You leave your house, you park your car, you go somewhere. Those are the kinds of audiences I like to talk to.” A scene from the Netflix original “Mudbound,” which earned four Oscar nominations. Netflix/via REUTERS
Unlike traditional studios, which have increasingly focused resources on expensive action spectacles and sequels, Netflix is producing and acquiring movies across genres, from teen dramas and romantic comedies to horror flicks and sci-fi adventures.
At least 17 of this year’s Netflix films will be in languages other than English, including French, Arabic, Hungarian, Japanese and Russian. Eight or more will be in Spanish.
The company has promised more big-budget films like 2017’s Will Smith action flick “Bright,” with former Universal Pictures executive Scott Stuber leading that effort.
THE BIG-SCREEN OPTION
Some Netflix films also go to a limited number of theaters. In 2017, Netflix released 33 movies in theaters in 40 cities around the world, Chief Content Officer Ted Sarandos told Reuters, and some played for as long as seven weeks. “Bright” opened in 12 locations while action adventure film “Okja,” from South Korean director Bong Joon-ho, was shown in about 50.
Theater screenings help allay concerns of some filmmakers and actors. But the company insists its movies be available to streaming subscribers the same day they debut in theaters, prompting most large theater chains to reject Netflix films.
Some in Hollywood worry their films will get lost in the sheer volume of new Netflix movies.
“I don’t yet have clarity on how they are going to make a splash with 80-plus films,” said one agent who asked to remain anonymous because of ongoing business with Netflix. “It has led me, in setting up films at Netflix, to question whether that’s the right move.”
Netflix argues that its trove of viewership data allows it to market films directly to customers most likely to appreciate them, and to pull together a large audience from around the world.
Some big stars and directors have embraced the Netflix model. The company’s most ambitious movie gamble to date is “The Irishman,” the coming De Niro and Pacino film directed by Martin Scorsese. The movie cost at least $125 million to make, a price tag that others rejected.
De Niro said he was thrilled that Netflix opened its checkbook for the movie, which includes costly special effects to make the actors appear as younger versions of themselves in parts of the film.
“They could afford it and do it properly,” De Niro told Reuters. “The main thing is to make the movie the way it should be made.” A scene from the Will Smith action flick "Bright". Netflix/via REUTERS
To view a graphic on Netflix far outpaces its rivals in new film releases, click: tmsnrt.rs/2IkWI5f Reporting by Lisa Richwine in Los Angeles; Additional reporting by Alicia Powell in New York; Editing by Greg Mitchell and Sue Horton | ashraq/financial-news-articles | https://www.reuters.com/article/us-netflix-movies-focus/netflixs-next-act-feeding-the-service-with-its-own-movies-idUSKCN1IH1AP |
VANCOUVER, British Columbia, May 11, 2018 (GLOBE NEWSWIRE) -- Glacier Media Inc. (“Glacier” or the “Company”) reported cash flow, earnings and revenue for the period ended March 31, 2018.
Summary Results
The following results are presented on an adjusted basis (1) to include the Company’s share of its joint venture operations on a proportionate basis, because this is the basis on which management bases its operating decisions and performance. For a reconciliation to the results in accordance with International Financial Reporting Standards (“IFRS”), refer to the “Reconciliation of IFRS to Adjusted Results” as presented below and in Management’s Discussion & Analysis (“MD&A”).
(thousands of dollars) Three months ended March 31, except share and per share amounts 2018 (1) 2017 (1) Adjusted revenue $ 53,086 $ 55,435 Adjusted EBITDA $ 6,456 $ 7,251 Adjusted EBITDA margin 12.2% 13.1% Adjusted EBITDA per share $ 0.06 $ 0.07 Adjusted net income attributable to common shareholders before non-recurring items (2) $ 1,391 $ 1,691 Adjusted net income attributable to common shareholders before non-recurring items per share (2) $ 0.01 $ 0.02 Adjusted cash flow from operations (2) $ 5,293 $ 6,182 Adjusted cash flow from operations per share (2) $ 0.05 $ 0.06 Adjusted debt net of cash outstanding before deferred financing charges $ 37,900 $ 46,874 Weighted average shares outstanding, net 109,828,731 109,828,731 Notes: (1) The adjusted consolidated financial results have been adjusted to include the Company’s share of revenue, expenses, assets and liabilities from its joint venture operations on a proportionate accounting basis, as this is the basis on which management bases its operating decisions and performance evaluation. IFRS does not allow for the inclusion of the joint ventures on a proportionate basis. These results include additional non-IFRS measures such as EBITDA, cash flow from operations and net income attributable to common shareholders before non-recurring items.
The adjusted results are not generally accepted measures of financial performance under IFRS. The Company’s method of calculating these financial performance measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Refer to the MD&A for a reconciliation of these non-IFRS measures and adjusted results.
(2) Net income attributable to common shareholders and cash flow from operations have been adjusted for non-recurring items. Financial Performance
Glacier Media Inc.’s (“Glacier” or the “Company”) financial results for the first quarter were consistent with recent quarters. The Company’s growth segments continued solid growth while the mature operations experienced revenue and EBITDA declines.
Overall, adjusted (1) consolidated EBITDA, including the Company’s share of its joint venture interests, decreased to $6.5 million for the period ended March 31, 2018 compared to $7.3 million for the same period in the prior year. Adjusted consolidated revenue was $53.1 million for the quarter compared to $55.4 million for the same period in the prior year.
The environmental, property and financial information operations continued to experience solid revenue growth in all operations. Adjusted revenues for the segment were $7.5 million while adjusted EBITDA declined by 7.5% to $1.5 million. The EBITDA decline was attributable to an increase in the level of operating investment in ERIS and the fast growing REW real estate portal.
The commodities sector continued its recovery, resulting in a strong quarter for the Company’s commodity information segment. The mining information operations, in particular, experienced a very strong quarter, reaping the benefits of the continued recovery of the mining market. Overall, the segment’s adjusted revenue declined 3.9% to $14.1 million (largely due to last year’s closure of the print energy publications) while adjusted EBITDA increased 7.2% to $4.5 million.
The community media group continued to make progress in its efforts to evolve and build its digital media business while leveraging its traditional print and flyer content and offerings. Print advertising revenue continued to decline as expected, but was partially offset by growth in digital revenues and profits. In total, adjusted community media revenue declined by 6.8% to $31.5 million while adjusted EBITDA declined by 21.1% to $2.6 million. Digital revenues grew 30%, with good progress being made in the Company’s portfolio of digital products and marketing solutions offerings.
(1) For a reconciliation of adjusted results to results in accordance with International Financial Reporting Standards (“IFRS”), refer to the “Reconciliation of IFRS to Adjusted Results” as presented in the Company’s Management Discussion & Analysis.
Operational Strategy and Focus
Glacier operates as an information and marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer value. The Company’s “go to market” strategy is being pursued through two operational areas:
Data, analytics and intelligence; and
Content and marketing solutions
Through its brands and operations, Glacier serves clients in three segments:
Environmental, Property and Financial Information
Environmental and
Property Information Environmental Risk Information Services (“ERIS”), Specialty Technical Publishers (“STP”), and REW.ca Financial Information Fundata (50% interest) Commodity Information
Agricultural Information Glacier FarmMedia (“GFM”): Western Producer, Farm Business Communications, Canada’s Outdoor Farm Show, Ag In Motion, AgDealer and Weather INnovations (“WIN”) Energy and Mining
Information JuneWarren-Nickle’s Energy Group (including CanOils) (“JWN”), Evaluate Energy, Northern Miner Group and Infomine (50% interest) Community Media
Community Media Local daily and weekly newspapers and related publications, websites and digital products in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and the United States (includes direct, joint venture and other interests) Operational Overview
Environmental, Property and Financial Information
Environmental and Property Information
ERIS continued to grow in both Canada and the U.S., with new customer additions and renewals. The Company continued to increase its operational investment in ERIS to support its growth and expansion.
REW.ca, the Company’s online real estate portal, continued to grow rapidly in terms of site features, traffic and revenues. Visits to the site increased by 45% as compared to Q1 2017. During the first quarter, REW signed a contract with BC Assessment to license their property information. Leveraging this data and proprietary information, REW launched “property pages” which offer consumers rich information including assessment value, past sales data and market stats for 1.1 million BC residential properties.
STP continued to grow sales, with the majority of growth again coming through and in partnership with the large Environmental Management Information System vendors.
Financial Information
Fundata experienced a strong quarter and continues to expand its product offerings and client base, including its point of sale product that helps clients meet the POS disclosure regulations.
Commodity Information
Agricultural Information
Conditions in the agricultural markets have stabilized and the division had a solid first quarter. The Company continued to invest in its agricultural information operations in key growth areas such as outdoor exhibitions and online listings.
Energy and Mining Information
The energy group continued to reap the benefits of the substantial restructurings enacted over the last two years. The energy information group is now focussed on 1) data, analytics and intelligence products and 2) digital media. In aggregate, these products experienced slight revenue growth versus the prior year. Stabilized revenues and the restructurings resulted in a substantial EBITDA increase as compared to Q1 2017.
The mining market continues to recover. The Northern Miner Group and Infomine experienced very strong revenue growth in the first quarter.
Community Media
Given the mature nature of consumer print media, as anticipated, revenues in the community media segment continued to decline. Overall revenue declines were consistent with the rate of decline in 2017.
The Company continues to respond to print revenue declines with operational restructurings and efficiency initiatives.
Digital media operations continued to experience strong performance across a variety of products, such as local websites, retargeting services, website builds and Chinese digital marketing solutions. Community media digital revenues grew by over 30% in the quarter and profits grew proportionately as well.
Investment and Value Creation
The Company is investing in a number of strategic areas in order to evolve, grow and create shareholder value.
As is the case for many companies, some of the Company’s products and offerings are maturing, specifically its print media publications. In order to deal with this issue, the Company sold a number of its trade publications several years ago to reduce the number of verticals to evolve, then selected a smaller number of verticals to focus on and better deploy capital and resources.
Industry verticals were chosen that offer attractive growth opportunities, and where the Company can leverage its brands, market position, customer relationships and marketing reach.
In community media, where print declines have been the most significant, the Company felt it was better off to take a long-term view and use the cash flow to invest in the growth areas identified and create greater value versus selling the community media business at a low price.
So far, this strategy has been working. In each of the areas chosen for investment, progress is being achieved, as measured by revenue growth, digital traffic metrics, attendance at events and other measures relevant to the offerings being developed.
A significant amount of investment is being made that is classified as operating expenses and consequently reduced the Company’s short-term EBITDA. It is also making capital investments related to the products and offerings being developed.
These investments and the value being created are not readily transparent in the Company’s consolidated revenue and EBITDA in its financial statements.
Overall consolidated revenue has declined primarily because of a) the print advertising declines in community media and related restructurings (i.e. reduced frequency that results in some revenue loss but greater profitability), b) closures and sale of energy print advertising related products to focus on data, analytics and intelligence products and digital media and c) the impact of cyclical declines in the commodities sector related offerings, which are now reversing.
Most of the products and services being developed have higher margins and higher valuation multiples than the print publications that are declining. Consequently, the new revenue being created is not expected to, nor necessary, to fully replace the print revenue lost on a dollar-for-dollar basis. And as stated, operating costs have been increased to fund the development and growth-oriented investments.
Areas of Investment
All of the businesses in the environmental, property and financial information segment continue to grow and are targeting large addressable markets. Investment will continue in these businesses particularly in new data and product development. Within agricultural information, a number of operations including WIN, the agricultural exhibitions and AgDealer are growing, and investment will continue to be made in these areas. The Company also continues to invest in and improve the value of its energy and mining database and subscription offerings, positioning itself as the cyclical downturn continues to reverse. The following provides some examples of the progress being made and value being created:
Glacier FarmMedia (GFM). GFM acquired Canada’s Outdoor Farm Show (COFS), then invested further in the show and its facilities, and used its marketing reach and customer relationships to grow the show. Revenue has more than doubled and profit tripled as a result. Glacier FarmMedia then launched Ag In Motion in Saskatchewan three years ago to build on the COFS success. This required both operating and capital investment. By the third annual show last year, attendance was 27,000. Investment is also being made to develop GFM’s digital media, listings, market advisory and weather products.
ERIS. Significant capital has been invested to expand ERIS in the U.S. and more than 30 staff have been added. This had the effect of reducing EBITDA initially. The investment paid off though, and in 2017 revenue grew substantially. Glacier also acquired TRS in 2016 in order to bring in-house the aerial maps it was purchasing for its Phase 1 environmental risk product and develop its own city directories information that it was also purchasing. The acquisition has resulted in a reduction of operating costs and secured ownership of important product data.
REW. Significant capital has also been invested in the REW digital residential real estate listings offering through both capital investment and planned operating losses normal to the development and expansion of such a business. REW now offers listings in the Lower Mainland of B.C., Vancouver Island and Toronto. Traffic has grown exponentially and reached 20 million monthly page views. Revenue continues to grow but planned operating losses continue to be incurred in order to expand the business. REW already has significant enterprise value, well in excess of the cumulative investment made.
Mining Group. Significant investments were made in 2017 to continue the development of mining intelligence and other digital products while revenues were depressed from the market downturn. A new Canadian Mining Symposium event was launched in London, England for the mining investment community, leveraging the Northern Miner brand. The show was well received and profitable in its first year. Revenues are now growing more than 30% for the mining group overall as a result of the investments made and the recovery of the market.
Energy Group. Despite the severe downturn in the energy market over the last four years, the energy group continued to develop its Daily Oil Bulletin digital subscription offering and enrich its content, and improve its user experience and utility. The CanOils and Evaluate Energy products were acquired to provide richer energy production data and financial and operating insights. These product investments resulted in a much lower revenue decline in these paid subscription and data sales products than the advertising based products, and placed the energy group in a better position for the market recovery. As indicated, revenue is now recovering in the group’s data, analytics, intelligence and digital media offerings.
It is also becoming apparent that a viable long-term digital community media business model exists where the Company can leverage its broad presence in local markets across Western Canada and offer local websites, web services and specialty digital products. The Company can augment its local content with its agriculture, energy and mining content, which is of interest to the people who live in the communities the Company serves in Western Canada.
The Company is investing prudently in these digital community media opportunities, with both revenue and cash flow growing rapidly while the investment is being made. It is also apparent that good print products still offer value to readers and advertisers and provide good cash flow to fund growth as described. If the Company’s strategy is executed successfully, it is expected that its community media business will evolve with less revenue but greater value as the digital products grow.
Financial Position
At March 31, 2018, senior debt was $37.1 million. During the quarter, the Company made net repayments of $0.8 million of senior debt. Further the Company’s non-recourse, non-mortgage debt in its investment entities was reduced as a result of significant debt repayment. This will allow for increased distributions from these entities to the Company.
On an adjusted basis, Glacier’s consolidated debt net of cash outstanding before deferred financing charges was 1.3x trailing 12-months adjusted EBITDA as at March 31, 2018.
Reconciliation of IFRS to Adjusted Results
The following table is a reconciliation of the IFRS results to the adjusted results (which include the Company’s proportionate share of its joint venture operations). Refer to the MD&A for further discussion and analysis of these results:
(thousands of dollars) Three months ended March 31, 2018 Three months ended March 31, 2017 except share and per share amounts Per IFRS Differential Adjusted (1) Per IFRS Differential Adjusted (1) Revenue $ 44,858 $ 8,228 $ 53,086 $ 47,060 $ 8,375 $ 55,435 EBITDA (1) $ 3,747 $ 2,709 $ 6,456 $ 4,492 $ 2,759 $ 7,251 EBITDA margin (1) 8.4 % 12.2 % 9.5 % 13.1 % EBITDA per share (1) $ 0.03 $ 0.03 $ 0.06 $ 0.04 $ 0.03 $ 0.07 Net (loss) income attributable to common shareholders $ (48 ) $ (135 ) $ (183 ) $ 1,575 $ (126 ) $ 1,449 Weighted average shares outstanding, net 109,828,731 109,828,731 109,828,731 109,828,731 The qualitative discussion of the results for the period ended March 31, 2018 in this Press Release is relevant and applicable for the adjusted results and the IFRS results.
Outlook
Markets important to the Company’s operations continue to improve. The mining industry appears to have entered a growth phase and the energy and agriculture markets appear to have stabilized. Improvements in these markets should aid the Company’s related information businesses as well as the Western Canadian communities that our community media operations serve. That said, given anticipated print advertising declines and continued near-term uncertainty and market risk, the Company will operate cautiously and evaluate cost reduction initiatives where appropriate in the affected businesses.
As outlined, the Company plans to continue to invest in strategic areas. The investments are critical to the Company’s growth plan and are resulting in demonstrable value creation.
Management intends to build-on the progress of the last few years in strengthening the Company’s financial position by further reducing debt. A strengthened balance sheet will mitigate risk while allowing the ongoing and planned operational and capital investments.
Shares in Glacier are traded on the Toronto Stock Exchange under the symbol GVC.
For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.
About the Company : Glacier Media Inc. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. Glacier’s strategy is implemented through two operational areas: content and marketing solutions; and data, analytics and intelligence.
Financial Measures
To supplement the consolidated financial statements presented in accordance with International Financial Reporting Standards, Glacier uses certain non-IFRS measures that may be different from the performance measures used by other companies. These non-IFRS measures include cash flow from operations (before changes in non-cash operating accounts and non-recurring items), net income attributable to common shareholders before non-recurring items, net income from continuing operation attributable to common shareholders before non-recurring items, earnings before interest, taxes, depreciation and amortization (EBITDA) and all ‘adjusted’ measures which are not alternatives to IFRS financial measures. Management focuses on operating cash flow per share as the primary measure of operating profitability, free cash flow and value. EBITDA per share is also an important measure as the Company has low ongoing capital expenditures and depreciation and amortization largely relates to acquisition goodwill and copyrights and does not represent a corresponding sustaining capital expense. These non-IFRS measures do not have any standardized meanings prescribed by IFRS and accordingly they are unlikely to be comparable to similar measures presented by other issuers.
The adjusted consolidated financial results have been adjusted to include the Company’s share of revenue, expenses, assets and liabilities from its joint venture operations on a proportionate accounting basis as this is the basis on which management bases its operating decisions and performance evaluation. IFRS does not allow for the inclusion of the joint ventures on a proportionate basis. These results include additional non-IFRS measures such as EBITDA, cash flow from operations and net income attributable to common shareholders before non-recurring items.
The adjusted results are not generally accepted measures of financial performance under IFRS. The Company’s method of calculating these financial performance measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Refer to the MD&A for a reconciliation of these non-IFRS measures and adjusted results.
Forward Looking Statements
This news release contains forward-looking statements that relate to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include, among other things, statements relating to our expectations regarding revenues, expenses, cash flows, future profitability and the effect of our strategic initiatives and restructuring, including our expectations to grow certain operations, to reduce debt levels and that reduced debt levels in investment entities will result in further distributions to the Company. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in a timely manner and in the expected amounts, which are subject to risks, uncertainties and other factors which may cause results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements.
Important factors that could cause actual results to differ materially from these expectations include failure to implement or achieve the intended results from our strategic initiatives, the failure to reduce debt and the other risk factors listed in our Annual Information Form under the heading “Risk Factors” and in our annual MD&A under the heading “Business Environment and Risks”, many of which are out of our control. These other risk factors include, but are not limited to, the ability of the Company to sell advertising and subscriptions related to its publications, foreign exchange rate fluctuations, the seasonal and cyclical nature of the agricultural and energy industry, discontinuation of the Department of Canadian Heritage’s Canada Periodical Fund’s Aid to Publishers, general market conditions in both Canada and the United States, changes in the prices of purchased supplies including newsprint, the effects of competition in the Company’s markets, dependence on key personnel, integration of newly acquired businesses, technological changes, tax risk, financing risk and debt service risk.
The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Source:Glacier Media Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-glacier-reports-first-quarter-results.html |
Go-Jek has been 'studying' markets like Singapore for some time 2 Hours Ago Shantanu Majumdar of J.D. Power says Go-Jek has strong financial resources to compete among sharing-economy firms operating in Southeast Asia. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/go-jek-has-been-studying-markets-like-singapore-for-some-time.html |
LONDON—Britain’s Vodafone Group PLC agreed to a nearly $23 billion deal to buy operations in four European countries from John Malone’s Liberty Global PLC, a merger that would create one of the continent’s biggest telecommunications carriers.
Liberty Global, the world’s biggest international cable company, will sell its businesses in Germany, Hungary, Romania and the Czech Republic to Vodafone, the world’s second-largest wireless carrier by subscribers behind China Mobile Ltd.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/vodafone-confirms-deal-to-buy-some-of-liberty-globals-european-assets-for-nearly-23-billion-1525845601 |
The world’s biggest tech-investment fund has moved more aggressively to invest and reap returns in its first year than even its ambitious initial targets indicated.
As of the end of March, the Vision Fund and a smaller affiliate run by Japan’s SoftBank Group Corp. had invested around $30 billion of their nearly $100 billion in committed capital, according to SoftBank data released Wednesday, defying widespread skepticism that any single investor could spend so much so quickly on startups.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/worlds-biggest-tech-funds-pace-exceeds-ambitious-vision-1525869805 |
Laser shoes reduce 'freezing' in Parkinson's patients 1:41pm BST - 01:53
Researchers in the Netherlands have shown how laser guided shoes can alleviate freezing of gait; one of the debilitating symptoms of Parkinson's disease. Matthew Stock reports.
Researchers in the Netherlands have shown how laser guided shoes can alleviate freezing of gait; one of the debilitating symptoms of Parkinson's disease. Matthew Stock reports. //reut.rs/2KGxMXu | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/laser-shoes-reduce-freezing-in-parkinson?videoId=424683906 |
May 1, 2018 / 1:11 PM / Updated 11 minutes ago BRIEF-Stuart Olson Awarded $125 Million In New Contracts Reuters Staff
May 1 (Reuters) - Stuart Olson Inc: * STUART OLSON AWARDED $125 MILLION IN NEW CONTRACTS
* STUART OLSON INC - NEW PROJECTS WILL BE ADDED TO BACKLOG OVER TWO QUARTERS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-stuart-olson-awarded-125-million-i/brief-stuart-olson-awarded-125-million-in-new-contracts-idUSFWN1S809E |
NEW YORK, May 4 (Reuters) - HCA Healthcare is raising the stakes in a fiercely competitive labor market, pledging $300 million for employee benefits that are largely designed to attract nurses, company executives told Reuters.
The nation's largest publicly-traded hospital chain said in January that it would invest much of its windfall from a U.S. tax overhaul to offer tuition reimbursement, student loan repayment and extra family leave to all of its employees in the next three years.
Company officials provided Reuters with new details on their spending plans, saying a top priority of the program is to keep nurses in its wards. The retention push is vital to HCA plans to grow in states like Florida and Texas, and comes as a worsening labor shortage forces U.S. hospitals collectively to spend billions of dollars more on nursing staff.
A generation of Baby Boomer nurses are retiring, while younger staff can choose from many job opportunities outside hospitals that offer higher salaries and better hours.
HCA and smaller rival Tenet Healthcare are particularly vulnerable in fast-growing Texas and Florida, where up to 40 percent of nurses will retire in the coming years, according to healthcare worker groups. Half of HCA's hospitals are located in those states and account for 48 percent of revenue.
HCA faces stiff competition for these nurses, however. Reuters interviews with more than a dozen rival hospitals in those two states found that many already offer similar benefits to what HCA plans to introduce.
"What we are trying to do is become the employer of choice," Jane Englebright, HCA's chief nursing executive, said in an interview. "Investing in nurses pays dividends in so many ways. This additional funding coming our way is allowing us to take this to a new level."
HCA has already worked to reduce use of more expensive contract nurses and rates of nurse turnover, which hit 22 percent in 2016 and is now closer to 17 percent.
But some Wall Street analysts worry HCA will face rising costs as the labor shortage intensifies in the next three to four years.
"Are they going to start offering more, and will that hit their margins? said Michael Newshel, healthcare analyst at Evercore ISI.
EXPANSION PLAN
HCA is viewed as one of the strongest for-profit hospital operator in the country. Seeking new growth, the company plans to spend $10.5 billion in the next three years to expand and upgrade its facilities. Keeping them adequately staffed with nurses is key to that expansion.
In January, as it devised the benefits plan, HCA surveyed millennial nurses, who account for almost half of its 87,000 nurses. Their answers on workplace priorities helped shape the benefits most likely to help nurses, such as reimbursing up to $5,250 in employee tuition annually and covering certifications for nursing specialties, such as surgery.
Until now, such benefits had been offered in a limited number of HCA hospitals, to a small group of employees.
For example, about 1,100 HCA nurses last year received specialty certification after passing the relevant exam. Englebright expects that number to triple now that HCA will cover study materials, exams and certification dues.
Millennial nurses also requested additional training, equipment, advancement opportunities and a voice in the organization, Englebright said. One of HCA's responses is to build 13 new centers to provide recent graduates with hands-on training. It currently has one such training center.
Englebright said that other benefits and policies are meant to convince late-career nurses to delay retirement, such as paying college tuition for employees' children and offering less physically demanding work in call centers.
Many hospitals have offered some of these benefits for a while now. About half of nurses are offered educational funds, according to a survey conducted last summer by American Nurse Today, the journal of the American Nurses Association.
Tenet offers tuition assistance and signing bonuses of $10,000 to $15,000 for experienced nurses in some locations, including Florida. One-time bonuses can be as high as $25,000 in places where competition is fiercest, such as California, the company said.
In Texas, Baylor Scott & White, the largest not-for-profit hospital network in the state, has been focusing on the shortage for years, providing tuition reimbursement of up to $5,250 to more than 2,000 nurses last year. Many organizations cap the tuition at $5,250, the maximum benefit before an employee would pay tax.
A decade ago, Ashley Kent, 33, decided to work there as a patient assistant because of such benefits.
The program allowed her to complete a nursing degree in 2014. Now a manager, Kent is scheduled to graduate in May with a masters degree, which the hospital also helped pay for.
"I didn't have parents who could help support me through college," said Kent. "I knew I was paying for it myself out of pocket." (Reporting by Jilian Mincer; Editing by Michele Gershberg and Edward Tobin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-focus-hospital-operator-hca-spends-big-to-keep-nurses-on-board.html |
ZURICH, May 7 (Reuters) - Nestle will pay Starbucks $7.15 billion as part of a global coffee alliance in which the Swiss-based food giant is getting the rights to market the U.S. coffee company’s products around the world outside Starbucks’ coffee shops.
“This global coffee alliance will bring the Starbucks experience to the homes of millions more around the world through the reach and reputation of Nestle,” said Starbucks Chief Executive Kevin Johnson.
Nestle, which will take on about 500 Starbucks employees as part of the deal, says its ongoing share buyback program would remain unchanged. (Reporting by John Miller and Martinne Geller; Editing by Michael Shields)
| ashraq/financial-news-articles | https://www.reuters.com/article/startucks-ma-nestle/nestle-to-pay-7-15-bln-to-starbucks-in-coffee-tie-up-idUSFWN1SE08C |
(Reuters) - Uber Technologies Inc [UBER.UL] on Wednesday re-opened a contest to select the first international city to launch its proposed flying taxi project, following apparent delays in getting the service off the ground in Dubai, a previously proposed market.
An illustrative view of Uber's concept electric vertical take-off and landing vehicle (eVTOL). Courtesy Uber/REUTERS UberAIR, as the service will be known, aims to launch demonstrator flights starting in 2020 and begin paid, intra-city operations in 2023, the company said.
Last year, Uber named Dallas and Los Angeles as its first launch cities and is now looking for a third, international metropolis to take part, Chief Product Officer Jeff Holden announced at its annual Elevate Summit in Los Angeles.
The company said it will consider cities with a metropolitan population of greater than 2 million people, with dispersed population hubs, an airport at least an hour away from the city centre and which is willing to back pooled ridesharing services.
Uber previously named Dubai as its third launch city but said on Tuesday it had reopened its selection process to include other cities which fit more of its criteria for showcasing how flying taxis can help to relieve urban congestion.
An artist's rendering of the Uber flying taxi concept. Uber/via REUTERS “Dubai has previously expressed an interest in (Uber’s) vision but we are broadening the pool given interest from other cities which is why we have launched this criteria and process,” a spokeswoman said, adding that discussions with Dubai continue.
Uber aims to speed development of a new industry of electric, on-demand, urban air taxis, which customers might order up via smartphone much the way it has popularised ground-based taxi alternatives since it first launched in 2011.
It envisions a fleet of electric jet-powered vehicles - part helicopter, part drone and part fixed-wing aircraft - running multiple small rotors capable of both vertical take off and landing and rapid horizontal flight.
The San Francisco-based company is working with aviation regulators around the world to win up-front approvals, marking a break from past practices that put it at odds with authorities.
Cities interested in taking part can apply here ( uber.com/air ). Uber said it was not looking for tax breaks or local incentives, but was keen to work with cities which can work to bring the project to market as quickly as possible.
Reporting by Munsif Vengattil in Bengaluru and Eric Auchard in London; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-uber-elevate/uber-announces-contest-to-select-third-city-to-launch-flying-taxis-idUSKBN1IA2TQ |
By Natasha Bach 7:28 AM EDT
Rachel Crooks, one of dozens of women who have accused President Trump of sexual harassment , just took a step toward being able to fight him and his policies.
On Tuesday, Crooks won her primary bid for a seat in the Ohio state legislature. Crooks was running unopposed and will now face Republican State Rep. Bill Reineke in November. While the district Crooks hopes to represent leans red, if Crooks wins, she will become the first Trump accuser to hold elected office.
Crooks decided to run in part because of her run-in with Trump . On her campaign website , she explains that the experience has shaped her, and led her to push for “honesty and integrity” and work to “bring about positive change.”
Crooks alleged that in 2006, when she was 22 and working as a receptionist at Trump Tower, Trump kissed her without her consent. Trump has denied the claims.
In February, Trump took to Twitter , writing, “A woman I don’t know and, to the best of my knowledge, never met, is on the FRONT PAGE of the Fake News Washington Post saying I kissed her (for two minutes yet) in the lobby of Trump Tower 12 years ago. Never happened! Who would do this in a public space with live security……” A woman I don’t know and, to the best of my knowledge, never met, is on the FRONT PAGE of the Fake News Washington Post saying I kissed her (for two minutes yet) in the lobby of Trump Tower 12 years ago. Never happened! Who would do this in a public space with live security……
— Donald J. Trump (@realDonaldTrump) February 20, 2018
Crooks replied in kind, writing later that day, “Please, by all means, share the footage from the hallway outside the 24th floor residential elevator bank on the morning of January 11, 2006. Let’s clear this up for everyone. It’s liars like you in politics that have prompted me to run for office myself.” Please, by all means, share the footage from the hallway outside the 24th floor residential elevator bank on the morning of January 11, 2006. Let’s clear this up for everyone. It’s liars like you in politics that have prompted me to run for office myself. https://t.co/ir7EEKoXRU https://t.co/GmkkZ5jUc7
— Rachel Crooks for Ohio (@RachelforOhio) February 20, 2018
Crooks has been one of several Trump accusers who has publicly shared her experiences. In December last year, she joined 15 other Trump accusers at a press conference , in which they shared their individual accounts of sexual misconduct by Trump . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/rachel-crooks-trump-accuser-wins-ohio-primary/ |
WHEN: Today, Monday, May 21, 2018
WHERE: CNBC'S " Squawk Box "
Following is the unofficial transcript of a CNBC interview with Treasury Secretary Steven Mnuchin today on CNBC's "Squawk Box" (M-F 6AM – 9AM) today, Monday, May 21st. Following is a link to video of the interview on CNBC.com: https://www.cnbc.com/video/2018/05/21/secretary-mnuchin-weve-made-meaningful-progress-on-china-trade-talks.html?play=1.
All references must be sourced to CNBC.
JOE KERNEN: JOINING US NOW FROM WASHINGTON, TREASURY SECRETARY STEVEN MNUCHIN. AND MR. SECRETARY, THANKS FOR JOINING US SO MUCH. IT'S GREAT TO SEE YOU. CAN YOU FILL IN -- GIVE US SOME COLOR ON JUST THE STATEMENT THAT "THE TRADE WAR HAS BEEN PUT ON HOLD"?
SECRETARY STEVEN MNUCHIN: WELL, GREAT. THANK YOU. IT'S GREAT TO BE HERE WITH YOU. I THINK WE MADE VERY MEANINGFUL PROGRESS OVER THE PAST FEW DAYS. I THINK YOU KNOW THIS WAS OUR THIRD SESSION OF INTENSE DISCUSSIONS AND NEGOTIATIONS. AND WE CAME AWAY WITH A VERY COMPREHENSIVE FRAMEWORK AGREEMENT THAT NEEDS TO BE IMPLEMENTED BUT HAS LOTS OF DIFFERENT ASPECTS. ONE ASPECT OF IT, WHICH HAS BEEN THE PRESIDENT'S FOCUS ON CUTTING THE TRADE DEFICIT AND THAT'S BY INCREASING EXPORTS SIGNIFICANTLY. BUT THERE'S MANY OTHER ASPECTS. WE TALKED ABOUT TECHNOLOGY TRANSFERS. WE TALKED ABOUT MARKET REFORMS. WE TALKED ABOUT THEM LOWERING TARIFFS, OPENING UP MARKETS TO U.S. COMPANIES. SO I THINK WE'VE MADE VERY MEANINGFUL PROGRESS. AND NOW IT'S UP TO BOTH OF US TO MAKE SURE THAT WE CAN IMPLEMENT IT.
KERNEN: THAT'S REALLY CLEAR AND – BUT WHEN I CAME IN, I EXPECTED TO SEE, "TRADE WAR PUT ON HOLD," AS THE LEAD STORY IN "THE WALL STREET JOURNAL." INSTEAD, IT WAS "U.S. SENDS MIXED MESSAGES ON CHINA: DIFFERING STATEMENTS FROM THE TREASURY CHIEF AND THE TRADE REPRESENTATIVE CLOUD NEXT STEPS." IS THAT A – DID THEY GET THE STORY WRONG OR IS THERE – IS IT, YOU KNOW, EASY TO SEE THAT THERE'S SOME DISAGREEMENT BETWEEN DIFFERENT PARTIES IN THE WHITE HOUSE?
MNUCHIN: I THINK THEY GOT THE STORY COMPLETELY WRONG. AMBASSADOR LIGHTHIZER, MYSELF, SECRETARY ROSS LED ALL OF THE MEETINGS. I PROBABLY SPOKE TO AMBASSADOR LIGHTHIZER AT LEAST TEN TIMES A DAY OUTSIDE OF IT. I LOOKED AT AMBASSADOR LIGHTHIZER'S STATEMENT BEFORE HE PUT IT OUT. IT'S COMPLETELY CONSISTENT WITH THE TEAMS APPROACH. SO BOB AND I AND WILBUR ARE ALL COMPLETELY ON THE SAME PAGE. WE WERE IN THE OVAL OFFICE ON FRIDAY FOR TWO HOURS BRIEFING THE PRESIDENT ON THE EXTENSIVE DISCUSSIONS. SO THE TEAM IS UNIFIED ON THIS.
KERNEN: THERE'S EVEN A Quote: HERE, I WANT TO KNOW WHO THIS IS AND MAYBE YOU KNOW, "THERE IS," -- I'M QUOTING – "THERE'S A GROWING FRUSTRATION WITH SECRETARY MNUCHIN GETTING AHEAD OF BOTH THE PRESIDENT AND THE TRADE TEAM ON THE DIRECTION OF THE NEGOTIATIONS. HIS EAGERNESS TO DO A DEAL SIGNIFICANTLY UNDERCUTS THE U.S. NEGOTIATING POSITION." WHO DO YOU THINK -- YOU THINK THAT'S EITHER NAVARRO OR LIGHTHIZER OR SOMEONE THAT WORKS FOR THEM? WHO DO YOU THINK GAVE THE JOURNAL THAT Quote: ?
MNUCHIN: I'M NOT GOING TO SPECULATE. BUT YOU KNOW I'VE BEEN WORKING WITH THE PRESIDENT SINCE THE CAMPAIGN. THIS IS AN ENORMOUSLY IMPORTANT PART OF OUR ECONOMIC PROGRAM FROM DAY ONE. WE HAD TAX REFORM, REGULATORY RELIEF AND TRADE. PEOPLE DIDN'T THINK WE'D GET TAX REFORM DONE. WE DID. THERE'S BEEN PEOPLE WHO WERE CYNICAL THAT WE'D GET MEANINGFUL PROGRESS ON TRADE. WE'RE ACCOMPLISHING THAT. AND REGULATORY RELIEF, I SPOKE TO THE PRESIDENT AT LEAST FIVE TIMES OVER THE WEEKEND AND ON THURSDAY AND FRIDAY. AND HE'S PERSONALLY BEEN PART OF THESE DISCUSSIONS, AND PROVIDING SPECIFICS INCLUDING ON THE COMMUNIQUE.
ANDREW ROSS SORKIN: SECRETARY MNUCHIN.
BECKY QUICK: GO AHEAD.
SORKIN: SECRETARY MNUCHIN, I WANTED TO ASK YOU WHERE THIS LEAVES ZTE AND ALSO WHETHER YOU THINK ZTE IS A NATIONAL SECURITY THREAT?
MNUCHIN: SO, LET ME BE VERY SPECIFIC ON ZTE BECAUSE I ALSO THINK THE STORY HAS BEEN MISREPORTED. NOT A SURPRISE, PRESIDENT XI ASKED PRESIDENT TRUMP TO LOOK INTO ZTE. THAT'S NO DIFFERENT THAN PRESIDENT CALLS UP WORLD LEADERS ON BEHALF OF AMERICAN COMPANIES ALL OF THE TIME. THE PRESIDENT ASKED MYSELF AND COMMERCE SECRETARY TO LOOK ITO IT. HE DIDN'T DICTATE ANY TERMS, HE JUST ASKED US TO LOOK INTO IT. THE COMMERCE POSITION WAS AN ENFORCEMENT ISSUE. THE INTENT WAS NOT TO PUT THE COMPANY OUT OF BUSINESS. IT WAS AN ENFORCEMENT ISSUE. I THINK, YOU KNOW, I CHAIR CFIUS, I'M ON THE NATIONAL SECURITY COUNCIL. WE'RE REVIEWING SOME POSSIBLE CHANGES BY THE COMMERCE DEPARTMENT TO THE ENFORCEMENT. AND I ASSURE THAT YOU THEY WILL SUPPORT OUR NATIONAL SECURITY POSITION. SO I THINK THERE'S PLENTY OF PEOPLE WHO ARE TRYING TO MAKE THIS OUT TO BE SOMETHING IT IS NOT. THERE WAS NO QUID PRO QUO. THERE WERE DISCUSSIONS BUT THIS WAS A COMPLETELY SEPARATE ISSUE THAT THE PRESIDENT ASKED US TO LOOK INTO.
QUICK: SECRETARY MNUCHIN, LET ME JUST TRY TO PUT A FINER POINT ON THIS FOR THE MARKETS BECAUSE WE ARE LOOKING AT THE MARKETS INDICATED UP BY ABOUT 240 POINTS THE DOW TODAY. BASED ON THIS IDEA OF WHAT YOU SAID YESTERDAY THAT THE TRADE WAR IS ON HOLD. NOW, BEFORE EVERYBODY TAKES OFF AND HEAD FOR THE HILLS WITH THIS AND REALLY RUN THINGS UP, THAT IS NOT THE TRADE WAR IS OVER. YOU ARE SAYING THAT WE'VE MADE PROGRESS, BUT WE DON'T KNOW WHAT COMES NEXT. HOW WOULD YOU TELL PEOPLE TO LOOK AT THIS? GLASS HALF FULL OR GLASS HALF EMPTY? -- IF YOU ARE SOMEBODY WHO IS WATCHING THE MARKETS TODAY.
MNUCHIN: IT IS COMPLETELY HALF FULL. AND WHAT I WOULD JUST SAY, CHRIS WALLACE ASKED ME IF THE TRADE WAR WAS ON HOLD SO I RESPONDED. WHAT I WOULD HAVE REALLY SAID IS, "THIS HAS BEEN A TRADE DISPUTE ALL ALONG. IT NEVER WAS A TRADE WAR. IT'S A TRADE DISPUTE ON SIGNIFICANT ISSUES. BOTH PARTIES HAVE AGREED TO SUSPEND THE TARIFFS—OUR 150, THERE 50. YOU SAW IN SORGHUM, THEY DROPPED THE CASE ON FRIDAY AS A SIGN OF GOOD FAITH. FOR OUR FARMERS, THIS IS GOING TO BE FABULOUS RIGHT AWAY. SECRETARY ROSS IS GOING OVER THERE. THEY'VE COMMITTED TO 35 OR 40% INCREASES IN FARM PRODUCTS IMMEDIATELY. IN ENERGY, I THINK THIS IS A MASSIVE OPPORTUNITY FOR THE U.S. TO BECOME A MAJOR SUPPLIER OF ENERGY TO CHINA. THEY HAVE INCREDIBLE AMOUNTS OF DEMAND AT THESE PRICES FOR OUR SHALE AND OUR LIQUID NATURAL GAS THIS IS A GREAT OPPORTUNITY. ALASKA HAS SIGNED AN MOU, IT'S BEING TURNED INTO A BINDING COMMITMENT RIGHT AWAY FOR ABOUT $10 BILLION A YEAR FOR A VERY, VERY LONG-TERM. AS I'VE MENTIONED, I THINK WE CAN EASILY GET $40 BILLION OR $50 BILLION OF ENERGY AND IF WE CAN PRODUCE AND SEND MORE WITH INFRASTRUCTURE, THEY CAN EVEN TAKE MORE. SO THERE ARE A LOT OF OPPORTUNITIES. THIS IS VERY, VERY GOOD FOR OUR ECONOMY, FOR OUR FARMERS. AND WE'LL SEE. WE'VE GOT TO EXECUTE. AS I'VE COMMENTED, THIS IS NOT A GIANT PURCHASE ORDER GOVERNMENT TO GOVERNMENT. WE NOW HAVE TO EXECUTE ON THIS AND CHINA HAS TO EXECUTE ON THIS.
KERNEN: WE'VE GOT TO -- OBVIOUSLY IT'S GOING TO TAKE SOME -- WHAT'S IT? TRUST BUT VERIFICATION BECAUSE COUNTRIES DON'T – THEY GO -- IF IT WAS IN THEIR BEST INTEREST TO HAVE BEEN BUYING ENERGY FROM US, THEY WOULD HAVE BEEN DOING IT ALL ALONG, I WOULD THINK. RIGHT? I MEAN, IT'S MARKET FORCES THAT CAUSE PEOPLE TO DO THINGS. IS THERE -- ARE THERE GUARANTEES THAT IT'S GOING TO WORK OUT? IT DOESN'T SEEM LIKE ANY OF THIS IS BINDING. AND WE'RE JUST TAKING IT AT THEIR WORD THAT THEY'LL START BUYING MORE FROM US.
MNUCHIN: WELL, AS I COMMENTED ON, WE NOW HAVE TO TURN THESE INTO BINDING AGREEMENTS AND THOSE BINDING AGREEMENTS WILL BETWEEN COMPANIES. SO SECRETARY ROSS IS GOING OVER TO NEGOTIATE THE FRAMEWORK SO THAT COMPANIES CAN ENTER INTO LONG-TERM AGRICULTURE SALES, LONG-TERM ENERGY SALES AND THOSE BECOME. NOW, OF COURSE, AT THE END OF THE DAY, THIS HAS TO BE IN OUR INTEREST AND IN THEIR INTEREST. THEY DO HAVE A GROWING ECONOMY WITH A LOT OF DEMAND. THEY WANT TO DIVERSIFY AWAY THEIR ENERGY SOURCES. AT THESE PRICES, IT'S VERY GOOD FOR US. AND WE NEED TO BUILD THE INFRASTRUCTURE. SO I THINK AS YOU KNOW, ONE OF THE CONCERNS THEY HAD WAS ARE WE GOING TO BE ABLE TO DELIVER ALL THESE ADDITIONAL GOODS? AND WE'VE SAID WE BELIEVE THE U.S. ECONOMY AND U.S. COMPANIES CAN. SOME OF THESE THINGS CAN BE EXECUTED IMMEDIATELY. SOME OF THESE THINGS WILL REQUIRE LONG-TERM CONTRACTS TO DELIVER INTO. BUT THIS SHOULD BE VERY, VERY GOOD FOR U.S. ECONOMIC GROWTH. YOU COMBINE THIS WITH TAX CUTS AND I THINK WE'RE LOOKING AT VERY STRONG GDP GROWTH FOR THE REST OF THE YEAR.
KERNEN: WHEN THE FREE TRADERS WOULD GROWL ABOUT TARIFFS AND WHY ARE WE DOING THIS, A LOT OF DEFENDERS OF THE ACTION WOULD SAY, "LOOK. WE HAVE THE INTELLECTUAL PROPERTY AND THE THEFT OF INTELLECTUAL PROPERTY AND UNFAIR TECHNOLOGY GIVE AND TAKE BETWEEN CHINA AND THE UNITED STATES NEEDED TO BE ADDRESSED." TARIFFS ARE NOW GONE OR ON HOLD AND NONE OF THAT WAS ACTUALLY FIXED. SO -- OR WAS IT? IS THERE REASON FOR HOPE IN ALL THOSE OTHER AREAS, MR. SECRETARY?
MNUCHIN: THOSE ISSUES ARE PART OF OUR FRAMEWORK. THESE THINGS CAN'T BE FIXED OVERNIGHT. WE'VE HAD THREE MEETINGS. WE'RE GOING TO CONTINUE TO HAVE MEETINGS. AND IF THESE THINGS AREN'T FIXED, AND WE DON'T GET WHAT WE WANT, THE PRESIDENT CAN ALWAYS PUT TARIFFS BACK ON.
KERNEN: SO IT'S ON HOLD. SO IT'S LIKE A SWORD OF DAMOCLES – IT'S LIKE A SWORD OF DAMOCLES. THESE ARE STILL THERE. ON HOLD DOESN'T MEAN GONE. IT JUST MEANS WE'LL SEE THE BEHAVIOR.
MNUCHIN: EXACTLY, I WOULD USE THE WORD THEY'VE BEEN SUSPENDED. AND BY THE WAY, THIS IS THE SAME STRATEGY WE'VE USED ON SANCTIONS IN OTHER PARTS OF THE WORLD. SO THE PRESIDENT IS THE FIRST ONE WHO'S BEEN DETERMINED TO BE TOUGH ON TRADE AND CHANGE THESE DEALS. AND THE PRESIDENT IS A FREE TRADER BUT HE'S ALSO A FAIR TRADER, AND HE WANTS TO MAKE SURE THEIR MARKETS ARE OPEN TO US THE WAY OUR MARKETS ARE OPEN TO THEM.
SORKIN: MR. SECRETARY, I HAVE TWO OTHER TOPICS I WANTED TO TOUCH ON. ONE IS A REPORT THAT BROOKFIELD PROPERTIES, WHICH IS BACKED BY THE QATARI GOVERNMENT AND IS GOING TO BE INVESTING IN 666 5th AVENUE, WHICH OF COURSE IN OWNED BY KUSHNER COMPANIES. THE QUESTION IS, WILL THAT TRANSACTION GO THROUGH CFIUS AND IF SO, IS THAT A TRANSACTION YOU WOULD BE INVOLVED WITH OR WOULD YOU HAVE TO RECUSE YOURSELF?
MNUCHIN: AGAIN, AS IT RELATES TO CFIUS I CAN'T MAKE ANY SPECIFIC COMMENTS. BUT I WILL TELL YOU SO FAR I'VE READ ABOUT THAT IN THE PAPER AND AM NOT AWARE OF ANYTHING ELSE. BUT I'M NOT GOING TO MAKE ANY COMMENTS ON IT IN THE FUTURE ON CFIUS-SPECIFIC ACTIONS.
SORKIN: OKAY. AND THEN THE OTHER QUESTION I WANTED TO ASK YOU IS, IN THE WAKE OF THIS SCHOOL SHOOTING THIS FRIDAY AND THROUGHOUT THIS YEAR GIVEN SOME OF THE ISSUES THAT HAVE TAKEN PLACE, A NUMBER OF BIG BANKS HAVE DISTANCED THEMSELVES FROM GUN MANUFACTURERS ON THEIR OWN AND -- BUT THERE'S BEEN A BIT OF CONCERN THAT THERE'S GOING TO BE RETALIATION FROM DIFFERENT PARTS OF GOVERNMENT. AND SPECIFICALLY THERE WAS A REPORT THAT THE S.E.C. AND S.E.C. COMMISSIONERS HAVE MADE SOME COMMENTS TO SOME OF THE BANKS RETALIATING, IN TERMS OF REGULATIONS. HOW DO YOU OVERSEE THAT ISSUE GIVEN THAT YOU OVERSEE THE BANKS?
MNUCHIN: WELL FIRST OF ALL, LET ME JUST SAY: I WANT TO
EXPRESS MY CONDOLENCES FOR THE FAMILIES WHO WERE INVOLVED. IT OBVIOUSLY IS A VERY DIFFICULT ISSUE AND I KNOW SOMETHING THAT THE PRESIDENT IS FOCUSED ON. AS IT RELATES TO ANY SPECIFIC REGULATORY ISSUES, WE HAVEN'T REVIEWED THAT YET. AND IF THOSE BECOME IMPORTANT, WE WILL REVIEW THEM AT FSOC.
QUICK: MR. SECRETARY, BACK TO TRADE. WHAT CAN YOU TELL US ABOUT NAFTA AND WHERE THINGS STAND THERE? -- BECAUSE OBVIOUSLY THE MARKET IS BREATHING A SIGH OF RELIEF ABOUT THE SITUATION WITH CHINA. WHAT HAPPENS NEXT WITH NAFTA?
MNUCHIN: WELL I KNOW AMBASSADOR LIGHTHIZER HAS BEEN VERY FOCUSED ON NAFTA. AS HE SAID THERE'S STILL SOME VERY SIGNIFICANT OPEN ISSUES. I HAD A GOOD CONVERSATION WITH BOTH THE MEXICAN FINANCE MINISTER AND THE CANADIAN FINANCE MINISTER LAST WEEK. I THINK THERE IS A DESIRE ON ALL THREE PARTIES TO TRY TO GET THIS DEAL DONE. THE AMBASSADOR HAS DONE AN ENORMOUS AMOUNT OF WORK. WE'LL SEE WHERE WE GET OVER THE NEXT FEW WEEKS. THE PRESIDENT IS INVOLVED IN THESE DISCUSSIONS. I KNOW HE'S HAD CONVERSATIONS WITH TRUDEAU. SO WE'LL SEE WHERE WE GET. WE'RE STILL TRYING TO GET A NEW DEAL DONE. THAT IS A PRIORITY FOR THE PRESIDENT. BUT AS I'VE SAID, HE WANTS A GOOD DEAL AND THAT'S WHAT HE'S FOCUSED ON.
QUICK: WE HAD SENATOR BARRASSO ON WITH US FOR AN HOUR THIS MORNING. AND HE TALKED A LITTLE BIT ABOUT THAT HE HIMSELF WOULD LIKE TO SEE A DEAL THAT CONGRESS DOESN'T HAVE TO SIGN OFF ON. SOMETHING KIND OF AROUND THE EDGES – A NAFTA LIGHT, AS IT MIGHT BE. BECAUSE HE'S WORRIED ABOUT THE COMPLICATIONS OF ACTUALLY BEING ABLE TO GET IT THROUGH CONGRESS. WHAT ARE YOUR THOUGHTS ON THAT? MNUCHIN: WELL I'VE HEARD THAT IDEA AS A SKINNY DEAL. I THINK FOR RIGHT NOW WE'RE STILL FOCUSED ON A NEW NAFTA THAT WOULD GO THROUGH CONGRESS, BUT WE EASILY CAN LOOK AT THE SKINNY DEAL AS AN ALTERNATIVE AND THAT'S SOMETHING THE PRESIDENT CAN CONSIDER. AGAIN, FOR THE MOMENT, THE PRESIDENT IS FOCUSED ON HE WANTS TO GET BETWEEN THE THREE COUNTRIES AND THEN WE'LL FIGURE OUT HOW TO GET IT THROUGH CONGRESS.
KERNEN: MR. SECRETARY, CAN YOU GIVE US ANY COLOR ON THE REPORTED NAVARRO/MNUCHIN SMACKDOWN – SMACKDOWN THAT HAPPENED ON YOU. I DON'T KNOW IF YOU'RE ON RECORD COMMENTING ON THAT. WAS IT OVERPLAYED? WAS IT A DISAGREEMENT? AND WHERE DOES IT STAND RIGHT NOW?
MNUCHIN: PETER'S BEEN AN IMPORTANT PART OF THE TEAM. I'M NOT GOING TO COMMENT ON ANY OF THESE SPECIFICS. OBVIOUSLY RUMORS AND GOSSIP AND EVERYTHING ELSE IS GOOD FOR YOUR CABLE TV, BUT I'M NOT GOING TO MAKE ANY COMMENTS ON IT.
KERNEN: IS HE – AND HE'S PRESIDENT AT MANY OF THE WORKING GROUPS? ANY OF THE THINGS STILL GOING ON. MR. NAVARRO STILL A VALUED MEMBER OF THE TEAM. I THINK THE PRESIDENT LIKES TWO SIDES OF THINGS. AT LEAST BOTH SIDES WILL BE HIGHLIGHTED, RIGHT?
KERNEN: PETER PARTICIPATED IN THE OVAL OFFICE MEETING WITH THE VICE PREMIER AND MYSELF AND THE VICE PRESIDENT. ACTUALLY, IT WAS -- I THINK WE PROBABLY HAD ABOUT TEN PEOPLE IN THE OFFICE. THE PRESIDENT WANTED TO HAVE A LOT OF PEOPLE THERE. THE CHIEF WAS THERE. AMBASSADOR BOLDIN, THE VICE PRESIDENT, LARRY SO WE HAD A LOT OF PARTICIPATION. THIS TIME WE THOUGHT IN TERMS OF THE INTENSE NEGOTIATIONS, IT WOULD JUST BE LIMITED TO THE THREE OF US ON THE SIDE. BUT LET ME JUST TELL YOU, THE CHINA TEAM BROUGHT 70 PEOPLE WITH THEM. THEY ARE WORKING AROUND THE CLOCK, EVEN WHEN WE WENT HOME AT NIGHT. AND WE HAD PEOPLE FROM EVERY AGENCY THAT WE INVOLVED, EITHER ON THE PHONE OR IN THE TREASURY BUILDING AS WE WERE DOING THESE NEGOTIATIONS.
KERNEN: AS IS OUR HABIT WITH ALL TREASURY SECRETARIES, BUT MAYBE EVEN MORE WITH YOU, MR. SECRETARY, I GUESS WE'VE GOT TO TALK ABOUT THE DOLLAR A LITTLE. I DON'T WHERE I SAW IT -- I SAW IT THIS MORNING ON ONE OF THE FINANCIAL WEBSITES THAT THE DOLLAR BEING SO STRONG THREATENS A LOT OF OUR INITIATIVES AND IT ACTUALLY THREATENS THE STRONG ECONOMY RIGHT NOW. WOULD YOU PREFER A WEAKER DOLLAR AT THIS POINT?
MNUCHIN: LET ME BE VERY SPECIFIC ON MY DOLLAR COMMENTS, SO THESE ARE NOT MISINTERPRETED. LET ME BE CLEAR.
KERNEN: GO AHEAD.
MNUCHIN: THE DOLLAR IS THE MOST LIQUID TRADING MARKET IN THE WORLD. WE RESPECT THE FREE TRADING OF THE DOLLAR. IN THE LONG-TERM, A STRONG DOLLAR IS GOOD FOR THE UNITED STATES AND REFLECTS THE SUCCESS OF THE UNITED STATES BOTH IN THE ECONOMY, THE INVESTMENTS, AND EVERYTHING ELSE. I AM NOT GOING TO MAKE ANY COMMENTS ON WHERE THE DOLLAR IS RIGHT NOW OR SHORT-TERM TRADING OF THE DOLLAR.
KERNEN: ALL RIGHT BUT AS LONG AS YOU'RE HERE, I JUST GOT MORE QUESTIONS FOR YOU. BUT WE'RE GOING TO BE READY TO LET YOU GO IN A SECOND. BUT DO YOU THINK THE 3% GDP NUMBER FOR THE YEAR WILL GET CRACKED IN 2018 AND ARE YOU CONFIDENT THAT THAT WILL BE THE CASE?
MNUCHIN: IF I WERE BETTING I'D BET – I'D ABSOLUTELY TAKE THE OVER INSTEAD OF THE UNDER. I THINK WE ARE WELL ON OUR WAY TO 3% OR HIGHER SUSTAINED GROWTH AND THAT'S REALLY BEEN THE FOCUS. AND THAT'S WHAT EVERYBODY SHOULD BE FOCUSED ON. THAT'S OUR SCORE CARD. AND THE MARKETS REFLECT THAT, THE JOBS REPORT REFLECTS THAT, THE DIFFERENCE BETWEEN 2% AND 3%, TRILLIONS OF DOLLARS TO THE ECONOMY, ECONOMIC GROWTH, NATIONAL SECURITY, THOSE ARE THE PRESIDENT'S TWO MOST IMPORTANT PRIORITIES. I THINK, YOU KNOW, WE'RE BEING VERY AGGRESSIVE ON NATIONAL SECURITY USING SANCTIONS ALL OVER THE WORLD AND THE ECONOMIC PROGRAM IS REALLY PAYING OFF.
KERNEN: OKAY. WE HEAR NO ONE TALKS ABOUT THE STOCK MARKET ANYMORE. THAT'S WHAT WE'VE BEEN HEARING SINCE IT'S BEEN KIND OF FLAT SINCE FEBRUARY. BUT I DON'T KNOW HOW CLOSE YOU'RE FOLLOWING IT, BUT YOU MAY SEE A 25,000 PRINT ON THE DOW AGAIN TODAY.
MNUCHIN: I CAN ASSURE YOU, I FOLLOW IT STILL PRETTY CAREFULLY. I'VE ALWAYS SAID WHERE IT IS ON ANY ONE DAY, AGAIN, I'M NOT GOING TO COMMENT. I'M VERY BULLISH ON STOCKS. I THINK THAT REFLECTS A STRONG ECONOMY, WILL REFLECT A STRONGER STOCK MARKET. THERE'S OBVIOUSLY BEEN, YOU KNOW, VARIOUS DIFFERENT WORLD EVENTS AND THINGS THAT HAVE CREATED SOME VOLATILITY. BUT THE STOCK MARKET IS UP AN ENORMOUS AMOUNT SINCE THE ELECTION AND WITH ALL OF OUR ECONOMIC PLANS IN PLACE, I WOULDN'T BE SURPRISED TO SEE IT HIGHER BY THE END OF THE YEAR.
KERNEN: DID YOU SEE "60 MINUTES" LAST NIGHT, MR. SECRETARY?
MNUCHIN: I DID NOT.
KERNEN: OH, YOU DIDN'T. ALRIGHT. JUST WONDER—
QUICK: JOE'S JUST TAKING A POLL.
KERNEN: YEAH, I'M TAKING A POLL. IF YOU SAW IT WITH GOOGLE, IT WAS INTERESTING. THAT'S A HELL OF A COMPANY OBVIOUSLY. BUT -- AND WHEN YOU GET THAT GOOD AND HAVE THAT GREAT A MOAT, YOU WONDER IF IT'S A MONOPOLY OR NOT. I JUST WONDERED IF YOU VIEW IT AS A MONOLOPY – GOOGLE?
MNUCHIN: WELL, I WOULD JUST SAY THE ISSUE OF MONOPOLIES ARE OUT OF MY LANE. THAT IS WITHIN THE JUSTICE DEPARTMENT. BUT I THINK THESE ARE ISSUES THAT THE DEPARTMENT NEEDS TO LOOK AT SERIOUSLY. NOT FOR ANY ONE COMPANY BUT OBVIOUSLY, AS THESE TECHNOLOGY COMPANIES HAVE A GREATER AND GREATER IMPACT ON THE ECONOMY I THINK THAT YOU HAVE TO LOOK AT THE POWER THEY HAVE AND IT'S SOMETHING THAT THE JUSTICE DEPARTMENT I HOPE TAKES A SERIOUS LOOK AT, WITHOUT ME MAKING ANY COMMENTS AS TO WHETHER THEY SHOULD BE OR THEY SHOULDN'T BE, BUT THESE ISSUES DESERVE TO BE REVIEWED CAREFULLY.
KERNEN: YEAH. THEY'VE GOT A LOT ON THEIR PLATE I'M TOLD – THE JUSTICE DEPARTMENT. I DON'T KNOW WHAT I MEAN BY THAT. BUT THERE ARE A FEW THINGS HAPPENING OVER IN THAT AREA. MR. SECRETARY, THANKS AGAIN FOR ALL THE TIME YOU SO GRACIOUSLY GAVE US THIS MORNING. THANK YOU.
MNUCHIN: ALWAYS GOOD TO SEE YOU. THANK YOU.
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Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-squawk-box-today.html |
May 22 (Reuters) - Advance Auto Parts Inc:
* ADVANCE AUTO PARTS SAYS EFFECTIVE MAY 16, BOARD ABOLISHED STANDING FINANCE COMMITTEE - SEC FILING
* ADVANCE AUTO PARTS - EFFECTIVE MAY 16, CO ALSO RESTRUCTURED REMAINING COMMITTEES TO REASSIGN DIRECTORS WHO PREVIOUSLY SERVED ON FINANCE COMMITTEE Source text: ( bit.ly/2s1XQog ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-advance-auto-parts-says-effective/brief-advance-auto-parts-says-effective-may-16-board-abolished-standing-finance-committee-idUSFWN1ST0PG |
(Reuters) - Former Uber Technologies cyber security chief Joe Sullivan is joining internet security firm Cloudflare Inc as its new chief security officer, a spokeswoman for Cloudflare said on Wednesday.
Sullivan was fired from Uber last year over what the ride-hailing firm said was his role in the handling of a 2016 data breach.
Sullivan, who has also worked for Facebook and eBay, said in a blog post bit.ly/2rNJF68 that he was joining Cloudflare as he sought a role in a company that wanted to push security out across the internet.
Reporting by Parikshit Mishra in Bengaluru, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://in.reuters.com/article/cloudflare-boss-sullivan/former-uber-cyber-security-chief-sullivan-joining-cloudflare-idINKCN1II0PA |
May 18, 2018 / 6:13 PM / Updated 9 minutes ago Iran calls on Muslims to revise trade ties with U.S. after Jerusalem move: TV Reuters Staff 1 Min Read
ANKARA (Reuters) - Iranian President Hassan Rouhani on Friday called on Muslim countries to revise their economic ties with the United States in response to its relocation of its embassy to Jerusalem. FILE PHOTO: Iranian President Hassan Rouhani attends a meeting with Muslim leaders and scholars in Hyderabad, India, February 15, 2018. REUTERS/Danish Siddiqui/File Photo
“I call on countries to totally cut their relations with the Zionist regime (Israel) and also to revise their trade and economic ties with America,” Rouhani said in a speech at a summit of Muslim nations in Istanbul, broadcast live on Iranian state TV. Writing by Parisa Hafezi; editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-iran/iran-calls-on-muslims-to-revise-trade-ties-with-u-s-after-jerusalem-move-tv-idUSKCN1IJ2GA |
May 27, 2018 / 7:23 AM / Updated 5 hours ago Libyan rivals set for crunch Paris talks to break political deadlock John Irish , Marine Pennetier 4 Min Read
PARIS (Reuters) - Libyan rivals will meet on Tuesday in Paris to agree on a political roadmap that aims to resolve disputed issues to pave the way for U.N.-backed elections this year. FILE PHOTO: U.N. envoy to Libya Ghassan Salame gestures during a meeting with southern Libyan groups in Tripoli, Libya, February 7, 2018. REUTERS/Hani Amara
U.N. Special Representative Ghassan Salame has been leading the latest push to unify and stabilise Libya, seven years after the uprising that toppled and then killed Muammar Gaddafi.
Salame told the U.N. Security Council on May 21 that he had given up trying to amend a stalled 2015 peace deal and was instead focusing on holding elections this year.
“Once we have this roadmap we will have outlined the commitments from all sides and the next steps,” a French presidential advisor told reporters in a briefing.
“The terms of Mr Salame’s mission will be clearer.”
Prime Minster Fayez al-Sarraj, eastern Libya commander Khalifa Haftar, Aguila Saleh, president of the eastern House of Representatives and Khaled Al-Mishri, president of the High Council of State, have all been invited.
Under President Emmanuel Macron, France has tried to play a bigger role in coaxing Libya’s factions to end the turmoil, which has let Islamist militants gain a foothold and allowed migrant smugglers to flourish.
The meeting will encourage the parties to quickly adopt the necessary arrangements for the staging of elections this year.
A draft of the 13-point non-binding political roadmap seen by Reuters includes the call for the immediate unification of the central bank and a commitment to support the creation of a national army. It also agrees to an inclusive political national conference within three months.
Analysts were cautious on the initiative.
“Libya is a corrupt, fractured environment that offers many rewards to actors bent on evading political compromise and using brute force instead,” said Jalel Harchaoui, associate at North Africa Risk Consulting, adding that some could be emboldened after being given international legitimacy.
“Others will feel excluded and tempted to conduct attacks and grab territory.”
The draft threatens international sanctions on those that impede the accord or dispute the outcome of elections.
Past attempts at peace deals in Libya have often been scuttled by internal divisions among the country’s competing armed groups and by the different countries backing the local actors.
The conference will be attended by some 19 countries and four international organisations, including countries that have influence on the ground such as Egypt, Italy, Qatar, Turkey, and the United Arab Emirates.
“If everyone agrees then it will be a step forward. The idea is to put pressure on the four participants knowing that if their backers tell them to accept this they won’t have a choice,” said a European diplomat. “That’s partly true, but there is also an inter-Libyan dynamic to take into consideration,” said a European diplomat.
The meeting comes almost a year after Serraj and Haftar committed to a conditional ceasefire and to working towards election in talks already chaired by Macron. He was criticised at the time for consulting neither the U.N. nor the partners.
“France is unlikely to influence how the parties behave on the ground,” Harchaoui said, adding that previous sanctions and threats had made no noticeable impact on the behaviour of protagonists on the ground. Reporting by John Irish; Editing by Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-security-meeting/libyan-rivals-set-for-crunch-paris-talks-to-break-political-deadlock-idUKKCN1IS04H |
May 23, 2018 / 7:52 PM / in 4 minutes Hedge fund Jana Partners has no shares in Casey's Stores -spokesman Reuters Staff 1 Min Read
BOSTON, May 23 (Reuters) - Jana Partners said on Wednesday that it does not own a single share of Caseys General Stores Inc., helping cut gains amassed on speculation that the hedge fund had started to build a stake.
“We do not own a single share,” a Jana spokesman said. Bloomberg earlier published a story saying the New York-based hedge fund had built a small stake in the company. (Reporting by Svea Herbst-Bayliss and Liana B. Baker; editing by Jonathan Oatis) | ashraq/financial-news-articles | https://www.reuters.com/article/caseys-general-janapartners/hedge-fund-jana-partners-has-no-shares-in-caseys-stores-spokesman-idUSL2N1SU1X2 |
May 23 (Reuters) - Equifax Inc:
* EQUIFAX INC FILES PRELIMINARY PROSPECTUS SUPPLEMENT RELATED TO A POTENTIAL TWO-PART SENIOR NOTES OFFERING - SEC FILING Source text: ( bit.ly/2IVsAkP ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-equifax-files-prelim-prospectus-su/brief-equifax-files-prelim-prospectus-supplement-related-to-potential-senior-notes-offering-idUSFWN1SU0T4 |
CALGARY, Alberta, Badger Daylighting Ltd. (“Badger”) is pleased to announce its May 2018 cash dividend.
May 2018 Cash Dividend
Badger today announced that the directors of Badger declared a cash dividend for the month of May 2018 of $0.045 per share, which equates to $0.54 per share on an annualized basis. Payment will be made on or about June 15, 2018 to shareholders of record on May 31, 2018.
Badger expects that the dividend will be an “eligible dividend” for Canadian income tax purposes and thus qualify for the enhanced gross-up and tax credit regime for certain shareholders.
About Badger Daylighting Ltd.
Badger Daylighting Ltd. (TSX:BAD) is North America’s largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in a broad range of infrastructure industries. The Company’s key technology is the Badger Hydrovac, which is used primarily for safe digging in congested grounds and challenging conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger manufactures its truck-mounted hydrovac units.
F or further i n f o rm a t i on:
Paul Vanderberg, P resident and CEO
Gerald Schiefelbein , Vice President Finance and CFO
Jay Bachman, VP, Financial Operations and Investor Relations
Badger Corporate Office
1000, 635 – 8 th Avenue SW
Calgary, AB T2P 3M3
Telephone 403-264-8500
Fax 403-228-9773
Media
Bayfield Strategy Inc.
416-855-0238
[email protected]
Source: Badger Daylighting Ltd.
Source:Badger Daylighting Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-badger-daylighting-ltd-may-2018-cash-dividend.html |
May 16 (Reuters) - Telepizza Group SA:
* PIZZA HUT, A DIVISION OF YUM! BRANDS, ANNOUNCE STRATEGIC DEAL
* A STRATEGIC DEAL AND MASTER FRANCHISE ALLIANCE TO ACCELERATE GROWTH ACROSS LATIN AMERICA (EXCLUDING BRAZIL), THE CARIBBEAN, SPAIN (INCLUDING ANDORRA), PORTUGAL AND SWITZERLAND
* ALLIANCE NEARLY DOUBLES TELEPIZZA’S STORE PORTFOLIO TO MORE THAN 2,500 UNITS AND 1.1 BLN EUROS IN SYSTEM SALES
* LONG-TERM ALLIANCE INVOLVES TELEPIZZA GROUP OPENING 1,300 NEW STORES OVER THE NEXT 10 YEARS ACROSS REGIONS COVERED IN ALLIANCE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-telepizza-group-and-pizza-hut-anno/brief-telepizza-group-and-pizza-hut-announce-strategic-deal-idUSFWN1SN08W |
May 21 (Reuters) - Pareteum Corp:
* PARETEUM ANNOUNCES $8 MILLION 3-YEAR AGREEMENT FOR GLOBAL MOBILITY SERVICES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pareteum-announces-8-mln-3-year-ag/brief-pareteum-announces-8-mln-3-year-agreement-for-global-mobility-services-idUSFWN1SS0IL |
ZURICH, May 2 (Reuters) - TV, internet and mobile phone services provider Swisscom AG met first-quarter forecasts on Wednesday and retained its annual targets despite what CEO Urs Schaeppi described as a “persistently difficult environment”.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 1.4 percent to 1.058 billion Swiss francs ($1.06 billion) versus the 1.050 billion forecast by analysts polled by Reuters.
Shareholders’ net profit rose 2.1 percent to 381 million francs.
Revenue increased by 1.9 percent to 2.885 billion francs versus the 2.829 billion forecast by analysts, the government-controlled company said.
“The demands of our customers are growing, as is the volume of data on the networks. Consequently, the need for investment remains high,” CEO Schaeppi said.
“At the same time, prices are falling and promotions are intensifying the competition.”
Swisscom has reduced its staff by 4.4 percent in the last year and reduced spending on property, facilities and equipment.
In February it increased its cost-cutting target to fight competition from more agile rivals.
It aims to keep capital expenditure below 2.4 billion this year and reduce costs in Switzerland by 100 million francs a year through 2020, in part by eliminating 700 jobs.
The company kept it guidance for 2018 EBITDA of around 4.2 billion on revenue of around 11.6 billion.
It proposed an unchanged dividend of 22 francs per share, the level it also targets for next year should it hit its goals.
$1 = 0.9955 Swiss francs Reporting by John Revill and Michael Shields; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/swisscom-results/brief-swisscom-reports-q1-net-income-up-1-6-pct-to-379-million-sfr-idUSZ8N1RJ00D |
May 1 (Reuters) - Cisco Systems Inc:
* PERMIRA FUNDS TO ACQUIRE CISCO’S SERVICE PROVIDER VIDEO SOFTWARE SOLUTIONS BUSINESS
* PERMIRA - A CO BACKED BY PERMIRA HAS ENTERED INTO A DEFINITIVE AGREEMENT TO ACQUIRE CISCO’S SERVICE PROVIDER VIDEO SOFTWARE SOLUTIONS (SPVSS) BUSINESS
* PERMIRA SAYS SALE OF CISCO SPVSS BUSINESS HAS BEEN APPROVED BY CISCO’S BOARD OF DIRECTORS
* PERMIRA SAYS CISCO WILL RETAIN VIDEO AND MEDIA TECHNOLOGY RELATED TO ITS CORE BUSINESS IN NETWORKING, MULTI-CLOUD, SECURITY, DATA, AND COLLABORATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-permira-funds-to-acquire-ciscos-se/brief-permira-funds-to-acquire-ciscos-service-provider-video-software-solutions-business-idUSFWN1S71IY |
CORYDON, Ind., May 25, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of First Capital, Inc. (NASDAQ:FCAP) has declared a quarterly cash dividend of $0.23 (twenty-three cents) per share of common stock, according to William W. Harrod, President and Chief Executive Officer. The dividend will be paid on June 29, 2018 to shareholders of record as of June 15, 2018.
First Capital, Inc. is the holding company for First Harrison Bank. First Harrison currently has eighteen offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Palmyra, New Albany, New Salisbury, Jeffersonville, Salem, Lanesville and Charlestown and the Kentucky communities of Shepherdsville, Mt. Washington and Lebanon Junction. Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available anywhere with Internet access through the Bank’s website at www.firstharrison.com . First Harrison Bank, through its business arrangement with LPL Financial LLC, member SIPC, continues to offer non-FDIC insured investments to complement First Harrison Bank’s offering of traditional banking products and services. For more information and financial data about First Capital, Inc., please visit Investor Relations at First Harrison Bank’s aforementioned website.
Contact:
Chris Frederick
Chief Financial Officer
812-734-3464
Source:First Capital, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-first-capital-inc-announces-quarterly-dividend.html |
JERUSALEM (Reuters) - Israel’s tough stance on Iran has boosted Prime Minister Benjamin Netanyahu’s popularity at home, and he can expect more good press in the coming days when the United States opens its embassy in Jerusalem.
FILE PHOTO: Israeli Prime Minister Benjamin Netanyahu is seen during a news conference at the Prime Minister's office in Jerusalem April 2, 2018. REUTERS/Ronen Zvulun/File photo Three corruption investigations against Netanyahu, who has hardly been out of the headlines for weeks, show no sign of denting his popularity among his support base.
As the closest Middle East ally of President Donald Trump, Netanyahu has been central to U.S. decisions that have reshaped the political map of the region.
On April 30, he appeared on prime-time television to present Israel’s case that Trump should abandon the 2015 international nuclear deal with Iran.
The president did so barely a week later.
Netanyahu publicly hailed the decision and followed up with air strikes on Iranian military positions in Syria, a country that borders Israel and which Israel fears may increasingly be used as a base by Iran to attack the Jewish state.
A poll on Channel 2 television the day after Trump scrapped the Iran deal showed Netanyahu’s right-wing Likud party would gain five seats if elections were held now, winning 35 in the 120-seat parliament and strengthening its position in a ruling coalition. A poll in April had Likud on 28 seats.
On Thursday Israel accused Iran of firing rockets from Syria into the Israeli-occupied Golan Heights, the first time that Iran has attacked Israel with rockets.
Israel struck back with its heaviest air strikes in Syria since the start of the Syrian civil war in 2011, saying that it attacked nearly all of Iran’s military infrastructure.
That attack came too late for a poll in the Israeli daily newspaper Maariv on Friday. But the survey found that 69 percent of respondents were satisfied with Netanyahu’s handling of “Israel’s policy regarding Iran’s presence in Syria.”
The survey also showed 59 percent of Israelis polled said they considered Trump’s decision to pull out of the deal and reimpose U.S. sanctions on Tehran would aid Israel’s security.
But 54 percent of respondents said they feared a direct military confrontation with Iran was looming and agreed with officials who said that it would be better “to have the fight now and not at a later stage,” the paper said.
Israel’s next elections are set to be held in November 2019, but Netanyahu could seek an early ballot to capitalize on the boost in popularity.
“Benjamin Netanyahu placed his chips on Trump and on him leaving the nuclear deal and he is now celebrating big-time with 35 seats. He has shown that there is nobody to match him in the diplomatic-security field,” Israel Radio political analyst Hanan Kristal said.
BUSY CALENDAR Abraham Diskin, political science professor with the Hebrew University said standing up to Iran was likely to increase support for Netanyahu, as it would for any government, left or right.
Despite Likud’s surge, Diskin said, the balance of power between right- and left-wing blocs in the Israeli Knesset, pr parliament, had not significantly changed.
“According to the poll, Netanyahu doesn’t have a majority but he does hold all the cards,” he said in a phone interview with Reuters.
The corruption investigations against Netanyahu “are perceived by his supporters as persecution and as the probes drag on, his supporters are strengthened in this belief,” Diskin said.
The next few days see “Jerusalem Day” on Sunday, the date in the Hebrew calendar when East Jerusalem was captured in the 1967 Middle East war.
A day later, on May 14, the United States will open its embassy in Jerusalem. The ceremony is timed to coincide with the day in 1948 — on the western calendar — that Israel declared its independence.
May 15 is the day Palestinians commemorate what they call the “Nakba”, or “Catastrophe”, when hundreds of thousands fled or were driven out of their homes in 1948.
Israel’s security forces have readied themselves for Palestinian protests to mark the embassy move from Tel Aviv and the anniversary, with the Islamist militant group Hamas talking of attempts to breach the Gaza-Israel border.
Most Israelis, from across the political spectrum, see the U.S. embassy move as a rubber stamp on recognition of Jerusalem as Israel’s capital.
Israel has always regarded the city as its eternal and indivisible capital but the city has not gained that recognition internationally. The United Nations regards East Jerusalem as being held under military occupation by Israel, and Palestinians say it must be the capital of their future state.
Reporting by Maayan Lubell and Ori Lewis, Editing by Timothy Heritage
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-netanyahu/popularity-of-israels-netanyahu-rises-as-iran-tension-flares-idUSKBN1IC21W |
April 30 (Reuters) - HOUSE OF FRIENDS AB (PUBL):
* BEGINS STRATEGIC COOPERATION WITH AGILLIC Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-house-of-friends-begins-strategic/brief-house-of-friends-begins-strategic-cooperation-with-agillic-idUSFWN1S6082 |
Let’s do this as an experiment, shall we? Next year, let’s give the basketball coach Brad Stevens a starting lineup composed of the five of us: me, you, the loud guy in the office, your slacker cousin, and maybe your slacker cousin’s pet lizard, and see if he can take us deep into the NBA playoffs.
I’m not saying he can. But I’m not saying he can’t, either. I’m sure we would finish 10 games ahead of the Knicks.
The... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/great-fantastic-another-boston-sports-team-is-doing-well-1525975192 |
Billionaire investor Warren Buffett said long-term investors of Apple 's stock shouldn't obsess with near-term iPhone sales.
"The idea that you're going to spend loads of time trying to guess how many iPhone X ... are going to be sold in a three-month period totally misses the point," the Berkshire Hathaway chairman and CEO said in a " Squawk Box " interview that aired Friday. "It's like worrying about the number of BlackBerrys 10 years ago."
Buffett revealed that Berkshire bought an astounding 75 million shares of Apple during the first quarter. That adds to the 165.3 million shares Berkshire already owned at the end of 2017.
As of Thursday's closing price of $176.89 per share, Berkshire's Apple stake was worth about $42.5 billion. Berkshire is now the third largest Apple shareholder, behind Vanguard and BlackRock .
Apple has "a wide, wide gap. I mean it's an amazing business," Buffett told CNBC's Becky Quick . "You can put all of their products on a dining room table."
"Nobody buys a farm based on whether they think it's going to rain next year," he added. "They buy it because they think it's a good investment over 10 or 20 years."
Berkshire first made an investment in Apple in 2016 after a person at the firm bought about 10 million shares. Buffett then looked at the stock and purchased considerably more, the billionaire recalled in August to CNBC.
Apple reported quarterly earnings this week that beat expectations but sold fewer iPhones than expected. Still, the number of iPhones sold appeared to calm investors about a potential slowdown in sales and speculation that Apple might be looking to wind down the iPhone X.
The tech giant late Tuesday also increased its quarterly dividend by 16 percent and announced a $100 billion buyback program.
In his CNBC interview, Buffett also said he believes the economy is growing faster than 2 percent . "The last seven or eight years have averaged 2 percent roughly," he pointed out. "It's stronger than that right now."
Buffett spoke to CNBC on Thursday evening from Omaha, Nebraska, where tens of thousands of Berkshire shareholders were gathering for Saturday's annual meeting.
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May 17, 2018 / 1:43 PM / Updated 25 minutes ago CANADA STOCKS-TSX climbs at open led by gains in energy stocks Reuters Staff 1 Min Read
May 17 (Reuters) - Canada’s main stock index opened higher on Thursday, as energy shares gained after oil prices hit their highest since November 2014.
* At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 15.67 points, or 0.1 percent, at 16,123.73. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-climbs-at-open-led-by-gains-in-energy-stocks-idUSL3N1SO4MU |
May 1, 2018 / 5:58 AM / a few seconds ago India's Fortis gets revised bid from Malaysia's IHH Healthcare Reuters Staff 1 Min Read
(Reuters) - India’s Fortis Healthcare Ltd ( FOHE.NS ) on Tuesday said it received a revised takeover proposal from Malaysia’s IHH Healthcare Bhd ( IHHH.KL ). A Fortis hospital building is pictured in New Delhi, India, March 28, 2018. REUTERS/Adnan Abidi /Files
IHH’s latest proposal includes an immediate equity infusion at 175 rupees ($2.63) per share and a subsequent equity infusion at a per share price not exceeding 175 rupees, the company said in a statement.
Last week, IHH tweaked an earlier bid and offered to immediately infuse 6.50 billion rupees under the binding portion of the proposal and subsequently invest up to 33.50 billion rupees under the non-binding part of the proposal. Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri | ashraq/financial-news-articles | https://uk.reuters.com/article/us-fortis-health-m-a-ihh/indias-fortis-gets-revised-bid-from-malaysias-ihh-healthcare-idUKKBN1I22VH |
United Parcel Service is in talks with at least one U.S. trucking firm to launch an in-home delivery service for large, heavy goods such as couches and treadmills, as the world's largest package deliverer looks to cash in on one the fastest growing segments of online retail.
UPS and its rival FedEx currently deliver parcels up to 150 pounds in weight to a person's doorstep, and neither carries packages into a person's home or handles so-called "white glove" services such as product assembly or installation.
UPS told Reuters it is now eyeing the furniture delivery business — one of the fastest-growing segments of online retail — with Amazon , Wayfair and other e-commerce companies competing for market share against chains like Crate and Barrel and big-box stores.
A source familiar with the matter said UPS is in talks to hire trucking company Werner Enterprises to help it compete in this area, potentially by the end of the year. Werner launched its final-mile service in 2016, and has been building it out over the last year. Details of a potential partnership remain unclear given the early stages of the discussions, the source added.
Werner declined to comment on the matter, and UPS would not identify who it is in talks with.
Final-mile delivery is a market that Transport Futures economist Noel Perry said could grow to about $12 billion over the next decade, from about $3.7 billion today, thanks in large part to a growing appetite from younger consumers to buy everything from BBQ grills and mattresses to dining room tables online.
"Outsourcing to a trucking firm would allow UPS to enter into the final-mile business without committing its own capital up front to expand its fleet or acquire end-of-line, final-mile infrastructure such as terminals," R.W. Baird analyst Ben Hartford said.
That could be welcome news to UPS investors waiting on Chief Executive David Abney's promise to deliver higher margins by pumping billions of dollars into network upgrades and expansions.
When asked about the strategy with bulky goods in an interview with Reuters, UPS Chief Operating Officer Jim Barber said the company has decided it can't ignore the rising demand for in-home deliveries of furniture, mattresses, and treadmills, and was evaluating different ways to handle the larger cargo.
"You got bigger products moving through networks across the globe," said Chief Operating Officer Jim Barber. "What we have to do is try and figure out the right way to get them in the right network as we move forward."
Barber did not confirm talks with any specific company, and said that UPS has not made a final decision "because you have to balance it with our Express network, our labor constraints and our strategy going forward."
Other trucking players include Schneider National , Ryder System , Seko Logistics, and J.B. Hunt , which have expanded final-mile capabilities organically or through partnerships and acquisitions in recent years, hoping to lure major retailers with their scale.
Schneider and XPO Logistics , the largest provider of final-mile bulky deliveries in North America, told Reuters they had not met with UPS to discuss handling final-mile deliveries. J.B. Hunt and Ryder declined to comment. Seko did not immediately respond to a request for comment.
As it is now, most of the major trucking and logistics firms in this final-mile bulky goods business hire regional contract-carriers and there are hundreds nationwide to haul products from warehouses to living rooms across the country.
If UPS moves forward, it would give UPS retail customers including Wayfair, Amazon.com, Walmart , Ikea and Target a "big and heavy option" in their online shipping portals so consumers can receive shipments across the country, the source said.
It could also set up UPS to hit its goal of being a one-stop shipping partner for retailers while also solving the problem of sofa-sized boxes unexpectedly showing up in trailers they pick up from retailer warehouses and take to parcel sorting hubs.
UPS has worked for years to limit the sizes of unwieldy — or "non-conveyable" — items as it invests to speed up its package-sorting operation. It charges big premiums to handle the freight.
UPS main rival FedEx said in March the expansion of its Memphis hub will include an area for oversized shipments and announced it bought UK-based deliverer P2P Mailing Limited. But a company spokesman said FedEx does not yet do in-home heavy goods deliveries in the United States.
Bulky risks Entering the bulk goods delivery business adds new complexities and risks compared to traditional parcel delivery.
For example, hauling a dresser to an upstairs bedroom and assembling it is a more intricate and physically demanding affair than dropping off a pallet at a warehouse's loading dock. XPO Logistics Chief Information Officer Mario Harik said in an interview it was training drivers on etiquette and how to use mobile devices to log deliveries and customer complaints for large or heavy deliveries.
Truckers can charge more for "white glove" services — which include varying degrees of installation, product assembly, and repairs — but the margins are often no better than other types of deliveries because stiff competition for new business has held down the prices carriers can charge retailers.
But deliverers are hoping they can hike prices and boost margins as they increase delivery "density", or the number of deliveries they make in a region on a given day, said Hartford, the R.W. Baird analyst.
Heavy goods deliveries through UPS would likely include two workers willing to spend 20 minutes in a home, versus more complex installation and repairs, the source said.
UPS declined to discuss the growth potential, but the source familiar with the strategy said UPS was looking initially for a trucking partner that could make or manage as many as "tens of thousands" of deliveries daily. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/ups-weighs-strategy-to-deliver-bulky-goods-to-boost-growth.html |
Matt Millen is ailing and might need a heart transplant to survive a rare condition that has caused the former NFL linebacker, broadcaster and team executive to lose 50 pounds.
File photo: Detroit Lions President and CEO Matt Millen (L) and team owner William Clay Ford chat before the start of their NFL football game against the Green Bay Packers in Detroit, Michigan in this September 14, 2008 file photo. REUTERS/Rebecca Cook/Files According to NBC Sports’ Peter King, Millen was diagnosed with amyloidosis, an aggressive organ-attacking disease often misdiagnosed because of its ability to mimic other common ailments, such as Lyme Disease.
To counteract the disease, Millen is undergoing chemotherapy treatment and lost 50 pounds in the past year.
“We’re in the fourth quarter of a big football game. We’re down 13. Playing defense. It’s getting late. We need a stop. We need a big stop,” Millen told King.
Millen, 60, said the amyloid protein was embedding in his bone marrow and the walls of his heart. A heart transplant could be necessary.
Millen won four Super Bowls in his NFL career with the Raiders, 49ers and Redskins and after a broadcasting role, he served as team president of the Detroit Lions from 2001-2008. Millen returned to broadcasting, working college football games, after being fired four weeks into the 2008 season.
—Field Level Media
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White House press secretary Sarah Huckabee Sanders is set to brief reporters Wednesday afternoon following President Donald Trump's announcement that North Korea freed three American prisoners during Secretary of State Mike Pompeo's visit to the country.
The prisoners' release is a possible sign of goodwill ahead of this month's planned meeting between Trump and North Korean leader Kim Jong Un. Trump tweeted Wednesday that the freed men seemed to be in good health and that they will return to the U.S. early Thursday morning.
Trump Tweet 1
Trump Tweet 2
Sanders may also face questions about an alleged $500,000 payment that Trump's personal lawyer, Michael Cohen, received after the 2016 presidential election from a company controlled by Russian oligarch Viktor Vekselberg, who has ties to Russian President Vladimir Putin.
Vekselberg has since been interviewed by special counsel Robert Mueller's team, which is investigating Russian election interference and possible collusion between the Russian government and Trump campaign.
Additionally, Trump announced Tuesday that the U.S. is withdrawing from the Iranian nuclear deal . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/watch-white-house-briefs-press-after-north-korea-frees-three-american-prisoners.html |
LONDON, May 24 (Reuters) - British broadband company TalkTalk added 109,000 subscribers in its fourth quarter, its best ever quarterly net adds, although the customer push hit full-year earnings, which fell 35 percent to 233 million pounds ($311 million).
The company also announced the sale of its direct business-to-business unit to Daisy Group for 175 million pounds on Thursday.
$1 = 0.7483 pounds Reporting by Paul Sandle; editing by Kate Holton
| ashraq/financial-news-articles | https://www.reuters.com/article/talktalk-tlcm-gp-results/talktalk-adds-1090000-customers-in-q4-sells-b2b-unit-idUSASO00056Z |
CINCINNATI--(BUSINESS WIRE)-- Rippe & Kingston, a leading provider of financial and practice management software for law firms in the U.S., announced today it has received a majority investment from technology-focused private equity firm ParkerGale Capital.
Rippe & Kingston was founded in 1982 by George Kingston and Joe Rippe, and has established itself as a reliable, best-of-breed software provider for law firms. They provide their clients with a fully integrated solution for revenue and expense management, timekeeping, practice management and analytical reporting tools to successfully and profitably manage law firms.
“The timing was right to partner with ParkerGale to help us scale and capitalize on the market opportunity in front of us. From our first meeting with the ParkerGale team, it was clear they were the right fit for us,” mentioned Rippe & Kingston founder, Mr. Kingston. “I’m excited to continue to be involved as a board member and look forward to the long-term growth and success of Rippe & Kingston.”
ParkerGale Partner Kristina Heinze added, “Increased pressure on law firm margins combined with the powerful and flexible cloud software Mr. Kingston and his team have built make this an extremely compelling opportunity for us. Rippe & Kingston has a dedicated, long-term client base which speaks to the value and quality of their fully integrated solution. We are excited to invest in the team and company to drive even more growth.”
Growth plans for Rippe & Kingston include investment across all departments, with emphasis on its support and services team, product development, and continued acceleration of its revenue growth through sales and marketing.
Rippe & Kingston was advised by RKCA - Capital Advisors & Investment Bankers.
About Rippe & Kingston
Rippe & Kingston is recognized as the industry leader in providing Tier 1 financial management software to any size law firm. With over 30 years of law firm specialization, leveraging our roots grounded in the largest CPA and technology consulting firm in the Greater Cincinnati area, the Legal Management System provides law firms with the necessary technology to make firms more efficient and profitable. For more information, please visit www.rippe.com .
About ParkerGale Capital
ParkerGale Capital is a small private equity fund based in Chicago that buys profitable, founder-owned technology companies and corporate carve-outs where the firm’s operating resources can have a meaningful impact on the outcome. ParkerGale also hosts the private equity industry’s only podcast, the PEFunCast on iTunes and Google Play. For more information, please visit www.parkergale.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006371/en/
ParkerGale Capital
Kristina Heinze, 312-698-6336
[email protected]
Source: ParkerGale Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-parkergale-capital-acquires-legal-enterprise-software-provider-rippe-kingston.html |
May 18 (Reuters) - HBM Healthcare Investments AG:
* REPORTS A PROFIT OF CHF 115.9 MILLION FOR THE 2017/2018 FINANCIAL YEAR;
* 20 PERCENT INCREASE OF THE PROPOSED CASH DIVIDEND TO A TOTAL OF CHF 7.00 PER SHARE Source text - bit.ly/2IRBjnO Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hbm-healthcare-investments-fy-prof/brief-hbm-healthcare-investments-fy-profit-of-chf-115-9-million-idUSFWN1SP00J |
May 24 (Reuters) - Stilwell Activist Fund LP:
* STILWELL ACTIVIST FUND LP SAYS VOTED TO OPPOSE RE-ELECTION OF LARRY G. SWETS JR AS DIRECTOR AT KINGSWAY FINANCIAL'S UPCOMING ANNUAL MEET Source text: ( bit.ly/2knFbiI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-stilwell-activist-fund-votes-again/brief-stilwell-activist-fund-votes-against-re-election-of-larry-g-swets-jr-as-director-at-kingsway-idUSFWN1SV0VL |
CNBC.com Getty Images
Facebook has always shared the principles of a strict data protection law being introduced by the European Union this week, CEO Mark Zuckerberg said Thursday.
Zuckerberg said that Facebook provided control, accountability and transparency about how data is used, referring to values enshrined in the EU's General Data Protection Regulation (GDPR).
"These are values that we've always shared for Facebook's whole existence," Zuckerberg said at the Viva Technology conference in Paris.
"A huge part of what we do is make sure that people have the tools to share information, whether that's a photo that you care about or a message with exactly the people who you want to share it with. So that way we can get to what we really care about, which is helping people connect."
GDPR, which comes into force on Friday, threatens to fine firms up to 4 percent of annual global turnover or 20 million euros ($23.5 million), whichever is the larger amount. It forces companies to be more clear on consent to use and share customer data and allows consumers to request that firms delete all information companies have on them — known as the "right to be forgotten." show chapters 10:59 AM ET Wed, 23 May 2018 | 02:53
Zuckerberg said: "A lot of the philosophy that is encoded in regulation like GDPR is really how we've thought about a lot of this stuff for a long time.
"I don't want to understate the areas where there are new rules that we've had to go implement but I also don't want to make it seem like this is a massive departure in how we've thought about this stuff either."
Zuckerberg's comments come just a day before GDPR becomes enforceable. The company is currently asking users around the world to review their privacy settings, ahead of the law's implementation date.
Politicians in the U.S. and Europe are seeking answers from Facebook after it was revealed that the data of tens of millions may have been improperly shared with political data firm Cambridge Analytica.
Cambridge Analytica briefly worked for President Donald Trump's 2016 election campaign. Concerns have been raised over whether targeted advertising techniques and the use of Facebook data may have played a role in swaying elections.
Facebook has admitted that 87 million users' data may have been shared with Cambridge Analytica. So far, Zuckerberg has been grilled by European representatives and U.S. lawmakers, but has turned down invitations to appear before U.K. parliamentarians. Ryan Browne News Assistant, CNBC.com Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/zuckerberg-facebook-has-always-shared-values-of-europes-gdpr.html |
May 4, 2018 / 8:44 PM / Updated 12 hours ago UPDATE 4-Super League results Reuters Staff 1 Min Read May 4 (OPTA) - results from the Super League matches on Friday Huddersfield (10) 28 Widnes (6) 16 Leeds (4) 22 Warrington (11) 33 Wigan (18) 30 Salford (0) 0 Saturday, May 5 fixtures (GMT) Hull v Castleford (15:00) Sunday, May 6 fixtures (GMT) Wakefield v Hull Kingston Rovers (13:00) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyleague-super-results/super-league-results-idUKMTZXEE5481F2DI |
BOSTON, May 18, 2018 /PRNewswire/ -- PanAgora Asset Management ("PanAgora" or the "Firm"), one of the world's preeminent systematic quantitative investment firms, today announced that Yosef Zweibach has been appointed as Head of Business Strategy & Investor Relations. In this new role, Mr. Zweibach will be responsible for helping to enhance and expand the firm's external exposure with institutional allocators while assisting PanAgora's distribution team with value added and solution oriented initiatives to assist PanAgora's client base.
Prior to joining PanAgora, Mr. Zweibach spent more than eight years at Barclays Capital where he served as Global Head of Quantitative Sales. During his time with the firm, he assembled and led a team of professionals that became one of Wall Street's most respected quant units. Prior to Barclays, Mr. Zweibach served as a paratrooper in the Israeli Defense Forces.
"Yosef is a proven investment leader with an extensive background in systematic quant investing that will benefit us as we continue to enhance our platform and meet investors' needs," said George Mussalli, Chief Investment Officer, Equities at PanAgora. "We are looking forward to benefiting from his industry relationships and expertise."
Mr. Zweibach earned a B.A. in Management from Boston University. He is currently a board member of the Society of Quantitative Analysts and on the membership committee of the Q group, an internationally-recognized institution that provides quantitative research from leading scholars in the field to investment professionals.
About PanAgora Asset Management:
Founded in 1989, PanAgora Asset Management is a leading global investment firm which utilizes sophisticated quantitative techniques that incorporate fundamental insights and vast amounts of market information spanning absolute and relative return strategies within alternative, risk premia and active equity disciplines. PanAgora had approximately $54 billion of client assets under management, as of December 31, 2017. More information can be found by visiting www.panagora.com .
Media Contact:
Mike Geller / Katherine Segura
Prosek Partners (on behalf of PanAgora)
347-275-3577 / 646-650-5889
[email protected] / [email protected]
View original content: http://www.prnewswire.com/news-releases/panagora-asset-management-appoints-yosef-zweibach-head-of-business-strategy--investor-relations-300651026.html
SOURCE PanAgora Asset Management | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-panagora-asset-management-appoints-yosef-zweibach-head-of-business-strategy-investor-relations.html |
SEATTLE, NEW YORK, SAN FRANCISCO, and LONDON, May 22, 2018 /PRNewswire/ -- PitchBook , the premier data provider for the private and public equity markets, today announced its Associate Director of Products, Alex Legault , has been appointed to the Advisory Board of the University of Washington Information School's (iSchool) Master of Science in Information Management (MSIM) program for a three-year term. The advisory board is responsible for guiding the development of the MSIM program, which involves advising on curriculum and facilitating in recruitment, marketing and promotion. Legault was selected by the MSIM Advisory Board Chair, Sean McGann, because of his experience and leadership driving PitchBook's product roadmap, including massive dataset expansions and the rollout of more than 120 platform updates in 2017.
"The iSchool's MSIM Advisory Board is an exceptional asset to the iSchool's students, faculty and alumni in providing timely insights into the ever-changing, fast-paced world of information," said Anind Dey, the Dean of the iSchool. "Alex is an inspiring and ambitious leader who brings a unique perspective through his success in leading the PitchBook product development team. We're looking forward to Alex's and Pitchbook's contributions to the advisory board, and iSchool, more broadly."
The iSchool MSIM degree program was developed out of the need to address the information management challenges that all organizations face in today's digital economy. Under the leadership of MSIM Program Chair, Sean McGann, the program's advisory board is accountable for helping the School achieve its objectives as well as promoting the program in the broader community through engagement with industry, government, academic and non-profit partners. Legault joins a group of prominent Puget Sound business leaders that make up the board including Vanessa Pegueros, vice president and CISO of DocuSign, Raymond Chan, managing director of the IoT Practice of Accenture Digital and Agueda Sanchez, senior UX producer at Amazon. Throughout his tenure at PitchBook, Legault has led the strategy and execution of substantial platform updates for PitchBook's 15,000 clients including mass dataset expansions, a platform re-architecture and regular feature updates. His experience will further strengthen the board's ability to advance the curriculum across its various specializations including data science, business intelligence, user experience, information architecture and information security.
"The iSchool does an exceptional job of preparing students to be leaders and innovators in the information space. In fact, several members of our product team are iSchool alumni," said Alex Legault, Associate Director of Products at PitchBook. "I'm humbled to have been asked to join this board and I will dedicate myself towards furthering the curriculum to develop the next generation of IT leaders."
Click here for more information about PitchBook.
About PitchBook
PitchBook is a financial data and software company that provides transparency into the capital markets to help professionals discover and execute opportunities with confidence and efficiency. PitchBook collects and analyzes detailed data on the entire venture capital, private equity and M&A landscape—including public and private companies, investors, funds, investments, exits and people. The company's data and analysis are available through the PitchBook Platform, industry news and in-depth reports. Founded in 2007, PitchBook has offices in Seattle, San Francisco, New York and London and serves nearly 15,000 professionals around the world. In 2016, Morningstar acquired PitchBook, which now operates as an independent subsidiary.
About the University of Washington
Based in Seattle, Washington, the UW is one of the world's preeminent public universities. Its impact on individuals, the Pacific Northwest region and the world is profound — whether it is launching young people into a boundless future or confronting the grand challenges of our time through undaunted research and scholarship. The UW, which was ranked No. 13 in the world in Shanghai Jiao Tong University's 2017 academic rankings, educates more than 54,000 students annually. It turns ideas into impact and transforms lives and our world. For more about the UW's impact, visit www.washington.edu .
About the UW Information School
The University of Washington Information School is a leading member of the iSchool movement and a model for other information schools around the globe. The UW iSchool's approach to information instruction and scholarship builds on the traditional roles filled by information professionals, and it infuses its programs with a strong emphasis on the technologies through which information is increasingly delivered. By tackling key social and technical problems in the information field, the iSchool has become an important link between users of information and designers of information systems, connecting society with the information it needs. To learn more, visit ischool.uw.edu .
PitchBook Press Contact
Bailey Fox
PR Manager
[email protected]
+1 206.823.3022
UW Information School Contact
Maggie Foote
Director of Communications
[email protected]
+1 206-221-6182
View original content with multimedia: http://www.prnewswire.com/news-releases/pitchbook-associate-director-of-product-appointed-to-university-of-washingtons-ischool-advisory-board-300652429.html
SOURCE PitchBook | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-pitchbook-associate-director-of-product-appointed-to-university-of-washingtons-ischool-advisory-board.html |
May 21, 2018 / 4:53 PM / Updated 19 minutes ago Tesla's Model 3 review falls short of Consumer Reports endorsement Reuters Staff 1 Min Read
May 21 (Reuters) - Consumer Reports on Monday said that flaws with Tesla Inc’s Model 3 sedan prevented it from earning its recommendation.
The report said even though tests found plenty to like about the Model 3, it had “big flaws” including long stopping distances and difficult-to-use controls.
Tesla’s stopping distance of 152 feet from 60 mph was far worse than any contemporary car tested by Consumer Reports and about seven feet longer than the stopping distance of a Ford F-150 full-sized pickup, the magazine said. Tesla said: “Tesla’s own testing has found braking distances with an average of 133 feet when conducting the 60-0 mph stops using the 18” Michelin all season tire and as low as 126 feet with all tires currently available.
“Unlike other vehicles, Tesla is uniquely positioned to address more corner cases over time through over-the-air software updates, and it continually does so to improve factors such as stopping distance.” | ashraq/financial-news-articles | https://www.reuters.com/article/autos-tesla-consumer-report/teslas-model-3-review-falls-short-of-consumer-reports-endorsement-idUSL3N1SS4L2 |
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