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May 31, 2018 / 6:16 PM / Updated an hour ago Del Potro ends Benneteau's French Open career Julien Pretot 2 Min Read
PARIS (Reuters) - If you’re playing in your last tournament, then hope to avoid Juan Martin Del Potro, who beat Julien Benneteau 6-4 6-3 6-2 in the local favourite’s final match at Roland Garros on Thursday to reach the French Open third round. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Argentina's Juan Martin del Potro reacts during his second round match against France's Julien Benneteau REUTERS/Charles Platiau
Del Potro ended American Andy Roddick’s career at the 2012 U.S. Open and that of Russian Marat Safin in the Paris Masters in 2009.
The Argentine served well and played neatly throughout to subdue Benneteau, who achieved his best result at a Grand Slam when he reached the French Open quarter-finals in 2006. Slideshow (2 Images)
Del Potro, whose career has been hampered by injuries, withdrew from this month’s Rome Masters with a groin problem, sparking fears about his prospects in Paris.
The dangerman in the top half of the draw, fifth seed Del Potro, playing in the tournament for the first time since 2012, next faces Spanish 31st seed Albert Ramos-Vinolas.
The 36-year-old Benneteau, who will retire at the end of the season, played the French Open 16 times between 2002 and 2018. Reporting by Julien Pretot, Editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-delpotro/del-potro-ends-benneteaus-french-open-career-idUKKCN1IW2PF |
(Adds Quote: s, background, details)
PARIS, May 28 (Reuters) - A new agreement on EU bank capital rules helps lift regulatory obstacles to cross-border bank mergers but further steps are still needed, France’s central bank head said on Monday.
EU finance ministers reached an agreement on Friday on how to apply new global bank capital rules that overhauled financial regulations after the 2008-2009 global crisis.
As part of the package, Europe’s biggest banks, such as France’s BNP Paribas, would see their exposure to other countries in the bloc to be treated as safer domestic exposure, thus potentially reducing capital surcharge they pay, according to the agreement.
“In 2018, we should continue to continue our efforts to encourage consolidation in the European financial sector,” Bank of France Governor Francois Villeroy de Galhau told journalists.
Since the end of the financial crisis, European banks have largely ignored calls to merge from some central bankers, who think that consolidation would make it easier to transmit monetary policy more evenly across the euro zone.
Villeroy, who is also head of France’s ACPR financial sector regulator, said that the ministers’ agreement on Friday was “a very good step, but we are not there yet”.
He added that the next step should be to focus on quickly setting up a common backstop to prop up the sector’s rescue facility, known as the Single Resolution Fund.
“As soon as the resolution (mechanism) is completed, the environment will be favourable for the emergence of cross-boarder banking and insurance groups, Villeroy said.
Turning to France specifically, Villeroy renewed concerns about surging corporate and household borrowing, which has pushed private-sector debt to record levels.
He added that France’s financial stability council, which includes him and the finance minister, was prepared to take action at a meeting next month, including by requiring banks to hold extra capital.
Villeroy said the point was not to rein in borrowing, but rather to ensure banks had enough capital available to keep lending should the credit cycle take a turn for the worst in the future. (Reporting by Maya Nikolaeva and Matthieu Protard, Editing by Leigh Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/france-villeroy-ecb/update-1-new-eu-bank-capital-rules-favourable-for-cross-border-mergers-idUSL5N1SZ1CN |
Leading Pharmaceutical Industry Executive Brings Prescription Drug Pricing Expertise to New Role
NEW YORK--(BUSINESS WIRE)-- Blink Health , the technology company solving for America’s prescription drug price crisis, today announced that Susan Lang, one of the country’s foremost experts in prescription medication pricing, benefits management, and pharmacy networks, has joined Blink Health as Chief Strategy Officer. Lang spent six years as the Senior Vice President and Chief Supply Chain officer at Express Scripts, the largest pharmacy benefit management company in the U.S., where she managed over $50B in drug spend and founded Econdisc, one of the largest group purchasing organizations of generic medications in the country. In her new role, Lang will lead Blink Health's strategic development process and oversee the company's supply chain efforts, including the company’s pharmacy network.
Most recently, Lang founded healthcare consulting firm XIL Consulting, where she serves as an industry consultant specializing in market access and drug pricing. Earlier in her career, she spent 15 years on the clinical side managing hospitals and working with caregivers.
“Susan’s unmatched experience in prescription medication pricing, strategic business development, and health economics will help us accelerate our ability to make prescription medications affordable for everyone,” said Geoffrey Chaiken, co-founder and CEO, Blink Health. “In addition, Susan’s work in clinical settings with caregivers and patients gives her a rich understanding of people’s healthcare needs. Susan shares our passion for making the prescription drug market more equitable and is an outstanding addition to our executive team."
“Blink Health’s technology, values, and business model uniquely positions the company to make the complicated pharmaceutical supply chain more transparent and patient-friendly,” said Lang. “I’m excited to join Blink Health’s world-class team to help develop new models and partnerships that create value for patients and pharmacies while offering the lowest prices on prescription drugs to Americans who need them most.”
About Blink Health
Blink Health makes prescriptions affordable for everyone with the guaranteed lowest prices on nearly all generic medications commonly prescribed. As the first e-commerce service of its kind, Blink Health negotiates directly with prescription medication suppliers on behalf of all Americans and uses technology to bypass powerful intermediaries. Patients simply purchase their medications through Blink’s website or app and pick up their prescriptions at a local pharmacy. Geoffrey and Matthew Chaiken founded Blink Health in 2014.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005336/en/
For Blink Health
Brooke Matthews
[email protected]
Source: Blink Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-blink-health-appoints-susan-lang-as-chief-strategy-officer.html |
Citigroup is no longer too big for activists, Wells Fargo’s Mike Mayo says 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/citigroup-is-no-longer-too-big-for-activists-wells-fargos-mike-mayo-says.html |
WASHINGTON (Reuters) - The U.S. Federal Reserve could no longer need to raise interest rates any further sometime in 2019, Philadelphia Fed President Patrick Harker said on Thursday.
A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo Asked if that year could be the end of the central bank’s tightening cycle during an interview with broadcaster CNBC, Harker replied: Could be, yeah, it’s possible.”
The Fed has raised rates six times since it began a tightening cycle back in late 2015. Harker added that he sees the neutral rate as between 2.75 and 3 percent.
Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-harker/fed-could-end-tightening-cycle-in-2019-harker-on-cnbc-idUSKCN1IP36M |
Trump: China has been very spoiled on trade 1 Hour Ago President Trump speaks to the press following a meeting at the White House with NATO Secretary General Jens Stoltenberg. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/trump-china-has-been-very-spoiled-on-trade.html |
MOSCOW (Reuters) - Russia’s defense ministry said on Thursday it had nothing to do with the downing of a plane over eastern Ukraine in 2014, Interfax news agency reported on Thursday.
Dutch prosecutors investigating the disaster said earlier on Thursday that a missile system from the 53rd anti-aircraft brigade of the Russian Armed Forces had been used to shoot down Malaysia Airlines Flight MH17. All 298 people on board - two thirds of whom were Dutch - were killed.
The Russian military denied that any Russian missile complex had ever crossed the border between Russia and Ukraine, TASS news agency reported.
Reporting by Gabrielle Tetrault-Farber; Writing by Maria Tsvetkova; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-crisis-mh17-russia/russian-military-says-had-nothing-to-do-with-downing-of-flight-mh17-ifax-idUSKCN1IP26Q |
May 27, 2018 / 5:29 PM / Updated 24 minutes ago Zverev in the pink as he leaves Berankis floundering Pritha Sarkar 3 Min Alexander Zverev rocked up at the French Open on Sunday looking like one of the ballboys with his salmon pink shirt but once he started wielding his racket, it was clear he was not there to follow orders as he thrashed Ricardas Berankis 6-1 6-1 6-2. Germany's Alexander Zverev with Lithuania's Ricardas Berankis REUTERS/Christian Hartmann
With the ballboys wearing strikingly similar shirts, the German would not have looked out of place if he had swapped places with one of them and stood to attention at the rear hoardings or crouched down on both knees near the net posts.
But the 21-year-old left Lithuania’s Berankis to do all the scrambling as he fired down 11 aces and 29 winners to wrap up victory in 69 blistering minutes to set up a second-round showdown with either Jiri Vesely or Dusan Lajovic.
Seeded second at a major for the first time in his career, Zverev is billed to meet 10-times champion Rafael Nadal in the June 10 final.
But having failed to progress beyond the fourth round at any of the slams so far, the man tipped as a future Grand Slam champion was not about to read too much into his seeding.
“It’s nice. It means that you’ve been playing well throughout the whole year, and you deserve that spot a little bit. But the seedings don’t matter,” the world number three told reporters.
“It doesn’t mean anything as there are a lot of great players wanting to stop me.
“It doesn’t matter if you’re ranked No. 2 in the world or if you’re ranked 50 or 80 in the world... you try to beat the guy who is on the other side.”
Although the German has been promoted one spot in the seedings due to Roger Federer’s decision to skip the entire claycourt season, his place at the bottom of the draw is no fluke.
He has enjoyed a sizzling build-up to Paris by contesting three claycourt finals and winning two of them.
The only blip, if it can be called that, was a semi-final defeat by Kei Nishikori in the Monte Carlo Masters.
“On clay especially I have been playing well. During all the tournaments I have played on clay so far, the worst I did was semi-finals in Monaco. That’s not a bad preparation,” the champion in Munich and Madrid said with a grin.
“I have won two tournaments, made the finals in Rome again, losing to Rafa in a close match. I feel good and today was a good start to the tournament. I’m happy the way it’s going so far.” Reporting by Pritha Sarkar, editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-zverev/zverev-in-the-pink-as-he-leaves-berankis-floundering-idUKKCN1IS0N2 |
Oil hits $80, highest since Nov 2014, on Iran concerns 10:01am EDT - 01:46
Oil prices have hit $80 a barrel for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. As Ciara Lee reports, the higher prices are putting pressure on oil importing countries. ▲ Hide Transcript ▶ View Transcript
Oil prices have hit $80 a barrel for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. As Ciara Lee reports, the higher prices are putting pressure on oil importing countries. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Kwi0h4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/oil-hits-80-highest-since-nov-2014-on-ir?videoId=427760636 |
SAO PAULO (Reuters) - Magazine Luiza SA ( MGLU3.SA ), Brazil’s third-biggest online retailer by sales, is looking to improve its payment systems either through internal development or by acquiring startups, Chief Executive Frederico Trajano said on Tuesday.
On a call to discuss quarterly earnings, management also said the electronics and appliance retailer plans to expand its 48-hour delivery service beyond metropolitan Sao Paulo and move into the apparel segment in coming months. Shares of Magazine Luiza rose nearly 10 percent in midday trading on the stronger-than-expected earnings and aggressive outlook.
Reporting by Alberto Alerigi Jr.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-magazine-luiza-outlook/brazils-magazine-luiza-eyes-ma-for-payments-plans-to-sell-apparel-idUSKBN1I926O |
May 4 (Reuters) - Shanghai Stock Exchange
* FILING SHOWS BLOCK TRADE OF TONGHUA DONGBAO PHARMACEUTICAL CO LTD'S 17.89 MILLION SHARES INVOLVING 459.42 MILLION YUAN ($72.24 million) ON MAY 4 Source text in Chinese: bit.ly/2yJZikT Further company coverage: ($1 = 6.3597 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shanghai-exchange-filing-shows-blo/brief-shanghai-exchange-filing-shows-block-trade-of-tonghua-dongbao-pharma-involving-459-42-mln-yuan-idUSL3N1SB3E3 |
More earnings beats coming through than misses, strategist says 4 Hours Ago Tax reform has been an important driver of corporate earnings surprises, Charles Cara, head of quantitative strategy at Absolute Strategy, said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/more-earnings-beats-coming-through-than-misses-strategist-says.html |
May 14, 2018 / 1:05 PM / Updated 8 minutes ago Myanmar police to charge 17 anti-war protesters over demonstration Thu Thu Aung 3 Min Read
YANGON (Reuters) - Myanmar police said on Monday they would charge 17 organisers of an anti-war protest on the weekend that degenerated into scuffles and fistfights, and raised new concern about freedom of speech.
The protest was organised on Saturday in the main city of Yangon as a show of support by about 300 people for victims of fighting between government forces and ethnic minority guerrillas in Kachin State in northern Myanmar.
Police were seeking to charge the young activists for “disturbing the public” and “holding a protest without permission”, senior police officer Thein Win told Reuters.
The Saturday scuffles between baton-wielding police and protesters sparked an outcry among activists and lawmakers over what they see as risks for free expression under the government of de-facto leader Aung San Suu Kyi.
Myanmar government spokesman Zaw Htay was not immediately available for comment. Myanmar police spokesman Myo Thu Soe declined to comment.
A growing anti-war youth movement, which in recent months has spread to various parts of the country, has exposed frustration with Suu Kyi’s struggle to fulfil her promise to end decades of war by autonomy-seeking ethnic minority guerrillas in lawless border lands.
More than 6,000 people have fled their homes since an army offensive against the Kachin Independence Army, an ethnic rebel group, and rescue workers say hundreds of villagers are stuck in danger zones.
Fighting has also intensified in other ethnic minority areas.
One of the protesters who was detained and later released was Khin Sandar Tun, 29, a Muslim from the Kaman ethnic group in the violence-torn Rakhine State and one of Myanmar’s most well-known peace and interfaith activists.
“Five of them grabbed my arm and threw me into the truck even though I told them I would come along. I can’t move my arm up, and I’m still in pain,” said Khin Sandar Tun who was released on Sunday, told Reuters by telephone.
The embassies of Sweden and Denmark have called on the government to amend the protest legislation which was made more restrictive in March. Reporting by Thu Thu Aung; Editing by Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/myanmar-kachin-protests/myanmar-police-to-charge-17-anti-war-protesters-over-demonstration-idINKCN1IF1NR |
May 4, 2018 / 10:31 AM / Updated 8 minutes ago PTT, Chevron, four others submit intent to qualify for Thai petroleum auctions Reuters Staff 1 Min Read
BANGKOK, May 4 (Reuters) - Thailand’s PTT Exploration and Production, Chevron Corp and UAE’s Mubadala Petroleum submitted intent to qualify for Thai petroleum auctions, a government official said on Friday.
* Austria’s OMV AG, France’s Total and a consortium which includes UAE’s Al Jaber Group have also submitted their intent
* Japan’s Mitsui Oil Exploration (MOECO) did not submit intent to qualify
* Authorities will announce prequalified bidders on May 28
* Auctions to take place on Sept. 25 (Reporting by Chayut Setboonsarng; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/thailand-energy-auction/ptt-chevron-four-others-submit-intent-to-qualify-for-thai-petroleum-auctions-idUSL3N1SB36P |
"Fast Money" final trades: T, MTCH and more 11 Hours Ago The “Fast Money” traders share their final trades for the day including Chesapeake Energy Corp, Match Group, AT&T and Advanced Micro Devices. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/fast-money-final-trades-t-mtch-and-more.html |
May 3, 2018 / 10:41 AM / Updated 12 minutes ago Britain central bank rate hike bets drop further after PMI data
LONDON (Reuters) - Market probability of a rate hike from the Bank of England next week have dropped to less than a tenth on Thursday from more than 90 percent a month ago, according to swap market pricing. BOEWATCH FILE PHOTO: The Governor of the Bank of England, Mark Carney, speaks at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville
Weak survey data from Britain’s services sector for April rounded off a disappointing streak of economic figures starting with last week’s shock first quarter GDP data and cautious comments from Bank of England Governor Mark Carney last month.
The IHS Markit/CIPS services purchasing managers’ index (PMI) rose to 52.8 in April from March’s 20-month low of 51.7, a smaller increase than economists had forecast in a Reuters poll and its second-lowest level since September 2016.
As rate hike expectations have dwindled, sterling GBP=D3 has tanked with the British currency weakening nearly 6 percent from a post Brexit referendum high of $1.4377 hit last month. Reporting by Saikat Chatterjee, Editing by Abhinav Ramnarayan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-markets-expectations/britain-central-bank-rate-hike-bets-drop-further-after-pmi-data-idUKKBN1I4148 |
BOSTON, May 3, 2018 /PRNewswire/ -- Liberty Mutual Holding Company Inc. and its subsidiaries (collectively "LMHC" or the "Company") reported net income attributable to LMHC of $648 million for the three months ended March 31, 2018, an increase of $297 million over the same period in 2017. Including $1 million of net income attributable to non-controlling interest, consolidated net income for the three months ended March 31, 2018 was $649 million.
"Net income from continuing operations for the quarter was $590 million, an increase of almost $300 million over the prior year, driven by a milder catastrophe quarter, and continued strong investment results," said David H. Long, Liberty Mutual Chairman and Chief Executive Officer. "Growth remains robust, as net written premium increased 7% excluding the impact of foreign exchange."
"On May 1 st we finalized the sale of Liberty Life Assurance Company of Boston. The transaction will provide us an opportunity to fully focus on property and casualty insurance going forward."
First Quarter Highlights
Net written premium ("NWP") for the three months ended March 31, 2018 was $9.434 billion, an increase of $746 million or 8.6% over the same period in 2017.
Pre-tax operating income ("PTOI") before partnerships, limited liability companies ("LLC") and other equity method income for the three months ended March 31, 2018 was $393 million, an increase of $292 million over the same period in 2017.
Net operating income before partnerships, LLC and other equity method income for the three months ended March 31, 2018 was $312 million, an increase of $211 million over the same period in 2017.
Partnerships, LLC and other equity method income, net of tax, for the three months ended March 31, 2018 was $170 million, an increase of $66 million or 63.5% over the same period in 2017.
Net realized gains, net of tax, for the three months ended March 31, 2018 were $121 million, an increase of $23 million or 23.5% over the same period in 2017.
Ironshore Inc. ("Ironshore") acquisition and integration costs, net of tax, for the three months ended March 31, 2018 were $11 million, an increase of $3 million or 37.5% over the same period in 2017.
Restructuring costs, net of tax, for the three months ended March 31, 2018 were $2 million versus zero for the same period in 2017.
Loss on extinguishment of debt, net of tax, for the three months ended March 31, 2018 was zero versus $1 million for the same period in 2017.
Discontinued operations, net of tax, for the three months ended March 31, 2018 were $59 million, an increase of $2 million or 3.5% over the same period in 2017.
Consolidated net income for the three months ended March 31, 2018 was $649 million, an increase of $298 million or 84.9% over the same period in 2017.
Net income attributable to non-controlling interest for the three months ended March 31, 2018 was $1 million versus zero for the same period in 2017.
Net income attributable to LMHC for the three months ended March 31, 2018 was $648 million, an increase of $297 million or 84.6% over the same period in 2017.
Cash flow provided by (used in) continuing operations for the three months ended March 31, 2018 was $36 million versus ($253) million for the same period in 2017.
The consolidated combined ratio before catastrophes 1 and net incurred losses attributable to prior years 2 for the three months ended March 31, 2018 was 95.2%, an increase of 1.0 point over the same period in 2017. Including the impact of catastrophes and net incurred losses attributable to prior years, the total combined ratio 3 for the three months ended March 31, 2018 was 99.0%, a decrease of 2.8 points from the same period in 2017.
Financial Condition as of March 31, 2018
Total debt was $8.360 billion as of March 31, 2018, an increase of $35 million or 0.4% over December 31, 2017.
Total equity was $20.489 billion as of March 31, 2018, a decrease of $199 million or 1.0% from December 31, 2017.
Subsequent Events
On May 3, 2018, the Company's Spanish subsidiary, Liberty Seguros Compania de Seguros y Reaseguros S.A., completed the sale of its entire 99.44% interest in its Turkish insurance affiliate, Liberty Sigorta A.S., to Talanx International.
On May 1, 2018, the Company completed the sale of the Liberty Life Assurance Company ("LLAC") to Lincoln Financial Group.
Management has assessed material subsequent events through May 3, 2018, the date the financial statements were available to be issued.
Consolidated Results of Operations
Three Months Ended
March 31,
$ in Millions
2018
2017
Change
Revenues
$10,290
$9,261
11.1%
PTOI before catastrophes, net incurred losses attributable to
prior years, and partnerships, LLC and other equity method
income
$733
$734
(0.1%)
Catastrophes 1
(352)
(639)
(44.9)
Net incurred losses attributable to prior years:
- Asbestos and environmental 2
(10)
(4)
150.0
- All other 2,3
22
10
120.0
PTOI before partnerships, LLC and other equity method
income
393
101
NM
Partnerships, LLC and other equity method income 4
216
160
35.0
PTOI
609
261
133.3
Net realized gains
155
151
2.6
Ironshore acquisition & integration costs
(14)
(10)
40.0
Restructuring costs
(3)
-
NM
Loss on extinguishment of debt
-
(1)
(100.0)
Pre-tax income
747
401
86.3
Income tax expense
157
107
46.7
Consolidated net income from continuing operations
590
294
100.7
Discontinued operations, net of tax
59
57
3.5
Consolidated net income
649
351
84.9
Less: Net income attributable to non-controlling interest
1
-
NM
Net income attributable to LMHC
$648
$351
84.6%
Cash flow provided by continuing operations before pension
contributions
$36
$148
(75.7%)
Pension contributions
-
(401)
(100.0)
Cash flow provided by (used in) continuing operations
$36
($253)
NM
1 Catastrophes are defined as a natural catastrophe or terror event exceeding $25 million in estimated ultimate losses, net of reinsurance,
and before taxes. Catastrophe losses, where applicable, include the impact of accelerated earned catastrophe premiums and earned
reinstatement premiums.
2 Asbestos and environmental is gross of the related adverse development reinsurance (the "NICO Reinsurance Transaction"), and All
other includes all cessions related to the NICO Reinsurance Transaction.
3 Net of earned premium and reinstatement premium attributable to prior years of $2 million and $3 million for the three months ended
March 31, 2018 and 2017, respectively.
4 Partnerships, LLC and other equity method income includes limited partnerships ("LP"), LLC and other equity method income within
net investment income in the accompanying Consolidated Statements of Income and revenue and expenses from the production and
sale of oil and gas.
NM = Not Meaningful
Financial Information: The Company's financial results, management's discussion and analysis of operating results and financial condition, accompanying financial statements and other supplemental financial information for the three months ended March 31, 2018 are available on the Company's Investor Relations web site at www.libertymutualgroup.com/investors .
About Liberty Mutual Insurance
Boston-based LMHC, the parent corporation of the Liberty Mutual Insurance group of entities, is a diversified global insurer and third largest property and casualty insurer in the U.S. based on 2017 direct written premium. The Company also ranks 75 th on the Fortune 100 list of largest corporations in the U.S. based on 2016 revenue. As of December 31, 2017, LMHC had $142.502 billion in consolidated assets, $121.814 billion in consolidated liabilities, and $39.409 billion in annual consolidated revenue.
LMHC, through its subsidiaries and affiliated companies, offers a wide range of property and casualty insurance products and services to individuals and businesses alike. In 2001 and 2002, the Company formed a mutual holding company structure, whereby the three principal mutual insurance companies, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance Company of Wausau, each became separate stock insurance companies under the ownership of LMHC.
Functionally, the Company conducts substantially all of its business through two business units, with each operating independently of the other in certain areas such as sales, underwriting, and claims, but, as appropriate, collaborating in other areas such as actuarial and financial. Management believes this structure provides increased synergy to the Company and permits each business unit to execute its business strategy and/or to make acquisitions without impacting or disrupting the operations of the other business unit.
LMHC employs more than 50,000 people in over 800 offices throughout the world. For a full description of the Company's business operations, products and distribution channels, please visit Liberty Mutual's Investor Relations web site at www.libertymutualgroup.com/investors .
Cautionary Statement Regarding Forward Looking Statements
This report contains forward looking statements that are intended to enhance the reader's ability to assess the Company's future financial and business performance. Forward looking statements include, but are not limited to, statements that represent the Company's beliefs concerning future operations, strategies, financial results or other developments, and contain words and phrases such as "may," "expects," "should," "believes," "anticipates," "estimates," "intends" or similar expressions. Because these forward looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company's control or are subject to change, actual results could be materially different.
Some of the factors that could cause actual results to differ include, but are not limited to the following: the occurrence of catastrophic events (including terrorist acts, hurricanes, hail, tornados, tsunamis, earthquakes, floods, snowfall and winter conditions); inadequacy of loss reserves; adverse developments involving asbestos, environmental or toxic tort claims and litigation; adverse developments in the cost, availability or ability to collect reinsurance; disruptions to the Company's relationships with its independent agents and brokers; financial disruption or a prolonged economic downturn; the performance of the Company's investment portfolios; a rise in interest rates; risks inherent in the Company's alternative investments in private LPs, LLCs, commercial mortgages and natural resource working interests; difficulty in valuing certain of the Company's investments; subjectivity in the determination of the amount of impairments taken on the Company's investments; unfavorable outcomes from litigation and other legal proceedings, including the effects of emerging claim and coverage issues and investigations by state and federal authorities; the Company's exposure to credit risk in certain of its business operations; the Company's inability to obtain price increases or maintain market share due to competition or otherwise; inadequacy of the Company's pricing models; changes to insurance laws and regulations; changes in the amount of statutory capital that the Company must hold to maintain its financial strength and credit ratings; regulatory restrictions on the Company's ability to change its methods of marketing and underwriting in certain areas; assessments for guaranty funds and mandatory pooling arrangements; a downgrade in the Company's claims-paying and financial strength ratings; the ability of the Company's subsidiaries to pay dividends to the Company; inflation, including inflation in medical costs and automobile and home repair costs; the cyclicality of the property and casualty insurance industry; political, legal, operational and other risks faced by the Company's international business; potentially high severity losses involving the Company's surety products; loss or significant restriction on the Company's ability to use credit scoring in the pricing and underwriting of personal lines policies; inadequacy of the Company's controls to ensure compliance with legal and regulatory standards; changes in federal or state tax laws; risks arising out of the Company's securities lending program; the Company's utilization of information technology systems and its implementation of technology innovations; difficulties with technology or data security; insufficiency of the Company's business continuity plan in the event of a disaster; the Company's ability to successfully integrate operations, personnel and technology from its acquisitions; insufficiency of the Company's enterprise risk management models and modeling techniques; and changing climate conditions. The Company's forward looking statements speak only as of the date of this report or as of the date they are made and should be regarded solely as the Company's current plans, estimates and beliefs. For a detailed discussion of these and other cautionary statements, visit the Company's Investor Relations website at www.libertymutualgroup.com/investors . The Company undertakes no obligation to update these forward looking statements.
Contact:
Investor Relations
Media Relations
Edward Peña
Rich Angevine
857-224-6655
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BEIRUT (Reuters) - Europe has a “limited opportunity” to preserve the nuclear deal with Tehran, Iran’s President Hassan Rouhani told French President Emmanuel Macron in a phone call on Wednesday, according to the Iranian Students’ News Agency.
“Under the current conditions, Europe has a very limited opportunity to preserve the nuclear deal, and must, as quickly as possible, clarify its position and specify and announce its intentions with regard to its obligations,” ISNA Quote: d Rouhani as telling Macron in the phone call.
Macron traveled to the United States in late April in an attempt to convince U.S. President Donald Trump not to withdraw from the nuclear deal.
Rouhani told Macron that Iran’s rights under the deal related to the selling of oil, banking, investment and insurance must be “guaranteed” in a transparent and clear way, ISNA reported.
Foreign companies who have contracts with Iran must also announce their decision after Trump’s withdrawal from the deal, Rouhani told Macron, according to ISNA.
He also said Iran has met its obligations under the deal and has never enriched uranium for a weapons program.
In a speech on Tuesday, Trump said the nuclear deal would allow Iran to enrich uranium to “reach the brink of a nuclear breakout.”
“Despite what Trump thinks, enrichment in Iran has never been for obtaining a nuclear weapon but instead has been for scientific and technical pursuits,” Rouhani told Macron, according to ISNA.
Reporting by Babak Dehghanpisheh; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-rouhani-macron/europe-has-limited-opportunity-to-preserve-nuclear-deal-rouhani-tells-macron-idUSKBN1IA2TT |
Luxembourg, May 11, 2018 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company, today announced results [1] for the three-month period ended March 31, 2018.
Highlights:
Health and safety: LTIF rate of 0.62x in 1Q 2018 as compared to 0.87x in 4Q 2017 and 0.80x in 1Q 2017 Operating income increased to $1.6 billion in 1Q 2018 as compared to $1.2 billion in 4Q 2017, stable YoY EBITDA of $2.5 billion in 1Q 2018, 17.3% higher as compared to $2.1 billion in 4Q 2017, primarily reflecting higher average steel selling prices (+8.2%) and higher seaborne iron ore reference prices (+13.6%); 1Q 2018 EBITDA up 12.6% YoY Net income of $1.2 billion in 1Q 2018 as compared to $1.0 billion in both 4Q 2017 and 1Q 2017 Steel shipments of 21.3 Mt in 1Q 2018, up 1.7% vs. 4Q 2017 and up 1.4% vs. 1Q 2017 1Q 2018 iron ore shipments of 13.8Mt (+3.6% YoY), of which 9.1Mt shipped at market prices (+5.5% YoY) Gross debt of $13.4 billion as of March 31, 2018. Net debt increased to $11.1 billion as of March 31, 2018, as compared to $10.1 billion as of December 31, 2017 due to working capital investment ($1.9 billion), share buyback ($0.2 billion) [2] and forex ($0.2 billion); net debt is $1.0 billion lower when compared to net debt as of March 31, 2017 Financial highlights (on the basis of IFRS 1 ):
(USDm) unless otherwise shown 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Sales 19,186 17,710 17,639 17,244 16,086 Operating income 1,569 1,234 1,234 1,390 1,576 Net income attributable to equity holders of the parent 1,192 1,039 1,205 1,322 1,002 Basic earnings per share (US$) [3] 1.17 1.02 1.18 1.30 0.98 Operating income/ tonne (US$/t) 73 59 57 65 75 EBITDA 2,512 2,141 1,924 2,112 2,231 EBITDA/ tonne (US$/t) 118 102 89 98 106 Steel-only EBITDA/ tonne (US$/t) 101 89 73 83 83 Crude steel production (Mt) 23.3 22.7 23.6 23.2 23.6 Steel shipments (Mt) 21.3 21.0 21.7 21.5 21.1 Own iron ore production (Mt) 14.6 14.4 14.2 14.7 14.0 Iron ore shipped at market price (Mt) 9.1 8.4 9.1 9.5 8.7 Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:
"The improvement in global steel market dynamics has continued into 2018, supporting an encouraging financial performance in the first quarter. EBITDA increased 13% year-on-year to $2.5 billion, while net income improved by 19% to $1.2 billion. The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilisation rates and healthy steel spreads globally. Against this improving backdrop, we continue to focus on structural improvement - through the delivery of our Action 2020 strategic plan - and investing with focus and discipline in opportunities that will drive higher future returns. Our acquisition of Ilva has now received competition clearance from the European Commission and we expect to complete this acquisition by the end of the second quarter 2018."
Sustainable development and safety performance
Health and safety - Own personnel and contractors lost time injury frequency rate
Health and safety performance based on own personnel figures and contractors lost time injury frequency (LTIF) rate of 0.62x in the first quarter of 2018 ("1Q 2018") as compared to 0.87x in the fourth quarter of 2017 ("4Q 2017"), and 0.80x in the first quarter of 2017 ("1Q 2017").
The Company's efforts to improve its Health and Safety record remain focused on both further reducing the rate of severe injuries and preventing fatalities.
Own personnel and contractors - Frequency rate
Lost time injury frequency rate 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Mining 0.34 0.86 1.05 0.58 0.58 NAFTA 0.39 0.76 0.57 0.51 0.85 Brazil 0.41 0.46 0.45 0.37 0.41 Europe 0.77 1.00 0.79 1.08 1.20 ACIS 0.79 0.97 0.42 0.62 0.45 Total Steel 0.66 0.88 0.60 0.75 0.83 Total (Steel and Mining) 0.62 0.87 0.67 0.72 0.80 Key sustainable development highlights for 1Q 2018:
Achieved status of 'Steel sustainability champion' in new worldsteel award scheme, recognising our high standards in sustainable development data reporting, safety and life cycle analysis. Response to the recommendations of the Task Force on Climate-Related Disclosures (TFCD) developed, with additional disclosures made in 2017 Integrated Annual Review. Gold standard achieved in Ecovadis sustainability rating - required by many customers.
Analysis of results for 1Q 2018 versus 4Q 2017 and 1Q 2017
Total steel shipments in 1Q 2018 were 1.7% higher at 21.3Mt as compared with 21.0Mt for 4Q 2017 primarily due to higher steel shipments in NAFTA (+7.9%) and Europe (+5.4%), offset in part by lower steel shipments in ACIS (-6.9%) and by seasonally lower steel shipments in Brazil (-18.7%). Total steel shipments in 1Q 2018 were 1.4% higher as compared with 21.1Mt for 1Q 2017 primarily due to higher steel shipments in Brazil (+11.5%) and Europe (+4.8%) offset in part by lower shipments in ACIS (-6.0%) and NAFTA (-0.9%).
Sales in 1Q 2018 were $19.2 billion as compared to $17.7 billion for 4Q 2017 and $16.1 billion for 1Q 2017. Sales in 1Q 2018 were 8.3% higher as compared to 4Q 2017 primarily due to higher average steel selling prices (+8.2%), higher steel shipments (+1.7%), higher seaborne iron ore reference prices (+13.6%) and higher market-priced iron ore shipments (+8.1%). Sales in 1Q 2018 were 19.3% higher as compared to 1Q 2017 primarily due to higher average steel selling prices (+18.2%), higher steel shipments (+1.4%), and higher market-priced iron ore shipments (+5.5%), offset in part by lower seaborne iron ore reference prices (-13.1%).
Depreciation for 1Q 2018 was lower at $711 million as compared to $747 million for 4Q 2017. Depreciation was higher in 1Q 2018 as compared to $655 million in 1Q 2017 primarily due to depreciation of the US dollar against the Euro. Full year 2018 depreciation is expected to be approximately $2.9 billion (based on current exchange rates).
Impairment charges for 1Q 2018 were $86 million related to the agreed remedy package required for the approval of the Votorantim acquisition [4] . Impairment charges for 4Q 2017 were $160 million related to a downward revision of cash flow projections across all steel facilities in ArcelorMittal South Africa. Impairment charges for 1Q 2017 were nil.
Exceptional charges for 1Q 2018 were $146 million related to a provision taken in respect of an ongoing case in which a settlement is pending. Exceptional charges for 4Q 2017 and 1Q 2017 were nil.
Operating income for 1Q 2018 was $1.6 billion as compared to $1.2 billion in 4Q 2017 and $1.6 billion in 1Q 2017. Operating income for 1Q 2018 and 4Q 2017 were impacted by impairments and exceptional charges as discussed above.
Income from associates, joint ventures and other investments for 1Q 2018 was $212 million as compared to $125 million for 4Q 2017, increasing primarily on account of the annual dividend declared by Erdemir ($87 million) and improved performance of Calvert investee. Income from associates, joint ventures and other investments for 1Q 2017 was $86 million and included the dividend from Erdemir ($45 million), positive contribution from Calvert and China Oriental investees offset in part by a loss on dilution of the Company's stake in China Oriental [5] .
Net interest expense in 1Q 2018 was $164 million as compared to $188 million in 4Q 2017 and $223 million in 1Q 2017. Net interest expense was lower in 1Q 2018 as compared to 4Q 2017 and 1Q 2017, primarily due to debt repayments and lower cost of debt.
Foreign exchange and other net financing losses in 1Q 2018 were $174 million as compared to losses of $261 million for 4Q 2017 and $133 million in 1Q 2017. For 1Q 2018, a foreign exchange gain of $72 million was recorded (as compared to a gain of $83 million for 4Q 2017) mainly on account of a 2.7% depreciation of the USD against the Euro (versus 1.6% depreciation in 4Q 2017). 1Q 2018 includes non-cash mark to market losses of $35 million related to mandatory convertible bond call options following the market price decrease of the underlying shares as compared to gains of $174 million and $158 million in 4Q 2017 and 1Q 2017, respectively. 4Q 2017 includes mark-to-market losses on a derivative relating to a pellet purchase agreement in the US of $0.3 billion. 1Q 2017 was additionally impacted by $159 million in premium accrued on early repayment of bonds (settled in April 2017).
ArcelorMittal recorded an income tax expense of $203 million for 1Q 2018 as compared to an income tax benefit of $119 million for 4Q 2017 and an income tax expense of $283 million in 1Q 2017. The tax benefit of 4Q 2017 is the result of recording a deferred tax asset of $275 million in Luxembourg following expectation of higher future taxable profits.
ArcelorMittal recorded a net income for 1Q 2018 of $1,192 million, or $1.17 earnings per share, as compared to a net income for 4Q 2017 of $1,039 million, or $1.02 earnings per share, and a net income for 1Q 2017 of $1,002 million, or $0.98 earnings per share.
Analysis of segment operations
NAFTA
(USDm) unless otherwise shown 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Sales 4,752 4,296 4,636 4,607 4,458 Operating income 308 155 256 378 396 Depreciation (132) (137) (125) (128) (128) EBITDA 440 292 381 506 524 Crude steel production (kt) 5,864 5,598 5,904 5,762 6,216 Steel shipments (kt) 5,559 5,150 5,655 5,419 5,610 Average steel selling price (US$/t) 779 748 741 760 719 NAFTA segment crude steel production increased by 4.8% to 5.9Mt in 1Q 2018 as compared to 5.6Mt for 4Q 2017, primarily reflecting market improvement in the US and recovery following an operational issue in Mexico in the prior quarter.
Steel shipments in 1Q 2018 increased by 7.9% to 5.6Mt as compared to 5.2Mt in 4Q 2017, driven primarily by an increase in volumes in flat products on account of improved market fundamentals, following the destock that negatively impacted 4Q 2017.
Sales in 1Q 2018 increased by 10.6% to $4.8 billion as compared to $4.3 billion in 4Q 2017, primarily due to higher steel shipment volumes as discussed above, and higher average steel selling prices +4.3% (for both flat products +3.5% and long products +9.1%).
Operating income in 1Q 2018 of $308 million was higher as compared to $155 million in 4Q 2017 and lower as compared to $396 million in 1Q 2017.
EBITDA in 1Q 2018 increased by 50.7% to $440 million as compared to $292 million in 4Q 2017 primarily due to higher steel shipment volumes (+7.9%). EBITDA in 1Q 2018 declined by 15.9% as compared to $524 million in 1Q 2017 primarily due to a negative price-cost effect.
Brazil
(USDm) unless otherwise shown 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Sales 1,988 2,252 2,059 1,834 1,610 Operating income 215 266 128 128 175 Depreciation (69) (75) (74) (73) (71) Impairment (86) - - - - EBITDA 370 341 202 201 246 Crude steel production (kt) 2,801 2,989 2,797 2,714 2,710 Steel shipments (kt) 2,483 3,052 2,940 2,622 2,226 Average steel selling price (US$/t) 752 685 651 655 678 Brazil segment crude steel production decreased by 6.3% to 2.8Mt in 1Q 2018 as compared to 3.0Mt in 4Q 2017.
Steel shipments in 1Q 2018 decreased by 18.7% to 2.5Mt as compared to 3.1Mt in 4Q 2017, primarily due to a seasonal decrease in flat product steel shipments (primarily export).
Sales in 1Q 2018 decreased by 11.7% to $2.0 billion as compared to $2.3 billion in 4Q 2017, due to lower steel shipments (-18.7%), offset in part by higher average steel selling prices (9.8%) with both domestic and export prices increasing.
Operating income in 1Q 2018 was lower at $215 million as compared to $266 million in 4Q 2017 and higher than $175 million in 1Q 2017. Operating income in 1Q 2018 was impacted by impairment of $86 million (Cariacica and Itaúna industrial plants in Brazil) related to the agreed remedy package required for the approval of the Votorantim acquisition.
EBITDA in 1Q 2018 increased by 8.5% to $370 million as compared to $341 million in 4Q 2017 due to positive price-cost effect offset in part by lower steel shipment volumes. EBITDA in 1Q 2018 was 50.5% higher as compared to $246 million in 1Q 2017 due to higher steel shipment volumes (+11.5%) driven by improved demand and a positive price-cost effect.
Europe
(USDm) unless otherwise shown 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Sales 10,641 9,610 9,196 9,180 8,222 Operating income 580 525 546 652 636 Depreciation (318) (336) (302) (290) (273) Exceptional charges (146) - - - - EBITDA 1,044 861 848 942 909 Crude steel production (kt) 11,246 10,311 11,248 10,997 11,212 Steel shipments (kt) 10,697 10,151 10,116 10,466 10,208 Average steel selling price (US$/t) 801 736 723 698 649 Europe segment crude steel production increased by 9.1% to 11.2Mt in 1Q 2018, as compared to 10.3Mt in 4Q 2017 following a reline in ArcelorMittal Bremen and a blast furnace maintenance in ArcelorMittal Galati in 4Q 2017.
Steel shipments in 1Q 2018 increased by 5.4% to 10.7Mt as compared to 10.2Mt in 4Q 2017, primarily due to a 5.6% increase in flat product shipments and 5.0% increase in long product shipments.
Sales in 1Q 2018 were $10.6 billion, 10.7% higher as compared to $9.6 billion in 4Q 2017, with higher average steel selling prices (+8.7%) (related to increases in both the flat (+8.3%) and long product businesses (+9.4%)) and higher steel shipments, as discussed above.
Operating income in 1Q 2018 was $580 million as compared to $525 million in 4Q 2017 and $636 million in 1Q 2017. Operating income in 1Q 2018 was impacted by exceptional charges of $146 million related to a provision taken in respect of an ongoing case in which a settlement is pending.
EBITDA in 1Q 2018 increased by 21.2% to $1,044 million as compared to $861 million in 4Q 2017 primarily due to higher steel shipment volumes and foreign exchange translation impact. EBITDA in 1Q 2018 improved by 14.9% as compared to 1Q 2017 primarily due to higher steel shipments (+4.8%) and foreign exchange effects offset in part by a negative price-cost effect.
ACIS
(USDm) unless otherwise shown 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Sales 2,080 2,039 1,941 1,834 1,807 Operating income 290 182 159 51 116 Depreciation (73) (81) (80) (77) (75) Impairment - (160) - (46) - EBITDA 363 423 239 174 191 Crude steel production (kt) 3,400 3,832 3,669 3,685 3,492 Steel shipments (kt) 3,029 3,254 3,362 3,257 3,221 Average steel selling price (US$/t) 610 546 515 499 502 ACIS segment crude steel production in 1Q 2018 decreased by 11.3% to 3.4Mt as compared to 3.8Mt in 4Q 2017 primarily due to planned (blast furnace #9) and unplanned maintenance in Ukraine.
Steel shipments in 1Q 2018 decreased by 6.9% to 3.0Mt as compared to 3.3Mt in 4Q 2017, primarily due to lower steel shipments in Ukraine offset in part by seasonally higher steel shipments in South Africa.
Sales in 1Q 2018 increased by 2.0% to $2.1 billion as compared to $2.0 billion in 4Q 2017 primarily due to higher average steel selling prices (+11.8%) across all businesses, offset in part by lower steel shipments (-6.9%).
Operating income in 1Q 2018 was $290 million as compared to $182 million in 4Q 2017 and $116 million in 1Q 2017. Operating income in 4Q 2017 was impacted by impairments of $160 million across all steel facilities in ArcelorMittal South Africa.
EBITDA in 1Q 2018 decreased by 14.1% to $363 million as compared to $423 million in 4Q 2017, primarily due to lower volumes in Ukraine (negatively impacted by planned and unplanned maintenance). EBITDA in 1Q 2018 was significantly higher as compared to $191 million in 1Q 2017, primarily due to a positive price-cost effect offset in part by lower steel shipments (-6.0%).
Mining
(USDm) unless otherwise shown 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Sales 1,024 959 1,029 1,015 1,030 Operating income 242 159 238 216 378 Depreciation (107) (108) (103) (103) (102) EBITDA 349 267 341 319 480 Own iron ore production (a) (Mt) 14.6 14.4 14.2 14.7 14.0 Iron ore shipped externally and internally at market price (b) (Mt) 9.1 8.4 9.1 9.5 8.7 Iron ore shipment - cost plus basis (Mt) 4.7 5.8 5.9 5.8 4.7 Own coal production (a) (Mt) 1.5 1.5 1.5 1.6 1.7 Coal shipped externally and internally at market price (b) (Mt) 0.4 0.6 0.6 0.8 0.8 Coal shipment - cost plus basis (Mt) 0.9 0.9 0.9 0.9 0.9 (a) Own iron ore and coal production not including strategic long-term contracts.
(b) Iron ore and coal shipments of market-priced based materials include the Company's own mines and share of production at other mines, and exclude supplies under strategic long-term contracts.
Own iron ore production in 1Q 2018 increased by 1.3% to 14.6Mt as compared to 14.4Mt in 4Q 2017, due to improved iron ore production in Liberia (which remains on track to produce 5Mt in 2018) and Ukraine, offset in part by seasonally lower production in ArcelorMittal Mines Canada [6] (AMMC). Own iron ore production in 1Q 2018 increased by 4.3% as compared to 1Q 2017 primarily due to increased production in Liberia offset in part by lower AMMC production.
Market-priced iron ore shipments in 1Q 2018 increased by 8.1% to 9.1Mt as compared to 8.4Mt in 4Q 2017, primarily driven by higher shipments in Liberia and Ukraine. Market-priced iron ore shipments in 1Q 2018 increased by 5.5% as compared to 1Q 2017 driven by higher shipments in Liberia offset in part by lower AMMC shipments. Market-priced iron ore shipments are expected to grow 10% in 2018 compared to 2017.
Own coal production in 1Q 2018 increased by 3.0% to 1.5Mt as compared to 4Q 2017 primarily due to higher production at Princeton (US) mines. Own coal production in 1Q 2018 decreased by 11.3% as compared to 1Q 2017 primarily due to lower production in Kazakhstan following operational and geological issues offset in part by higher production at Princeton (US) mines.
Market-priced coal shipments in 1Q 2018 declined by 27.5% to 0.4Mt as compared to 0.6Mt in 4Q 2017. Market-priced coal shipments in 1Q 2018 decreased by 46.0% as compared to 1Q 2017 primarily due to decreased shipments at Kazakhstan.
Operating income in 1Q 2018 increased to $242 million as compared to $159 million in 4Q 2017, and was lower than $378 million in 1Q 2017.
EBITDA in 1Q 2018 increased by 30.7% to $349 million as compared to $267 million in 4Q 2017, primarily due to increased seaborne iron ore reference prices (+13.6%) and higher market-priced iron ore shipments (+8.1%). EBITDA in 1Q 2018 was lower as compared to $480 million in 1Q 2017, primarily due to lower seaborne iron ore reference prices (-13.1%), lower coal shipments offset in part by higher market-priced iron ore shipment volumes (+5.5%).
Liquidity and Capital Resources
For 1Q 2018, net cash provided by operating activities was $160 million as compared to $2,885 million in 4Q 2017 and net cash used in operating activities of $299 million in 1Q 2017. The lower net cash provided by operating activities during 1Q 2018 reflects working capital investment of $1,869 million (which follows the normal seasonal pattern and reflects the effect of higher steel shipments as well as the impact of higher selling prices and higher raw material prices), as compared to working capital release of $1,657 million in 4Q 2017.
Net cash used in investing activities during 1Q 2018 was $676 million as compared to $931 million during 4Q 2017 and $598 million in 1Q 2017. Capital expenditures decreased to $752 million in 1Q 2018 as compared to $1,036 million in 4Q 2017 and higher as compared to $580 million in 1Q 2017. FY 2018 capital expenditure is expected to be $3.8 billion.
Cash provided by other investing activities in 1Q 2018 of $76 million primarily includes proceeds from the sale of Frydek Mistek in Czech Republic [7] . Cash provided by other investing activities in 4Q 2017 of $105 million primarily included tangible asset disposals and disposal proceeds of US long products (Georgetown).
Net cash used by financing activities in 1Q 2018 of $33 million includes proceeds from commercial paper issuances ($0.2 billion) offset by $0.2 billion used under the share buyback program. Net cash used by financing activities in 4Q 2017 of $2.2 billion includes $1.2 billion of bonds repurchased in October 2017 pursuant to cash tender offers, $0.6 billion (€540 million) repayment at maturity of the euro 4.625% Notes due November 17, 2017, $644 million used to early redeem in December 2017 the 6.125% Notes due June 1, 2018 and partial repayment of borrowings offset in part by a new $0.4 billion (€300 million) Schuldschein loan in October 2017 and $0.6 billion (€500 million) euro 0.95% bond due January 17, 2023 issued in December 2017. Net cash provided by financing activities for 1Q 2017 of $666 million primarily includes proceeds from the European Investment Bank loan [8] of €350 million ($373 million) and $0.3 billion of commercial paper issuances.
During 1Q 2018, the Company paid dividends of $50 million to minority shareholders in AMMC (Canada) as compared to $21 million in 4Q 2017 (primarily to minority shareholders in Bekaert (Brazil)) and $40 million in 1Q 2017 (primarily to minority shareholders in AMMC (Canada)).
As of March 31, 2018, the Company's cash and cash equivalents amounted to $2.3 billion as compared to $2.8 billion at December 31, 2017 and $2.4 billion at March 31, 2017.
Gross debt increased to $13.4 billion as of March 31, 2018, as compared to $12.9 billion at December 31, 2017 and decreased as compared to $14.5 billion at March 31, 2017.
As of March 31, 2018, net debt increased to $11.1 billion as compared with $10.1 billion at December 31, 2017 primarily due to lower net cash provided by operating activities less capex ($0.6 billion), negative foreign exchange impacts on Euro-denominated debt ($0.2 billion) and share buyback ($0.2 billion). Net debt as of March 31, 2018, was lower as compared to $12.1 billion as of March 31, 2017.
As of March 31, 2018, the Company had liquidity of $7.8 billion, consisting of cash and cash equivalents of $2.3 billion and $5.5 billion of available credit lines [9] . The $5.5 billion credit facility contains a financial covenant of 4.25x Net debt / EBITDA (as defined in the facility). As of March 31, 2018, the average debt maturity was 5.2 years.
Key recent developments
On May 9, 2018, the Annual General Meeting of shareholders of ArcelorMittal held in Luxembourg approved all resolutions. The results of the votes are posted on www.arcelormittal.com under "Investors > Equity Investors > Shareholders' meetings > Annual General Meeting of shareholders, 9 May 2018" where the full documentation regarding the general meeting is available. The shareholders re-elected Mrs. Karyn Ovelmen and Mr. Tye Burt as directors of ArcelorMittal for a term of three years each.
On April 13, 2018, ArcelorMittal announced that, as part of the ongoing European Commission ('EC') review into its acquisition of Ilva, it submitted a proposed divestment package to the EC to address concerns the EC has raised during its review. The divestment package includes the following assets: ArcelorMittal Piombino, the Company's only galvanized steel plant in Italy ArcelorMittal Galati, Romania ArcelorMittal Skopje, Macedonia ArcelorMittal Ostrava, Czech Republic ArcelorMittal Dudelange, Luxembourg Hot dipped galvanizing lines 4 and 5 in Flemalle; hot-rolled pickling, cold rolling and tin packaging lines in Tilleur, all of which are in Liège, Belgium.
On May 7, 2018, ArcelorMittal announced that it has been granted merger clearance by the EC for AM Investco Italy S.r.l. (AM Investco)'s proposed acquisition of Ilva S.p.A (Ilva). EC merger clearance follows the conclusion of the Commission's Phase II investigation into the proposed acquisition of Ilva, and has been granted on the basis that the Company has committed to dispose of assets in the divestment package. Approval by the EC is a significant milestone in the transaction to acquire Ilva and represents a major step towards closing the deal, which is now expected end of June 2018.
In February 2018, the Brazilian antitrust authority - CADE - approved the acquisition, by ArcelorMittal, of the entire representative shares of Votorantim Siderurgia's equity capital. The closing of the transaction occurred on April 1, 2018, Votorantim Siderurgia, under the new corporate name of ArcelorMittal Sul Fluminense, became a subsidiary of ArcelorMittal Brasil. The combination of the businesses will result in a long product steel producer with annual crude steel capacity of 5.1 million metric tonnes. CADE's approval was subject to the fulfilment of certain divestment commitments: ArcelorMittal Brasil agreed to dispose of its two production sites of Cariacica and Itaúna, as well as some drawing equipment, which disposal was completed early May 2018. This acquisition aims to create value through cost, logistical and operational synergies totaling ~$110 million per annum.
On April 12, 2018, ArcelorMittal published a convening notice for its Extraordinary General Meeting of shareholders, which will be held on May 16, 2018 at 11.00 a.m. CET at the company's registered office, 24-26, Boulevard d'Avranches, L-1160 in Luxembourg. The convening notice, the amended draft of the articles of association, the voting forms and all other meeting documentation are available on ArcelorMittal's website under "Investors - Equity investors - Shareholders' meetings - Extraordinary General Meeting May 16, 2018".
On March 28, 2018, ArcelorMittal announced the completion of its share buyback program. ArcelorMittal repurchased 7 million shares for a total value of approximately €184 million (equivalent USD 226 million) at an approximate average price per share of €26.34. All details are available on its website on: http://corporate.arcelormittal.com/investors/equity-investors/share-buyback .
On February 12, 2018, the Company's subsidiary ArcelorMittal India Private Limited (AMIPL) submitted a Resolution Plan for Essar Steel India Limited (Essar Steel) which set out a detailed plan to restore Essar Steel's fortunes and enable it to realise its full potential and participate in the anticipated steel demand growth in India. On March 2, 2018, ArcelorMittal signed a joint venture formation agreement with Nippon Steel & Sumitomo Metal Corporation (NSSMC) in relation to its offer to acquire Essar Steel.
This will involve a multi staged approach: initial steps will be to stabilize the operation and increase production from the current 5.6Mtpa level to 8.5Mtpa in the medium term and ultimately have long term aspirations to produce between 15-20Mtpa.
On February 1, 2018, Standard and Poors Global Ratings (S&P) raised its long-term corporate credit rating on ArcelorMittal to 'BBB-' from 'BB+' and assigned a stable outlook. At the same time, S&P raised the short-term corporate rating to 'A-3' from 'B' and raised its issue-level ratings on ArcelorMittal's unsecured debt to 'BBB-' from 'BB+'. Because these ratings are now investment grade, S&P has withdrawn the associated recovery ratings.
Recent filings
During May 2018, ArcelorMittal published the 2017 investor relations fact book. The report is available on http://corporate.arcelormittal.com under "Investors > Financial reports > Factbook."
On March 12, 2018, ArcelorMittal published the statutory financial statements of ArcelorMittal parent company for the year ended December 31, 2017. These financial statements have been filed with the electronic database of the Luxembourg Stock Exchange ( www.bourse.lu ) and are available on http://corporate.arcelormittal.com under "Investors > Financial reports > Annual reports".
On February 16, 2018, ArcelorMittal published its annual report for the year ended December 31, 2017. The report has been filed with the electronic database of the Luxembourg Stock Exchange ( www.bourse.lu ) and are available on http:// corporate.arcelormittal.com under "Investors > Financial reports > Annual reports".
On February 15, 2018, ArcelorMittal filed its Annual Report 2017 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report is available on ArcelorMittal's website http://corporate.arcelormittal.com under "Investors > Financial reports > SEC filings".
Outlook and guidance
The following global apparent steel consumption ("ASC") figures reflect the Company's 2018 estimates, which remain unchanged from those presented in connection with the full year 2017 results announcement in January 2018.
Market conditions are favorable. The demand environment remains positive (as evidenced by the continued high readings from the ArcelorMittal weighted PMI), and steel spreads remain healthy.
Global apparent steel consumption ("ASC") is estimated to have expanded by +3.2% in 2017. Based on the current economic outlook, ArcelorMittal expects global ASC to grow further in 2018 by between +1.5% to +2.5%. By region: ASC in US is expected to grow +1.5% to +2.5% in 2018 (including pipes and tubes) (versus +1.3% in 2017 (excluding pipes and tubes)) driven by demand in machinery and construction. In Europe, we expect underlying demand to continue to grow, supported by the strength of machinery and construction end markets, and overall demand is expected to be +1.0% to +2.0% in 2018 (versus growth of +1.5% in 2017). In Brazil, ASC is expected to grow by +6.5% to +7.5% in 2018 (an acceleration of growth versus +4.6% in 2017), as the economy starts to turnaround with improved consumer confidence and pick up in longs as construction recovers. In the CIS, ASC is expected to grow +2.0% to +3.0% in 2018 (a moderation of growth versus +5.4% in 2017). In China, ASC grew by +3.5% in 2017, higher than our initial expectations. Overall demand is expected to remain close to this level in 2018 (between -0.5% to +0.5%), as the anticipated weakness in the real estate sector is expected to be offset in part by robust infrastructure and automotive end markets. Nevertheless, ex-China ASC is expected to grow by approximately +3.0% to +4.0% in 2018 (versus +2.8% in 2017), which supports global ASC growth of +1.5% to +2.5% in 2018 (as compared to growth of ~3.2% in 2017).
The Company expects cash needs of the business (excluding working capital investment) to increase in 2018 to approximately $5.6 billion from $4.4 billion in 2017. The expected increase in capex to $3.8 billion in 2018 from $2.8 billion in 2017 largely reflects the Mexico hot strip mill project and anticipated ILVA capex as well as additional strategic projects ($0.3 billion, including further investment to enhance downstream optimization in Europe and HAV in Canada and Europe). Net interest is expected to decline to $0.6 billion from $0.8 billion in 2017 reflecting the benefits of liability management exercises completed in 2017. Other cash needs are expected to increase to $1.2 billion from $0.8 billion in 2017, primarily on account of higher expected cash taxes due to timing impacts.
Working capital requirements for 2018 are expected to be driven by market conditions.
The Company will continue to prioritize deleveraging and believes that $6 billion is an appropriate net debt target that will sustain investment grade metrics even at the low point of the cycle. The Company will continue to invest in opportunities that will enhance future returns. By investing in these opportunities with focus and discipline, the cash flow generation potential of the Company is expected to increase. The Board has agreed on a new dividend policy which has been approved by the shareholders at the AGM on May 9, 2018. Given the current deleveraging bias, dividends will begin at $0.10/share in 2018 (paid from 2017 results [10] ). Once it achieves net debt at or below its target, the Company is committed to returning a portion of annual FCF to shareholders.
ArcelorMittal Condensed Consolidated Statement of Financial Position 1
Mar 31, Dec 31, Mar 31, In millions of U.S. dollars 2018 2017 2017 ASSETS Cash and cash equivalents (C) 2,260 2,786 2,402 Trade accounts receivable and other 5,012 3,863 3,971 Inventories 18,952 17,986 16,393 Prepaid expenses and other current assets 2,653 1,931 2,251 Assets held for sale [11] 224 179 126 Total Current Assets 29,101 26,745 25,143 Goodwill and intangible assets 5,759 5,737 5,716 Property, plant and equipment 37,031 36,971 35,049 Investments in associates and joint ventures 5,231 5,084 4,470 Deferred tax assets 7,170 7,055 5,931 Other assets 3,671 3,705 2,182 Total Assets 87,963 85,297 78,491 LIABILITIES AND SHAREHOLDERS' EQUITY Short-term debt and current portion of long-term debt (B) 4,084 2,785 3,452 Trade accounts payable and other 13,494 13,428 12,043 Accrued expenses and other current liabilities 5,389 5,147 4,853 Liabilities held for sale 11 42 50 38 Total Current Liabilities 23,009 21,410 20,386 Long-term debt, net of current portion (A) 9,309 10,143 11,047 Deferred tax liabilities 2,605 2,684 2,626 Other long-term liabilities 10,349 10,205 10,503 Total Liabilities 45,272 44,442 44,562 Equity attributable to the equity holders of the parent 40,608 38,789 31,743 Non-controlling interests 2,083 2,066 2,186 Total Equity 42,691 40,855 33,929 Total Liabilities and Shareholders' Equity 87,963 85,297 78,491 Net Debt (D=A+B-C) 11,133 10,142 12,097 ArcelorMittal Condensed Consolidated Statement of Operations 1
Three months ended In millions of U.S. dollars unless otherwise shown Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 Sales 19,186 17,710 17,639 17,244 16,086 Depreciation (B) (711) (747) (690) (676) (655) Impairment (B) (86) (160) - (46) - Exceptional charges (B) (146) - - - - Operating income (A) 1,569 1,234 1,234 1,390 1,576 Operating margin % 8.2% 7.0% 7.0% 8.1% 9.8% Income from associates, joint ventures and other investments 212 125 117 120 86 Net interest expense (164) (188) (205) (207) (223) Foreign exchange and other net financing gain/(loss) (174) (261) 132 210 (133) Income before taxes and non-controlling interests 1,443 910 1,278 1,513 1,306 Current tax expense (284) (134) (116) (126) (207) Deferred tax benefit / (expense) 81 253 45 (71) (76) Income tax (expense) / benefit (203) 119 (71) (197) (283) Income including non-controlling interests 1,240 1,029 1,207 1,316 1,023 Non-controlling interests (income) / loss (48) 10 (2) 6 (21) Net income attributable to equity holders of the parent 1,192 1,039 1,205 1,322 1,002 Basic earnings per common share ($) 4 1.17 1.02 1.18 1.30 0.98 Diluted earnings per common share ($) 4 1.17 1.01 1.18 1.29 0.98 Weighted average common shares outstanding (in millions) 4 1,019 1,020 1,020 1,020 1,020 Diluted weighted average common shares outstanding (in millions) 4 1,023 1,024 1,023 1,023 1,022 OTHER INFORMATION EBITDA (C = A-B) 2,512 2,141 1,924 2,112 2,231 EBITDA Margin % 13.1% 12.1% 10.9% 12.2% 13.9% Own iron ore production (Mt) 14.6 14.4 14.2 14.7 14.0 Crude steel production (Mt) 23.3 22.7 23.6 23.2 23.6 Steel shipments (Mt) 21.3 21.0 21.7 21.5 21.1 ArcelorMittal Condensed Consolidated Statement of Cash flows 1
Three months ended In millions of U.S. dollars Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 Operating activities: Income attributable to equity holders of the parent 1,192 1,039 1,205 1,322 1,002 Adjustments to reconcile net income to net cash (used in) / provided by operations: Non-controlling interest's income / (loss) 48 (10) 2 (6) 21 Depreciation and impairment 797 907 690 722 655 Exceptional charges 146 - - - - Income from associates, joint ventures and other investments (212) (125) (117) (120) (86) Deferred tax (benefit)/ expense (81) (253) (45) 71 76 Change in working capital (1,869) 1,657 (801) (548) (2,181) Other operating activities (net) 139 (330) (171) (227) 214 Net cash provided by / (used in) operating activities (A) 160 2,885 763 1,214 (299) Investing activities: Purchase of property, plant and equipment and intangibles (B) (752) (1,036) (637) (566) (580) Other investing activities (net) 76 105 74 (172) (18) Net cash used in investing activities (676) (931) (563) (738) (598) Financing activities: Net proceeds / (payments) relating to payable to banks and long-term debt 263 (2,131) 587 (726) 743 Dividends paid (50) (21) (80) - (40) Share buyback (226) - - - - Other financing activities (net) (20) (15) 7 (18) (37) Net cash (used in) / provided by financing activities (33) (2,167) 514 (744) 666 Net (decrease) / increase in cash and cash equivalents (549) (213) 714 (268) (231) Cash and cash equivalents transferred from assets held for sale - - - - 13 Effect of exchange rate changes on cash 17 16 9 30 3 Change in cash and cash equivalents (532) (197) 723 (238) (215) Free cash flow (C=A+B) (592) 1,849 126 648 (879) Appendix 1: Product shipments by region
(000'kt) 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 Flat 4,811 4,414 4,820 4,748 4,944 Long 921 872 984 845 829 NAFTA 5,559 5,150 5,655 5,419 5,610 Flat 1,400 1,950 1,766 1,682 1,364 Long 1,095 1,108 1,181 945 866 Brazil 2,483 3,052 2,940 2,622 2,226 Flat 7,704 7,298 7,098 7,482 7,377 Long 2,961 2,821 2,954 2,913 2,806 Europe 10,697 10,151 10,116 10,466 10,208 CIS 1,866 2,209 2,297 2,212 2,119 Africa 1,167 1,044 1,065 1,045 1,102 ACIS 3,029 3,254 3,362 3,257 3,221 Note: "Others and eliminations" are not presented in the table
Appendix 2a: Capital expenditures
(USDm) 1Q 18 4Q 17 3Q 17 2Q 17 1Q 17 NAFTA 160 184 95 90 97 Brazil 47 72 79 55 57 Europe 313 430 213 248 252 ACIS 117 165 114 75 73 Mining 107 179 132 94 90 Total 752 1,036 637 566 580 Note: "Others and eliminations" are not presented in the table
Appendix 2b: Capital expenditure projects
The following tables summarize the Company's principal growth and optimization projects involving significant capital expenditures.
Completed projects in most recent quarters
Segment Site / unit Project Capacity / details Actual completion NAFTA AM/NS Calvert (US) Phase 2: Slab yard expansion (Bay 5) Increase coil production level from 4.6Mt/year to 5.3Mt/year coils 2Q 2017 NAFTA ArcelorMittal Dofasco (Canada) Phase 2: Convert the current galvanizing line #4 to a Galvalume line Allow the galvaline #4 to produce 160kt galvalume and 128kt galvanize and closure of galvanize line #1 (capacity 170kt of galvalume) 2Q 2017
Europe ArcelorMittal Krakow (Poland) Hot strip mill (HSM) extension Increase hot rolled coil (HRC) capacity by 0.9Mt/year 2Q 2017 Europe ArcelorMittal Krakow (Poland) Hot dipped galvanizing (HDG) capacity increase Increasing HDG capacity by 0.4Mt/year 2Q 2017
Ongoing projects
Segment Site / unit Project Capacity / details Forecast completion Europe Gent & Liège (Europe Flat Automotive UHSS Program)
Gent: Upgrade HSM and new furnace
Liège: Annealing line transformation Increase ~400kt in Ultra High Strength Steel capabilities 2Q 2018 Europe ArcelorMittal Differdange (Luxembourg) Modernisation of finishing of "Grey rolling mill" Revamp finishing to achieve full capacity of Grey mill at 850kt/y 2Q 2018 ACIS ArcelorMittal Kryvyi Rih (Ukraine) New LF&CC 2&3 Facilities upgrade to switch from ingot to continuous caster route. Additional billets of 290kt over ingot route through yield increase 4Q 2018 NAFTA Indiana Harbor (US) Indiana Harbor "footprint optimization project" Restoration of 80" HSM and upgrades at Indiana Harbor finishing 2018 (a) Europe Sosnowiec (Poland) Modernization of Wire Rod Mill Upgrade rolling technology improving the mix of HAV products and increase volume by 90kt 2019 NAFTA Mexico Build new HSM Production capacity of 2.5Mt/year 2020 (b) NAFTA ArcelorMittal Dofasco (Canada) Hot Strip Mill Modernization Replace existing three end of life coilers with two states of the art coilers and new runout tables. 2020 (c) NAFTA Burns Harbor (US) New Walking Beam Furnaces Two new walking beam reheat furnaces bringing benefits on productivity, quality and operational cost 2021 Brazil ArcelorMittal Vega Do Sul Expansion project Increase hot dipped galvanizing (HDG) capacity by 0.6Mt/year and cold rolling (CR) capacity by 0.7Mt/year On hold Brazil Juiz de Fora Melt shop expansion Increase in meltshop capacity by 0.2Mt/year On hold (d)
Brazil Monlevade Sinter plant, blast furnace and melt shop Increase in liquid steel capacity by 1.2Mt/year;
Sinter feed capacity of 2.3Mt/year On hold Mining Liberia Phase 2 expansion project Increase production capacity to 15Mt/year Under review (e) a) In support of the Company's Action 2020 program that was launched at its fourth quarter and full-year 2015 earnings announcement, the footprint optimization project at ArcelorMittal Indiana Harbor is now complete, which has resulted in structural changes required to improve asset and cost optimization. The plan involved idling redundant operations including the #1 aluminize line, 84" hot strip mill (HSM), and #5 continuous galvanizing line (CGL) and No.2 steel shop (idled in 2Q 2017) whilst making further planned investments totalling ~$200 million including a new caster at No.3 steel shop (completed in 4Q 2016), restoration of the 80" hot strip mill and Indiana Harbor finishing are ongoing. The full project scope is expected to be completed in 2018.
b) On September 28, 2017, ArcelorMittal announced a major US$1 billion, three-year investment programme at its Mexican operations, which is focussed on building ArcelorMittal Mexico's downstream capabilities, sustaining the competitiveness of its mining operations and modernising its existing asset base. The programme is designed to enable ArcelorMittal Mexico to meet the anticipated increased demand requirements from domestic customers, realise in full ArcelorMittal Mexico's production capacity of 5.3 million tonnes and significantly enhance the proportion of higher-value added products in its product mix, in-line with the Company's Action 2020 strategic plan. The main investment will be the construction of a new hot strip mill. Construction will take approximately three years and, upon completion, will enable ArcelorMittal Mexico to produce c. 2.5 million tonnes of flat rolled steel, long steel c. 1.8 million tonnes and the remainder made up of semi-finished slabs. Coils from the new hot strip mill will be supplied to domestic, non-auto, general industry customers. The project commenced late 4Q 2017 and is expected to be completed in the second quarter of 2020. The Company expects capital expenditures of approximately $350 million with respect to this programme in 2018.
c) Investment in ArcelorMittal Dofasco (Canada) to modernise the hot strip mill. The project is to install two new state of the art coilers and runout tables to replace three end of life coilers. The strip cooling system will be upgraded and include innovative power cooling technology to improve product capability. The project is expected to be completed in 2020.
d) Although the Monlevade wire rod expansion project and Juiz de Fora rebar expansion were completed in 2015, the Juiz de Fora melt shop project is currently on hold and is expected to be completed upon Brazil domestic market recovery.
e) ArcelorMittal Liberia has moved ore extraction from its depleting DSO (direct shipping ore) deposit at Tokadeh to the nearby, lower impurity DSO Gangra deposit with planned production of 5Mt in 2018. The Gangra mine, haul road and related existing plant and equipment upgrades have now been completed. Following a period of exploration cessation caused by the onset of Ebola, ArcelorMittal Liberia recommenced drilling for DSO resource extensions in late 2015. During 2016, the operation at Tokadeh was right-sized to focus on its "natural" Atlantic markets. The originally planned phase 2 project of 15Mtpa of concentrate sinter fine ore product was delayed in August 2014 due to the declaration of force majeure by contractors following the Ebola virus outbreak, and then reassessed following rapid iron ore price declines over the ensuing period since.
Now that mining at the Gangra deposit has commenced, ArcelorMittal Liberia has launched a feasibility study to identify the optimal concentration solution in a phased approach for utilising the significant lower grade resources at Tokadeh. The results of the feasibility study are anticipated at the end of 2018.
ArcelorMittal remains committed to Liberia where it operates a full value chain of mine, rail and port and where it has been operating the mine on a DSO basis since 2011. The Company believes that ArcelorMittal Liberia presents a strong, competitive source of product ore for the international market based on continuing DSO mining and subsequent shift to a high grade, long-term sinter feed concentration phase.
Appendix 3: Debt repayment schedule as of March 31, 2018
Debt repayment schedule (USD billion) 2018 2019 2020 2021 2022 >=2023 Total Bonds 0.5 0.9 1.9 1.4 1.6 2.8 9.1 Commercial paper 1.3 - - - - - 1.3 Other loans 1.2 0.4 0.2 0.4 0.2 0.6 3.0 Total gross debt 3.0 1.3 2.1 1.8 1.8 3.4 13.4 Appendix 4: Terms and definitions
Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below:
Average steel selling prices: calculated as steel sales divided by steel shipments.
Cash and cash equivalents: represents cash and cash equivalents, restricted cash and short-term investments.
Capex: represents the purchase of property, plant and equipment and intangibles.
EBITDA: operating income plus depreciation, impairment expenses and exceptional income/ (charges).
EBITDA/tonne: calculated as EBITDA divided by total steel shipments.
Exceptional income / (charges): relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business of the period.
Foreign exchange and other net financing (loss) / gain: include foreign currency exchange impact, bank fees, interest on pensions, impairments of financial instruments, revaluation of derivative instruments and other charges that cannot be directly linked to operating income/(loss).
Free cash flow (FCF) : Refers to net cash provided by (used in) operating activities less capex.
Gross debt : long-term debt, plus short-term debt (including those held as part of liabilities held for sale).
Liquidity: Cash and cash equivalents plus available credit lines excluding back-up lines for the commercial paper program.
LTIF: lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.
MT: Refers to million metric tonnes
Market-priced tonnes: represent amounts of iron ore and coal from ArcelorMittal mines that could be sold to third parties on the open market. Market-priced tonnes that are not sold to third parties are transferred from the Mining segment to the Company's steel producing segments and reported at the prevailing market price. Shipments of raw materials that do not constitute market-priced tonnes are transferred internally and reported on a cost-plus basis.
Mining segment sales: i) "External sales": mined product sold to third parties at market price; ii) "Market-priced tonnes": internal sales of mined product to ArcelorMittal facilities and reported at prevailing market prices; iii) "Cost-plus tonnes" - internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are reported at market price or cost-plus is whether the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market).
Net debt: long-term debt, plus short-term debt less cash and cash equivalents (including those held as part of liabilities held for sale).
Net debt/EBITDA: Refers to Net debt divided by last twelve months EBITDA calculation.
Net interest: includes interest expense and interest income
On-going projects: Refer to projects for which construction has begun (excluding various projects that are under development), even if such projects have been placed on hold pending improved operating conditions.
Operating results: Refers to operating income/(loss).
Operating segments: The NAFTA segment includes the Flat, Long and Tubular operations of USA, Canada and Mexico. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica and Venezuela. The Europe segment comprises the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions. The ACIS segment includes the Flat, Long and Tubular operations of Kazakhstan, Ukraine and South Africa. Mining segment includes iron ore and coal operations.
Own iron ore production: Includes total of all finished production of fines, concentrate, pellets and lumps and includes share of production (excludes strategic long-term contracts).
PMI: Refers to purchasing managers index (based on ArcelorMittal estimates)
S eaborne iron ore reference prices: refers to iron ore prices for 62% Fe CFR China
Shipments: information at segment and group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded.
Steel-only EBITDA: calculated as EBITDA less Mining segment EBITDA.
Steel-only EBITDA/tonne: calculated as steel-only EBITDA divided by total steel shipments.
Working capital: trade accounts receivable plus inventories less trade and other accounts payable.
YoY : Refers to year-on-year.
[1] The financial information in this press release has been prepared consistently with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union. The interim financial information included in this announcement has been also prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, "Interim Financial Reporting". The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. This press release also includes certain non-GAAP financial measures. ArcelorMittal presents EBITDA, and EBITDA/tonne, which are non-GAAP financial measures and defined in the Condensed Consolidated Statement of Operations, as additional measurements to enhance the understanding of operating performance. ArcelorMittal believes such indicators are relevant to describe trends relating to cash generating activity and provides management and investors with additional information for comparison of the Company's operating results to the operating results of other companies. ArcelorMittal also presents net debt as an additional measurement to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. ArcelorMittal also presents free cash flow, which is a non-GAAP financial measure defined in the Condensed Consolidated Statement of Cash flows, because it believes it is a useful supplemental measure for evaluating the strength of its cash generating capacity. Non-GAAP financial measures should be read in conjunction with and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies.
[2] On March 28, 2018, ArcelorMittal announced the completion of its share buyback program. ArcelorMittal has repurchased 7 million shares for a total value of approximately €184 million (equivalent $226 million) at an approximate average price per share of €26.34 (equivalent to $32.36)
[3] At the Extraordinary General Meeting held on May 10, 2017, the shareholders approved a share consolidation based on a ratio 1:3, whereby every three shares were consolidated into one share (with a change in the number of shares outstanding and the accounting par value per share). The figures presented for the basic and diluted earnings per share reflect this change.
[4] On April 20, 2018, following the approval by the Brazilian antitrust authority - CADE of the combination of ArcelorMittal Brasil's and Votorantim's long steel businesses in Brazil subject to the fulfilment of divestment commitments, ArcelorMittal Brasil agreed to dispose of its two production sites of Cariacica and Itaúna, as well as some drawing equipment of ArcelorMittal Brasil and ArcelorMittal Sul-Fluminense. The sale was completed early May 2018 to the Mexican Group Simec S.A.B. de CV. A second package of some drawing equipment of ArcelorMittal Brasil and ArcelorMittal Sul-Fluminense were sold to the company Aço Verde do Brasil as part of CADE's conditional approval.
[5] China Oriental completed a share placement to restore the minimum 25% free float as per Hong Kong Exchange listing requirements. Following the share placement, ArcelorMittal's interest in China Oriental decreased from 47% to 39%, as a result of which ArcelorMittal recorded a net dilution loss of $44 million. In January 2018, China Oriental issued 192 million additional shares in connection with the exercise of all outstanding stock option plans. As a result, ArcelorMittal's interest decreased from 39% to 37%.
[6] ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada.
[7] In December 2017, ArcelorMittal committed to a plan to sell its 100% owned subsidiary Go Steel Frýdek Místek ("Frýdek Mistek"). At December 31, 2017, the carrying amount of assets and liabilities subject to the transaction were classified as held for sale. The sale was completed in 1Q 2018.
[8] On December 16, 2016, ArcelorMittal signed a €350 million finance contract with the European Investment Bank in order to finance European research, development and innovation projects over the 2017-2020 period within the European Union, predominantly France, Belgium and Spain, but also in the Czech Republic, Poland, Luxembourg and Romania. The Company benefits from a guarantee from the European Union under the European Fund for Strategic Investments.
[9] On December 21, 2016, ArcelorMittal signed an agreement for a $5.5 billion revolving credit facility (the "Facility"). The agreement incorporates a first tranche of $2.3 billion maturing on December 21, 2019, and a second tranche of $3.2 billion maturing on December 21, 2021. The Facility may be used for general corporate purposes. As of March 31, 2018, the $5.5 billion revolving credit facility was fully available.
[10] Dividends are announced in US dollars. Dividends are paid in US dollars for shares traded in the United States in the form of New York registry shares. Dividends are paid in EUR for shares listed on the European Stock Exchanges (Amsterdam, Paris, Luxembourg, MTS) and converted from US dollars to EUR based on the European Central Bank exchange rate at May 15, 2018. A Luxembourg withholding tax of 15% is applied on the gross dividend amounts. Dividend record date is May 18, 2018 and payment date June 13, 2018.
[11] Assets and liabilities held for sale, as of March 31, 2018, primarily include the carrying value of the USA long product facilities at Steelton ("Steelton"), and Cariacica and Itauna industrial plants in Brazil (sold in May 2018 as remedy package for Votorantim acquisition). Assets and liabilities held for sale, as of December 31, 2017, primarily include the carrying value of Steelton and Frydek Mistek assets in Czech Republic (which was sold in 1Q 2018). Assets and liabilities held for sale, as of March 31, 2017, primarily include the carrying value of Steelton.
First quarter 2018 earnings analyst conference call
ArcelorMittal will hold a conference call hosted by Heads of Finance and Investor Relations for members of the investment community to discuss the three-month period ended March 31, 2018 on: Friday May 11, 2018 at 9.30am US Eastern time; 2.30pm London time and 3.30pm CET.
The dial in numbers are: Location Toll free dial in numbers Local dial in numbers Participant UK local: 0800 0515 931 +44 (0)203 364 5807 10560913# US local: 1 86 6719 2729 +1 24 0645 0345 10560913# US (New York): 1 86 6719 2729 + 1 646 663 7901 10560913# France: 0800 914780 +33 1 7071 2916 10560913# Germany: 0800 965 6288 +49 692 7134 0801 10560913# Spain: 90 099 4930 +34 911 143436 10560913# Luxembourg: 800 26908 +352 27 86 05 07 10560913# A replay of the conference call will be available for one week by dialing: +49 (0) 1805 2047 088; Access code 520877#
Forward-Looking Statements
This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe", "expect", "anticipate", "target" or similar expressions. Although ArcelorMittal's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the "SEC") made or to be made by ArcelorMittal, including ArcelorMittal's latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate. For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.
We are one of the world's five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow. In 2017, ArcelorMittal had revenues of $68.7 billion and crude steel production of 93.1 million metric tonnes, while own iron ore production reached 57.4 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
Enquiries
ArcelorMittal investor relations: Europe: +44 207 543 1128; Americas: +1 312 899 3985; Retail: +44 207 543 1156; SRI: +44 207 543 1156 and Bonds/credit: +33 1 71 92 10 26.
ArcelorMittal corporate communications ( E-mail: [email protected] ) +44 0207 629 7988. Contact: Paul Weigh +44 203 214 2419; France (Image 7) Tel: +33 153 70 94 17.
Attachment
ArcelorMittal reports results for the first quarter 2018.pdf
Source:Arcelor Mittal S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-arcelormittal-reports-results-for-the-first-quarter-2018.html |
May 15 (Reuters) - Quest Resource Holding Corp:
* QUEST RESOURCE HOLDING REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.09 * Q1 REVENUE $24.7 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-quest-resource-q1-loss-per-share-0/brief-quest-resource-q1-loss-per-share-0-09-idUSASC0A2EN |
May 24 (Reuters) - U.S. stocks fell on Thursday after President Donald Trump called off his planned June 12 summit meeting with North Korean leader Kim Jong Un. “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting,” Trump said in a letter released by the White House.
The main indexes opened nearly flat, but fell, with the Dow Jones Industrial Average dropping 139.41 points, or 0.56 percent, to 24,747.4.
The S&P 500 lost 15.27 points, or 0.56 percent, to 2,718.02 and the Nasdaq Composite dropped 35.48 points, or 0.48 percent, to 7,390.48. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-drops-after-trump-cancels-summit-with-n-koreas-kim-idUSL3N1SV593 |
SARAJEVO (Reuters) - Bosnian Serb leader Milorad Dodik, who seeks the secession of Bosnia’s Serb-dominated region, announced his official candidacy on Tuesday for the Serb seat in the country’s inter-ethnic presidency in an Oct. 7 vote.
FILE PHOTO: Bosnian Serb Republic President Milorad Dodik (R) and Montenegro President Filip Vujanovic attend an economic fair in Mostar, Bosnia, April 10, 2018. REUTERS/Dado Ruvic/File Photo Post-war Bosnia is made up of two autonomous regions, the Bosniak-Croat Federation and the Serb Republic (RS), linked via a weak central government and a presidency comprised of Serb, Croat and Muslim Bosniak members.
Dodik looks an unlikely candidate to represent a state that he has repeatedly attacked as unviable and harmful for Serbs, but opted for the job as he cannot run again for president of Bosnia’s Serb Republic after his second term expires in October.
His close ally Zeljka Cvijanovic, who now serves as RS prime minister, will run to replace him as the entity’s president.
Dodik said he was sure of an election victory and that he would work solely in the interest of the Serb Republic.
“I am fully convinced that Republika Srpska will be strengthened in this way,” Dodik said after a convention of his Alliance of Independent Social Democrats party (SNSD). “It will be a priority for me to put the interests of Republika Srpska first.”
Bosnia’s presidency generally oversees its foreign relations although Dodik, if elected, is likely to try to use his Sarajevo-based post to improve the image of the RS.
He was blacklisted by the United States after he organized a referendum on a legally disputed RS national holiday despite a ban issued by Bosnia’s constitutional court in 2016.
Dodik, who favors closer ties with Russia over those with the West, has also served three terms as RS prime minister since 1998, when the United States and other Western sponsors of Bosnia’s peace process embraced him as a moderate Serb politician following the country’s 1992-95 war.
But over the past decade he has switched to a nationalist course. He raised international alarm with his announcement of a referendum for RS independence in 2018, though he later canceled the move.
A Bosniak-Croat referendum vote for Bosnian independence from then-federal Yugoslavia in 1992 was opposed by Serbs and led to three years of Europe’s bloodiest conflict since World War Two. Bosnia was divided into two autonomous regions under the 1995 Dayton peace treaty.
Reporting by Daria Sito-Sucic; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bosnia-election-dodik/nationalist-serb-leader-to-run-for-bosnias-tripartite-presidency-idUSKCN1IU1YQ |
TAIPEI, Taiwan, May 21, 2018 /PRNewswire/ -- DFI Inc.'s consolidated sales revenue for the first quarter was NTD 1.158 billion, an increase of 42% quarter on quarter and an increase of 26% year on year. The gross profit ratio was 30% and the net income NTD 131 million, an increase of 67% year on year and earnings per share NTD 1.14. DFI Inc. will distribute a cash dividend of NTD 4.2 per common share this year.
"Given the rapid changes in the IPC market in Taiwan, DFI Inc. still manages to maintain double-digit growth rates through its own organic growth. It shows our efforts to retain customers have taken effect. In the medium to long term, we will multiply our company's core advantages through strategic investments," DFI Inc. Chairman Peter Chen said. The transformation strategy of DFI Inc. works. By merging with the Qisda Group last November, DFI Inc. now plays a vital role in the "combined fleet" with its computing capabilities. Benefiting from the strategic partnership with the Qisda Group, DFI Inc. has seen considerable growth in sales revenue and net income in the first quarter of this year. More efforts will be made to integrate resources of the group, such as the sea gates and production capabilities of Qisda-owned medical and intelligent factories. Cooperation with partners like Alpha Networks Inc., which specializes in 5G communication technology, and Aplex Technology Inc., which is strong on human machine interface technology, will be enhanced to increase DFI Inc.'s competitiveness in the high-end market.
DFI Inc. President Steven Tsai said, "DFI's core competency is in 'computing'. In recent years, there has been a qualitative change in the IPC market. DFI's response to it is demonstrated in four aspects - wider range of services (ODM), deeper penetration into the market (customization), precise grasp of market trends (new applications), and expansion of reach to all aspects of the market (strategic alliance)." Tsai stresses that DFI Inc., which used to focus its efforts on motherboard and chip businesses, has now been transformed into a company that develops more system products, strengthens customer cohesion, and speeds up and enlarges business growth. Business operation started to heat up in the first quarter.
In the future, DFI Inc. will diversify its operations in the vertical market. Besides existing automation applications and business ventures in the retail market, we will also expand applications in more profitable fields like automobiles, medical treatment and defense. In the extension of market reach, DFI Inc. will seek to gain access to the Japanese, European and U.S. markets, which have high profit margins, through newly-developed applications and newly-discovered business opportunities.
View original content: http://www.prnewswire.com/news-releases/dfi-has-transformed-itself-with-qisda-groups-resources-and-penetrated-deeper-into-the-niche-market-300652377.html
SOURCE DFI Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-dfi-has-transformed-itself-with-qisda-groups-resources-and-penetrated-deeper-into-the-niche-market.html |
May 2, 2018 / 8:51 PM / Updated an hour ago Poorest U.S. consumers seen hit hard by T-Mobile, Sprint merger Sheila Dang , Diane Bartz 5 Min Read
(Reuters) - The poorest U.S. consumers would lose most from the proposed tie-up of wireless carriers T-Mobile US Inc and Sprint Corp, according to consumer advocates who warned the combined company would hike fees for pre-paid and other low-cost mobile phone plans. A smartphones with Sprint logo are seen in front of a screen projection of T-mobile logo, in this picture illustration taken April 30, 2018. REUTERS/Dado Ruvic/Illustration
T-Mobile and Sprint announced a $26 billion all-stock deal on Sunday, saying they believed they could win over skeptical regulators because the merger would create thousands of jobs and help the United States beat China in creating 5G, the next generation mobile network.
But consumer groups complained the deal would lead to higher prices, hitting low-income people the hardest and leaving them fewer alternatives for communication.
Amparo Calcawell knows this well. The 62-year-old hairdresser has already lost her $50 per month Boost Mobile service due to a missed payment and fears higher prices will force her to find a new provider.
The New York City resident, speaking outside a Boost Mobile store in Manhattan holding a fistful of cash, needs her phone to keep in touch with family: “This is why a phone is so important.”
The Federal Communications Commission and Justice Department will likely review the proposed deal to determine if it would harm competition or if it is in the public interest.
While AT&T and Verizon dominate the U.S. wireless market overall, T-Mobile is the most popular among customers who make less than $75,000 per year, and Sprint’s pre-paid brand Boost counts 83 percent of its users in that income range, according to data from Kagan, S&P Global Market Intelligence data.
T-Mobile has 38 percent of the U.S. pre-paid market, while Sprint has 16 percent, which would give the combined company 54 percent, according to S&P.
“Lower income consumers are likely to lose the most options and face stiff price hikes because Sprint and T-Mobile are the only game in town for them,” said Gene Kimmelman, president of advocacy group Public Knowledge and a former chief counsel for the U.S. Justice Department’s Antitrust Division.
In its antitrust review, the Justice Department would likely view the prepaid market as a separate market, and if they do the companies could be in for a tough review, experts said.
“It’s clearly putting a more than 50 percent leader in the market. That will draw serious scrutiny,” said Caroline Holland, a Mozilla tech policy fellow who formerly served as chief counsel for competition and intergovernmental relations in DOJ’s antitrust division.
Consumers are already questioning the fewer choices among the major carriers. Sharron Cannon, 60, who lives in Harlem, New York, said she had canceled her Sprint plan because she was unhappy with the service and moved to T-Mobile, only to find out the companies were combining.
Now Cannon, an entrepreneur who depends on her phone to run her business, said she is concerned her bill will go up.
Spokespeople for T-Mobile and Sprint had no immediate comment for this story. AT&T and Verizon declined comment. WHOLESALE WOES
T-Mobile and Sprint sell their airwaves to smaller wireless carriers that also serve low-income and budget-conscious customers, and a merger could hurt those carriers’ ability to negotiate for lower prices, said Stephen Stokols, chief executive of FreedomPop, which offers a free phone plan and uses Sprint’s network.
Retail wireless prices have declined over the past year and a half, but Stokols predicts price cuts will end after the merger.
FreedomPop has more than 2 million customers, and about 20 percent make less than $40,000 per year, Stokols said, adding about half of users are on the free phone service plan.
Since T-Mobile and Sprint have their own branded pre-paid users, and also power smaller pre-paid operators, the control the company would have over the market is concerning, Stokols said.
The deal is “good for the market, but bad for consumers,” Stokols said. “T-Mobile and Sprint have been driving down pricing previously. you won’t have competition at the bottom level anymore.” Reporting by Sheila Dang in New York and Diane Bartz in Washington; Editing by David Gregorio | ashraq/financial-news-articles | https://uk.reuters.com/article/us-sprint-corp-m-a-low-income/poorest-u-s-consumers-seen-hit-hard-by-t-mobile-sprint-merger-idUKKBN1I32VX |
May 22 (Reuters) - Zurich Insurance Group AG:
* ZURICH INSURANCE SAYS THAT ON MAY 18, 2018 IT HAS COMPLETED ITS PUBLIC SHARE BUY-BACK PROGRAM OF UP TO 1.74 MILLION SHARES WHICH IT LAUNCHED ON APRIL 11, 2018
* ZURICH INSURANCE SAYS WITH COMPLETION OF SHARE BUYBACK PROGRAM, THE GROUP HAS CONCLUDED ITS ANTI-DILUTION MEASURES ANNOUNCED ON FEBRUARY 8, 2018 CONSISTING OF THE REPURCHASE OF SHARES IN THE AMOUNT OF APPROXIMATELY USD 1 BILLION Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zurich-insurance-says-completes-sh/brief-zurich-insurance-says-completes-share-buyback-programme-idUSZ8N1RJ01F |
LONDON (AP) — Lars Andersen's business handles some of the most sensitive data there is — the names and phone numbers of children.
The owner of London-based My Nametags, which makes personalized nametags to iron into children's clothing, says protecting that information is fundamental to his business, which operates in 130 countries.
But starting Friday, My Nametags and most other companies that collect or process the personal information of EU residents must take a number of extra precautions to comply with the new General Data Protection Regulation, which the EU calls the most sweeping change in data protection rules in a generation.
While the legislation has been applauded for tackling the thorny question of personal data privacy, the rollout is also causing confusion. Companies are trying to understand what level of protection different data needs, whether this could force them to change the way they do business and innovate, and how to manage the EU's 28 national data regulators, who enforce the law.
"Once you try to codify the spirit (of the law) — then you get unintended consequences," Andersen said. "There's been a challenge for us: What actually do I have to do? There are a million sort of answers."
That uncertainty, together with stiff penalties for violating the law, has convinced internet-based businesses such as Unroll.me, an inbox management firm, and gaming company Ragnarok Online to block EU users from their sites. Pottery Barn, an arm of San Francisco-based housewares retailer Williams-Sonoma Inc., said it would no longer ship to EU addresses. The Los Angeles Times newspaper said it was temporarily putting its website off limits in most EU countries.
The implementation of GDPR has also made data protection an issue in contract negotiations as firms argue about how to divvy up responsibility for any data breach.
"Deals are being held up by data protection," said Phil Lee, a partner in privacy security and information at Fieldfisher, a law firm with offices in 18 EU cities. "If something goes wrong, what happens?"
EU countries themselves aren't quite ready for the new rules. Less than half of the 28 member states have adopted national laws to implement GDPR, though the laggards are expected to do so in the next few weeks, according to WilmerHale, an international law firm.
As with most EU-wide regulations, enforcement of the new data protection rules falls to national authorities. While the EU stresses that the law applies to everyone, one of the big outstanding questions is whether regulators will go after any entity that breaks the law or simply focus on data giants like Google and Facebook.
Lawyers also say it isn't yet clear how regulators will interpret the sometimes general language written into the law. For example, the law says processing of personal data must be "fair" and data should be held "no longer than necessary."
"It's time to put on your seatbelt and check your airbag," said D. Reed Freeman Jr., a privacy and cybersecurity expert at WilmerHale. "It's kind of like a lift-off with a rocket. It's about to launch."
Andersen of My Nametags said the law has already caused problems for his business.
He has been advised that the company website in the Netherlands has to be different from the one in the U.K. because the two countries are likely to apply the law differently, and has a dispute with a supplier over which of them is responsible for protecting certain data.
U.K. Information Commissioner Elizabeth Denham has tried to ease concerns, saying the most important thing is for companies to try their best to comply with the law and work with authorities to correct any problems.
"We pride ourselves on being a fair and proportionate regulator and this will continue under the GDPR," Denham said in a blog post. "Those who self-report, who engage with us to resolve issues and who can demonstrate effective accountability arrangements can expect this to be taken into account when we consider any regulatory action."
The new law comes at a time when advances in technology make data more valuable, and therefore raise the stakes in protecting it.
The ability to analyze everything from consumer purchases to medical records holds enormous potential, with suggestions that it will make us healthier, improve traffic flows and other good things for society. At the same time, it provides business with huge new opportunities for profit, with some experts putting the value of the global data economy at $3 trillion.
That potential is underscored by changes in the list of the world's most valuable companies, which was once dominated by energy and industrial companies. Now Apple, Alphabet, Microsoft, Amazon and Facebook hold five of the six top spots.
"Data is the new soil," said Adam Schlosser, the project lead for digital and trade flows at the World Economic Forum. "It serves as a foundational element for growth."
But with that potential comes concern that data can be used for private gain, threatening personal privacy rights.
Allegations that political consultant Cambridge Analytica used data harvested from Facebook accounts to help Donald Trump with the 2016 presidential election offered a tangible example of the fears highlighted by privacy campaigners.
Andersen fears that "dodgy operators" will continue to flout the rules, but he hopes publicity around GDPR will help demonstrate that he takes data protection seriously — that he recognizes the information behind those nametags decorated with cupcakes, unicorns and smiley faces is something to be safeguarded.
"In terms of pieces of data that you don't want to go astray, your children's information is kind of the core of that," Andersen said. "In a way, that's why we as a company have been successful — (by) trying to treat our customers as parents in the way I would want to be treated as a parent." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-associated-press-amid-confusion-eu-data-privacy-law-goes-into-effect.html |
YEREVAN (Reuters) - Armenian opposition leader Nikol Pashinyan became the sole candidate for the post of interim prime minister on Monday after a key deadline passed without other candidates registering.
Armenian opposition leader Nikol Pashinyan gestures to his supporters at a rally in Yerevan, Armenia April 30, 2018. REUTERS/Gleb Garanich Whether or not he gets the job, left open by the resignation of long-time leader Serzh Sarksyan after two weeks of anti-government protests, depends on a parliamentary vote to be held on Tuesday.
Pashinyan has received the support of all opposition parties in parliament, who hold 47 seats in the 105-seat legislature, but he will require a majority to win.
Armenian opposition supporters hold a rally in Yerevan, Armenia April 30, 2018. REUTERS/Gleb Garanich Anti-government demonstrations, driven by public anger over perceived political cronyism and corruption in the South Caucasian former Soviet republic, led to Sarksyan’s resignation a week ago.
Slideshow (4 Images) At a meeting with the governing Republican party on Monday, as well as with the opposition bloc Way Out, Pashinyan said that a vote for him on Tuesday would be a vote for an end to the crisis.
“I think this is a unique and great opportunity to resolve the domestic political crisis and to register the victory of the people, the kind of victory in which there are no losers,” Pashinyan, a former journalist turned lawmaker, said.
After a break during the day, protests restarted in Yerevan towards the evening, with a column of demonstrators marching to the capital city’s main square.
Speaking with journalists on Monday, Pashinyan said his main project as interim prime minister would be to organize new free and fair parliamentary elections for the post of prime minister.
Although demonstrations have been peaceful, the upheaval has threatened to destabilize Armenia, an ally of Russia, in a volatile region riven by Armenia’s decades-long, low-level conflict with neighboring Azerbaijan.
Writing by Polina Ivanova; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-protests/armenian-opposition-leader-becomes-sole-candidate-for-interim-pm-job-idUSKBN1I11R2 |
May 29, 2018 / 9:20 PM / Updated a day ago Didit makes $1.1 million offer for defunct gossip website Gawker Jessica DiNapoli 2 Min Read
NEW YORK (Reuters) - Marketing company Didit has made an offer of $1.1 million for defunct news gossip website Gawker, an initial proposal that will set the floor for higher bids in a bankruptcy auction, according to a filing made on Tuesday.
Gawker has been searching for a buyer after settling in May with billionaire venture capitalist Peter Thiel on legal issues that arose during its bankruptcy. In the settlement, Thiel, who funded a privacy lawsuit that drove Gawker into bankruptcy, agreed to drop his bid for the site and abandon legal claims against any eventual buyer.
Other bids for Gawker are due July 9, and an auction will be held on July 12, according to the filing. Long Island-based Didit also plans to keep Gawker’s archives live.
Didit had been interested in acquiring Gawker since January.
The marketing company said it planned to re-brand Gawker as “Gawker For Good,” reporting positive news and channeling 50 percent of net advertising revenue to non-profits selected by readers and the creators of the content on the site.
The “Gawker For Good” site would cover entertainment, sports, gaming and celebrity news, the marketing company said.
“We’ve been advising clients that storytelling is critical for marketing success, so it makes sense for us to own a platform that is all about storytelling,” David Pasternack, Didit co-founder and chief executive said in a statement.
In 2012 Thiel helped fund a lawsuit filed by professional wrestler and actor Hulk Hogan against Gawker after it published a video showing Hogan, whose real name is Terry Bollea, engaged in a sexual encounter. Bollea won a $140 million judgment against Gawker, leading to its bankruptcy. Reporting by Jessica DiNapoli | ashraq/financial-news-articles | https://www.reuters.com/article/us-gawker-m-a-didit/didit-makes-1-1-million-offer-for-defunct-gossip-website-gawker-idUSKCN1IU2RS |
May 3, 2018 / 12:17 PM / Updated an hour ago SLA flags possible capital return after Phoenix insurance deal Reuters Staff 2 Min Read
(Reuters) - Britain’s Standard Life Aberdeen (SLA) ( SLA.L ) said on Thursday it was considering the potential for a “substantial” return of capital to shareholders after it completes a deal to sell the bulk of its insurance business to Phoenix Group ( PHNX.L ). FILE PHOTO: A worker leaves the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne
Specialist UK life insurer Phoenix agreed the 3.24 billion pound ($4.40 billion) deal with SLA in February, which will enable SLA to complete its switch in focus to asset management from insurance.
An SLA spokeswoman declined to give more detail on the size of the possible capital release.
Analysts at Bernstein said they expected SLA to have 1.2-1.3 billion pounds in capital available for share buy-backs and “bolt-on” acquisitions after the deal, in addition to using 800 million pounds for debt reduction. They reiterated their “outperform” rating on the stock.
SLA's shares were up 0.93 percent to 370.5 pence at 1319 GMT, outperforming a soft FTSE 100 .FTSE .
Phoenix and SLA also said in separately-issued statements that they were “actively progressing” with the proposed deal, expected to be completed in the third quarter of 2018.
SLA and Phoenix said their respective circulars and the Phoenix prospectus would be published shortly after May 29, when SLA holds its annual general meeting (AGM).
General meetings of both firms to approve the deal will take place soon after the SLA AGM, they added.
($1 = 0.7361 pounds) Reporting by Radhika Rukmangadhan in Bengaluru and Carolyn Cohn in London; Editing by Sinead Cruise and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-standard-life-m-a-phoenix-group/standard-life-reiterates-capital-return-plans-after-phoenix-deal-idUKKBN1I41EH |
Old river gives new hope for traveling refugees 10:40am EDT - 01:27
An old river route between Greece and Turkey becomes the preferred crossing for refugees coming into Europe.
An old river route between Greece and Turkey becomes the preferred crossing for refugees coming into Europe. //www.reuters.com/video/2018/05/04/old-river-gives-new-hope-for-traveling-r?videoId=423831137&videoChannel=14073 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/old-river-gives-new-hope-for-traveling-r?videoId=423831137 |
NEW YORK, The Asia Pacific Fund, Inc. (NYSE:APB) (the “Fund”) announced today that the Board of Directors (‘Board’) of the Fund will submit a proposal to stockholders to liquidate the Fund at the Fund’s 2018 Annual Meeting of Stockholders, unless the Board identifies a viable merger partner by its next Board meeting. The Board has decided to submit the liquidation proposal to stockholders at the request of institutional stockholders.
The Board believes that the Asia Pacific region remains a favorable investment opportunity for stockholders. In addition, the Board notes that as of March 31, 2018 (according to information provided by the Fund’s investment adviser and Thomson Reuters), the Fund’s price-to-earnings and price-to-book multiples and its yield compared very favorably to its benchmark index, which is the MSCI AC Asia ex-Japan Index:
Fund Benchmark Price to earnings 8.9x 12.5x Price to book 1.2x 1.7x Yield 4.2% 2.2% Accordingly, the Board will recommend that stockholders vote against the liquidation.
In the event that Fund stockholders do not vote to liquidate the Fund at the 2018 Annual Meeting of Stockholders, the Board commits to re-submit the liquidation proposal at subsequent annual meetings thereafter, to continually give Fund stockholders the opportunity to consider and decide upon the Fund’s future existence.
For more information, contact:
P r i s ti ne Advisers – 1- 888-4-ASIA-PAC (1-888-427-4272) or
v i a email at at [email protected]
The Asia Pacific Fund, Inc. is a diversified, closed-end management investment company, organized as a Maryland corporation and is registered with the SEC under the Investment Company Act of 1940, as amended.
The investment objective of the Fund is to achieve long-term capital appreciation through investment primarily in equity securities in the Asia Pacific countries (excluding Japan). The Fund is managed by Value Partners Hong Kong Limited.
Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price that is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read a Fund’s disclosure documents before investing.
In addition to historical information, this release contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund’s investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in the Fund’s disclosure documents, filed with the SEC, and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
Source:The Asia Pacific Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-the-asia-pacific-fund-inc-board-to-submit-proposal-for-liquidation-of-the-fund-to-vote-of-stockholders.html |
ANKARA (Reuters) - Iran said on Monday it respected the votes cast by people in Lebanon’s parliamentary election, where unofficial results showed Iran-backed Hezbollah and its political allies won just over half the seats, state TV reported.
“Lebanon is an independent country ... Iran respects (the) vote of Lebanese people ... We are ready to work with ... the government elected by the majority,” Iranian Foreign Ministry spokesman Bahram Qasemi was Quote: d as saying by state TV.
Writing by Parisa Hafezi, Editing by William Maclean
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-election-iran/iran-says-respects-lebanese-peoples-vote-ready-to-cooperate-state-tv-idUSKBN1I814Z |
NEW YORK, May 24 (Reuters) - Former Hollywood film producer Harvey Weinstein is expected to surrender to New York City police on charges of sexual misconduct on Friday, the New York Times reported, citing two unidentified law enforcement officials.
Benjamin Brafman, a lawyer for Weinstein, declined to comment on Thursday’s report.
More than 70 women have accused the co-founder of the Miramax studio and The Weinstein Co with sexual misconduct including rape, allegations that gave rise to the #MeToo movement in which hundreds of women have publicly accused powerful men in business, government and entertainment.
Weinstein has denied having non-consensual sex with anyone. (Reporting by Jonathan Allen; editing by Grant McCool)
| ashraq/financial-news-articles | https://www.reuters.com/article/people-harvey-weinstein/ex-hollywood-executive-weinstein-to-surrender-on-sex-assault-charges-nyt-idUSL2N1SV0V8 |
With more than half the population of the Gulf Cooperation Council (GCC) under the age of 30, engaging, educating and employing the region's young people has never been more important.
The topic of the GCC's youth across the countries in the alliance — Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman — came up numerous times during discussions at the Gateway Gulf Investment Forum in Bahrain this week, with ministers and business executives discussing the enigma — or not — of how the region can make the most of its young people.
"The theme of the investment conference is unlocking the puzzle (of the Gulf Cooperation Council), but I don't think it's a puzzle," Mohammed Alshaya, the executive chairman of Kuwait-based Alshaya Group, told the forum on Thursday.
"The Gulf has 30 million citizens (excluding expats) entitled to government services, 70 percent are below 30, sovereign wealth funds of $3 trillion, the gross domestic product (GDP) of the GCC is $1.7 trillion and private wealth of at least $1.5 trillion and healthy sovereign debt," he said.
"So we have a lot of opportunities with our youth. Now, youth has to be employed and where are they to be employed? In many sectors and particularly in my opinion, retail and services," the chief executive of Kuwait-based retail franchise operator Alshaya Group said.
Statistics vary but the GCC is estimated to have a predominantly young demographic — with around half of its population under the age of 25 — a potential opportunity or disaster if employment is not high enough for them.
Statista data show that, among the GCC, youth unemployment varies greatly . In Bahrain in 2017, for example, unemployment rates of those aged between 15 and 24 is 6 percent. But in Oman, the rate rises to around 48 percent while in Saudi Arabia, the level is around 32 percent.
Bahrain's Minister of Industry, Commerce and Tourism, Zayed Al Zayani, said it was time that the GCC governments pushed for a more entrepreneurial youth.
"There's huge potential in the region with younger people, their brilliant ideas, their excellent education and I see the role of government — and this is what the government of Bahrain has done — as emphasizing more on training, on capacity building, on infrastructure where you give these youth a chance to prosper rather than just giving them social welfare for being citizens."
Alshaya said the playing field for young people must be fair and merit-based rather than nepotistic.
"Now, the role of the government is not to spoil the youth and give them a job just for the sake of giving them a job," he noted.
"They have to be qualified to get the job. It's unfair for a smart girl and a smart graduate man to be sitting next to someone that has come through tribal connections or by knowing people, it's not fair and it's unsustainable," he added. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-gulfs-youth-is-our-trump-card-but-governments-shouldnt-spoil-them-business-leaders-say.html |
U.S., North Korea meet in New York for second day 7:37am EDT - 02:09
A top North Korean official and U.S. Secretary of State, Mike Pompeo, meet for a second day in New York City amid a flurry of diplomatic activity ahead of a potential summit between U.S. President Donald Trump and Kim Jong Un. Reuters Josh Smith report.s
A top North Korean official and U.S. Secretary of State, Mike Pompeo, meet for a second day in New York City amid a flurry of diplomatic activity ahead of a potential summit between U.S. President Donald Trump and Kim Jong Un. Reuters Josh Smith report.s //reut.rs/2IZ0Igh | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/us-north-korea-meet-in-new-york-for-seco?videoId=431905436 |
May 1 (Reuters) - Trevali Mining Corp:
* TREVALI TO INCREASE INTEREST IN ROSH PINAH MINE * TREVALI MINING - UNIT ROSH PINAH ZINC IN NAMIBIA TO UNDERTAKE PARTIAL SHARE BUY-BACK OF ISSUED RPZC SHARES UNDER DEALS WITH NAMIBIAN SHAREHOLDERS
* TREVALI MINING CORP - RPZC WILL ACQUIRE ISSUED SHARES TENDERED UNDER AGREEMENTS FOR AN AGGREGATE AMOUNT OF ABOUT NAD291 MILLION
* TREVALI MINING - AFTER CANCELLATION OF TENDERED SHARES, CO’S EFFECTIVE BENEFICIAL OWNERSHIP IN RPZC TO INCREASE FROM ABOUT 80 PERCENT TO ABOUT 90 PERCENT
* TREVALI MINING - ROSH PINAH REMAINS ON-TRACK FOR ITS 2018 PRODUCTION GUIDANCE OF 105-115 MILLION POUNDS OF PAYABLE ZINC, 5.7-6.0 MILLION POUNDS PAYABLE LEAD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-trevali-to-increase-interest-in-ro/brief-trevali-to-increase-interest-in-rosh-pinah-mine-idUSFWN1S809L |
Fluor Corp:
* FLUOR REPORTS FIRST QUARTER RESULTS * Q1 REVENUE $4.8 BILLION VERSUS I/B/E/S VIEW $4.72 BILLION
* Q1 LOSS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $0.77 — THOMSON REUTERS I/B/E/S
* RESULTS FOR QUARTER INCLUDE AN AFTER-TAX CHARGE OF APPROXIMATELY $96 MILLION, OR $0.69 PER DILUTED SHARE
* “RESULTS FOR QUARTER DID NOT MEET OUR EXPECTATIONS AS A RESULT OF CONTINUED CHALLENGES ON A GAS-FIRED POWER PROJECT”
* AT QUARTER END CONSOLIDATED ENDING BACKLOG OF $29.1 BILLION COMPARES TO $41.6 BILLION A YEAR AGO
* FY2018 EARNINGS PER SHARE VIEW $3.30 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fluor-q1-loss-per-share-013/brief-fluor-q1-loss-per-share-0-13-idUSASC09ZQD |
SALT LAKE CITY--(BUSINESS WIRE)-- Clinical Innovations , one of the world’s leading medical device-makers focused on labor and delivery and neonatal intensive care, today announced the hiring of Michael Behling as its new chief financial officer.
Behling, who has deep experience leading the financial operations of manufacturing and health care companies, will be responsible for continuing to optimize all aspects of the Salt Lake City company’s financial function. He joined Clinical Innovations as interim chief financial officer in February and was named permanent CFO this week.
“It’s clear Mike is a strong fit culturally and that, coupled with his financial acumen and leadership style, makes this selection a strong choice,” said Ken Reali, CEO and president. “He brings a tremendous track record of financial leadership in companies with a growth and M&A profile, and I am thrilled to work with Mike in his new role as we continue to build CI through an organic and acquisitive strategy.”
Before joining Clinical Innovations, Behling served in CFO and chief accounting officer roles at Lasko Products, a consumer products manufacturer, Light Wave Dental, a dental services organization, and Imaging Advantage, a radiology service provider whose revenue nearly tripled during his tenure. Earlier in his career, he led the financial operations of Harris Broadcast (now Imagine Communications and GatesAir), Isola Group, Nivisys Industries, and LINE-X.
Behling has considerable experience overseeing mergers and acquisitions, multi-site operations, and the implementation of advanced accounting and reporting systems that, over the course of his career, have resulted in significant improvements to organizational efficiency and rigor. An alumnus of Brigham Young University and a certified public accountant (inactive), he has worked for numerous companies owned by private equity firms or backed with venture capital investment. Clinical Innovations is owned by EQT, a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds.
“Clinical Innovations is an industry leader with an extremely bright future, and I’m honored to be entrusted with guiding the company’s financial operations,” Behling said. “From the management and operations team to the product development and sales staff, everyone at Clinical Innovations is top-rate, and I look forward to contributing to the company’s continued success.”
Clinical Innovations’ market-leading products, including the ebb® Complete Tamponade System, ROM Plus® Rupture of Membranes Test, traxi® Panniculus Retractor, babyLance™ safety heel stick and Kiwi® Vacuum Assisted Delivery System, are used in more than 90 countries and more than 85 percent of the hospitals in the U.S. and Western Europe. With a mission of improving the lives of mothers and babies — and a dedication to clinician training — the company has vastly grown its global footprint in recent years, expanding to underserved markets such as China and India. Formed in 1993, the company is celebrating its quarter-century anniversary throughout 2018.
About Clinical Innovations
Clinical Innovations is one of the largest medical device companies exclusively focused on labor and delivery and neonatal intensive care. The company is a market-leader in several categories with products such as the Koala® Intrauterine Pressure Catheter; Kiwi® Vacuum-Assisted Delivery System; ROM Plus® Rupture of Membranes Test; traxi® Panniculus Retractor, ClearView Uterine Manipulator, the babyLance™ Safety heel stick and the recently added ebb® Complete Tamponade System. Clinical Innovations is expanding its global presence while directly researching and developing state-of-the-art technologies and innovative medical devices that fulfill its mission of improving the lives of mothers and their babies throughout the world. Clinical Innovations is an EQT portfolio company. For more information, visit clinicalinnovations.com .
About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT is an active investor and owner in the health care sector, including investments in Certara, Press Ganey, Ottobock, Sivantos, and Lima. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. For more information, visit EQTpartners.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005414/en/
Aileron Communications
Martha Arendt, 312.629.9400
[email protected]
Source: Clinical Innovations | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-clinical-innovations-hires-michael-behling-as-chief-financial-officer.html |
May 8 (Reuters) - Veritiv Corp:
* Q1 SALES $2.1 BILLION VERSUS I/B/E/S VIEW $2.03 BILLION * Q1 EARNINGS PER SHARE VIEW $0.38 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-veritiv-says-q1-loss-per-share-100/brief-veritiv-says-q1-loss-per-share-1-00-idUSASC0A0G9 |
May 3 (Reuters) - Accentro Real Estate AG:
* STARTS THE 2018 FINANCIAL YEAR WITH SIGNIFICANT REVENUE AND EARNINGS GROWTH
* Q1 CONSOLIDATED REVENUE INCREASE BY 47.7% IN Q1 OF 2018 TO EUR 30.7 MILLION
* Q1 EBIT GROWS BY 72.3% YEAR-ON-YEAR TO EUR 8.4 MILLION
* POSITIVE OUTLOOK FOR FINANCIAL YEAR 2018 * CONFIRMS FORECAST OF SIGNIFICANT DOUBLE-DIGIT PERCENTAGE GROWTH IN REVENUE IN 2018
* Q1 CONSOLIDATED NET INCOME ALSO ROSE SIGNIFICANTLY BY 33.0% TO EUR 3.9 MILLION (PREVIOUS YEAR: EUR 3.0 MILLION)
* SEES INCREASE IN EBIT TO BETWEEN EUR 37 MILLION AND EUR 40 MILLION IN 2018
* Q1 CONSOLIDATED NET INCOME ALSO ROSE SIGNIFICANTLY BY 33.0% TO EUR 3.9 MILLION Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-accentro-real-estate-q1-ebit-grows/brief-accentro-real-estate-q1-ebit-grows-by-72-3-at-eur-8-4-mln-idUSASO00046H |
(Reuters) - Combining intensive psychotherapy with a pure form of the party drug ecstasy is safe and could aid recovery in people with post-traumatic stress disorder (PTSD), according to the findings of a study in military veterans.
FILE PHOTO: A U.S. soldier searches for criminals and weapons in Baghdad's Mansour district April 3, 2007. REUTERS/Bob Strong Scientists who conducted the research - a small study involving just 26 people - said its results suggested that with close medical and psychological supervision, giving MDMA to PTSD patients “could enhance the benefits of psychotherapy”.
“Key elements that contribute to the safety and efficacy of MDMA-assisted psychotherapy include careful medical and psychological screening, preparing participants for the MDMA experience and treatment, close support by trained psychotherapists,” said Allison Feduccia, a doctor working with the non-profit U.S. Multidisciplinary Association for Psychedelic Studies, which funded the research.
The study is one of several mid-stage trials looking into the potential for MDMA, or 3,4-methylenedioxymethamphetamine - the main active ingredient of ecstasy - to be used alongside psychotherapies in people suffering combat trauma and PTSD.
The U.S. drug regulator last year designated MDMA-assisted psychotherapy for PTSD a “breakthrough therapy” - meaning it can be fast tracked for review and potential approval.
This latest trial, conducted in South Carolina and published on Tuesday in The Lancet Psychiatry journal, was not designed to test the effectiveness of the treatment, but to assess safety.
Trial participants - service personnel, firefighters and one police officer - were randomly assigned to receive either 30 milligram (mg), 75mg or 125mg doses of MDMA plus psychotherapy, and their symptoms and side effects were monitored.
The treatment had some adverse effects - including anxiety, insomnia and some transient increases in suicidal thoughts - but was found to be safe overall and showed promise in alleviating PTSD symptoms, the scientists said. They said a larger efficacy trial is now needed to assess the MDMA therapy’s full potential.
Michael Bloomfield, a psychiatry expert at University College London who was not directly involved in this trial, said its findings were fascinating and worth pursuing.
“Larger research studies are needed which include a placebo group and can tease out which specific parts of the psychotherapy the MDMA may be helping with,” he said.
He cautioned that this research was conducted in a highly supervised setting using “medical grade” MDMA, so PTSD sufferers should not try this on themselves because of the risks associated with street ecstasy.
Reporting by Kate Kelland; Editing by Mark Potter
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-mdma/ecstasy-therapy-may-help-service-veterans-suffering-ptsd-idINKBN1I24IK |
LOS ANGELES—The ex-CEO of Ticketmaster wants to disrupt the ticketing business—starting with tickets.
Nathan Hubbard, who led the ticketing giant for four years after it merged with Live Nation Entertainment Inc., imagines a world where fans can walk up to a Beyoncé concert or a Super Bowl game and get in by showing nothing more than their faces. He has built what he hopes will be the first serious competitor Ticketmaster has faced in decades.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/ticketmasters-former-boss-wants-to-create-a-rivalto-tickets-1525431600 |
BEIJING, May 22 (Reuters) - China will cut import tariffs for automobiles and car parts, effective July 1, as part of its efforts to further open up its markets and further spur development of the country’s auto industry, the finance ministry said on Tuesday.
Tariffs for qualifying vehicles would be lowered to 15 percent from either 20 percent or 25 percent currently, while import tariffs for auto parts would be cut to 6 percent, the ministry said.
Reporting by Beijing Monitoring Desk Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/china-autos-tariffs/china-to-cut-tariffs-for-cars-auto-parts-from-july-1-idUSB9N1SI00Z |
CNBC International Premarket Briefing: May 23, 2018 33 Mins Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/cnbc-international-premarket-briefing-may-23-2018.html |
New Financing Will Simplify Capital Structure, Provide Working Capital,
And Allow Additional Time to Develop Right-Sized Capital Structure
ENGLEWOOD, Colo., May 22, 2018 (GLOBE NEWSWIRE) -- Westmoreland Coal Company (“Westmoreland” or the “Company”) announced today that it has secured a new financing commitment for $110 million from an ad hoc group of the Company’s existing secured creditors holding approximately 79% of its term loan and approximately 79% of its senior secured notes (the “Ad Hoc Group”).
Proceeds from the financing will provide additional liquidity and will be used to fully repay both the San Juan term loan and the existing asset-based revolvers, simplifying Westmoreland’s capital structure. The additional liquidity will provide more time for the Company and its advisors to continue negotiations with the Ad Hoc Group to develop a comprehensive restructuring plan that will right-size the Company’s capital structure and better ensure the long-term viability of Westmoreland.
“We appreciate the confidence our secured creditors continue to show through their increased financial support and their constructive ongoing dialogue,” said Westmoreland’s Interim Chief Executive Officer, Michael Hutchinson. “Today’s announcement underscores the value Westmoreland delivers to its communities, customers and employees today and will deliver long into the future. Securing this financing is a meaningful step towards simplifying our capital structure while providing additional liquidity to the parent. This financing also provides us with the financial flexibility to develop a longer-term plan while soliciting input from a number of our key constituents, who all want to see Westmoreland continue to grow and prosper. In the months ahead, we will continue our evaluation and determine the appropriate strategic, operational and financial structure to support the continued future growth of our business.”
The Company maintains a strong and viable business, as evidenced by its positive free cash flow, and its employees, customers and vendors should see no disruption to current operations as a result of this announcement.
The following is a summary of the key terms of the financing package:
$90 million available immediately, plus $20 million delayed draw availability, in the form of a new $110 million delayed draw term loan from the Ad Hoc Group, secured by substantially all of the Company’s U.S. and Canadian assets; Flexibility to convert the term loan into a post-petition financing package should the Company pursue an in-court restructuring; and The Company’s existing secured creditors will receive a lien, junior to the senior lien securing the financing, on substantially all of the Company’s domestic assets that did not previously secure existing debt.
Neither Westmoreland Resources Partners, LP nor any of its subsidiaries will be obligors under the new financing package.
Kirkland & Ellis LLP is serving as legal advisor, Centerview Partners is serving as financial advisor and investment banker, and Alvarez & Marsal is serving as restructuring advisor to Westmoreland. Kramer Levin Naftalis & Frankel LLP is serving as legal advisor and FTI Consulting, Inc. is serving as financial advisor to the Ad Hoc Group.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland’s coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP. For more information, visit www.westmoreland.com .
Media Inquiries:
Brian Schaffer
[email protected]
(646) 503-5971
or
Kris Cole
[email protected]
(310) 652-1411
Forward Looking Statements
This release may contain forward-looking statements relating to future financial results, business expectations and business transactions. Actual results may differ materially from those predicted as a result of factors over which the Company has no control. Such factors include, but are not limited to: discussions regarding the Company’s restructuring, the Company’s liquidity, sources of capital resources and ability to maintain compliance with debt covenants, coal prices, regulatory changes and general economic conditions. These risk factors, and others, are included in the Company’s reports on file with the SEC. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Source:Westmoreland Coal Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-westmoreland-secures-110-million-in-new-financing.html |
Several dead after multiple blasts hit Afghanistan 12:02pm EDT - 00:47
Afghan security forces battled for hours against a group of attackers who stormed a government building in the eastern city of Jalalabad on Sunday after a coordinated assault that killed at least 15 people and wounded 42, local officials said. Rough cut
Afghan security forces battled for hours against a group of attackers who stormed a government building in the eastern city of Jalalabad on Sunday after a coordinated assault that killed at least 15 people and wounded 42, local officials said. Rough cut //reut.rs/2GaYuEt | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/13/several-dead-after-multiple-blasts-hit-a?videoId=426565402 |
MADRID, May 23 (Reuters) - The Spanish government secured parliamentary backing on Wednesday for its 2018 budget after the Basque Nationalist Party (PNV) lent its support, avoiding delays some had feared as a consequence of the political stand-off in Catalonia.
The ruling centre-right People’s Party needed backing from the PNV to get the much-delayed budget through parliament because it does not have a parliamentary majority.
“The PNV has adopted this decision (...) putting the interests of the citizens of Euskadi (the Basque region) over those of the Basque Nationalist Party,” it said in a statement.
Reporting Sonya Dowsett and Jesús Aguado; editing Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/spain-politics-budget/spains-government-secures-parliamentary-backing-for-2018-budget-idUSE8N1PR018 |
NEW YORK, May 30 (Reuters) - U.S. stocks ended higher on Wednesday, with the S&P 500 and Dow registering their biggest daily percentage gains since May 4, as signs emerged of an easing of political turmoil in Italy and a surge in oil prices boosted energy stocks.
Based on the latest available data, The Dow Jones Industrial Average rose 306.47 points, or 1.26 percent, to 24,667.92, the S&P 500 gained 34.16 points, or 1.27 percent, to 2,724.02 and the Nasdaq Composite added 65.86 points, or 0.89 percent, to 7,462.45. (Reporting by Caroline Valetkevitch Editing by James Dalgleish)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-rebounds-worries-over-italy-ease-idUSZXN0RB72I |
A U.S. short seller has intensified its attack on Samsonite International SA after the luggage maker’s chief executive admitted he never graduated with a Ph.D. even though some corporate filings and regulatory documents included the “Dr.” designation.
Samsonite shares fell an additional 12% on Friday in Hong Kong trading after dropping 10% the prior day. The stock’s decline came after a Texas-based activist investment fund, Blue Orca Capital LLC, critiqued Samsonite’s accounting practices and said its chief executive, Ramesh... | ashraq/financial-news-articles | https://www.wsj.com/articles/doctor-no-samsonites-fight-with-short-seller-over-ceos-credentials-heats-up-1527231471 |
RICHLAND, Wash., May 03, 2018 (GLOBE NEWSWIRE) -- IsoRay, Inc. (NYSE American:ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications for the treatment of prostate, brain, lung, head and neck and gynecological cancers, today announced the third quarter of fiscal 2018 ended March 31, 2018.
Revenue for the third quarter of fiscal 2018 was $1.57 million, a 23% increase compared to revenue of $1.28 million for the third quarter of fiscal 2017 and a 2% increase compared to revenue of $1.54 million in the second quarter of fiscal 2018. The revenue increase was driven by the deepening traction of the Company’s new sales and marketing initiatives, launched 18 months ago, combined with the increasing effectiveness of the new sales team. Prostate brachytherapy represented 83% of total revenue for the third quarter of fiscal 2018 compared to 88% for the third quarter of fiscal 2017. Growing use of IsoRay’s exclusive Cesium-131 isotope in other cancers, such as brain, head and neck, and gynecological, among others, accounted for the difference.
Gross profit for the three months ended March 31, 2018 was $0.61 million, a 110% increase compared to $0.29 million in the three-month period ended March 31, 2017 and an improvement over the $0.53 million in the second quarter of fiscal 2018. The increase is primarily due to ongoing cost saving initiatives, including lower procurement costs and reduced staffing expenses, which included moving certain production personnel to research and development projects. Gross profit margin was 39% in the third quarter of fiscal 2018 as compared to 23% in the third quarter of fiscal 2017 and 35% in the second quarter of fiscal 2018.
Total operating expenses were $1.95 million compared to $1.68 million in the third quarter of fiscal 2017. Continued increases in research & development and sales & marketing expenses, including higher headcount, were muted by a decrease in general & administrative expenses, which included reductions in legal and consulting fees and benefits from other efficiency enhancement programs. The increase in sales resulted in higher incentive compensation. The increase in research & development expenses was related to further investment in FDA 510(k) costs and product development. Operating loss in the current period was $1.34 million compared to a $1.39 million loss in the third quarter of fiscal 2017 and a loss of $1.47 million in the second quarter of fiscal 2018. The net loss was $1.33 million, or ($0.02) per basic and diluted share, for the third quarter of fiscal 2018 compared to a net loss of $1.36 million, or ($0.02) per basic and diluted share, for the third quarter of fiscal 2017. Basic and diluted per share results are based on weighted average shares outstanding of 55.1 million and 55.0 million for the third quarter of fiscal 2018 and 2017, respectively. IsoRay had cash, cash equivalents and certificates of deposit of $4.5 million as of March 31, 2018, and no debt.
“We’re gratified to report another strong quarter, the fifth consecutive quarter with a year-over-year increase,” said Thomas LaVoy, Chairman and Chief Executive Officer of IsoRay, Inc. “This sustained growth is a result of the increasing impact of the experienced sales team that we put in place 18 months ago and reflects the early success of IsoRay’s continued investment in providing support to our customers and raising awareness with consumers.”
“In addition, the prostate cancer market continues to benefit from a series of recent studies that have highlighted the advantages of including brachytherapy as part of a treatment regimen for high risk patients. As a result, we continue to have physicians and surgeons returning to IsoRay as well as a growing number of procedures being conducted by our current customers. We are also working with a number of target institutions and practices to bring them through the sales and approval cycle, which can take up to 6-12 months. Taken together, we remain confident about our outlook for revenue growth going forward and our guidance for revenue growth of at least 20%, or approximately $5.8 million, for the fiscal year ending on June 30 th ,” concluded Mr. LaVoy.
For the first nine months of fiscal 2018 ended March 31, 2018, revenue was $4.32 million, a 27% increase compared to revenue of $3.39 million for the same period of fiscal 2017. Prostate brachytherapy represented 86% of total revenue for the first nine months of fiscal 2018 compared to 88% for the first nine months of fiscal 2017. Gross profit for the nine months ended March 31, 2018 was $1.41 million, a 315% increase compared to $0.34 million in the nine-month period ended March 31, 2017. Operating expenses were $5.76 million compared to $4.78 million for the nine months ended March 31, 2017. Operating loss was $4.36 million for the nine months ended March 31, 2018, compared to a $4.44 million operating loss for the comparable period of fiscal 2017. The net loss for the nine-month period was $4.34 million, or $(0.08) per basic and diluted share, compared to a net loss of $4.31 million, or $(0.08), per basic and diluted share, for the nine-month period of fiscal 2017. Basic and diluted per share results are based on weighted average shares outstanding of approximately 55.0 million shares in both periods.
Conference Call Details
Management of IsoRay will host a teleconference to discuss third quarter fiscal 2018 financial results on Thursday, May 3, 2018, at 4:30 p.m. Eastern Time. Interested parties are asked to dial-in approximately 10 minutes before the call begins at the following numbers:
U.S. Participants: (877) 270-2148
International Participants: + 1-412-902-6510
Participant Passcode: 10119919
The earnings release and a replay of the call will be available through the Investor Relations section of IsoRay’s website: https://isoray.com/about/investors/pressentations/ . A replay of the call will be available for one week beginning at approximately 10:00 p.m. Eastern Time on May 3, 2018. The playback can be accessed by dialing (877) 344-7529 (U.S.) and +1-412-317-0088 (International). The passcode is 10119919.
About IsoRay, Inc.
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc. is the sole producer of Cesium-131 brachytherapy seeds, which are expanding brachytherapy options throughout the body. Learn more about this innovative Richland, Washington company and explore the many benefits and uses of Cesium-131 by visiting www.isoray.com . Join us on Facebook/IsoRay. Follow us on Twitter @IsoRay.
Safe Harbor Statement
Statements in this news release about IsoRay's future expectations, including: the advantages of our products and their delivery systems, whether interest in and use of our products will increase or continue, whether the new marketing strategy will continue to increase sales, whether the changes to the sales staff will continue to result in increased sales, whether the additional resources being added to IsoRay's online presence will increase patient or clinician engagement and interest, whether use of Cesium-131 in non-prostate applications will continue to increase revenue, whether further manufacturing and production process improvements will be completed or will result in lower costs, the advantages of Cesium-131 over Iodine-125, whether revenue will increase or will reach approximately $5.8 million in fiscal 2018 or costs will decrease in the upcoming quarters, the positive industry data fueling renewed interest in brachytherapy, strong patient results, the perception by patients of quality of life outcomes, and all other statements in this release, other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). This statement is included for the express purpose of availing IsoRay, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell our products, our ability to manufacture our products in sufficient quantities to meet demand within required delivery time periods while meeting our quality control standards, our ability to enforce our intellectual property rights, whether additional studies are released that support the conclusions of past studies, whether ongoing patient results with our products are favorable and in line with the conclusions of clinical studies and initial patient results, patient results achieved when our products are used for the treatment of cancers and malignant diseases, successful completion of future research and development activities, whether we, our distributors and our customers will successfully obtain and maintain all required regulatory approvals and licenses to market, sell and use our products in its various forms, continued compliance with ISO standards, the success of our sales and marketing efforts, changes in reimbursement rates, the procedures and regulatory requirements mandated by the FDA for 510(k) approval and reimbursement codes, changes in laws and regulations applicable to our products, the scheduling of physicians who either delay or do not schedule patients in periods anticipated, the use of competitors' products in lieu of our products, less favorable reimbursement rates than anticipated for each of our products, and other risks detailed from time to time in IsoRay's reports filed with the SEC. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
IsoRay, Inc.
[email protected]
(509) 375-1202
Investors:
Stephanie Prince, Managing Director
PCG Advisory Group
[email protected]
(646) 762-4518
IsoRay, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except shares) March 31, June 30, 2018 2017 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,365 $ 5,932 Certificates of deposit 2,150 3,039 Accounts receivable, net of allowance for doubtful accounts of $26 and $26, respectively 970 726 Inventory 458 323 Prepaid expenses and other current assets 382 271 Total current assets 6,325 10,291 Property and equipment, net 1,229 1,054 Restricted cash 181 181 Inventory, non-current 395 513 Other assets, net of accumulated amortization 192 230 Total assets $ 8,322 $ 12,269 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 773 $ 630 Accrued protocol expense 77 75 Accrued radioactive waste disposal 28 125 Accrued payroll and related taxes 105 138 Accrued vacation 140 138 Total current liabilities 1,123 1,106 Long-term liabilities: Asset retirement obligation 583 561 Total liabilities 1,706 1,667 Commitments and contingencies Shareholders' equity: Preferred stock, $.001 par value; 7,001,671 shares authorized: Series A: 1,000,000 shares allocated; no shares issued and outstanding - - Series B: 5,000,000 shares allocated; 59,065 shares issued and outstanding - - Series C: 1,000,000 shares allocated; no shares issued and outstanding - - Series D: 1,671 shares allocated; no shares issued and outstanding - - Common stock, $.001 par value; 192,998,329 shares authorized; 55,100,229 and 55,017,419 shares issued and outstanding 55 55 Additional paid-in capital 83,507 83,151 Accumulated deficit (76,946 ) (72,604 ) Total shareholders' equity 6,616 10,602 Total liabilities and shareholders' equity $ 8,322 $ 12,269 The accompanying notes are an integral part of these consolidated financial statements.
IsoRay, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (Dollars and shares in thousands, except for per-share amounts) Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Product sales, net $ 1,573 $ 1,282 $ 4,320 $ 3,391 Cost of product sales 964 989 2,915 3,051 Gross profit / (loss) 609 293 1,405 340 Operating expenses: Research and development Proprietary research and development 317 166 914 488 Collaboration arrangement, net of reimbursement 156 161 260 161 Total research and development 473 327 1,174 649 Sales and marketing 692 530 1,980 1,550 General and administrative 783 825 2,610 2,632 Change in estimate of asset retirement obligation - - - (48 ) Total operating expenses 1,948 1,682 5,764 4,783 Operating loss (1,339 ) (1,389 ) (4,359 ) (4,443 ) Non-operating income: Interest income, net 7 29 17 89 Change in fair value of warrant derivative liability - - - 27 Other income - - - 20 Non-operating income, net 7 29 17 136 Net loss (1,332 ) (1,360 ) (4,342 ) (4,307 ) Preferred stock dividends (3 ) (3 ) (8 ) (8 ) Net loss applicable to common shareholders $ (1,335 ) $ (1,363 ) $ (4,350 ) $ (4,315 ) Basic and diluted loss per share $ (0.02 ) $ (0.02 ) $ (0.08 ) $ (0.08 ) Weighted average shares used in computing net loss per share: Basic and diluted 55,100 55,017 55,058 55,015 The accompanying notes are an integral part of these consolidated financial statements.
Source:Isoray, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-isoray-announces-thirdaquarter-fiscal-2018arevenue-of-1-point-57-million-23-percent-third-quarter-over-third-quarter.html |
LONDON (Reuters) - Signals that Britain’s economy is slowing suggest “unreliable boyfriend” Mark Carney — whose recent comments up-ended expectations the Bank of England would raise rates this month — may just be in touch with his data-sensitive side.
FILE PHOTO: The Governor of the Bank of England, Mark Carney, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville/File Photo The BoE governor’s guidance on the path for interest rates has repeatedly been knocked off course by surprises in the economy, hence the accusation of unreliability from a lawmaker.
Carney’s highlighting last month of “mixed” economic signals shocked investors who had bet the BoE would raise rates to a new post-financial-crisis high of 0.75 percent on May 10.
Since then, almost all the gauges of Britain’s economy have disappointed. Financial markets now point to a less than 10 percent chance of a rate hike on Thursday, compared with 90 percent a month ago.
Britain’s economy barely grew in the first three months of 2018 and bad weather was not the only reason why, official statisticians said last month.
Below are some of the indicators that suggest the economy is struggling for momentum, probably reflecting a lack of clarity around Britain’s terms of departure from the European Union in less than a year, as well as a slowing euro zone economy.
BUSINESS SURVEYS Business surveys last week showed the economy failed to bounce back as expected in April after being affected by heavy snow in March.
In fact, over the three months to April, the IHS Markit/CIPS index of activity in services companies — closely watched by members of the Monetary Policy Committee (MPC) — cooled to its lowest level since just after the Brexit vote in 2016.
The index now stands at levels that in the past have been consistent with interest rate cuts, not hikes.
“The lack of evidence so far of a rebound in growth - and the apparent slowdown in the jobs market - supports our view that there will be no further rate rises in the foreseeable future,” HSBC economist Elizabeth Martins said.
GRAPHIC: UK services PMI and Bank of England rates - reut.rs/2Ii6Dfv
DATA DISAPPOINTMENT Late last year, a range of short-term economic indicators — which exclude the housing market, trade, government finances, producer prices and the unemployment rate — surprised consistently to the upside compared with the consensus of economists polled by Reuters.
But in 2018 these indicators have started to disappoint. By April, 22 out of 24 of these indicators came in worse than the Reuters poll consensus.
GRAPHIC: UK economic data start to disappoint - reut.rs/2JVgQvr
WAGES An expected pickup in wage growth has long underpinned the BoE’s view that rates will need rise gradually over the next few years.
Carney said in February it was an “important point” that three-month annualized wage growth had been running above 3 percent for several months.
But the latest data show that wage growth on this measure slid to less than 1 percent in the three months to February.
Similarly, last September rate-setter Gertjan Vlieghe highlighted annualized wage growth in the private sector, excluding bonuses, as having averaged more than 3 percent over a five-month period. The latest data show this measure now stands barely over 2 percent.
Wage growth may not be picking up as BoE hoped: reut.rs/2JVeQTZ
INFLATION Inflation over the first three months of 2018 came in at 2.7 percent year-on-year — weaker than the Bank of England’s forecast for 2.9 percent in its February outlook for the economy, as well as the Reuters poll consensus of 2.8 percent.
Surveys also point to a retrenchment of cost pressures in businesses and indicators of future wage growth have also soured a little of late.
Still, inflation remains well above the BoE’s 2 percent target.
GRAPHIC: UK inflation in Q1 2018 - reut.rs/2JVild3
INVESTMENT Business investment has also disappointed — something Carney picked up on last month.
Overall, surveys do not show any real pick-up in investment intentions among businesses.
The Confederation of British Industry’s latest gauge of investment plans among smaller British manufacturers — a good guide to a BoE survey that MPC members favor — showed a sharp drop in spending plans for new equipment in the second quarter.
GRAPHIC: UK investment indicators - reut.rs/2JTbn8k
Graphics by Andy Bruce; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-economy/drab-data-show-bank-of-englands-carney-a-sensitive-boyfriend-idUSKBN1I917P |
Investors have become used to fluctuating narratives in 2018: The U.S. and China will or won’t go to the barricades on trade, President Trump will or won’t exempt allies from metal tariffs, Tesla will or won’t run out of money.
When something really changes, it’s worth paying attention.
Some important global trade indicators are suddenly... | ashraq/financial-news-articles | https://www.wsj.com/articles/global-trade-is-already-weakening-war-or-not-1525771655 |
May 31, 2018 / 12:40 AM / Updated 20 minutes ago Trade conflict weighs on stock markets Trevor Hunnicutt 4 Min Read
NEW YORK (Reuters) - Equity indexes on Wall Street and around the world fell on Thursday as trade concerns weighed on investors, taking the pep out of a recovery in many markets earlier in the day. FILE PHOTO: A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai/File Photo
Washington is set to announce plans to slap tariffs on European Union steel and aluminum imports as early as Thursday morning, sources said, while the U.S. commerce secretary said any escalation of a trade dispute would depend on the bloc’s reaction.
That helped deflate or, in some cases, erase earlier gains in global stock markets and a euro that was seeming to move past concerns about the Italian government.
The Dow Jones Industrial Average .DJI fell 220.08 points, or 0.89 percent, to 24,447.7, the S&P 500 .SPX lost 10.96 points, or 0.40 percent, to 2,713.05 and the Nasdaq Composite .IXIC dropped 0.45 points, or 0.01 percent, to 7,462.00. [.N]
The pan-European FTSEurofirst 300 index .FTEU3 lost 0.49 percent. Germany's DAX .GDAXI sank 1.27 percent on reports that President Donald Trump aimed to push German carmakers out of the United States.
MSCI’s gauge of stocks across the globe .MIWD PUS shed 0.16 percent after a stronger showing earlier.
“Flows should benefit Treasuries versus equities ... especially with all the tariff issue headlines hitting the tape,” Andrew Brenner, partner at National Alliance Capital Markets, said in a note.
China lashed out at the renewed threats from the White House on trade and warned it was ready to fight back, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.
Markets have been wrestling this week with the implications of an Italian governing crisis, which sent its government bonds spiraling down earlier this week and hit the euro and other risk assets. But Italian leaders made new efforts to form a government.
Italy's 2-year government bond yield IT2YT=RR, which has been the focus of the selloff, was back down to 1.3 percent after hitting near-five-year highs of 2.7 percent on Tuesday. The euro EUR= climbed 0.15 percent to $1.1678 after its biggest jump since early January on Wednesday.
After a high-volume move into safe-haven 10-year Treasury notes US10YT=RR earlier this week, those bonds last rose an additional 3/32 in price to yield 2.8332 percent, from 2.844 percent late on Wednesday.
To view a graphic on Roller-coaster ride for Italian bonds, click: reut.rs/2Lc7gVI
This was despite data showing U.S. consumer spending rose more than expected in April while inflation continued to rise steadily.
The dollar index .DXY fell 0.19 percent, and emerging market stocks saw gains, rising 0.79 percent.
The euro’s rise came as two polls in Italy showed 60-72 percent of respondents wanted the country to remain part of the euro. Markets have been concerned about the prospect that populist parties there could push to leave the currency.
In commodity markets, Brent crude LCOc1 prices reversed earlier losses to hit their biggest premium to U.S. futures CLc1 in over three years on Thursday, as the prospect of more inventory increases weighed heavily on West Texas Intermediate prices. U.S. crude stockpiles rose by 1 million barrels in the week to May 25, according to the American Petroleum Institute (API), while analysts had expected a drop.
U.S. crude CLcv1 fell 1.52 percent to $67.17 per barrel and Brent LCOcv1 was last at $78.21, up 0.63 percent. [O/R]
To view a graphic on Global FX moves in 2018, click: reut.rs/2L9nxug Reporting by Trevor Hunnicutt; Additional reporting by Marc Jones in London; Editing by Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/asia-stocks-bounce-euro-pulls-off-lows-as-italy-anxiety-ebbs-idUSKCN1IW02C |
May 12, 2018 / 8:26 PM / Updated 29 minutes ago Rugby-Revolutionary Lancaster enjoys return to winner's circle Spain, May 12 (Reuters) - Stuart Lancaster stepped down as England coach three years ago after a disastrous World Cup campaign, his reputation in tatters following the team’s group-stage exit on home soil.
On Saturday, he helped Leinster to a 15-12 victory over Racing 92 in the Champions Cup final, earning the Irish province a record-equalling fourth triumph in European rugby’s
Ireland and Leinster flyhalf Johnny Sexton was quick to pay tribute to his team’s unusually titled “senior coach” alongside head coach Leo Cullen.
“Stuart Lancaster, what a special coach to come in and do what he’s done,” Sexton told reporters.
“Stuart came in and revolutionised the way we train and the standards we expect of each other,” Leinster flanker Dan Leavy said.
“Stuart has brought a lot of insight into the English sides. How they work, how they tick.”
Lancaster cut a forlorn figure after England’s chastening defeats by Wales and Australia at Twickenham which ended their hopes of reaching the 2015 World Cup knockout stages.
He accepted full responsibility for the team’s performances after nearly four years in charge, and travelled the world to broaden his rugby experience before joining Leinster two years ago.
“It means a huge amount to me, my family and friends – they are the ones that all stood by me in my tough times after the World Cup,” Lancaster said after helping Leinster to win Europe’s premier club competition for the first time since 2012.
“They have never once wavered in my belief and ability and that is the nice thing. To have my wife here and son – and Sophie at home – that is for them really,” the 48-year-old added.
Saturday’s final could have gone either way as Racing Isa Nacewa’s 79th-minute penalty won the game for Leinster.
“We couldn’t get going and they came out and slowed us down at the ruck, which is obviously the way to beat us,” Sexton said.
“We did it the hard way. I never thought two or three years ago that this was going to happen again.”
Leinster their eight Champions Cup games this season but they never broke the deadlock as Racing defended furiously throughout a tight match.
The Irish, however, benefited from Racing’s lack of discipline and Nacewa slotted the penalties home after Sexton had struggled with his kicking.
“We made it hard for ourselves but we got the win and that is all that matters,” said man of the match James Ryan after Leinster finished the competition unbeaten.
“The line speed and the pressure they brought was unbelievable. We all worked our socks off out there – it was our toughest match of the season and just unbelievable to win.” (Reporting Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-len-rac-champions-cup-quotes/rugby-revolutionary-lancaster-enjoys-return-to-winners-circle-idUKL8N1SJ0JE |
ISTANBUL (Reuters) - It is high time that Turkey restored monetary policy credibility, Deputy Prime Minister Mehmet Simsek said on Wednesday, shortly after the central bank said its Monetary Policy Committee had convened.
FILE PHOTO: Turkish Deputy Prime Minister Mehmet Simsek speaks during a television interview after IMFC plenary the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas In tweeted comments, Simsek also said he supported any action by the central bank to stem the slide in the lira and achieve price stability.
Reporting by Ece Toksabay; Writing by Ali Kucukgocmen; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-cenbank-simsek/turkey-needs-to-restore-monetary-policy-credibility-deputy-prime-minister-idUSKCN1IO2LL |
FOND PARISIEN, Haiti (AP) — Two Haitian brothers came back to their homeland to build a livelihood on Lake Azuei, a turbulent expanse of water that has often been cruel to those living along its shore, flooding homes in the border town of Fond Parisien and blocking a key highway into the Dominican Republic.
Hans and Patrick Woolley left careers in online startups and hospital administration in Los Angeles and New York to invest in their home country and try their luck at fish farming in the lake, which is less than an hour away from Haiti's capital of Port-au-Prince. Their cousin Gilbert Woolley gave up a hospital administration job in L.A. to join them.
Working near the ghostly ruins of flooded homes sitting in the lake, the three graduates of U.S. universities spend their days overseeing their start-up, Taino Aqua Fish, which uses fish cages just below the lake's surface to produce affordable fish for Haitians, who complain about a lack of fish.
"Fish is a luxury in Haiti, but we want to change that," said Hans Wooley.
The Woolley family inherited some land along the shore and then bought more in the 1970s as it dreamed of raising crawfish, but the land went unused until the two brothers decided to try fish farming a few years ago.
Joined by their cousin, they started with 16 cages in 2014, building some out of PVC pipe and netting and repurposing others from Taiwan that were once used to raise tuna. They bought tilapia hatchlings from the aid group Operation Blessing. Today, they have 21 cages and 60 employees, including security guards who keep watch during the night to keep thieves from raiding the cages.
Hatchlings are raised on a vegetable-based feed and are ready to sell after four months.
The three men market their crop, which can reach 20,000 pounds a week, to small, informal markets as well as supermarkets, hotels and restaurants. In a country where most people live on less than $2 a day, their tilapia costs about $3.50 a pound, which is $2 less than the more common pink fish.
"Fish should be affordable for all Haitians in Haiti," said Hans Wooley.
He sees further potential in this border town for entrepreneurs, pointing to water sports and agriculture.
Many residents of Fond Parisien long looked for jobs elsewhere in Haiti or more often in the more prosperous Dominican Republic, but now people approach the Woolleys' fish company.
Laguerre Espadien is grateful that the fish farm gave him work and allowed him to move back to his hometown and get away from the violent crime in Port-au-Prince.
"When I quit my job in the capital I thanked God because I'm alive. Now I'm taking care of my three children on my salary," said Espadien, a 36-year-old who joined the farm's delivery department when the company opened. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-ap-photos-haitian-ex-pats-return-to-build-lake-enterprise.html |
* AIG slides after lower-than-expected Q1 profit
* U.S. team arrives in Beijing for trade talks
* Caterpillar drops after BofA downgrade
* Futures down: Dow 97 pts, S&P 6.75 pts, Nasdaq 22 pts (Adds comments, details, updates prices)
By Sruthi Shankar
May 3 (Reuters) - U.S. indexes were on track to open lower on Thursday as investors remained on edge about U.S.-China trade talks, while the latest round of earnings added little cheer.
Among early decliners were AIG, which dropped 6.7 percent after the insurer reported a lower-than-expected quarterly profit.
Tesla shed 7.7 percent, extending losses from Wednesday after Chief Executive Officer Elon Musk cut off analysts asking about the company’s profit potential, despite promises that production of the troubled Model 3 electric car was on track.
At 8:48 a.m. ET, Dow e-minis were down 97 points, or 0.41 percent. S&P 500 e-minis were down 6.75 points, or 0.26 percent and Nasdaq 100 e-minis were down 22 points, or 0.33 percent.
Wall Street closed lower on Thursday, weighed down by news about potential U.S. restrictions on Chinese telecommunications companies, and after the Federal Reserve reaffirmed outlook for more rate hikes.
“We weakened post the FOMC meeting and it’s a little bit of the same carrying over to today,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. “Augmenting it is some worries about trade negotiations with China that are underway and what may come of that.”
The central bank expressed confidence that a recent rise in inflation near to its target would be sustained, leaving it on track to raise borrowing costs in June, but emphasized the inflation target was “symmetric”, suggesting it was not inclined to speed up its tightening plans.
The focus now shifts to trade issues between U.S. and China as a Trump administration delegation, including Treasury Secretary Steven Mnuchin, visits Beijing for negotiations.
Data showed trade deficit with China for politically sensitive goods dropped 11.6 percent to $25.9 billion, which will do little to ease tensions between the two countries.
First-quarter earnings continued to come in strong, with nearly 80 percent of the 343 S&P 500 firms that have reported so far topping profit estimates.
Despite that, the rewards to profit beats have been subdued as investors worry that earnings may have peaked, after bellwethers including Caterpillar flagged concerns about rising costs.
“Though we’ve come out of great earnings and economic news has been decent enough, for one to think equity prices should move higher, market participants don’t seem to believe that they’re being given enough good news,” Luschini said.
Caterpillar was down 2.1 percent after BofA Merrill Lynch downgraded the stock to “neutral”, citing slowing retail sales and peaking Class 8 truck orders.
Kraft Heinz rose 2.8percent after its quarterly profit beat expectations, benefiting from U.S. tax changes and price hikes to counter higher input costs. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-u-s-china-trade-tensions-earnings-set-to-pressure-wall-st-idUSL3N1SA4IS |
May 1 (Reuters) - Cedar Woods Properties Ltd:
* APPOINTS LEON HANRAHAN TO POSITION OF CHIEF FINANCIAL OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cedar-woods-properties-appoints-le/brief-cedar-woods-properties-appoints-leon-hanrahan-as-cfo-idUSFWN1S71DQ |
Investors are starting to think the Federal Reserve will lift rates faster than indicated. Those betting on the path of interest rates in the Fed funds futures market see a 45% chance of at least four increases this year, according to CME Group. That probability, which recently climbed to as high as 51%, had been Oil Prices Steady as Deadline on Iran Nuclear Deal Nears—Energy Journal Next Stocks to Watch: Tesla, Spotify, Blue Apron, Sprint, Apple, AIG, MetLife, Kraft Heinz, Square, KKR, Fitbit | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/03/investors-bet-on-a-faster-fed/ |
May 1, 2018 / 4:23 AM / Updated 2 hours ago Weinstein Company set to be bought by Lantern Capital: sources Jessica DiNapoli 4 Min Read
(Reuters) - Private equity firm Lantern Capital is nearing a deal to acquire the Weinstein Company, the TV and film studio that filed for bankruptcy after its co-founder Harvey Weinstein was accused of sexual assault, with a $310 million offer, people familiar with the matter said. FILE PHOTO - Producer Harvey Weinstein speaks at the ceremony for the unveiling of the star for Italian composer Ennio Morricone on the Hollywood Walk of Fame in Hollywood, California February 26, 2016. REUTERS/Mario Anzuoni
The Weinstein Company filed for bankruptcy in March with the offer from Lantern Capital in hand as a so-called stalking horse bidder. It had hoped to get better offers from other suitors, but no higher bid for the entire company emerged by a deadline set in a bankruptcy auction for Monday, the sources said.
There were some offers for parts of the company that were not accepted, one of the sources added.
The sources asked not to be identified ahead of an official announcement. The Weinstein Company declined to comment, while Lantern did not respond to a request for comment.
Hollywood trade publication Deadline Hollywood first reported earlier on Monday that Lantern was the winning bidder for the Weinstein Company.
The deal, which is subject to approval by a U.S. bankruptcy judge, would be the culmination of efforts by the Weinstein Company over several months to find a buyer.
When the allegations against Harvey Weinstein became public in October, the company’s board fired him, and Hollywood heavyweights distanced themselves from the studio. Combined with lawsuits filed by Harvey Weinstein’s victims, the company was an unappealing acquisition target.
An offer for the studio from a group of investors led by former Obama administration official Maria Contreras-Sweet failed to produce a deal earlier this year, after New York Attorney General Eric Schneiderman filed a civil lawsuit against the company and demanded more compensation for Harvey Weinstein’s victims.
Following Schneiderman’s intervention, Contreras-Sweet’s offer was tweaked to include an $80 million to $90 million compensation fund that would supplement any insurance payouts victims would receive.
Harvey Weinstein, once one of Hollywood’s most influential men, has been accused of sexual misconduct including rape by more than 70 women. He has denied having non-consensual sex with anyone. It is unclear how much money his alleged victims will receive should the deal with Lantern go through.
Co-founded with Bob Weinstein, Harvey’s brother, the Weinstein Company produced and distributed critically acclaimed hits including “The King’s Speech” and “Silver Linings Playbook,” as well as TV’s fashion reality competition “Project Runway.”
With its bankruptcy filing, the Weinstein Company said it released anyone “who suffered or witnessed any form of sexual misconduct by Harvey Weinstein” from nondisclosure agreements, contracts that prevented victims from speaking out.
As part of the deal, Lantern will acquire Weinstein’s prized asset, its library of 277 feature films that have generated over $2 billion in aggregate box office receipts worldwide.
Based in Dallas, Texas, Lantern is a buyout firm founded by Andy Mitchell, the former head of Ally Financial’s global special assets group. Reporting by Jessica DiNapoli in New York; Additional reporting by Tom Hals in Wilmington, Delaware; Editing by Paul Simao | ashraq/financial-news-articles | https://uk.reuters.com/article/us-weinsteinco-m-a-lanterncapital/weinstein-company-set-to-be-taken-over-by-lantern-capital-sources-idUKKBN1I22RS |
May 30, 2018 / 4:29 PM / Updated an hour ago French lawmakers approve field-to-fork food bill Reuters Staff 3 Min Read
PARIS (Reuters) - France’s National Assembly on Wednesday approved a draft bill that would raise regulated minimum food prices and put curbs on supermarket promotions, legislation designed to increase farmers’ income, improve food quality and fight waste. FILE PHOTO: A general view shows the hemicycle during the questions to the government session at the French the National Assembly in Paris, France, February 20, 2018. REUTERS/Gonzalo Fuentes
The field-to-fork review was a campaign promise of President Emmanuel Macron to farmers who complain they bear the brunt of price wars between retailers.
The text, approved in the lower house after 77 hours of hard-fought debate, now goes to the Senate.
Here is a summary of the main measures adopted and some key amendments that were rejected. APPROVED
* The government will be allowed to raise by decree the threshold below which retailers cannot sell food products by 10 percent. The increase in the Resale Below Cost threshold caters for the inclusion of additional costs such as retailer logistics and staff.
* The bill also empowers the government to curb promotional offers. Retailers will not be allowed to discount products by more than 34 percent of their value and sell more than 25 percent of a product’s volume in a promotional offer.
This is to tackle aggressive price competition such as two-for-one discounts. Analysts say this could accelerate food inflation, potentially benefiting retailers’ profit margins in the short-term.
The agriculture minister says farmers would see a “rebalancing” in margins further down the chain.
* From 2022, fifty percent of food products sold in canteens must be either organic or come from food chain meeting specific quality criteria.
* The government will also implement measures to reverse the process of determining prices by taking farmers’ production costs as the starting point.
* Lawmakers adopted an amendment making “doggy bags”, which allow restaurant-goers to leave with their leftovers, mandatory in from July 2021 in a bid to fight food waste. REJECTED
* Glyphosate ban - A lawmaker close to Environment Minister Nicolas Hulot sought the inclusion of Macron’s promise in 2017 to ban weed-killer glyphosate “at the latest within three years”.
Farmers lobbied hard against the Glyphosate amendment, arguing three years was too soon to find an economic and environmentally viable alternative, and it was opposed robustly by Agriculture Minister Stephane Travert.
The exclusion is a political blow for Hulot, a former Green activist. Glyphosate was developed by Monsanto ( MON.N ) under the brand Roundup. A U.N. health agency said it caused cancer — an allegation denied by Monsanto and dismissed by some studies.
Macron said in January he would never impose the ban if there was no credible alternative. Prime Minister Edouard Philippe on Wednesday said the three-year promise would be kept.
* Mandatory vegetarian menus in canteens.
* Mandatory video monitoring in slaughterhouses. Reporting by Simon Carraud; Writing by Sybille de La Hamaide; Editing by Richard Lough | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-politics-food/french-lawmakers-approve-field-to-fork-food-bill-idUKKCN1IV28V |
CALGARY, Alberta , May 17, 2018 (GLOBE NEWSWIRE) -- Cardinal Energy Ltd. (TSX:CJ) (" Cardinal " or the " Company ") announces that all matters presented for approval at the annual and special meeting of the shareholders of Cardinal held today have been fully authorized and approved. A total of 41,740,097 votes representing 36.60% of the total votes entitled to vote at the meeting, were voted in connection with the matters considered at the meeting.
By ordinary resolution passed via ballot, the number of directors to be elected at the meeting was fixed at five members. The results of the ballot were as follows:
Votes For Percent (%) Votes Withheld Percent (%) 40,017,763 99.33 270,637 0.67 By ordinary resolution passed via ballot, all of the nominees proposed as directors were duly elected as directors of Cardinal to serve until the next annual meeting or until their successors are duly appointed or elected. The results of the ballot were as follows:
Name of Nominee Votes For Percent (%) Votes Withheld Percent (%) M. Scott Ratushny 35,013,816 86.91 5,274,584 13.09 John A. Brussa 32,264,807 80.08 8,023,593 19.92 David D. Johnson 39,982,593 99.24 305,807 0.76 Stephanie Sterling 39,811,151 98.82 477,249 1.18 Gregory T. Tisdale 39,795,519 98.78 492,881 1.22 By ordinary resolution passed via ballot, KPMG LLP, Chartered Professional Accountants, were appointed as auditors of the Company until the next annual meeting or until their successors are duly appointed, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:
Votes For Percent (%) Votes Withheld Percent (%) 41,545,537 99.55 187,143 0.45 By non-binding advisory resolution concerning Cardinal's approach to executive compensation was approved. The results of the ballot were as follows:
Votes For Percent (%) Votes Withheld Percent (%) 36,978,658 91.78 3,309,742 8.22 By ordinary resolution passed via ballot, the amendments to Cardinal's restricted bonus award incentive plan were approved. The results of the ballot were as follows:
Votes For Percent (%) Votes Withheld Percent (%) 23,994,009 59.56 16,294,391 40.44 About Cardinal Energy Ltd.
Cardinal is a junior Canadian oil focused company built to provide investors with a stable platform for dividend income and growth. Cardinal operates low decline oil properties in Alberta and Saskatchewan.
For further information: M. Scott Ratushny, CEO or Laurence Broos, VP Finance, Cardinal Energy Ltd., 600, 400 – 3rd Avenue SW, Calgary, AB T2P 4H2, Main Phone: (403) 234-8681 Website: www.cardinalenergy.ca
Source: Cardinal Energy Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-cardinal-energy-ltd-report-on-voting-from-the-2018-shareholders-meeting.html |
European policymakers are trying to keep the Iran nuclear deal alive, with renewed contacts with both Tehran and Washington.
Europeans disapproved of Trump's decision to leave the agreement, announced Tuesday, and to re-impose sanctions on Iran . The matter seems so urgent for European leaders that European Council President Donald Tusk has added the Iran deal to the items under discussion next week at an EU summit in Sofia, Bulgaria.
At the same time, the European Commission is also in contact with its external partners, as well as studying the U.S. measures, including the new sanctions, to understand their impact.
"The European Union (EU) deeply regrets the announcement by U.S. President Trump to withdraw from the Joint Comprehensive Plan of Action (JCPOA)," High Representative Frederica Mogherini said in a statement Wednesday morning, calling it a "crucial" deal to avoid increasing the use of nuclear weapons.
"As long as Iran continues to implement its nuclear related commitments, as it has been doing so far and has been confirmed by the International Atomic Energy Agency in 10 consecutive reports, the EU will remain committed to the continued full and effective implementation of the nuclear deal," Mogherini also said.
show chapters Former UK diplomat: US withdrawal from Iran deal 'deeply disturbing' 10 Hours Ago | 03:36 At the same time, Iranian officials have said that they need guarantees from Europe to keep the deal in place. Iran's leader Ayatollah Ali Khamenei said Wednesday morning that without sufficient guarantees from the three European countries involved – the U.K., Germany and France — it would no longer make sense to continue with the deal.
Meanwhile, the French Foreign Minister Jean-Yves Le Drian said Wednesday morning that the Iranian nuclear deal is "not dead" despite Trump's announcement. Mogherini also said that the nuclear deal resulted from 12 years of diplomacy that has been working, and "the EU is determined to work with the international community to preserve it."
Some analysts believe that just because the U.S. pulled out of the agreement, it doesn't mean that the deal will come to an end.
"France, Germany and the U.K. have reaffirmed the Iranian nuclear deal, and the EU has confirmed collective support. The U.S. has withdrawn from the deal. As the Trans-Pacific Partnership demonstrated, a unilateral withdrawal from a multilateral deal does not necessarily mean the deal is over," Paul Donovan, global chief economist at UBS Wealth Management, said in his daily note.
In the case of the Trans Pacific Partnership (TPP) — a trade deal signed in 2016 between the U.S., Canada, Japan, Malaysia and others — Trump also decided to pull out earlier this year. The trade deal remains in place for the other countries.
Tweet 1
However, other analysts are less positive about the EU's ability to keep the Iran deal in place. "Reintroduction of sanctions kills the agreement. Period. No chance for EU to hold up the terms in the face of U.S. extraterritoriality," Josef Janning, senior policy fellow at the think tank European Council on Foreign Relations, said on Twitter.
The Iran nuclear deal was signed by Trump's predecessor, Barack Obama, with the U.K., France, China, Russia, Germany and Iran. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/europe-fights-to-keep-the-iran-nuclear-deal-intact-after-trump-pulls-out.html |
TAIPEI, May 21 (Reuters) - Taiwan's export orders data for April was released by the Ministry of Economic Affairs on Monday. The data is an indication of the strength of Asian exports and of global demand for technology. APRIL REUTERS POLL MARCH Export orders (y/y pct) +9.8 +8.85 +3.1 Export orders from China +13.6 +6.8 Export orders from U.S. +9.6 +6.5 Export orders from Europe +4.9 +1.9 Export orders from Japan +4.6 +6.4 The ministry's website is www.moea.gov.tw/ (Reporting by Taiwan bureau; Writing by Jess Macy Yu; Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/taiwan-economy-orders/taiwan-export-orders-rise-9-8-pct-pct-y-y-above-forecast-idUSL3N1SS1N2 |
BRUSSELS (Reuters) - British companies cannot be directly involved in a new EU satellite navigation system after Brexit but Britain will have access to its signal, the EU’s chief Brexit negotiator said on Monday.
“Third countries and their companies cannot participate in the development of security-sensitive matters,” Michel Barnier told an event in Brussels, referring to the Galileo program.
“These rules will not prevent the UK as a third country from using the encrypted signal of Galileo providing that the relevant agreements between the EU and the UK are in place.”
Reporting by Robin Emmott; editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-galileo-barnier/britain-after-brexit-cannot-be-part-of-eu-galileo-satellite-system-barnier-idUSKCN1IF2AL |
TRUCKEE, Calif., May 14, 2018 /PRNewswire/ -- BetaZi LLC, a transformative production forecasting company to the oil & gas industry announces that Richard Kaufman recently joined the company as Managing Director - Business Development. BetaZi's CEO, Janette Conradson, commented that "BetaZi looks forward to expanding its marketing efforts to a broader base of oil & gas industry participants and is excited that Kaufman will play a central role in originating and developing the company's long-range client engagement goals."
Kaufman joins BetaZi with over 30 years of business development expertise. He has extensive oil and gas experience with a keen understanding of evolving issues impacting upstream and midstream sectors and related financial markets. In advance of joining BetaZi, Kaufman was Consultant to the oil & gas industry and prior to that, Managing Director with a number of prominent Regional and International Investment Banks. In between his banking career, Kaufman also worked six years with Shell Trading as Origination Manager in its Producer Services Group. Kaufman will work out of BetaZi's Houston office.
About BetaZi
BetaZi is an innovative oil & gas production forecasting company, with the proven ability to create and develop unbiased type curve analysis by using 21 st century advances in computer science. Only BetaZi's transformative and patented algorithm uses artificial intelligence, physics and statistics to interpret big production data with unparalleled speed to arrive at highly accurate reserve estimates and asset valuations. BetaZi has the ability to perform custom forecasts in support of specific transactions (BZO), a Basin-specific forecast bundle (BasinAlpha) and a custom install of BetaZi software that clients control and run in-house (bzOnSite).
Welcome to the Future.
Janette Conradson
Chief Executive Officer
BetaZi LLC
(530) 587-3858
[email protected]
BetaZi.com
View original content: http://www.prnewswire.com/news-releases/richard-kaufman-joins-betazi-as-managing-director-business-development-300646790.html
SOURCE BetaZi LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-richard-kaufman-joins-betazi-as-managing-director-business-development.html |
ZURICH, May 24 (Reuters) - Swiss private bank and asset manager Vontobel is buying private bank Notenstein La Roche from Swiss cooperative bank Raiffeisen for 700 million Swiss francs ($705.08 million), the two parties said on Thursday.
“Notenstein La Roche perfectly complements the strong organic growth we have achieved in wealth management over a number of years,” Vontobel Chief Executive Zeno Staub said in a statement. “The enlarged client base gives us an opportunity to make even more effective use of our successful platforms.”
The transaction, which the parties expect to be completed in the third quarter of 2018 subject to regulatory approval, would be financed through available capital and an additional Tier 1 bond.
Notenstein La Roche holds client assets totaling around 16 billion Swiss francs ($16.12 billion). ($1 = 0.9928 Swiss francs) (Reporting by Brenna Hughes Neghaiwi)
| ashraq/financial-news-articles | https://www.reuters.com/article/raiffeis-schweiz-vontobel-hldg-ma/vontobel-buys-private-bank-notenstein-la-roche-for-700-mln-sfr-idUSFWN1SV007 |
May 7 (Reuters) - Publity AG:
* WILL PROPOSE BONDHOLDERS EXCHANGE OF 3.5% 2015/2020 BONDS INTO ACQUISITION RIGHTS FOR NEW BONDS WITH AN INCREASED INTEREST RATE Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-publity-to-propose-exchange-of-35/brief-publity-to-propose-exchange-of-3-5-2015-2020-bonds-into-acquisition-rights-for-new-bonds-idUSFWN1SE0D4 |
SAN DIEGO & NORCROSS, Ga.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of FleetCor Technologies, Inc. (NYSE: FLT) breached their fiduciary duties to shareholders. FleetCor derives most of its revenue from the sale and maintenance of fuel card programs to business owners to allow their employees to purchase fuel at gas stations.
Investors filed a consolidated class action complaint against Fleetcor for alleged violations of the Securities Exchange Act of 1934. According to the class action complaint, Fleetcor misrepresented and omitted material facts regarding the true reasons for its earnings and growth, which were the result of fraudulent billing practices, dissemination of misleading marketing materials, and predatory sales tactics. On May 15, 2018, U.S. District Judge Leigh Martin Ma denied in part defendants' motion to dismiss plaintiff's complaint, paving the way for litigation to proceed. Specifically, the court found that plaintiffs had sufficiently alleged that defendants made material misrepresentations regarding their revenues when they stated the cards were "fee free" because there where in fact a multitude of fees involve. The court also found that plaintiffs had sufficiently alleged the prevalence of the fraud.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/fleetcor-technologies-inc-may-2018
FleetCor Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected] , or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006126/en/
Robbins Arroyo LLP
Leonid Kandinov
(619) 525-3990 or Toll Free (800) 350-6003
[email protected]
www.robbinsarroyo.com
Source: Robbins Arroyo LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-robbins-arroyo-llp-announces-that-fleetcor-technologies-inc-flt-securities-class-action-survives-motion-to-dismiss.html |
Q1 2018 Record Billings of $3 Million, Up 33% Year over Year and Up 20% from Q4 Excluding Savings Share Enrolled 933 New Members in Q1 2018, Up 65% from New Members Enrolled in Q4 2017 Achieved $2.3 Million in Billings in April 2018, Highest Monthly Billings in Company’s History Company Reiterates 2018 Billings Guidance of $20.0 Million Outreach Pool Nearing Approximately 36,000, 44% Increase from End of 2017 Company to Host Conference Call at 4:30 pm ET today
LOS ANGELES--(BUSINESS WIRE)-- Catasys, Inc. (NASDAQ:CATS), a leading AI and techno l ogy-enabled healthcare company, today reported its financial results for the first quarter The Company provides big data-based analytics and predictive-modeling-driven healthcare services to health plans and their members through its OnTrak™ solution.
First Quarter 2018 and Recent Business Highlights
Catasys’ enrollment for the quarter ended March 31, 2018 increased 74% year over year Catasys’ outreach pool of eligible members continued to rapidly increase due to new program launches with two large insurers and expansions with two existing health plan partners in early 2018. By June 2018, the Company expects its outreach pool to be at approximately 36,000, 44% higher than at the end of 2017. New customer launches continue to take approximately 12 months to reach an annual 20% enrollment rate. One year after launch, the Company generally enrolls in excess of 20% of its outreach pool. Catasys receives approximately $6,500 per enrolled member. January 2018 – Expanded OnTrak-HC to Illinois, representing the second state with this customer which is the fourth largest health insurance plan in the country February 2018 – Launched enrollment of OnTrak-Ci program in Tennessee with another top 10 health insurer, representing the fourth national health plan to launch OnTrak March 2018 – Expanded OnTrak-HA with a leading regional health insurer in Illinois, making OnTrak-HA available to eligible commercial and Medicare members with anxiety and depression March 2018 – Launched enrollment of OnTrak-H solution with leading national health plan partner in 16 states The OnTrak program is currently available through six health plans in 19 states.
2018 Guidance
Catasys reiterates its expectation to report annual billings (amount invoiced in a particular period pursuant to existing contracts based on enrolled members) of $20.0 million based solely on the current outreach pool of eligible members, finishing the year at an approximate $25.0 million billings annual run rate. This guidance does not include any additional new contracts, subsequent launches, additional new expansions within existing contracts or increases in the Company’s outreach pool above the end of 2017 levels.
Management Commentary
Mr. Rick Anderson, President and COO of Catasys, stated, “Enrollment trends continued their positive trajectory as we entered 2018, resulting in higher billings in the first quarter. With our outreach pool of eligible members continuing to increase, we anticipate steady growth in enrollments in the coming quarters. During the three months ended March 31, 2018, we expanded and launched several of our programs with existing and new health insurance partners. Our expansions of OnTrak in Illinois further validate this program’s ability to improve member health and lower healthcare costs for our health plan partners. During the quarter, we also launched enrollment of the OnTrak solution specifically addressing substance use disorders with a leading national health plan partner in 16 states, further increasing our outreach pool of eligible members. We expect to see additional program expansions with existing health plan partners, as well as enrollment launches with new partners as we progress further into 2018. We anticipate these expansions and launches to provide the Company’s primary business growth drivers in 2018.”
Outlook for 2018
Mr. Terren Peizer, Chairman and CEO of Catasys, stated, “Billings for the first quarter of 2018 were in line with our expectations, and in April, we significantly exceeded our internal projections, as a result of strong enrollment. With ongoing program expansions and enrollment launches, we are cautiously optimistic that our outreach pool of eligible members will expand significantly throughout the year. Commensurate with this outreach expansion, we expect enrollment growth will continue to accelerate as the year progresses. We will continue to invest in the expansion of our platform, as well as data-driven analytics and artificial intelligence capabilities, to effectively serve a growing customer base, further driving revenue growth.”
First Quarter 2018 Financial Review
Billings
Catasys’ billings increased 33% to $3.0 million for the first quarter of 2018, from $2.3 million in the prior-year period, driven by higher enrollment in new plans and expansions in existing plans. Billings increased approximately 7% sequentially from $2.8 million in the fourth quarter of 2017. Excluding a bi-annual savings share performance payment from one customer, billings were up 20% sequentially. Catasys contracts are generally designed to provide cash fees on a monthly basis based on enrolled members.
Revenues
Revenue increased 5% to $1.9 million for the first quarter of 2018, from $1.8 million during the same period in 2017. The increase was driven by the launch of enrollment with two new health plans and continued enrollment growth from existing plans, resulting in a net increase in the number of members enrolled in our OnTrak solution during the first quarter of 2018 compared with the same period in 2017. Enrolled members as of March 31, 2018, were 74% greater than at March 31, 2017.
Deferred Revenue
Deferred revenue was $1.7 million at March 31, 2018, a decrease of 42% from $2.9 million at December 31, 2017. The decrease was driven by a $1.9 million one-time catch-up to retained earnings as the Company adopted the new revenue accounting standard for services delivered in prior years, partially offset by revenue recognized for services delivered and new billings for services to be delivered in future quarters. When fees are received in advance, deferred revenue is recognized over the period the member is enrolled. Catasys has historically been able to record its deferred revenue as actual revenue during the course of the business cycle, except for cases where members terminated from the program early.
Operating Expenses
Operating expenses in the first quarter of 2018 were $6.2 million, compared to $4.0 million in the prior-year period. This increase was mainly due to increased costs of healthcare services to support growth; incremental investments in data science, IT and software development to drive growth and efficiency; and approximately $0.3 million related to non-cash stock option expense compared to the prior-year period. Cost of healthcare services consists primarily of salaries for Catasys’ care coaches and outreach specialists, healthcare provider claims payments to Catasys’ network of physicians and psychologists, and fees charged by third party administrators for processing these claims. In addition, the Company hires staff in preparation for anticipated future customer contracts and corresponding increases in members eligible for OnTrak. The costs for such staff are included in Cost of Healthcare Services during training and ramp-up periods.
Net Income (Loss)
For the first quarter of 2018, net loss was $4.2 million, or $0.27 per diluted share, compared to a net loss of $21.8 million, or $2.35 per diluted share, in the prior-year period. The improvement in net loss was a result of the prior-year period being impacted by $5.2 million in change in fair value of warrant liability as well as $10.6 million in change in fair value of derivative liability resulting from the issuance of convertible debentures in July 2015, which converted into common stock in April 2017.
Conference Call – May 15, 2018 – 4:30 pm ET
The Company will host a conference call/webcast on Tuesday, May 15, 2018, at 4:30 pm ET/1:30 pm PT. Investors, analysts, employees and the public are invited to listen to the conference call via:
Conference Call: 877-705-2969 (domestic) or 201-689-8868 (international) Webcast:
http://catasys.equisolvewebcast.com/q1-2018
Those who are unable to attend the conference call live can use the following information to hear a replay version:
Conference ID#: 13672721 Conference Call Replay: 877-660-6853 (domestic) or 201-612-7415 (international) Expiration Date: 5/22/2018 About Catasys, Inc.
Catasys, Inc. harnesses proprietary big data predictive analytics, artificial intelligence and telehealth, combined with human intervention, to deliver improved member health and cost savings to health plans through integrated technology enabled treatment solutions. It is our mission to provide access to affordable and effective care, thereby improving health and reducing cost of care for people who suffer from the medical consequences of behavioral health conditions; helping these people and their families achieve and maintain better lives.
Catasys' OnTrak solution--contracted with a growing number of national and regional health plans--is designed to treat members with behavioral conditions that cause or exacerbate co-existing medical conditions. Catasys has a unique ability to engage these members, who do not otherwise seek behavioral healthcare, leveraging proprietary enrollment capabilities built on deep insights into the drivers of care avoidance matched with data driven motivational and consumer engagement technologies.
OnTrak integrates evidence-based medical and psychosocial interventions along with care coaching in a 52-week outpatient solution. The program is currently improving member health and, at the same time, is demonstrating reduced inpatient and emergency room utilization, driving a more than 50 percent reduction in total health insurers' costs for enrolled members. OnTrak is available to members of several leading health plans in Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Massachusetts, Missouri, New Jersey, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of , many of which are beyond our control, which may cause actual results to differ materially from stated expectations. These risk factors include, among others, changes in regulations or issuance of new regulations or interpretations, limited operating history, our inability to execute our business plan, increase our revenue and achieve profitability, lower than anticipated eligible members under our contracts, our inability to recognize revenue, lack of outcomes and statistically significant formal research studies, difficulty enrolling new members and maintaining existing members in our programs, the risk that treatment programs might not be effective, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and substantial regulation in the health care industry, the risks associated with the adequacy of our existing cash resources and our ability to continue as a going concern, our ability to raise additional capital when needed and our liquidity. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plan," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the we face, please refer to our most recent Securities and Exchange Commission filings which are available on its website at http://www.sec.gov . Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
The Company makes reference in this press release to billings, a non-GAAP financial measure, as a supplemental measure to review and assess our operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP. We define billings as the amount invoiced in a particular period pursuant to existing contracts based on enrolled members. We use billings as a measure of operating performance to assist in comparing performance from period to period on a consistent basis.
We believe that the use of this non-GAAP financial measures facilitates investors’ assessment of our operating performance from period to period and from company to company by backing out potential differences caused by variations in the applicable performance requirements contained in the relevant contracts, which may be different from other companies in our industry.
Billings is not defined under GAAP and is not presented in accordance with GAAP. This non-GAAP financial measure has limitations as an analytical tool, and when assessing our operating performance, investors should not consider it in isolation, or as a substitute for revenue prepared in accordance with GAAP. A reconciliation from this non-GAAP financial measure to the GAAP financial measure is included at the end of this release.
CATASYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) Three Months Ended (In thousands, except per share amounts) March 31, 2018 2017 Revenues Healthcare services revenues $ 1,911 $ 1,822 Operating expenses Cost of healthcare services 2,287 1,365 General and administrative 3,786 2,629 Depreciation and amortization 85 39 Total operating expenses 6,158 4,033 Loss from operations (4,247 ) (2,211 ) Other income 40 14 Interest expense (1 ) (2,867 ) Loss on conversion of note - (926 ) Change in fair value of warrant liability (10 ) (5,181 ) Change in fair value of derivative liability - (10,596 ) Loss from operations before provision for income taxes (4,218 ) (21,767 ) Provision for income taxes - 1 Net Loss $ (4,218 ) $ (21,768 ) Basic and diluted net loss from operations per share: ($0.27 ) ($2.35 ) Basic and diluted weighted number of shares outstanding 15,898 9,246 Note: The financial statements have been retroactively restated to reflect the 1-for-6 reverse-stock split that occurred on April 25, 2017.
CATASYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except for number of shares) March 31, December 31, 2018 2017 ASSETS Current assets Cash and cash equivalents $ 1,354 $ 4,779 Receivables, net of allowance for doubtful accounts of $0 and $476, respectively
1,211 511 Prepaids and other current assets 354 366 Total current assets 2,919 5,656 Long-term assets Property and equipment, net of accumulated depreciation of $1,627 and $1,542, respectively
527 612 Deposits and other assets 336 336 Total Assets $ 3,782 $ 6,604 LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) Current liabilities Accounts payable $ 734 $ 980 Accrued compensation and benefits 1,036 1,177 Deferred revenue 1,689 2,914 Other accrued liabilities 1,200 578 Total current liabilities 4,659 5,649 Long-term liabilities Deferred rent and other long-term liabilities - 25 Capital leases - 2 Warrant liabilities 40 30 Total Liabilities 4,699 5,706 Stockholders' equity/(deficit) Preferred stock, $0.0001 par value; 50,000,000 shares authorized; no shares issued and outstanding
- - Common stock, $0.0001 par value; 500,000,000 shares authorized; 15,913,171 and 15,889,171 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
2 2 Additional paid-in-capital 294,746 294,220 Accumulated deficit (295,665 ) (293,324 ) Total Stockholders' Equity/(Deficit) (917 ) 898 Total Liabilities and Stockholders' Equity/(Deficit) $ 3,782 $ 6,604 CATASYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Three Months Ended (In thousands) March 31, 2018 2017 Operating activities: Net loss $ (4,218 ) $ (21,768 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 85 39 Issuance costs included in interest expense - 2,622 Warrants issued for services 86 - Provision for doubtful accounts - 149 Deferred rent (22 ) (20 ) Share-based compensation expense 328 127 Fair value adjustment on derivative liability - 10,596 Fair value adjustment on warrant liability 10 5,181 Shares issued for services 112 117 Loss on conversion of note - 926 Changes in current assets and liabilities: Receivables (700 ) (360 ) Prepaids and other current assets 12 (176 ) Deferred revenue 652 418 Accounts payable and other accrued liabilities 239 534 Net cash used in operating activities $ (3,416 ) $ (1,615 ) Investing activities: Purchases of property and equipment $ - $ (49 ) Net cash used in investing activities $ - $ (49 ) Financing activities: Proceeds from bridge loan $ - $ 1,115 Capital lease obligations (9 ) (11 ) Net cash (used in)/provided by financing activities $ (9 ) $ 1,104 Net decrease in cash and cash equivalents $ (3,425 ) $ (560 ) Cash and cash equivalents at beginning of period 4,779 851 Cash and cash equivalents at end of period $ 1,354 $ 291 Supplemental disclosure of cash paid Income taxes $ - $ 39 Supplemental disclosure of non-cash activity Common stock issued for investor relations services $ 112 $ 117 Warrants issued for investor relations services $ 85 $ - CATASYS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) Additional (Amounts in thousands, except for number of shares) Common Stock Paid-In Accumulated Shares Amount Capital Deficit Total Balance at December 31, 2017 15,889,171
$
2
$
294,220
$ (293,324 ) $ 898 Adoption of accounting standard - $ - $ - $ 1,877 $ 1,877 Balance at January 1, 2018 15,889,171 2 294,220 (291,447 ) 2,775 Common stock issued for outside services 24,000 - 112 - 112 Warrants issued for services - - 86 - 86 Share-based Compensation Expense - - 328 - 328 Net loss - - - (4,218 ) (4,218 ) Balance at March 31, 2018 15,913,171 2 294,746 (295,665 ) (917 ) CATASYS, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION (unaudited) For the Three Months Ended March 31, (in thousands) 2018
2017
Revenues $ 1,911 $ 1,822 Add: Estimate of Q1 Uncollectable Billings* $ 287 $ - Net Change in Deferred Revenue** 794 432 Billings, non-GAAP $ 2,992 $ 2,254 *Represents one customer who we bill over a limited number of provider visits
**Net change in deferred revenue associated with Q1 billings
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006398/en/
Catasys, Inc.
Marianne Acosta, 310-444-4346
Source: Catasys, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-catasys-reports-2018-first-quarter-financial-results.html |
CNBC's Jim Cramer warned on Thursday that if the Federal Reserve raises interest rates too quickly it could spell bad news for the "red hot" U.S. economy.
Cramer said Wall Street expected that the Fed wouldn't need to raise rates too aggressively after this month's weaker-than-expected jobs report , which showed nonfarm payrolls increasing by 164,000 in April, less than the 192,000 jobs expected. Average hourly earnings also rose less than expected.
But Cramer said that now he's worried the central bank could raise rates faster than expected after the release of U.S. jobless claims data by the Labor Department on Thursday morning.
"The four-week moving average of these numbers fell by 2,750 to a little over 213,000," the "Mad Money" host said. "That's the lowest jobless claims figure since December 1969, when we had a 120 million fewer people in this country."
The four-week moving average is viewed as a better measure of labor market trends as it irons out week-to-week volatility.
The Fed, led by Jerome Powell in his first meeting as chairman, approved a widely expected quarter-point hike in March. The decision put the new benchmark funds rate at a target of 1.5 percent to 1.75 percent.
The probability that the central bank will raise its benchmark rate at its FOMC meeting in June is at 95 percent, according to the CME's FedWatch tracking tool for the fed funds futures market.
Cramer acknowledged that the U.S. economy needs higher interest rates to stave off inflation. However, Cramer added that higher rates also make it more expensive to borrow money and thus slow down the economy.
"In other words, when the economy gets too hot, we have these mechanisms in place that will cause it to cool back down, and that's where you might get hurt," Cramer said.
WATCH: Cramer explains his thoughts on the economy, Fed show chapters Cramer explains his thoughts on the economy, Fed 17 Hours Ago | 11:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/cramer-fears-fed-raising-rates-too-quickly-will-halt-a-red-hot-economy.html |
May 10, 2018 / 12:46 PM / Updated 2 hours ago Barcelona announce South Africa friendly to mark Mandela centenary Richard Martin 2 Min Read
BARCELONA (Reuters) - La Liga champions Barcelona will play a friendly against South African champions Mamelodi Sundowns in Johannesburg on May 16 as part of celebrations to mark 100 years since the birth of Nelson Mandela, the Spanish club said on Thursday. FILE PHOTO: Soccer Football - La Liga Santander - FC Barcelona v Real Madrid - Camp Nou, Barcelona, Spain - May 6, 2018 Barcelona fans wave flags before the match REUTERS/Sergio Perez
The game is being played at the FNB stadium, formerly known as the Soccer City stadium, where Spain won the 2010 World Cup with a team featuring Barca players Gerard Pique, Sergio Busquets and captain Andres Iniesta, who struck the only goal in their 1-0 win over the Netherlands.
“FC Barcelona has always professed its admiration for Nelson Mandela, one of the greatest figures of the 20th century, who after 27 years in prison went on to become the first democratically elected president of post-apartheid South Africa from 1994 to 1999,” said a statement on the club’s website.
“Mandela represented the struggle for freedom and equality in the country, and played a huge role in unifying the racially divided society. It is precisely this kind of spirit with which FC Barcelona has always been identified.”
Mandela was born on July 18, 1918.
The friendly is sandwiched between Barca’s penultimate Liga game away to Levante on May 13 and their final game at home to Real Sociedad on May 20.
Ernesto Valverde’s side clinched a 25th Liga title on April 29 and the King’s Cup on April 21 and are bidding to become the first team since 1933 to complete a Spanish top flight season without losing a game. Reporting by Richard Martin; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-fcb-southafrica/barcelona-announce-south-africa-friendly-to-mark-mandela-centenary-idUKKBN1IB1RI |
ISTANBUL, May 24 (Reuters) - Turkish central bank increased the maximum total amount of forward foreign exchange (NDF) sale positions to $8 billion from $6.15 billion in the second quarter of 2018, the bank said on Thursday, in a fresh move to support an ailing lira.
The upper limit for the total amount of forward foreign exchange sale position was determined to be $10 billion until the end of this year, it said.
The central bank raised its top interest rate to 16.5 percent at an extraordinary meeting on Wednesday in a bid to break a relentless, weeks-long fall in the currency. The lira had depreciated as much as 23 percent so far this year before the bank’s move. (Reporting by Ezgi Erkoyun Writing by Ali Kucukgocmen Editing by Ece Toksabay)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-cenbank-ndf/turkeys-central-bank-says-maximum-ndf-sale-position-increased-to-8-bln-idUSI7N1SM01K |
May 2 (Reuters) - Philippine Racing Club Inc:
* FY NET INCOME ATTRIBUTABLE TO PARENT EQUITY HOLDER 262.7 MILLION PESOS VERSUS 177.4 MILLION PESOS
* FY GROSS REVENUE 898.3 MILLION PESOS VERSUS 460.7 MILLION PESOS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-philippine-racing-club-posts-fy-ne/brief-philippine-racing-club-posts-fy-net-income-attributable-of-262-7-mln-pesos-idUSFWN1S80M6 |
(Adds company news item, futures) May 29 (Reuters) - Britain's FTSE 100 index is seen opening 36 points lower at 7,695 on Tuesday, according to financial bookmakers, futures down 0.7 percent ahead of the cash market open. * STANDARD LIFE ABERDEEN: Standard Life Aberdeen plans to return as much as 1.75 billion pounds ($2.3 billion) to its shareholders in the wake of the sale of its insurance business to Phoenix Group . * IWG: U.S. real estate investment company Prime Opportunities Investment Group said on Tuesday IWG Plc had rejected its offer approach for the British serviced office provider. * DIXON CARPHONES: British retailer Dixons Carphone said profit would fall by 21 percent in the current year, as its new chief executive warned that he needed to fix problems at the company and close shops at a time of a contracting UK electrical market. * SAFESTYLE: British windows and doors retailer Safestyle UK Plc , which issued a profit warning in April, said on Tuesday its non-executive Chairman Peter Richardson resigned with immediate effect, a month after assuming the role. * VEDANTA RESOURCES: India's Tamil Nadu state has ordered a permanent closure of a big copper smelter run by London-listed Vedanta Resources , the state chief minister said on Monday, after protests demanding its shutdown killed 13 people last week. * ITV PLC: British broadcaster ITV Plc is considering entering into a joint venture valued at 1 billion pounds ($1.33 billion) with BBC to acquire half of broadcaster UKTV, the Telegraph newspaper reported on Monday. * PRET A MANGER: Luxembourg-based JAB Holdings is set to buy British sandwich chain Pret A Manger ( IPO-PRET.L ) for 1.5 billion pounds ($2.0 billion), including debt, from its private equity owners, the Financial Times reported late on Monday. * ROYAL BANK OF SCOTLAND: Britain could sell a 10 percent stake in Royal Bank of Scotland as soon as this week, Sky News reported on Monday, citing banking sources. * STANDARD CHARTERED: Standard Chartered's private equity arm is seeking to sell its stake in a unit of Saudi Binladin Group, the construction group whose owners were entangled in Saudi Arabia's anti-corruption purge, said three sources familiar with the matter. * OIL: Oil prices were mixed in Asian trading on Tuesday, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply. * The UK blue chip index ended the day up 0.18 percent at 7,730.28 points on Friday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/update-1-uk-stocks-factors-to-watch-on-may-29-idUSL3N1T02FD |
May 14, 2018 / 10:39 AM / Updated 3 hours ago Facebook suspends 200 apps over data misuse investigation Reuters Staff 2 Min Read
(Reuters) - Facebook Inc has so far suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data, in a response to a scandal around political consultancy Cambridge Analytica.
The apps were suspended pending a thorough investigation into whether they misused any data, said Ime Archibong, Facebook’s vice president of product partnerships.
Facebook said it has looked into thousands of apps till date as part of an investigation that Chief Executive Officer Mark Zuckerberg announced on March 21.
Zuckerberg had said the social network will investigate all apps that had access to large amounts of information before the company curtailed data access in 2014.
“There is a lot more work to be done to find all the apps that may have misused people’s Facebook data – and it will take time,” Archibong said.
“We have large teams of internal and external experts working hard to investigate these apps as quickly as possible.”
Facebook was hit by the privacy scandal in mid-March after media reports that Cambridge Analytica improperly accessed data to build profiles on American voters and influence the 2016 presidential election.
The incident led to backlash from celebrities and resulted in the company losing billions in market value. Zuckerberg apologized for the mistakes his company made and testified before the U.S. lawmakers.
The company, however, regained much of its lost market value after it reported a surprisingly strong 63 percent rise in profit and an increase in users when it announced quarterly results on April 25.
Shares of the company were up 0.4 percent at $187.65 in premarket trading on Monday.
(This version of the story corrects share price in last paragraph.) FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur | ashraq/financial-news-articles | https://uk.reuters.com/article/us-facebook-privacy/facebook-suspends-200-apps-over-data-misuse-investigation-idUKKCN1IF18H |
US jury awards Apple $539 million in Samsung patent retrial 3 Hours Ago A U.S. jury has ruled that Samsung should pay $539 million to Apple for copying patented smartphone features. The jury had been deliberating the latest case since last week. Samsung has previously paid Apple $399 million to compensate for the infringement of some of the patents in the case. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/apple-samsung-patent.html |
(Adds Breakingviews link)
WASHINGTON, May 29 (Reuters) - The United States said on Tuesday that it still holds the threat of imposing tariffs on $50 billion of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property.
Washington will also press ahead with restrictions on investment by Chinese companies in the United States as well as export controls for goods exported to China, the statement from the White House said.
Details of the investment and export controls will be announced by June 30 and the final tariff list will be published by June 15.
The announcement on Tuesday restated comments by administration officials that both the tariffs and the restrictions remained in place even after the United States and China sketched out a deal this month to reduce China’s $375 billion trade surplus with America.
A list of potential tariff targets has already been published by the United States Trade Representative and it largely includes intermediate goods used by companies to make other products as well as some consumer goods like televisions.
Even though Washington had not withdrawn the threatened tariffs on imports from China, Beijing reacted harshly to the announcement, saying it was surprised by Tuesday’s statement and would defend its interests.
Threats of a trade war between the United States and China had hit financial markets hard, although now most economists believe the two will manage to avoid a major economic conflict.
China has repeatedly said that it will push ahead with its development of high-tech industries and will not back down in the face of what it sees as threats from Washington.
The two countries earlier this month agreed to look at measures to reduce China’s trade surplus with the United States in a move that appeared to reduce the risk of a trade war between the world’s two largest economies.
That deal was separate from the U.S. investigation into China’s alleged theft of intellectual property.
Commerce Secretary Wilbur Ross is to visit Beijing this week to try and get China to agree to firm numbers for additional U.S. exports to the country. The United States had wanted China’s trade surplus with America to shrink by $200 billion in two years, a figure seen as fanciful by most economists and trade experts.
There is room to increase exports to China by selling more agricultural commodities and energy products and China has agreed in principle to import more, but the two sides do not have a firm agreement.
Economists estimate that U.S. exports could rise by up to $90 billion over a period of years.
Reporting by Makini Brice; Editing by Doina Chiacu, David Chance and Andrea Ricci
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china/update-1-u-s-to-continue-trade-actions-against-china-white-house-idUSL2N1T00E0 |
PARIS--(BUSINESS WIRE)-- Regulatory News:
It will be proposed to the Publicis Groupe S.A .’s Annual Shareholders’ Meeting (Paris:PUB) [Euronext Paris : FR0000130577, CAC 40] to be held on May 30, 2018 that an ordinary dividend of €2.00 per share be paid with respect to 2017 to shareholders. Shareholders could opt for the dividend to be paid in newly created Publicis Groupe shares.
If approved by the Shareholders’ Meeting of May 30, 2018, the calendar will be as follows:
- May 30: Determination of the issue price of Publicis Groupe new shares for the payment of dividends in shares - June 5: Record date (last day to acquire shares giving right to dividends) - June 6: Ex dividend date - June 6-26: Exercise period for the option to have the dividend paid in shares - July 4: Listing of newly created shares and payment date of dividend (in cash or in shares). About Publicis Groupe - The Power of One
Publicis Groupe [Euronext Paris FR0000130577, CAC 40] is a global leader in marketing, communication, and digital transformation, driven through the alchemy of creativity and technology. Publicis Groupe offers its clients seamless access to its tools and expertise through modular offering. Publicis Groupe is organized across four Solutions hubs: Publicis Communications (Publicis Worldwide, Saatchi & Saatchi, Leo Burnett, BBH, Marcel, Fallon, MSL, Prodigious) , Publicis Media (Starcom, Zenith, Spark Foundry, Blue 449, Performics, Digitas) , Publicis.Sapient (SapientRazorfish & Sapient Consulting) and Publicis Health . These 4 Solution hubs operate across principal markets, and are carried across all others by Publicis One , a fully integrated service offering bringing together the Groupe’s expertise under one roof. Present in over 100 countries, Publicis Groupe employs nearly 80,000 professionals.
www.publicisgroupe.com | Twitter:@PublicisGroupe | Facebook: www.facebook.com/publicisgroupe | LinkedIn : Publicis Groupe | http://www.youtube.com/user/PublicisGroupe | Viva la Difference!
View source version on businesswire.com : https://www.businesswire.com/news/home/20180527005040/en/
Publicis Groupe
Peggy Nahmany
Corporate Communications
+ 33 (0)1 44 43 72 83
[email protected]
or
Jean-Michel Bonamy
Investor Relations
+ 33 (0)1 44 43 77 88
[email protected]
or
Chi-Chung Lo
Investor Relations
+ 33 (0)1 44 43 66 69
[email protected]
Source: Publicis Groupe | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/business-wire-publicis-groupe-2017-dividend.html |
The Toronto Raptors brought in San Antonio Spurs assistant coaches Ettore Messina and Ime Udoka to interview for their head-coaching opening on Thursday and Friday, respectively, according to a report from ESPN.
Basketball - Italy v Serbia - European Championships EuroBasket 2017 Quarter Finals - Istanbul, Turkey - September 13, 2017 - Coach Ettore Messina of Italy reacts. REUTERS/Osman Orsal - UP1ED9D1H7O7T During their interviews, Messina and Udoka each spent the full day meeting with Raptors president Masai Ujiri and his staff, according to the report.
The Raptors have also interviewed internal candidates Nick Nurse, Rex Kalamian and G League coach Jerry Stackhouse, with Nurse viewed as the strongest choice of the three, according to the report.
Messina, 58, has previously interviewed for a head-coaching position with Charlotte and Milwaukee this spring. He has served as a Spurs assistant since 2014 after a successful career coaching international basketball, including the Italian national team.
Udoka, 40, also interviewed with Charlotte and Orlando. He has been a member of Gregg Popovich’s staff the past six seasons.
Dwane Casey was dismissed by the Raptors earlier this month after seven seasons and five consecutive playoff appearances with the team. The Raptors won a franchise-record 59 games this season to earn the No. 1 seed in the Eastern Conference, but were swept by the Cleveland Cavaliers in the playoffs for the second consecutive season.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-tor-messina-udoka/report-toronto-raptors-interview-messina-udoka-for-coach-job-idUSKCN1IR0EW |
May 2 (Reuters) - Ford Motor Co:
* FORD SAYS ADDING AN ADDITIONAL 26,000 VEHICLES TO AN EXISTING SAFETY RECALL FOR 2015-17 FORD TRANSIT VEHICLES EQUIPPED WITH TRAILER TOW MODULE
* FORD SAYS RECALL NOW INVOLVES APPROXIMATELY 99,893 VEHICLES IN NORTH AMERICA WITH 90,864 IN THE U.S. AND FEDERALIZED TERRITORIES AND 9,029 IN CANADA Source: ford.to/2HNEBVF Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ford-says-adding-additional-26000/brief-ford-says-adding-additional-26000-vehicles-to-existing-recall-for-2015-17-ford-transit-vehicles-with-trailer-tow-module-idUSFWN1S910V |
BEIJING (Reuters) - Some North Korean traders are offering cheap coal to Chinese buyers who are stockpiling it at ports inside the isolated country, hoping recent diplomatic moves lead to an easing of sanctions barring purchases of North Korean coal, three Chinese traders told Reuters.
FILE PHOTO: An employee walks between front-end loaders which are used to move coal imported from North Korea at Dandong port in Liaoning province, China December 7, 2010. REUTERS/Stringer/File Photo Official data shows China has not imported any coal from North Korea since October last year, after the United Nations banned Pyongyang from exporting coal in September.
In 2016, China, Pyongyang’s main trading partner, bought 22.5 million tonnes of coal from North Korea worth almost $2 billion.
But the Chinese traders said offers of coal had surged after North Korean leader Kim Jong Un made a surprise visit to Beijing in March, and ahead of a planned meeting with U.S. President Donald Trump.
“The day Kim Jong Un visited Beijing, I was approached by a North Korean trader asking if I wanted inventory at Nampo port,” one coal trader based in northern China told Reuters, referring to North Korea’s main west coast port.
The North Korean trader had a couple thousand tonnes of anthracite coal which he was willing to sell at around $30-$40 per tonne, the trader said, less than a quarter of the price of similar Chinese coal.
The two other Chinese traders confirmed that price range. All three requested anonymity because of the sensitivity of the situation.
Prices were even lower during the Lunar New Year period in February, hovering at less than $15 per tonne, said another of the traders, who is based in northeastern China.
The Chinese traders Reuters spoke to said they had not personally purchased North Korean coal, but all said they were aware of stockpiling in the hope of sanctions being eased.
“Over the past few weeks, more and more people have been stockpiling coal,” one trader told Reuters.
HUGE DISCOUNT North Korean coal producers and coal trading houses are allowed to decide prices and volumes for export, even though they are owned by the state and don’t operate in a fully liberalized market, one trader said. The North Korean trading houses also pay hefty export taxes, a major source of income for the regime.
If UN sanctions were lifted, the coal could be sold on to steel mills in China. Anthracite produced in China’s Shanxi province currently sells at around 1,020-1,100 yuan ($160-$172) per tonne, data provided by China Sublime Information Group shows.
“The price is exceptionally good but I decided not to buy because I am worried the cargo will be seized back by the North Korean government,” one trader said.
Buyers had to pay in full up-front, instead of the 20 to 30 percent deposit required before sanctions were imposed, he said.
Chinese traders who accepted the terms were required by the North Korean sellers to send money to accounts in banks held by Dandong-based Chinese agents who were in contact with North Korean firms, the trader added. He said he could not track if and how the money left China, and Reuters was unable to verify any transfers between the two countries.
Catherine Dill, a senior research associate at the James Martin Centre for Nonproliferation Studies said any completed deals were likely to violate UN sanctions, which cover a wide range of North Korean exports and are aimed at cutting off up to 90 percent of its foreign exchange earnings.
Although the coal is still in North Korea, the phrasing of the UN resolution - that North Korea cannot “supply, sell or transfer” its coal to other countries - suggests the intent of the resolution is to prohibit any transaction that would financially benefit North Korea, Dill said.
Independent U.N. experts monitoring the implementation of sanctions believe North Korea earned nearly $200 million in 2017 from banned commodity exports including coal.
The United Nations and China’s Commerce Ministry did not immediately respond to requests for comment.
Calls to the North Korean embassy in Beijing went unanswered.
The United States has repeatedly said it will not relax sanctions on North Korea until it denuclearizes. The White House said Trump and Chinese President Xi Jinping had “agreed on the importance of continued implementation of sanctions on North Korea until it permanently dismantles its nuclear and missile programs” during a phone conversation this week.
The three sources said they expect North Korean coal prices to rise significantly if the UN ban is lifted.
Traders were expecting Chinese customs to allow in new cargoes from North Korea as early as this month, said Zhang Min, a senior coal analyst with China Sublime Information Group.
The Chinese trader based in northeastern China said he was heading to North Korea this week to meet his contacts.
“The situation with North Korea is improving so I want to touch base with my business partners as soon as possible.”
Reporting by Sue-Lin Wong and Beijing newsroom. Additional reporting by Matt Spetalknick in WASHINGTON and Michelle Nichols at the UNITED NATIONS.; Editing by Raju Gopalakrishnan and Lincoln Feast.
| ashraq/financial-news-articles | https://in.reuters.com/article/us-china-northkorea-coal/exclusive-north-korean-traders-offering-cheap-coal-on-hopes-sanctions-will-ease-chinese-traders-idINKBN1IC0M1 |
Midsona AB:
* MIDSONA ACQUIRES DAVERT, A LEADER IN THE GERMAN ORGANIC FOOD MARKET
* TOTAL PURCHASE PRICE IS APPROXIMATELY EUR 48.5 MILLION (SEK 511 MILLION), ON A DEBT-FREE/CASH-FREE BASIS
* BY 2022, SYNERGIES ARE EXPECTED TO HAVE AN ANNUAL IMPACT ON EBITDA OF APPROXIMATELY EUR 3.8 MILLION (SEK 40 MILLION)
* EXPECTS DAVERT’S SALES TO INCREASE COMPARED TO PREVIOUS YEAR AND ACHIEVE ADJUSTED EBITDA OF ABOUT EUR 5.0 MILLION (SEK 53 MILLION) Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-midsona-acquires-davert-a-leader-i/brief-midsona-acquires-davert-a-leader-in-the-german-organic-food-market-idUSASO000477 |
May 24, 2018 / 6:41 AM / Updated 21 minutes ago Investigators identify Russian military unit in downing of flight MH17 Anthony Deutsch 4 Min Read
BUNNIK, Netherlands (Reuters) - Dutch prosecutors identified a Russian military unit on Thursday as the source of the missile that shot down Malaysia Airlines Flight 17 over eastern Ukraine in 2014, killing all 298 people on board.
The airliner flying from Amsterdam to Kuala Lumpur was hit by a Russian-made “Buk” anti-aircraft missile on July 17, 2014 over territory held by pro-Russian separatists. There were no survivors. Two thirds of those killed were Dutch.
“The Buk that was used came from the Russian army, the 53rd brigade,” Chief Dutch Prosecutor Fred Westerbeke told Reuters. “We know that was used, but the people in charge of this Buk, we don’t know.”
Russia repeated on Thursday that it had nothing to do with the incident.
“Not a single air defence missile launcher of the Russian Armed Forces has ever crossed the Russian-Ukrainian border,” Russia’s TASS news agency quoted the Defence Ministry as saying in a statement.
Russia’s Foreign Ministry said the findings had been based on fake data presented by bloggers and that Moscow’s information regarding the case had been largely ignored.
“This is an example of baseless accusations aimed at discrediting our country in the eyes of the international community,” the Russian Foreign Ministry said in a statement.
Investigators appealed to the public to come forward and help identify members of the crew who operated the missile and determine how high up the chain of command the order originated.
“The Russian Federation didn’t help us in providing us the information we brought out into the open today,” Westerbeke said. “They didn’t give us this information, although a Buk from their military forces was used.”
Prosecutors showed photos and videos of a truck convoy carrying the system as it crossed the border from Russia to Ukraine. It crossed back several days later with one missile missing. The vehicles had serial numbers and other markings that were unique to the 53rd Brigade, an anti-aircraft unit based in the western Russian city of Kursk, they said. A damaged missile is displayed during a news conference by members of the Joint Investigation Team, comprising the authorities from Australia, Belgium, Malaysia, the Netherlands and Ukraine who present interim results in the ongoing investigation of the 2014 MH17 crash that killed 298 people over eastern Ukraine, in Bunnik, Netherlands, May 24, 2018. REUTERS/Francois Lenoir
In the interim update on their investigation, prosecutors said they had trimmed their list of possible suspects from more than a hundred to several dozen.
Westerbeke said investigators were not yet ready to identify individual suspects publicly or to issue indictments, but that when they do he expects cooperation, or a firm international political response. HOLD RUSSIA ACCOUNTABLE
Dutch Prime Minister Mark Rutte cut short a trip to India to return in time for a cabinet meeting on Friday to discuss the latest findings in the inquiry.
The MH17 Disaster Foundation representing families of the victims demanded that the Dutch government take legal action to hold the Russian state accountable.
“It must go beyond legal exploration after this,” board member Piet Ploeg was quoted by the NOS broadcaster as saying.
A Joint Investigation Team, drawn from Australia, Belgium, Malaysia, the Netherlands and Ukraine, is gathering evidence for a criminal prosecution in the downing of the plane.
Ukrainian Army General Vasyl Hrytsak, a member of the investigation team, told Reuters the next crucial step would be to pinpoint who issued the orders to move the missile system. Slideshow (2 Images)
The Dutch Safety Board concluded in an October 2015 report that the Boeing 777 was struck by a Russian-made Buk missile. Additional reporting by Bart Meijer and Toby Sterling in Amsterdam and Gabrielle Tétrault-Farber in Moscow; Editing by Mark Heinrich and Peter Graff | ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-crisis-mh17/investigators-in-mh17-crash-to-make-public-appeal-idINKCN1IP0TC |
May 13, 2018 / 3:03 PM / Updated 2 hours ago Liverpool's Salah sets Premier League record with 32nd goal Reuters Staff 1 Min Read
(Reuters) - Liverpool’s Mohamed Salah crowned a superb campaign by scoring against Brighton and Hove Albion on Sunday, taking his tally to a record 32 goals in a 38-game Premier League season. Soccer Football - Premier League - Liverpool vs Brighton & Hove Albion - Anfield, Liverpool, Britain - May 13, 2018 Liverpool's Mohamed Salah REUTERS/Phil Noble
The 25-year-old Egyptian struck in the 26th minute to eclipse the previous mark of 31 goals achieved by Luis Suarez, Alan Shearer and Cristiano Ronaldo. Reporting by Philip O'Connor, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-liv-brh-salah/liverpools-salah-sets-premier-league-record-with-32nd-goal-idUKKCN1IE0PF |
May 17, 2018 / 9:05 AM / Updated 32 minutes ago China says no one can carry out oil, gas activities in Chinese waters without Beijing's permission Reuters Staff 1 Min Read
BEIJING (Reuters) - China’s Foreign Ministry said on Thursday that no country, organisation, company or individual can carry out oil and gas exploration or exploitation in Chinese waters without permission from Beijing.
Ministry spokesman Lu Kang made the comment at a regular news briefing when asked about recent drilling by Rosneft Vietnam BV, a unit of Russian state oil firm Rosneft, in an area of the South China Sea that is claimed by China.
“We urge relevant parties to earnestly respect China’s sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region’s peace and stability,” Lu said. Reporting by Christian Shepherd; Writing by Michael Martina; Edited by Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rosneft-vietnam-southchinasea-china/china-says-no-one-can-carry-out-oil-gas-activities-in-chinese-waters-without-beijings-permission-idUKKCN1II125 |
KIEV, May 22 (Reuters) - President Petro Poroshenko said on Tuesday that Ukraine had taken into account most international recommendations in the latest draft law to create an independent anti-corruption court, which may be voted on by parliament this week.
“Yesterday I was happy that the absolute majority of the recommendations of foreign partners including the Venice Commission were taken into account by the decision of the parliamentary committee,” Poroshenko told journalists, referring to a leading legal rights watchdog. (Reporting by Pavel Polityuk Writing by Alessandra Prentice; editing by Matthias Williams, Larry King)
| ashraq/financial-news-articles | https://www.reuters.com/article/ukraine-estonia-poroshenko/ukraines-poroshenko-weve-listened-to-foreign-partners-on-corruption-law-idUSS8N1OM02Q |
LONDON—The former Russian spy who was poisoned on U.K. soil two months ago has been released from the hospital, officials said Friday, after a nerve-agent attack that has inflamed tensions with Russia.
Sergei Skripal and his daughter, Yulia, were found slumped on a park bench in English city of Salisbury in March after being exposed to the nerve agent. The U.K. has blamed the attack on Moscow and said the agent, which can be lethal with just brief exposure, had been applied to the front door of Mr. Skripal’s house.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/poisoned-ex-russian-spy-is-discharged-from-u-k-hospital-1526638341 |
May 3 (Reuters) - Cirtek Holdings Philippines Corp :
* NET REVENUE UP 19 PCT TO $88.7 MILLION IN 2017 * NET INCOME AFTER TAX IN 2017 WAS US$4.3 MILLION, DOWN 44 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cirtek-holdings-philippines-posts/brief-cirtek-holdings-philippines-posts-net-revenue-of-88-7-mln-in-2017-idUSFWN1S91CJ |
MADRID (Reuters) - Spain’s Ciudadanos party on Friday said it was ready to put forward its own motion of no confidence against Prime Minister Mariano Rajoy over a graft case involving members of his People’s Party.
“If Rajoy does not call snap elections we would be ready to put forward (our own) motion of no confidence in order to hold elections,” Jose Manuel Villegas a senior member of the pro-business Ciudadanos said during a press conference.
The opposition Socialists have put forward their own motion of no confidence.
Reporting by Raquel Castillo and Jesús Aguado; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-ciudadanos/spains-ciudadanos-ready-to-put-forward-own-motion-of-no-confidence-against-spains-pm-idUSKCN1IQ1D0 |
Published: May 1, 2018 10:50 a.m. ET Share
Company will keep its ammunition business, and still make Camelbak hydration products and outdoor cooking ware Bloomberg
By Cara Lombardo
Vista Outdoor Inc., which sells everything from Federal Premium bullets to Camelbak water bottles, plans to stop making firearms after some major retailers said they would halt sales of all the company’s products following February’s Florida high-school shooting.
The company VSTO, -13.13% said Tuesday it would pare its brands to focus on business lines including ammunition and shooting accessories, water bottles and packs and outdoor cooking ware. It will explore the sale of several brands that make products including Bell bike helmets, Giro snow goggles, Blackburn handlebar tape, Jimmy Styks paddle boards and Savage and Stevens firearms.
“The end result will be a Vista Outdoor that lives up to the potential envisioned three years ago when the company was formed,” Vista Chief Executive Chris Metz said in prepared remarks. The company expects the changes to be made by the end of its 2020 fiscal year.
The company, like other gun makers, has faced a backlash since the February shooting that left 17 people dead in Parkland, Fla., with increased public concern over gun violence shining a light on companies that make firearms and retailers that sell them. Metz said Tuesday the shooting-sports and related outdoor-products market appears to be improving, with reduced discounting and rising demand from wholesalers and consumers, and that the company anticipates a return to growth in the second half of its current fiscal year. | ashraq/financial-news-articles | https://www.wsj.com/articles/vista-outdoor-aims-to-exit-several-brands-including-firearms-1525183300 |
Trading Nation: Markets slump in wake of political turmoil in Italy 14 Hours Ago Ari Wald, Oppenheimer, and Larry McDonald, The Bear Traps Report, discuss the moves in markets with a focus on Italian politics with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/trading-nation-markets-slump-in-wake-of-political-turmoil-in-italy.html |
An unusual pattern suggests another oil price jump is ahead 3 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/an-unusual-pattern-suggests-another-oil-price-jump-is-ahead.html |
* Phnom Penh casino operator becomes first Cambodian issuer of offshore bonds
By Daniel Stanton
SINGAPORE, May 15 (IFR) - Nagacorp, which owns and operates the only integrated casino and hotel resort in Phnom Penh, has become the first Cambodian issuer of offshore bonds, overcoming a weak Asian high-yield market.
The company priced US$300m three-year non-call two bonds at 99.362 with a coupon of 9.375% to yield 9.625%, via joint global coordinators and bookrunners Credit Suisse and Morgan Stanley. Final pricing was inside initial guidance of 9.75% area.
The bonds are expected to be rated B1/B (Moody’s/S&P), in line with the Hong Kong-listed issuer. Moody’s rating is one notch above the Cambodian sovereign, which has never issued offshore bonds. S&P and Fitch do not currently rate the sovereign.
The jurisdiction was a key challenge for bookrunners and investors in forming an opinion on fair value. Investors were heard to ask for anywhere from 8% to more than 10%.
Mongolia (B3/B–/B–) and Pakistan (B3/B/B) had three-year bonds Quote: d at 6.1% and 6.3%, respectively, according to Tradeweb, pointing to a Cambodian sovereign yield in that area.
Nomura’s sales and trading desk put fair value in the region of 9.3%–9.4% after adding on a spread for the company’s own credit risk, as well as the political and regulatory frameworks in Cambodia. It warned of potential risks around the Cambodian general election in July.
A market source argued that Nagacorp would be viewed as a strong Double B credit if it was based in another jurisdiction, but the rating was constrained by the strength of the sovereign.
Nagacorp was an appealing credit, based on its own strengths, as it had not even taken bank loans before coming to the offshore bond market, and generated US$320m of Ebitda in 2017.
Roadshows were held in Asia, London, New York and Boston. The company engaged with US investors familiar with high-yield issuers from the casino industry and keen to pick up a rare Asian gaming credit. Some investors who were already familiar with the stock were said to have looked at the bonds, too.
Asian investors took 63% of the 144A/Reg S notes, with US investors booking 22% and EMEA accounts 15%. By investor type, asset managers and fund managers bought 90%, banks and securities firms 9%, and private banks 1%.
“You would think a debut high-yield issue would be hard to do in this market, but you can view this as a play on Chinese consumers and it’s barely levered,” said a banker away from the deal. Cambodian casinos are targeted at tourists, as locals face restrictions.
“The stock is doing okay and it has sizeable Ebitda,” added the banker. “At this yield, if investors have cash to deploy, it doesn’t look like it would push much wider.”
In fact, the bonds were bid 1.5 points higher in trading on Tuesday, bucking the recent trend in Asian high yield for new issues to trade down. Proceeds from the issue will be used to grow Nagacorp’s VIP gaming business and refurbish hotel rooms. Nagacorp’s concession runs until 2065 and it has a monopoly in the Phnom Penh area until the end of 2035. (Reporting by Daniel Stanton; Editing by Vincent Baby)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/nagacorp-opens-new-frontier-for-asian-bo/nagacorp-opens-new-frontier-for-asian-bonds-idUSL3N1SM3WJ |
EU's Juncker slams 'unacceptable' U.S. tariffs 4:45pm BST - 00:40
European Commission President Jean-Claude Juncker says the EU will take counter-measures after the U.S. decided to no longer exempt the bloc from steel and aluminum tariffs. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
European Commission President Jean-Claude Juncker says the EU will take counter-measures after the U.S. decided to no longer exempt the bloc from steel and aluminum tariffs. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/31/eus-juncker-slams-unacceptable-us-tariff?videoId=431947428&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/eus-juncker-slams-unacceptable-us-tariff?videoId=431947428 |
One month ago, Facebook seemed to be on the brink of demise, with CEO Mark Zuckerberg testifying before Congress about a data-harvesting scandal that affected millions of users.
"Facebook seemed like it was running amok and was about to be leveled by the government," CNBC's Jim Cramer, the host of "Mad Money," recalled on Wednesday. "No wonder the stock traded down to 18 times earnings."
But since the scandal — which on Wednesday spurred the shutdown of the data-harvester, Cambridge Analytica — four things have brought Facebook back from near-death, Cramer said.
Cramer argued that Facebook's comeback is symptomatic of a broader problem in the stock market: the negativity that gets directed at seemingly countless stocks and situations.
Take President Trump's trade tiff with China . Plenty of investors think the president has met his match and that the People's Republic could retaliate if U.S. lawmakers go too far.
But when he interviewed Apple CEO Tim Cook with CNBC's Josh Lipton ahead of the tech giant's second-quarter earnings report , Cramer liked what he heard .
When asked about the impact of potential trade war escalation, Cook seemed surprisingly sanguine about the state of U.S.-China relations.
"I am pretty optimistic there," Cook told CNBC. "I think that China and the U.S. have this unavoidable mutuality where the U.S. can only win if China wins, China can only win if U.S. wins and the world can only win if both win."
"So if you look at what history tells us — that countries that are the most open and most diverse do the best, and the folks that are closed and least diverse, their citizens do the worst — ... it tells us that again and again and again," Cook continued. "And I think both countries know that."
The new Apple Getty Images Apple employees cheer as the doors are opened for customers at the Fifth Avenue Apple Store, September 22, 2017 in New York City. Apple's service stream revenue has never been quite as important as it became in the second quarter of 2018, Cramer argued on Wednesday.
"[It] simply didn't have enough critical mass to make a difference until, well, now," the "Mad Money" host said. "With last night's blowout quarter , which had huge China sales and fabulously better than expected numbers for even the much derided iPhone X, that narrative is now gone."
" The key takeaway was that the service business has finally arrived," Cramer said.
Apple grew its subscriber count to 270 million people in the second quarter, up by 100 million year over year. Its services revenue was more than $9 billion.
Baby got buyback? Patrick T. Fallon | Bloomberg | Getty Images An employee works inside the cockpit of a C-17 Globemaster III military cargo jet being manufactured for the Indian Air Force. When Apple's Tuesday evening earnings report brought the idea of huge stock buybacks back into Wall Street's good graces, Cramer was thrilled.
"I've been wondering: what exactly does it take for a company to get Wall Street to appreciate its fabulous earnings and its numbers for revenues?" Cramer said on Wednesday. "It's not just Apple that's buying back stock like there's no tomorrow."
The iPhone maker's plan to return up to $100 billion to its shareholders marks the largest share repurchase program announced this year.
But Cramer pointed to five other companies — Amgen , Oracle , Microsoft , Boeing and UnitedHealth Group — that have also announced huge buyback programs, only to be brushed off by market-watchers.
"It's like people don't even notice, which is why I feel compelled ... to point out some of the best ones," Cramer said. "So let's talk about the biggest, most impactful buybacks we've seen."
Coupa Software CEO on key opportunity: Optimizing spending Scott Mlyn | CNBC Rob Bernshteyn, CEO, Coupa Software Coupa Software Chairman and CEO Rob Bernshteyn finds it "unbelievable" how many companies are behind in his cloud play's flagship service: spending optimization, he told Cramer on Wednesday .
"It's unbelievable how much of this stuff is being done with paper, how much of this is being done in a way where companies just don't understand where they're spending their money," the CEO said in a "Mad Money" interview.
Tesla, Snap and Uber are among Coupa Software's roster of high-profile customers. Even Salesforce.com, a leader in digitization and automation, has been Coupa's customer for more than seven years.
"We're building our way into this huge market opportunity," Bernshteyn told Cramer. "We're helping companies get their arms around hundreds of billions of dollars in spend, optimize it, save money, get smarter about the way they interact with suppliers – everything that has to do with spending money on the goods and services companies need, we help them apply best-in-class cloud platform technology to get it done."
Dominion Energy CEO: Top tech clients pushing for renewables Dominion Energy Chairman and CEO Tom Farrell's utility giant serves top-tier tech companies in a very different way.
More than half of the internet traffic in the United States runs through Dominion's electric service territory, and the company powers data centers for the likes of Facebook, Amazon and Microsoft.
Farrell told Cramer in a Wednesday interview that lately, "we've had a lot of negotiations with large customers like that to provide them all solar for their needs. [There's] going to be a new, very large Facebook data center here in Virginia. Microsoft we have contracts with, Amazon we have contracts with, all for data centers to provide renewable power as their source of power."
Farrell added that the shift is fairly broad-based. Dominion added over 2,000 megawatts of solar capabilities across the country in the last four years.
Lightning round: Don't discount TXN In Cramer's lightning round , he flew through his take on callers' favorite stocks:
Texas Instruments : "Texas Instruments had a great quarter. It was mostly internet of things. One day, the negativity among the semiconductors will stop when they're delinked from the cellphones and then you're going to say, 'Why didn't I buy at $102?'"
Limelight Networks, Inc. : "A few years ago, I gave a seminar for The Street about undervalued stocks. It was around $2. It has doubled and I think it goes higher because it's about streaming. It's a poor man's Akamai , I admit, but I like it."
Disclosure: Cramer's charitable trust owns shares of Facebook, Apple, Microsoft and UnitedHealth.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/cramer-remix-apple-could-have-just-signaled-a-trump-china-trade-deal.html |
May 7, 2018 / 12:00 PM / Updated 9 hours ago Belgian monks get back to brewing after 200-year break Reuters Staff 2 Min Read
BRUSSELS (Reuters) - A small band of Belgian monks are planning to start producing their own beer again, more than 200 years after invading French troops stopped all brewing at the abbey. FILE PHOTO: Abbot Erik de Sutter of Belgium's Grimbergen Abbey tastes a beer at the start of the Brussels Beer Challenge in Brussels, Belgium, November 4, 2016. REUTERS//Eric Vidal/File Photo
The men from Grimbergen Abbey started making beer in 1128, but stopped in 1797 when the French took over the site and sold off the equipment.
After that, some of the world’s biggest drinks brands filled the gap - Heineken unit Alken-Maes makes brown and blond lagers with the Grimbergen brand in Belgium. Carlsberg sells them abroad, paying royalties to the abbey.
Now the monks have drawn up plans for their own micro-brewery to produce their own beers to sell alongside the other Grimbergen drinks on the market.
“We want to build a micro-brewery, on a small scale and linked with tradition, on the site where the brewery stood before the French Revolution,” said Sub-prior Karel Stautemas.
“What exactly the beer will be, we don’t yet know, but the tastes of before and now have changed. This will be a beer of the 21st century.”
The operation will be much smaller than the ones run by Belgium’s trappist abbeys, such as Chimay or Westmalle, he added. Other abbeys such as Leffe have also allowed their names to be used in products made by large brewers.
The abbey, which is home to about 20 monks, still needs to complete a feasibility study and secure approvals and licenses, but hopes the new Grimbergen will be flowing by 2020, Stautemas said.
Alken-Maes and Carlsberg supported the project, he added. Reporting by Philip Blenkinsop; Editing by Robert-Jan Bartunek and Andrew Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/us-belgium-beer-monks/belgian-monks-get-back-to-brewing-after-200-year-break-idINKBN1I818J |
President Trump delivers remarks on Iran deal 4 Hours Ago President Donald Trump delivers a speech about whether the U.S. will pull out of the Iran nuclear deal. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/trump-iran-deal.html |
RIYADH (Reuters) - Saudi Arabia arrested prominent rights campaigner Mohammed al-Bajadi, Amnesty International said on Friday, as part of a crackdown mostly targeting advocates of women’s rights in the conservative kingdom.
Four activists have been released but up to seven others remain in detention. Most are women who previously campaigned for the right to drive and an end to the kingdom’s male guardianship system, which requires women to obtain the consent of a male relative for major decisions.
The government announced last week that seven people had been arrested for suspicious contacts with foreign entities and offering financial support to “enemies overseas”, and said other suspects were being sought. It did not name them.
State-backed media have labeled those held as “agents of embassies”, unnerving diplomats in Saudi Arabia, a key U.S. ally which has appealed to the West for massive investments to help transform its economy away from oil.
A security spokesman was not immediately available to comment on the latest detention.
The arrests come a month before a ban on women driving is set to end, which has been hailed as proof of a new progressive trend under Crown Prince Mohammed bin Salman, but accompanied by a crackdown on dissent.
Activists and diplomats have speculated that the detentions may be aimed at appeasing conservative elements opposed to social reforms which include new cinemas, public concerts and an easing of gender segregation. It may also be a message to activists not to push demands out of sync with the government’s own agenda, they said.
Bajadi is a founding member of the banned Saudi Civil and Political Rights Association, which has accused the security forces of abuses. He has been detained previously and spent several years in prison.
Saudi Arabia, an absolute monarchy, bans most political activity and brooks little public criticism of the government or the Al Saud ruling family.
“This new arrest is another worrying development in the continued crackdown on human rights defenders in Saudi Arabia,” said Samah Hadid, Amnesty’s Middle East Director of Campaigns. “We call on the authorities to release all human rights activists immediately.”
Reporting by Sarah Dadouch; Writing by Stephen Kalin; Editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-arrests/saudi-arabia-makes-new-arrest-in-crackdown-on-activists-idUSKCN1IQ0UT |
About a hundred years ago, the United States reached “peak horse.” In 1920 some 25 million horses roamed the plains, boulevards, cul-de-sacs, rodeos, stockyards, ports, farms, and dingy alleys of America—toting freight, plowing fields, fighting wars, carrying passengers on buggy rides, and making a complete mess. According to American Heritage magazine, in 1900 health officials in Rochester, N.Y., estimated that the city’s 15,000 horses produced enough manure to make a 175-foot-high, one-acre-round pile every year. By 1930 the American horse population had dropped to 19 million. And by 1960 the country had just 3 million horses. The horse had been fully displaced as the dominant mode of transportation by a new technology that was both more powerful and less prone to produce manure—the horseless carriage, a.k.a., the car.
A century later, the question facing automakers like General Motors ( No. 10 on this year’s Fortune 500 ) and Ford (No. 11) is whether their horseless carriages are about to go the way of the horse. We may well have reached, or even passed, “peak car.” A record 17.5 million passenger vehicles were sold in the U.S. in 2016, but that number dipped to 17.2 million in 2017, and it could fall under 17 million this year. Fewer teens and twentysomethings get their driver’s licenses: While 92% of 20-to-24-year-olds were registered in 1983, just 77% were in 2014.
Alternatives to ownership are taking off. In 2017, Uber provided 4 billion rides worldwide. The new generation of passengers has embraced ride-sharing—in cities where Lyft has launched its Line service, 40% of its rides are shared by two or more passengers. And gauged by myriad announcements and breathless media coverage, a world of shared electric, autonomous cars—a technology with all the promise of those first “horseless vehicles”—is just around the corner.
CEO Mary Barra photographed at GM’s headquarters in the Renaissance Center in downtown Detroit on May 9, 2018. Photograph by Will Widmer for Fortune A world that buys fewer cars seems to pose a challenge, to say the least, to a traditional auto manufacturer like General Motors. For almost a century, GM has engaged in a single process: building cars and selling them to individuals. It will continue to do that in the short term, but the long term is much less clear. Predicting the ultimate shape of this evolving mashup of auto manufacturers, chipmakers, ride-share network operators, and autonomous software providers is immensely difficult. As Mike Ramsey, an analyst at research firm Gartner who follows this space closely, tells me: “There are a lot of unknowns.” One thing that everyone acknowledges, inside and outside of GM: The 110-year-old automaker’s halcyon days are long gone, and the future is up for grabs.
Rank 10 2017 Company Profile: General Motors Revenues Profits $157.3 billion -$3.9 billion Employees Total return to shareholders 180,000 5.5%* *Total Return to Shareholders assumes the 2010–2017 Annual Rate. Enter Mary Barra, who took over as CEO of GM in January 2014, becoming the first woman to run a U.S. automaker. Unlike the leaders of past victims of disruption like Blockbuster and Kodak, Barra isn’t in denial about the radical change that’s afoot. “I believe in it,” she tells me in an interview in early May.
We are seated across from each other in the anodyne “Synergy” conference room of Palo Alto’s Four Seasons hotel, which rises above Route 101 like a great glass Apple HomePod. Barra, sporting a black leather jacket, has a warm if guarded smile. She comes across as both approachable and extremely protective of GM and its people.
She has just flown in from Detroit to speak to a class taught by Laura Arrillaga-Andreessen at Stanford’s B-school, where Barra got her MBA. “Autonomous technology that’s safer than a car with a human driver is coming,” she explains, “and it’s going to get better and better and better with technologies like artificial intelligence and machine learning.”
Barra has GM in her bones. She was born just outside Detroit and graduated with a degree in electrical engineering from what was then called the General Motors Institute, a co-op university program that fed graduates into the company. Her father, Ray Mäkelä, was a diemaker who worked for 39 years in a Pontiac factory.
Workers assembling a Chevy Bolt electric vehicle at the Orion Assembly Plant in Orion Township, Mich., near Detroit. Photograph by William Widmer for Fortune Now she must prepare the auto giant for a radical lane change. Barra’s challenge is to reinvent General Motors as a leader in the rapidly evolving transportation world, while simultaneously delivering great profits by doing what GM has always done—only better than it ever has. To use a term that is much favored by the company’s leaders and by management gurus, GM must be ambidextrous. On the one hand, Barra must help the core business to excel and continually improve; that’s where 100% of the company’s revenues and profits come from. On the edge, however, she must accelerate and invest in GM’s effort to develop autonomous electric cars, an effort led by Kyle Vogt and the 500 employees of Cruise Automation, the San Francisco startup that GM purchased in early 2016 for around $1 billion.
Charles O’Reilly is a Stanford B-school professor who laid out the concepts of ambidextrous management in Lead and Disrupt, a book he wrote with Harvard’s Michael Tushman. “I’ve yet to find a company that failed because of technology,” O’Reilly explains over breakfast. “They either had it or they could buy it. It’s a leadership issue.” O’Reilly, who teaches in a program Stanford runs for GM execs, believes that Barra has successfully driven changes that GM must make to compete in the future. “I think what GM is doing is more likely than their competitors to be successful,” says O’Reilly. “Although there’s no guarantee.”
T wo years ago, when I first interviewed Mary Barra, she told me, “To change a culture, you have to change behaviors. It’s not what you say, it’s what you do.”
Back then, those words had a particular resonance at GM, which was still wrestling with the aftermath of an ignition switch engineering flaw that was linked to the deaths of over 100 people. For decades, the company had been known for its pass-the-buck bureaucracy. That “not my problem” behavior was directly implicated in the study GM commissioned to examine the causes of the debacle. Barra used the study as a cudgel to accelerate her efforts to change GM from within, and in 2016 she was just starting to see the impact. An internal collection of a few hundred change agents, operating under the moniker “GM 2020,” was beginning to make its mark. The 70 executives who had been through the first two yearlong “Transformational Leaders” programs were spinning out new programs like Maven, a car-sharing service. At GM’s technology center in Warren, Mich., one floor had been cleared out for Maven. It had around a dozen cubicles, a few offices with doors, a carpeted area that was used for publicity and marketing, and a lot of empty space.
This spring I went back to Warren to see GM’s radical overhaul of the tech center. A half-hour drive north of GM headquarters in downtown Detroit, the tech center, designed by Eero Saarinen in the 1950s, is the real heart of the company. Twenty thousand engineers, designers, and IT specialists work here in 38 buildings.
“What you saw two years ago was just the beginning,” says chief of talent Michael Arena, an industrial engineer who studied human networks and innovation at MIT “Now,” he continues, “it’s in the blood of the company.”
Arena is describing the culture shift, but he might as well be referring to the building we are in, the Vehicle Engineering Center. The spacious lobby, an airy, two-story-high glass enclosure, features a Starbucks , a variety of comfortable couches, and the Trans Am from Smokey and the Bandit. We checked in at a surprisingly unobtrusive security desk and went to the second floor. “This is all about the work,” says Arena. “It’s all about creating spaces for the different ways people choose to work.”
Introverts and others in search of quiet are served by a smattering of Steelcase’s portable Brody cubicles. Group work is often done at rows of white desks set off by temporary walls with panels in cool grays and bright primary colors. There’s a lounge area with a large flat-screen TV, and lots of open space to encourage random interactions. The tabletops in the dining area are hammered hoods of old Buicks and Chevys. Everything is set back from the building’s glass exterior, creating 622-foot-long corridors that look out onto the historic campus, and the floors are flooded with natural light. I’m reminded of the mile-long paths along the curved glass of Apple’s new headquarters in Cupertino.
Indeed, nothing about the new Warren campus would look out of place at Google , Facebook , Herman Miller, or any other company we more readily recognize as innovative. Top executives visited the campuses of all those companies for inspiration on a redesign that would suit GM’s new workflows. “This isn’t about furniture,” Barra explains. “It’s about creating an environment for collaboration and giving people tools they need to work effectively. How can we make sure you really have a work environment that’s enabling and empowering, instead of constricting?”
Barra’s question is timely. It’s easy to think of the company as a relic of the industrial age, but her GM doesn’t look like that. Some 40% of its 77,000 salaried workers have been with the company less than five years. “That influx is the catalyst for change from below,” says Arena.
The different needs and expectations of that younger workforce are helping Barra drive a mindset change throughout the company. “The skills and assets they bring, their expertise in social media, all these things are having a real impact throughout the company,” Barra explains. “In some cases, there’s reverse mentoring going on.”
Barra also has levers she uses to drive change from above. She led a companywide effort to define a set of seven behaviors to inform the actions of anyone anywhere in the organization, from a factory worker in China to a marketer in Brazil. To ensure that “Be Bold,” “Innovate Now,” “It’s on Me,” and the others are more than catchphrases, she has worked with Arena and her HR team to shape training sessions that are heavy on task-oriented design thinking and light on exhortation. In October she unveiled an audacious aspirational goal to focus everyone on a set of long-term targets: zero accidents, zero emissions, and zero congestion.
Barra is passionate about the Zero Zero Zero initiative. “We’re very proud that we’ve been providing mobility to people for over 100 years,” she tells me. “Cars changed the way people lived, where they work, how cities came together. It gave people a freedom that they still love. Well, what came with that? Safety issues, crashes, environmental concerns, and the frustration of congestion. With the new technologies, we’re now equipped to solve those problems.”
The program also provides the kind of collective sense of purpose that GM’s younger generation yearns for. “We know that people are 86% more likely to leave in their first year if their purpose doesn’t align with the purpose of the organization,” says Arena.
A noteworthy trend in management circles these days is that CEOs must take charge of their company’s talent: They can’t outsource personnel issues to HR anymore. Barra embodies this. She describes her key roles as “creating strategy, managing risk, empowering people to execute, and making sure we hold people accountable.” She spends a remarkable amount of time on the last two. Between April and late July, she will meet with the company’s top 270 executives in groups of 15 or 20 people to discuss their progress at pushing behavioral change. Every quarter she leads her top team of 14 executives at offsites to “focus on how we build the right level of trust and a shared vision of the future, and on how we manage conflict.” She has what might be called a kind of trickle-down personnel theory: If she works to have an open, trusting relationship with her top team, then those people are likely to put in the effort to have the same with their direct reports, and so on down through the ranks.
None of this would matter if Barra didn’t also make clear, tough decisions and deliver results. But she does and has. In April she fired the president of the Cadillac division, because, she says, “We were looking to pick up the pace.” Her toughest decisions, however, have been a set of moves that shrank the company with the goal of increasing profitability. Reversing decades of hungry pursuit of market share, Barra shuttered operations in India and South Africa, and removed the company from Europe by selling Opel and Vauxhall to Groupe PSA, the parent company of Peugeot and Citroën. In April she decided to keep GM in South Korea, but only after renegotiating onerous deals with the country’s powerful unions.
Those decisions, combined with demand for the company’s SUVs and light trucks, have turned a sick and unreliable company that the government had to save into a healthy, consistent earner. GM reported more than $9 billion in profits in both 2015 and 2016. For 2017 the automaker took a $3.9 billion loss, thanks to one-time charges related to the sale of Opel-Vauxhall and the new tax law. But many analysts are bullish on GM’s outlook for this year. Gross margins in North America exceeded 10% in each of the past two years, and margins are now rising across the company. That success has earned the company the right to contend for leadership in the next big wave of transportation. “Doing what we’ll say we’ll do quarter by quarter gives us the right to work on both [the short-term and the long-term],” says Barra.
L egacy companies trying to make the transition to a new technological era, argues Stanford’s O’Reilly, must succeed at three disciplines: ideation, incubation, and scale. “Everyone ideates,” he tells me. “Every CEO spends money on innovation, and that’s great. Some companies are okay at incubation. But scaling is the hard part. The rubber hits the road when you have to take assets and capabilities away from an existing profitable business and allocate them to new businesses that have lower margins and may cannibalize your existing business.”
Barra agrees. “Our capital allocation framework says we’re going to reinvest in the business to drive shareholder value over the long term, we’re going to maintain an investment grade balance sheet, and we’ll return the rest to shareholders in some fashion,” she says. “But the first pillar is that we’re going to reinvest in the business for the long term.”
As GM has cut back on unprofitable ventures in its core business, it has put real money behind its effort to develop an autonomous electric vehicle. In early 2016 the company made a $500 million investment in Lyft, the ride-sharing service known for being “nicer” than Uber. Two months later, GM acquired Cruise. Last October it bought Strobe, an 11-person startup that makes the “lidar” laser systems that help an autonomous car identify objects and discern its distance to them. The high cost of lidar systems and electric batteries will have to go way down for AVs to reach price points comparable today’s cars.
Barra and GM president Dan Ammann have been careful not to crimp Cruise’s style, or its startup speed. Doug Parks, who led the development of the electric Chevy Bolt, oversees GM’s autonomous efforts and serves as the critical conduit between Detroit and San Francisco. Part of his role is to protect Cruise from the mothership. “People at Cruise can go into the big company and pull out what they need,” Barra explains, “but the big company can’t come in unless Doug Parks knows what’s going on. It’s allowed us to keep the traditional things about a startup while giving them the great assets of a large company.”
Cruise has been on a hiring spree and now has more than 500 employees, up from 40 when it was acquired by GM. Most work from an unmarked, nondescript industrial building in San Francisco, behind a set of eight-inch-thick steel gates that are, in theory, monitored by security guards. When I arrive for a visit, however, no one is posted outside, and no one inside answers the intercom. I wonder if I’ve come to the right place. Just when I’m noticing that the parking lot has a couple of white Chevy Bolt EVs with the Cruise logo and autonomous hardware on them, a guard finally comes out to let me in.
Cruise does still feel like a startup, with all the trappings: open spaces, cereal dispensers, a visible informality. And it certainly seems to be moving at startup pace. In two years Cruise has developed four significantly upgraded versions of the autonomous Bolt EV. On the first version, the Cruise sensors and computers were bolted by hand to the roof, some wiring was simply taped into place, and the car had only rudimentary autonomous capabilities. The latest version, however, was built in a GM plant: 40% of its parts are unique to the autonomous Bolt, and it has no steering wheel or other human controls.
Both Cruise and GM executives point to this rapid iteration as proof that the two companies have successfully integrated. GM, like other auto manufacturers, typically takes years to develop a new car, in part because every system must be validated repeatedly for safety. When that car finally goes into production, nothing typically gets changed for at least a year. The Cruise software team, however, is accustomed to releasing new iterations multiple times a day. “Those are the two extremes you’re trying to bring together,” Ammann tells me in a phone interview. “On the surface, the processes seem completely orthogonal, but we have actually figured out how to have the two things work together. We’ve constructed the whole architecture of the AV to accommodate the necessary rates of change, whether it’s daily on software or monthly on some other components or never on others.”
A prototype of Cruise’s autonomous Chevy Bolt. Courtesy of General Motors While Ammann and I talk, I’m sitting in my parked minivan in Brooklyn and waiting for 6 p.m. to arrive, so I can leave my vehicle in its spot without getting a ticket from the NYPD. The parking game is one of those collateral effects of traditional cars that I’ll be happy to give up. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/gm-general-motors-fortune-500/ |
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