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May 17 (Reuters) - Whitestone REIT:
* WHITESTONE REIT FILES FOR MIXED SHELF OF UP TO $750 MILLION – SEC FILING Source text: ( bit.ly/2IpuVFc ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-whitestone-reit-files-for-mixed-sh/brief-whitestone-reit-files-for-mixed-shelf-of-up-to-750-mln-idUSFWN1SO10E |
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited announces its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.335 (thirty-three and one half cents) per common share. The dividend will be payable July 1, 2018 to shareholders of record at the close of business on June 15, 2018.
Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
CANADIAN NATURAL RESOURCES LIMITED 2100, 855 - 2 nd Street S.W. Calgary, Alberta, T2P4J8
Phone: 403-517-7777 Email: [email protected]
www.cnrl.com STEVE W. LAUT
Executive Vice-Chairman
TIM S. MCKAY
President
COREY B. BIEBER
Chief Financial Officer and Senior Vice-President, Finance
MARK A. STAINTHORPE
Vice-President, Finance – Capital Markets
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange Certain information regarding the Company contained herein may constitute under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may anticipated or implied in the . Refer to our website for complete www.cnrl.com
Source:Canadian Natural Resources Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-canadian-natural-resources-limited-announces-quarterly-dividend.html |
(Reuters) - State-run power plant equipment maker Bharat Heavy Electricals Ltd’s fourth-quarter net profit more than doubled from a year earlier, but missed analysts’ expectations.
Net profit rose to 4.57 billion rupees ($67.35 million) in the quarter ended March 31, from 2.16 earlier, the company said on Tuesday.
Analysts on average had expected a profit of 5.19
The company incurred tax expenses of around 6.82 billion rupees for the quarter.
Total revenue from operations fell 1 percent to 101.44 billion rupees.
($1 = 67.8550 by Jessica Kuruthukulangara and Arnab Paul Subhranshu Sahu
| ashraq/financial-news-articles | https://in.reuters.com/article/bhel-results/bharat-heavy-electricals-fourth-quarter-profit-more-than-doubles-but-misses-expectations-idINKCN1IU0M6 |
FRONT-MONTH JULY BRENT CRUDE FUTURES TRADE AT LARGEST DISCOUNT TO SECOND-MONTH AUGUST SINCE AUGUST 2017 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/reuters-america-front-month-july-brent-crude-futures-trade-at-largest-discount-to-second-month-august-since-august-2017.html |
ADDIS ABABA (Reuters) - Ethiopian authorities on Tuesday released an Ethiopian-born Swedish cardiologist who has been in jail since 2013 on corruption and terrorism charges, his family members said.
Fikru Maru, who founded a heart hospital in the capital Addis Ababa, was held in custody on suspicion of graft, but in October 2016 he was sentenced to four years and eight months for tax fraud related to his business.
Though he was acquitted of corruption afterward, the 67-year old was then charged in December, 2016, with involvement in causing a fire that ripped through a prison complex and killed dozens of inmates in September of that year.
Prosecutors accused him of financing and recruiting the perpetrators. He had always denied the charges against him.
The terrorism charges against him were dropped last week.
“Five years of his life have been taken away despite his innocence. Words cannot express my happiness at his release,” his daughter Amy Fikru told Reuters shortly after he walked out of the prison complex.
Fikru is one of thousands of prisoners, including high-profile journalists and opposition leaders who had been charged with a variety of offences, including terrorism, to be freed.
Their release is part of reform pledges by the government of Abiy Ahmed, who took over in April this year, and preceding administrations, to end widespread protests
Hundreds of people have been killed during protests that convulsed two of the country’s most populous provinces, whose ethnic Oromo and Amharic communities complain they are politically marginalized.
Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ethiopia-sweden-politics/ethiopia-releases-swedish-doctor-in-jail-since-2013-idUSKCN1IG1VY |
May 7, 2018 / 6:26 AM / Updated 2 hours ago Fraud-hit PNB targets over 10 percent business growth in 2018/19 Reuters Staff 2 Min Read
NEW DELHI (Reuters) - Fraud-hit lender Punjab National Bank (PNB) said on Sunday it aimed to expand its total business 10.8 percent to 12 trillion rupees ($180 billion) in the year to March 2019 and outlined steps to prevent more such frauds. A man reads a newspaper outside a branch of Punjab National Bank (PNB) in Ahmedabad, March 20, 2018. REUTERS/Amit Dave/Files
The second-largest state-run bank in February disclosed that two jewellery groups had defrauded it of more than $2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.
While investigation continues into what has been called the biggest fraud in India’s banking history, PNB said after a board meeting that it had strengthened the process of underwriting credit to minimise the possibility of fraud.
The New Delhi-headquartered bank will split the process of credit underwriting into four divisions with different employees focused on sourcing, appraisal, process and underwriting, documentation and disbursement, and recovery, it said in a statement.
The bank will also rely more on an off-site monitoring mechanism and reduce its dependence on physical inspection and audit to identify risks, it added.
PNB has constituted a specialised stressed-assets management vertical for early identification of bad loans, the bank said.
India’s banks, already burdened by a 9.5 trillion-rupee soured-loan mountain as of last year, are staring at a further rise in bad loans after the central bank tightened rules earlier this year.
($1 = 66.8100 Indian rupees) | ashraq/financial-news-articles | https://in.reuters.com/article/punjab-natl-bank-outlook-copy/fraud-hit-pnb-targets-over-10-percent-business-growth-in-2018-19-idINKBN1I80GA |
May 19, 2018 / 9:07 PM / Updated 6 hours ago Real throw away lead to draw final league game at Villarreal Reuters Staff 2 Min Read
MADRID (Reuters) - Real Madrid suffered a potential confidence jolt ahead of next week’s Champions League final against Liverpool as they threw away a two-goal lead to draw 2-2 at Villarreal in their final La Liga game of the season on Saturday. Soccer Football - La Liga Santander - Villarreal vs Real Madrid - Estadio de la Ceramica, Villarreal, Spain - May 19, 2018 Real Madrid's Sergio Ramos in action with Villarreal's Samu Castillejo REUTERS/Heino Kalis
Gareth Bale continued his bid for a starting berth in the Kiev final by scoring his fourth goal in three league games to fire Real ahead in the 11th minute, and Cristiano Ronaldo headed in a cross from Marcelo to make it 2-0. Related Coverage Zidane lauds resurgent Bale but gives no clues ahead of final
Zinedine Zidane fielded an almost full-strength team, leaving out only Karim Benzema and goalkeeper Keylor Navas, with the French coach handing a debut to his 20-year-old son, Luca Zidane, in goal. Soccer Football - La Liga Santander - Villarreal vs Real Madrid - Estadio de la Ceramica, Villarreal, Spain - May 19, 2018 Villarreal's Samu Castillejo celebrates scoring their second goal with team mates REUTERS/Heino Kalis
Colombian forward Roger Martinez pulled a goal back for fifth-placed Villarreal with 19 minutes remaining and Samuel Castillejo completed the home side’s revival by capitalising on a nervous moment from Zidane to knock the ball into an empty net in the 85th minute. Slideshow (3 Images)
Real ended a disappointing domestic season in third place on 76 points, 14 behind champions Barcelona who can increase the gap to 17 if they beat Real Sociedad on Sunday. Second-placed Atletico, on 78, host Eibar.
Real can make amends by winning a 13th European Cup next week if they beat Liverpool and become the first team since 1976 to win the trophy three years in a row.
“We played very well in the first half and in the second half we were thinking about the final and managing the game, and when you do that your opponent can cause you problems,” Real coach Zidane told reporters.
“The league campaign started badly for us but we have ended it well and now we’ve got the most beautiful thing, which is the final. We’re ready for the final and we don’t have any injuries. That’s the most important thing.”
The point was enough to ensure Villarreal finished fifth in the standings on 61 points, one above sixth-placed Real Betis, who lost 3-2 to Leganes, although both sides were already assured of automatic places in next season’s Europa League. Reporting by Richard Martin, editing by Ed Osmond, Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain/real-throw-away-lead-to-draw-final-league-game-at-villarreal-idUKKCN1IK0U5 |
NAIROBI, May 15 (Reuters) - The Industrial and Commercial Bank of China (ICBC) has launched a credit card in partnership with Kenya’s Stanbic Bank to tap a growing pool of Chinese tourists visiting the East African nation.
Some 53,485 Chinese visitors came to Kenya last year and ICBC, which owns a stake in Stanbic Kenya’s parent, South Africa’s Standard Bank, expects the number to rise to 60,0000 this year, doubling from 2015 levels.
Gang Sun, deputy chief executive of ICBC Africa, said users of the card will be able to pay for hotels and other services while visiting Kenya.
He said the adoption of Chinese payment options such asUnion pay and WeChat by Kenyan tour operators could also help increase the flow of tourists.
“More and more Chinese choose to travel abroad for their vacations... with average consumption of $1,250 per person,” Sun said while launching the card in Nairobi.
ICBC’s number of credit card customers increased to 88.59 million last year, making it China’s largest domestic credit card issuing bank, it said in March.
Reporting by John Ndiso, editing by Louise Heavens
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/kenya-icbc/icbc-targets-chinese-visitors-to-kenya-with-new-credit-card-idUSL5N1SM6CI |
RICHARDSON, Texas, May 01, 2018 (GLOBE NEWSWIRE) -- Fossil Group, Inc. (NASDAQ:FOSL) announced today that its earnings for the quarter ended March 31, 2018 will be released following the market close on Tuesday, May 8, 2018.
In conjunction with the release, the Company will host a real-time webcast of the Company’s first quarter fiscal 2018 earnings conference call on the same day, Tuesday, May 8, 2018 at 5:00 p.m. ET.
To access the conference call, either during the conference call or for replay purposes, log on to www.fossilgroup.com and under the webcast section of the investor relations page, select “1st Quarter 2018 Earnings Conference Call.”
About Fossil Group, Inc.
Fossil Group, Inc. is a global design, marketing, distribution and innovation company specializing in lifestyle accessories. Under a diverse portfolio of owned and licensed brands, our offerings include fashion watches, jewelry, handbags, small leather goods and wearables. We are committed to delivering the best in design and innovation across our owned brands, Fossil, Michele, Misfit, Relic, Skagen and Zodiac, and licensed brands, Armani Exchange, Chaps, Diesel, DKNY, Emporio Armani, Karl Lagerfeld, kate spade new york, Marc Jacobs, Michael Kors, PUMA and Tory Burch. We bring each brand story to life through an extensive wholesale distribution network across approximately 150 countries and over 500 retail locations. Certain press release and SEC filing information concerning the Company is also available at www.fossilgroup.com .
Investor Relations:
Allison Malkin
ICR, Inc.
(203) 682-8225
Source:Fossil Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-fossil-group-inc-to-hold-first-quarter-fiscal-2018-earnings-conference-call-and-webcast-on-tuesday-may-8-2018-at-500pm-et.html |
May 24, 2018 / 2:10 PM / Updated an hour ago Krstajic injects youth into Serbia's World Cup squad Zoran Milosavljevic 3 Min Read
BELGRADE (Reuters) - Serbia coach Mladen Krstajic named several uncapped prospects in his provisional 27-man World Cup squad on Thursday at the expense of stalwarts who failed to impress in friendlies after they qualified for the 32-nation tournament. Serbia head coach Mladen Krstajic speaks during a news conference in Belgrade, Serbia, May 24, 2018. REUTERS/Marko Djurica
Defenders Nikola Milenkovic and Milan Rodic have been preferred to full backs Dusan Basta and Ivan Obradovic, while 20-year-old striker Luka Jovic earned his spot after an impressive season at German Cup winners Eintracht Frankfurt on loan from Benfica.
Red Star Belgrade’s 22-year-old winger Nemanja Radonjic, who made his debut in a friendly against South Korea in November, is one of three home-based players alongside Rodic and first-choice goalkeeper Vladimir Stojkovic.
Centre back Matija Nastasic is also in contention despite facing a race against time to recover from a long-term knee injury for the June 14-July 15 tournament in Russia.
“Nastasic is a key defender and we are hopeful that he will be fit,” Krstajic told a news conference.
“He will have a medical on Saturday and after that we will know whether he can make the final cut or not.
“There are no sour grapes as personal egos have taken a back seat in order to put together the best squad and I am confident this group of players can make an impact in Russia.”
The Serbians, who qualified for their first major tournament since the 2010 World Cup, will play warm-up matches in the Austrian city of Graz against Chile on June 4 and Bolivia five days later.
They start their World Cup Group E campaign against Costa Rica in Samara on June 17 followed by games against Switzerland in Kaliningrad on June 22 and Brazil in Moscow on June 27.
Squad:
Goalkeepers: Vladimir Stojkovic (Partizan Belgrade), Predrag Rajkovic (Maccabi Tel Aviv), Marko Dmitrovic (Eibar), Aleksandar Jovanovic (Aarhus).
Defenders: Aleksandar Kolarov (AS Roma), Branislav Ivanovic (Zenit St. Petersburg), Dusko Tosic (Guangzhou R&F), Antonio Rukavina (Villarreal), Milos Veljkovic (Werder Bremen), Milan Rodic (Red Star Belgrade), Uros Spajic (Krasnodar), Matija Nastasic (Schalke 04), Nikola Milenkovic (Fiorentina).
Midfielders: Nemanja Matic (Manchester United), Luka Milivojevic (Crystal Palace), Sergej Milinkovic-Savic (Lazio), Marko Grujic (Liverpool), Adem Ljajic (Torino), Dusan Tadic (Southampton), Mijat Gacinovic (Eintracht Frankfurt), Filip Kostic (Hamburg SV), Andrija Zivkovic (Benfica), Nemanja Radonjic (Red Star Belgrade), Nemanja Maksimovic (Valencia).
Strikers: Aleksandar Mitrovic (Newcastle United), Aleksandar Prijovic (PAOK Salonika), Luka Jovic (Benfica). Writing by Zoran Milosavljevic; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-srb-squad/krstajic-injects-youth-into-serbias-world-cup-squad-idUKKCN1IP28U |
May 17, 2018 / 6:18 AM / Updated 32 minutes ago Ocado shares soar as it lands major deal with Kroger to enter the U.S. Paul Sandle 3 Min Read
LONDON (Reuters) - Britain’s online supermarket Ocado ( OCDO.L ) clinched a game-changing deal with Kroger ( KR.N ) as its exclusive partner in the U.S., securing its entry into the world’s biggest market and sending its shares up 50 percent. FILE PHOTO: A worker loads a grocery order into baskets at a "Pick station" at the Ocado CFC (Customer Fulfilment Centre) in Andover, Britain May 1, 2018. REUTERS/Peter Nicholls/File Photo
The agreement, Kroger’s response to the competitive threat posed by Amazon’s ( AMZN.O ) purchase of Whole Foods, takes Ocado’s home-delivery platform into the United States for the first time and marks the fourth major deal it has signed with supermarkets around the world in six months.
Ocado’s Chief Financial Officer Duncan Tatton-Brown said the partnership was “transformational”.
“The scale of the proposed transaction, and therefore the quantum of its economics, is wholly different to those we’ve already signed,” he told reporters on Thursday. A man walks from the main reception of the Ocado CFC (Customer Fulfilment Centre) in Andover, Britain May 1, 2018. REUTERS/Peter Nicholls
He said Kroger, which had sales of $122 billion in its last fiscal year, was the grocer best-positioned to succeed in the U.S. sector. It will now discontinue discussions with other U.S.-based retailers.
Shares in the group, which listed in 2010, jumped over 50 percent in early Thursday to trade at a record high.
As part of the deal, Kroger will take a stake in the British company, equivalent to 5 percent of the existing share capital valued at 183 million pounds, Ocado said.
“We think this is just about as positive a deal as could have been expected to have been announced by Ocado,” analysts at Barclays said.
“The company now has an extremely credible partner in the largest grocery market in the world.”
Ocado’s technology automates the processing and packing of online grocery orders, using hundreds of robots in technologically advanced order fulfilment centres.
Kroger will identify at least 20 sites to build new, automated warehouse facilities in the United States, Tatton-Brown said, more than all of the facilities Ocado has built or is planning to build for all its other partnerships to date.
The two companies are working to identify the first three sites in 2018, the company said.
Tatton-Brown said the detailed financial terms still had to be agreed, but the deal was expected to be neutral in respect to earnings in the full-year 2018. Reporting by Paul Sandle; editing by Kate Holton and Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ocado-group-contract-kroger/u-s-grocer-kroger-signs-deal-to-use-ocados-home-delivery-tech-idUKKCN1II0L2 |
LONDON Zoopla has enticed a new twist on a classic UK property punt. Silver Lake on Friday offered $3 billion for ZPG , owner of the property search firm. The U.S. buyout group’s bet mirrors that of the property speculators that use its target’s website. Leverage makes it look a better deal, but increases the risk if the market tanks.
RTS1QWA8-e1526024958363-1024x594 Silver Lake’s offer values ZPG at 490 pence per share, a 31 percent premium to the Thursday closing price. The company’s largest shareholder Daily Mail and General Trust , which owns just under 30 percent of ZPG, is on board.
ZPG is a hodgepodge of small technology companies assembled over a decade of takeovers, chiefly comparison site uSwitch and property search firm PrimeLocation, as well as Zoopla. The property bit of its 245 million pounds of 2017 revenue comes mainly from estate agents paying Zoopla and PrimeLocation fees for listing homes and apartments.
At the offered valuation, there’s a way for Silver Lake to make a return. As things stand, analysts expect ZPG to make 311 million pounds of revenue in 2018, and 121 million pounds of EBITDA. Assume it uses 500 million pounds of debt for the acquisition of ZPG’s 2.3 billion pounds of enterprise value, and revenue grows at a 10 percent clip over the next five years. If it sold out at the same EV/EBITDA multiple after using 30 percent of EBITDA to pay down debt, the buyout group could almost double its money and generate a 14 percent internal rate of return, according to Breakingviews calculations.
It’s conceivable that Silver Lake could do better, given that when a customer buys or rents a property they might also switch their broadband or energy provider. There are two catches. Big technology companies like Google could replicate ZPG’s business model and steal customers. Worse, Halifax reported a 3 percent month-on-month decline in UK house prices for April. True, punters use Zoopla to find rental properties as well as buying opportunities. But when the housing market turns down, the best place to be is not leveraged at all.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zpg-m-a-breakingviews/breakingviews-zoopla-lures-new-twist-on-classic-uk-property-punt-idUSKBN1IC17H |
CNBC.com Eric Feferberg | AFP | Getty Images French President Emmanuel Macron (L) and German Chancellor Angela Merkel (2nd L) speaks as US President Donald Trump (C) arrives for a family picture during the NATO (North Atlantic Treaty Organization) summit at the NATO headquarters, in Brussels, on May 25, 2017.
European leaders are assembling a playbook to preserve the Iran nuclear deal that puts the Continent on course for direct conflict with the United States.
Analysts are deeply skeptical that the measures under consideration will embolden big European multinationals to continue doing business with Iran in the face of powerful U.S. sanctions. However, the dispute puts the two sides in uncharted territory that could shake the transatlantic alliance and undermine U.S. authority in ways that are difficult to predict.
The root of the disagreement is President Donald Trump 's decision to abandon the 2015 nuclear accord that Iran negotiated with the Obama administration, Britain, China, France, Germany and Russia. European leaders tried to persuade Trump to leave the deal intact while the allies addressed Tehran's role in Middle East conflicts and ballistic missile tests. But the White House ultimately decided to leave the deal and restore a punishing slate of sanctions against Iran. "I think that the real geopolitical problem is when you have not an unpredictable opponent or enemy or partner. The problem is when your closest friend is unpredictable." -Donald Tusk, European Council president
Last week, the European Commission announced it would update laws prohibiting the bloc's companies from complying with U.S. sanctions, first adopted in 1996 to counter American sanctions on Cuba. It is also considering making direct transfers from EU governments to the Iranian Central Bank and allowing the European Investment Bank to guarantee projects in Iran, an EU official told Reuters.
The Eurasia Group, a risk consultancy, forecasts that Iran will back out of the deal within months when it becomes clear that these and other measures cannot keep enough business flowing into the country to make it worth Tehran's while to continue making nuclear concessions.
On Wednesday, Iran's Supreme Leader Ayatollah Ali Khamenei issued tough demands that Europe must meet in order to save the deal. Iranian diplomats meet on Friday with their counterparts from Britain, China, France, Germany and Russia to discuss the nuclear deal.
Behnam Ben Taleblu, research fellow at the Foundation for Defense of Democracies, also doubts the measures will offer Iran much relief. However, he is concerned that the United States and Europe are entering a "game of chicken" that Washington should instead be playing with Tehran.
"I'm more concerned about what they represent: a European willingness to basically stare down American secondary sanctions," he told CNBC. show chapters 9:03 PM ET Mon, 21 May 2018 | 02:26
In his view, the EU measures are a clear indication that Europe is not yet on Trump's side. The administration needs to prioritize getting Europe on board before the expiration in November of a 180-day grace period for companies to wind down business with Iran, he added.
"A lot of Europeans are caught in economic realities which should remind Washington of why they are still upset. There's a strong political disagreement they have with Washington over the JCPOA, and continuing to frame the transatlantic dispute over the JCPOA as legal or economic forgets there's a political disagreement," he said, using an acronym for the deal's official title. Cooperation vs coercion
At the heart of the problem is an issue of cooperation versus coercion.
The administrations of George W. Bush and Barack Obama patiently built international support for sanctions, leveraging concern over Iran's illicit research into nuclear weapons development. That resulted in a robust multilateral sanctions regime — essentially a web of sanctions developed by the Americans and Europeans that complemented one another.
However, the Trump administration is not pursuing a multilateral approach. Instead, it is seeking to leverage the size of the U.S. economy and its influence over the global financial system to coerce European companies to follow Washington's lead. It is doing that through so-called secondary sanctions, which allow Washington to deny foreign companies access to the U.S. market if they do business with Iran.
In many cases, turning to this type of secondary sanction shows that the campaign to secure multilateral sanctions failed, said John Forrer nonresident senior fellow at the Atlantic Council's Global Business and Economics Program. show chapters 11:46 AM ET Mon, 21 May 2018 | 00:47
Europe and the Trump administration fundamentally differ on "what is a good, acceptable resolution" of the dispute, according to Forrer. That difference was made even more clear by Secretary of State Mike Pompeo 's speech this week, in which he said sanctions relief will now depend not only on Iran making more nuclear-related concessions, but on overhauling its foreign policy, ceasing ballistic missile tests and releasing U.S. citizens in captivity.
"What Pompeo articulated is very different than what the EU would articulate," said Forrer. "Where does it end? Because the, quote, solution for the U.S. is not the same solution for the EU."
The ultimate impact of the rift could be difficult to measure, according to Forrer. It could, for example, be hard to tell to what degree European frustration over the Iran nuclear deal influences ongoing trade talks with Washington, he said.
European leaders did not hide their frustration at a summit in Bulgaria last week following the U.S. exit.
"I think that the real geopolitical problem is when you have not an unpredictable opponent or enemy or partner," said European Council President Donald Tusk. "The problem is when your closest friend is unpredictable. It's not a joke now. This is the essence of our problem today with our friends on the other side of the Atlantic." Sanctions' history of diplomatic crisis
Europe has tested the United States in the past, and in each case, Washington has blinked. President Ronald Reagan lifted secondary sanctions meant to block a pipeline project from Russia to Europe during the Cold War. Presidents Bill Clinton and George W. Bush left sanctions aimed at disrupting business with Cuba and Iran on the books, but did not enforce them for fear of sparking a trade war with Europe.
"This has produced a diplomatic crisis every time it has occurred in the past ... If the European Union persists, I think a new crisis is inevitable," William Alan Reinsch wrote in a commentary for the Center for Strategic and International Affairs, where he is now the Scholl Chair in International Business. show chapters 2:35 AM ET Tue, 22 May 2018 | 03:09
Beyond such a crisis, Trump's go-it-alone approach could have long-term implications for American influence and authority, said Reinsch, a former Commerce Department under secretary for Clinton. Those include encouraging nations like China to develop alternatives for international transactions currently denominated in dollars.
Already, market watchers warn that Shanghai's new yuan-denominated crude oil futures could become a means for Iran to sell its oil without relying on greenbacks.
"These are not all immediate consequences, but over time they accumulate and, along with the rest of our trade policy, will have the effect of marginalizing the United States in economic terms," Reinsch said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/washington-and-europe-playing-game-of-chicken-over-iran-nuclear-deal.html |
May 11, 2018 / 4:16 PM / in 28 minutes UPDATE 1-FTSE 100 achieves best weekly winning streak in 13 years Reuters Staff
* FTSE 100 scores 7th straight week of gains
* Zoopla owner ZPG surges on $3 bln takeover bid
* Astrazeneca edges down on drug trial flop (Adds closing prices, details)
By Danilo Masoni and Helen Reid
LONDON, May 11 (Reuters) - Yet another M&A deal stole the spotlight in British stocks trading on Friday as a $3 billion bid sent Zoopla owner ZPG surging 30 percent, while the FTSE 100 inched up, scoring its longest winning streak in nearly 13 years.
The FTSE 100 achieved its seventh straight week of gains, its longest winning streak since June 2015, as investors began to warm to UK equities once again.
“Equities should also continue to benefit from growth and we maintain our positive view, adding UK equities to our most preferred markets on restored value, and the market’s defensive nature,” said the Investment Strategy Department of Credit Suisse in a note on Friday.
On the day, the FTSE rose 0.3 percent while the FTSE 250 gained 0.4 percent.
ZPG, the owner of property websites Zoopla and PrimeLocation, surged 30.6 percent to a record high, top of the mid-cap index, after U.S. private equity firm Silver Lake Management offered 490 pence per share for the company, valuing it at 2.2 billion pounds ($3 billion).
ZPG shares were last trading at 490p, just at the bid price.
It marked the latest in a string of overseas acquisitions targeting British companies, especially in the mid and small-cap space.
“We had expected ZPG to continue to execute its M&A strategy, but had not expected a bid for ZPG itself,” said Investec analysts, adding “This looks a good price in our view”.
Liberum analyst Ian Whittaker said “The question now is whether there is a counter-bid.
“If there is one, we think the most likely candidate is Axel Springer, which has a collection of online property classified assets ... but nothing in the UK,” Whittaker added in a note.
U.S. buyers of British companies have benefited from the weaker sterling/dollar exchange rate which makes stocks cheaper for them.
Zoopla rival Rightmove climbed 3.8 percent and Auto Trader gained 2.5 percent as the deal improved sentiment across the classifieds sector.
John Wood Group rose 10.4 percent after the oil services group confirmed its outlook for 2018
A target price increase from JP Morgan helped buoy ITV shares up 7.3 percent. The broker said the broadcaster’s valuation was attractive and its viewing share was growing.
Utilities stocks fell to the bottom of the FTSE after Bernstein cut Severn Trent to “underperform” and reduced its target price on United Utilities.
“Regulatory headwinds have intensified in recent months, with two developments of particular concern including dividend caps and mandatory sharing of financing outperformance for companies with high gearing,” wrote Bernstein utilities analysts.
Severn Trent and United Utilities declined 2.2 percent and 1.9 percent respectively.
Randgold Resources led the mining sector up, gaining 3.8 percent. Miners were the biggest boost to the FTSE despite metals prices slipping back slightly. (Reporting by Helen Reid and Danilo Masoni; Editing by Keith Weir) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/update-1-ftse-100-achieves-best-weekly-winning-streak-in-13-years-idUSL8N1SI5AL |
'Book Club' cast talk 50 Shades and friendship 02:01
The cast of romantic-dramedy 'Book Club' discuss 50 Shades of Grey and the bonds of friendship. Rough Cut.
The cast of romantic-dramedy 'Book Club' discuss 50 Shades of Grey and the bonds of friendship. Rough Cut. //reut.rs/2GomK6b | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/book-club-cast-talk-50-shades-and-friend?videoId=427578331 |
May 10, 2018 / 2:20 PM / in a few seconds ETP to seek U.S. OK to put Rover natgas pipe in service by June 1 Reuters Staff 1 Min Read
(Reuters) - Energy Transfer Partners LP plan to ask U.S. federal energy regulators for permission to put the full Rover natural gas pipeline in service by June 1, company executives said on an analyst earnings call on Thursday. Reporting by Scott DiSavino; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://www.reuters.com/article/us-energy-transfer-rover/etp-to-seek-u-s-ok-to-put-rover-natgas-pipe-in-service-by-june-1-idUSKBN1IB223 |
Proven executive with cloud-focused expertise to lead F5’s strategic financial operations
SEATTLE--(BUSINESS WIRE)-- F5 Networks (NASDAQ: FFIV ) today announced Francis “Frank” J. Pelzer has joined the company’s leadership team as Executive Vice President and Chief Financial Officer, reporting to the CEO. In this role, he will oversee F5’s worldwide financial planning, analysis, accounting, reporting, and internal auditing procedures, as well as investor relations.
“Frank’s acumen and breadth of experience with companies focused on cloud and as-a-service technologies make him a natural fit for the next phase of F5’s growth,” said François Locoh-Donou, President and CEO of F5. “With the company’s emphasis on multi-cloud deployments, modern financial operations play a key role in further aligning our technologies, service offerings, and business models with the numerous ways customers are consuming app services.”
Pelzer joins F5 from SAP, where he was President and Chief Operating Officer of the Cloud Business Group, responsible for the execution of strategy and operations of the company’s SaaS portfolio including Concur, Ariba, Fieldglass, SuccessFactors, and Hybris. Prior to that, he served as Chief Financial Officer of Concur Technologies, a cloud-based travel and expense management solution provider that was acquired by SAP in 2014. Pelzer has also held senior leadership positions at Deutsche Bank AG and Credit Suisse Group.
Additionally, Pelzer serves on the board of directors for Benefitfocus, Inc., Limeade, Inc., and Modumetal, Inc. He holds an M.B.A. from the Tuck School of Business at Dartmouth and a B.A. from Dartmouth College. In his new role, Pelzer is based in Seattle at F5’s corporate headquarters.
About F5
F5 ( NASDAQ: FFIV ) makes apps go faster, smarter, and safer for the world’s largest businesses, service providers, governments, and consumer brands. F5 delivers cloud and security solutions that enable organizations to embrace the application infrastructure they choose without sacrificing speed and control. For more information, go to f5.com . You can also follow @f5networks on Twitter or visit us on LinkedIn and Facebook for more information about F5, its partners, and technologies.
F5 is a trademark or service mark of F5 Networks, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.
This press release may contain forward looking statements relating to future events or future financial performance that involve risks and uncertainties. Such statements can be identified by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or comparable terms. These statements are only predictions and actual results could differ materially from those anticipated in these statements based upon a number of factors including those identified in the company's filings with the SEC.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005146/en/
F5 Networks
Nathan Misner, 206-272-7494
[email protected]
or
WE Communications
Holly Lancaster, 415-547-7054
[email protected]
Source: F5 Networks | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-f5-appoints-francis-j-pelzer-as-chief-financial-officer.html |
Each morning, the kindergartners in Ashley Taylor's class at Keene Elementary School in North Texas start their day off with a routine.
One student from the class is selected as the "greeter" for the morning, and welcomes each classmate to school with eye contact, a handshake, a proper hello — and sometimes a hug, the Fort Worth Star-Telegram reports.
When Taylor posted a video to her Facebook page of a student named Asher Bales doing just that, the video took off, racking up over 150,000 views on her page.
"Good morning Serena," Bales says while shaking the hand of his classmate.
Model Gigi Hadid even weighed in on the video, tweeting, "Love this!!!! Made my day! This is so important."
Tweet
Taylor has been teaching (kindergartners through sixth graders) for 18 years, and started the practice halfway through her career, she tells CNBC Make It . After teaching her class the basic idea every year, she turns it over to the students and lets them pick the greeters.
"They say good morning, sometimes they say something nice about the person who is walking up," she explains, emphasizing the importance of confidence. "We talk about making sure that we make eye contact, and that you have a smile on your face."
For her, the routine is about teaching students soft skills that are key for success.
"Later in life they're going to need these things when they get out into the workforce," she says. "Academics are super important, but these life skills — I think there really needs to be an emphasis."
Indeed, experts agree the ability to demonstrate confidence and poise is important for any career.
"We make judgments [about other people] in a nanosecond," Whitney Johnson, the author of " Disrupt Yourself: Putting the Power of Disruptive Innovation to Work ," tells the Harvard Business Review. And once someone has formed an impression of you, it is "very, very hard to change it." So, it's important to project confidence when introducing yourself to new people.
Making eye contact is one way to project self-esteem and assertiveness, according to experts, along with other nonverbal social cues. HBR suggests being aware of your body language: "Take long strides. Sit up straight. Walk with your chest held high. Even if this isn't your natural way of being, you can assume simple poses that will increase your confidence."
Billionaire Richard Branson's formula for a great first impression also looks a lot like Taylor's — a handshake with eye contact.
"This moment of human contact is essential. And that look in the other person's eye shouldn't be a quick glance," Branson says. "Sustain eye contact for as long as it takes to let them know that you really see them."
And, those habits can start young. According to research by Brown University, some habits can be set by age 9. Taylor says the reaction to her video goes to show how much impact a small routine can have.
"Seeing our video be shared through my teacher blogs and all these other teacher pages and classroom pages — the schools are like, 'We're starting this next year, we're going to do this, we're putting this in place," she says. "I'm just thinking, 'Look how many kids we are going to reach."
Don't miss: Kevin O'Leary: Financially cutting off your kids after college can teach them a very important lesson
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show chapters This is what convinced Kevin O'Leary's "Shark Tank" to cut his kids off financially after college 12:59 PM ET Thu, 16 Nov 2017 | 01:07 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/viral-video-of-texas-kindergartners-shaking-hands-is-lesson-in-success.html |
Cloud security company Zscaler plummets after COO announces surprise resignation Zscaler didn't say why COO William Welch was leaving. The company went public in March and has a stock market value of over $3 billion. Source: Nasdaq Zscaler rings the opening bell at the Nasdaq exchange in New York, March 16, 2018.
Shares of cloud security company Zscaler plunged 10 percent on Thursday, following the sudden departure of Chief Operating Officer William Welch less than two months after the company's IPO.
Zscaler said late Wednesday that William Welch has resigned as COO and will remain with the company through May 14. In the statement , CEO Jay Chaudhry thanked Welch for his contributions but didn't say why he was leaving or whether there was a replacement lined up.
"We have strong sales leaders running our Americas and international markets, who will continue to drive our business," Chaudhry said.
A company spokesperson declined to provide further comment.
Zscaler dropped $2.87, or 9.6 percent, to $27.08 as of mid-day on Thursday. The company, which provides security to companies operating in cloud environments like Amazon Web Services and Microsoft Azure, debuted in March after raising $192 million in its IPO. The stock is still up almost 70 percent from its IPO price. Ari Levy Senior Tech Reporter Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/cloud-security-company-zscaler-plummets-after-coo-announces-surprise-resignation.html |
First-time activist investor Blue Lion Capital is finding out just how complicated it can be to take on a bank.
The Texas-based investment fund—which originally sought to replace two directors at regional bank HomeStreet Inc. but had to resort to urging shareholders to register protest votes against incumbents after a judge said it botched its nomination papers—has hit another snag in the fight.
Blue... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-activist-is-dealt-a-second-blow-in-homestreet-fight-1526939476 |
May 29, 2018 / 10:27 AM / Updated an hour ago RBS to stop financing new coal plants, oil sands or arctic oil projects Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s Royal Bank of Scotland ( RBS.L ) said on Tuesday it had tightened restrictions on project finance and general lending for high-carbon energy projects and companies, joining other banks like HSBC ( HSBA.L ) in shoring up its climate policies. FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London, Britain December 1, 2017. REUTERS/Peter Nicholls/File Photo
RBS said it would no longer directly finance new coal-fired power stations or thermal coal mines, oil sands or Arctic oil projects and unsustainable vegetation or peatland clearance projects.
It also said it would no longer lend money to mining companies that generate more than 40 percent of their revenues from thermal coal or power companies that generate more than 40 percent of their electricity from coal. The previous threshold for both was 65 percent.
In April, HSBC also said it would stop funding new coal power plants, oil sands and arctic drilling, following on from other large banks such as ING and BNP Paribas. Reporting by Emma Rumney, editing by Sinead Cruise | ashraq/financial-news-articles | https://uk.reuters.com/article/us-rbs-strategy-fossil-fuels/rbs-to-stop-financing-new-coal-plants-oil-sands-or-arctic-oil-projects-idUKKCN1IU155 |
FMC CORP SAYS THIS LAST QUARTER OF EXTENSIVE COMMENTARY ON ITS LITHIUM BUSINESS DUE TO SEC IPO FILING THIS SUMMER - CFO PAUL GRAVES | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-fmc-corp-says-this-last-quarter-of-extensive-commentary-on-its-lithium-business-due-to-sec-ipo-filing-this-summer--cfo.html |
Interest rates, not trade are the market's big 'bogeyman,' says pro 58 Mins Ago Jim Iuorio, TJM Institutional Services weighs in on what he will be watching when markets open this morning after comments the U.S.-China trade war is on "hold." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/interest-rates-not-trade-are-the-markets-big-bogeyman-says-pro.html |
May 9, 2018 / 9:39 AM / Updated 2 hours ago Syrian Observatory: Israeli strike in Syria killed Iranians Reuters Staff 2 Min Read
BEIRUT (Reuters) - The Syrian Observatory for Human Rights said on Wednesday an Israeli attack on Iranian military facilities south of Damascus had killed at least 15 people, including eight Iranians.
The reports of an Israeli attack in the Kisweh area late on Tuesday followed U.S. President Donald Trump’s announcement that he was pulling out of the Iranian nuclear deal.
“The number increased to at least 15, including at least eight Iranians, killed by the missile strikes,” the British-based Observatory reported.
On Tuesday, Syrian state media said that its air defences had brought down two Israeli missiles, while a commander in the regional alliance backing Damascus said Israel had hit a Syrian army base without causing casualties.
Israel’s military declined to comment on the reports, which came shortly after it said it had identified “irregular activity” by Iranian forces in Syria and went onto high alert.
Iran is a major supporter of Syrian President Bashar al-Assad’s military and has deployed Revolutionary Guards forces, along with Shi’ite militia groups from the region, including the Lebanese Hezbollah, to help him in the war.
Israel regards Iran as its arch enemy, and Hezbollah as the biggest threat on its borders. It has repeatedly struck Iranian and Hezbollah targets in Syria, partly to stop any weapons transfers between them.
Iran said an April 9 attack in Syria killed seven of its military personnel and it would retaliate. Reporting By Angus McDowall; Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-israel/syrian-observatory-israeli-strike-in-syria-killed-iranians-idUKKBN1IA16Z |
May 27, 2018 / 5:39 PM / Updated 9 minutes ago Italy president has rejected eurosceptic Savona as economy minister - source Reuters Staff 1 Min Read
MILAN (Reuters) - Italy’s President Sergio Mattarella has rejected Paolo Savona, the eurosceptic candidate put forward by the far-right League and the anti-establishment 5-Star Movement, to head the economy ministry, a source said on Sunday. Paolo Savona poses for a picture during a meeting in Rome, Italy, April 11, 2011. REUTERS/Remo Casilli
The source from the would-be government coalition spoke as Prime Minister-designate Giuseppe Conte was meeting Mattarella to discuss the list of cabinet candidates the League/5-Star coalition is proposing. Reporting by Stephen Jewkes; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics-savona-president/italy-president-has-rejected-eurosceptic-savona-as-economy-minister-source-idUKKCN1IS0NP |
SALT LAKE CITY, May 23, 2018 (GLOBE NEWSWIRE) -- PolarityTE, Inc. (Nasdaq:COOL) today announced the appointment of Howard Hechler as Chief Business Officer. Mr. Hechler will lead the Company’s M&A and partnering efforts, as well as work with Executive Management to develop and execute the Company’s commercialization strategy. He will also work to align pipeline development efforts with the commercial strategy.
Mr. Hechler has nearly 15 years of life-sciences experience in Pharma, Medical Devices, and Diagnostics. Most recently, he was Senior Director of Corporate Development at Smith & Nephew. Previously, he was Senior Director of Strategy and Portfolio Development at Medtronic. Before that, he worked in Commercial Strategy and M&A roles for various pharma, incubator, and consulting firms, including Mallinckrodt, XL TechGroup, and Campbell Alliance. Mr. Hechler has a B.A. from Harvard University, as well as an MBA and Juris Doctorate, both from the University of Virginia.
“We are excited to name Howard to this new role just as we launch our first product and prepare for future pipeline commercialization. We believe our partnering efforts are at a critical inflection point, given our early successes with PolarityTE and recent pipeline development advancements. Howard’s industry knowledge, commercial strategy background, and strong relationships in the M&A community will enable PolarityTE to find the right partners at the right time as the Company continues to roll out our platform technology,” said Denver M. Lough, MD, PhD, Chairman and Chief Executive Officer of PolarityTE.
Howard said, “I am very pleased to join PolarityTE, a company that is committed to changing the face of regenerative medicine. It is exciting to work in an environment where there is so much opportunity to make a direct and substantial impact on patient lives every day. I look forward to engaging with the M&A community and leveraging my life-sciences background and experience to further accelerate our commercial efforts and find the best partners to work with us on this potentially life-transforming technology.”
About PolarityTE™
PolarityTE is a commercial-stage biotechnology and regenerative biomaterials company focused on transforming the lives of patients by discovering, designing and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences. The PolarityTE platform technology begins with a small piece of the patient’s own, or autologous, healthy tissue, rather than artificially manipulated individual cells. From this small piece of healthy autologous tissue, the company creates an easily deployable, dynamic and self-propagating product designed to enhance and stimulate the patient’s own cells to regenerate the target tissues. Rather than manufacturing with synthetic and foreign materials within artificially engineered environments, PolarityTE manufactures with the patient’s own tissue and uses the patient’s own body to support the regenerative process to create the same tissue from which it was derived. PolarityTE’s innovative method is intended to promote and accelerate growth of the patient’s tissues to undergo a form of effective regenerative healing.
Forward Looking Statements
Certain statements contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. They are generally identified by words such as “believes,” “may,” “expects,” “anticipates,” “intend,” “plan,” “will,” “would,” “should” and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company’s beliefs and assumptions as of the date of this release. The Company’s actual results could differ materially due to risk factors and other items described in more detail in the “Risk Factors” section of the Company’s Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov ). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law. Our actual results could differ materially due to risk factors and other items described in more detail in the “Risk Factors” section of the Company’s Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov ).
CONTACT
Investors:
Rich Haerle
[email protected]
(385) 237-5786
Media:
David Schull
Russo Partners LLC
[email protected]
(858) 717-2310
Source:PolarityTE, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-polarityte-announces-howard-hechler-from-smith-nephew-as-the-new-chief-business-officer.html |
behavior@ (New throughout, adds analyst comments, context)
May 4 (Reuters) - Tesla Inc Chief Executive Officer Elon Musk acknowledged on Friday that it was "foolish" of him to snub analysts on a conference call earlier in the week, but further needled Wall Street with a series of accusatory tweets.
In a post-earnings call on Wednesday, Musk refused to answer questions from analysts on the electric vehicle maker's capital requirements, saying "boring, bonehead questions are not cool," before turning questions over to a little known investor who runs HyperChange, a YouTube investment channel.
The outspoken performance shocked many analysts, sparked a fall in Tesla's share price and led some to question whether Musk's behavior could risk the company's ability to raise capital.
In early-morning tweets on Friday, Musk said the two analysts he cut off - RBC Capital Markets' Joseph Spak and Bernstein's Toni Sacconaghi - "were trying to justify their Tesla short thesis." 'Shorting' means they were betting the stock would fall, but the two have 'hold' or 'neutral' ratings on the stock, according to Thomson Reuters data.
"I should have answered their questions live. It was foolish of me to ignore them," Musk tweeted.
The two analysts were not immediately available for a comment.
The spat comes at a crunch time for Tesla, when it is struggling to ramp up production of its Model 3 sedan, on which its profitability depends. It is trying to build 5,000 of the vehicles per week by the end of June and overcome manufacturing hurdles that have delayed its rollout.
Although Musk has insisted the company neither needs nor wants new funding, many believe the company will seek to raise more capital by the end of 2018.
Tesla's stock recovered a little on Friday, up 2.4 percent at $291 in early afternoon trade. But short sellers, who shorted nearly 400,000 shares on Thursday, doubled that amount on Friday, according to financial analytics firm S3 Partners.
"Musk's meltdown will change Tesla's ability to raise capital when he needs it with a sector of investors," said Eric Schiffer, chief executive of the Patriarch Organization, a Los Angeles-based private-equity firm.
"At this critical point, he needs to reinforce confidence, not raise a narrative of him as unstable and whose rational side is lost in space," said Schiffer, who does not hold Tesla shares.
Jefferies analyst Philippe Houchois said the underlying business fundamentals were more important in any capital raise, although "management credibility" was also a factor.
"That has an impact but it's not something that will prevent them from raising capital," Houchois said.
Nord LB analyst Frank Schwope said that Musk's refusal to answer questions or receive criticism was "not very clever" but added that his ability to find new money was still intact.
'DRY' QUESTIONS
The questions Musk cut short on Wednesday related to Model 3 reservations and capital requirements.
"The 'dry' questions were not asked by investors, but rather by two sell-side analysts who were trying to justify their Tesla short thesis. They are actually on the *opposite* side of investors," Musk tweeted on Friday. https://twitter.com/elonmusk
"HyperChange represented actual investors, so I switched to them," he wrote. On the call, he devoted 23 minutes to 25-year-old Tesla investor, Galileo Russell, who runs HyperChange TV.
At least three brokerages cut price targets on the stock following the call.
Sacconaghi, one of the rebuffed analysts, wrote: "We do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook."
Sacconaghi has a price target of $265 on Tesla's stock and Spak lowered his target to $280 from $305 on Thursday. Tesla's median Wall Street price target is $317.
(Reporting by Supantha Mukherjee and Arjun Panchadar in Bengaluru, additional reporting by Munsif Vengattil; Writing by Alexandria Sage; Editing by Bernard Orr and Rosalba O'Brien) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-update-3-teslas-musk-calls-wall-street-snub-foolish-but-defends-his-behavior.html |
May 1, 2018 / 8:48 AM / Updated 2 hours ago Formula One approves aerodynamic rule changes for 2019 Alan Baldwin 2 Min Read
LONDON (Reuters) - Formula One has approved aerodynamic rule changes for 2019 aimed at promoting closer racing by making it easier for cars to overtake, the sport’s governing body said on Tuesday. FILE PHOTO: Reporters are silhouetted by a screen showing a F1 logo during a news conference to announce a Formula One race in Mexico City July 23, 2014. REUTERS/Daniel Becerril
The measures include a simplified front wing with a larger span, front brake ducts without winglets and a wider and deeper rear wing.
The International Automobile Federation (FIA) said its Formula One commission, Strategy Group and World Motor Sport Council had approved the changes.
The changes should reduce turbulence for cars that are following each other, and come after criticism of the lack of overtaking in some races.
The FIA said the vote, on the last day before unanimous agreement is required for any 2019 regulation changes, followed research carried out by a majority of the teams and backed by commercial rights holders Liberty Media.
“These studies indicated the strong likelihood of a positive impact on racing and overtaking within F1 and as such have now been ratified for implementation in 2019,” the statement added.
“The approved changes are separate to the ongoing work being undertaken in regard to defining Formula One’s regulations for 2021 and beyond.”
Motorsport.com suggested several teams, including Ferrari and Red Bull, had been opposed to the proposals but were outvoted.
Formula One’s current agreements with teams expire at the end of 2020 and all parties are discussing what kind of engine and rules should be introduced after that.
Liberty want to level the playing field, reduce the costs and introduce a more equal distribution of the revenues.
Only three of the 10 teams — Mercedes, Ferrari and Red Bull — have won races in the V6 turbo hybrid era that started in 2014 and Mercedes have so far won every championship.
The FIA said it was continuing to evaluate a range of other measures to encourage closer racing. Reporting by Alan Baldwin, | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-changes/formula-one-approves-aerodynamic-rule-changes-for-2019-idUKKBN1I232U |
NYSE trader: Trump will go easy on drug companies, and stocks should be just fine Yahoo Finance Video | ashraq/financial-news-articles | https://www.wsj.com/articles/ford-rejected-michael-cohens-consulting-overture-1526079214?mod=yahoo_hs&yptr=yahoo |
May 9 (Reuters) - MACOM Technology Solutions Holdings Inc :
* MACOM ANNOUNCES ADDITIONAL EXTENSION OF REVOLVING CREDIT FACILITY
* MACOM TECHNOLOGY SOLUTIONS HOLDINGS - AMENDMENT EXTENDED MATURITY OF REMAINING $30 MILLION OF COMMITMENTS UNDER FACILITY UNTIL NOVEMBER 2021.
* MACOM TECHNOLOGY SOLUTIONS HOLDINGS- AFTER GIVING EFFECT TO AMENDMENT, ALL $160.0 MILLION OF BORROWING AVAILABILITY REMAINED UNDRAWN AS OF MAY 9 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-macom-announces-additional-extensi/brief-macom-announces-additional-extension-of-revolving-credit-facility-idUSASC0A12Y |
May 22 (Reuters) - E. W. Scripps Co:
* E. W. SCRIPPS - TO TRANSFER STOCK EXCHANGE LISTING FROM NYSE TO NASDAQ GLOBAL SELECT MARKET, EFFECTIVE AFTER MARKET CLOSE ON JUNE 1, 2018
* E. W. SCRIPPS CO - CO’S CLASS A COMMON STOCK EXPECTED TO BEGIN TRADING AS NASDAQ-LISTED SECURITY AT MARKET OPEN ON JUNE 4, 2018
* E. W. SCRIPPS CO - SCRIPPS CLASS A COMMON STOCK WILL CONTINUE TO TRADE UNDER TICKER SYMBOL “SSP.” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-e-w-scripps-says-to-transfer-listi/brief-e-w-scripps-says-to-transfer-listing-to-nasdaq-global-select-market-idUSFWN1ST0M2 |
May 17 (Reuters) - WARSAW STOCK EXCHANGE (WSE):
* RESOLVED ON WEDNESDAY TO SUSPEND TRADING IN SHARES OF COMPANIES: ADMIRAL BOATS SA, DOMENOMANIA.PL SA, LZMO SA W UPADLOSCI, MACRO GAMES SA, MATRX PHARMACEUTICALS SA, MED-GALICJA SA, PLANET INNOVATION GROUP SA AND UNIFIED FACTORY SA AS OF MAY 17
* DECISION FOLLOWS THE FACT THAT ABOVE-MENTIONED COMPANIES DID NOT PUBLISH THEIR Q1 2018 REPORTS
Source text: bit.ly/2rPTW0S
Further company coverage:,,, ,,, (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SO21P |
ST PETERSBURG, Russia (Reuters) - Chinese Vice President Wang Qishan said on Friday there would be no winners if there was a trade war between China and the United States, but said Beijing had to be ready for any turn of events.
FILE PHOTO: Chinese Vice President Wang Qishan attends the opening ceremony of a forum on China-Africa local government cooperation, in Beijing, China May 8, 2018. Picture taken May 8, 2018. China Daily via REUTERS Speaking at an economic forum in St Petersburg, Wang Qishan said there were frequent consultations between the world’s two largest economies aimed at tamping down trade tensions which have flared after talk of potential tariffs.
U.S. President Donald Trump has said he is unhappy about what he regards as the excessive nature of his country’s trade deficit with China and has cast uncertainty over progress in trade talks with Beijing.
“We need to be restrained and not limited by emotions,” Wang Qishan told the forum, according to an instantaneous translation of his remarks into Russian.
“We must avoid a trade war because there won’t be any winners in such a war.”
Related Coverage Japan's Abe says hopes on Washington's U-turn on TPP withdrawal He said a mutually beneficial arrangement needed to be found and spoke out against pursuing what he called a zero sum game.
“We can learn a lot from the United States,” he said, citing its super power status. “We need to cooperate.”
However, despite the conciliatory tone of his comments on the subject, he said Beijing had to be ready for any turn of events.
International Monetary Fund Managing Director Christine Lagarde, speaking at the same event, said U.S. complaints about the size of its trade deficit with China were strange.
She also said that U.S. complaints about alleged Chinese intellectual property violations should be discussed at the World Trade Organization.
Additional reporting by Katya Golubkova and Christian Lowe; Editing by Andrew Osborn
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-economy-forum-qishan/chinas-qishan-thered-be-no-winners-in-trade-war-with-washington-idUSKCN1IQ271 |
May 13, 2018 / 4:23 PM / Updated an hour ago Swansea relegated after seven seasons Reuters Staff 2 Min Read
May 13 (Reuters) - SWANSEA CITY 1 STOKE CITY 2 Soccer Football - Premier League - Swansea City vs Stoke City - Liberty Stadium, Swansea, Britain - May 13, 2018 Swansea City's Angel Rangel in action with Stoke City's Mame Biram Diouf Action Images via Reuters/Peter Cziborra
Swansea City were relegated from the Premier League after seven seasons, losing the final game 2-1 against Stoke City, who were already condemned to the Championship.
The Welsh club needed a 10-goal turnaround to send Southampton down instead, which, unsurprisingly, was never a serious possibility.
They did take the lead through midfielder Andy King, leading to optimistic chants of “we want 10” from home supporters. Soccer Football - Premier League - Swansea City vs Stoke City - Liberty Stadium, Swansea, Britain - May 13, 2018 Stoke City's Peter Crouch scores their second goal REUTERS/Rebecca Naden
But by halftime Swansea, without an away win in 13 previous away games, led with goals by Senegal’s Badou Ndiaye and then Peter Crouch. Xherdan Shaqiri even missed a penalty for Stoke.
Swansea’s Portuguese manager Carlos Carvalhal is widely expected to leave, five months after arriving. Soccer Football - Premier League - Swansea City vs Stoke City - Liberty Stadium, Swansea, Britain - May 13, 2018 Stoke City's Xherdan Shaqiri has his penalty saved by Swansea City's Lukasz Fabianski (not pictured) Action Images via Reuters/Peter Cziborra
“I talked with the owners yesterday, we will talk again on Monday,” he said.
“I will think about Swansea and myself. I must talk with my family. After that I will make the right decision about my future.
“I know the Championship and reached the play-offs twice. It’s not common for a team to reach the play-offs two years in a row.”
Stoke manager Paul Lambert also said his time in charge was not enough to turn things round after being appointed in January.
“There were things wrong, without a doubt,” he told the BBC.
“We drew games that we should have won. A little bit more quality across the top (positions) and we wouldn’t be in this position.
“There’s a core of players, but there’s a turnaround that needs to happen.” Reporting by Steve Tongue, editing by Pritha Sarkar and Ian Chadband | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-swa-stk/swansea-relegated-after-seven-seasons-idUKKCN1IE0TM |
10 COMMENTS Apple Inc. AAPL 1.40% and Goldman Sachs GS 0.83% Group Inc. are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.
The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said. Apple will replace its longstanding rewards-card partnership with Barclays BCS 0.68% PLC, the people said.
The Apple-Goldman card could help the companies combat weaknesses in their core businesses. As new iPhone sales growth slows, Apple is focusing on services such as mobile payments, streaming-music subscriptions, and App Store sales. Apple Pay, which generates revenue on each transaction, is a key contributor, but adoption has been slower than executives hoped.
Goldman, meanwhile, is pushing into consumer banking to compensate for a slump in securities-trading, where revenue has fallen by two-thirds since the financial crisis. It launched a retail banking business called Marcus in 2016 for online savings accounts and personal loans, and executives have been exploring adding credit cards and wealth-management tools.
The partnership will extend into other services including Goldman offering in-store loans to Apple customers buying iPhones and other gadgets, an effort The Wall Street Journal reported on in February.
Apple and Goldman are still hashing out the terms and benefits of the planned card including the perks for customers, these people said. The current Apple credit card with Barclays offers interest-free financing on Apple devices and points toward Apple gift cards.
Apple, Goldman and Barclays declined to comment.
More Business News
Release of Thousands of Russia-Linked Facebook Ads Shows How Propaganda Sharpened May 10, 2018 Nvidia Is Poised to Report a Strong Lift from AI and Gaming May 10, 2018 In Dropbox’s First Earnings Report, Look for Number of Paying Users May 10, 2018 U.S. Safety Investigators Examine Another Fatal Tesla Crash May 9, 2018 Pension-Fund Adviser Urges No Votes Against Three on Tesla Board May 9, 2018 The Apple Pay card is the latest example of a technology giant broadening its presence in the banking and finance industry. Besides Apple, Amazon.com Inc., Alphabet Inc.’s Google and Samsung Electronics Co. are all vying to make mobile payments easier for consumers while adding to their formidable revenue streams.
Goldman has the potential to raise Apple Pay’s profile, tying the mobile payment service to plastic touted in advertising and pushed by cashiers at Apple stores.
Apple also stands to boost its revenue by collecting a bounty from Goldman for each new cardholder, the people said. These payments, which are common in store-brand cards, can exceed $100 per account. With the Barclays card, Apple declined to collect bounties and instead put that money toward interest-free financing of devices.
Additionally, Apple could take a larger cut of mobile payments from the card if it is used for purchases, the person said. Currently, when a consumer pays for a purchase using the digital wallet on the iPhone—regardless of what credit card the customer charges—Apple receives 0.15% per transaction. Apple could more than double that under the agreement with Goldman, one of the people said.
The additional revenue could help Apple as it pursues a goal of doubling its services business to about $50 billion annually by 2020 from $24.35 billion in 2016.
But as Apple shifts from a Barclays card that encourages device sales with interest-free financing to a card designed to boost Apple Pay, the challenge could be driving enough of an uptick in mobile payments to offset any decline of high-price iPhones, iPads or Macs.
For Goldman, the card could help its nascent retail-banking operation, launched in 2016, add new customers who may be sold other banking products. It also deepens the firm’s ties to Apple, a company its bankers have advised in deals and fundraisings for years.
Without branches or a well-known Main Street brand, Goldman has relied on referrals, and pays for customer leads from firms including tax-preparation software maker Intuit Inc. and personal-finance website Credit Karma Inc. Last month it bought personal-finance app Clarity Money, gaining access to its roughly one million users.
Still, the push into credit cards is fraught for Goldman, whose track record in consumer finance is scarcely two-years old. Credit cards are a cutthroat business dominated by larger rivals like JPMorgan Chase & Co. and Citigroup Inc. Yields are falling. And Goldman lacks much of the infrastructure to be able to issue credit cards and process payments to merchants.
And after marketing its Marcus products in part by criticizing credit-card fees and high interest rates, its entry into that business may invite criticism from consumer advocates and regulators.
It is unclear which card network— Visa Inc., Mastercard Inc. or Discover Financial Services —will process transactions for the new card. Apple has had a longstanding relationship with Visa, which is based in San Francisco.
Barclaycard executives managing the Apple account met at the tech giant’s Cupertino, Calif., office in recent weeks to determine whether the account—one of its most high profile—would be extended, a person familiar with the meeting said. The bank began issuing the Apple credit card in 2005.
—AnnaMaria Andriotis contributed to this article.
Write to Tripp Mickle at [email protected] and Liz Hoffman at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/goldman-sachs-apple-team-up-on-new-credit-card-1525966214 |
AUDUBON, Pa., Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced its financial results for the first quarter ended March 31, 2018.
Worldwide sales were $174.4 million, an increase of 11.9% as reported, or 10.8% in constant currency First quarter net income was $39.5 million, or 22.7% of sales Diluted earnings per share (EPS) were $0.39 Non-GAAP diluted EPS were $0.41 Non-GAAP adjusted EBITDA was 35.4% of sales
“We had a strong first quarter with worldwide sales up 11.9% over the first quarter of 2017 at $174 million," said CEO Dave Demski. "We also realized $0.41 in non-GAAP diluted EPS in the first quarter, an increase of 31%. We had $12.8 million in revenue from Emerging Technologies, primarily due to robust demand for our ExcelsiusGPS ® robotics and navigation system. On a day-adjusted basis, our U.S. Spine business grew at 4.0% over last year.”
“We are pleased with our first quarter performance - not only the continued excitement among surgeons and hospitals about ExcelsiusGPS ® , but also the above market growth we achieved in the U.S. with our core spine business and the solid operational improvements we saw in several important International markets. I’m very proud of our team’s ability to capitalize on our growth opportunities while maintaining fiscal discipline, as our bottom line grew as fast as our top line, even though we continue to invest heavily in Imaging, Navigation and Robotics as well as Trauma."
First quarter sales in the U.S. increased by 12.3% compared to the first quarter of 2017. International sales increased by 10.1% over the first quarter of 2017 on an as-reported basis and 3.5% on a constant currency basis.
First quarter GAAP net income was $39.5 million, an increase of 37.7% over the same period last year. Diluted EPS for the first quarter was $0.39, as compared to $0.30 for the first quarter 2017. Non-GAAP diluted EPS for the first quarter was $0.41, compared to $0.32 in the first quarter of 2017.
The company generated net cash provided by operating activities of $52.3 million and non-GAAP free cash flow of $39.9 million in the first quarter. Cash, cash equivalents and marketable securities ended the quarter at $473.6 million. The company remains debt free.
2018 Annual Guidance
The company increased guidance for full year 2018 sales to $695 million from $690 million and non-GAAP fully diluted earnings per share to $1.52 from $1.50.
Conference Call Information
Globus Medical will hold a teleconference to discuss its 2018 first quarter results with the investment community at 4:30 p.m. Eastern Time today. Globus invites all interested parties to join the call by dialing:
1-855-533-7141 United States Participants
1-216-562-0037 International Participants
There is no pass code for the teleconference.
For interested parties who do not wish to ask questions, the teleconference will be webcast live and may be accessed through a link on the Globus Medical website at investors.globusmedical.com .
The call will be archived until Wednesday, May 9, 2018. The audio archive can be accessed by calling 1-855-859-2056 in the U.S. or 1-404-537-3406 from outside the U.S. The passcode for the audio replay is 1012-6349.
About Globus Medical, Inc.
Based in Audubon, Pennsylvania, Globus Medical, Inc. was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders. Additional information can be accessed at www.globusmedical.com .
Non-GAAP Financial Measures
To supplement our financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), management uses certain non-GAAP financial measures. For example, non-GAAP adjusted EBITDA, which represents net income before interest income, net and other non-operating expenses, provision for income taxes, depreciation and amortization, stock-based compensation, provisions for litigation, technology in-licensing fee, and acquisition related costs, is useful as an additional measure of operating performance, and particularly as a measure of comparative operating performance from period to period, as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our capital structure, asset base, income taxes and interest income and expense. Our management also uses non-GAAP adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections. Provision for litigation represents costs incurred for litigation settlements or unfavorable verdicts when the loss is known or considered probable and the amount can be reasonably estimated, or in the case of a favorable settlement, when income is realized. Acquisition related costs/licensing represents the change in fair value of business acquisition related contingent consideration; costs related to integrating recently acquired businesses including but not limited to costs to exit or convert contractual obligations, severance, and information system conversion; and specific costs related to the consummation of the acquisition process such as banker fees, legal fees, and other acquisition related professional fees, as well as one time licensing fees.
In addition, for the period ended March 31, 2018 and for other comparative periods, we are presenting non-GAAP net income and non-GAAP diluted earnings per share, which represents net income and diluted earnings per share excluding the provision for litigation, amortization of intangibles, acquisition related costs/licensing, prior period adjustment and the tax effects of such adjustments. Prior period adjustments represent the cumulative impact of prior year adjustments related to depreciation, scrap and provision for excess and obsolete inventory, none of which were individually material to the related year's financial position or results of operations. We believe these non-GAAP measures are also useful indicators of our operating performance, and particularly as additional measures of comparative operating performance from period to period as they remove the effects of litigation, amortization of intangibles, acquisition related costs/licensing, prior period adjustments and the tax effects of such adjustments, which we believe are not reflective of underlying business trends. Additionally, for the periods ended March 31, 2018 and for other comparative periods, we also define the non-GAAP measure of free cash flow as the net cash provided by operating activities, adjusted for the impact of restricted cash, less the cash impact of purchases of property and equipment. We believe that this financial measure provides meaningful information for evaluating our overall financial performance for comparative periods as it facilitates an assessment of funds available to satisfy current and future obligations and fund acquisitions. Furthermore, the non-GAAP measure of constant currency sales growth is calculated by translating current year sales at the same average exchange rates in effect during the applicable prior year period. We believe constant currency sales growth provides insight to the comparative increase or decrease in period sales, in dollar and percentage terms, excluding the effects of fluctuations in foreign currency exchange rates.
Non-GAAP adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, free cash flow and constant currency sales growth are not calculated in conformity with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial measures prepared in accordance with U.S. GAAP. These measures do not include certain expenses that may be necessary to evaluate our liquidity or operating results. Our definitions of non-GAAP adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, free cash flow and constant currency sales growth may differ from that of other companies and therefore may not be comparable. Additionally, we have recast prior periods for non-GAAP net income and non-GAAP diluted earnings per share.
Safe Harbor Statements
All statements included in this press release other than statements of historical fact are forward-looking statements and may be identified by their use of words such as “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and other similar terms. These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends. Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted. These risks and uncertainties include, but are not limited to, factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to successfully integrate the international operations acquired from Alphatec, both in general and on our anticipated timeline, our ability to transition Alphatec’s international customers to Globus products, our ability to realize the expected benefits to our results from the Alphatec acquisition, our ability to comply with laws and regulations that are or may become applicable to our businesses, our ability to safeguard our intellectual property, our success in defending legal proceedings brought against us, trends in the medical device industry, general economic conditions, and other risks. For a discussion of these and other risks, uncertainties and other factors that could affect our results, you should refer to the disclosure contained in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission, including the sections labeled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements,” and in our Forms 10-Q, Forms 8-K and other filings with the Securities and Exchange Commission. These documents are available at www.sec.gov . Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof.
GLOBUS MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) Three Months Ended (In thousands, except per share amounts) March 31,
2018 March 31,
2017 Sales $ 174,411 $ 155,809 Cost of goods sold 37,970 35,600 Gross profit 136,441 120,209 Operating expenses: Research and development 12,689 10,666 Selling, general and administrative 75,694 67,059 Amortization of intangibles 2,187 1,782 Acquisition related costs 238 388 Total operating expenses 90,808 79,895 Operating income 45,633 40,314 Other income, net 2,444 2,100 Income before income taxes 48,077 42,414 Income tax provision 8,539 13,700 Net income $ 39,538 $ 28,714 Earnings per share: Basic $ 0.41 $ 0.30 Diluted $ 0.39 $ 0.30 Weighted average shares outstanding: Basic 96,840 95,996 Diluted 100,496 97,148
GLOBUS MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) March 31,
2018 December 31,
2017 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 119,836 $ 118,817 Short-term marketable securities 249,341 254,890 Accounts receivable, net of allowances of $4,129 and $3,963, respectively 122,581 116,676 Inventories 107,580 108,409 Prepaid expenses and other current assets 12,998 11,166 Current portion of note receivable 2,500 1,667 Income taxes receivable 89 8,717 Total current assets 614,925 620,342 Property and equipment, net of accumulated depreciation of $196,921 and $191,760, respectively 149,193 143,167 Long-term marketable securities 104,399 56,133 Note receivable 27,500 28,333 Intangible assets, net 78,935 78,659 Goodwill 124,780 123,890 Other assets 7,454 7,947 Deferred income taxes 20,474 20,031 Total assets $ 1,127,660 $ 1,078,502 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 28,161 $ 25,039 Accrued expenses 43,975 52,594 Income taxes payable 2,178 3,274 Business acquisition liabilities 6,659 11,411 Deferred revenue 1,579 755 Total current liabilities 82,552 93,073 Business acquisition liabilities, net of current portion 4,195 4,508 Deferred income taxes 11,504 10,669 Other liabilities 2,541 2,474 Total liabilities 100,792 110,724 Commitments and contingencies Equity: Common stock; $0.001 par value. Authorized 785,000 shares; issued and outstanding 97,164 and 96,658 shares at March 31, 2018 and December 31, 2017, respectively 97 97 Additional paid-in capital 253,758 238,341 Accumulated other comprehensive loss (2,772 ) (6,907 ) Retained earnings 775,785 736,247 Total equity 1,026,868 967,778 Total liabilities and equity $ 1,127,660 $ 1,078,502
GLOBUS MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended (In thousands) March 31,
2018 March 31,
2017 Cash flows from operating activities: Net income $ 39,538 $ 28,714 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9,476 12,240 Amortization of premium on marketable securities 785 1,008 Write-down for excess and obsolete inventories 2,483 1,671 Stock-based compensation expense 6,053 3,491 Allowance for doubtful accounts 217 794 Change in fair value of business acquisition liabilities 234 478 Change in deferred income taxes (124 ) (2,399 ) (Increase)/decrease in: Accounts receivable (5,080 ) (2,225 ) Inventories (1,206 ) (2,102 ) Prepaid expenses and other assets (1,234 ) 8,628 Increase/(decrease) in: Accounts payable 728 (172 ) Accrued expenses and other liabilities (7,072 ) (10,170 ) Income taxes payable/receivable 7,497 13,493 Net cash provided by operating activities 52,295 53,449 Cash flows from investing activities: Purchases of marketable securities (118,403 ) (70,305 ) Maturities of marketable securities 73,330 55,405 Sales of marketable securities 1,333 15,505 Purchases of property and equipment (12,374 ) (11,533 ) Net cash used in investing activities (56,114 ) (10,928 ) Cash flows from financing activities: Payment of business acquisition liabilities (5,440 ) (5,001 ) Proceeds from exercise of stock options 9,307 1,990 Net cash (used in)/provided by financing activities 3,867 (3,011 ) Effect of foreign exchange rate on cash 971 321 Net increase in cash, cash equivalents, and restricted cash 1,019 39,831 Cash, cash equivalents, and restricted cash, beginning of period 118,817 67,431 Cash, cash equivalents, and restricted cash, end of period $ 119,836 $ 107,262 Supplemental disclosures of cash flow information: Interest paid — 8 Income taxes paid $ 1,197 $ 2,656
Supplemental Financial Information
Sales by Geographic Area: (Unaudited) Three Months Ended (In thousands) March 31,
2018 March 31,
2017 United States $ 145,618 $ 129,663 International 28,793 26,146 Total sales $ 174,411 $ 155,809
Sales by Revenue Stream: (Unaudited) Three Months Ended (In thousands) March 31,
2018 March 31,
2017 Spine products $ 161,627 $ 155,809 Emerging Technology products 12,784 — Total sales $ 174,411 $ 155,809
Liquidity and Capital Resources: (Unaudited) March 31,
2018 December 31,
2017 (In thousands) Cash and cash equivalents $ 119,836 $ 118,817 Short-term marketable securities 249,341 254,890 Long-term marketable securities 104,399 56,133 Total cash, cash equivalents and marketable securities $ 473,576 $ 429,840
The following tables reconcile GAAP to Non-GAAP financial measures.
Non-GAAP Adjusted EBITDA Reconciliation Table: (Unaudited) Three Months Ended (In thousands, except percentages) March 31,
2018 March 31,
2017 Net income $ 39,538 $ 28,714 Interest income, net (2,291 ) (1,418 ) Provision for income taxes 8,539 13,700 Depreciation and amortization 9,476 12,240 EBITDA 55,262 53,236 Stock-based compensation expense 6,053 3,491 Acquisition related costs 392 1,086 Adjusted EBITDA $ 61,707 $ 57,813 Net income as a percentage of sales 22.7 % 18.4 % Adjusted EBITDA as a percentage of sales 35.4 % 37.1 %
Non-GAAP Net Income Reconciliation Table: (Unaudited) Three Months Ended (In thousands) March 31,
2018 March 31,
2017 Net income $ 39,538 $ 28,714 Amortization of intangibles 2,187 1,782 Acquisition related costs 392 1,086 Tax effect of adjusting items (459 ) (926 ) Non-GAAP net income $ 41,658 $ 30,656
Non-GAAP Diluted Earnings Per Share Reconciliation Table: (Unaudited) Three Months Ended (Per share amounts) March 31,
2018 March 31,
2017 Diluted earnings per share, as reported $ 0.39 $ 0.30 Amortization of intangibles 0.02 0.02 Acquisition related costs — 0.01 Tax effect of adjusting items — (0.01 ) Non-GAAP diluted earnings per share $ 0.41 $ 0.32
Non-GAAP Free Cash Flow Reconciliation Table: (Unaudited) Three Months Ended (In thousands) March 31,
2018 March 31,
2017 Net cash provided by operating activities $ 52,295 $ 53,449 Purchases of property and equipment (12,374 ) (11,533 ) Non-GAAP free cash flow $ 39,921 $ 41,916
Non-GAAP Sales on a Constant Currency Basis Comparative Table: (Unaudited) Three Months Ended Reported
Growth Currency
Impact on
Current Period Constant
Currency
Growth (In thousands, except percentages) March 31,
2018 March 31,
2017 United States $ 145,618 $ 129,663 12.3% 12.3% International 28,793 26,146 10.1% $ 1,726 3.5% Total sales $ 174,411 $ 155,809 11.9% $ 1,726 10.8% Contact :
Brian Kearns
Vice President, Business Development and Investor Relations
Phone: (610) 930-1800
Email: [email protected]
www.globusmedical.com
Source:Globus Medical | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-globus-medical-reports-first-quarter-2018-results.html |
(Reuters) - Winnipeg has Portage and Main and black flies, Las Vegas has the Strip and Black Jack but both cities have hockey teams that have defied the odds and will face off in a best-of-seven series that will see one advance to the Stanley Cup Finals.
May 10, 2018; Nashville, TN, USA; Winnipeg Jets players celebrate after a win against the Nashville Predators in game seven of the second round of the 2018 Stanley Cup Playoffs at Bridgestone Arena. Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports It is ‘The Peg’ taking on Sin City in a fascinating Western Conference showdown that starts on Saturday featuring two teams, the Jets and Golden Knights, and two cities that are as different as opera and heavy metal rock.
The National Hockey League’s smallest market Winnipeg sits at what is recognized as the crossroads of Canada, Portage and Main often referred to as the hockey-mad nation’s coldest and windiest corner.
Las Vegas is the NHL’s newest glitzy addition, a first year expansion franchise that has set up shop in the world’s most famous gambling destination.
Winter-Peg and the city billed as the Entertainment Capital of the World, the contrast could not be more jarring than a Dustin Byfuglien hit or the storylines more compelling.
While the two teams and their fans have had plenty to celebrate, their seasons have also been linked by grief.
Just days before the Golden Knights official home opener, Las Vegas was the scene of the worst mass shooting in U.S. history when a gunman opened fire a short distance from their T-Mobile Arena home killing 58 people.
In the aftermath of the tragedy the Golden Knights retired number 58 to honor the victims.
For Canadian hockey fans, tragedy struck close to the heart when a bus carrying the Humboldt Broncos, a Saskatchewan junior hockey team, was involved in a horrific crash that left 16 dead.
The Prairie bonds are strong and that sorrow continues to hang heavily over Manitoba and Saskatchewan who share a provincial border.
CANADA’S TEAM Sitting at the center of the country, Winnipeg has assumed the mantle of Canada’s team with fans from coast to coast rallying around the Jets and their quest to end a 25-year Stanley Cup drought for Canada.
May 4, 2018; Las Vegas, NV, USA; Vegas Golden Knights players congratulate goaltender Marc-Andre Fleury (29) after defeating the San Jose Sharks 5-3 in game five of the second round of the 2018 Stanley Cup Playoffs at T-Mobile Arena. Mandatory Credit: Stephen R. Sylvanie-USA TODAY Sports Not since the Montreal Canadiens lifted the last of their 24 Stanley Cups in 1993 has Lord Stanley’s famous mug been paraded through the streets of a Canadian city, humbling a nation that claims ownership of the game.
When the Jets beat the Nashville Predators in Game Seven on Thursday to reach the conference finals for the first time Winnipegers filled the streets around Bell MTS Place, breaking into a rousing rendition of the national anthem.
“We’re just so happy to allow our fanbase to have a celebration,” said Jets captain Blake Wheeler following their clinching win over the Predators. “I’m a sports fan too and when my teams go on runs it’s amazing, it’s a great feeling.
“Our fans have been with us, filled up our building for seven years and haven’t always had the most success but they’ve always been supportive all over the city I don’t think I have ever heard a negative comment in seven years.”
ENDURANCE TEST Winnipeg hockey fans have endured more than most.
Professional hockey arrived in the Manitoba capital in the form of a World Hockey Association franchise in 1971 and played there until the Jets were absorbed into the NHL in 1979.
For the next 17 seasons the Jets never reached the heights they had hoped for and in 1996 relocated to Phoenix and were renamed the Coyotes.
It was 15 years before the NHL returned to Winnipeg, Mark Chipman and Canada’s richest man, David Thomson, triggering a wave of national pride when they bought the struggling Atlanta Thrashers in 2011 and convinced the league they should return to The Peg.
Their opponents the Golden Knights, a group of castoffs considered expendable by other NHL teams, have been playing with house money and are now just eight wins away from hitting the Stanley Cup jackpot.
They could be about to make history as no expansion team in any of North America’s big four professional sports leagues has ever captured a championship in their first year.
(This version of the story has been refiled to make clear Las Vegas is world’s most famous gambling destination in fourth paragraph)
Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-wpg-vgk-cities/the-peg-and-vegas-all-in-for-place-in-stanley-cup-idUSKBN1IC2OZ |
LONDON (Thomson Reuters Foundation) - The movie industry must use this week’s Cannes Film Festival to “liberate and listen to women’s voices” if it is to stamp out sexual harassment, the French minister for gender equality said.
French Junior Minister in charge of Equality between Men and Women, Marlene Schiappa leaves the Elysee Palace in Paris, France, April 16, 2018. REUTERS/Charles Platiau From a hotline to report harassers at the event to flyers urging participants to behave properly, Marlene Schiappa hopes to use the glitz and glamor of Cannes to ramp up the pressure.
The movie industry “has to be part of the solution”, Schiappa told the Thomson Reuters Foundation in an email ahead of this year’s festival, which she said should be the “basis for liberating and listening to women’s voices”.
“The fact that the festival’s presidents decided to fight with us against sexual harassment for not just actresses but also workers and spectators at the festival ... is unprecedented and a great step forward,” Schiappa said.
The 71st Cannes Film Festival will run from May 8-19 and follows allegations of sexual misconduct against Hollywood mogul Harvey Weinstein that sparked last year’s #MeToo campaign, in which women and men shared their experiences of harassment.
Once one of Hollywood’s most powerful figures, Weinstein has been accused by more than 70 women of sexual misconduct, including rape.
He has denied having non-consensual sex with anyone.
In April, Schiappa launched a campaign with the festival organizers to tackle sexual harassment.
Initiatives include a hotline and flyers reading “correct behavior required” and “don’t ruin the party, stop harassment!” with the hashtag #nerienlaisserpasser (“don’t let anything pass”).
Celebrities have used previous film awards this year including Britain’s BAFTA and the Golden Globes in Los Angeles to wear black outfits in a gesture of protest and badges name-checking the “Time’s Up” campaign against sexual harassment.
Australian movie star Cate Blanchett, who also took part in Time’s Up, will chair this year’s event, becoming the 11th woman to do so in the Cannes festival’s history.
Rachel Krys, co-director of End Violence Against Women Coalition, welcomed the Cannes hotline.
But she said that “the system which supports and protects powerful men, rather than helping victims, also has to be dismantled”.
The movie industry should also “call time on films which fetishise violence against women and promote a toxic version of masculinity, and instead create art which challenges gender stereotypes and shifts social norms,” she said by email.
Reporting by Zoe Tabary @zoetabary, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes-france-metoo/use-cannes-festival-to-liberate-womens-voices-french-minister-idUSKBN1I8025 |
CHICAGO, May 1, 2018 /PRNewswire/ -- Grubhub Inc. (NYSE: GRUB), the nation's leading online and mobile food-ordering and delivery marketplace, today announced financial results for the first quarter ended March 31, 2018. For the first quarter, the Company posted revenues of $232.6 million, which is a 49% year-over-year increase from $156.1 million in the first quarter of 2017. Gross Food Sales grew 39% year-over-year to $1.2 billion, up from $898 million in the year-ago period.
"Our team executed well in the first quarter, making meaningful progress toward our most significant goals for 2018. We've already launched dozens of new delivery markets, completed our Yelp and Eat24 integrations a quarter earlier than expected, and attracted a record quarterly number of organic new diners," said Grubhub CEO Matt Maloney. "Our restaurant partnerships are broader and deeper than ever before, increasing our value to diners and driving sustained diner and order growth."
First Quarter 2018 Highlights
The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2018, as compared to the same period in 2017.
First Quarter Financial Highlights
Revenues: $232.6 million, a 49% year-over-year increase from $156.1 million in the first quarter of 2017. Net Income: $30.8 million, or $0.34 per diluted share, a 74% year-over-year increase from $17.7 million, or $0.20 per diluted share, in the first quarter of 2017. Non-GAAP Adjusted EBITDA: $64.1 million, a 51% year-over-year increase from $42.5 million in the first quarter of 2017. Non-GAAP Net Income: $47.2 million, or $0.52 per diluted share, an 88% year-over-year increase from $25.1 million, or $0.29 per diluted share, in the first quarter of 2017.
First Quarter Key Business Metrics Highlights
Active Diners were 15.1 million, a 72% year-over-year increase from 8.8 million Active Diners in the first quarter of 2017. Daily Average Grubs (DAGs) were 436,900, a 35% year-over-year increase from 324,600 DAGs in the first quarter of 2017. Gross Food Sales were $1.2 billion, a 39% year-over-year increase from $898 million in the first quarter of 2017.
"Organic DAG growth accelerated for the second quarter in a row, fueled by the most comprehensive restaurant marketplace and our efficient delivery," said Grubhub President and CFO Adam DeWitt. "Our scale continues to generate improving profitability, leading to strong EBITDA per order of $1.63 during the first quarter, even as we push hard on delivery market expansion and spreading diner awareness."
Second Quarter and Full Year 2018 Guidance
Based on information available as of May 1, 2018, the Company is providing the following financial guidance for the second quarter and full year of 2018:
Second Quarter 2018
Full Year 2018
(in millions)
Expected Revenue range
$228 - $236
$930 - $965
Expected Adjusted EBITDA range
$59 - $65
$242 - $262
First Quarter 2018 Financial Results Conference Call
Grubhub will webcast a conference call today at 9 a.m. CT to discuss the first quarter 2018 financial results. The webcast can be accessed on the Grubhub Investor Relations website at http://investors.grubhub.com , along with the Company's earnings press release and financial tables. A replay of the webcast will be available at the same website until May 15, 2018.
About Grubhub
Grubhub (NYSE: GRUB) is the nation's leading online and mobile takeout food-ordering marketplace with the largest and most comprehensive network of restaurant partners, as well as the largest diner base. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub strives to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 80,000 restaurant partners in over 1,600 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, Eat24, AllMenus and MenuPages.
Use of Forward Looking Statements
This press release contains forward-looking statements regarding Grubhub, "the Company's" or our management's future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected benefits to, and financial performance of, Grubhub following the acquisition of Eat24 and its commercial agreements with Yelp and Yum! Brands. Such statements constitute "forward-looking statements", which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled "Risk Factors" in our Annual Report on Form 10-K filed on February 28, 2018, which is on file with the SEC and is available on the Investor Relations section of our website at http://investors.grubhub.com . Additional information will be set forth in our Quarterly Report on Form 10-Q that will be filed for the quarter ended March 31, 2018, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. Except as required by law, we disclaim any intention to, and undertake no obligation to, publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
Use of Non-GAAP Financial Measures
Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP.
We define Adjusted EBITDA as net income adjusted to exclude acquisition, restructuring and certain legal costs, income taxes, interest income and expense, depreciation and amortization and stock-based compensation expense. Non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders exclude acquisition, restructuring and certain legal costs, amortization of acquired intangible assets, stock-based compensation expense and other nonrecurring items as well as the income tax effects of these non-GAAP adjustments. We use these non-GAAP financial measures as key performance measures because we believe they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions, restructuring and certain legal costs, the impact of depreciation and amortization expense on our fixed assets and the impact of stock-based compensation expense. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders are not measurements of our financial performance under GAAP and should not be considered as an alternative to performance measures derived in accordance with GAAP.
See "Schedule of Non-GAAP Financial Measures Reconciliation" below for a reconciliation of net income to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders.
GRUBHUB INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended March 31,
2018
2017
Revenues
$
232,570
$
156,134
Costs and expenses:
Operations and support
96,283
59,519
Sales and marketing
48,756
35,438
Technology (exclusive of amortization)
17,331
13,192
General and administrative
17,697
13,181
Depreciation and amortization
20,951
10,040
Total costs and expenses
201,018
131,370
Income from operations
31,552
24,764
Interest (income) expense - net
1,022
(221)
Income before provision for income taxes
30,530
24,985
Income tax (benefit) expense
(236)
7,270
Net income attributable to common stockholders
$
30,766
$
17,715
Net income per share attributable to common stockholders:
Basic
$
0.35
$
0.21
Diluted
$
0.34
$
0.20
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic
87,085
85,874
Diluted
90,091
87,120
KEY OPERATING METRICS
Three Months Ended March 31,
2018
2017
Active Diners (000s)
15,078
8,751
Daily Average Grubs
436,900
324,600
Gross Food Sales (millions)
$
1,245.0
$
898.1
GRUBHUB INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31, 2018
December 31, 2017
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
272,258
$
234,090
Short-term investments
16,052
23,605
Accounts receivable, less allowances for doubtful accounts
100,129
95,970
Prepaid expenses and other current assets
9,847
6,818
Total current assets
398,286
360,483
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization
79,399
71,384
OTHER ASSETS:
Other assets
6,697
6,487
Goodwill
589,862
589,862
Acquired intangible assets, net of amortization
504,011
515,553
Total other assets
1,100,570
1,111,902
TOTAL ASSETS
$
1,578,255
$
1,543,769
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Restaurant food liability
$
126,853
$
119,922
Accounts payable
12,202
7,607
Accrued payroll
9,897
13,186
Taxes payable
1,514
3,109
Short-term debt
4,688
3,906
Other accruals
34,237
26,818
Total current liabilities
189,391
174,548
LONG-TERM LIABILITIES:
Deferred taxes, non-current
71,316
74,292
Other accruals
17,207
7,468
Long-term debt
143,121
169,645
Total long-term liabilities
231,644
251,405
STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value
9
9
Accumulated other comprehensive loss
(872)
(1,228)
Additional paid-in capital
856,443
849,043
Retained earnings
301,640
269,992
Total Stockholders' Equity
$
1,157,220
$
1,117,816
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,578,255
$
1,543,769
GRUBHUB INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended March 31,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
30,766
$
17,715
Adjustments to reconcile net income to net cash from operating activities:
Depreciation
5,050
2,412
Provision for doubtful accounts
325
95
Deferred taxes
(2,976)
(4,741)
Amortization of intangible assets
15,901
7,628
Stock-based compensation
10,231
7,243
Deferred rent
1,633
58
Amortization of deferred loan costs
333
124
Other
(243)
(234)
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable
3,918
(1,721)
Prepaid expenses and other assets
(3,516)
2,957
Restaurant food liability
6,885
11,297
Accounts payable
601
483
Accrued payroll
(3,295)
(1,534)
Other accruals
5,887
9,808
Net cash provided by operating activities
71,500
51,590
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments
(10,537)
(57,783)
Proceeds from maturity of investments
18,166
55,833
Capitalized website and development costs
(6,262)
(4,150)
Purchases of property and equipment
(5,462)
(3,056)
Acquisitions of business, net of cash acquired
737
—
Acquisition of other intangible assets
—
(5,000)
Other cash flows from investing activities
16
91
Net cash used in investing activities
(3,342)
(14,065)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowings under the credit facility
(25,781)
—
Proceeds from exercise of stock options
6,948
1,584
Taxes paid related to net settlement of stock-based compensation awards
(11,485)
(3,688)
Net cash used in financing activities
(30,318)
(2,104)
Net change in cash, cash equivalents, and restricted cash
37,840
35,421
Effect of exchange rates on cash, cash equivalents and restricted cash
356
97
Cash, cash equivalents, and restricted cash at beginning of year
238,239
242,214
Cash, cash equivalents, and restricted cash at end of the period
$
276,435
$
277,732
SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS
Cash paid for income taxes
$
227
$
746
GRUBHUB INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(in thousands, except per share data)
Three Months Ended March 31,
2018
2017
Net income
$
30,766
$
17,715
Income taxes
(236)
7,270
Interest (income) expense - net
1,022
(221)
Depreciation and amortization
20,951
10,040
EBITDA
52,503
34,804
Acquisition, restructuring and legal costs
1,329
409
Stock-based compensation
10,231
7,243
Adjusted EBITDA
$
64,063
$
42,456
Three Months Ended March 31,
2018
2017
Net income
$
30,766
$
17,715
Stock-based compensation
10,231
7,243
Amortization of acquired intangible assets
11,543
5,273
Acquisition, restructuring and legal costs
1,329
409
Income tax adjustments
(6,677)
(5,519)
Non-GAAP net income
$
47,192
$
25,121
Weighted-average diluted shares used to compute net income per share attributable to common stockholders
90,091
87,120
Non-GAAP net income per diluted share attributable to common stockholders
$
0.52
$
0.29
Guidance
Three Months Ended
June 30, 2018
Year Ended
December 31, 2018
Low
High
Low
High
(in millions)
Net income
$
19.5
$
23.8
$
79.8
$
94.2
Income taxes
7.5
9.2
30.9
36.5
Interest expense ̶ net
1.0
1.0
4.0
4.0
Depreciation and amortization
19.0
19.0
80.0
80.0
EBITDA
47.0
53.0
194.7
214.7
Acquisition and restructuring costs
—
—
1.3
1.3
Stock-based compensation
12.0
12.0
46.0
46.0
Adjusted EBITDA
$
59.0
$
65.0
$
242.0
$
262.0
View original content with multimedia: http://www.prnewswire.com/news-releases/grubhub-reports-record-first-quarter-results-300640004.html
SOURCE Grubhub Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-grubhub-reports-record-first-quarter-results.html |
May 3 (Reuters) - SAUDI AUTOMOTIVE SERVICES CO:
* Q1 NET PROFIT 7.9 MILLION RIYALS VERSUS 4.6 MILLION RIYALS YEAR AGO
* Q1 NET SALES 460 MILLION RIYALS VERSUS 282 MILLION RIYALS YEAR AGO Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-saudi-automotive-services-q1-profi/brief-saudi-automotive-services-q1-profit-rises-idUSFWN1SA05O |
May 1(Reuters) - Datasection Inc
* Says it completes repurchase of 0 shares of its common stock, from Feb. 14 to April 27
Source text in Japanese: goo.gl/p5R82B
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-datasection-completes-share-repurc/brief-datasection-completes-share-repurchase-idUSL3N1S81MC |
Alibaba tops revenue forecasts, investments clip margins Friday, May 04, 2018 - 01:20
Alibaba reported better than expected top line results, driven by strong sales in its commerce and cloud computing units, even as margins were squeezed by investments. Aleksandra Michalska reports.
Alibaba reported better than expected top line results, driven by strong sales in its commerce and cloud computing units, even as margins were squeezed by investments. Aleksandra Michalska reports. //reut.rs/2FKqHlg | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/alibaba-tops-revenue-forecasts-investmen?videoId=423908609 |
GUANGZHOU, China, May 17, 2018 (GLOBE NEWSWIRE) -- YY Inc. (NASDAQ:YY) (“YY” or the “Company”), a leading live streaming social media platform in China, today announced that underwriters of the initial public offering ("IPO") of the American Depositary Shares (“ADSs”) by its majority-controlled subsidiary, HUYA Inc. (“Huya”) had exercised their over-allotment option in full to purchase an additional 2,250,000 ADS from Huya at the IPO price of US$12.00 per ADS.
The closing of the over-allotment option exercise happened concurrently with the closing of the initial public offering on May 15, 2018.
Huya's registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This offering is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting:
Credit Suisse Securities (USA) LLC,
Attention: Prospectus Department
One Madison Avenue
New York, NY 10010
United States
Phone: +1-800-221-1037
[email protected] ;
Goldman, Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
United States
Phone: +1-212-902-1171
[email protected] ;
UBS Securities LLC
Attention: Prospectus Department
1285 Avenue of the Americas
New York, NY 10019
United States
Phone: +1-888-827-7275
Email: [email protected]
Needham & Company, LLC
Attention: Syndicate Prospectus Department
250 Park Avenue, 10th Floor
New York, NY 10177
United States
Phone: 1-800-903-3268
[email protected]
About YY Inc.
YY Inc. (“YY” or the “Company”) is a leading live streaming social media platform in China. The Company’s highly engaged users contribute to a vibrant social community by creating, sharing and enjoying a vast range of entertainment content and activities. YY enables users to interact with each other in real-time through online live media and offers users a uniquely engaging and immersive entertainment experience. YY Inc. was listed on the NASDAQ in November 2012.
About HUYA Inc.
HUYA Inc. ("Huya") is a leading game live streaming platform in China with a large and active game live streaming community. HUYA cooperates with e-sports event organizers, as well as major game developers and publishers, and has developed e-sports live streaming as one of the most popular content genres on its platform. Huya has created an engaged, interactive and immersive community for game enthusiasts of China’s young generation. Building on its success in game live streaming, Huya has also extended its content to other entertainment content genres. Huya’s open platform also functions as a marketplace for broadcasters and talent agencies to congregate and closely collaborate with Huya.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. YY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about YY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: YY’s goals and strategies; YY's future business development, results of operations and financial condition; the expected growth of the live streaming social media market in China; the expectation regarding the rate at which to gain active users, especially paying users; YY’s ability to monetize the user base; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in YY’s filings with the SEC. All information provided in this press release is as of the date of this press release, and YY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact:
YY Inc.
Matthew Zhao
Tel: +86 (20) 8212-0000
Email: [email protected]
ICR, Inc.
Jack Wang
Tel: (+1) 646 915-1611
Email: [email protected]
Source:YY Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-yy-announces-full-exercise-of-over-allotment-option-in-huya-inc-s-initial-public-offering.html |
May 28, 2018 / 5:58 AM / Updated 10 hours ago France's Veolia sees opportunity in China's waste crackdown Tom Daly 2 Min Read
BEIJING (Reuters) - French water and waste services firm Veolia Environnement SA sees opportunities in China from Beijing’s crackdown on waste imports and is preparing to open a ship-dismantling plant in the south of the country, company executives said on Monday.
China has this year tightened impurity thresholds on waste imports, which have since fallen dramatically, and has banned imports of 16 scrap and waste products from the end of 2018.
“This new law in China offers us ... a lot of opportunities,” Chief Executive Officer Antoine Frerot told Reuters in Beijing.
Describing China’s environmental standards as probably the “highest in the world”, Frerot said he expected the country’s waste crackdown to push the market towards companies offering thorough recycling services, suiting Veolia “compared to the small players which are just collecting and (doing) a bit of sorting”.
Veolia is building a ship-dismantling plant in China’s southern Guangdong province, said Regis Calmels, senior executive vice president, Asia, adding it would be operating in a few months.
Scrap vessels are among the 16 materials and products to be subject to the import ban from the end of this year. A spokeswoman for Veolia said the Guangdong project would focus solely on dismantling Chinese vessels in accordance with Chinese rules.
“Industrial water treatment is developing quickly, so we have strong growth there, but the most booming activity today is hazardous waste treatment,” Frerot continued.
The company already has nine hazardous waste treatment plants in China, with a total capacity of 560,000 tonnes, according to Zhou Xiaohua, senior vice president, China, with another four under construction.
Further down the line, Veolia aims to expand into plastic recycling in China, moving into nuclear waste treatment “one day”, Frerot said.
($1 = 0.8535 euros) | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-environment-veolia/veolia-ceo-sees-opportunities-in-china-from-beijings-waste-crackdown-idUSKCN1IT0DK |
WINDSOR, England—A grandson of Queen Elizabeth II on Saturday took as his bride an American actress, in a unique wedding that melded Hollywood glitz and glamour with centuries-old royal traditions.
Prince Harry, sixth in line to the throne, and Meghan Markle, the star of the legal drama “Suits,” were married at the 15th-century St. George’s Chapel, just inside the walls of Windsor Castle in front of a cast of royals and celebrities.
... RELATED VIDEO Royal Wedding: How Will Meghan Markle Adapt to Life in Britain’s Monarchy? Members of Britain’s Royal family don’t vote and are expected to remain politically neutral. So how will Meghan Markle, a humanitarian activist and star of the hit show "Suits," adapt to her new life when she marries Prince Harry? Image: Getty Images | ashraq/financial-news-articles | https://www.wsj.com/articles/britain-puts-on-a-royal-spectacle-for-prince-harry-and-meghan-markles-wedding-1526714332 |
May 31, 2018 / 12:03 PM / Updated 23 minutes ago UPDATE 1-Sembcorp Industries to buy UK Power Reserve for $288 mln Reuters Staff 2 Min Read
(Adds detail on equity value)
LONDON, May 31 (Reuters) - Integrated energy group Sembcorp Industries has agreed to buy UK Power Reserve, Britain’s largest flexible power generator, for an equity value of 216 million pounds ($288 million).
The Singapore-listed company said on Thursday it was buying UK Power Reserve, which was founded in 2010 to meet growing demand for flexible reserve power capacity, from investment firm Equistone Partners Europe and Inflexion Private Equity.
Following the acquisition of shares, Sembcorp will consolidate all the assets and liabilities of UK Power Reserve, including its net debt.
In Britain, demand for more flexible power generation capacity has grown due to the closure of ageing thermal plants, the rise of variable renewable energy and electric vehicles.
UK Power Reserve has 32 rapid-response power stations with a total capacity of 533 megawatts (MW) in operation, enough to power 375,000 homes.
A further 480 MW of capacity, included 120 MW of battery storage assets, is under construction and development and expected to come online by 2019.
Sembcorp Industries has an energy portfolio of more than 12 gigawatts (GW) worldwide, including thermal power plants and renewable energy assets.
Sembcorp UK, which has 210 MW of combined heat and power, steam power and renewable generation capacity at its Wilton International industrial site in Teesside, northeast England, is also seeking planning approval to develop two combined-cycle gas turbine units of up to 1.7 GW at that site. $1 = 0.7503 pounds Reporting by Nina Chestney; Editing by Alexander Smith and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/sembcorp-ind-power/update-1-sembcorp-industries-to-buy-uk-power-reserve-for-288-mln-idUSL5N1T23OK |
May 27, 2018 / 8:04 PM / a few seconds ago Highlights of French Open first day Reuters Staff 6 Min Read
PARIS (Reuters) - Defending champion Jelena Ostapenko crashed out in the first round of the French Open on Sunday after a 7-5 6-3 thrashing by Ukrainian Kateryna Kozlova. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Latvia's Jelena Ostapenko reacts during her first round match with Ukraine's Kateryna Kozlova REUTERS/Pascal Rossignol
Defeat meant Ostapenko became only the sixth female major winner to fall at the first hurdle of her title defence, joining Anastasia Myskina, Steffi Graf, Jennifer Capriati, Svetlana Kuznetsova and Angelique Kerber.
“It was terrible day,” world number five Ostapenko said.
“I just woke up here and my mood was not amazing. A few things go wrong and you are pissed off, but you try to stay positive. Then you lose a match, and it is no longer possible to be positive.”
Former finalist Venus Williams joined the 20-year-old in exiting Roland Garros as the American slumped out 6-4 7-5 to China’s Wang Qiang.
Second seed Alexander Zverev had no trouble negotiating his first-round opponent, as he comfortably swatted aside Ricardas Berankis 6-1 6-1 6-2.
Grigor Dimitrov, another player tipped to go deep in the event, powered past lucky loser Mohamed Safwat 6-1 6-4 7-6(1).
Dimitrov’s original opponent Viktor Troicki withdrew with lower back pain.
Australia’s Nick Kyrgios also pulled out ahead of Monday’s contest with compatriot Bernard Tomic with an elbow injury.
World number one Rafa Nadal begins his title defence on Monday with a clash against Italy’s Simone Bolelli on Court Philippe-Chatrier.
Highlights from day one of the French Open tennis championships on Sunday (all times GMT): 1911 GOFFIN SURVIVES HAASE SCARE
Belgium’s David Goffin appeared to be on his way out of the tournament after losing the opening two sets to Dutchman Robin Haase, but the eighth seed regained composure to win the match 4-6 4-6 6-4 6-1 6-0. READ MORE:
Flustered Ostapenko falls at first hurdle
Zverev in the pink, leaves Berankis floundering
No deja vu in Paris for sorry Venus
Pouille, Cornet lead quest for unlikely glory
Nadal begins title defence against Bolelli
Kyrgios out of Roland Garros with elbow injury
Nishikori feeling great and has hopes for Paris
Cornet overpowers Errani to make second round
Stephens soars after “heart and body” connect
Dimitrov ends Egyptian lucky loser’s odyssey
Ukraine’s Svitolina sweeps past Tomljanovic
Kvitova hails ‘crazy’ year after knife attack
Zverev mentally ready for title bid - Wilander Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Germany's Alexander Zverev celebrates after winning his first round match with Lithuania's Ricardas Berankis REUTERS/Christian Hartmann 1911 GOFFIN SURVIVES HAASE SCARE
Belgium’s David Goffin appeared to be on his way out of the tournament after losing the opening two sets to Dutchman Robin Haase, but the eighth seed regained composure to win the match 4-6 4-6 6-4 6-1 6-0. 1727 OSTAPENKO KNOCKED OUT IN OPENING ROUND
Defending champion Jelena Ostapenko crashed out of the tournament after a 7-5 6-3 defeat by unseeded Ukrainian Kateryna Kozlova in the opening round. Ostapenko became only the sixth female major winner to lose in the opening round of their title defence. 1600 BRITON KONTA FALLS TO PUTINTSEVA
Briton Johanna Konta’s campaign ended in disappointment yet again as the 22nd seed was beaten 6-4 6-3 by Kazakhstan’s Yulia Putintseva. Konta has yet to win a first-round match at Roland Garros in four attempts. 1513 VENUS WILLIAMS CRASHES OUT IN OPENING ROUND
Venus Williams crashed to a straight-sets defeat in the opening round, losing 6-4 7-5 to China’s Qiang Wang on Court Suzanne-Lenglen. 1426 JAPAN’S NISHIKORI IN FINE FORM
Japan’s Kei Nishikori, playing in his first grand slam since last year’s Wimbledon, showed no signs of a wrist injury that has plagued him in the past few months as he eased past Frenchman Maxime Janvier 7-6(0) 6-4 6-3.
1422 NICE TO PLAY AN OLD FRIEND - DIMITROV
Lucky loser Mohamed Safwat may have been a last-minute replacement to face Grigor Dimitrov on Sunday but the Egyptian is no stranger to the world number five.
“It’s nice to play someone you know for such a long time,” Bulgarian Dimitrov said.
“I’m happy when I see players that I’ve shared courts, practice, matches from juniors. Now we’re out here battling on such a court. I think it’s great. So you never forget that.” 1327 RUS NO MATCH FOR U.S OPEN CHAMPION STEPHENS
U.S. Open champion Sloane Stephens cruised past Dutchwoman Arantxa Rus 6-2 6-0. The American relentlessly attacked her opponent from the baseline and needed just 49 minutes to wrap up the victory. 1313 LOCAL HOPE MONFILS THROUGH TO NEXT ROUND
France’s Gael Monfils started shakily against compatriot Elliot Benchetrit but found his rhythm as the match wore on to comfortably quell the 19-year-old’s challenge. Monfils prevailed 3-6 6-1 6-2 6-1. 1300 KYRGIOS PULLS OUT WITH ELBOW INJURY
Australia’s Nick Kyrgios withdrew from the tournament with an elbow injury. “Unfortunately I have to withdraw from this year’s French Open,” the world number 23 said.
“Having consulted with my team and medical experts it is deemed too risky for me to step out and potentially play five sets on clay especially as I have not played a singles match in nearly two months.” 1113 DIMITROV OFF TO STRONG START
Fourth seed Grigor Dimitrov got his Roland Garros campaign off to a good start, powering past lucky loser Mohamed Safwat 6-1 6-4 7-6(1) in the opening match on Court Philippe-Chatrier.
Safwat became the first Egyptian player to contest a grand slam main draw since 1996 after Bulgarian Dimitrov’s original opponent Viktor Troicki pulled out with lower back pain. 1102 DZUMHUR MAKES SHORT WORK OF AMERICAN KUDLA
Bosnian Damir Dzumhur swatted aside American Denis Kudla, winning 6-4 6-2 6-2 to storm into the second round. 1024 SVITOLINA GETS PAST TOMLJANOVIC IN OPENER
Elina Svitolina began her quest for a maiden grand slam with a battling first-round victory over Australia’s Ajla Tomljanovic on Court Suzanne-Lenglen. The fourth-seeded Ukrainian prevailed 7-5 6-3. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Christian Radnedge and Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-highlights/highlights-of-french-open-first-day-idUKKCN1IS0RX |
May 4, 2018 / 2:28 PM / Updated 23 minutes ago Catalan parliament acts to allow absent candidate to be voted leader Reuters Staff 2 Min Read
MADRID (Reuters) - The Catalan regional parliament on Friday approved a law giving members the right to vote for a leader in absentia, a move aimed at allowing former head Carles Puigdemont to be voted leader even though he is in self-imposed exile.
The Spanish government said it would appeal the new law via the Constitutional Court. The regional parliament - with a majority of parties seeking a split from Spain - approved the law by 70 votes to 65.
Attempts by Madrid to derail a Catalan independence movement that plunged the country into its biggest crisis in decades by calling local elections backfired in December when pro-independence parties gained a majority.
Puigdemont is currently in Berlin waiting for German authorities to rule on whether he should be extradited to Spain to be tried for mis-use of public funds.
He fled to Belgium in October after his administration was fired by Prime Minister Mariano Rajoy following an illegal declaration of independence.
The Spanish government has repeatedly dismissed the possibility of long-distance rule by Puigdemont as absurd and has said Madrid would stay in charge of Catalonia if the ex-leader tried to govern from abroad.
Time is running out for Catalan lawmakers to select a leader and form a government - they must do so before May 22 or new elections will be called.
Since the election, the Catalan parliament has attempted to put forward a candidate for leader four times, but each attempt has been blocked by Madrid and courts because the candidates are either being held in custody in prison or living abroad. Reporting By Raquel Castillo; Writing by Sonya Dowsett; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-catalonia/catalan-parliament-acts-to-allow-absent-candidate-to-be-voted-leader-idUSKBN1I51Q5 |
assets@ (Adds comments from CFO Shrewsberry, analyst comment)
BOSTON, May 10 (Reuters) - Wells Fargo & Co on Thursday said a cap on asset growth imposed by regulators after various sales practices scandals would hurt earnings less that it expected this year, and forecast 2019 expenses below Wall Street expectations.
The lender is under orders by the Federal Reserve to keep its assets below $1.95 trillion until governance and controls improve following a string of sales practices scandals.
In an opening presentation, Wells Fargo Chief Executive Tim Sloan said the bank is making plans to operate under the asset cap for the first part of 2019 and acknowledged that "we have not executed as well as we could have" on compliance and risk oversight areas.
Wells Fargo Treasurer Neal Blinde said the bank previously expected the reduction to net income from the asset cap would be $300 million to $400 million. But lower deposit and loan growth trends gave the bank headroom within the cap, leading to an updated figure of less than $100 million, he said.
In an investor presentation posted on the San Francisco bank's website, Wells Fargo said net interest income to be relatively stable in 2018 as higher interest rates will be offset by lower earning assets and higher deposit costs.
The bank's shares were up 0.2 percent in morning trading.
For 2018, the bank reiterated that it expects that total noninterest expenses will be between $53.5 billion and $54.5 billion, and gave a new figure of between $52 billion and $53 billion for 2019. Both ranges include typical operating losses and exclude litigation and remediation items.
Analysts on average expected 2019 noninterest expenses of $53.2 billion, according to Thomson Reuters I/B/E/S.
Wells Fargo Chief Financial Officer John Shrewsberry said the bank would not provide updated guidance on its efficiency ratio, a key measure of costs per dollar of revenue, since it gave the underlying expense component.
However he said that "we still believe that over the long term an efficiency ratio between 55 and 59 percent is appropriate for our business model."
Shrewsberry said under one scenario for 2020 it is possible the bank would have expenses of $50 billion to $51 billion, and revenue consistent with 2017 results, but he cautioned that was not a formal projection and said the bank's goal remains to grow revenue.
Analysts said ahead of the event that they would be looking for signs of when revenues will stabilize after being hurt by weak lending and fee income and the asset cap from the Federal Reserve order.
Sloan vowed to improve service to customers, who he said "want convenience and access," and said the bank is launching a new advertising campaign to re-establish its brand after a series of sales practices scandals.
(Reporting by Ross Kerber; Editing by Meredith Mazzilli and Bernadette Baum) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-3-wells-fargo-lowers-expected-earnings-hit-from-regulatory-cap-on-assets.html |
SANTA ANA, Calif., May 8, 2018 /PRNewswire/ -- Banc of California today announced it has hired Jim Hazboun as Chief Human Resources Officer. Mr. Hazboun joins Banc of California from Hyundai Capital America, where he served as Chief Human Resources Officer and Chief Administrative Officer.
"We are pleased to welcome Jim to our leadership team here at Banc of California," said Doug Bowers, President and Chief Executive Officer. "Jim's strong background and success across both Human Resources and Corporate Services areas will be directly beneficial to our planned initiatives and go-forward strategy. He has experience building numerous great Human Resources organizations, and more importantly understands culture as a key component and strategic asset of the business. His addition to Banc of California is yet another example of our ability to recruit and add top talent to Banc of California, and is an important step for us on our journey toward becoming an employer of choice for California's top banking professionals."
Mr. Hazboun will lead Banc of California's Human Resources and Marketing groups, which includes recruiting, training, talent development, and compensation functions as well as corporate and business unit marketing, branding, sponsorships, and partnerships.
Prior to Mr. Hazboun joining Hyundai Capital America in 2012, he served in numerous executive leadership roles with over 20 years of experience including at RGP Consulting, Indymac Bank, Jet Propulsion Laboratory / NASA, and Electronic Data Systems. He holds a B.A. in Liberal Arts from University of the Pacific. Mr. Hazboun serves on the Executive Board for Conscious Capitalism in Orange County and serves on the Governing Board for the Los Angeles CHRO Summit. He has been awarded the CHRO Leader of Distinction Award by HRO Today Magazine for 2017.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs and communities. Banc of California operates 34 offices in California.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
INVESTOR RELATIONS INQUIRIES:
MEDIA INQUIRIES:
Banc of California, Inc.
Abernathy MacGregor
Timothy Sedabres, (855) 361-2262
Ian Campbell / James Bourne / Sarah Dhanaphatana, (213) 630-6550
[email protected] / [email protected] / [email protected]
View original content: http://www.prnewswire.com/news-releases/banc-of-california-announces-hiring-of-jim-hazboun-as-chief-human-resources-officer-300644703.html
SOURCE Banc of California, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-banc-of-california-announces-hiring-of-jim-hazboun-as-chief-human-resources-officer.html |
SUNNYVALE, Calif. (AP) _ Alpha and Omega Semiconductor Ltd. (AOSL) on Wednesday reported fiscal third-quarter earnings of $1.7 million.
On a per-share basis, the Sunnyvale, California-based company said it had net income of 7 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 23 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The chipmaker posted revenue of $102.9 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $101.3 million.
For the current quarter ending in June, Alpha and Omega said it expects revenue in the range of $106 million to $110 million.
Alpha and Omega shares have dropped 3 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.86, a drop of roughly 2 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on AOSL at https://www.zacks.com/ap/AOSL | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-alpha-and-omega-fiscal-3q-earnings-snapshot.html |
At WSJ's Future of Everything Festival, Chobani CEO Hamdi Ulukaya spoke about what a good job means to him, and why he feels the current parental leave policy in America is "unhuman." | ashraq/financial-news-articles | http://live.wsj.com/video/whats-a-good-job-this-billionaire-ceo-has-an-answer/BCBC9A3C-2160-4345-9CCD-3209AD6323FA.html |
May 3, 2018 / 3:34 PM / in 7 minutes Ex-Cantor Fitzgerald bond trader acquitted in U.S. of fraud Reuters Staff 1 Min Read
(Reuters) - A former Cantor Fitzgerald trader was acquitted on Thursday of U.S. charges that he defrauded investors by lying about the price of mortgage bond transactions he handled for them after the financial crisis, prosecutors said.
A federal jury in Hartford, Connecticut found David Demos, 37, not guilty of all five counts of securities fraud he faced in the latest trial to spill out of a federal crackdown targeting deceptive mortgage bond trading practices. Reporting by Nate Raymond in Boston | ashraq/financial-news-articles | https://www.reuters.com/article/us-cantor-ftzgerld-fraud/ex-cantor-fitzgerald-bond-trader-acquitted-in-u-s-of-fraud-idUSKBN1I41Z5 |
May 18, 2018 / 5:08 AM / Updated 8 minutes ago China local government firm fails to repay $629 million loans in rare default - sources Pei Li , Kevin Yao 4 Min Read
BEIJING (Reuters) - A firm controlled by a city government in China’s Inner Mongolia region has failed to make interest and principal payments on nearly 4 billion yuan ($629 million) in off-balance sheet loans, two sources with direct knowledge of the matter said.
The rare loan default highlights growing funding strains on Chinese local governments as the central government cracks down on riskier types of financing and rising debt which some outside agencies have warned could lead to a banking crisis.
It also points to the tightrope that Chinese leaders must walk as they try to rein in risks to the country’s financial system without undermining economic growth and market stability.
Xilinhot Geipaishui Co, a local government financing vehicle (LGFV) controlled by the government of Xilinhot city, has failed to repay loans provided by more than 20 mostly state-run leasing firms, said the sources, who were from two of the leasing companies involved.
Chinese regulators are in the third year of a campaign to clamp down on risky lending practices, including the so-called shadow banking sector, squeezing borrowers that have binged on off-balance sheet loans in the past.
Outstanding local government debt rose 7.5 percent to 16.47 trillion yuan (1.9 trillion pounds) at the end of 2017 from the previous year, according to Reuters calculations, but remained within the government’s target.
Highlighting the potential risks to the world’s second-largest economy, regional governments account for around 90 percent of total public spending in China, but have more limited sources of direct revenue.
That has seen an explosion in off-balance sheet borrowing by LGFVs that has created pools of hidden debt, a trend that has raised official concerns.
Local governments, which before 2015 were banned from issuing bonds, previously used LGFVs to raise funds to finance projects and drive regional economic growth, resulting in massive liabilities that now threaten financial stability.
Amid Beijing’s drive to slow a rapid build-up in debt, financing to LGFVs is shrinking, and LGFVs with vulnerable cash-flows are struggling to service their debt obligations.
Xilinhot Geipaishui had borrowed on behalf of the local government to fund infrastructure construction, the sources said, declining to be identified.
The Xilinhot city government declined to comment.
“Sometimes payments are late by a week or two, we wouldn’t consider it a break of contract or even wouldn’t charge any penalty. But this one case is different, the government is very firm it wouldn’t be able to pay back,” said one of the sources.
Company executives have conducted several rounds of talks with local officials but they have yet to break a deadlock, according to the sources.
Local government officials have insisted on rolling over the loans for another year as the city authorities struggle to boost their fiscal revenues, the sources said.
“The government’s argument is that only interest will be paid,” said one of the sources. Reporting by Pei Li and Kevin Yao; Editing by Ryan Woo and Kim Coghill | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-economy-debt-default/china-local-government-firm-fails-to-repay-629-million-loans-in-rare-default-sources-idUKKCN1IJ0D7 |
May 7 (Reuters) - Zhangjiagang Freetrade Science & Technology Group Co Ltd:
* SAYS IT PLANS TO BUY CHENGDU LANDTOP TECHNOLOGY FOR ABOUT 880.0 MILLION YUAN ($138.24 million) VIA SHARE ISSUE
* SAYS IT PLANS TO RAISE UP TO 200 MILLION YUAN IN SHARE PRIVATE PLACEMENT TO FUND PROJECT, ACQUISITION Source text in Chinese: bit.ly/2rpbB02 ($1 = 6.3659 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhangjiagang-freetrade-science-tec/brief-zhangjiagang-freetrade-science-technology-to-buy-chengdu-landtop-technologyvia-share-issue-idUSH9N1S9013 |
Total revenues of $6.8 million for the first quarter of 2018 compared to $14.9 million for the first quarter of 2017.
Net income attributable to SWK Stockholders of $3.6 million, or $0.28 per share, and non-GAAP adjusted net income of $4.4 million, or $0.34 per share for the first quarter of 2018.
Closed two financings deploying $25.0 million with additional $4.3 million deployed through existing portfolio company milestones and add-ons.
Book value of $16.21 per share as of March 31, 2018 vs. $15.93 per share as of December 31, 2017.
DALLAS, May 15, 2018 (GLOBE NEWSWIRE) -- SWK Holdings Corporation (OTC:SWKH.OB) (“SWK” or the “Company”), a life science focused specialty finance company, announced its first quarter 2018 financial results.
First Quarter 2018 Highlights:
Reported total revenues of $6.8 million for the quarter, compared to $14.9 million for the first quarter of 2017. Reported adjusted net income of $4.4 million, or $0.34 per diluted share, for the quarter, as compared to $9.4 million, or $0.72 per diluted share, for the first quarter of 2017.
Total income producing assets (defined as finance receivables, marketable securities and investment in unconsolidated subsidiaries; less non-controlling interests) were $167.6 million as of March 31, 2018, compared to $153.9 million as of December 31, 2017.
“As previously announced, we closed two new transactions and advanced additional capital to current partners during the first quarter,” stated Winston Black, Chief Executive Officer of SWK. "Our pipeline of opportunities remains full, and we continue to make progress on securing additional, non-dilutive balance sheet capital."
Note:
All references to growth rate percentages and shares compare the results of the period to those of the prior year comparable period.
The Company reports its financial results in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). However, management believes that certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing the Company’s ongoing performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance.
Non-GAAP adjusted net income and its components and non-GAAP adjusted basic and diluted EPS are not, and should not be viewed as, substitutes for GAAP net income and its components and basic and diluted EPS. Despite the importance of these measures to management in goal setting and performance measurement, we stress that these are non-GAAP financial measures that have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, non-GAAP adjusted net income and its components (unlike GAAP net income and its components) may not be comparable to the calculation of similar measures of other companies.
Portfolio Overview
As of March 31, 2018, the Company's total income producing assets were $167.6 million as compared to $153.9 million as of December 31, 2017.
(in thousands) March 31, December 31, 2018 2017 Finance receivables $ 165,843 $ 151,995 Marketable investments 1,713 1,856 Total income producing assets $ 167,556 $ 153,851 Warrant Assets 1,519 987 Total Portfolio Balance $ 169,075 $ 154,838 During the quarter, the Company deployed $25.0 million into two new term loan financings. One of the Company’s existing royalty transactions achieved a revenue-based milestone, triggering a $15.1 million payment, which includes the quarter’s royalty. SWK also supported existing portfolio companies' working capital needs through aggregate $4.3 million add-on term loan funding.
As of May 10, 2018, the Company and its partners have executed transactions with 28 different parties under its specialty finance strategy, funding an aggregate $405 million since 2012 in various financial products across the life science sector. At the end of the first quarter, the weighted average projected effective yield of the finance receivables portfolio was 14.6%. The projected effective yield is the rate at which income is expected to be recognized pursuant to the Company’s revenue recognition policies, if all payments are received pursuant to the terms of the finance receivables.
Total portfolio investment activity as of and for the three months ended March 31, 2018 was as follows (in thousands):
Three Months Ended
March 31, 2018 2017 Beginning portfolio $ 154,838 $ 136,983 Early pay-offs — — Impairment expense and provision for loan credit losses (1,179 ) — Interest paid-in-kind 47 383 Investment in finance receivables 29,250 3,638 Loan discount amortization and fee accretion 907 669 Changes in unconsolidated entity investment, net of noncontrolling interest — (6,985 ) Net unrealized gain (loss) on marketable investments and derivatives 151 1,347 Principal payments received on investments (716 ) (24 ) Proceeds/realized gains from sale of investments — (101 ) Royalty paydowns (14,222 ) (232 ) Warrant investments, net of cancellations 258 — Ending portfolio $ 169,075 $ 135,678 Results of Operations
Revenues
We generated revenues of $6.8 million for the three months ended March 31, 2018, driven primarily by $6.8 million in interest and fees earned on our finance receivables. We generated revenues of $14.9 million for the three months ended March 31, 2017, driven primarily by $4.7 million in interest and fees earned on our finance receivables and $10.2 million in income related to our investment in an unconsolidated partnership. The decrease in revenue is primarily due to a $10.2 million decrease in income from our investment in an unconsolidated entity, which on February 23, 2017 sold its U.S. marketing rights to its underlying intellectual property (please refer to Item 1. Financial Statements, Note 5 of the Notes to the Unaudited Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 for further information on the Holmdel transaction). This was offset by a $2.2 million increase in interest and fees earned on new and existing finance receivables, including a $0.7 million increase in royalty revenue on our Narcan® investment. Royalty revenue from our Narcan® investment will be substantially less going forward, as we reached the 1.5x cash on cash royalty cap during the three months ended March 31, 2018.
Provision for Credit Losses
We recognized an allowance for credit loss on a royalty purchase of $1.2 million during the three months ended March 31, 2018 as we reduced expectations for future royalty receipts with respect to sales of Cambia®. We did not recognize an allowance for credit losses during the three months ended March 31, 2017.
Please refer to Item 1. Financial Statements, Note 3 of the Notes to the Unaudited Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 for further information regarding the provision for credit loss recognized during the three months ended March 31, 2018.
General and Administrative
General and administrative expenses consist primarily of compensation, stock-based compensation and related costs for management, staff, Board of Directors, legal and audit expenses, and corporate governance. General and administrative expenses increased to $1.2 million for the three months ended March 31, 2018 from $0.7 million for the three months ended March 31, 2017, which was primarily due to an increase in the performance-based bonus accrual.
Other Income (Expense), Net
Other income (expense), net for the three months ended March 31, 2018 reflected a net fair market value gain of $0.3 million on our warrant derivatives and a net fair market value loss of $(0.1) million on our equity securities.
Other income (expense), net for the three months ended March 31, 2017 reflected a net fair market value loss of $(0.5) million on our warrant derivatives and a $0.2 million realized gain on the sale of equity securities.
Income Tax Provision
We recognized $1.0 million of deferred income tax expense for the three months ended March 31, 2018. We recognized $3.7 million deferred income tax expense for the three months ended March 31, 2017. The decrease in deferred income tax expense was primarily due to a reduction in net income, coupled with a change in the federal statutory tax rate signed into law on December 22, 2017. The new legislation decreased the U.S. corporate federal income tax rate from 35 percent to 21 percent, effective January 1, 2018.
Liquidity and Capital Resources
As of March 31, 2018, we had $21.5 million in cash and cash equivalents, compared to $30.6 million in cash and cash equivalents as of December 31, 2017. The primary driver of the net decrease in our cash balance was new and add-on investment funding of $29.3 million, offset by interest and fee payments of $15.0 million earned on our finance receivables, including $13.7 million of royalty-related receipts from our Narcan® investment.
As of March 31, 2018, we had $14.0 million of unfunded commitments outstanding.
Adjusted Net Income
Net income in accordance with GAAP for the three-month period ended March 31, 2018, was $3.6 million, or $0.28 per diluted share. The following tables provide a reconciliation of SWK’s reported (GAAP) consolidated net income to SWK’s adjusted net income attributable to SWK Holdings Corporation Stockholders (non-GAAP) for the three months ended March 31, 2018 and March 31, 2017:
(in thousands, except per share data) Three Months Ended
March 31, 2018 2017 Consolidated net income $ 3,644 $ 10,268 Plus: income tax expense 954 3,706 Plus: loss on fair market value of equity securities 124 — Subtract: gain on fair market value of warrant assets (300 ) 472 Adjusted income before provision for income tax 4,298 14,446 Adjusted provision for income tax — — Non-GAAP consolidated net income 4,422 14,446 Non-GAAP adjusted net income attributable to non-controlling interest — 5,032 Non-GAAP adjusted net income attributable to SWK Holdings Corporation Stockholders $ 4,422 $ 9,414 Non-GAAP adjusted basic income per share $ 0.34 $ 0.72 Non-GAAP adjusted diluted income per share $ 0.34 $ 0.72 Weighted average shares - Basic 13,053 13,144 Weighted average shares - Diluted 13,057 13,147 In the presentation above, management has made adjustments for the following non-cash items: (i) fair-market value of warrants and equity securities as mark to market changes are non-cash, and (ii) income taxes as the Company has substantial net operating losses to offset against future income.
About SWK Holdings Corporation
SWK Holdings Corporation is a specialized finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK’s business partners and its investors. SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes. Additional information on the life science finance market is available on the Company’s website at www.swkhold.com .
Safe Harbor Statement
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plan,” “will,” “may,” “look forward,” “intend,” “guidance,” “future” or similar expressions are . Because these statements reflect SWK’s current views, expectations and beliefs concerning future events, these involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption “Risk Factors” in SWK’s Form 10-K, Form 10-Q and Form 8-K Commission and as otherwise enumerated herein or therein, could affect the Company’s future financial results and could cause actual results to differ materially from those expressed in such . The in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause the Company’s actual results to differ materially from expected and historical results. You should not place undue reliance on any , which speak only as of the date they are made. We assume no obligation to publicly update any , whether as a result of new information, future developments or otherwise.
SWK HOLDINGS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share data)
Derived from unaudited financial statements March 31,
2018 December 31,
2017 ASSETS Cash and cash equivalents $ 21,451 $ 30,557 Accounts receivable 1,579 1,637 Finance receivables, net 165,843 151,995 Marketable investments 1,713 1,856 Deferred tax asset 21,771 22,725 Warrant assets 1,519 987 Other assets 314 126 Total assets $ 214,190 $ 209,883 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued liabilities $ 2,450 $ 1,840 Warrant liability 65 91 Total liabilities 2,515 1,931 Stockholders' equity: Preferred stock, $0.001 par value; 5,000,000 shares authorized;
no shares issued and outstanding at March 31, 2018 and
December 31, 2017, respectively — — Common stock, $0.001 par value; 250,000,000 shares authorized;
13,059,190 and 13,053,422 shares issued and outstanding at
March 31, 2018 and December 31, 2017, respectively 13 13 Additional paid-in-capital 4,433,668 4,433,589 Accumulated deficit (4,222,006 ) (4,225,863 ) Accumulated other comprehensive income — 213 Total SWK Holdings Corporation stockholders' equity 211,675 207,952 Non-controlling interests in consolidated entities — — Total stockholders' equity 211,675 207,952 Total liabilities and stockholders' equity $ 214,190 $ 209,883
SWK HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Derived from unaudited financial statements Three Months Ended
March 31, 2018 2017 Revenues Finance receivable interest income, including fees $ 6,817 $ 4,656 Income related to investments in unconsolidated entity — 10,204 Other 5 4 Total revenues 6,822 14,864 Costs and expenses: Provision for loan credit losses 1,179 — General and administrative 1,221 661 Total costs and expenses 2,400 661 Other income (expense), net Unrealized net gain (loss) on derivatives 300 (472 ) Unrealized net loss on equity securities (124 ) — Gain on sale of marketable securities — 243 Income before provision for income taxes 4,598 13,974 Provision for income taxes 954 3,706 Consolidated net income 3,644 10,268 Net income attributable to non-controlling interests — 5,032 Net income attributable to SWK Holdings Corporation stockholders $ 3,644 $ 5,236 Net income per share attributable to SWK Holdings Corporation stockholders: Basic $ 0.28 $ 0.40 Diluted $ 0.28 $ 0.40 Weighted Average Shares: Basic 13,053 13,144 Diluted 13,057 13,147
SWK HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Derived from unaudited financial statements Three Months Ended
March 31, 2018 2017 Cash flows from operating activities: Consolidated net income $ 3,644 $ 10,268 Adjustments to reconcile net income to net cash provided by operating activities: Income from investment in unconsolidated entity — (10,204 ) Provision for loan credit losses 1,179 — Deferred income taxes 954 3,706 Change in fair value of warrants (300 ) 472 Change in fair value of equity securities 124 — Gain on sale of marketable securities — (243 ) Loan discount amortization and fee accretion (837 ) (568 ) Interest paid-in-kind (47 ) (383 ) Stock-based compensation 79 78 Interest income in excess of cash received (70 ) — Other 4 4 Changes in operating assets and liabilities: Accounts receivable 58 (88 ) Other assets (189 ) (112 ) Accounts payable and other liabilities 610 48 Net cash provided by operating activities 5,209 2,978 Cash flows from investing activities: Cash distributions from investment in unconsolidated entity — 17,189 Proceeds from sale of available-for-sale marketable securities — 345 Investment in finance receivables (29,250 ) (3,638 ) Repayment of finance receivables 14,918 225 Marketable investment principal payment 19 24 Other (2 ) (3 ) Net cash (used in) provided by in investing activities (14,315 ) 14,142 Cash flows from financing activities: Distribution to non-controlling interests — (8,788 ) Net cash used in financing activities — (8,788 ) Net (decrease) increase in cash and cash equivalents (9,106 ) 8,332 Cash and cash equivalents at beginning of period 30,557 32,182 Cash and cash equivalents at end of period $ 21,451 $ 40,514 CONTACT: SWK Investor Relations at (972) 687-7250 or [email protected] .
Source:SWK Holdings Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-swk-holdings-corporation-announces-2018-first-quarter-financial-results.html |
May 16 (Reuters) - Evofem Biosciences Inc:
* EVOFEM BIOSCIENCES FILES FOR OFFERING UP TO 8 MILLION SHARES OF CO'S STOCK, COMMON WARRANTS TO BUY AGGREGATE OF 1.6 MILLION SHARES OF CO'S COMMON STOCK Source text: ( bit.ly/2IIfAP7 ) Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evofem-biosciences-files-for-offer/brief-evofem-biosciences-files-for-offering-up-to-8-million-shares-of-cos-stock-idUSFWN1SN0IL |
May 4, 2018 / 1:19 PM / in 7 hours WTA International, Prague (Women) Women's Singles Results Reuters Staff 1 Results from the WTA International, Prague (Women) Women's Semi-final .. 7-Mihaela Buzarnescu (ROU) beat Camila Giorgi (ITA) 4-6 6-3 7-5 2-Petra Kvitova (CZE) beat 6-Shuai Zhang (CHN) 7-6(6) 6-0 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-results-womens-singles/wta-international-prague-womens-singles-results-idUKMTZXEE547GUSCL |
VANCOUVER, British Columbia, Avalon Blockchain Inc. (formerly, World Mahjong Limited) (the “ Company ”) (CSE:AVLN) announces that it has reached an agreement with Avalon Life S.A. (the “ Vendor ”) to unwind the acquisition of certain cryptocurrency mining assets and digital currencies (the “ Transaction Assets ”) previously acquired by the Company (the “ Transaction ”).
Despite efforts on the part of both the Company and the Vendor, the parties were unable to reach a consensus surrounding the holding, conversion, trading and arbitrage of digital currencies acquired in the Transaction. As a result, the Company is unable to execute on its proposed business plan involving the Transaction Assets. In accordance with the agreement reached with the Vendor, the Company will return the Transaction Assets to the Vendor, and will arrange for the return to treasury and cancellation of 120,000,000 common shares issued by the Company in consideration for those assets.
In connection with completion of the Transaction, Avalon Projects Canada Inc., now a wholly-owned subsidiary of the Company, completed the offering of 37,154,502 subscription receipts, at a price of $0.50 per receipt. In light of the unwinding of the Transaction, the Company intends to offer subscribers the opportunity to rescind their subscriptions.
The offer to rescind will be made to all subscribers to the offering, and any subscribers electing within the prescribed timeframe will be entitled to a full refund of all subscription proceeds tendered to the Company. The Company will be contacting subscribers directly to make arrangements for rescission.
For further information, contact Anthony Alvaro at 604-763-5388.
On behalf of the Board,
AVALON BLOCKCHAIN INC.
Robert Cross, Chief Executive Officer
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such . The Company does not intend, and does not assume any obligation, to update these or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
Source:Avalon Blockchain Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-avalon-blockchain-to-unwind-acquisition-of-cryptocurrency-assets.html |
Cambridge Analytica shutdown won't stop investigation 9:24pm IST - 01:31
The UK's information watchdog has said it will continue its investigation into Cambridge Analytica's role in the Facebook data scandal - even though the company has announced it is closing down. The firm denies any wrongdoing in accessing the personal details of millions of people, and says media attention has driven away all of its clients. Sonia Legg reports
The UK's information watchdog has said it will continue its investigation into Cambridge Analytica's role in the Facebook data scandal - even though the company has announced it is closing down. The firm denies any wrongdoing in accessing the personal details of millions of people, and says media attention has driven away all of its clients. Sonia Legg reports //reut.rs/2FEt6O8 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/cambridge-analytica-shutdown-wont-stop-i?videoId=423532632 |
Markle walks down the aisle to marry Prince Harry 00:53
Meghan Markle - wearing a dress designed by Clare Waight Keller - walks down the aisle with Prince Charles to marry Britain's Prince Harry. Rough cut (no reporter narration).
Meghan Markle - wearing a dress designed by Clare Waight Keller - walks down the aisle with Prince Charles to marry Britain's Prince Harry. Rough cut (no reporter narration). //reut.rs/2KCngzH | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/markle-walks-down-the-aisle-to-marry-pri?videoId=428397983 |
IRVINE, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- Impac Mortgage Holdings, Inc. (NYSE American:IMH) (the “Company” or “Impac”) announced today that Chief Financial Officer Todd Taylor is stepping down to pursue other professional opportunities. Mr. Taylor will remain with the Company until June 30, 2018 in order to ensure a smooth transition of responsibilities.
“On behalf of the Company and our Board of Directors, I want to thank Todd for his financial leadership and many contributions during his 14 years with the Company, and his tenure as CFO the last 10 years. We wish him success in his new endeavors,” said Mr. George A. Mangiaracina, President of Impac Mortgage Holdings, Inc.
Today the Company also announced the appointment of Brian Kuelbs as Executive Vice President and Chief Financial Officer, effective May 21, 2018. As CFO, Mr. Kuelbs will be responsible for overseeing financial aspects of the Company, including capital allocation, treasury services, financial planning and analysis, M&A, accounting, SEC reporting, tax and internal audit. Mr. Kuelbs has served as Chief Financial Officer for public and privately held real estate finance companies, depository institutions and private equity backed ventures. Mr. Kuelbs joins Impac with over twenty years of leadership experience at market leading financial institutions.
Commenting on his new role, Mr. Kuelbs stated, “I’m honored to join the Impac team and look forward to helping to drive the implementation of the senior management’s vision for the Company. Impac offers a unique opportunity to build a market leading real estate finance company delivering exceptional customer experience and value for our shareholders.”
Mr. George A. Mangiaracina, President of Impac Mortgage Holdings, Inc., commented, “Brian is the latest addition to the new senior leadership team of the Company, his hire further demonstrates our ability to attract high caliber industry professionals. Brian brings expert capabilities across a wide range of disciplines aligned with our future growth strategies within capital markets, structured and corporate finance, treasury optimization and public and private alternative investment vehicles. Brian and I have worked across the table from each other since the early 1990’s, and I am pleased to finally be working alongside him.”
About the Company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative mortgage lending and warehouse lending solutions, as well as real estate solutions that address the challenges of today’s economic environment. Impac’s operations include mortgage and warehouse lending, servicing, portfolio loss mitigation and real estate services as well as the management of the securitized long-term mortgage portfolio, which includes the residual interests in securitizations.
For additional information, questions or comments, please call Justin Moisio, SVP Business Development & Investor Relations at (949) 475-3988 or email [email protected] . Web site: http://ir.impaccompanies.com or www.impaccompanies.com
Source:Impac Mortgage Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-impac-mortgage-holdings-inc-announces-cfo-transition.html |
(New throughout, updates prices, market activity)
* Canadian dollar at C$1.2975, or 77.07 U.S. cents
* Loonie touches its weakest since May 8 at C$1.2988
* Oil prices fall 4 percent
* Bond prices higher across a flatter yield curve
TORONTO, May 25 (Reuters) - The Canadian dollar weakened to a more than two-week low against its U.S. counterpart on Friday, pressured by a nearly $3 drop in the price of oil and broader gains for the greenback.
At 4 p.m. EDT (2000 GMT), the Canadian dollar was
trading 0.7 percent lower at C$1.2975 to the greenback, or 77.07 U.S. cents, its biggest decline since April 20. The currency touched its weakest level since May 8 at C$1.2988. "Today's move mostly had to do with the pressure on oil," said Ronald Simpson, managing director, global currency analysis at Action Economics. The price of oil, one of Canada's major exports, tumbled after Saudi Arabia and Russia discussed easing supply curbs that have helped push crude prices to their highest since 2014.
U.S. crude oil futures settled 4 percent lower at $67.88 a barrel, while the U.S. dollar climbed against a
basket of major currencies as rising bond yields in Italy and brewing political instability in Spain weighed on the euro.
Speculators have boosted bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission and Reuters calculations showed. As of May 22, net short positions had increased to 26,212 contracts from 23,656 a week earlier. For the week, the loonie fell 0.7 percent. On Thursday, it had been pressured by the potential imposition of U.S. auto tariffs, after the Trump administration launched a national security investigation into car and truck imports. Canada is a major exporter of autos to the United States so its economy could be hurt by U.S. auto tariffs. Uncertain trade policy, including renegotiation of the North American Free Trade Agreement, and indebted consumers will encourage the Bank of Canada to leave its policy interest rate on hold at 1.25 percent next week, a Reuters poll predicted.
But Action Economics and some other forecasters expect the Bank of Canada, which has raised interest rates three times since last summer, to hike at the subsequent policy decision in July. That would help narrow the gap between Canadian and U.S. rates and boost the Canadian dollar, Simpson said. There is about a 40-percent chance of concluding the renegotiation of NAFTA before Mexico's presidential election on July 1, Mexican Economy Minister Ildefonso Guajardo said.
Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries, with the 10-year rising 56 Canadian cents to yield 2.348 percent.
(Reporting by Fergal Smith; Editing by David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-canada-fx-debt-c-has-biggest-slide-in-a-month-as-oil-prices-slump.html |
GENEVA (Reuters) - Authorities in northeastern Congo have reported the unexplained deaths of more than 120 internally displaced people, 93 of them under 15 years old, in an area bordering Uganda in March and April, a U.N. humanitarian report said on Friday.
The deceased often showed symptoms of anemia and fever. They were displaced at Kandoyi in Ituri province, a town that has taken in more than 4,000 people uprooted northwards by fighting since mid-February, the report said.
“At this time, there has still been no official epidemiological investigation by the Biringi health district,” the report said, referring to a local town.
This year, Ituri became the latest part of the Democratic Republic of Congo to descend into bloodshed since President Joseph Kabila’s refusal to step aside at the end of his mandate in 2016 caused political upheaval and violence.
Congo is also suffering from widespread malnutrition and this week an Ebola outbreak has been reported in another part of the country, around the town of Bikoro in the northwest.
Reporting by Tom Miles; Editing by Alison Williams and Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-congo-disease/u-n-reports-120-unexplained-deaths-in-northeast-congo-idUSKBN1IC1UO |
Carlos Carrasco dominated on the mound with a season-high 14 strikeouts and Tyler Naquin and Francisco Lindor each homered to help the Cleveland Indians snap a four-game slide with a 6-2 victory over the Milwaukee Brewers on Wednesday at Miller Park.
Carrasco (5-1) went the distance for his 10th career complete game and second this season. He allowed five hits and walked only one. He struck out the side in the third and fourth inning and induced inning-ending double plays in the second and sixth.
Naquin delivered the big blast in the fourth inning, hammering a 3-2 slider from Milwaukee starter Junior Guerra over the center field wall for a three-run shot that gave the Indians a 4-0 lead. It was Naquin’s second home run of the season.
Guerra (2-3) gave up four runs on six hits, with nine strikeouts and two walks in five innings.
Lindor led off the seventh inning with a home run off Brewers reliever Corey Knebel, who returned to the mound for the first time since being put on the disabled list with a hamstring injury in early April.
Down 5-0, the Brewers finally mounted a threat in the seventh inning. Christian Yelich and Jesus Aguilar led off the inning with back-to-back singles to give Milwaukee runners on first and third with no outs. The Brewers only came away with one run, though, on Travis Shaw’s RBI groundout that brought home Yelich. Carrasco struck out the final two batters of the inning to get out of the jam.
Carrasco delivered at the plate in the ninth inning, singling home Roberto Perez, who led off the inning with a triple.
Carrasco gave up a leadoff double to Lorenzo Cain in the ninth inning. Cain scored on Aguilar’s deep sacrifice fly, which took Naquin all the way to the wall in right field.
The Indians return home to host the Kansas City Royals in a three-game series beginning Friday.
The Brewers head out on a 10-game road trip, starting Thursday at Colorado.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-mil-cle-recap/carrasco-ks-14-as-indians-cruise-past-brewers-idUSMTZEE59H98847 |
May 1, 2018 / 6:46 AM / Updated 16 minutes ago British minister says unelected peers trying to block the people's will over Brexit Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s trade minister said on Tuesday that unelected lawmakers in parliament’s upper House of Lords were trying to block the will of the people over Brexit. Britain's Secretary of State for International Trade Liam Fox speaks at an event hosted by Thomson Reuters in Manhattan, New York, U.S., March 16, 2018. REUTERS/Shannon Stapleton
Britain’s upper house on Monday voted to give parliament powers to block or delay a final deal on departure from the European Union, defeating Prime Minister Theresa May’s government.
“Now we have the unelected house actually trying to block the democratic will of the British people,” Trade Secretary Liam Fox told Sky. “This is a question about whether the will of the British people will be respected or not, and it must be.”
The Lords’ amendments to the European Union (Withdrawal) Bill can be overturned in the lower house, where May has a working majority with the support of a small Northern Irish party, albeit a slim one. Reporting by Guy Faulconbridge and Kate Holton; editing by Michael Holden | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-parliament-fox/british-minister-says-unelected-peers-trying-to-block-the-peoples-will-over-brexit-idUSKBN1I22YF |
CHICAGO (Reuters) - Testing advanced lung cancer patients for all of the possible genetic mutations that could be driving their cancer at once is more cost effective than testing for one or a limited number of genes at a time, U.S. researchers reported on Wednesday.
There are currently eight targeted therapies doctors can use to treat non-small cell lung cancer (NSCLC) patients based on genetic defects, and more treatments are in clinical trials or awaiting approval.
Companies such as Foundation Medicine Inc and Thermo Fisher Scientific Inc offer genetic profiling tests using so-called next-generation sequencing that can identify hundreds of potential cancer-causing gene mutations from a small tissue sample at once. These tests are used to match patients to specific therapies targeting those genes or to clinical trials testing new drugs.
Insurance companies have been slow to pay for sequencing for all possible mutations at once, arguing such comprehensive testing amounts to funding research, not medical care. They often require doctors to test for individual genes sequentially or use a limited panel that looks for suspect genes associated with approved treatments.
“Our results showed there were substantial cost savings compared with all the other strategies,” Dr. Nathan Pennell of the Cleveland Clinic’s lung cancer program said in a telephone briefing on Wednesday.
Last November, the U.S. Food and Drug Administration approved Foundation’s next-generation test, and the Centers for Medicare and Medicaid Services in March said it would pay for next-generation sequencing for Medicare-eligible patients with advanced cancer.
Often, tumor tissue from a biopsy is scarce, and sequential testing can sometimes require a second biopsy to gather more sections of the tumor.
In the study released ahead of the American Society of Clinical Oncology Meeting in Chicago next month, researchers at the Cleveland Clinic and colleagues modeled the cost of next-generation sequencing versus other types of testing to Medicare and to a commercial health plan with one million hypothetical members.
In the model, which was based on the number and age of NSCLC patients in the United States, next-generation sequencing saved as much as $2.1 million for Medicare, the government health plan for older Americans, and more than $250,000 for commercial providers.
The study did not factor in the cost of treatment.
The study was funded by Swiss drugmaker Novartis, maker of Zykadia, a drug that targets ALK mutations found in about 4 percent of NSCLC cases.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-cancer/testing-for-all-lung-cancer-mutations-at-once-found-cost-effective-study-idUSKCN1IH2ZZ |
Consolidated revenue – 74.9 bln rubles (-3% compared to 1Q 2017)
EBITDA * – 18.4 bln rubles (-19% compared to 1Q 2017)
Profit attributable to equity shareholders of Mechel PAO – 3.3 bln rubles
MOSCOW, May 24, 2018 (GLOBE NEWSWIRE) -- Mechel PAO (MOEX:MTLR) (NYSE:MTL) , a leading Russian mining and steel group, announces financial results for the 1Q 2018.
Mechel PAO’s Chief Executive Officer Oleg Korzhov commented:
“In 1Q 2018 we continued working, developing the priority areas set forth last year. The mining division focused on its efforts on restoring mining volumes and sales of coal products, while the steel division continued with optimization of its product range and mastering new product types.
“The new mining equipment arriving on our facilities has already begun yielding returns, and mining has stabilized quarter-on-quarter, while stripping volumes went up sharply. The share of high value-added products in the steel division’s sales structure continues to increase. In order to fulfill the assigned tasks, we continue to implement our capital investment program, with investment totaling 2 billion rubles in 1Q 2018 including finance lease.
“Nevertheless, there have been complications — in this reporting period there were limits set on transporting cargo to Far Eastern ports, and railcars were in short supply in Kuzbass. These factors, together with our halting Neryungrinskaya Washing Plant for planned repairs, led to a decrease in coking coal concentrate sales and run-of-mine coking coal accumulating in Yakutugol’s storage facilities, which led to a decrease in the mining division’s results. At the same time, the steel division’s operations were more stable.
“The market conditions in this quarter were favorable. Coal prices were at a good level and the highest since the peak of 1Q 2017. Right now, coal prices are stabilizing. The steel product market also demonstrated certain stability and was profitable for our company.
“Overall, the Group’s revenue remained practically unchanged both year-on-year and quarter-on-quarter, though EBITDA went down by 16% quarter-on-quarter mostly due to the weaker results in the mining division. Nevertheless, EBITDA margin remained at a fairly good level of 25%, and in this quarter the Group earned 3.3 billion rubles of profit attributable to equity shareholders of Mechel PAO.”
Consolidated Results For The 1Q2018
Mln rubles 1Q’ 1 8 1Q’ 1 7 % 1Q’ 1 8 4Q’ 17 % Revenue
from external customers 74,852 77,414 -3 % 74,852 76,316 -2 % Operating profit 13,383 18,089 -26 % 13,383 10,752 24 % EBITDA 18,436 22,806 -19 % 18,436 21,966 -16 % EBITDA, margin 25% 29% 25% 29% Profit
attributable to equity shareholders of Mechel PAO 3,293 13,902 -76 % 3,293 443
* EBITDA - Adjusted EBITDA. Please find the calculation of the Adjusted EBITDA and other non-IFRS measures used here and hereafter in Attachment A.
Mining Segment
Mechel Mining Management OOO’s Chief Executive Officer Pavel Shtark noted:
“In 1Q 2018 the mining division’s results were weaker both year-on-year and quarter-on-quarter. The main reason of that was the decrease in sales volumes of the division’s products, particularly coking coal concentrate.
“Starting in mid-2017, the division’s facilities are implementing a program aimed at restoring mining volumes to the level of previous years. As of now, we have already acquired and commissioned a large number of mining machines, and brought in contractors with equipment of their own. We managed to attain a major increase in stripping volumes, and coal mining has stabilized. Overall, in 1Q 2018 the division demonstrated a small growth in mining volumes compared to the previous quarter. At the same time, sales of finished products have decreased for a number of reasons. For example, some shipments that have been planned for the first quarter were put off until the second quarter due to railcar shortages.
“Among positive factors I would like to note a significant growth of stripping volumes at our Yakut facilities. Preparing reserves for future mining will help to restore production volumes reduced earlier. In addition, new equipment and machines continue to arrive at the mining division’s facilities, including equipment for washing plants, which will help improve their operational efficiency.
“I would like to note that the market conditions in the first quarter were favorable. Positive dynamics in prices for high-quality coking coal, which we observed in late 2017, caused the first quarter’s contract prices to be fixed at the level of 237 dollars per tonne, which resulted in higher average prices quarter-on-quarter even as spot prices somewhat declined. In this quarter, we see the markets weaker to the level of 4Q 2017, which is still quite acceptable for our company.”
Mln rubles 1Q’ 1 8 1Q’ 1 7 % 1Q’ 1 8 4Q’ 17 % Revenue
from external customers 22,724 27,988 -19 % 22,724 25,444 -11 % Revenue
inter-segment 9,412 12,465 -24 % 9,412 9,312 1 % EBITDA 10,483 19,956 -47 % 10,483 14,098 -26 % EBITDA, margin 33% 49% 33% 41% Steel Segment
Mechel-Steel Management Company OOO’s Chief Executive Officer Andrey Ponomarev noted:
“The division obtained good results in this reporting period. We demonstrated revenue growth quarter-on-quarter. The EBITDA’s decrease by 7% was mostly due to a decrease in inter-segment sales and a minor growth of production costs. Production and sales remained at stable levels.
“The division’s entities continue to master production of new types of high value-added products both by expanding the assortment of the products we have already made as well as launching production of new product types for various industries. As part of these projects’ implementation, our facilities have already upgraded several manufacturing areas and equipment that meant not only their adaptation to putting out new product types, but also increased ecological safety of production.
“Despite a seasonal decrease in Russia’s construction market in the first quarter, prices in this reporting period were fairly stable and generally profitable for the division. In the second quarter we expect the market for construction steel products to become stronger as business activity picks up and export parity prices go up.”
Mln rubles 1Q’ 1 8 1Q’ 1 7 % 1Q’ 1 8 4Q’ 17 % Revenue
from external customers 44,238 42,029 5 % 44,238 43,383 2 % Revenue
inter-segment 1,590 1,964 -19 % 1,590 2,209 -28 % EBITDA 6,204 3,556 74 % 6,204 6,642 -7 % EBITDA, margin 14% 8% 14% 15% Power Segment
Mechel-Energo OOO’s Chief Executive Officer Petr Pashnin noted:
“The power segment continues to demonstrate stable positive financial results. In this quarter, with the facilities’ capacity utilization at their traditional seasonal high, we had an additional increase of heat sales quarter-on-quarter and year-on-year, which was a result of lower outdoor temperatures. As electricity generation and sales volumes remained stable, this had a positive impact on the dynamics of our revenue from sales to third parties. As a result, our EBITDA grew comparing to the same period of previous year. A quarter-on-quarter decrease in EBITDA was primarily due to the growth of commercial costs and additional provisions for doubtful accounts.”
Mln rubles 1Q’ 1 8 1Q’ 1 7 % 1Q’ 1 8 4Q’ 17 % Revenue
from external customers 7,891 7,396 7 % 7,891 7,489 5 % Revenue
inter-segment 4,037 4,638 -13 % 4,037 4,427 -9 % EBITDA 737 705 5 % 737 1,319 -44 % EBITDA, margin 6% 6% 6% 11% The management of Mechel will host a conference call today at 6:00 p.m. Moscow time (4:00 p.m. London time, 11:00 a.m. New York time) to review Mechel’s financial results and comment on current operations. The call may be accessed via the Internet at http://www.mechel.com , under the Investor Relations section.
Please dial the number below approximately 10 minutes prior to the scheduled time of the call.
Conference Call Phone Numbers:
International : +44 (0)330 336 9411
US : +1 929-477-0448
Russia : +7 495 646 9190
Conference ID : 5683499
Alexey Lukashov
Director of Investor Relations
Mechel PAO
Phone: 7-495-221-88-88
Fax: 7-495-221-88-00
[email protected]
Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
Attachments to the 1Q2018 Earnings Press Release
Attachment A
Non-IFRS financial measures. This press release includes financial information prepared in accordance with International Financial Reporting Standards, or IFRS, as well as other financial measures referred to as non-IFRS. The non-IFRS financial measures should be considered in addition to, but not as a substitute for the information prepared in accordance with IFRS.
Adjusted EBITDA (EBITDA) represents profit (loss) attributable to equity shareholders of Mechel PAO before Depreciation, depletion and amortisation, Foreign exchange (gain) loss, net, Finance costs including fines and penalties on overdue loans and borrowings and finance lease payments, Finance income, Net result on the disposal of non-current assets, Impairment of goodwill and other non-current assets, Write-off of accounts receivable, Provision (reversal of provision) for doubtful accounts, Write-off of inventories to net realisable value, Net result on the disposal of subsidiaries, Profit (loss) attributable to non-controlling interests, Income tax expense (benefit), Pension service cost and actuarial loss, other related expenses, Other fines and penalties, Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term and Other one-off items. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of our Revenue. Our adjusted EBITDA may not be similar to EBITDA measures of other companies. Adjusted EBITDA is not a measurement under IFRS and should be considered in addition to, but not as a substitute for the information contained in our interim condensed consolidated statement of profit (loss) and other comprehensive income. We believe that our adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation, depletion, amortisation and impairment of goodwill and other non-current assets are considered operating expenses under IFRS, these expenses primarily represent the non-cash current period allocation of costs associated with non-current assets acquired or constructed in prior periods. Our adjusted EBITDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the metals and mining industry.
Our calculations of Net debt, excluding fines and penalties on overdue amounts** and trade working capital are presented below:
Mln rubles 31.03.2018 31.12.2017 Interest-bearing loans and borrowings, excluding interest payable, fines and penalties on overdue amounts 378,434 380,541 Interest payable 20,712 20,420 Non-current interest-bearing loans and borrowings 15,618 17,360 Other non-current financial liabilities 41,719 40,916 Other current financial liabilities 760 734 less Cash and cash equivalents (1,277 ) (2,452 ) Net debt, excluding finance lease liabilities, fines and penalties on overdue amounts 455,966 457,519 Current finance lease liabilities 6,984 7,476 Non-current finance lease liabilities 1,790 1,878 Net debt, excluding fines and penalties on overdue amounts 464,740 466,873 Mln rubles 31.03.2018 31.12.2017 Trade and other receivables 21,237 18,762 Inventories 39,998 37,990 Other current assets 7,601 7,589 Income tax receivables 62 107 Trade current assets 68,898 64,448 Trade and other payables 35,080 33,469 Advances received 5,987 4,385 Provisions and other current liabilities 3,375 3,428 Taxes and similar charges payable other than income tax 8,464 6,696 Income tax payable 5,025 4,578 Trade current liabilities 57,931 52,556 Trade working capital 10,967 11,892 EBITDA can be reconciled to our interim condensed consolidated statement of profit (loss) and other comprehensive income as follows: | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-mechel-reports-the-1q-2018-financial-results.html |
LAWRENCEVILLE, N.J., May 04, 2018 (GLOBE NEWSWIRE) -- Celsion Corporation (NASDAQ: CLSN) announced today that the Company will host a conference call to discuss financial results for the quarter ended March 31, 2018 and provide an update on its development programs for ThermoDox®, its proprietary heat-activated liposomal encapsulation of doxorubicin and GEN-1, an IL-12 DNA plasmid vector formulated into a nanoparticle with a non-viral delivery system at 11:00 a.m. EDT on Friday, May 11, 2018. To participate in the call, interested parties may dial 1-888-298-3457 (Toll-Free/North America) or 1-719-325-4917 (International/Toll) and ask for the Celsion Corporation 1st Quarter 2018 Earnings Call (Conference Code: 6550185) to register ten minutes before the call is scheduled to begin. The call will also be broadcast live over the internet at www.celsion.com .
The call will be archived for replay on Friday, May 11, 2018 and will remain available until Friday, May 25, 2018. The replay can be accessed at 1-888-203-1112 (Toll-Free/USA) or 1-719-457-0820 (International/Toll) using Conference ID: 6550185. An audio replay of the call will also be available on the Company’s website, www.celsion.com , for 90 days after 2:00 p.m. EDT on Friday, May 11, 2018.
About Celsion Corporation
Celsion is a fully-integrated oncology company focused on developing a portfolio of innovative cancer treatments, including directed chemotherapies, immunotherapies and RNA- or DNA-based therapies. The Company's lead program is ThermoDox®, a proprietary heat-activated liposomal encapsulation of doxorubicin, currently in Phase III development for the treatment of primary liver cancer and in development for other cancer indications. The Company’s product pipeline also includes GEN-1, a DNA-based immunotherapy for the localized treatment of ovarian and brain cancers. Celsion has two platform technologies for the development of novel nucleic acid-based immunotherapies and other anti-cancer DNA or RNA therapies. For more information on Celsion, visit our website: http://www.celsion.com . (CLSN-FIN).
Celsion Investor Contact Jeffrey W. Church Sr. Vice President and CFO 609-482-2455 [email protected]
Source:Celsion Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-celsion-corporation-to-hold-first-quarter-2018-financial-results-conference-call-on-friday-may-11-2018.html |
May 10 (Reuters) - Vuzix Corp:
* VUZIX CORP - QTRLY REVENUE WAS $1.5 MILLION, AN INCREASE OF 28% COMPARED TO $1.2 MILLION FOR Q1 OF 2017
* VUZIX CORP - NET LOSS AFTER ACCRUED PREFERRED SHARE DIVIDENDS FOR THREE MONTHS ENDING MARCH 31, 2018 WAS $5.8 MILLION OR $0.22 CENTS PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vuzix-corp-reports-qtrly-revenue-o/brief-vuzix-corp-reports-qtrly-revenue-of-1-5-mln-idUSFWN1SH1N8 |
TUCSON, Ariz., AudioEye, Inc. (OTCQB: AEYE) ("AudioEye" or the "Company"), the leader in cloud-based software-as-a-service (SaaS) digital content accessibility solutions, today reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 and Recent Highlights:
Grew first quarter revenue 164% year-over-year, to $1.149 million, as compared to $876 thousand in the fourth quarter and $435 thousand in the first quarter of 2017; Won new cash contract bookings worth $2.2 million in the first quarter, as compared to cash contract bookings of $1.7 million in the prior year first quarter; Increased deferred revenue to $1.374 million; Maintained a low operating loss at $1.163 million, as compared to $1.606 million in the fourth quarter and $1.114 million in the first quarter 2017; Announced 2018 outlook of $6.5 million to $7.5 million in revenue and cash contract bookings of between $11 million and $12 million; Launched AudioEye's Dynamic PDF Remediation Solution for high-volume output and real-time remediation of templated on-demand PDF downloads; Announced full alignment with refreshed Section 508 standards and automatically pushed updates to all customer sites; Formally introduced unique and patented usability solutions through a "Meet the Man in Blue," video campaign via social media, YouTube and other advertising channels, designed to drive awareness and ROI for clients in 2018; and Continued to win a number of major accounts while rapidly ramping up the Company's content management provider reseller channel to accelerate growth in 2018, including partnering with a leading digital marketing company operating in the hospitality space, and a high-profile international luxury boutique hotel chain.
CEO Todd Bankofier stated, "AudioEye produced record revenue and record cash contract bookings in the first quarter as momentum continues to accelerate toward a banner growth year. We are extremely pleased to see marketplace leaders across several verticals not only making the investment to ensure full access for all digital content users, but also recognizing a clear return on investment with AudioEye's accessibility solution and enhanced usability. The increasing number of success stories and rising awareness of the emphasis on accessibility compliance have created an environment very favorable to a software-driven solution such as AudioEye.
"Our success reflects both direct sales to leaders in their respective fields, as well as the rapidly increasing contribution from our content management partners. Multiple partners have now fully integrated the AudioEye solution into their content management platforms, and are rolling accessibility out to customer sites at an accelerated pace. We anticipate onboarding an increasing number of new sites in the quarters ahead, affirming our partnership sales strategy. Our success in the reseller channel combined with the ongoing wins from our direct sales efforts to major customers has AudioEye well positioned to meet its full-year outlook of $6.5 million to $7.5 million in topline sales.
"Looking ahead, we are advancing multiple initiatives to further expand our addressable markets and growth opportunities. These include the ongoing roll out of our Dynamic PDF Remediation solutions and development of industry leading voice technologies that will create entirely new ways for users to interact with digital content, whether through accessibility tools or even as a primary means of using online content. Additionally, we are actively moving forward with efforts to develop our first international partnerships to leverage our multilingual capabilities in more than 25 native languages and dialects, moving AudioEye fully into the global market."
2017 First Quarter Financial Results
During the first quarter, AudioEye continued to ramp demand for its SaaS digital content accessibility platform across multiple end markets through both direct and reseller sales channels. The Company reported revenue of $1.149 million for the quarter ended March 31, 2018, a 164% increase from revenue of $435 thousand in the first quarter of 2017.
During the first quarter, AudioEye recorded new cash contract bookings of $2.2 million. Reflecting the rapid growth in AudioEye's partner channel, 60% of cash contract bookings were comprised of reseller contracted revenue, as compared to 18% of revenue recognized in the first quarter. For the full year 2018, AudioEye projects cash contract bookings of $11 million to $12 million, compared with full year 2017 cash contract bookings of $6.3 million.
Gross profit in the first quarter 2018 was $562 thousand, or 49% of revenue, compared with $536 thousand, or 61% of revenue in the fourth quarter 2017, and gross profit of $93 thousand, or 21% of revenue, in the first quarter 2017. The decline in gross margin from the previous quarter reflected lower capitalized software development as well as higher direct personnel costs, due to the rising number of sites launching AudioEye's services in 2018. AudioEye projects gross margin to continue to improve in 2018 as revenue increases, consistent with its high profit leverage SaaS business model.
Operating expenses were $1.725 million, compared with $2.142 million in the fourth quarter 2017, and $1.208 million in the first quarter 2017. The increase in operating expenses reflects additional sales and implementation positions to support AudioEye's accelerating revenue and new contract bookings growth rates, including an increasing number of accounts driven by AudioEye's successful partnerships with multiple vertical-specific content management system (CMS) platforms.
Operating expenses for the first quarter 2018 included non-cash expenses of $128 thousand in depreciation and amortization and $367 thousand in stock based compensation.
For the first quarter 2018, AudioEye reported net loss of $1.176 million, or $0.01 per share, compared to a net loss of $823 thousand, or $0.01 per share, in the first quarter 2017.
Cash Flow and Balance Sheet
As of March 31, 2018, AudioEye had a cash balance of $1.277 million. Net cash used in operating activities was $597 thousand in the first quarter. The Company anticipates further reduction in cash used to fund operations as it moves toward breakeven revenue results.
Outlook
AudioEye expects full year 2018 cash contract bookings of between $11 million and $12 million, and to recognize revenue of between $6.5 million and $7.5 million. AudioEye expects to continue to grow operating expenses at a rate well below revenue growth, targeting cash flow neutral by the end of 2018.
About AudioEye, Inc.
AudioEye is a technology company serving businesses committed to providing equal access to their digital content. Through patented technology, subject matter expertise and proprietary processes, AudioEye is transforming how the world experiences digital content.
Leading with technology, AudioEye identifies and resolves issues of accessibility and enhances the user experience, making digital content more accessible and more usable for more people.
AudioEye's common stock trades on the OTCQB under the symbol "AEYE." The Company maintains offices in Tucson, Atlanta and Washington D.C. For more information about AudioEye and its online accessibility solutions, please visit https://www.audioeye.com .
Forward-Looking Statements
Any statements in this press release about AudioEye's expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are "forward-looking statements" as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as "believe", "anticipate", "should", "intend", "plan", "will", "expects", "estimates", "projects", "positioned", "strategy", "outlook" and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements, including the risk that the Company's cash contract bookings and revenue will not increase as currently expected or at all, the risk that the Company's cash position will not improve or will worsen, and the risk that the Company's current capitalization plan will not provide the Company with sufficient cash to address its current or future needs or will otherwise not be successful. There may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Other risks are described more fully in AudioEye's filings with the Securities and Exchange Commission. Forward-looking statements reflect management's analysis as of the date of this press release and AudioEye urges you not to place undue reliance on these forward-looking statements. AudioEye does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of unanticipated events.
For Further information, please contact:
Matt Kreps, Darrow Associates Investor Relations
Email: [email protected]
Phone: (214) 597-8200
Todd Bankofier, AudioEye Chief Executive Officer
Email: [email protected]
Phone: (520) 308-6140
with multimedia: releases/audioeye-reports-record-first-quarter-164-revenue-growth-300647323.html
SOURCE AudioEye, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-audioeye-reports-record-first-quarter-164-percent-revenue-growth.html |
FRANKFURT, May 3 (Reuters) - Vonovia, Germany’s biggest residential property company, on Thursday announced that it would make a public cash offer for Swedish real estate company Victoria Park AB for a total of 9.56 billion Swedish krona ($1.08 billion).
Vonovia said it would tap equity markets for approximately 1 billion euros for the deal and that the offer would be fully financed by a bridge facility. ($1 = 8.8902 Swedish crowns) (Reporting by Tom Sims Editing by Maria Sheahan)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/vonovia-results/brief-vonovia-makes-recommended-900-mln-euro-cash-bid-for-victoria-park-idUSFWN1S91DX |
May 4 (Reuters) - FINANSINSPEKTIONEN:
* SAYS JF ASSET MANAGEMENT AB SELLS SHARES IN SPORTAMORE AB (PUBL) REDUCING SHAREHOLDING TO 0.3 PERCENT OF SHARES IN SPORTAMORE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jf-asset-management-cuts-sharehold/brief-jf-asset-management-cuts-shareholding-in-sportamore-to-0-3-pct-of-shares-idUSFWN1SB0ET |
The Pre-Markets Rundown: May 22, 2018 17 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/the-pre-markets-rundown-may-22-2018.html |
April 30 (Reuters) - Bank of New York Mellon Corp:
* BANK OF NEW YORK MELLON CORP - ISSUED $750 MILLION PRINCIPAL AMOUNT OF ITS 3.500% SENIOR MEDIUM-TERM NOTES SERIES J DUE 2023 - SEC FILING
* BANK OF NEW YORK MELLON CORP - ISSUED $500 MILLION PRINCIPAL AMOUNT OF ITS 3.850% SENIOR MEDIUM-TERM NOTES SERIES J DUE 2028 Source text ( bit.ly/2FupI8K ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bank-of-new-york-mellon-issues-750/brief-bank-of-new-york-mellon-issues-750-mln-of-its-senior-medium-term-notes-idUSFWN1S71AG |
MONDOVI, Wis.,, May 08, 2018 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today that its Board of Directors has declared a regular quarterly cash dividend of two and one half cents ($0.025) per share of common stock. The dividend will be payable on June 29, 2018 to stockholders of record at the close of business on June 15, 2018. This is Marten’s 32 nd consecutive quarterly cash dividend. With the payment of this dividend, Marten will have paid a total of $41.1 million in cash dividends, including a special dividend of $16.6 million in 2012, since the dividend program was implemented in the third quarter of 2010.
Marten Transport, with headquarters in Mondovi, Wis., is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. Marten’s dry freight services are expanding, with 1,376 dry trailers operating as of March 31, 2018. Marten offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Marten’s current expectations concerning future payment of dividends. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to Marten that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Item 1A of Marten’s Annual Report on Form 10-K for the year ended December 31, 2017. Marten undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACTS: Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
Source:Marten Transport, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-marten-transport-declares-quarterly-dividend.html |
11:42 AM EDT
Alaska Airlines is kicking plastic straws off of its planes.
The carrier has announced plans to eliminate single-use plastic straws and drink stirrers on all flights, following the pleas of a 16-year old Girl Scout .
Shelby O’Neil, a Girl Scout who founded ocean conservation group Jr. Ocean Guardians, reached out to Alaska Airlines last year, pointing out the negative environmental impact of the plastic straws, 22 million of which the carrier used last year. Officials at the airline say they were already considering making the change.
Starting this summer, all Alaska Airlines flights will replace the straws, stirrers and toothpicks with sustainable, marine-friendly options, including white birch and bamboo. The carrier is working with Seattle-based nonprofit Lonely Whale to support the switchover.
Alaska Airlines says it’s not stopping with straws, either, as it doubles down on environmentally friendly conveniences. The carrier says it will replace large (32 ounce – 46 ounce) aseptic juice boxes with aluminum cans, just as it did away with bottle beer in favor of cans last year, since aluminum us much easier to recycle.
“I am so proud of Alaska Airlines for joining me, Lonely Whale and many others in the fight to protect our oceans,” said O’Neil. “My hope is that we can continue to rally together and inspire future generations to take a stand and eliminate plastic pollution to help save our oceans.”
Alaska’s announcement comes just two months after McDonald’s announced it would ban plastic straws at its UK locations. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/21/alaska-airlines-bans-plastic-straws/ |
CALGARY, Alberta, May 09, 2018 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold) (TSX:FRU) announced first quarter results for the period ended March 31, 2018.
Results at a Glance Three Months Ended March 31 FINANCIAL ($000s, except as noted) 2018 2017 Change Royalty and other revenue 39,366 41,091 -4 % Net income 4,423 7,088 -38 % Per share, basic and diluted ($) 0.04 0.06 -33 % Funds from operations 32,384 32,069 1 % Per share, basic ($) 0.27 0.27 - Operating income (1) 37,658 37,084 2 % Operating income from royalties (%) 99 91 9 % Acquisitions 30,881 33,352 -7 % Working interest dispositions 8,130 288 - Dividends declared 18,026 15,338 18 % Per share ($) (2) 0.1525 0.13 17 % Net debt 89,567 76,030 18 % Shares outstanding, period end (000s) 118,238 118,018 - Average shares outstanding (000s) (3) 118,183 117,956 - OPERATING Royalty production (boe/d) (4) 11,197 10,701 5 % Total production (boe/d) (4) 12,002 12,753 -6 % Oil and NGL (%) 54 56 -4 % Average price realizations ($/boe) (4) 34.52 34.88 -1 % Operating netback ($/boe) (1) (4) 34.86 32.31 8 % (1) See Non-GAAP Financial Measures. (2) Based on the number of shares issued and outstanding at each record date. (3) Weighted average number of shares outstanding during the period, basic. (4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe). President's Message
Freehold continued to generate strong returns for our shareholders in Q1-2018 as royalty production averaged 11,197 boe/d, up 5% over the same period in 2017. We expect near record drilling on our lands and are maintaining our 2018 production forecast between 11,750-12,250 boe/d. After increasing our dividend by 5% earlier this year, we are forecasting an adjusted payout ratio for 2018 near the lower end of our target adjusted payout range of 60%-80%. We will continue to monitor commodity prices and allocate free cash flow in ways that maximize shareholder value.
We recently held our inaugural Investor Day unveiling our 2017 Asset Book highlighting the multi-year upside on Freehold's royalty lands. A copy can be found on our website at www.freeholdroyalties.com .
As a leading royalty company, Freehold's objective is to deliver growth and low risk attractive returns to shareholders over the long term which we have continued to provide in this reporting period.
Tom Mullane
President and CEO
Dividend Announcement
The Board has declared a dividend of $0.0525 per common share to be paid on June 15, 2018 to shareholders of record on May 31, 2018. The dividend is designated as an eligible dividend for Canadian income tax purposes.
2018 First Quarter Highlights
Freehold delivered strong operational results in 2018. Highlights included:
Freehold's royalty production averaged 11,197 boe/d, up 5% versus Q1-2017 and 2% when compared to Q4-2017. Growth in production was associated with acquisitions completed late in 2017 and during Q1-2018, the strength of our audit function (approximately 550 boe/d of prior period adjustments) and third party drilling on our lands. Royalty interests accounted for 93% of total production and contributed 99% of operating income in Q1-2018, reinforcing our royalty focus. Funds from operations totaled $32.4 million, an increase of 1% compared to Q1-2017, with slightly lower revenue more than offset by a reduction in cash costs. On a per share basis, funds from operations was $0.27/share in Q1-2018 flat to $0.27/share in Q1-2017. While West Texas Intermediate (WTI) prices improved 21% versus the same period in 2017, Edmonton Light Sweet oil prices were up only 12% and Western Canadian Select (WCS) prices were down 1% over the same period, reflecting the infrastructure/egress issues Canadian producers continue to experience. In addition, AECO prices retreated 37% versus the same quarter in 2017, and the Canadian/U.S. exchange rate increased, resulting in average oil and gas price realizations on a $/boe basis similar to Q1-2017. Freehold generated $12.8 million in free cash flow (1) , over and above our dividend, which we applied to outstanding debt. At March 31, 2018, net debt totaled $89.6 million resulting in a net debt to 12-month trailing funds from operations ratio of 0.7 times.
Freehold closed a $7.0 million royalty acquisition in the prospective East Shale Duvernay Basin in central Alberta. As part of the transaction, Freehold acquired a 1.0% Gross Overriding Royalty (GORR) on approximately 114,000 gross acres and a 3.0% GORR on 1,920 gross acres of royalty lands. The asset has multiple years of development planned. Freehold closed two other royalty acquisitions, one in the Weyburn Unit in Saskatchewan and the other on the Mitsue Gilwood Sand Unit #1 in Alberta. The purchase price associated with these transactions was $24 million and the assignment by Freehold of certain minor working interest assets. Freehold disposed of our non-core working interest in the Pembina Cardium Unit No. 9 in Alberta for $8.1 million. As part of the transaction Freehold retained a new 4.0% GORR on the same interests that were sold. Wells drilled on our royalty lands totaled 239 (6.4 net) in the quarter compared to 150 (8.6 net) in Q1-2017 and 112 (5.7 net) in the previous quarter. In Q1-2018, Freehold issued 42 new lease agreements with 15 companies, compared to 32 issued in Q4-2017 and 25 leases in Q1-2017, highlighting the success of our leasing team. Cash costs (1) for the quarter totaled $6.32/boe, down from $7.66/boe in Q1-2017. Cash costs are typically higher in the year associated with certain annual general and administrative charges that occur early in the year. For 2018, we are forecasting cash costs of approximately $5.00/boe. Dividends declared for Q1-2018 totaled $0.1525 per share, up slightly versus the previous year. In March 2018, Freehold announced an increase to its monthly dividend from $0.05 to $0.0525 per share. Basic payout ratio (1) (dividends declared/funds from operations) for Q1-2018 totaled 56% while the adjusted payout ratio (1) ((cash dividends plus capital expenditures)/funds from operations) for the same period was 60%.
(1) See Non-GAAP Financial Measures.
Continued Strength in Royalty Drilling
Including drilling associated with acquisitions, 239 (6.4 net) wells were drilled on our royalty lands during the first three months of 2018, up 59% on a gross measure but down 26% on a net measure versus the same period in 2017. When compared to Q4-2017 activity increased 113% and 12% on a gross and net measure respectively.
Activity through the first three months of 2018 was primarily focused on Saskatchewan oil prospects, including Viking at Dodsland, Mississippian plays in SE Saskatchewan, and Shaunavon in SW Saskatchewan. Together, Saskatchewan and Manitoba wells represented greater than 60% of our gross non-unit drilling through the quarter. Alberta activity has been concentrated in the Cardium, with strong drilling (17 gross wells) on our newly acquired Pembina Cardium acreage. Drilling for Deep Basin Spirit River and Montney remains positive, and four wells were drilled for East Shale Basin Duvernay on our acreage. Our top payors continue to represent some of the most well capitalized E&P companies in Canada.
Royalty Interest Drilling Three Months Ended March 31 2018 2017 Equivalent Equivalent Gross Net (1) Gross Net (1) Non-unitized wells 144 6.0 140 8.5 Unitized wells (2) 95 0.4 10 0.1 Total 239 6.4 150 8.6 (1) Equivalent net wells are the aggregate of the number obtained by multiplying each gross well by our royalty interest percentage. (2) Unitized wells are in production units wherein we generally have small royalty interests in hundreds of wells. 2018 Guidance Update
Below are details of some of the changes made to our key operating assumptions for 2018 based on results for the first quarter and expectations for the remainder of the year.
We are maintaining our 2018 average production range to 11,750-12,250 boe/d. Volumes are expected to be weighted approximately 55% oil and natural gas liquids (NGL) and 45% natural gas. We continue to maintain our royalty focus with royalty production accounting for 93% of forecasted 2018 production and 99% of operating income. We are revising our WTI oil price assumption to US$65.00/bbl (previously US$60.00/bbl). Our AECO natural gas price assumption has been reduced to $1.75/mcf (previously $2.00/mcf). Based on our current $0.0525/share monthly dividend level, we expect our 2018 adjusted payout ratio ((cash dividends plus capital expenditures)/funds from operations) to be approximately 54% (previously 61%). The expectation of our longer term payout ratio remains cautious as the market is showing future light oil prices below current levels. General and administrative costs remain at $2.50/boe even though costs for the first quarter were $3.60/boe. G&A expenses are typically higher in the first quarter and decline through the remainder of the year, as a number of annual expenses occur early in the year. We have reduced our forecast year-end net debt to funds from operations to approximately 0.3 times (from 0.4 times) due to increased oil price expectations.
Key Operating Assumptions Guidance Date 2018 Annual Average May 9, 2018 Mar. 8, 2018 Total daily production boe/d 11,750-12,250 11,750-12,250 West Texas Intermediate crude oil US$/bbl 65.00 60.00 Edmonton Light Sweet crude oil Cdn$/bbl 76.00 N/A Western Canadian Select crude oil Cdn$/bbl 53.00 45.00 AECO natural gas Cdn$/Mcf 1.75 2.00 Exchange rate Cdn$/US$ 0.79 0.80 Operating costs $/boe 1.45 1.45 General and administrative costs (1) $/boe 2.50 2.50 Weighted average shares outstanding millions 118 118 (1) Excludes share based compensation.
Recognizing the cyclical nature of the oil and gas industry, we continue to closely monitor commodity prices and industry trends for signs of deteriorating market conditions. We caution that it is inherently difficult to predict activity levels on our royalty lands since we have no operational control. As well, significant changes (positive or negative) in commodity prices (including Canadian oil price differentials), foreign exchange rates, or production rates may result in adjustments to the dividend rate.
Based on our current guidance and commodity price assumptions, and assuming no significant changes in the current business environment, we expect to maintain the current monthly dividend rate through the next quarter. We will continue to evaluate the commodity price environment and adjust the dividend levels as necessary (subject to the quarterly review and approval of our Board of Directors).
Conference Call Details
A conference call to discuss financial and operational results for the period ended March 31, 2018 will be held for the investment community on Thursday, May 10, 2018 beginning at 7:00 am MT (9:00 am ET). To participate in the conference call, approximately 10 minutes prior to the conference call, please dial 1-800-806-5484 (toll-free in North America).
Availability on SEDAR
Freehold’s 2018 first quarter interim unaudited condensed consolidated financial statements and accompanying Management’s Discussion and Analysis (MD&A) are being filed today with Canadian securities regulators and will be available at www.sedar.com and on our website at www.freeholdroyalties.com .
Forward-looking Statements
This news release offers our assessment of Freehold’s future plans and operations as at May 9, 2018, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:
our outlook for commodity prices including supply and demand factors relating to crude oil, heavy oil, and natural gas; light/heavy oil price differentials; changing economic conditions; foreign exchange rates; the Asset Book inventory further validating our long term value proposition; the assets of the $7 million royalty acquisition having multiple years of development planned; cash costs forecasted at approximately $5.00/boe; drilling activity during 2018 and the impact on our production base; our goal to position Freehold as a low risk investment in oil and gas royalties; our expected adjusted payout ratio for 2018; average production for 2018, contribution from royalty lands and weighting of oil, NGL and natural gas; 2018 percentage of production and operating income from royalties; key operating assumptions including operating costs and general and administrative costs; forecast year-end net debt to funds from operations; our strategies and the expectation that those strategies will sustain production and reserves life; our dividend policy and expectations for future dividends; and maintaining our monthly dividend rate through the next quarter.
By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our AIF.
With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function and our ability to add production and reserves through development and acquisition activities. The key operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.
You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management's plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.
You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.
Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)
To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.
Non-GAAP Financial Measures
Within this news release, references are made to terms commonly used as key performance indicators in the oil and natural gas industry. We believe that, operating income, operating netback, basic payout ratio, adjusted payout ratio, free cash flow and cash costs are useful supplemental measures for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations and financial position. However, these terms do not have any standardized meanings prescribed GAAP and therefore may not be comparable with the calculations of similar measures for other entities.
Operating income, which is calculated as royalty and other revenue less royalties and operating expenses, represents the cash margin for product sold. Operating netback, which is calculated as average unit sales price less royalties and operating expenses, represents the cash margin for product sold, calculated on a per boe basis.
Payout ratios are often used for dividend paying companies in the oil and gas industry to identify its dividend levels in relation to the funds it receives and uses in its capital and operational activities. Basic payout ratio is calculated as dividends declared as a percentage of funds from operations. Adjusted payout ratio is calculated as dividends paid in cash plus capital expenditures as a percentage of funds from operations.
Free cash flow is calculated by subtracting capital expenditures from funds from operations. Free cash flow is a measure often used by dividend paying companies to determine cash available for payment of dividends, paying down debt or investment.
Cash costs is a total of certain cash expenses in the statement of income deducted in determining funds from operations. For Freehold cash costs are identified as royalty expense, operating expense, general and administrative expense, interest expense and share based compensation payments. It is key to funds from operations, representing the ability to, sustain dividends, repay debt and fund capital expenditures.
We refer to various per boe figures which provide meaningful information on our operational performance. We derive per boe figures by dividing the relevant revenue or cost figure by the total volume of oil, NGL and natural gas production during the period, with natural gas converted to equivalent barrels of oil as described above.
For further information related to these non-GAAP terms, including reconciliations to the most directly comparable GAAP terms, see our most recent MD&A.
For further information, contact:
Freehold Royalties Ltd.
Matt Donohue
Manager, Investor Relations and Capital Markets
t. 403.221.0833
f. 403.221.0888
tf. 1.888.257.1873
e. [email protected]
w. www.freeholdroyalties.com
Source: Freehold Royalties Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-freehold-royalties-ltd-announces-continued-royalty-growth-and-first-quarter-results.html |
Stocks pull back, Dow slides triple digits 2 Hours Ago Josh Brown of Ritholz Wealth Management, Kourtney Gibson of Loop Capital Markets, Peter Najarian of Investitute.com, Jon Najarian of Najarian Family Office and Joe Terranova of Virtus Investment Partners weigh in on the recent slide in the market and where the market is headed. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/stocks-pull-back-dow-slides-triple-digits.html |
Brazil president says striking truckers could be removed Associated Press Published 14 Hours Ago The Associated Press
RIO DE JANEIRO (AP) — A nationwide strike by thousands of truckers brought much of Latin America's largest nation to a halt on Friday, prompting Brazilian President Michel Temer to authorize the military to use force in removing drivers and their parked vehicles from highways and other roads.
Truckers angry over rising diesel prices began the strike on Monday and continued it Friday despite an announced deal between the government and transportation unions late Thursday.
Temer, a lame duck leader who is deeply unpopular, said in a national address Friday that a "radical faction" of holdout truckers was keeping the country from getting back to business. He said the armed forces were being activated, though he did not provide specifics.
"We will not allow hospitals to go without supplies to save lives," Temer said. "We will not allow children to be impacted by the closing of schools."
Hours later, the Brazilian Association of Truckers, one of the largest unions that had walked away from talks with the government on Thursday, called on its members to remove their trucks from roadways but "continue to protest peacefully."
The association blamed the government for taking so long to respond to trucker complaints that go back to last year.
"It's regrettable that even after so many delays, the president prefers to threaten truckers with the use of force rather than respond to their needs," said the statement.
It was unclear whether truckers would start getting off the roads or whether authorities would take action against them, as any showdown could be violent and the removal of thousands of 18-wheelers would be a logistical nightmare.
Still, the five day strike appeared to dare authorities to respond thanks to road blockages and a domino effect of paralysis that occurred after the transportation of fuel, food and other goods was stopped.
Thousands of public schools announced closures on Friday, as teachers and other staff could not get to work. Store managers complained of shortages of several foods, and several airports said they had run out of fuel.
The international airport in the capital of Brasilia announced that nine flights were canceled, including an American Airlines flight from Miami.
Brasilia, which is in the middle of the country, has been particularly hard hit because it gets fuel from trucks coming from Brazilian coasts.
The mayor of Sao Paulo, Brazil's largest city, declared a state of emergency Friday afternoon. The measure would allow the city to buy gas from private gas stations without a bidding process and spend beyond its fiscal budget, according to a statement.
Under the deal reached late Thursday, truckers would suspend their strike for 15 days to give time to all sides to find a solution. During that period, the government said it would subsidize fuel prices by lowering several taxes, though some of those changes would have to be approved by Congress. As part of the deal, a previously announced 10 percent drop in diesel prices by state oil company Petrobras would be extended from two weeks to 30 days.
For many truckers, however, those moves were not enough.
Luiz Antonio, a trucker who was striking outside of Rio de Janeiro on Friday, said he didn't trust what had been negotiated in Brasilia.
"They made a deal, there was a lot of blah blah blah, and then after we clear the roads they won't follow through," he said.
One of the unions that helped craft the deal appeared to be distancing itself from it Friday. In a statement, the National Confederation of Autonomous Transporters said it had not agreed to the strike's suspension.
"Our role is to take the proposals to each group of demonstrators for them to decide if they are sufficient to suspend the movement or continue," the statement read.
The strike comes as Latin America's largest economy struggles to fully recover from its worst recession in decades. Unemployment has yet to decline, and the Brazilian real has dropped sharply against the U.S. dollar over the last few months.
Gilberto Braga, a finance professor at Ibmec University in Rio de Janeiro, said the spike in prices is being caused by two factors the government can't control: rising global oil prices amid tensions between the United States and Iran, and the devaluation of the real.
The government must either subsidize fuel by lowering taxes or allow truckers to charge more for their routes, costs that would ultimately be passed on to consumers, he said.
"In the short term, there can only be a truce," Braga said. "Any solution will be very costly."
Associated Press video journalist Diarlei Rodrigues contributed to this report from Rio de Janeiro. AP writer Stan Lehman contributed from Sao Paulo.
Follow Peter Prengaman: twitter.com/peterprengaman | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-associated-press-brazil-president-says-striking-truckers-could-be-removed.html |
* Canadian dollar at C$1.2970, or 77.10 U.S. cents * Loonie touches its weakest since May 8 at C$1.2979 * Oil prices fall 2.6 percent * Bond prices higher across a flatter yield curve TORONTO, May 25 (Reuters) - The Canadian dollar weakened to a more than two-week low against its U.S. counterpart on Friday as oil prices fell and the greenback broadly climbed. The price of oil, one of Canada's major exports, slumped after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014. U.S. crude prices were down 2.6 percent at $68.88 a barrel. The U.S. dollar gained against a basket of major currencies as rising bond yields in Italy and brewing political instability in Spain weighed on the euro. At 9:16 a.m. EDT (1316 GMT), the Canadian dollar was trading 0.7 percent lower at C$1.2970 to the greenback, or 77.10 U.S. cents. The currency touched its weakest level since May 8 at C$1.2979. On Thursday, the loonie had been pressured by the potential imposition of U.S. auto tariffs, after the Trump administration launched a national security investigation into car and truck imports. Canada is a major exporter of autos to the United States so its economy could be hurt by U.S. auto tariffs. Canadian police were looking for two suspects who walked on Thursday into a crowded restaurant in a Toronto suburb and detonated a bomb, injuring 15 people. The police said the incident did not appear to be a hate crime or linked to international terror. Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries. The two-year rose 6 Canadian cents to yield 1.965 percent and the 10-year climbed 42 Canadian cents to yield 2.364 percent. (Reporting by Fergal Smith; Editing by Meredith Mazzilli)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-hits-2-week-low-as-oil-prices-fall-greenback-climbs-idUSL2N1SW0QU |
May 16 (Reuters) - Canadian Zinc Corp:
* CANADIAN ZINC REPORTS RESULTS FOR Q1 2018 & OPERATIONS UPDATE
* CANADIAN ZINC CORP - QTRLY NET LOSS AND COMPREHENSIVE LOSS C$1.8M VERSUS C$2.6M
* CANADIAN ZINC CORP - AT MARCH 31, 2018, CO REPORTED CASH AND CASH EQUIVALENTS OF C$10.5M Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-canadian-zinc-reports-qtrly-net-lo/brief-canadian-zinc-reports-qtrly-net-loss-and-comprehensive-loss-c1-8m-versus-c2-6m-idUSASC0A2K6 |
HARARE, May 9 (Reuters) - Zimbabwe’s largest brewer Delta Corporation reported a 27 percent jump in full-year profit to $89 million on Wednesday, after strong sales of beer and soft drinks in the second half of its financial year.
Delta, which is 40 percent owned by Anheuser-Busch Inbev, said revenue increased to $572 million during the year that ended in March, up from $483 million previously.
Lager beer sales, which accounted for the most revenue, were at their strongest since 2014, while volumes of the cheaper sorghum beer rose for the sixth straight year.
The company increased its final dividend payment by 32 percent to 7.20 U.S. cents, its highest since Zimbabwe dumped its own currency for the U.S. dollar in 2009.
Delta Managing Director Pearson Gowero told an analyst briefing that foreign currency shortages were hurting supplies of some packaging materials and the company might not be able to meet demand.
Zimbabwe is in the grip of U.S. dollar shortages that have curbed imports and seen some companies, including mines, unable to pay for imports on time.
Delta is struggling to repatriate $46 million to foreign creditors and $15 million in accumulated dividends to outside shareholders due to the currency shortages, said Gowero. (Reporting by MacDonald Dzirutwe Editing by Edmund Blair)
| ashraq/financial-news-articles | https://www.reuters.com/article/zimbabwe-delta/ab-inbev-brewing-associate-in-zimbabwe-posts-profit-up-27-pct-idUSL8N1SG8BG |
May 14, 2018 / 6:49 AM / Updated 31 minutes ago Israeli forces kill dozens in Gaza as U.S. Embassy opens in Jerusalem Nidal al-Mughrabi , Jeffrey Heller 8 Min Read
GAZA/JERUSALEM (Reuters) - Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday as the United States opened its embassy to Israel in Jerusalem, a move that has fuelled Palestinian anger and drawn foreign criticism that it undermines peace efforts.
It was the bloodiest single day for Palestinians since the Gaza conflict in 2014. Palestinian Health Ministry officials said 55 protesters were killed and 2,700 injured either by live gunfire, tear gas or other means.
The bloodshed drew calls for restraint from some countries, including France and Britain, and stronger criticism from others, with Turkey calling it “a massacre”.
The White House declined to join in urging Israel to exercise restraint and pinned the blame squarely on Gaza’s ruling Hamas group - backing Prime Minister Benjamin Netanyahu, who described the Israeli military’s actions as self-defence of his country’s borders.
In contrast to the scenes in Gaza, Israeli dignitaries and guests attended a ceremony in Jerusalem to open the U.S. Embassy following its relocation from Tel Aviv.
The move fulfilled a pledge by U.S. President Donald Trump, who in December recognised the holy city as the Israeli capital.
Netanyahu thanked Trump for “having the courage to keep your promises”.
“What a glorious day for Israel,” he said in a speech. “We are in Jerusalem and we are here to stay.”
Palestinians seek East Jerusalem as the capital of a state they hope to establish in the occupied West Bank and the Gaza Strip.
Israel regards all of the city, including the eastern sector it captured in the 1967 Middle East war and annexed in a move that is not recognised internationally, as its “eternal and indivisible capital”.
Most countries say the status of Jerusalem - a sacred city to Jews, Muslims and Christians - should be determined in a final peace settlement and that moving their embassies now would prejudge any such deal.
Peace talks aimed a finding a two-state solution to the conflict have been frozen since 2014.
Trump, in a recorded message, said he remained committed to peace between Israel and the Palestinians. He was represented at the ceremony by his daughter Ivanka and his son-in-law Jared Kushner, U.S. envoy to the Middle East. Related Coverage France's Macron condemns Gaza violence, to talk to parties involved
Kushner said it was possible for both sides in the Israeli-Palestinian conflict to gain more than give in any peace deal. “Jerusalem must remain a city that brings people of all faiths together,” he said in a speech.
But Palestinian President Mahmoud Abbas said the United States had opened an “American settlement outpost in East Jerusalem”. He called the deaths in Gaza a massacre and announced a general strike on Tuesday.
South Africa said it was withdrawing its ambassador to Israel until further notice following what it called the “indiscriminate and grave” attack on Monday. BORDER BLOODSHED
In Gaza, Palestinian protests quickly turned into bloodshed. Tens of thousands had streamed to the edge of the coastal enclave’s land border, some approaching the Israeli fence.
“Today is the big day when we will cross the fence and tell Israel and the world we will not accept being occupied forever,” said Gaza science teacher Ali, who declined to give his last name.
Clouds of black smoke from tyres set alight by demonstrators rose in the air. Demonstrators, some armed with slingshots, hurled stones at the Israeli security forces, who fired volleys of tear gas and intense rounds of gunfire.
The protests are scheduled to culminate on Tuesday, the day Palestinians mourn as the “Nakba” or “Catastrophe” when, in 1948, hundreds of thousands of them were driven out of their homes or fled the fighting around Israel’s creation.
Netanyahu took to Twitter to direct the blame at Hamas.
“Every country has an obligation to defend its borders,” he wrote. “The Hamas terrorist organisation declares it intends to destroy Israel and sends thousands to breach the border fence in order to achieve this goal. We will continue to act with determination to protect our sovereignty and citizens.”
Hamas denied instigating the violence, but the White House backed Netanyahu. “The responsibility for these tragic deaths rests squarely with Hamas. Hamas is intentionally and cynically provoking this response,” White House spokesman Raj Shah told a regular news briefing. Palestinian demonstrators gather during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. REUTERS/Ibraheem Abu Mustafa
The Israeli military said in a statement: “Rioters hurled firebombs and explosive devices at the security fence and Israeli troops”. The soldiers’ response, it said, was in accordance with “standard operating procedures”.
The 55 deaths included at least six people under 18 years of age, including one girl. The total number of fatalities since a series of protests to demand Palestinians’ right to return to their ancestral homes in Israel is now 100.
They also included a medic and a man in a wheelchair who had been pictured on social media using a slingshot. The Israeli military said three of those killed were armed militants who tried to place explosives near the fence.
Throughout the day sirens of ambulance vehicles carrying casualties to hospitals wailed almost non-stop. In Gaza mosques, loudspeakers mourned the dead, who were carried for burial in funeral marches. RESTRAINT
Trump’s recognition of contested Jerusalem as Israel’s capital in December outraged Palestinians, who said the United States could no longer serve as an honest broker in any peace process with Israel.
A senior Hamas leader, Khalil Al-Hayya, said at a border encampment that Monday’s protest was timed to coincide with the “deplorable crime of moving the U.S. Embassy to Jerusalem”.
He said: “Our people went out today to respond to this new Zionist-American aggression, and to draw by their blood the map of their return.”
France and Britain called on Israel to show restraint, with French President Emmanuel Macron planning to talk to all involved parties in the region over the next few days. U.N. Secretary-General Antonio Guterres said he was “deeply concerned” by the events in Gaza and said it showed the need for a two-state political solution.
Britain said it had no plans to move its Israel embassy from Tel Aviv to Jerusalem and it disagreed with the U.S. decision to do so. French Foreign Minister Jean-Yves Le Drian said the U.S. move flouted international law.
Other responses to the violence were stronger. Regional power Turkey accused Israeli security forces of carrying out a massacre and said the U.S. Embassy move had encouraged them.
More than 2 million people are crammed into the narrow Gaza strip, which is blockaded by Egypt and Israel.
“The policy of Israeli authorities to fire irrespective of whether there is an immediate threat to life on Palestinian demonstrators in Gaza, caged in for a decade and under occupation for a half century, has resulted in a bloodbath that anyone could have foreseen,” Human Rights Watch said. Slideshow (18 Images)
The Trump administration says it has nearly completed a new Israeli-Palestinian peace plan but is undecided on how and when to roll it out.
Palestinian Prime Minister Rami Hamdallah, in a statement on Monday, accused the United States of “blatant violations of international law”.
“Choosing a tragic day in Palestinian history (to open the Jerusalem embassy) shows great insensibility and disrespect for the core principles of the peace process,” Hamdallah wrote. Additonal reporting by Alex Winning, Steve Holland, Yara Bayoumy, Doina Chiacu and Ori Lewis; Writing by Jeffrey Heller; Editing by Angus MacSwan, Janet Lawrence, Nick Tattersall and David Stamp | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-usa-protests-palestinians/israeli-military-drops-warning-leaflets-into-gaza-as-border-protests-build-idUKKCN1IF0ML |
Leading office tenant-representation specialist
becomes Principal, will help expand Arizona operations
PHOENIX, May 7, 2018 /PRNewswire/ - David Genovese , Avison Young Principal and Managing Director of the company's Phoenix office, announced today the strategic hiring of leading office tenant-representation specialist Wally Hale .
Effective immediately, Hale becomes a Principal of Avison Young. He will continue to focus on representing his occupier clientele and expanding on the footprint that he has established over many years. He will also work closely with Avison Young Principal Mark Seale , who directs local brokerage operations, to expand the company's institutional tenant-representation advisory services and market share across the Phoenix region. Hale was most recently Managing Director for JLL in Phoenix.
"Mark and I are excited to have Wally join our Phoenix office and we welcome him as our newest Principal," comments Genovese. "Wally is a proven, well-respected industry leader and recognized top producer in the Phoenix market. He has represented many marquee occupier clients and has successfully protected their interests while navigating all types of market conditions. That success, combined with his community involvement, strong work ethic and cultural alignment, brings us a valued and experienced leader who will assist us in expanding our Arizona operations."
Hale brings 35 years of commercial real estate experience to Avison Young. During his career, he has negotiated lease and sale transactions covering nearly 10 million square feet. In addition to acting for tenants, he has represented several large landlords and developers in significant office leasing transactions. He has significant experience in strategy implementation, financial analysis and all other types of real estate transactions. His notable clients include MFS Investment Management Services, UPS, Zurich Insurance and TATA Consultancy Services.
Prior to joining JLL, Hale held senior management and broker positions with Insignia, Koll Company and CBS Property Services. He has been named a Co-Star Power Broker five times.
"I am excited about the opportunity to play a leading role in the expansion of Avison Young's office tenant-representation service line and overall brokerage footprint in the Phoenix marketplace," says Hale. "I look forward to working with Mark and David and being part of Avison Young's collaborative culture, client-centric business model and full-service platform. This is a unique opportunity to play a dynamic role in aggressive expansion within a highly entrepreneurial organization. As Mark and I develop a strategy tailored to occupier clients, we will ensure that all of our initiatives ultimately benefit our clients."
Hale holds a Bachelor of Science degree in finance and real estate from the University of Arizona and has received a number industry designations during his career. In the community, he has served on numerous non-profit boards and is a past-president of Southwest Human Development, a non-profit organization that provides aid for underprivileged Arizona children and their families. He also currently sits on the facilities board of Xavier College Prep Facility.
Over the past nine years, Avison Young has grown from 11 to 84 offices and from 300 to more than 2,600 real estate professionals in Canada, the U.S., Mexico and Europe.
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
For further information/comment/photos:
Sherry Quan , Principal and Global Director of Communications & Media Relations, Avison Young: 604.647.5098; cell: 604.726.0959
David Genovese , Principal and Managing Director, Phoenix, Avison Young: 480.423.7900
Mark Seale , Principal, Avison Young: 480.423.7909
Wally Hale , Principal, Avison Young: 480.423.7908
Earl Webb , President, U.S. Operations, Avison Young: 312.957.7610
Mark Rose , Chair and CEO, Avison Young: 416.673.4028
www.avisonyoung.com
Avison Young is a 2018 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for seven consecutive years.
Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals
Follow Avison Young Bloggers : http://blog.avisonyoung.com
Follow Avison Young on LinkedIn : www.linkedin.com/company/avison-young-commercial-real-estate
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Editors/Reporters
• Please click on link to view and download photo of Wally Hale:
http://www.avisonyoung.ca/documents/20342/2631393/Wally_Hale.jpg
View original content: http://www.prnewswire.com/news-releases/wally-hale-joins-avison-young-in-phoenix-300643556.html
SOURCE Avison Young Commercial Real Estate (BC) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-wally-hale-joins-avison-young-in-phoenix.html |
May 9 (Reuters) - Tucows Inc:
* TUCOWS REPORTS CONTINUING STRONG FINANCIAL RESULTS FOR FIRST QUARTER 2018
* QTRLY BASIC NET EARNINGS PER COMMON SHARE $0.35 * QTRLY NET REVENUE $95.79 MILLION VERSUS $69.57 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tucows-reports-qtrly-basic-net-ear/brief-tucows-reports-qtrly-basic-net-earnings-per-common-share-0-35-idUSASC0A14F |
BRUSSELS, May 22 (Reuters) - Facebook Chief Executive Mark Zuckerberg will meet with leaders of the European Parliament on Tuesday to answer questions about how the data of millions of Facebook users ended up in the hands of a political consultancy.
The meeting comes three days before tough new European Union rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Facebook has come under scrutiny from politicians on both sides of the Atlantic after it emerged that Cambridge Analytica, a British political consultancy that worked on U.S. President Donald Trump’s campaign, improperly acquired the data of 87 million users, including up to 2.7 million in the EU.
Zuckerberg has apologised for the leak in testimony to the U.S. Congress, but questions remain over how the company’s data policies let the leak happen.
Zuckerberg will stress Facebook’s commitment to Europe, where it will employ 10,000 people by the end of the year, according to pre-released remarks.
“I believe deeply in what we’re doing. And when we address these challenges, I know we’ll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world,” Zuckerberg is expected to say.
He will also apologise for failing “to take a broad enough view” of the company’s responsibilities, “whether it’s fake news, foreign interference in elections or developers misusing people’s information.”
Zuckerberg will meet with the president of the European Parliament, Antonio Tajani, the leaders of the parliament’s political groups and the chair of the civil liberties committee, Claude Moraes.
The meeting will be livestreamed after an outcry over plans to hold it in private.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down. (Reporting by Julia Fioretti, editing by Larry King)
| ashraq/financial-news-articles | https://www.reuters.com/article/facebook-privacy-eu/facebooks-zuckerberg-faces-eu-parliament-grilling-idUSL5N1ST20E |
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
* Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9Hv
By Saikat Chatterjee
LONDON, May 30 (Reuters) - Sterling recovered on Wednesday from a six-month low the previous day as currencies stabilised after Italy’s political crisis sent shock waves through global financial markets.
Purchasing managers’ index data for the manufacturing sector on Friday will offer the first test for sterling bulls as recent economic data have indicated that another rate hike from the Bank of England this year is not a done deal yet.
Market-implied probability for another rate hike until end-2018 stood at 60 percent, less than around 90 percent two weeks ago, according to Thomson Reuters data.
“Recent economic data have indicated a soft streak in the UK economy apart from retail sales, and we need to see further signs of improvement before sterling can break above currency ranges,” said Gavin Friend, an FX strategist at NAB in London.
The British currency edged 0.1 percent higher at $1.3273 after falling to its lowest levels since Nov. 20 on Tuesday. But it weakened against the euro by half a percent, to 87.51 pence, thanks to a broad-based euro bounce.
Hopes that Italy could avoid a new election after all helped European markets recover from one of their worst sell-offs in years on Wednesday, though markets remained wary.
May’s purchasing-manager index will offer some clues on how the economy is faring. A Reuters poll forecast the index would show growth moderated in April.
With monetary policy makers turning more cautious and data-dependent after a subdued first quarter, PMI releases over the next two weeks deserve particular attention, Goldman Sachs strategists said in a note.
Currency derivatives tied to the outlook for sterling were trading near their lowest levels in nearly three months.
Risk reversals for sterling, a gauge of demand for options on a currency rising or falling, are holding near their lowest levels since early March, indicating that investors are looking to protect downside portfolio risk.
On a trade-weighted basis, sterling was trading at 78.73, not far from a two-month low of 78.53 hit earlier this month. (Reporting by Saikat Chatterjee, editing by Mark Heinrich)
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May 30, 2018 / 5:26 AM / a few seconds ago Swiss voters set to shoot down sovereign money campaign - poll Reuters Staff 2 Min Read
ZURICH, May 30 (Reuters) - A radical “sovereign money” plan that would upend Switzerland’s traditional monetary system is headed for defeat in a referendum next month as opposition including from the Swiss central bank mounts, a poll showed on Wednesday.
The survey by the gfs.bern polling outfit found 54 percent of respondents opposed the plan, while 34 percent were in favour and 12 percent were undecided or had no opinion.
A previous gfs poll released on May 4 had put opposition at 49 percent and support at 35 percent.
The sovereign money campaign, which has gathered more than the 100,000 signatures needed to trigger a binding referendum under the Swiss system of direct democracy, would bar commercial banks from “creating” new electronic money every time they extend credit.
Only the Swiss central bank would be allowed to increase the money supply.
Switzerland risks being plunged into an “unnecessary and dangerous experiment” if it adopts the scheme on June 10, Swiss National Bank Chairman Thomas Jordan has warned. Parliament and the government also oppose the unprecedented idea.
The poll conducted from May 15 to 23 surveyed 1,411 people and had a margin of error of 2.7 points. (Reporting by Michael Shields, editing by John Miller) | ashraq/financial-news-articles | https://www.reuters.com/article/swiss-money/swiss-voters-set-to-shoot-down-sovereign-money-campaign-poll-idUSL5N1T10FX |
ALMATY, May 30 (Reuters) - A Belgian court has lifted a freeze on about $21.5 bln in Kazakhstan’s National fund assets, the Kazakh justice ministry said on Wednesday.
The ministry said in a statement that the freeze, originally put in place over a $530 million claim against the Astana government, would now be limited to the value of the claim - which Kazakhstan is disputing. (Reporting by Olzhas Auyezov; Editing by Subhranshu Sahu)
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May 9, 2018 / 10:25 AM / Updated 20 minutes ago U.N. rights chief urges Turkey to end state of emergency before vote Reuters Staff 1 Min Read
GENEVA (Reuters) - The United Nations human rights chief urged Turkey on Wednesday to lift its extended state of emergency immediately to pave the way for credible elections. The shadow of a protester holding a flag is seen on the road during a May Day rally in Ankara, Turkey May 1, 2018. REUTERS/Umit Bektas
“It is difficult to imagine how credible elections can be held in an environment where dissenting views and challenges to the ruling party are penalized so severely,” Zeid Ra’ad al-Hussein, U.N. High Commissioner for Human Rights, said in a statement.
Turkish President Tayyip Erdogan, who has scheduled snap presidential and parliamentary elections in June, has extended the state of emergency seven times since an attempted coup in July 2016.
Zeid’s office, in a report in March, accused his government of mass arrests, arbitrary sackings and other abuses that in some cases amounted to “collective punishment”. Reporting by Stephanie Nebehay; Editing by Andrew Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/turkey-election-un/u-n-rights-chief-urges-turkey-to-end-state-of-emergency-before-vote-idINKBN1IA16I |
May 8, 2018 / 3:33 PM / in 16 minutes UK government defeated again over Brexit as Lords vote to remain in EU agencies Reuters Staff 2 Min Read
LONDON (Reuters) - Prime Minister Theresa May was dealt a new defeat by Britain’s upper house of parliament on Tuesday over her main Brexit legislation, this time opposing her plans to leave EU agencies.
This is the 11th time in recent weeks that the government has been defeated in the House of Lords on the draft legislation that will formally terminate Britain’s EU membership.
Opposition parties in the Lords and rebels in May’s Conservative Party voted 298 to 227 in favor of the amendment that means Britain should participate, or have formal relations, with EU agencies after leaving the bloc next year.
The government has proposed retaining membership of some EU agencies for medicine, chemicals and aviation while leaving others after Brexit.
Britain is likely to leave the EU police agency Europol and lose automatic membership to bodies like the European Maritime Safety Agency and the European Environment Agency.
“Setting up our own institutions requires a lot of time, expense and expertise, which actually we are very short of,” said Simon Haskel, a member of the upper house for the opposition Labour party.
“This amendment goes someway to ensuring that our quality of life as citizens won’t suffer.”
The vote can be overturned by the lower house, the House of Commons, but underscores the deep divisions over Brexit across parliament and could encourage lawmakers hoping to derail May’s plans to forge a new relationship with the EU.
Agencies that oversee Europe’s banks and pharmaceutical sector have announced they will move from London to cities on the continent after Brexit, highlighting potential job losses for Britain’s economy from leaving the EU.
After the Lords, the bill will return to the House of Commons. Both houses have to agree on the final wording of the bill before it can become law. Reporting By Andrew MacAskill; editing by Alistair Smout and Janet Lawrence | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-parliament/uk-government-defeated-again-over-brexit-as-lords-vote-to-remain-in-eu-agencies-idUSKBN1I926C |
MILAN/LONDON (Reuters) - Drinks companies are converging on an unusual cocktail recipe: less alcohol.
A man drinks a cocktail made with Martini at the "Spirit de Milan" in Milan, Italy, May 19, 2018. REUTERS/Stefano Rellandini In bars from London to New York, sales of “aperitifs” such as Aperol, Lillet and Martini Rosso are growing rapidly as younger drinkers in particular opt for lower-alcohol concoctions over stronger traditional cocktail spirits like vodka.
As a result companies such as Italy’s Campari, Britain’s Diageo and France’s Pernod Ricard are snapping up aperitif brands or launching new marketing drives for existing ones.
Global sales volumes of spirit-based aperitifs - which are half the strength of regular spirits - rose 7.4 percent last year, while vodka fell 6 percent, brandy declined 1.3 percent and rum sales lost 0.8 percent, according to new data published on Thursday by beverage market research firm IWSR.
Campari, Pernod Ricard and Diageo executives all told Reuters they viewed the rise of these lower-strength spirits, which have their roots in Italy and France, as a long-term trend and a potentially important future driver of growth.
The rising popularity is partly fuelled by young people wanting to stay more in control and having a keen awareness of their social-media image, according to market researchers and drinks companies. It comes against the backdrop of stagnating consumption of alcohol in much of the developed world.
However aperitifs still represent a sliver of the overall spirits market, slightly over 2 percent of sales volumes, and there is also no guarantee that the rise in sales will represent more than a passing fad in big markets like the United States.
Campari, whose drinks cabinet has historically been skewed towards aperitifs, has a head-start and is reaping the benefits with Aperol, the world’s best-selling aperitif brand. Aperol sales - in decline just five years ago - leapt 19.5 percent last year, even as the firm’s top vodka brand SKYY fell 3.5 percent.
In the United States - the biggest source of drink industry profits - Aperol has had the strongest growth of any spirit over the past year with a 59 percent leap, according to Nielsen researchers.
Campari CEO Bob Kunze-Concewitz told Reuters that per-capita consumption of Aperol in its core markets of Italy and Austria was still 100 times greater than in the United States. “This gives us an indication of the room for growth,” he said.
After an advertising campaign last summer in the New York area, Campari plans a similar drive in other areas of the United States, targeting big cities and high-end bar and restaurants. The group has expanded its U.S. distribution network and sales team over the past two years.
RIVALS CRASH PARTY While Campari is market leader in aperitifs, it is a much smaller player in the wider industry than Diageo and Pernod Ricard, the two biggest companies by sales. Now the two big fish are looking to challenge Aperol, a bright orange liqueur usually mixed into a “spritz” with prosecco and soda.
Pernod Ricard told Reuters it was marketing Lillet more aggressively outside its home market of France. The wine-based aperitif has taken off in Germany and is now growing by a double-digit percentage rate in Western Europe and North America, it added.
Diageo, the world’s largest drinks group, dipped into the aperitif market with its purchase of craft vermouth brand Belsazar in March.
Both Diageo and Pernod Ricard told Reuters they were looking at further investments in the lower-alcohol spirit bracket.
A woman drinks a spritz cocktail with Aperol at the "Spirit de Milan" in Milan, Italy, May 19, 2018. REUTERS/Stefano Rellandini Bernstein analyst Trevor Stirling said they had a long way to go to catch up with Campari in this field. “Other people are experimenting, but nothing yet has really achieved the scale of anything close to Aperol.”
There is no evidence that drinking lower-strength drinks means a drinker will consume less alcohol overall, analysts say. One study, published last month by the University of Cambridge, suggests that labelling alcoholic drinks as lower-strength could encourage people to drink more. reut.rs/2IKr1qB
The drinks companies do not market their aperitifs as lower-strength or healthier alternatives, but do say a big draw for drinkers is that they contain less alcohol than regular spirits.
“People want drinks that are lighter so they can stay in control,” said David Gates, head of Diageo Futures, a unit involved in catching new trends.
PRICING AND MARGINS While aperitifs - which typically contain 10-20 percent of alcohol - are usually cheaper to produce than premium full-strength spirits, they also sell for less.
For this reason the margins on aperitifs are similar to those on full-proof spirits, once differences in marketing and advertising spends are stripped away, according to an industry source.
At Tesco, Britain’s biggest supermarket, a 70 centilitre (cl) bottle of Aperol was recently on promotion for 10 pounds ($13.40), down from its usual 15 pounds, with a bigger 1 litre bottle of Bacardi’s Martini Rosso selling for 9 pounds. Similar promotions saw 70 cl bottles of Absolut Vodka and Tanqueray gin sell for 16 pounds, and Jack Daniel’s whiskey 26 pounds.
Spirits companies like Campari, Diageo, Pernod Ricard and have profit margins in the region of 60 percent, according to Liberum analyst Nico von Stackelberg.
For British pub owner Tom Rowell, aperitifs offer a less raucous night out.
The Bristol-based businessman decided to open an aperitif bar alongside his pub last year in the southwestern city.
“Today I sell more Aperol than gin, and beer accounts for about 40 percent of my sales compared with 60 percent in the past,” said Rowell who took up the new venture after visiting Italy where pre-dinner drinks and snacks are an evening ritual.
His downtown bar, Noto, attracts mainly young professionals.
Slideshow (4 Images) “Eating and drinking out in Britain is becoming more and more of a luxury, so people who are doing it care more about quality than they do about quantity,” Rowell told Reuters. “They are not going out to get drunk, but to socialise.”
($1 = 0.7464 pounds)
Additional reporting by Dominique Vidalon in Paris, Richa Naidu in Chicago, Andrey Khalip in Lisbon and Sonya Dowsett in Madrid; Editing by Pravin Char
| ashraq/financial-news-articles | https://in.reuters.com/article/beverages-aperitifs/aperitif-anyone-spirits-firms-chase-cocktail-for-growth-idINKCN1IQ1UI |
BRANFORD, Conn., May 07, 2018 (GLOBE NEWSWIRE) -- Thetis Pharmaceuticals LLC (“Thetis”), a biopharmaceutical company developing first-in-class, immuno-resolving small molecule drugs to treat inflammatory bowel disease (IBD), announced today that Brian E. Harvey, MD, PhD, has joined the company as Senior Medical Director.
FDA & Industry Veteran Brian E. Harvey, MD, PhD, Joins Thetis Pharmaceuticals as Senior Medical Director
“Our lead drug candidate TP-317 is a promising new therapeutic option for ulcerative colitis patients with mild-to-moderate disease as an alternative to escalation to biologics and other aggressive, immunosuppressive drugs. Dr. Harvey has extraordinary skill and experience as a regulator, clinician and industry executive, and will provide important leadership to move our program into clinical investigation. At FDA, he led the regulatory review and approval of important IBD products including Humira, Remicade and Lialda, enabling him to provide unique insight in this space,” said Gary Mathias, Chief Executive Officer.
Dr. Harvey commented, “I believe TP-317 has the potential to fundamentally change the IBD treatment paradigm. There is a high unmet medical need for safe, oral therapies to treat ulcerative colitis patients who are not well controlled on mesalamine, as an alternative to immunosuppressive agents. TP-317 represents a mechanistically novel approach that is based on activating innate pathways to resolve inflammation and promote mucosal healing, a major emerging focus of IBD medical management.”
About Brian Harvey
Dr. Harvey brings to Thetis three decades of extensive experience as a clinician, regulator, pharmaceutical executive and patient advocate. Most recently, Dr. Harvey served as Vice President of U.S. Regulatory Strategy at Pfizer, with a key role in designing the successful Phase III pivotal trial for Xeljanz® for the treatment of ulcerative colitis. As Vice President of U.S. Regulatory Policy at Sanofi-Aventis, he established the company’s FDA Liaison Office and procedures for agency interactions. Prior to joining industry, Dr. Harvey worked at the U.S. Food & Drug Administration (FDA), most recently as Director of the Division of Gastroenterology Products, where he oversaw the review of important IBD drug and biological products. Throughout his FDA career, Dr. Harvey remained a practicing clinician at Anne Arundel Medical Center in Annapolis, Maryland. He completed his Gastroenterology Fellowship at Johns Hopkins and Internal Medicine Residency at Beth Israel Hospital-Harvard.
About Thetis
Thetis is a biopharmaceutical company developing novel immuno-resolving therapies for the treatment of IBD. Leveraging its proprietary HEALER™ technology platform, Thetis unlocks the robust pharmacology of endogenous bioactive lipids, overcoming the stability, manufacturing, formulation and patentability hurdles that have limited their development as pharmaceutical agents. Thetis’ lead drug candidate, TP-317, is a proprietary new molecular entity that delivers Resolvin E1, an endogenous lipid autacoid that offers a new approach to IBD treatment based on promoting inflammation resolution and mucosal healing. TP-317 has the potential to be a safe, oral therapy for induction and maintenance of remission in ulcerative colitis patients that are not well controlled with first-line therapy, as an alternative to aggressive immunosuppressive agents.
For more information, please visit Thetis Pharmaceuticals’ website ( www.thetispharma.com ) and follow Thetis on Twitter (@thetispharma).
Contact Information
Aaron Mathias, Director of Business Development
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/495f8b3d-9469-4353-9d44-5fc46a43d4f9
Source:Thetis Pharmaceuticals LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-fda-industry-veteran-brian-e-harvey-md-phd-joins-thetis-pharmaceuticals-as-senior-medical-director.html |
SHANGHAI/BEIJING (Reuters) - China will steeply cut import tariffs for automobiles and car parts, opening up greater access to the world’s largest auto market amid an easing of trade tensions with the United States.
FILE PHOTO: Visitors pass by a booth with long wheelbase BMW X1 xDrive25Li displayed during the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo Import tariffs will be cut to 15 percent from 25 percent for most vehicles from July 1, the Ministry of Finance said on Tuesday, adding that this was part of efforts to open up China’s markets and spur development of the local auto sector. A small number of imported trucks are taxed at 20 percent currently.
Import tariffs for auto parts would be cut to 6 percent from mostly around 10 percent, the ministry said in a statement.
The move will be a major boost to overseas carmakers, especially helping premium brands such as Germany’s BMW ( BMWG.DE ), electric car maker Tesla Inc ( TSLA.O ) and Daimler AG’s ( DAIGn.DE ) Mercedes-Benz close a price gap on local rivals.
“Benefits are huge for our business, especially Infiniti,” said a Yokohama-based executive at Nissan Motor Co Ltd ( 7201.T ) referring to the Japanese firm’s premium car brand.
Another executive at the firm’s Chinese joint venture said it was “great news” but that the biggest beneficiaries would likely be German luxury carmakers, which also include Volkswagen AG’s ( VOWG_p.DE ) Porsche and Audi ( NSUG.DE ) brands.
“That’s just because of the volume of imported cars they sell,” the person said, asking not to be named.
Nissan did no respond to a request for comment.
Toyota Motor Corp ( 7203.T ) said it would adjust retail prices for imported cars that benefited from the lower tariffs to provide Chinese consumers with “competitive” products.
BMW said it would look at its prices and said the move was a “strong signal that China will continue to open up”, while Audi said it welcomed the “further liberalization and opening” of the Chinese market.
A Shanghai-based spokesman for Ford Motor ( F.N ) said the U.S. carmaker welcomed the new tariff policies, but declined to comment further.
China’s high tariff on vehicles - versus a 2.5 percent U.S. levy - has been a key focus of U.S. President Donald Trump’s administration amid a simmering trade standoff between Washington and Beijing.
Trump has said the 25 percent tariff amounted to “stupid trade”, while auto industry leaders such as Tesla’s Elon Musk have said that Chinese restrictions on foreign auto makers created a skewed playing field.
China and the United States, however, made a breakthrough in trade talks after negotiations in Washington last week, stepping back from the brink of a global trade war and agreeing to hold further talks to boost U.S. exports to China.
Additional reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-autos-tariffs/china-to-cut-tariffs-for-cars-auto-parts-from-july-1-idUSKCN1IN0UW |
May 14 (Reuters) - Refuge Biotechnologies:
* REFUGE BIOTECHNOLOGIES FILES TO SAY IT HAS RAISED $10 MILLION IN EQUITY FINANCING FROM A TOTAL OFFERING AMOUNT OF $25 MILLION - SEC FILING Source text : [ bit.ly/2rEZTi2 ]
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May 11, 2018 / 4:36 PM / Updated 35 minutes ago London bans junk food ads on public transport to fight child obesity Reuters Staff 3 Min Read
LONDON (Reuters) - London plans to ban junk food advertising on its entire public transport network to tackle child obesity, which is among the highest in Europe, Mayor Sadiq Kahn said on Friday. A train passes an advertisement for a food delivery company at Green Park underground station in London, Britain, May 11, 2018. REUTERS/Toby Melville
Almost 40 percent of children aged 10 and 11 in London are overweight or obese, according to research compiled for Britain’s parliament.
“Child obesity in London is a ticking timebomb and I am determined to act. If we don’t take bold steps against it we are not doing right by our young people as well as placing a huge strain on our already pressurised health service,” Kahn said in a statement.
The ban will target food retailers with products deemed high in fat, salt or sugar such as McDonald’s. An electronic advertisement for a McDonalds food is seen at a bus stop on Oxford Street in London, Britain, May 11, 2018. REUTERS/Toby Melville
McDonald's here has long been fighting perceptions that it encourages children to eat unhealthily. In 2011, it won a U.S. lawsuit allowing it to continue including toys in Happy Meals.
Coca Cola and Pepsi here - as part of the American Beverage Association - faced scrutiny during the same year following a U.S. campaign to bring awareness to the potential health concerns associated with sugar sweetened drinks. An electronic advertisement for a McDonalds food is seen at a bus stop on Oxford Street in London, Britain, May 11, 2018. REUTERS/Toby Melville
Food and drink advertising contributed around 20 million pounds ($27 million) to Transport for London’s revenue during the 2016-17 financial year.
A spokesperson from the mayor’s office said :”About two thirds of this comes from high fat, salt and sugar, food and drink.”
The National Centre for Social Research and Cancer Research UK found advertising of unhealthy foods – particularly when aimed at children – creates extra pressure on children and families when it comes to choosing what to eat and drink.
“I want to reduce the influence and pressure that can be put on children and families to make unhealthy choices,” Kahn said. “I’m determined to do all I can to tackle this issue with the powers I have and help Londoners make healthy food choices for themselves and their children.”
The plans are a key part of the mayor’s draft London Food Strategy and echo initiatives that have been introduced in Amsterdam this year.
Khan said: “The government needs to step up and join this fight against child obesity.” Reporting by Coran Elliott; Editing by Georgina Prodhan and Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-junkfood/london-bans-junk-food-ads-on-public-transport-to-fight-child-obesity-idUKKBN1IC22Y |
May 24, 2018 / 12:35 PM / Updated 3 hours ago Cricket-Pakistan make early inroads as England toil at Lord's Ed Osmond 2 Min Read
LONDON, May 24 (Reuters) - Pakistan’s fast bowlers skilfully exploited overcast conditions to leave England in trouble at 72 for three at lunch on the first day of the opening test at Lord’s on Thursday.
England captain Joe Root won the toss but Mark Stoneman, Root himself and Dawid Malan fell cheaply to the Pakistan seamers as the touring side started the two-match series strongly.
Alastair Cook survived to reach 46 not out at the interval with Jonny Bairstow on 10 and England, coming off a heavy Ashes defeat in Australia and a rare series loss to New Zealand, will need those two to push on if they are to post a good total.
Stoneman’s unconvincing international career continued when he was bowled by Mohammad Abbas for four, beaten as he tried to drive a full-length delivery which clipped the top of his off stump.
Root, who could have been run out before he had scored, played cautiously to get to four before driving rashly at a wide ball from Hasan Ali and nicking a catch to wicketkeeper Sarfraz Ahmed.
Malan was also caught by Sarfraz off Hasan for six, trapped half forward by a fine delivery which found the outside edge of his bat to leave England reeling at 43 for three.
Cook, needing a big score in his 155th test after a poor run of form, struck nine crisp fours all around the wicket but he was troubled several times by the disciplined Pakistan attack who bowled a tight line and length. (Reporting by Ed Osmond; Editing by Ken Ferris) | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-test-eng-pak/cricket-pakistan-make-early-inroads-as-england-toil-at-lords-idUKL5N1SV4SX |
CALGARY, Alberta, May 10, 2018 (GLOBE NEWSWIRE) -- InPlay Oil Corp. (TSX:IPO) (OTCQX:IPOOF) (“InPlay” or the “Company”) announces its financial and operating results for the three months ended March 31, 2018. InPlay’s condensed unaudited interim financial statements and notes, as well as management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2018 will be available shortly on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and our website (“www.inplayoil.com”).
Financial and Operating Highlights
(CDN) ($000’s) (except per share figures) Three months ended
March 31 2018 2017 Financial (CDN$) Oil and natural gas sales 19,909 15,149 Adjusted funds flow from operations (1) 7,938 6,096 Per share – basic and diluted 0.12 0.10 Per boe 19.98 17.56 Net Income 3,295 1,010 Per share – basic and diluted 0.05 0.02 Exploration and Development Capital expenditures 13,546 9,511 Net Property (dispositions) (4,321 ) (16 ) (Net Debt) (1) (53,407 ) (37,987 ) Shares outstanding 67,886,619 62,396,169 Basic & Diluted weighted-average shares 67,886,619 62,396,169 Operational Daily production volumes Crude oil (bbls/d) 2,711 2,191 Natural gas liquids (bbls/d) 411 343 Natural gas (Mcf/d) 7,758 7,950 Total (boe/d) 4,415 3,859 Realized prices Crude Oil & NGLs ($/bbls) 65.45 57.66 Natural gas ($/Mcf) 2.18 2.79 Total ($/boe) 50.11 43.62 Operating netbacks ($ per boe) (1) Oil and Gas sales 50.11 43.62 Royalties (5.01 ) (4.56 ) Transportation expense (0.79 ) (0.75 ) Operating costs (15.98 ) (15.44 ) Operating Netback (prior to realized derivative contracts) 28.33 22.87 Realized gain (loss) on derivative contracts (2.72 ) 0.38 Operating Netback (including realized derivative contracts) 26.61 23.25
(1)
“Adjusted funds flow from operations”, “Net Debt”, “Operating netback per boe” and “Operating netback” do not have a standardized meaning under international financial reporting standards (“IFRS”) and GAAP. “Adjusted funds flow from operations” adjusts for decommissioning obligation expenditures and net change in operating non-cash working capital from net cash flow provided by operating activities. Please refer to Non-GAAP Financial Measures and BOE equivalent at the end of this news release. Message to Shareholders:
We are pleased to present InPlay’s financial and operating results for the three months ended March 31, 2018.
InPlay’s first quarter capital program was directed towards its Willesden Green bioturbated Cardium assets where we are seeing some of the most productive results from Cardium light oil wells in Alberta. This capital program assisted in positioning InPlay as one of the highest growth light oil focused junior oil and gas Companies, with light oil and liquids comprising approximately 71% of our first quarter production and 93% of our total revenues. The $13.5 million development capital program was expended over the quarter, net of $4.3 million in net proceeds from acquisition and disposition activities, resulting in record average quarterly production of 4,415 boe/d and operating income of $11.3 million.
Q1 2018 Financial & Operating Highlights:
Total production is up 14% to 4,415 boe/d compared to the first quarter of 2017, within annual average 2018 guidance of 4,400 – 4,500 boe/d. Total oil and liquids weighting also increased to 71% from 65% entirely attributable to light oil growth over the same respective periods.
Light oil production of 2,711 bbl/day is a 24% increase over the first quarter of 2017 and an eight percent increase over the fourth quarter of 2017, reflecting focused development of our light oil weighted Cardium assets.
Development in Willesden Green resulted in area production growth of approximately 175% to over 2,200 boe/day in the first quarter of 2018 compared to December 2016 with light oil and liquids weighting increasing to 77% from 58%.
Revenues increased 31% from the first quarter of 2017 to $19.9 million (93% derived from light oil and liquids). Light oil revenues in the first quarter increased 40% over the first quarter of 2017 to $16.9 million also tracking the focused development of our light oil weighted Cardium assets.
Operating income of $11.3 million, represents a 42% increase over the first quarter of 2017 with a corresponding 24% increase in operating netback to $28.33/boe. First quarter 2018 operating income represents an 11% increase over the fourth quarter of 2017 with a resulting eight percent increase in operating netbacks.
Adjusted funds flow from operations of $7.9 million ($0.12 per basic share and $0.48 per basic share annualized) representing a 30% increase over the first quarter of 2017.
Net income for the first quarter was $1.4 million, a 38% increase over the first quarter of 2017.
Closed the disposition of a non-core gas plant facility for proceeds of $10 million.
Acquired 6,059 net acres and an additional 50 net tier 1 potential drilling locations identified by management in Willesden Green for consideration of $5.7 million.
InPlay executed on an active first quarter 2018 capital program, with $13.5 million of development capital focused on the Willesden Green bioturbated Cardium where we drilled 2 (1.2 net) extended reach horizontal wells and 4 (2.6 net) one-mile horizontal wells. Production based on field estimates from the quarter’s extended reach horizontal wells delivered an average IP30 rate of 538 boe/d (88% light oil and liquids) and delivered an average IP60 production rate of 474 boe/d (88% light oil and liquids). The one mile wells came on later in the quarter delivering an average IP30 production rate of 298 boe/d (91% oil and liquids). In aggregate, InPlay drilled and completed an equivalent of 7.5 gross (4.9 net) horizontal miles.
The Company closed the disposition of a natural gas facility and associated infrastructure for $10 million in gross proceeds, where only 14% of the throughput of this facility was utilized by InPlay. The facility, which was located in a non-core area to InPlay, was sold for over 13 times net operating income. We also closed strategic Cardium asset acquisitions in the Willesden Green area for a total cost of $5.7 million (including adjustments). These acquisitions significantly added to our Willeden Green core area with 6,059 net acres of land (a 31% increase) and a potential drilling inventory of over 50 net tier 1 horizontal locations identified by management (a 64% increase) in the bioturbated zone where some of the highest light oil returns in Western Canada are being generated with average initial production ratios of over 85% light oil and liquids. These newly acquired lands are contiguous with the recent strong drilling results achieved by InPlay, and other industry operators surrounding these lands delivering results which are exceeding our forecasted type curve estimates. InPlay plans to begin drilling on these lands late in the second quarter and into the second half of 2018.
Outlook
The steps InPlay has taken throughout 2017 and into 2018, including the completion of multiple strategic tuck-in Willesden Green acquisitions, Crown land sale acquisitions predominantly in the East Basin Duvernay area, a flow-through share financing, the non-core facility divestiture and the focused shift in capital to Willesden Green, positions InPlay as a sustainable long-term Company with two exciting light oil plays in the Cardium and the East Duvernay light oil shale play while maintaining solid financial flexibility. The Willesden Green property will be actively developed as our current growth area over the near term, while the Duvernay play is expected to be developed at a more measured pace. Competitor activity in the Duvernay in close proximity to our lands continues to demonstrate very encouraging results as completion techniques evolve. Our long tenure Crown land holdings provide us time, favorable royalty rates and allows us the flexibility to track industry developments in the area as we plan toward developing the play in order to maximize its profitability.
The remainder of 2018 will see approximately 6–7 net additional Cardium horizontal wells drilled. The Willesden Green area is planned to comprise, at a minimum, 80% of budgeted development capital for the year and will include additional extended reach horizontal wells. Completion of our first Duvernay horizontal well is expected to be the highlight in the second quarter and we would expect results by the middle to the end of the third quarter as peak production typically occurs in the first two to four months. Approximately $5.0 million of 2018 capital will be directed towards this activity on the Company’s Duvernay play.
We reiterate our forecasted 2018 production guidance to average between 4,400 – 4,500 boe/d (72% light oil and liquids) and 2018 exit production of 4,800 – 4,900 boe/d (73% light oil and liquids). Capital expenditures are expected to track approximate funds flow for the year with a targeted net debt to annualized fourth quarter adjusted funds flow ratio of approximately 1.2 times.
Given InPlay’s significant exposure to light oil prices, the Company is following the ongoing strength in the crude oil commodity market. A continuation of current crude oil commodity prices at the levels we have seen to date, above our budgeted USD $60.00 WTI, may provide ample capacity for InPlay to potentially expand its capital program in the second half of 2018.
InPlay’s capital program for the year will continue to be focused on properties that are expected to provide top tier returns and increase overall corporate light oil production and cashflow from operations.
We are very excited about InPlay’s growth and development potential going forward given the land and asset positions we have assembled in the Willesden Green and Pembina Cardium, as well as the East Basin Duvernay. With these high return, top quartile operating netback assets and our financial flexibility, we expect to be able to deliver a focused and meaningful development program delivering sustainable per-share growth for shareholders.
We thank our employees and directors for their ongoing commitment and dedication and we thank all of our shareholders for their continued interest and support. We look forward to reporting our upcoming results to our shareholders.
For further information please contact:
Doug Bartole
President and Chief Executive Officer
InPlay Oil Corp.
Telephone: (587) 955-0632 Darren Dittmer
Chief Financial Officer
InPlay Oil Corp.
Telephone: (587) 955-0634 Reader Advisories
Non-GAAP Financial Measures and Oil and Gas Metrics
InPlay uses certain terms within this news release that do not have a standardized prescribed meaning under GAAP and these measurements may not be comparable with the calculation of similar measurements of other entities. The terms “Adjusted funds flow from operations”, “Adjusted funds flow from operations per share”, “Adjusted funds flow from operations per boe”, “operating netbacks” , ”operating netback per boe”, “operating income” and “net debt” in this news release are not recognized measures under GAAP. Management believes that in addition to net earnings and cash flow provided by operating activities as defined by GAAP, these terms are useful supplemental measures to evaluate operating performance as it demonstrates its field level of profitability relative to current commodity prices and to assess leverage. “Adjusted funds flow from operations” should not be considered as an alternative to or more meaningful than cash provided by operating activities as determined in accordance with GAAP as an indicator of the Company’s performance. InPlay’s determination of adjusted funds flow from operations may not be comparable to that reported to other companies. Adjusted funds flow from operations is calculated by adjusting for changes in operating non-cash working capital and decommissioning expenditures from cash flow provided by operating activities. These items are adjusted from cash flow provided by operating activities as these expenditures are primarily incurred on previous operating assets and there is uncertainty with the timing and payment of these items and they are incurred on a discretionary basis making them less useful in the evaluation InPlay’s operating performance. Adjusted funds flow from operations per share is calculated using the same weighted average number of shares outstanding used in calculating earnings per share. Users are cautioned, however, that these measures should not be construed as an alternative to net earnings or cash flow provided by operating activities determined in accordance with GAAP as an indication of InPlay’s performance. For a detailed description of InPlay’s method of the calculation of adjusted funds flow from operations and its reconciliation to GAAP terms, see “Non-IFRS Measures” in the Company’s MD&A filed on Sedar. The term “net debt” is not recognized under GAAP and is calculated as bank debt plus working capital deficiency adjusted for risk management derivative contract fair values, deferred lease credits, flow-through share premiums and current portion of decommissioning obligation. Net debt is used by management to analyze the financial position and leverage of InPlay. InPlay monitors working capital and net debt as part of its capital structure. Such terms do not have a standardized meaning prescribed by GAAP and, therefore, may not be comparable with the calculation of similar measures for other entities. InPlay also uses “operating netback” and “operating netback per boe” as a key performance indicator. Operating netback per boe is utilized by InPlay to evaluate the operating performance of its petroleum and natural gas assets, and is determined by deducting royalties and operating and transportation expenses from petroleum and natural gas revenue (all on a per boe basis). Operating Income provides the total income provided by operating activities over the period and is determined by deducting royalties and operating and transportation expenses from petroleum and natural gas revenue
Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare InPlay's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes. Test results and initial or short term production rates disclosed herein may not necessarily be indicative of long term performance of ultimate recovery. Initial production rates disclosed herein, particularly those short in duration, may not be indicative of long term performance or of ultimate recovery.
Forward-Looking Information and Statements
This news release contains certain forward–looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the volume and product mix of InPlay's oil and gas production; production estimates including 2018 annualized and exit forecasts, targeted production growth; future oil and natural gas prices and InPlay's commodity risk management programs; future liquidity and financial capacity; future results from operations and operating metrics including forecasts of operating netbacks, adjusted funds flow, cash flow and net debt ratios; future costs, expenses and royalty rates; future interest costs; the exchange rate between the $US and $Cdn; future development, exploration, acquisition, development and infrastructure activities and related capital expenditures, including our 2018 capital budget and the potential expansion thereof, and the timing thereof; the number of wells to be drilled, completed and tied-in and the timing thereof; the amount and timing of capital projects; the resource potential of our Duvernay play; and methods of funding our capital program. Forward-looking statements or information are based on a number of material factors, expectations or assumptions of InPlay which have been used to develop such statements and information but which may prove to be incorrect. Although InPlay believes that the expectations reflected in such or information are reasonable, undue reliance should not be placed on because InPlay can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which InPlay operates; the timely receipt of any required regulatory approvals; the ability of InPlay to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which InPlay has an interest in to operate the field in a safe, efficient and effective manner; the ability of InPlay to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and the ability of InPlay to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which InPlay operates; the ability of InPlay to successfully market its oil and natural gas products.
The forward-looking information and statements included herein are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; the potential for variation in the quality of the reservoirs in which we operate; changes in the demand for or supply of our products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of InPlay or by third party operators of our properties, increased debt levels or debt service requirements; inaccurate estimation of our oil and gas reserve and resource volumes; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in InPlay's disclosure documents. The forward-looking information and statements contained in this news release speak only as of the date hereof and InPlay does not assume any obligation to publicly update or revise any of the included or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
BOE equivalent
Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.
Source:InPlay Oil Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-inplay-oil-corp-announces-first-quarter-2018-financial-and-operating-results-highlighted-by-a-24-percent-increase-in-light.html |
MOSCOW (Reuters) - Russian diamond miner Alrosa ( ALRS.MM ) may buy state-owned diamond polisher Kristall in 2018, Russia’s Deputy Finance Minister Alexei Moiseev said on Thursday.
FILE PHOTO: The logo of Russia's diamond producer Alrosa is seen at its headquarters in Moscow, Russia January 26, 2018. REUTERS/Diana Asonova/File Photo Alrosa, the world’s largest rough diamond producer by output, said previously it was “expedient” for it to buy Kristall when the state-owned company is privatised.
“Kristall will be sold at the market price and, of course, we are talking about the privatisation in favour of Alrosa,” Moiseev told reporters in Moscow.
Kristall, along with its smaller local competitors, has been hit by low profit margins in the gem-cutting sector and by strong competition from foreign polishers partially caused by Moscow’s decision to cancel an export duty on rough diamonds in 2016.
The deal may happen “significantly earlier than the end of this year,” Moiseev said. The government is currently assessing Kristall’s value and will make a final decision on its privatisation once this process is done.
State-controlled Alrosa sold almost 40 million carats of rough diamonds in 2017.
(This version of the story refiles to fix headline.)
Reporting by Diana Asonova; writing by Polina Devitt; editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-alrosa-kristall/russias-alrosa-may-buy-diamond-polisher-kristall-in-2018-finance-minister-idUSKCN1II2CH |
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