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SARAJEVO (Reuters) - Croatia on Tuesday issued a fresh tender to provide a ship-based import terminal for a planned liquefied natural gas (LNG) terminal on the island of Krk in the northern Adriatic, part of an EU drive to diversify away from Russian gas imports.
LNG Croatia, the firm behind the project, said the previous tender has been canceled because of the need to scale down the size of the project and its cost, but did not provide details.
The initial projected capacity of the terminal was 2.6 billion cubic meters of gas a year.
A June 8 deadline has been set for submitting bids for delivery of floating storage and regasification unit (FSRU), where LNG brought in by tanker is converted back to gas to feed into the grid, and its operation and maintenance, the company said on its website.
Local media have reported that few bids were submitted in the first round, although LNG Hrvatska has not given any official figures.
Croatia hopes the terminal will start operations in early 2020. The level of demand is likely to determine whether the project will go ahead.
The European Union has said it would finance 28 percent of the estimated value, or 101.4 million euros ($120.39 million). ($1 = 0.8422 euros)
Reporting by Maja Zuvela
| ashraq/financial-news-articles | https://www.reuters.com/article/us-croatia-energy-lng/croatia-seeks-fresh-bids-to-supply-future-lng-terminal-idUSKBN1I920C |
May 17 (Reuters) - Axon Enterprise Inc:
* AXON ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
* ANNOUNCED PRICING OF AN UNDERWRITTEN PUBLIC OFFERING OF SHARES OF ITS COMMON STOCK AT $53.00 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-axon-prices-underwritten-public-of/brief-axon-prices-underwritten-public-offering-of-common-shares-at-53-share-idUSASC0A2PW |
May 13, 2018 / 1:46 PM / Updated 7 hours ago Two British hostages in Congo released - Johnson Reuters Staff 1 Min Read
LONDON (Reuters) - Two Britons held hostage in Democratic Republic of Congo have been released, Britain’s foreign minister Boris Johnson said on Sunday. Britain's Foreign Secretary Boris Johnson leaves the Foreign Office in Westminster, London, Britain, April 26, 2018. REUTERS/Peter Nicholls
They were kidnapped on Friday while visiting the Virunga National Park.
“I pay tribute to the DRC authorities and the Congolese Institute for Nature Conservation for their tireless help during this terrible case,” Johnson said in a statement.
A park ranger was killed during the kidnapping, which took place near the village of Kibati just north of Goma. Reporting by Paul Sandle; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-congo-britain/two-british-hostages-in-congo-released-johnson-idUKKCN1IE0MB |
Political turmoil in Italy sends global markets lower 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/political-turmoil-in-italy-sends-global-markets-lower.html |
If you’re wearing jeans right now, there’s a good chance they weren’t designed for the 21st century. But rest assured that someone has addressed that.
Luxury denim company 3×1 and fashion designer Joe Doucet have partnered on a reimagined pair of jeans designed for the “21st century life.” In a blog post on his site, Doucet said that he and 3×1 believe the current jeans design is “a piece of 19th-century technology designed for workmen.” So, he’s updated jeans “technology to accommodate how we work and live today.”
First things first, Doucet and 3×1 converted the jeans pockets from denim to a microfiber that’s designed to be soft and won’t scratch your smartphone’s screen when it’s in your pocket. The coin pocket has also been enlarged on the newly designed jeans so it can accommodate credit cards. Better yet, the coin pocket is made from an “RFID blocking fabric” so no one with the proper tools can walk by you and steal your credit card information through radio frequencies.
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As you might be wearing the jeans while you walk at night, they also come with an 8-inch strip on the back leg. When you cuff them, the strip will be revealed and light will reflect off the jeans, so drivers can see you while you walk along the road.
Jeans, of course, are commonplace. But little has changed in their design over the years. Meanwhile, 3×1 and Doucet argue, our lives have changed and we’re now using different devices and payment methods to communicate. The new jeans design reflects that.
The 21st century jeans—which feature stretch selvedge denim from Kurabo, Japan for improve comfort—are available both men and women in slim and straight-fit designs. The jeans will be sold exclusively at 3×1’s retail store in New York City’s retail-heavy SoHo district and on the company’s website. The jeans cost $395. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/joe-doucet-jeans-millennials/ |
May 11 (Reuters) - Avalara Inc:
* AVALARA INC FILES FOR IPO OF UP TO $150 MILLION – SEC FILING
* SAYS IT INTENDS TO APPLY TO HAVE ITS COMMON STOCK LISTED ON NEW YORK STOCK EXCHANGE UNDER THE SYMBOL “AVLR”
* SAYS GOLDMAN SACHS & CO. LLC, J.P. MORGAN, BOFA MERRILL LYNCH ARE AMONG UNDERWRITERS TO IPO
* SAYS JMP SECURITIES, KEYBANC CAPITAL MARKETS, STIFEL ARE AMONG UNDERWRITERS TO IPO
* SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE Source text - ( bit.ly/2KOpEVb )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-avalara-inc-files-for-ipo-of-up-to/brief-avalara-inc-files-for-ipo-of-up-to-150-mln-idUSEMN1U3F3V |
0 COMMENTS French businessman Vincent Bolloré in Paris on April 19, 2018. Mr. Bolloré denies bribery allegations made against him by French prosecutors. Photo: REUTERS/Charles Platiau
This is a weekly commentary by external experts.
French police took billionaire businessman Vincent Bolloré into custody on April 24 as part of a bribery investigation involving his family holding company, Bolloré Group. Prosecutors then brought preliminary bribery charges against Mr. Bolloré for alleged payments to politicians in Togo and Guinea.
The company issued a statement on April 24 acknowledging it is under investigation for a claim it said was made by a former Bolloré Group employee who was sentenced to prison for “misappropriation of assets.” Bolloré Group said its former African subsidiary, SDV Africa, “did not engage in any illegal actions.”
Mr. Bolloré denied the allegations. The company issued a statement to The Wall Street Journal on behalf of Mr. Bolloré, saying: “Mr. Bolloré, who is presumed innocent, can finally have access to investigative files that he has never seen and respond to these baseless accusations.” Mr. Bolloré published an op-ed in a French newspaper on April 29 in which he didn’t comment directly about the investigation but argued for continued investment in Africa.
Three crisis-management experts evaluate the company’s public communications.
Peter LaMotte, senior vice president, Chernoff Newman: “Vincent Bolloré fails to provide anything other than a vehement denial in his public response to the ongoing investigation. Most crisis managers will suggest someone under investigation should express innocence along with a willingness to help exonerate themselves.
“What is lacking from Mr. Bolloré’s public statement is the presence of either contrition or assistance. His op-ed is written as a very public defense to a very closed-door investigation. Mr. Bolloré attempts to portray himself as the victim of the investigation and then depict his company’s efforts as the true and nobly motivated connection to African trade with France. Not only is it rare for a billionaire to elicit sympathy in these situations, but in such a high-profile investigation the self-congratulatory claims made by Mr. Bolloré may turn public sentiment against him.
“Meanwhile, Mr. Bolloré’s company takes a contradictory approach by burying their public response deep in their press page with the uninteresting title of “press release,” providing no description or detail. It is curious for such dissimilar approaches to be coming from such closely connected parties.”
Melissa Agnes, crisis management advisor, keynote speaker and author of “Crisis Ready”: “The communication objective at this point in the investigation is to instill and retain confidence and trust in the organization and its position in the market. As a public-facing statement, Bolloré Group’s press release was strong. It provided context and background color in a matter-of-fact, no-fluff tone of voice. In doing so the organization educated and provided pertinent information that helped to instill and retain trust and credibility in its processes and the ethicality of its business practices.
“While it’s important for strong public statements to be made and for all messaging to be consistent, the real crisis management in terms of maintaining relationships and trust in the organization depends on the actions the company is taking behind the scenes to communicate one-on-one with its investors, employees and other key stakeholders.
“As for the op-ed by Vincent Bolloré, this was an interesting strategy. It came across as having been written by a man who is reflective and discouraged by the state of these current affairs and the long-term impact they threaten to have on the relationship between France and Africa. It was a bold move–and because of its seemingly transparent tone it helped to further instill credibility in the company’s position of innocence.”
Adonis E. Hoffman, chairman and chief executive, the Advisory Counsel Inc.: “Saving Africa is a long-held notion popular with the French in keeping with its post-colonial role in African business and government. Thus it is not surprising to see Mr. Bolloré rely on this argument.
“Mr. Bolloré adeptly recounts the economic challenges facing Africa, including a legacy of corruption and poor governance. He tacitly acknowledges his business could be erroneously construed as part of the problem. He distinguishes his actions from others, citing decades of involvement and investment in two of Africa’s poorest countries–ultimately at great expense.
“The France-as-African-savior argument resonates better in Europe and Asia than in America, where our laws are stricter and less favorable to dalliances with dictators in developing countries. Nevertheless, Mr. Bollore’s appeal to the conscience of the world to not abandon Africa has some integrity.
“Whether that is sufficient to absolve him from blame is the question. Mr. Bollore’s op-ed could have conveyed the message much more clearly. Ultimately, Mr. Bolloré has great credibility based on the success and longevity of his ventures but his statements have not leveraged that goodwill.”
Write to Ben DiPietro at [email protected] , and follow him on Twitter @BenDiPietro1.
Share this: Africa Bolloré Group crisis of the week France Guinea Togo Vincent Bolloré Previous Corruption Currents: Iran Downplays Impact of Any New Sanctions Next : EU's Latest Export is Regulations Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Capital Allocation: Seeing the Value in a Value Architecture Internal power struggles, inconsistent metrics, and lack of accountability are just a few of the obstacles that can impede capital allocation decision-making. Adopting a “value architecture” can be an effective first step in improving the process, helping to align all stakeholders behind an agreed-upon project portfolio management strategy. Learn how a value architecture can help define the goals and KPIs for projects and provide a top-down portfolio view of financial, risk, and strategic issues.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/08/crisis-of-the-week-africa-allegations-aggravate-bollore/ |
May 3 (Reuters) - Haynes International Inc:
* HAYNES INTERNATIONAL, INC. REPORTS SECOND QUARTER FISCAL 2018 FINANCIAL RESULTS
* Q2 LOSS PER SHARE $0.17 * Q2 REVENUE $110.2 MILLION VERSUS I/B/E/S VIEW $105.8 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.04 — THOMSON REUTERS I/B/E/S
* BACKLOG OF $212.3 MILLION AT MARCH 31, 2018, AN INCREASE OF 3.2 PCT FROM $205.7 MILLION AT DECEMBER 31, 2017
* STRONGER MARKET PRICING LEVELS,HIGHER RAW MATERIAL MARKET PRICES SHOULD PROVIDE PRICING STRENGTH INTO SECOND HALF OF 2018
* EXPECTS Q3 REVENUE AND EARNINGS TO BE BETTER THAN THOSE OF Q2 OF FISCAL 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-haynes-international-reports-q2-lo/brief-haynes-international-reports-q2-loss-per-share-of-0-17-idUSASC09ZOP |
Taxes Secretary of State Mike Pompeo says 'bad deal' with North Korea 'not an option' for US Secretary of State Mike Pompeo says the U.S. is prepared to walk away from an upcoming summit with North Korean leader Kim Jong Un heads in the wrong direction. The summit between President Donald Trump and Kim is scheduled for June 12 in Singapore. "A bad deal is not an option," Pompeo said in his opening remarks for a House Foreign Affairs Committee hearing. Published 2 Hours Ago Andrew Harrer | Bloomberg | Getty Images Mike Pompeo, U.S. secretary of state.
U.S. Secretary of State Mike Pompeo said on Wednesday the United States is prepared to walk away from negotiations with North Korea if upcoming talks on its nuclear weapons program head in the wrong direction.
"A bad deal is not an option," Pompeo said in his opening remarks for a House Foreign Affairs Committee hearing. "The American people are counting on us to get this right. If the right deal is not on the table, we will respectfully walk away."
Pompeo said the U.S. campaign, with partners, to pressure on Pyongyang was bearing fruit. "Our posture will not change until we see credible steps taken toward the complete, verifiable and irreversible denuclearization of the Korean peninsula," he said.
During questioning, Pompeo said the United States had no intention of making concessions to Pyongyang in talks between President Donald Trump and North Korean leader Kim Jong Un scheduled for June 12 in Singapore .
Pompeo also addressed Iran's nuclear program, telling the hearing the Trump administration intends to work with "as many partners, friends and allies as possible" to stop what he described as all of Tehran's nuclear and non-nuclear threats.
Trump, a Republican, announced earlier this month that he would reimpose many sanctions on Iran lifted under a 2015 international nuclear agreement reached under his predecessor, Democratic President Barack Obama . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/pompeo-says-bad-deal-with-north-korea-not-an-option-for-us.html |
(Reuters) - World number one Simona Halep will face Elina Svitolina in a repeat of last year’s Italian Open final after recovering from a set down to beat Russian Maria Sharapova 4-6 6-1 6-4 in Rome on Saturday.
Tennis - WTA Premier 5 - Italian Open - Foro Italico, Rome, Italy - May 19, 2018 Ukraine's Elina Svitolina celebrates winning her semi final match against Estonia's Anett Kontaveit REUTERS/Tony Gentile Defending champion Svitolina put in a clinical performance earlier in the day to beat unseeded Estonian Anett Kontaveit 6-4 6-3 in the other semi-final.
Halep and Sharapova both made nervy starts, with neither able to hold serve until the seventh game, when the Russian finally managed to get her nose in front.
That proved to be the only hold of the first set, with Sharapova relinquishing her serve once more either side of breaking Halep to clinch the opener.
The Romanian came out stronger at the start of the second set, breaking Sharapova in the first game before holding service for the first time in the match to go 2-0 up.
She saved break points to extend her lead to 3-1 and then 5-1 before leveling the match.
Tennis - WTA Premier 5 - Italian Open - Foro Italico, Rome, Italy - May 19, 2018 Ukraine's Elina Svitolina celebrates winning her semi final match against Estonia's Anett Kontaveit REUTERS/Tony Gentile Both players exchanged breaks again at the start of the decider, before Halep held to go 2-1 up.
Sharapova surrendered a 30-0 lead on serve to allow Halep to extend her advantage to 3-1 before breaking back to reduce the deficit, but the Russian, who made 42 unforced errors and nine double faults, was unable to find a rhythm.
The pair exchanged breaks again before Sharapova finally held to tie things up at 4-4.
But Halep chose the right moment to turn in her most impressive service game, holding to love before breaking Sharapova for the 11th time to reach the final.
Slideshow (2 Images) SVITOLINA SEES OFF KONTAVEIT Earlier in the day, Ukrainian fourth seed Svitolina struck at key moments against Kontaveit in a display that bodes well for her chances at the French Open later this month.
Twenty-two-year-old Kontaveit offered stiff resistance, hitting 24 winners to Svitolina’s 18, but her opponent converted four of her five break-point opportunities while making seven fewer unforced errors in a contest of tight margins.
Svitolina started well, breaking early in the first set to go 2-0 up, but Kontaveit held her nerve to take the next three games and edge in front.
Svitolina responded well, though, and took the opener.
With Svitolina’s speed proving decisive, Kontaveit was forced to mix things up, but the baseliner’s touch deserted her at times in the second set, allowing the speedy Ukrainian to run down a couple of poorly disguised drop shots.
The world number four took an early break in the second set for a 2-1 lead, and went on to take the match on her opponent’s serve, converting her second match point with a deep forehand that left Kontaveit flailing.
Reporting by Simon Jennings in Bengaluru; Editing by Toby Davis, Neville Dalton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-rome-women/tennis-defending-champion-svitolina-sails-into-italian-open-final-idUSKCN1IK0I9 |
Cities These Subtle Psychological Hacks Keep Japan's Trains Running Smoothly Passengers board a train on the Toyoko line operated by Tokyu Corp. at Shibuya Station in Tokyo, Japan, on Tuesday, July 18, 2017. July 24 marks the first dry run of a 'Telework Day' encouraging people to work from home as the city gears up to host the 2020 Summer Olympics. Authorities are seeking ways to make room for 920,000 spectators expected to visit Tokyo each day during the games. Photographer: Tomohiro Ohsumi/Bloomberg via Getty Images Bloomberg Bloomberg via Getty Images By David Z. Morris May 27, 2018
Japan’s trains, including local commuter systems and longer-distance routes that span most of the country, are frequent objects of admiration for their speed, efficiency, and almost excessive timeliness . The system’s overall effectiveness depends in large part on Japan’s unique geography and some very smart alignment between transportation and real estate planning. But on a day-to-day (or minute-to-minute) basis, some fascinating psychological tricks also help keep things running smoothly.
According to CityLab , Japan’s trains rely heavily on so-called “nudge theory,” or small signals that almost unconsciously influence riders’ behavior, keeping foot traffic moving smoothly through crowded stations. These go well beyond the basics of clear boarding indicators , well-designed maps, and fully audible announcements—which too many U.S. transit systems already have trouble executing.
For example, Japanese train systems use calming melodies to signal departures instead of harsh buzzers, which studies have shown prevent injuries by keeping passengers from rushing. Slightly more Machiavellian is the use of ultrasonic sound, inaudible to older passengers, to disperse crowds of potentially disruptive teenagers.
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The use of subtle nudges also extends to train operators, who are expected to gesture with their hands and state any intended action out loud. That increases mental engagement and decreases operating errors.
Much more serious is the use of calming blue lights on certain parts of platforms, which have been shown to reduce suicide attempts by people jumping in front of trains. Suicide in general is a major social problem in Japan, and suicides by train also cause frequent, serious disruptions to the otherwise smoothly operating system.
Preventing small or large disruptions is crucial to the efficient functioning of mass transit—just ask any New Yorker who has ever boiled with rage when new passengers cram into a subway car without letting exiting riders off first. But for American supporters of mass transit, such refinements may take a back seat to the chronic underinvestment that has left systems including the New York subway and Amtrak an increasingly unsafe and inefficient mess. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/27/japan-trains-psychological-hacks/ |
Brad Watson and Barton Porter to Lead Chubb's Mid- and Large-Market Industry Segments, Respectively
David Barclay to Retire from Chubb in June
WHITEHOUSE STATION, N.J., May 31, 2018 /PRNewswire/ -- Chubb has strengthened its Energy Industry Practice with two new leadership appointments for the mid- and large-market segments.
Effective immediately, Brad Watson and Barton Porter have been named Energy Industry Practice Leaders for Chubb's mid- and large-market business lines, respectively. As practice leaders, they will look to further leverage Chubb's full suite of offerings to help companies mitigate a range of risks associated with exposures unique to the energy sector. In addition, Messrs. Watson and Porter will have responsibilities for managing and expanding relationships with key distribution partners.
In the mid-market energy segment, Mr. Watson will lead the full-range of underwriting for clients focused on mining, petroleum, power, renewable and alternative energy. Based in Dallas, he will report to Jim West, Executive Vice President, North America Industry Practice Leader.
Mr. Watson has more than 25 years of industry experience. Most recently he served as Chubb's Underwriting Manager for the Dallas region.
Mr. Watson succeeds David Barclay, who will retire as the company's mid-market Insurance Energy Practice Leader in June, after more than 36 years with Chubb.
"Chubb's Energy Industry Practice is a dynamic industry group that has excelled and prospered under David's leadership," said Jim West, Chubb's Executive Vice President, North America Industry Practice Leader. "With an emphasis on technical knowledge and long-term underwriting profit, David and his team have built strong relationships with key agents, brokers and clients. We thank David for his many years of contributions and wish him well during his well-deserved retirement."
For Chubb's large-market energy segment, Mr. Porter will coordinate the global portfolio of products and services of the company's large account Risk Management business for clients that are focused in the energy sector, including power generation, on and offshore upstream, midstream and downstream companies, including manufacturing and contracting companies that serve the energy sector.
Mr. Porter will access the company's broad array of industry leading offerings in the global primary casualty, excess casualty, financial lines, environmental and marine lines of business. Based in Houston, he will report to John Alfieri, Executive Vice President, North America Major Accounts Field Operations.
"Chubb has been a trusted, long-term solutions provider, helping global energy clients meet their risk management objectives for decades," said Mr. Alfieri. "Our Major Accounts division brings the necessary collaborative spirit to energy clients and their brokers that drive results one account at a time. With Barton's extensive industry experience and leadership we continue to be well positioned to provide clients with easy access to resources that are designed to help manage a variety of global exposures."
Mr. Porter has 35 years of property and casualty industry experience. Prior to joining Chubb in 2014 as Global Casualty, Senior Vice President, Underwriting Branch Manager, in Houston, he held a number of senior leadership positions at various brokerage firms.
About Chubb's Energy Industry Practice
Chubb has been a leader in offering state-of-the-art property and casualty insurance protection to energy companies for more than 30 years. Chubb's Energy Industry Practice is represented worldwide, with 48 offices in North America. To learn more about Chubb's mid- large-market energy practices, please click here.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at www.chubb.com .
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit www.chubb.com/ca .
View original content: http://www.prnewswire.com/news-releases/chubb-strengthens-energy-industry-practice-with-leadership-appointments-300655802.html
SOURCE Chubb | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-chubb-strengthens-energy-industry-practice-with-leadership-appointments.html |
‘Caution is going to be the word here,’ Wharton’s Jeremy Siegel says 2 Hours Ago Wharton finance professor Jeremy Siegel doesn’t see reasons to turn too positive on stocks this year. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/caution-is-the-word-here-whartons-jeremy-siegel-says.html |
Team Brunel win Leg 9 of Volvo Ocean Race 10:36am BST - 01:23
Team Brunel wins Leg 9 of the Volvo Ocean Race by just over four minutes from AkzoNobel to close the gap on overall leaders DongFeng ▲ Hide Transcript ▶ View Transcript
Team Brunel wins Leg 9 of the Volvo Ocean Race by just over four minutes from AkzoNobel to close the gap on overall leaders DongFeng Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GWyMUx | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/team-brunel-win-leg-9-of-volvo-ocean-rac?videoId=431376191 |
Bill Gates says he's 'obsessed' with this new website — here's why 51 Mins Ago "People from different continents, with the same income, are neighbors on Dollar Street," explains the site's co-creator, Anna Rosling Ronnlund, in a press release. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/bill-gates-is-obsessed-with-dollar-street-interactive-website.html |
FALLS CHURCH, Va., May 15, 2018 (GLOBE NEWSWIRE) -- The board of directors of Northrop Grumman Corporation (NYSE:NOC) declared a quarterly dividend of $1.20 per share on Northrop Grumman common stock, a 9 percent increase from the prior quarterly dividend of $1.10 per share. The dividend is payable June 20, 2018, to shareholders of record as of the close of business June 4, 2018.
“Our balanced capital deployment strategy continues to call for returning cash to our shareholders through dividends and share repurchases. Today’s dividend increase, in addition to January’s off-cycle increase, demonstrates our commitment to that strategy,” said Wes Bush, chairman and chief executive officer.
Northrop Grumman is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, strike, and logistics and modernization to customers worldwide. Please visit news.northropgrumman.com and follow us on Twitter, @NGCNews , for more information.
Contact:
Tim Paynter (Media)
703-280-2720
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Steve Movius (Investors)
703-280-4575
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Source:Northrop Grumman Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-northrop-grumman-increases-quarterly-dividend-9-percent-to-1-point-20-per-share.html |
May 18, 2018 / 5:19 AM / Updated 7 hours ago Private equity firms bet on stock market's fixer-uppers Joshua Franklin 6 Min Read
NEW YORK (Reuters) - Private equity firms, armed with a record $1 trillion in cash, are investing more in public companies than at any time since the financial crisis, buying those left behind in Wall Street’s nine-year bull market. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2018. REUTERS/Brendan McDermid/File Photo
It is a bet that buyout firms can spot listed companies’ potential that the stock market has been missing, and a sign of confidence in their ability to turn them around even as some of their shareholders have lost patience or faith in them.
“There are quite a few public companies that are maybe a little less exciting, maybe have made some missteps or just simply have a bit of a more complex story,” said Scott Kleinman, co-president of Apollo Global Management LLC.
“As a result, they haven’t seen their valuations move at all like the general story of the market.”
Apollo last year raised a record $24.6 billion for a private equity fund and has taken several companies private in recent years.
As cheap private deals get scarce, underpriced listed companies offer an alternative. Such bets can be risky, though, because a stock’s underperformance may reflect deep-seated issues that private equity fund managers may struggle to resolve, such as emergence of new competitors in its market.
“To say the market is wrong is easy. To say that you know better is a totally different statement,” said Kevin Kaiser, senior director of the Wharton Alternative Investments Initiative and adjunct professor of finance at the Wharton School of the University of Pennsylvania.
Alex Slusky, founder and chief investment officer of Vector Capital, a private equity firm which says it targets “fallen angel” companies, agreed that identifying potential bargains was just a start.
“When approaching public-to-private transactions, private equity firms have to have a very clear thesis why companies should be in private hands.”
The last time buyout firms spent big on taking companies private was in the two years leading up to the financial crisis, when credit was cheap and plentiful, as it is now.
Several of these leveraged buyouts, such as retailer Toys R Us and casino operator Caesars Entertainment, ended up in bankruptcy, succumbing to the downturn and the heavy debt load private equity firms saddled them with.
So-called take-private deals worldwide reached a decade high of $109 billion last year, according to data provided to Reuters from industry tracker Preqin.
In the first quarter of this year, such deals totaled $12 billion, the heftiest amount for an opening quarter in the last five years. FILE PHOTO: A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., May 14, 2018. REUTERS/Lucas Jackson/File Photo
Among the biggest take-private deals of this year so far are buyout firm Hellman & Friedman LLC’s $3 billion acquisition of U.S. investment adviser Financial Engines Inc, a company dogged by investor fears over its competitive footing, and Silver Lake’s $3.5 billion purchase of U.S. prepaid payments network operator Blackhawk Network Holdings Inc, whose stock price was hit by soft U.S. demand for physical gift cards.
“There’s a pool of assets out there that, despite what you read and see about the average multiples or the average increase of the stock market pricing, haven’t benefited from those increases but still are solidly performing assets,” said Hugh MacArthur, head of global private equity at consultancy Bain & Co.
For a graphic, click tmsnrt.rs/2IvT4pq IMPATIENT SHAREHOLDERS
In fact, according to S&P Global Market Intelligence’s Leveraged Commentary & Data service, U.S. take-private deals last year cost buyout firms slightly less in terms of earnings multiples than other types of private equity deals, for only the second time in at least 11 years. While take-private deals cost on average 9.6 times earnings before interest, tax, depreciation and amortization, that ratio was 9.8 for other deals.
(Graphic: tmsnrt.rs/2jWirpL )
Helping private equity firms clinch bargains are impatient shareholders. Activist hedge funds, which have gained influence in recent years, can act as catalysts in companies deciding to go private, investment bankers say.
“The activist investor agenda heightens the sense that, if you’re a laggard for a long time on the public market, what do you do?” said Brad Coleman, chairman of Citi’s asset managers group. “The markets are less patient, boards are less patient, management teams are worried.”
Private equity executives say what sets them apart from stock market investors, who buy relatively small stakes in companies without taking over, is their ability to price their chances of turning companies around, and then work they do to achieve this.
While it takes years to assess the financial performance of private equity deals, especially those that rely on major turnarounds, there are signs that at least some of the latest take-private deals may be challenging to turn into home runs.
When Apollo bought U.S. home security company ADT Inc in May 2016 and merged it with another small peer it owned, Protection 1, the combined company was worth $15 billion, including debt.
Apollo has since taken ADT public, yet its value has barely risen to just under $16 billion because investors fret over its ability to withstand pressure from new entrants in the home security sector such as Amazon.com Inc.
Still, during Apollo’s first-quarter earnings call earlier this month its co-founder Joshua Harris said ADT, in which Apollo still holds an 85 percent stake, remained a great investment and would eventually pay off. Reporting by Joshua Franklin; Editing by Greg Roumeliotis and Tomasz Janowski | ashraq/financial-news-articles | https://www.reuters.com/article/us-privateequity-public/private-equity-firms-bet-on-stock-markets-fixer-uppers-idUSKCN1IJ0DF |
May 27, 2018 / 3:19 PM / Updated an hour ago Ricciardo takes tense Monaco win on Red Bull's 250th Alan Baldwin 4 Min Read
MONACO (Reuters) - Daniel Ricciardo brought back memories of Formula One great Michael Schumacher in his prime on Sunday as the Australian nursed a wounded Red Bull to Monaco Grand Prix victory in the team’s 250th race. Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 27, 2018 Red Bull’s Daniel Ricciardo celebrates winning the race with Lewis Hamilton who finished in third while Prince Albert II of Monaco and Charlene, Princess of Monaco look on REUTERS/Benoit Tessier
Winning from pole position for the first time in his career, Ricciardo drove for nearly two thirds of the race — some 50 laps — with a car down on power due to problems that emerged on lap 28.
Ferrari’s Sebastian Vettel, last year’s race winner, finished second — easing off towards the finish to save the tyres — to cut Lewis Hamilton’s overall lead to 14 points after six of 21 rounds.
Hamilton, the reigning world champion, was third for Mercedes.
“You have done an amazing job today,” team boss Christian Horner said after Ricciardo took the chequered flag 7.3 seconds clear of Vettel for his second win of the season and seventh of his career.
“That is right up there with what Schumacher did in 1995 and this is payback for 2016.”
Ricciardo’s only previous pole had been in Monaco two years ago, when he lost out to Hamilton on strategy and finished runner-up. Schumacher won in Belgium in 1995 with a famously defensive drive on dry tyres in the wet.
“I had half the power it seemed and I felt like it was going to come to a stop,” said Ricciardo. “For a few seconds I just wanted to close my eyes and start crying.” Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 27, 2018 Red Bull’s Daniel Ricciardo celebrates winning the race with the trophy REUTERS/Benoit Tessier LOSS OF POWER
Ricciardo had made a clean start and, controlling the race, looked as much of a nailed-on certainty for victory as ever exists on Monaco’s treacherous metal-fenced streets.
And then he reported a loss of power.
“OK mate, we can see what’s going on,” his race engineer replied after a pause. “You just need to keep it smooth, keep focussed.”
“Will it get better?” enquired the Australian. “Negative,” came the reply.
From then on, Ricciardo — with Vettel looming in his rearview mirrors — was a model of consistency on a track where overtaking is a challenge for even the greatest of talents. For lap after lap, he kept the gap.
“Absolutely amazing, I don’t know how you did that, Daniel,” said engineer Simon Rennie.
“We had problems. We had a lot to deal with during the race. I felt a loss of power and I thought the race was done. I got home just using six gears,” Ricciardo told reporters later. “Thanks to the team. We got it back. I’m stoked. Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 27, 2018 Red Bull’s Daniel Ricciardo celebrates winning the race REUTERS/Benoit Tessier
“From two years ago I feel we got some redemption now, we can put 2016 behind us,” he added.
Vettel said it had been a tricky race and “Daniel had the answer at all times.”
A largely processional race — “boring” according to Hamilton, who said he would “have been asleep on the couch” if watching at home — saw a virtual safety car needed in the closing laps.
That was triggered by Sauber’s Monegasque driver Charles Leclerc, the first local F1 driver in 24 years to compete on his home streets, having piled into the back of New Zealander Brendon Hartley’s Toro Rosso at the tunnel exit.
Ferrari’s Kimi Raikkonen finished fourth, ahead of fellow Finn Valtteri Bottas for Mercedes.
French driver Esteban Ocon took his Force India to sixth place, ahead of compatriot Pierre Gasly in a Toro Rosso and Renault’s Nico Hulkenberg.
Ricciardo’s Dutch team mate Max Verstappen, who started last after crashing in Saturday’s final practice, stayed out of trouble and stood out for the right reasons with impressive overtakes to finish ninth.
Verstappen also set a race lap record with a one minute 14.260 second effort on lap 60, improving on Mexican Sergio Perez’s 2017 best of 1:14.820.
Ricciardo had already smashed the all-time track record repeatedly in practice before qualifying in 1:10.810.
Spaniard Carlos Sainz took the final point for Renault. Reporting by Alan Baldwin, editing by Christian Radnedge and Neil Robinson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco/ricciardo-wins-in-monaco-on-red-bulls-250th-start-idUKKCN1IS0JH |
CASTLE ROCK, Colo., May 07, 2018 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (OTCQB:WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced it will release its 2018 first quarter results before the market opens on Monday, May 14, 2018, and conduct a conference call the same day at 10:00 a.m. Mountain Time (12:00 p.m. Eastern).
Call-in numbers for the conference call:
Domestic Toll Free: 1-877-407-8289
International: 1-201-689-8341
Conference Code: 13679187
Phone replay:
A telephone replay of the conference call will be available through May 28, 2018, as follows:
Domestic Toll Free: 1-877-660-6853
International: 1-201-612-7415
Conference Code: 13679187
About Where Food Comes From, Inc.
Where Food Comes From, Inc. is America’s trusted resource for third party verification of food production practices. The Company supports more than 15,000 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands and restaurants with a wide variety of value-added services through its IMI Global, International Certification Services, Validus Verification Services, SureHarvest, A Bee Organic and Sterling Solutions units. In addition, the Company’s Where Food Comes From® retail and restaurant labeling program utilizes the verification of product attributes to connect consumers to the sources of the food they purchase through product labeling and web-based information sharing and education. Visit www.wherefoodcomesfrom.com for additional information.
Contact:
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044
[email protected]
Source:Where Food Comes From | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-where-food-comes-from-inc-schedules-2018-first-quarter-results-conference-call.html |
The biggest takeaway from Umesh Shukla’s “102 Not Out” is that Indian parents never seem to relinquish control of their children’s lives, no matter how old they get. Even if you are 100 years old and your son is a septuagenarian, there is no resisting the temptation to set his life right, because “daddy knows best”.
Handout still from the film "102 Not Out" Amitabh Bachchan plays Dattatreya Vakharia, the annoying parent in question, a 102-year-old man who wants to become the world’s oldest living person and has more enthusiasm than people half his age. His son Babulal (Rishi Kapoor) has not inherited these genes from his father, for he is the very embodiment of the elderly neighbourhood grouch. He has a perpetual scowl, is constantly worried about his health and doesn’t like his father’s devil-may-care attitude.But Dattatreya decides that if he has to fulfil his dream of living till 118, he could do without his son’s negativity, convinced it will shorten his lifespan. He serves Babulal an ultimatum - either lighten up or go live in an old-age home. A worried Babulal agrees, albeit reluctantly.Based on a Gujarati play of the same name, director Shukla makes no attempt to rework “102 Not Out” for the big screen. Scenes are staged like they would be in theatre, and there is no attempt to rise beyond the basic premise of the play. This is not Shukla’s first time adapting a play, but with “Oh My God!” (2012) he did a better job. In this one, he seems content to just bring Bachchan and Kapoor together in one frame and let them do their magic.Not that they don’t. Kapoor, especially, is in his usual form, taking great delight in playing the grumpy son who can barely handle his father’s interference. Jimit Trivedi plays their sidekick, overdoing every scene and hamming his way through the film.The prospect of Amitabh Bachchan and Rishi Kapoor together on screen is an enticing one, but Shukla and writer Saumya Joshi don’t give them enough to do, which is a pity.
About the Author The views expressed in this article are not those of Reuters News. This article is website-exclusive and cannot be reproduced without permission.
The views expressed in this article are not those of Reuters News.
Our | ashraq/financial-news-articles | https://www.reuters.com/article/102-not-out-review/movie-review-102-not-out-idUSKBN1I41C8 |
LAFAYETTE, La., May 9, 2018 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 131-year-old IBERIABANK ( www.iberiabank.com ), is pleased to announce the addition of Rosa Sugrañes to the IBERIABANK Corporation Board of Directors.
A resident of Miami, Florida, Sugrañes is the founder and former CEO of Iberia Tiles in Miami, which was sold in 2012.
IBERIABANK Corporation Board of Directors Chairman William Fenstermaker commented, "We are fortunate to add such a highly regarded businesswoman and entrepreneur to our Board. Rosa's depth of knowledge of the Miami market and extensive business experience provides us greater insight into the strategic opportunities in South Florida. With her unique perspective having been a business owner and public company Board member, she will add tremendous value to our Board and our Company."
For 30 years, Sugrañes has served on the Board of the Rosa Gres Group of Barcelona, Spain, a manufacturer and distributor of ceramic tiles and construction materials. From 2006-2017, she was a Director for Sabadell United Bank in Miami. She also served on the boards of INDRA, a publicly traded IT company in Madrid, Spain, and Florida East Coast Company, a real estate and railroad company based in Miami that was sold in 2007.
Sugrañes' civic and community service is extensive:
Chairman of the Federal Reserve Bank of Atlanta, Miami Branch (2004-2005), Board Member (2000-2005); Member of the Florida Transportation Commission, appointed by Florida Governor Jeb Bush (2000-2001); Board of Trustees of FIU, Miami, appointed by Florida Governor Jeb Bush (2001-2009); Miami-Dade County Cultural Affairs Council, Chairman (2001-2005), currently member of the Council; Member of the International Advisory Board of Baptist Health South Florida (2014-Present); Chairman, Greater Miami Chamber of Commerce (2005-2006), Executive Committee (2000-2007); Chairman of the Miami Advisory Board of the Knight Foundation (2007-2008), Board Member (2004-2008); and Member, Young Presidents Organization (1996-2013).
Recognized for her accomplishments and contributions, Sugrañes has received numerous accolades, including:
Recipient of the Small Business Person of the Year (1999), Small Business Council of America, presented by U.S. Senator Bob Graham; Medalla al Mérito Civil, awarded by H.R.H. Juan Carlos I, King of Spain (2000); Serving the Arts Award, The Arts & Business Council Miami-Dade County (2003); Florida Women of Achievement (2005); Successful Hispanic Businesswoman of the Year, CAMACOL (2006); Premio FIDEM a la Mujer Empresaria, Barcelona (2006); Best in Business Award - Hispanic Enterprise Magazine (2007); and Silver Medallion for Humanitarianism - Miami Coalition of Christians and Jews (2008)
IBERIABANK Corporation is a financial holding company with more than 300 offices and bank branches across the southeastern United States. The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC."
View original content with multimedia: http://www.prnewswire.com/news-releases/iberiabank-corporation-names-rosa-sugranes-to-its-board-of-directors-300645762.html
SOURCE IBERIABANK Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-iberiabank-corporation-names-rosa-sugraaes-to-its-board-of-directors.html |
(The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
SINGAPORE, May 25 (Reuters) - In the relatively short space of the past decade the paper iron ore market has grown from virtually nothing to exceed the physical market, but now the industry is grappling with what comes next.
While the growth in iron ore futures and exchanged-cleared swaps has been impressive, iron ore is still a long way behind other commodity markets, such as crude oil and some agricultural products, where paper trade exceeds physical by large multiples.
There are two main paper markets for iron ore, the well-established Singapore Exchange (SGX) futures and swaps, and the Dalian Commodity Exchange (DCE), which up until now has largely catered for Chinese domestic investors.
The SGX is viewed largely as the professional market, used by miners, traders, finance houses and steel mills to hedge risk and to some extent discover prices.
However, the main SGX contract is financially settled against an index, in this case provided by the Steel Index, one of the established players in the market.
The absence of a physically delivered future may be viewed as a weakness of the SGX, notwithstanding the general respect the market has for the validity of the index price.
The DCE contract can be taken to physical delivery, but hardly ever is, with the bulk of the volume being day traders or short-term players, aiming to move in and out quickly to take advantage of news-driven, short-term price fluctuations.
Despite their different characteristics, the SGX and DCE contracts do track each other relatively closely, although the DCE is probably more prone to sharper movements as its participants respond more readily to news events, especially those reported in Chinese media.
The current situation is largely one where there are two separate markets serving two distinct types of participants.
But the landscape for paper iron ore appears to be reaching something of an inflection point, where the dynamics are changing and the ultimate outcome is somewhat uncertain.
CHINA’S MARKET OPENING One of themes at the SGX Iron Ore Week event in Singapore over the past few days was that the market needs to become more diverse and more sophisticated in order to grow.
Volumes on the SGX contract are flat for the year so far, a change from the previous trend of solid year-on-year growth.
This is likely because the price of iron ore has been in a relatively narrow range between $60 and $80 a tonne for the past year, meaning producers and buyers haven’t felt the need to hedge as much as they would if prices were more volatile.
But it’s also likely that SGX is close to the limits of growth in the current model, and the market needs to take the next steps on the road to financialisation.
These may include launching more products, especially a contract on higher grade iron ore.
The current benchmark contract is for iron ore with a 62 percent iron content, but the increasing use of 65 percent ore by Chinese steel mills means there is potential for such a contract to gain traction.
At the other end of the quality scale, the SGX’s 58 percent contract hasn’t worked because of a lack of liquidity. But if there was a full suite of contracts for the various iron ore grades, it too may find volumes coming as participants see arbitrage opportunities.
The other main development is the internationalisation of the DCE, with changes earlier this month allowing non-Chinese players to participate without having to establish a Chinese-domiciled company.
This could well drive volumes on both the DCE and the SGX as participants play arbitrage opportunities, and also allow miners an outlet for physical delivery through the DCE if the pricing is favourable.
The main game is to bring more players into the market, such as hedge funds and high-frequency traders.
Access to DCE contracts may well be the key, and this in turn could result in changes in the way the SGX products are traded as well.
In some ways the SGX participants are still something of an insiders club, with trade dominated by brokers, who build business on the basis on establishing relationships with miners, steel mills, shippers and traders.
There is nothing inherently wrong with this model, but it likely places a cap on just how much the paper market can grow relative to the physical market.
It also probably acts as deterrent to attracting new participants, given they are likely to be cautious of being burned in what they see as an insiders market.
If the iron ore market does follow the path pioneered by crude oil, the brokers will eventually lose sway and be overwhelmed by the volumes being generated by new participants.
The opening up of the Chinese market to all investors may well be the spark needed to drive iron ore’s financialisation to the next level. (Editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-ironore-market/column-china-opening-may-spark-iron-ore-to-become-more-like-crude-oil-russell-idUSL3N1SW2AS |
–President Donald Trump meets Santa Fe High School family members and community leaders in Texas Immigration Debate: Is Congress Capable of Changing the Family Separation Policy? | ashraq/financial-news-articles | https://blogs.wsj.com/washwire/2018/05/31/capital-journal-197/ |
By Bloomberg 1:59 PM EDT
President Donald Trump called the collapse of a planned summit with Kim Jong Un a setback for both North Korea and the world, and said the U.S. military is ready if necessary in the event of a conflict on the Korean peninsula.
“While many things can happen and a great opportunity lies ahead, potentially, I believe this is a tremendous setback for North Korea and indeed a setback for the world,” Trump said at the White House hours after releasing a letter to Kim canceling the meeting.
Trump said he had spoken with Defense Secretary Jim Mattis and the leaders of South Korea and Japan. The U.S. military is “ready if necessary,” he said, and the two Asian allies “are not only ready should foolish or reckless acts be taken by North Korea, but they are willing to shoulder much of the financial cost or burden” of a conflict.
But Trump also held out hope that the June 12 summit in Singapore could get back on track, or that he and Kim could meet in the future. “Nobody should be anxious. We have to get it right,” he said.
South Korean President Moon Jae-In said that peace on the peninsula shouldn’t be abandoned and suggested that Trump and Kim hurt chances for a successful summit by speaking to each other through statements, tweets and spokespeople.
“It’s hard to resolve the diplomatic issue, which is both difficult and sensitive, with current way of communication,” Moon said in a statement. “I wish the leaders would have a more direct and closer conversation to deal with it.
Trump sounded a positive note as he left a bill signing event, telling reporters “the dialogue was good until recently” with Kim. And “Kim Jong Un wants to do what’s right,” adding, “I really believe that.”
“It’s only recently that this has been taking place and I think I understand why it’s been taking place,” he said. He declined to explain further, but Trump said earlier this week that planning for the summit had been proceeding well until Kim met May 8 with his closest ally, Chinese President Xi Jinping, who is negotiating a trade dispute with Trump.
China wasn’t surprised by the collapse of the summit given recent signals that had come from Trump, a government official said. The official asked not to be identified commenting on the matter. ‘Open Hostility’
In his letter to Kim pulling out of the summit, Trump cited “tremendous anger and open hostility” in recent statements from Pyongyang.
North Korea hardened its rhetoric toward the U.S. earlier Thursday, lashing out after remarks by Vice President Mike Pence and the White House national security adviser, John Bolton, that had linked the country with Libya. Choe Son Hui, vice-minister of foreign affairs, called Pence a “political dummy” and his comments “unbridled and impudent,” according to an English-language statement from North Korea’s state-run KCNA.
Choe warned her nation was prepared for a “nuclear-to-nuclear” showdown if the U.S. didn’t follow through on the summit. “We can also make the U.S. taste an appalling tragedy it has neither experienced nor even imagined up to now,” she said, warning that she would recommend Kim cancel the summit if U.S. officials didn’t curb their language.
Trump beat Kim to it, issuing his own threat. “You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used,” Trump wrote.
Stocks declined on the news, with the S&P 500 index down 0.3 percent at 12:28 p.m. New York time. Pyongyang Silence
With the meeting abandoned — at least temporarily — the next steps are unclear. Trump has said the U.S. would continue exerting maximum economic pressure on Kim and his regime.
Secretary of State Mike Pompeo told the Senate Foreign Relations Committee shortly after the letter was released that he was “still optimistic” the U.S. and North Korea would reach a historic deal.
Pompeo said the U.S. had tried in recent days to put teams together to prepare for the meeting and “we had received no response to our inquiries from” the North Korean government.
South Korean President Moon Jae-in called top aides to an emergency meeting late Thursday in Seoul to discuss the developments. Kim Eui-kyeom, a spokesman for Moon, said in a text message that his government is still “trying to figure out” Trump’s intentions.
“We can expect North Korea will condemn the decision in strong terms and cast blame on the United States for throwing away a good thing through its actions,” said Mintaro Oba, a former U.S. State Department official who worked on North Korean issues. “That does raise concerns that Trump will respond in a way that further escalates tension to ‘fire and fury’ levels and beyond.” Denuclearization Stumble
The highly anticipated summit had been cast by the White House as an opportunity to stave off a military conflict with North Korea and showcase Trump’s ability to make progress where his predecessors had struggled. The president has openly entertained the idea that he could have been awarded the Nobel Peace Prize had the meeting led to a peace agreement between North Korea, the U.S. and South Korea. The countries are technically still at war.
But Trump ultimately ran into the same diplomatic quandary that has flummoxed U.S. presidents for the past 25 years: the inability to persuade a stubborn regime to give up a nuclear program that it regards as key to its survival.
Richard Haas, president of the Council on Foreign Relations and a former senior State Department official under President George W. Bush, said in a tweet that the summit “was bound to fail” because the Trump administration “badly overestimated what NK would agree to; the issue was/is US willingness to accept an outcome short of total denuclearization.”
“All or nothing foreign policy w NK, Iran, China trade risks producing nothing or conflict,” Haas added. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/donald-trump-kim-jong-un-meeting/ |
Houston, May 21, 2018 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL ) (“Noble Energy” or the “Company”) today announced that Rachel G. Clingman has joined the Company, effective today, as Senior Vice President, General Counsel and Corporate Secretary. Her responsibilities will include leadership for Noble Energy’s Legal and Compliance teams.
Prior to joining Noble Energy, she was most recently Vice President and General Counsel for BHP’s Petroleum and Minerals Americas businesses. Her experience also includes serving as Houston Partner-in-Charge for Eversheds Sutherland LLP and as a Partner with Fulbright & Jaworski LLP. Clingman holds Bachelor of Administration degrees in Philosophy and Political Science from Rice University and a Juris Doctorate degree from the University of Texas School of Law. She currently serves as a Board Member for the American Heart Association in Houston.
David L. Stover, Noble Energy’s Chairman, President and CEO, commented, “We are thrilled to have Rachel as a key part of the Noble Energy team. She joins us at a strategically important time in the history of the Company, as we are rapidly increasing cash flows from our onshore business and offshore major projects. Her experience and perspective will bring significant value to our leadership team.”
Clingman stated, “I am excited to join such a dynamic and successful company and leadership team. The Company’s track record of value creation and impact on the communities where it operates is unique, and I look forward to contributing to its continued success.”
Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives ®. For more information, visit http://www.nblenergy.com .
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties materially from those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.
Investor Contacts Brad Whitmarsh (281) 943-1670 [email protected] Megan Dolezal (281) 943-1861 [email protected] Media Contacts Reba Reid (713) 412-8441 [email protected] Paula Beasley (281) 876-6133 [email protected]
Source:Noble Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-rachel-clingman-joins-noble-energy-senior-leadership-team-as-general-counsel.html |
The Gender Pay Gap Is a Lot Bigger Than You Think By Biography Maddy Dychtwald May 11, 2018 10:34 am ET
Maddy Dychtwald is an author and co-founder of Age Wave, a think tank and consultancy. Most Americans are keenly aware of the gender pay gap. Based on Bureau of Labor Statistics data, for every $1.00 a man earns, a woman earns only about $0.82. But that’s just the tip of the iceberg. My firm, Age Wave, together […] To Read the Full Story WSJ's Financial Inclusion Challenge Winner: Hope Credit Union Most Popular Articles <!-- share menu --> <menu class="shareMenu shareMenu--horizontal"> <li class="shareMenu__item hide4"> <a href="#print" class="shareIcon" data-sharemenu-action="print" aria-label="Print" data-sharemenu-track="print"> <svg class="shareSVG shareSVG--print" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 17.6"><path d="M-711-3365v4612H969v-4612H-711zM25 22.6H-5V-5h30v27.6z" fill="none"/><path d="M2.3 14.6h1v3h13.4v-3h1c1.3 0 2.3-1 2.3-2V9c0-1-1-2-2.2-2h-1V3.8l-4-3.8H3.4v7h-1C1 7 0 8 0 9v3.4c0 1.2 1 2.2 2.3 2.2zM12.5.6L16 4.2h-3.5V.8zM4 .7h8.2v4H16V7H4V.7zm0 14h12V17H4v-2.4z"/></svg> </a> </li> <li class="shareMenu__item"> <a class="shareIcon shareIcon--facebook" data-sharemenu-action="window" data-sharemenu-track="facebook" aria-label="Facebook" rel="nofollow noopener noreferrer" href="https://www.facebook.com/sharer/sharer.php?u=https://blogs.wsj.com/experts/2018/05/11/the-gender-pay-gap-is-a-lot-bigger-than-you-think/" target="_blank"> <svg class="shareSVG shareSVG--facebook" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 10.5 22.5"><path d="M10 11.3H7v11.2H2V11.3H0v-4h2.2V4.7C2.2 3 3.2 0 7 0h3.5v4H8c-.5 0-1 0-1 1v2.3h3.5l-.4 4z"/></svg> </a> </li> <li class="shareMenu__item"> </li> <li class="shareMenu__item hide12 hide16"> <span class="shareIcon" data-sharemenu-action="partial-scrim" data-target="fontScrim" aria-label="Text Resize"> <svg class="shareSVG shareSVG--font" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 18.5 17.5"><path d="M18.2 17.2c-.7 0-.7-.2-1-1.4L14.5 4.2h-.2l-2.7 11.3c-.3 1-.4 1.5-.7 1.7h-.4c-1 0-1-.2-1.3-2L5.6 0h-.3L1.7 14.8C1.2 17 1.2 17 0 17.2v.4h4v-.4h-.4c-1.6 0-1.6-.3-1-2.6L3 12h3.2l.8 3.4c.3 1.4.4 1.6-1 1.7h-.4v.5H13v-.3H13c-1.3 0-1.3-.2-1-2l.4-1.4H15l.5 2c.2 1.2.3 1.4-.8 1.4h-.3v.3h4v-.3h-.2zm-15-6l1.5-6 1.3 6H3.3zm9.4 1.7l1-4.8L15 13h-2.2z"/></svg> </span> </li> <li class="shareMenu__item hide12 hide16"> <span class="shareIcon" data-sharemenu-action="scrim" data-target="shareScrim"> <svg class="shareSVG shareSVG--more" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 21 5"><circle cx="10.5" cy="2.5" r="2.5" fill-rule="evenodd" clip-rule="evenodd"/><path d="M16 3c.3 1.2 1.3 2 2.5 2C20 5 21 4 21 2.5 21 1 20 0 18.5 0S16 1 16 2.5V3z" fill-rule="evenodd" clip-rule="evenodd"/><circle cx="2.5" cy="2.5" r="2.5" fill-rule="evenodd" clip-rule="evenodd"/></svg> </span> </li> <li class="shareMenu__item hide4 hide8 sharePopup__wrap"> <a href="https://blogs.wsj.com/experts/2018/05/11/the-gender-pay-gap-is-a-lot-bigger-than-you-think/" class="shareIcon" data-sharemenu-action="link" data-sharemenu-wait-for-init="true" data-sharemenu-sync="link" data-sharemenu-track="permalink" aria-label="Copy link"> <svg class="shareSVG shareSVG--link" viewBox="0 0 19 19" xmlns="http://www.w3.org/2000/svg"><path d="M2 13.7l1.3-1.3-.7-.6a1 1 0 0 1 0-1.3l7.8-7.7a1 1 0 0 1 .6-.3c.2 0 .5 0 .6.3l.7.6L13.6 2l-.7-.5c-1-1-3-1-4 0L1.5 9.2a2.7 2.7 0 0 0 0 3.8l.6.7zm16-7l-.6-.7L16 7.3l.8.6a1 1 0 0 1 0 1.2L9 17A1 1 0 0 1 8 17l-.7-.7-1 1.2.5.7c.5.5 1.2.8 2 .8.7 0 1.3-.3 2-.8l7.6-7.7a2.7 2.7 0 0 0 1-2c0-.7-.4-1.4-1-2m-1.2-5L18 2.8l-6.4 6.4L10.4 8zm-9 9L9 11.8l-6.4 6.4L1.4 17z"/></svg> </a> </li> </menu> <!-- end share menu --> <!-- font controls --> <div class="shareScrim shareScrim--partial" id="fontScrim" aria-label="Font Size - 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May 4, 2018 / 5:41 AM / in 20 minutes UPDATE 1-Swiss Re Q1 net profit down 30 pct on year but beats expectations Reuters Staff
* No update on potential SoftBank investment
* Earned more in first quarter than all last year
* Pricing pressure continues (Adds details and background)
FRANKFURT, May 4 (Reuters) - Swiss Re on Friday posted a better-than-expected net profit in the first quarter, although it was still down from a year ago amid continuing pressure on reinsurance prices.
Net profit was $457 million, down 30 percent from $656 million a year earlier. But it was above expectations of $447 million forecast by analysts in a Reuters poll.
It gave no update on talks with Japan’s SoftBank. The technology investor is in talks to buy a stake in Swiss Re that is unlikely to exceed 10 percent, the reinsurer has said.
The world’s second-biggest reinsurer earned more in the first quarter than it did all of last year, when it took a severe hit from a spate of natural disaster’s in North America that cost insurers across the industry a record.
“We delivered a solid set of results across the board in the first quarter of 2018, as we maintained our underwriting discipline while expanding in an improving, yet still challenging, re/insurance pricing environment,” Chief Executive Christian Mumenthaler said.
Gross written premiums were up 13.1 percent in the quarter, at $11.5 billion, better than the $10.6 billion expected by analysts and above $10.2 billion a year ago. (Reporting by Tom Sims and Angelika Gruber; Editing by Michael Shields) | ashraq/financial-news-articles | https://www.reuters.com/article/swiss-re-results/update-1-swiss-re-q1-net-profit-down-30-pct-on-year-but-beats-expectations-idUSL8N1SB0S4 |
Getty Images At the end of life, your final thoughts won't be on bad financial decisions. But before you approach the hereafter, you'll likely have more than a few regrets about poor money management.
Fiscal distress often results from a lack of long-term planning. Failing to save enough for retirement—a decades-long endeavor — is the biggest financial regret among American adults, according to a Bankrate survey , followed closely by not having an adequately funded emergency savings account .
Much like your physical well being, financial health requires both good habits and a bit of luck. By setting up financial goals and working hard to accomplish them, you can focus your energy on the more meaningful parts of your life.
1. Maintain a top-notch FICO score You're going to need to borrow a large sum of money at some point in your life. Want to buy a house ? A car ? Chances are you're going to need to go to the bank first. The more creditworthy you appear to a financial institution, the less interest you'll end up paying.
More from Bankrate:
What the Wells Fargo settlement means for mortgage borrowers
How to buy a house when you have student loan debt
5 steps to finding the best mortgage lender
Guarding a super prime score, generally around 740, should be an important financial goal. Most Americans fall short. The average FICO score hit an all-time high last year, reaching 700 . You should aim higher. Although don't stress over trying to get a perfect mark of 850. Life's too short.
How do you improve? Pay off all your credit card bills in full every month, on time. Use no more than 20 percent of your available credit and keep your oldest accounts going even if you don't need them.
2. Have a 6-month emergency fund Amassing six months' worth of spending in a high-yield savings account is really hard. Depending on where you live and how much you earn, you're looking at a stash of somewhere between $20,000 and $50,000 . Only 39 percent of Americans would be able to pay for a $1,000 emergency with cash, per a recent Bankrate survey . Wages have mostly stagnated since the Great Recession, and low interest rates are a headache for savers.
But this is a fundamentally important step. An emergency fund is hedge against disaster. If you were laid off, it would let you take your time picking your next role. If you got sick or the roof caved in, you wouldn't have to got into debt.
If you're starting from scratch, place any windfall you receive into a savings account . You can even name the account "break in case of emergency."
3. Become a 401(k) millionaire How much you need in retirement savings depends on your current standard of living, but you may face some adjustments after calling it quits. Half of all households are at risk of spending their golden years with less spending power than they are used to, according to the Center for Retirement Research at Boston College .
The old rule of thumb suggests you need eight times your final income in retirement savings (there are more detailed measures you can use, or you can hire a financial planner). Still, retirement saving is relatively straightforward. Save 10 to 15 percent of your income, including a company match in your 401(k), and invest in low-cost diversified funds. One quick and easy way is to pick a target-date fund that gets more conservative (i.e. more bonds) as you age.
4. Pay off your mortgage Even if you have a low mortgage rate — mortgage rates have been muted by historical standards since the onset of the housing crisis — owning your home outright is one of the most financially liberating steps you can take, and a sure way to save money.
Let's say you put 10 percent down on a $262,500 home with a 30-year fixed rate mortgage at 3.88 percent. You'll end up paying $164,000 in interest alone. Taking out a 15-year loan, instead, would save around $90,000.
Even if you stick with the average loan length, consider contributing extra to your monthly payment whenever possible, and join the 36 percent of mortgage-free homeowners .
5. Make a major purchase with cash Despite an improving jobs picture and stock markets ascending to new heights, Americans are struggling with savings and debt. The personal savings rate has dropped dramatically over the past few years, while the percentage of families with credit card debt jumped by nearly six percentage points to 43.9 from 2013 to 2016, according to the Federal Reserve . The average indebted household owes $5,700. With the Fed poised to raise interest rates multiple times in 2018, taking on debt is an ever more expensive proposition.
The next time you need to make a big purchase, like a family vacation or a new car, try to make it completely with cash. You'll not only enjoy the thing you just bought, but you won't face the anxiety that accompanies new debt. To ramp up your savings rate, automatically siphon a small percentage of your biweekly paycheck into an earmarked savings account . Saving automatically is the quickest way to build up your cache.
6. Pay off student loans Student loans afflict people of all ages. Nearly 1 in 6 Americans have student debt, with a median amount of $17,000. If you took on loans for postgrad studies, you owe $45,000. Meanwhile senior debt has quadrupled over the past 10 years, according to the Consumer Financial Protection Bureau .
If you're already putting enough away for retirement—generally 10 percent of your pay, including any employer match — and have a fully-funded emergency fund, start working overtime to pay off your student debt. Put any raises, or your tax refund , to chip away at the mountain of debt. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/6-financial-goals-to-achieve-before-you-die.html |
May 2, 2018 / 8:23 AM / Updated 36 minutes ago MIDEAST STOCKS-Qatar, Dubai lead Gulf stock market decline in early trade Reuters Staff 2 Min Read
DUBAI, May 2 (Reuters) - Most Gulf stock markets were down in early trade on Wednesday, with Qatar and Dubai leading the declines, as the market lacked direction after recent gains notably in Saudi Arabia.
Asian equities also eased, as investors awaited the U.S. Federal Reserve’s upcoming policy statement for clues on the future pace of U.S. monetary tightening.
The Qatar index was down 1.1 percent as telecommunications group Ooredoo fell 3.5 percent and Vodafone Qatar dropped 2.9 percent.
The Dubai index was 1 percent lower, dragged down by property stocks. Emaar Malls fell 5.4 percent and top developers Emaar Properties and Damac Properties were down 1.2 percent and 1.9 percent, respectively.
The Abu Dhabi index fell 0.5 percent, as First Abu Dhabi Bank, the United Arab Emirates largest bank, fell 0.8 percent, and Invest Bank declined by 9.8 percent.
Saudi Arabia’s index was down 0.3 percent as Al Rajhi continued its declines from the previous day’s trading, despite having posted its ninth consecutive quarter of earnings growth on Tuesday. Al Rajhi dropped 0.2 percent.
The Saudi index has eased on profit-taking after it hit a more than two year high last week.
Saudi Basic Industries Co. (SABIC) was up 0.2 percent, having earlier announced it would establish a petrochemicals joint venture with ExxonMobil in the United States. (Reporting by Alexander Cornwell; Editing by Saeed Azhar and Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-qatar-dubai-lead-gulf-stock-market-decline-in-early-trade-idUSL8N1S913D |
NEW YORK--(BUSINESS WIRE)-- Univision Communications Inc. (UCI), the leading media company serving Hispanic America, will conduct a conference call to discuss its first quarter 2018 financial results at 11:00 a.m. ET/8:00 a.m. PT on Wednesday, May 9, 2018. A press release summarizing its first quarter 2018 financial results will be available on UCI’s website at investors.univision.net/financial-reports/quarterly-reports at the opening of business on Wednesday, May 9, 2018.
To participate in the conference call, please dial (866) 547-1509 (within U.S.) or (920) 663-6208 (outside U.S.) fifteen minutes prior to the start of the call and provide the following pass code: 5169488. A playback of the conference call will be available beginning at 2:00 p.m. ET, Wednesday, May 9, 2018, through Wednesday, May 23, 2018. To access the playback, please dial (800) 585-8367 (within U.S.) or (404) 537-3406 (outside U.S.) and enter reservation number 5169488.
About Univision Communications Inc.
Univision Communications Inc. (UCI) is the leading media company serving Hispanic America. The Company, a chief content creator in the U.S., includes Univision Network, one of the top networks in the U.S. regardless of language and the most-watched Spanish-language broadcast television network in the country, available in approximately 88% of U.S. Hispanic television households; UniMás, a leading Spanish-language broadcast television network available in approximately 82% of U.S. Hispanic television households; Univision Cable Networks, including Galavisión, the most-watched U.S. Spanish-language entertainment cable network, as well as UDN (Univision Deportes Network), the most-watched U.S. Spanish-language sports cable network, Univision tlnovelas, a 24-hour Spanish-language cable network dedicated to telenovelas, ForoTV, a 24-hour Spanish-language cable network dedicated to international news, and an additional suite of cable offerings - De Película, De Película Clásico, Bandamax, Ritmoson and Telehit; an investment in El Rey Network, a general entertainment English-language cable network; Univision Local Media, which owns and/or operates 63 television stations and 58 radio stations in major U.S. Hispanic markets and Puerto Rico; Univision Now, a direct-to-consumer, on demand and live streaming subscription service; Univision.com , the most-visited Spanish-language website among U.S. Hispanics; and Uforia, a music application featuring multimedia music content. The Company also includes assets that serve young, diverse audiences. This includes news and lifestyle English-language cable network FUSION TV and a collection of leading digital brands that span a range of categories: technology (Gizmodo), sports (Deadspin), lifestyle (Lifehacker), modern women’s interests (Jezebel), news and politics (Splinter), African American news and culture (The Root), gaming (Kotaku), Environment (Earther), and car culture (Jalopnik). Additionally, UCI has ownership in comedy and news satire brands The Onion, Clickhole, The A.V. Club and The Takeout. Headquartered in New York City, UCI has content creation facilities and sales offices in major cities throughout the United States. For more information, please visit corporate.univision.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005440/en/
Univision Communications Inc.
Investors:
Adam Shippee, 646-560-4992
[email protected]
or
Media:
Bobby Amirshahi, 646-560-4902
[email protected]
Source: Univision Communications Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-univision-communications-inc-to-host-q1-2018-conference-call-on-may-9-2018.html |
(Reuters) - Adobe Systems Inc said on Monday it would buy e-commerce services provider Magento Commerce from private equity firm Permira for $1.68 billion in cash, its biggest deal in nearly a decade.
FILE PHOTO: An Adobe Systems Inc software box is seen in Los Angeles, California, U.S., March 13, 2017. REUTERS/Lucy Nicholson/File Photo Shares of Adobe rose about 1 percent in extended trading after the Photoshop maker also said it would buy back up to $8 billion of shares through its fiscal year 2021.
Adobe said the deal will help bolster its Experience Cloud business, which provides services including analytics, advertising and marketing.
“Adobe is the only company with leadership in content creation, marketing, advertising, analytics and now commerce – enabling real-time experiences across the entire customer journey,” Brad Rencher, an executive vice president and general manager at Adobe, said in a statement.
Magento was acquired by Permira from eBay Inc in 2015 and counts Canon, Helly Hansen, Paul Smith and Rosetta Stone among its clients.
“Magento has grown its customer-base and enterprise cloud business as a result of key investments in technology, marketing, client success, sales management and the open-source community ecosystem,” Phil Guinand, partner at Permira, said in a statement.
Magento also shares customers including Coca-Cola, Warner Music Group, Nestle and Cathay Pacific with Adobe, the company said.
The transaction is expected to close during Adobe’s fiscal third quarter.
Qatalyst Partners acted as financial adviser to Permira, and Fried, Frank, Harris, Shriver & Jacobson acted as legal adviser.
Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D'Silva and Leslie Adler
Reuters Plus | ashraq/financial-news-articles | https://in.reuters.com/article/magento-m-a-adobe/adobe-to-buy-magento-commerce-for-1-68-billion-idINKCN1IN0FV |
ROME (Reuters) - Italy’s President Sergio Mattarella said on Sunday he had rejected demands by the anti-establishment 5-Star Movement and far-right League to name an economy minister because he might have pushed Italy out of the euro.
Italian President Sergio Mattarella speaks to media after a meeting with Italy's Prime Minister-designate Giuseppe Conte at the Quirinal Palace in Rome, Italy, May 27, 2018. REUTERS/Alessandro Bianchi His move effectively scuttled efforts at forming a coalition government, opening the way for possible early elections in the autumn following an inconclusive vote in March.
In a televised address, a somber Mattarella said he was not to blame for the impasse, adding that he had proposed alternatives for the key economy ministry position, but his suggestions had been spurned by 5-Star and the League.
Reporting by Crispian Balmer; Editing by Riuchard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-president/italys-president-says-rejected-candidate-for-economy-minister-idUSKCN1IS0QA |
DUBAI (Reuters) - Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, is in talks to buy a near-record total of 400 jetliners from Airbus and Boeing, its CEO told Reuters, in a $40 billion blowout that would match the order pipeline of rivals.
FILE PHOTO: Flight test engineers drive the Airbus A320neo (New Engine Option) after its first flight in Colomiers near Toulouse, southwestern France, September 25, 2014. REUTERS/Regis Duvignau/File Photo The move comes months after a leading U.S. airline investor orchestrated a record deal involving more than 400 planes from Airbus as economists project strong growth for air travel, led by the continued expansion of budget carriers.
Airbus and Boeing have sold thousands of the latest versions of their workhorse single-aisle jets in recent years, but the order cycle is slowing down. However, the boom has left long waiting times for jets for remaining potential buyers like DAE.
The government-controlled Dubai firm is interested in buying single-aisle Airbus A320neo-family and Boeing 737 MAX planes after its acquisition last year of Dublin-based lessor AWAS, Chief Executive Firoz Tarapore said on Thursday.
Any deal would not necessarily be evenly split between the two planemakers, Tarapore said, adding DAE was “nowhere near where we thought we would be” in finalising an order.
“We are not happy with the price,” he said in an interview at DAE’s offices in Dubai’s financial district.
Shares in Airbus closed up 1.7 percent, roughly trebling gains seen before the order comments. Boeing shares rose 0.7 percent in early New York trading, outperforming a flat market.
FILE PHOTO: Logo of Airbus is pictured at the Airbus A380 final assembly line at Airbus headquarters in Blagnac, near Toulouse, France, March 21, 2018. REUTERS/Regis Duvignau Both companies declined to comment.
An order for 400 single-aisle jets would be worth more than $40 billion at list prices, though discounts of at least 50 percent are common for large orders, say market sources.
It would also give DAE a long-term pipeline of directly ordered jets on a par with its rivals, though the world’s two largest planemakers say they are mostly sold out until 2024.
ACQUISITION PATH Tarapore told Reuters last June that DAE was considering a “large order” for more than 23 new aircraft, with deliveries to start from 2019.
FILE PHOTO: The Boeing logo is seen on a Boeing 787 Dreamliner airplane in Long Beach, California March 14, 2012. REUTERS/Lucy Nicholson/File Photo DAE would look at other options to acquire new aircraft if it does not reach an agreement with Airbus or Boeing, which Tarapore said could include acquiring a rival to gain access to its order book for aircraft.
DAE was set up in 2006 with the aim of becoming one of the world’s biggest aircraft lessors, but started cancelling orders in 2010 as funds dried up following Dubai’s debt crisis.
It jetted back into the top tier of aircraft lessors last year when it acquired Dublin-based AWAS, the industry’s 10th-biggest firm at the time. The deal tripled DAE’s portfolio to about 400 owned and managed aircraft worth over $14 billion.
DAE is “operating very smoothly”, Tarapore said, adding the integration of AWAS was completed in February.
In the meantime, DAE is considering issuing a $500 million sukuk this year or in 2019 and a conventional dollar bond in the fourth quarter of this year, Tarapore said.
The bond issues are not dependent on finalising an aircraft order, he added.
DAE intends to be a repeat, benchmark issuer in the U.S. debt market, he told Reuters in October 2017. A benchmark issue conventionally means upwards of $500 million.
DAE raised $2.3 billion in the United States through a senior bond issue in 2017 to finance the AWAS deal.
Reporting by Alexander Cornwell; Editing by Mark Potter, Tim Hepher and David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-dubai-aerospace-orders-airbus-boeing/dubai-aerospace-in-talks-with-airbus-boeing-over-order-for-400-jets-idUSKCN1II1K3 |
WINDSOR, England (Reuters) - Meghan Markle confirmed she will walk down the aisle without her father when she weds Prince Harry in a glittering ceremony on Saturday, putting an end to days of speculation that has marred the build-up to Britain’s biggest social event of the year.
Britain's Prince Harry (R) sits with girlfriend actress Meghan Markle to watch a wheelchair tennis event during the Invictus Games in Toronto, Ontario, Canada September 25, 2017. REUTERS/Mark Blinch/Files Outside the ancient walls of Windsor Castle, home to the English royal family for nearly 1,000 years, crowds of well-wishers mingled with tourists and swarms of television crews under swathes of red, white and blue Union flags.
Harry, Queen Elizabeth’s grandson, and U.S. actress Markle, a star of the TV drama “Suits”, will tie the knot on Saturday in a royal extravaganza at the castle’s 15th-century St George’s Chapel.
Markle’s father, Thomas, had been due to walk his daughter down the aisle in front of a congregation of senior royals, celebrities, friends of the couple and a TV audience of hundreds of millions.
But the former lighting director for TV soaps and sitcoms gave a series of contradictory statements about whether he would be there, with the Los Angeles-based celebrity website TMZ.com saying he had undergone heart surgery on Wednesday.
“Sadly, my father will not be attending our wedding. I have always cared for my father and hope he can be given the space he needs to focus on his health,” Meghan Markle, 36, said in a statement.
“I would like to thank everyone who has offered generous messages of support. Please know how much Harry and I look forward to sharing our special day with you on Saturday.”
Meghan and Harry were driven to Windsor Castle on Thursday where the Royal Standard was raised, indicating the monarch was also in residence. The couple will stay in separate luxury hotels on the eve of the wedding.
The wedding celebrations, forecast to play out under sunshine and blue skies, will be a sumptuous show of British pageantry that is likely to attract a huge world audience.
Supporters hope the union of one of the most popular royals and a glamorous American actress, a divorcee with a white father and an African-American mother, will reinvigorate the monarchy.
Beside the British royal family, which blends sometimes stuffy European traditions with the global popularity of modern superstars, Markle has brought some Hollywood glamour and a sense of modernity to the House of Windsor.
However, much of the carefully planned and choreographed build-up to the ceremony has been overshadowed by confusion over the attendance of Markle’s father, who is divorced from her mother, Doria Ragland, a yoga instructor and social worker.
TMZ said it had spoken to Markle’s father after his surgery and that “he seemed alert and coherent, telling us doctors implanted stents in his blood vessels”. It was not known when he will be out of the hospital.
Ragland, who will spend the night before the wedding with her daughter in the five star Cliveden House hotel and accompany her to the chapel, has arrived in Britain and was due to meet the 92-year-old queen and her husband Prince Philip, 96.
Markle’s mother met Prince Charles and his wife Camilla for tea on Wednesday. Royal commentators have speculated Ragland will now walk her daughter down the aisle instead.
A Union Flag decorated with images of Prince Harry and Meghan Markle hangs from a building outside Windsor Castle ahead of their wedding, in Windsor, Britain May 16, 2018. REUTERS/Marko Djurica GLOBAL SPECTACLE After the hour-long ceremony, the couple will take part in a procession through the town’s ancient streets on a 19th Century Ascot Landau carriage pulled by four Windsor Grey horses.
Police are expecting more than 100,000 people to throng the streets outside the castle, the queen’s home west of London and the oldest and largest inhabited fortress in the world, and have said there would be tight security for the event.
A large number of officers were present as crowds watched the troops who will accompany the newlyweds on the carriage procession perform a practice run on Thursday.
Britain’s monarchy continues to be a source of fascination around the world and few other countries can emulate the pageantry which surrounds the royals.
Queen Elizabeth, the world’s longest reigning current monarch, is deeply respected and popular in Britain. Harry, 33, the younger son of the late Princess Diana, has himself always been a very popular figure member of the royal family.
A cheeky child who stuck his tongue out at photographers, he left a lasting memory in the minds of many when aged just 12, he walked solemnly behind his mother’s coffin as her funeral cortege made its way through London after her death in a car crash in 1997.
There was a celebratory atmosphere in Windsor.
Sales of everything from flags and biscuits to tea towels emblazoned with the couple’s pictures were brisk. A restaurant handed out free pizza to royal fans, some of whom have slept on the street since Tuesday to catch a glimpse of the newlyweds on Saturday.
“The atmosphere at the moment is wonderful,” said Sandra Atkinson, a 54-year-old sales assistant at the Cath Kidston shop in Windsor.
“We’ve almost sold out of our wedding items. We’ve sold out of all our mugs, all our tea towels. It’s been wonderful for business. We were expecting the Americans to come in, and they have come in.”
While a global audience will be watching the wedding, some polls have suggested that many Britons are not as enthralled by the nuptials as the media.
A YouGov poll, commissioned by anti-monarchist pressure group Republic, found that 66 percent of Britons were not interested in the event, with 60 percent of Britons planning to have a normal weekend.
Slideshow (2 Images) However, other surveys show most Britons are in favour of the monarchy continuing in Britain and that the wedding and the birth last month of William and Kate’s third child, Prince Louis, were events of which Britain could be proud.
($1 = 0.7411 pounds)
Writing by Guy Faulconbridge; Editing by Alison Williams and Andrew Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-wedding/meghan-markle-confirms-father-will-not-attend-her-wedding-to-prince-harry-idINKCN1II1FH |
May 12, 2018 / 5:49 PM / in 7 minutes Just like good old days as Woods rediscovers that Tiger magic Reuters Staff 3 Min Read
PONTE VEDRA BEACH, Fla (Reuters) - It was just like the halcyon days of a previous era as Tiger Woods carded his best ever score at TPC Sawgrass, a seven-under-par 65, in the third round of the Players Championship on Saturday. May 12, 2018; Ponte Vedra Beach, FL, USA; Tiger Woods reacts to his shot on the 14th hole during the third round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports
Woods, a 79-times winner on the PGA Tour, used his irons with precision and wielded a hot putter to record his lowest numerical score on the PGA Tour since 2015.
It was also his best score in relation to par since 2013, though he has played only sparingly in the ensuing five years while nursing a serious back injury.
After making the cut with nothing to spare on Friday, Woods teed off trailing halfway leader Webb Simpson by 14 strokes on another perfect morning.
“I finally got off to a good start,” said Woods, who sent waves of excitement through the gallery with six front-nine birdies.
He turned in 30 and added further birdies at the 11th and 12th holes, but he could not pick up any more.
His 65 left Woods on an eight-under 208, unlikely to be near the lead by day’s end as scoring conditions remained ideal.
Still, it was a nice confidence-booster for Woods as he works his way back to tournament sharpness after last year’s successful spinal fusion.
“It was nice to see a few putts go in. I hit a lot of quality shots and 65 was probably as high as I could have shot today, which was kind of nice,” he said.
“To be eight-under there through 12 — realistically, I probably could have got a couple more out of it and got to 10 (under) for the day.
“Today I felt more comfortable with my overall warm-up. I felt I had better control of hitting it right-to-left and left-to-right, and consequently today I was able to shape the golf ball both ways and started to control it a little bit better today.”
While Woods has shown signs of his old self in his seven-plus tournaments this year, he has struggled to string good rounds together.
The 42-year-old has displayed patience, outwardly at least, knowing that even a player of his calibre needs some time to get back to near his best after missing so much time through injury.
“It’s just a matter of playing and executing and putting the shots together,” he said.
“Eventually I was going to put all the pieces together and today for the most part I did that.” Reporting by Andrew Both,; Editing by Neville Dalton | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-players-woods/woods-rediscovers-that-tiger-magic-with-65-in-players-third-round-idUSKCN1ID0QT |
May 13, 2018 / 1:44 PM / Updated 2 hours ago Rhetoric over U.S. exit from Iran deal rises amid threat of sanctions Valerie Volcovici , Richard Cowan 5 Min Read
WASHINGTON (Reuters) - The United States threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational. National security adviser John Bolton arrives for a joint news conference between U.S. President Donald Trump and Germany's Chancellor Angela Merkel in the East Room of the White House in Washington, U.S., April 27, 2018. REUTERS/Kevin Lamarque
White House national security adviser John Bolton said U.S. sanctions on European companies that maintain business dealings with Iran were “possible,” while Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran.
Bolton struck a more hawkish tone with his comments in an interview with CNN’s “State of the Union” program than Pompeo did on “Fox News Sunday.”
U.S. President Donald Trump said on Tuesday that the United States was withdrawing from a 2015 deal negotiated by the Obama administration.
So far, China, France, Russia, Britain, Germany and Iran remain in the accord, which placed controls on Iran’s nuclear program and led to a relaxation of economic sanctions against Iran and companies doing business there.
Despite the U.S. exit, Britain and Iran expressed their commitment on Sunday to ensuring that the accord is upheld, according to a statement released by British Prime Minister Theresa May’s office.
French Foreign Minister Jean-Yves Le Drian, speaking in Dublin, declared: “We are stakeholders” and will remain so.
Germany said it would spend the next few months trying to persuade Washington to change its mind. German Foreign Minister Heiko Maas acknowledged, however, that protecting European companies from potential U.S. penalties could be difficult.
Asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: “It’s possible. It depends on the conduct of other governments.”
Pompeo said he was “hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behavior, not just their nuclear program, but their missiles and their malign behavior as well.”
The White House said Trump had spoken with French President Emmanuel Macron on Saturday and “reiterated the need for a comprehensive deal that addresses all aspects of Iran’s destabilizing activity in the Middle East.” Related Coverage | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa/u-s-sanctions-possible-on-european-companies-doing-business-with-iran-bolton-idUSKCN1IE0M9 |
May 2 (Reuters) - Mammoth Energy Services Inc:
* MAMMOTH ENERGY SERVICES, INC. ANNOUNCES FIRST QUARTER 2018 OPERATIONAL AND FINANCIAL RESULTS
* Q1 REVENUE $494.2 MILLION VERSUS I/B/E/S VIEW $453.5 MILLION
* QTRLY EARNINGS PER SHARE $1.24 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mammoth-energy-services-reports-qt/brief-mammoth-energy-services-reports-qtrly-earnings-per-share-1-24-idUSASC09Z4K |
May 4, 2018 / 3:37 PM / Updated 3 hours ago Thousands of rare tortoises rescued from dealers in Madagascar Lovasoa Rabary 2 Min Read
ANTANANARIVO (Reuters) - Nearly 11,000 endangered tortoises, found dehydrated and hungry in a house in Madagascar, are being coaxed back to health by a team of U.S. veterinarians. Rescued endangered radiated tortoise are seen feeding in Ifaty, Madagascar April 27, 2018. Susie Bartlett/The Wildlife Conservation Society/Handout via Reuters
The radiated tortoises - prized by dealers for their beautiful shells - were so dry that some of them had to be soaked in water for weeks, said Susie Bartlett, from the Wildlife Conservation Society, based in New York’s Bronx Zoo.
Others had to be injected with rehydration fluids and in some cases antibiotics and painkillers, she added.
Police found them in a house on the island last month, arrested three people and called in the experts. A rescued endangered radiated tortoise is seen feeding in Ifaty, Madagascar April 30, 2018. Susie Bartlett/The Wildlife Conservation Society/Handout via Reuters
Bartlett and colleagues spent days working in 100 Fahrenheit heat at a care facility in one of the tortoises natural habitats - the spiny forests on the island’s southwestern coast.
“We got poked and scratched by spiny branches when crawling through to access the animals,” said Bartlett.
Some have died but thousands of others are getting better. It is unlikely they will be released back into the wild anytime soon because they could be recaptured by poachers.
They are prized as delicacies in some parts of Asia, and as pets in other areas, Bartlett added. Writing by Maggie Fick; Edited by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-madagascar-tortoises/thousands-of-rare-tortoises-rescued-from-dealers-in-madagascar-idUSKBN1I51XP |
Last month saw major growth in China trade.
China's April imports jumped 21.5 percent and its exports grew 12.9 percent against the prior year-ago period.
Both of those figures, denominated in U.S. dollars, topped analysts expectations: A Reuters poll had predicted 16 percent import growth and 6.3 percent export growth.
Overall, China's April trade balance was a positive $28.78 billion, topping a Reuters poll prediction of $24.7 billion.
Of note, the country's trade surplus with the U.S. expanded to $22.19 billion in April — compared with a surplus of $15.43 billion in March, customs data showed.
For January-April, China's trade surplus with the United States was $80.4 billion.
That news comes against the backdrop of intensive conversations between Donald Trump's administration and Beijing about trade issues, including a demand from the American side to close the trade gap between the two countries.
The world's two largest economies have threatened each other with tens of billions of dollars' worth of tariffs in recent months, leading to worries that Washington and Beijing may engage in a full-scale trade war that could damage global growth and roil markets.
—Reuters contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/china-trade-surplus-with-the-us-expanded-in-april.html |
The dollar was little changed Tuesday, as investors stayed on the sidelines ahead of minutes from the Federal Reserve’s most recent meeting.
The WSJ Dollar Index, which gauges the U.S. currency against a basket of 16 others, was unchanged at 87.01.
Fed minutes due out Wednesday afternoon could endanger the dollar’s recent rally if the central... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/dollar-edges-lower-ahead-of-fed-minutes-1527008357 |
PARIS--(BUSINESS WIRE)-- Regulatory News:
Airgas, an Air Liquide (Paris:AI) company and the leading U.S. supplier of industrial, medical and specialty gases, welding technologies, and safety products, recently acquired the assets and operations of Weiler Welding Company. This transaction marks the 500th acquisition in Airgas’ 36-year company history.
Weiler Welding Company is a full-service industrial gas, beverage gas and welding supply business. Headquartered in Moraine, Ohio, Weiler services Southwestern Ohio and Southwestern Indiana through six locations. Weiler’s 70 associates will join the Airgas team.
Weiler Welding Company marks Airgas’ 500th acquisition since the company was founded in 1982 . Over 36 years, Airgas has successfully acquired and integrated companies’ operations and associates to create an industry-leading distribution network in the U.S. serving a diversity of customers. This, combined with capital investments, has provided Airgas with the expansion opportunities to drive profitable growth.
Pascal Vinet, Chief Executive Officer of Airgas and member of the Air Liquide group’s Executive Committee, said: "This 500th acquisition is consistent with Airgas’ development model aimed at strengthening its network and proximity with local customers. We are very happy to welcome Weiler Welding Company’s employees to Air Liquide and look forward to continuing to provide excellent service to our new customers."
Airgas
Airgas, an Air Liquide company, is the leading U.S. supplier of industrial, medical and specialty gases, as well as hardgoods and related products; one of the largest U.S. suppliers of safety products; and a leading U.S. supplier of ammonia products and process chemicals.
Dedicated to improving the performance of its more than 1 million customers, Airgas safely and reliably provides products, services and expertise through its more than 18,000 associates, over 1,100 locations, robust e-Business platform, and Airgas Total Access® telesales channel. As an Air Liquide company, the world leader in gases, technology and services for Industry and Health, Airgas offers customers an unrivaled global footprint and industry leading technology and innovations.
For more information: www.airgas.com
Air Liquide in the Americas
Air Liquide in the Americas is present in 14 countries across North America, Central America and the Caribbean, and South America.
Air Liquide companies in the Americas offer industrial and medical gases, technologies and related services to customers in many industries including energy, industrial manufacturing, electronics and healthcare markets.
The world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with approximately 65,000 employees and serves more than 3.5 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902.
Air Liquide’s ambition is to lead its industry, deliver long term performance and contribute to sustainability. The company’s customer-centric transformation strategy aims at profitable growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders.
Air Liquide’s revenue amounted to 20.3 billion euros in 2017 and its solutions that protect life and the environment represented more than 40% of sales. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, EURO STOXX 50 and FTSE4Good indexes.
www.airliquide.com
Follow us on Twitter @airliquidegroup
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006161/en/
Air Liquide
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Source: Air Liquide | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-united-states-air-liquide-announces-the-500th-acquisition-in-airgasa-history.html |
AT&T CEO: ‘Big mistake’ to hire Trump lawyer Michael Cohen 15 Hours Ago CNBC’s Eamon Javers reports on AT&T CEO Randall Stephenson responding to the news that the telecom company paid Trump lawyer Michael Cohen about $600,000. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/att-ceo-big-mistake-to-hire-trump-lawyer-michael-cohen.html |
May 17 (Reuters) - SFS Group AG:
* RAISES ITS STAKE IN HECO TO 51% Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sfs-group-raises-its-stake-in-heco/brief-sfs-group-raises-its-stake-in-heco-to-51-idUSFWN1SN12N |
Revenue of $20.1 million and 33% Gross Margin
VANCOUVER, May 1, 2018 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2018. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"Q1 results were consistent with the type of start to 2018 we had anticipated and our typically slower first half of a year," said Randy MacEwen, President and CEO. "At the same time, the underlying growth in our Q1 results is masked by significant one-time revenue in the first quarter of 2017. Our outlook for the full year remains unchanged."
Mr. MacEwen noted, "During the quarter we made important progress across key market applications to support long-term growth and profitability. Continued execution of our strategy, including focus on key market opportunities in China, Europe, the U.S. and Japan resulted in revenue of $20.1 million and gross margin of 33% for the quarter, along with a solid order book and robust sales pipeline for 2018 deliveries and 2019 scaling."
Mr. MacEwen continued, "The convergence of key global megatrends – specifically decarbonization, air quality and electrification of propulsion – has surfaced important opportunities for our highly-disruptive and field-proven technology in a growing array of transport applications. This is particularly the case where long range, rapid refueling, heavy payload and full route flexibility are customer requirements, such as in key bus and commercial truck markets. In addition, during Q1 we saw strong evidence of expanding future demand for fuel cells in a range of applications, including buses, commercial trucks, material handling equipment, unmanned vehicles, trains and marine vessels, across a number of geographic regions."
Mr. MacEwen concluded, "We expect these emerging opportunities to support continued scaling of the underlying business as we advance toward sustainable profitability."
Q1 2018 Financial Highlights
(all comparisons are to Q1 2017 unless otherwise noted)
Total revenue was $20.1 million in the quarter, a year-over-year decrease of 11%. The Power Products platform generated revenue of $12.4 million in the quarter, an increase of 11%: Heavy Duty Motive revenue was $9.3 million, an increase of 29% resulting from shipments of membrane electrode assemblies (MEAs) to the company's joint venture operation in China for use in the manufacture and assembly of FCvelocity ® -9SSL fuel cell stacks; Revenue from the Portable Power market was $2.4 million, an increase of 100% due primarily to Power Manager product shipments for use by U.S. Special Operations Command, following late-2017 receipt of Milestone C in the program of record; Material Handling revenue was $0.4 million, a decline of 81% due to a reduction in fuel cell stack shipments to Plug Power; and Telecom Backup Power revenue was $0.3 million, a decrease of $0.2 million The Technology Solutions platform generated revenue of $7.7 million in the quarter, a decrease of 33%, as Q1 2017 revenue included $6.2 million in one-time high margin revenue related to technology transfer and engineering support associated with the establishment of the company's 10%-owned stack joint venture operation in China. Gross margin was 33% in Q1, a decline of 9-points due primarily to the contribution of high margin Technology Solutions revenue in Q1 2017, as previously referenced. Cash operating costs 2 were $10.7 million in the quarter, an 8% increase primarily attributable to higher research and product development expenditures related to next-generation products as well as a stronger Canadian dollar relative to the U.S. dollar, since a significant amount of cash operating costs are denominated in Canadian dollars. Adjusted EBITDA 2 was ($3.8) million, compared to ($0.7) million in Q1 2017, as a result of lower revenue and gross margin and higher cash operating costs. Both net loss and adjusted net loss were ($5.5) million in the quarter, declines of 87%. Both net loss per share and adjusted net loss per share 2 were ($0.03), declines of 84%. Cash used by operating activities was ($7.2) million, a decline of 133%, reflecting cash operating loss of ($2.8) million and use in working capital of ($4.4) million, which increased primarily to support expected 2018 product deliveries. Cash reserves were $52.5 million at March 31, 2018, decreases of 23% from the end of Q1 2017 and 13% from the end of the prior quarter. During Q1 Ballard received $20.7 million in new orders and delivered orders valued at $20.1 million, thereby adding modestly to the Order Backlog from the prior quarter, ending Q1 at $220.0 million. The 12-month Order Book increased significantly from the prior quarter, to $89.0 million at end-Q1.
Q1 2018 Highlights
Bus
Subsequent to the quarter received a purchase order from Van Hool NV for 40 FCveloCity ® -HD modules to power buses, planned for deployment in Germany under the Joint Initiative for hydrogen Vehicles across Europe (JIVE) funding program. Ballard expects to begin shipping modules in the second half of 2018, with initial bus deployments expected in 2019.
Commercial Truck
Announced the planned deployment of 500 licensed fuel cell electric commercial trucks, all using Ballard FCvelocity ® -9SSL fuel cell stacks, in Shanghai, China during 2018. This is believed to be the largest planned deployment of fuel cell-powered trucks anywhere in the world. Signed a contract with CALSTART for a Ballard 30 kilowatt (kW) FCveloCity ® -MD fuel cell module to be used in a trial and development program involving UPS Class-6 delivery vans operating in California's South Coast Air Basin. A Kenworth Truck Company hybrid Class-8 drayage truck using a Ballard FCveloCity ® -MD 85kW fuel cell module successfully completed initial road testing by pulling a shipping container through highway conditions in the Pacific Northwest. A demonstration program is planned at the Ports of Los Angeles and Long Beach.
Train
Siemens AG announced receipt of approximately €12 million in funding to support development of a zero-emission fuel cell light rail train, called Mireo. Ballard previously signed a multi-year Development Agreement with Siemens for development of a 200kW fuel cell module to power the Mireo, with a contemplated value of $9 million to Ballard.
Marine
Subsequent to the quarter announced that two FCveloCity ® -MD 30kW modules were successful integrated and tested in a hybrid marine application by a consortium including Yanmar Co. Ltd. as part of a program to develop safety guidelines for hydrogen fuel cell-powered boats operating in Japan's restricted coastal waters. The modules were previously provided to Yanmar by Toyota Tsusho Corporation under a Distribution Agreement with Ballard.
Material Handling
Following the quarter, signed a multi-year Master Supply Agreement with Hyster-Yale Group encompassing the supply of minimum annual volumes of Ballard FCgen ® -1020 air-cooled fuel cell stacks for use in powering Class-3 forklift trucks as well as support on the design of a fuel cell electric propulsion system to power these lift trucks. Signed a multi-year $4.2 million Technology Solutions program with an unnamed strategic customer to develop an ultra-high durability, high performance air-cooled fuel cell stack for use in a number of target market applications, including Class-3 forklift trucks as well as stationary continuous and backup power. Received a follow-on purchase order from Nisshinbo Holdings to progress a previously announced Technology Solutions program, focused on development of Non Precious Metal Catalyst-based fuel cell stacks for use in commercial material handling applications, to the next stage.
Unmanned Vehicle
Announced a collaboration program with Cellula Robotics to demonstrate a fuel cell for long range autonomous underwater vehicles, funded by an award on behalf of Canada's Department of National Defence.
Power Manager
Following the late-2017 receipt of Milestone C in the program of record, Ballard's subsidiary Protonex received two purchase orders totaling $3.5 million for the supply of Squad Power Manager (SPM-622) Special Operations Kits, including a $1.6 million purchase order for end customer U.S. Special Operations Command and a $1.9 million purchase order to support U.S. Army Security Force Assistance Brigades (SFAB). All deliveries are expected to be completed in 2018.
Backup Power
Following the quarter, Toyota Tsusho Corporation announced the sale of 5 Ballard FCgen ® -H2PM backup power systems, under its Distribution Agreement with Ballard, to be used as part of a renewable emergency power system installed under the Soma Revitalization Smart Community Construction Project in Japan's Fukushima Prefecture.
Other
Received ISO14001:2015 certification at the Company's Vancouver operations through the establishment of an internal environmental management system that will support the company's environmental objectives.
Q1 2018 Financial Summary
(Millions of U.S. dollars)
Three months ended March 31,
2018
2017
% Change
REVENUE
Fuel Cell Products & Services Revenue: 1
Heavy Duty Motive
9.3
7.2
29%
Portable Power
2.4
1.2
100%
Material Handling
0.4
2.2
-81%
Backup Power
0.3
0.5
-42%
Sub-Total
$12.4
$11.1
11%
Technology Solutions
7.7
11.5
-33%
Total Fuel Cell Products & Services
Revenue
$20.1
$22.7
-11%
PROFITABILITY
Gross Margin $
$6.6
$9.6
-31%
Gross Margin %
33%
42%
-9-points
Operating Expenses
$12.7
$12.0
5%
Cash Operating Costs 2
$10.7
$10.0
8%
Adjusted EBITDA 2
($3.8)
($0.7)
-488%
Net Income (Loss)
($5.5)
($2.9)
-87%
Earnings Per Share
($0.03)
($0.02)
-84%
Adjusted Net Loss 2
($5.5)
($2.9)
-87%
Adjusted Net Loss per share 2
($0.03)
($0.02)
-84%
CASH
Cash Used by Operating Activities:
Cash Operating Income (Loss)
($2.8)
($1.2)
-135%
Working Capital Changes
($4.4)
($1.9)
-131%
Cash Used By Operating Activities
($7.2)
($3.1)
-133%
Cash Reserves
$52.5
$68.0
-23%
For a more detailed discussion of Ballard Power Systems' first quarter 2018 results, please see the company's financial statements and management's discussion & analysis, which are available at www.ballard.com/investors , www.sedar.com and www.sec.gov/edgar.shtml .
Conference Call
Ballard will hold a conference call on Wednesday, May 2, 2018 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review its first quarter 2018 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and slide webcast can be accessed through a link on Ballard's homepage ( www.ballard.com ). Following the call, the audio webcast and presentation materials will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section of Ballard's website ( www.ballard.com/investors ).
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com .
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
Endnotes :
1 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Portable Power, Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
2 Note that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss), are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) to the Consolidated Financial Statements, please refer to Ballard's Management's Discussion & Analysis.
Cash Operating Costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, unrealized gains or losses on foreign exchange contracts, acquisition costs and financing charges. EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment charges, unrealized gains or losses on foreign exchange contracts, finance and other income, and acquisition costs. Adjusted Net Income (Loss) measures net income (loss) attributable to Ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs.
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SOURCE Ballard Power Systems Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-ballard-reports-q1-2018-results.html |
Modern Medicine Mallinckrodt shares rebound after '60 Minutes' report on drug prices The "60 Minutes" report looked at how businesses across the health care supply chain have come to benefit from higher drug prices. The report, which ran on CBS on Sunday, focused on a lawsuit filed by the city of Rockford, Illinois, claiming two young patients treated with Mallinckrodt's drug, HP Acthar Gel, faced a bill of half a million dollars. Source: Mallinckrodt Pharmaceuticals HP Acthar made by Mallinckrodt Pharmaceuticals is an anti-inflamatory medicine used by multiple sclerosis patients.
A "60 Minutes" investigation has put the price of one of Mallinckrodt's drugs under the microscope, but it isn't weighing on the pharmaceutical giant's stock price.
The report, which ran on CBS on Sunday, focused on a lawsuit filed by the city of Rockford, Illinois. The lawsuit said the combined cost for two young patients treated with Mallinckrodt 's drug, HP Acthar Gel, totaled close to half a million dollars. The drug is used to treat a rare and potentially fatal condition affecting 2,000 babies each year.
Mallinckrodt's stock closed down more than 1 percent on Friday, in anticipation of the report being aired. But shares of the drug maker have since bounced back, opening up more than 4 percent Monday before settling back. They are up more than 2.5 percent at midday.
The report comes ahead of an anticipated speech by President Donald Trump in which he is expected to outline new policies to deliver on his pledge to bring down drug prices. The "60 Minutes" report looked at the broader issue of how businesses across the health care supply chain have come to benefit from higher drug prices. show chapters 5:25 PM ET Fri, 4 May 2018 | 02:40
Mallinckrodt sells Acthar now, but the most dramatic price hike actually took place a few years ago, when the drug was owned by a company called Questcor. In 2007, Questcor hiked the price of Acthar from $1,650 a vial to more than $23,000 a vial overnight despite no notable improvements in the product.
Mallinckrodt acquired Questcor for $5.6 billion in 2014.
Since 2014, the price has continued to rise, and Acthar now costs more than $40,000 a vial — a total increase of 100-thousand percent from its selling price of $40 a vial in 2001, according to the "60 Minutes" report.
Last year, the Federal Trade Commission charged Mallinckrodt with violating antitrust law in its quest to "maintain extremely high prices for Acthar" by buying its main competitor, a drug called Synacthen. Mallinckrodt ultimately settled the matter for $100 million without admitting wrongdoing.
Mallinckrodt told CNBC that regarding the lawsuit, the company did not violate any laws.
"[Mallinckrodt] strongly believes that no company action outlined in the city of Rockford's lawsuit constitutes a violation of any law, and, therefore, believes that the complaint should be dismissed in its entirety."
As for the price of Acthar, Mallinckrodt says that, since it acquired the medicine, it has made "only modest price adjustments" in line with its pledge to price drugs responsibly.
But the lawsuit did not solely target the drug manufacturer. Express Scripts , the company negotiating prices for the city of Rockford, has also been pulled into the legal battle.
Express Scripts owned a business that exclusively distributed Acthar before selling the entity in November of last year. Rockford's lawsuit alleges that the distributor helped keep prices high. Because towns hire pharmacy benefit managers to negotiate prices down, Rockford argues that Express Scripts unlawfully failed to advocate in the town's best interest.
The pharmacy benefit manager has denied any wrongdoing in the Rockford lawsuit and makes the case that it was "not contractually obligated" to contain costs.
Express Scripts shares opened trading Monday up about a half percent, but they turned down more than 1 percent in midday trading after Center for Medicare and Medicaid Services Administrator Seema Verma tweeted that pharmacy benefit managers harm patients. Shares of CVS also fell, more than 2 percent. J.R. Reed Breaking News & Markets Producer Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/mallinckrodt-shares-rebound-after-60-minutes-report-on-drug-prices.html |
MOSCOW (Reuters) - President Vladimir Putin stuck with his long-serving prime minister in his first act after being sworn in for a new term on Monday, signalling that he would keep faith with a policy direction that has brought Russia into conflict with the West.
Standing in the ornately-decorated Andreyevsky Hall of the Grand Kremlin Palace, with his hand on a gold-embossed copy of the constitution, Putin, 65, swore to serve the Russian people, to safeguard rights and freedoms, and protect Russian sovereignty.
Putin secured a new six-year term after more than 70 percent of voters backed him in a March 18 presidential election. His most dangerous challenger, Alexei Navalny, was not allowed to take part and on Saturday was detained at a protest called under the slogan: “Putin is not our tsar.”
Soon after the inauguration ceremony, the Kremlin issued a statement saying that Putin had nominated Dmitry Medvedev again to be prime minister in his new term. Medvedev, a loyal Putin lieutenant, has held the job since 2012.
Some Kremlin-watchers had speculated Putin might bring in a fresh face as prime minister to kick-start reforms of the sluggish economy and revive foreign investment curtailed by stand-offs with the West.
By choosing Medvedev - seen by people close to the Russian elite as a safe pair of hands whose chief quality is loyalty to his boss - Putin indicated he favoured continuity.
The choice is also likely to be parsed by Kremlin-watchers for any clues about what happens after Putin’s current term ends in 2024. The constitution bars him from seeking a third consecutive term.
When Putin came up against the same term limits in 2008, he got around the problem by anointing Medvedev as president, before taking back the job after one term.
Some observers believe Putin, who has not anointed any heir apparent, could attempt the same manoeuvre a second time.
Related Coverage Factbox: Who is Dmitry Medvedev, Putin's nominee for prime minister? FAMILIAR FACES Unveiling his nominees for the top posts in the new cabinet, Medvedev stuck mostly with familiar faces, including retaining Anton Siluanov as finance minister.
However, deputy prime ministers Arkady Dvorkovich and Igor Shuvalov did not keep their jobs. They had positioned themselves as champions of private business, though with limited success in an economy dominated by the state.
Vitaly Mutko, who oversaw sport at a time when Russia was accused of a state-sponsored programme of doping, lost his sports brief, but kept his deputy prime minister’s post and will oversee construction.
Putin embarks on his new term, his fourth in total, buoyed by widespread popular support but also weighed down by the costly confrontation with the West, low economic growth, and uncertainty about what happens when his terms ends.
In a speech after the swearing-in ceremony, Putin said that in the next six years Russia would prove a strong, muscular player on the world stage, backed by a powerful military, while pushing hard to improve life for its citizens at home.
“Taking up this post, I feel a colossal sense of responsibility,” Putin told his audience of Russian officials and foreign dignitaries, among them former German chancellor Gerhard Schroeder.
Guests attend a ceremony inaugurating Vladimir Putin as President of Russia at the Kremlin in Moscow, Russia May 7, 2018. Sputnik/Evgeny Biyatov/Pool via REUTERS For the short journey from his office to the inauguration ceremony, Putin travelled in a new Russian-made limousine. From now on, the limousine will replace the fleet of imported vehicles Putin uses, state television reported.
The choice of transport chimes with a message, often repeated by Putin, that Russia must stand on its own feet and shake off its dependence on the West.
Foreign diplomats see little prospect that Russia’s standoffs with the West that have dominated the past four years will ease during Putin’s new term.
Clashes in the past few weeks over U.S. sanctions on Russia, the conflict in Syria, and the poisoning in England of former Russian spy Sergei Skripal have left some diplomats worried that the confrontation could spiral out of control.
TROUBLES AHEAD Opinion polls show Putin has high levels of support among Russian citizens, and Navalny has not been able to inspire a nationwide upsurge of protests.
But the Russian economy is a potential weakness for Putin.
Buffeted by lower oil prices, falls in the rouble, inflation and the impact of sanctions, average monthly wages have fallen from the equivalent of $867 in 2013 to $553 last year.
Russia’s economy, the world’s eleventh largest, returned to growth of 1.5 percent last year, helped by a recovery in oil prices. But that fell far short of the growth Russians grew accustomed to earlier in Putin’s rule.
Slideshow (7 Images) Putin, first elected president in 2000, will soon have ruled longer than Soviet Communist leader Leonid Brezhnev, whose 18-year rule from 1964 to 1982 is primarily associated with stagnation. By the time his term ends, Putin will be 71.
Foreign diplomats and analysts say uncertainty over what happens after 2024 is likely to destabilise the ruling elite and spark infighting among rival Kremlin clans.
Writing by Christian Lowe; Editing by Gareth Jones
| ashraq/financial-news-articles | https://in.reuters.com/article/russia-putin-inauguration/russias-putin-sworn-in-for-another-six-years-in-office-idINKBN1I80RX |
May 1 (Reuters) - SOCIETE GENERALE DE BANQUE JORDANIE :
* Q1 PROFIT 2.3 MILLION DINARS VERSUS 3 MILLION DINARS YEAR AGO
* Q1 NET INTEREST INCOME 5 MILLION DINARS VERSUS 5.7 MILLION DINARS YEAR AGO Source:( bit.ly/2FvcNDm ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-societe-generale-de-banque-jordani/brief-societe-generale-de-banque-jordanie-q1-profit-falls-idUSFWN1S8061 |
Dansby Swanson’s two-run single with the bases loaded in the ninth inning capped a six-run rally and gave the Atlanta Braves a 10-9 win over the Miami Marlins on Sunday at SunTrust Park.
Swanson had been 0-for-8 since returning from the disabled list on Saturday. He drove a 2-2 pitch from reliever Tayron Guerrero into the left field corner to bring home Tyler Flowers and Kurt Suzuki with the tying and winning runs.
Swanson struck out to start the inning, but the Braves began to peck away against reliever Brad Ziegler. Ronald Acuna Jr. drove in a run with a sacrifice fly,
Freddie Freeman’s hustle on an infield single plated another, and Nick Markakis drove in a run with a single to center field.
Miami brought in Guerrero, who walked Flowers and surrendered an RBI hit to Suzuki. He walked Johan Camargo to load the bases with two outs, setting up Swanson’s game-winning heroics.
Guerrero (0-2) took the loss, giving up two runs on two hits and two walks, failing to retire a batter.
A.J. Minter (3-0) recorded the win, despite allowing a run in his one inning of work.
The Braves won two of three games in the series and improved to 7-0 in rubber games. Atlanta is 5-2 against Miami.
The rally deprived Miami’s Wie-Yin Chen of his first victory over Atlanta since 2012. The southpaw allowed two runs in 5 1/3 innings, giving up five hits, one walk and striking out five.
Atlanta starter Julio Teheran gave up six runs in five innings on seven hits and three walks. He struck out four. Teheran has allowed 10 runs in his last 11 innings.
Miami’s Lewis Brinson hit his sixth homer, his first career grand slam, and Miguel Rojas was 3-for-3 with four RBIs. Rojas hit two home runs, his sixth and seventh of the season.
Freeman was 3-for-5, while Ozzie Albies, Acuna and Markakis each had two hits.
Atlanta made a roster move on Sunday, granting infielder Jose Bautista his release and recalling right-handed pitcher Lucas Sims from Triple-A Gwinnett.
Bautista, signed last month to a minor-league free-agent deal, hit only .145 in 12 games. The Braves opted to go with Camargo as their regular third baseman and cut ties with Bautista.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-atl-mia-recap/swansons-single-caps-braves-six-run-rally-in-ninth-idUSMTZEE5K1Q0ZK0 |
* Dollar index trades near 4-month highs
* U.S. dollar recovers from brief dip after Fed statement
* Fed leaves rates unchanged as expected
* Central bank still on track to raise rates in June
By Masayuki Kitano
SINGAPORE, May 3 (Reuters) - The dollar traded near a four-month high against a basket of currencies on Thursday, having recovered from a brief dip after the Federal Reserve kept interest rates steady and said inflation had “moved close” to its target.
The dollar’s index against a basket of six major peers last stood at 92.645. It had slipped to around 92.245 after the Fed’s policy statement but later regained its footing to set a four-month high of 92.834 on Wednesday.
The Fed left its benchmark overnight lending rate in a target range of between 1.50 percent and 1.75 percent.
Its rate-setting committee said inflation had “moved close” to its target and downplayed a recent slowdown in economic and job growth, saying activity had been expanding at a moderate rate and job gains, on average, had been strong in recent months.
“The dollar had a slight wobble on the Fed’s latest statement...which was interpreted as dovish on the surface. But below lurked a confident sounding board,” Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said in a note.
The statement suggests that the Fed is confident that inflation remains on track to meet its target, he added.
“With the U.S. economic data flow continuing to dwarf other economies around the world and mainly the EU, the dollar remains the market’s darling for the time being,” Innes said.
The dollar has been buoyed in recent weeks by the strong U.S. economic outlook and rising yields amid signs of a slowdown in some other developed economies, especially in Europe.
The euro stood at $1.1964, up 0.1 percent from late U.S. trade on Wednesday. The common currency had set a low of $1.1938 on Wednesday, its weakest level since Jan. 11.
The dollar eased 0.1 percent to 109.75 yen, still not very far from a three-month high of 110.05 yen set on Wednesday.
Investors are focused on U.S. jobs data for April due on Friday for further indications of the strength of the economy and inflation pressures.
U.S. private-sector employers hired 204,000 workers in April, the smallest monthly increase since November, the ADP National Employment Report released on Wednesday showed. (Reporting by Masayuki Kitano Editing by Eric Meijer)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-near-4-month-highs-recovers-from-post-fed-dip-idUSL3N1SA07B |
A divided federal appeals court on Wednesday upheld the validity of UCB BioPharma’s patent on epilepsy drug Vimpat, dashing the hopes of more than a dozen other drugmakers who sought to make generic versions before the patent expires in March 2022.
The 2-1 decision by the U.S. Court of Appeals for the Federal Circuit affirmed a lower-court judge who had rejected claims by Accord Healthcare, Mylan, Amneal, Sun Pharma, Allergan, Apotex and many others that UCB’s 1996 patent on Vimpat should not have been granted because it was an obvious modification of a 1993 patent issued to the same inventor.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2km7vSB
| ashraq/financial-news-articles | https://www.reuters.com/article/patent-ucb/federal-circuit-affirms-ucb-biopharma-win-on-epilepsy-drug-patent-idUSL2N1SU2NB |
(Repeats to indicate file pic available with this story)
* Full-year adjusted core profit up 13 pct
* Says will deliver 100 mln stg in productivity savings
* Shares up 7 pct
By Martinne Geller
LONDON, May 24 (Reuters) - British food ingredients company Tate & Lyle is stepping up efforts to accelerate profit growth, its new CEO said on Thursday after reporting a 13 percent jump in adjusted full-year earnings, sending its shares up by 7 percent.
To counter a tough food and drink market, the provider of sweeteners and other ingredients said it will sharpen its focus on key categories including drinks, dairy and soups, while simplifying its business and seeking more innovation, partnerships and acquisitions.
CEO Nick Hampton, who took the reins last month, also said Tate & Lyle would deliver $100 million in productivity savings over four years.
The company reported pretax profit up 13 percent at 301 million pounds ($403.5 million) excluding one-off items and currency fluctuations in the year to March 31, with adjusted earnings per share rising 7 percent to 50.1 pence, in line with analyst expectations.
Sales, however, fell 2 percent to 2.7 billion pounds, hurt by a 10 percent drop in sales of sucralose sweetener.
Looking ahead, Tate & Lyle expects earnings per share growth for the current financial year to be at the lower end of a mid-single-digit range as it contends with higher commodities prices and costs for energy and transport in North America.
However, the company said that the new measures being taken would speed up earnings growth, while return on capital and cash generation should also improve.
“We welcome the evolution, but the devil will be in the detail as Tate enters a challenging year zero under the new regime,” Jefferies analyst Martin Deboo said, referring to new CEO Nick Hampton and his replacement as finance chief, Imran Nawaz.
In recent years Tate has concentrated more on speciality food ingredients, which carry higher margins than its much larger and more commoditised business of bulk ingredients.
Tate’s London-listed shares were up 7.1 percent 652 pence by 0849 GMT. ($1 = 0.7460 pounds) (Reporting by Martinne Geller Editing by Mark Potter and David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/tate-lyle-results/update-1-tate-lyle-profit-up-but-sales-fall-idUSL5N1SV1E5 |
(Reuters) - Shares of Twenty-First Century Fox Inc rose almost 3 percent on Tuesday after Reuters reported that cable operator Comcast Corp was preparing an all-cash bid to rival a deal agreed late last year with Walt Disney Co.
FILE PHOTO: The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo Comcast, the world’s biggest entertainment company, is asking investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer for Fox’s media assets, three people familiar with the matter said on Monday. [nL1N1SE212]
Disney in December had offered to buy film, television and international businesses from Fox for $52.4 billion in stock to beef up its offering against the likes of online streaming rivals Netflix Inc and Amazon.com Inc’s Prime Video. [nL4N1OE4F9]
A handful of early notes from Wall Street analysts said Comcast’s involvement might push Disney to raise its existing offer.
“It is reasonable to expect Disney to counter any potential offer while also changing the composition of its current all-stock offer,” Jefferies analyst Scott Goldman said. “In our view, Comcast and Disney are likely to view this as the last remaining transformational deal in media.”
At the same time, Comcast is battling against Rupert Murdoch’s Fox to buy Britain’s pay-TV group Sky, with Fox in the final stages of a bid to buy the 61 percent of the broadcaster it does not already own. [nL8N1SE62G]
“Still think Comcast will face a stiff fight for Fox and Sky and will likely end up with neither,” New Street Research analyst Jonathan Chaplin said.
Disney shares were marginally lower while Comcast fell 1.5 percent in premarket trading on Tuesday.
Reporting by Arjun Panchadar in Bengaluru; editing by Patrick Graham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fox-m-a-comcast/fox-shares-up-3-percent-on-potential-comcast-offer-idUSKBN1I91IR |
MARTINSVILLE, Va., Lee Boone and Douglas Townsend have been named co-presidents of the Home Meridian International (HMI) operating unit of Hooker Furniture Corporation (NASDAQ:HOFT).
Their appointments follow the announcement by George Revington that he will retire from his position as Chief Operating Officer of Hooker Furniture and as President of Hooker subsidiary HMI, effective June 1, 2018.
Both Townsend and Boone will be responsible for the overall top and bottom line results of the company, but each will have a distinct focus for their responsibilities.
Boone will oversee the original operating divisions of the company that serve traditional retail channels: Samuel Lawrence Furniture, Pulaski and Prime Resources. He also will have responsibility for overseeing HMI’s marketing and sales.
Townsend will oversee the operating divisions that focus on emerging channels of distribution such as e-commerce, hospitality and warehouse clubs: Accentrics Home, the Clubs Division and Samuel Lawrence Hospitality. In addition, Townsend will have responsibility for overseeing company operations in the U.S. and Far East.
Both report to Paul Toms, chairman and chief executive officer. “We are pleased to announce the promotion of Lee Boone and Doug Townsend to co-presidents of HMI,” Toms said. “Both have a strong, proven track record of leadership, and they complement each other extremely well with their skill sets and experience. We are excited for them to have this opportunity, and are confident they’ll do an excellent job of leading HMI today and into the future.”
Most recently, Boone has served as President of Samuel Lawrence Furniture since 2012. Previously, he served as President of Legacy Classic Furniture from 2006 to 2012. Prior to that, he had been General Manager of Legacy Classic Kids and served in sales management roles at Lea Industries and Universal Furniture. Boone is a graduate of West Point Military Academy.
“I am delighted at the opportunity to serve in this new leadership role at Home Meridian,” he said. “I’m fortunate to be part of this terrific team and look forward to working with Doug to continue the strategic vision and culture that has driven our growth and success.”
Most recently, Townsend has served as Chief Operating Officer of the Clubs Division, Senior Vice President of U.S. Operations, CEO of Samuel Lawrence Hospitality, and Executive Vice President of HMI. From 2002-20011, he was CFO of HMI and Samuel Lawrence Furniture, and early in his career he was a senior leader of Canyon Furniture, a furniture company start-up in Mexico owned by RTG. He is a graduate of Harvard University. “I’m excited at the opportunity to help lead the great team in place at HMI as we continue to implement our very unique business model providing proprietary products and services to the best and fastest-growing retailers nationally and internationally,” Townsend said. “We will continue to build upon the strong, flexible and dynamic organization that George (Revington) has put in place.”
Incorporated in 1924, Hooker Furniture is one of the most respected furniture brands in the world. The company's 2016 acquisition of Home Meridian International (HMI) ranks Hooker as one of the top five sources for the U.S. furniture market. An importer of residential wood and metal furniture and a manufacturer and importer of upholstered furniture, Hooker Furniture is based in Martinsville, Va. Major wood furniture categories include bedroom, dining, accent, home entertainment and home office furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker's residential upholstered seating companies include Hickory, N.C.-based Bradington-Young , a specialist in upscale motion and stationary leather furniture, Bedford, Va.-based Sam Moore Furniture , specializing in fashion upholstery with an emphasis on cover-to-frame customization, and Martinsville, Va.-based Shenandoah Furniture , an upscale upholstery company specializing in private-label sectionals, modular, sofas, chairs and beds in the upper-medium price points. The Hooker Upholstery brand offers imported leather upholstery in the upper medium price range. The Home Meridian division addresses more moderate price points and channels of distribution. HMI brands include Pulaski Furniture, Samuel Lawrence Furniture, Prime Resources, Accentrics Home, Sourcing Solutions Group, Right 2 Home and Samuel Lawrence Hospitalit y.
For more information, contact: Paul Toms, Chairman and Chief Executive Officer. Phone: 276-632-2133; [email protected]
Source:Hooker Furniture Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-boone-and-townsend-named-co-presidents-of-home-meridian.html |
DUBLIN (Reuters) - Spanish pilots’ union SEPLA has broken off talks with Ryanair ( RYA.I ) over a union recognition agreement and says it plans to file a lawsuit against the airline over contracts in Spain.
FILE PHOTO: A Ryanair Boeing 737-800 plane taxis at Lisbon's airport, Portugal April 24, 2018. REUTERS/Rafael Marchante/File Photo Ryanair decided in December to recognize unions for the first time and, while it has come to agreements in Britain and Italy, it is still working towards deals with unions in other major centers such as Ireland and Spain.
“We regret to inform you that, at today’s meeting, the negotiations with Ryanair’s management have been broken off as they have not accepted our minimum requirements document, 90 percent of which corresponded to their proposals,” SEPLA said in a newsletter to members.
SEPLA, which says it represents about 500 of 800 Ryanair pilots based in Spain, said the airline did not want to allow union members three days a month to carry out union duties.
It had previously threatened legal action but suspended it to carry out talks with Ryanair. SEPLA said it planned to meet with its lawyer on Monday to file the lawsuit.
A Ryanair spokeswoman said the company did “not comment on negotiations with our people”.
In an April 19 memo reviewed by Reuters, Ryanair had said the remaining issue was time-off duties for the pilots committee but that there appeared to be little between the two sides and so it was hopeful of an early conclusion.
Separately, Ryanair’s newly-formed transnational pilots group held its first meeting and gave pilots a list of items to negotiate with Ryanair to ensure fair working conditions, such as base transfer protocols.
“These are actually very reasonable requests to allow fair working conditions and to solve Ryanair’s pilot retention issues,” Dirk Polloczek, president of the European Cockpit Association, said on Twitter.
“We can now hope that this constructive attitude will be matched by Ryanair management in their talks with the national pilot unions.”
Reporting by Conor Humphries; Writing by Victoria Bryan; Editing by Mark Potter and David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ryanair-unions-spain/spanish-union-eyes-legal-action-after-ryanair-talks-break-down-memo-idUSKBN1IC15K |
ZURICH (Reuters) - Nestle ( NESN.S ) plans to eliminate up to 500 information technology jobs at its Swiss headquarters as its shifts work to countries including Spain, Portugal and Italy, the food and beverage giant said on Tuesday.
FILE PHOTO: The Nestle logo, April 12, 2018. REUTERS/Pierre Albouy/File Photo None of the group’s Swiss production sites are affected by the plan, which is being presented to staff for consultation, it said in a statement.
Reporting by Michael Shields; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nestle-jobs/nestle-plans-to-cut-up-to-500-it-jobs-in-switzerland-idUSKCN1IU0RI |
May 4, 2018 / 4:46 PM / Updated 2 hours ago Kansas lawmakers pass adoption bill critics say biased against gay couples Ian Simpson 3 Min Read
(Reuters) - The Kansas Legislature on Friday approved a bill that allows faith-based adoption agencies to turn away gay and lesbian couples based on religious beliefs, and the state’s governor said he would sign it. FILE PHOTO: The mural, Tragic Prelude, which depicts Abolitionist John Brown among Civil War casualties, a prairie fire and a tornado, by John Steuart Curry is seen on the second floor of the Kansas State Capitol building in Topeka, Kansas, U.S., May 12, 2016. REUTERS/Dave Kaup/File Photo
Under the measure, the Kansas Department for Children and Families cannot block any foster or adoption agency, including those that receive public funds, from participating in its programs only because it refuses to adopt or place children with gay people.
Opponents of the bill said they will likely mount a legal challenge.
The U.S. Supreme Court last June reversed an Arkansas Supreme Court ruling and ordered all states to treat same-sex couples the same as heterosexual couples in the issuance of birth certificates. This and other court rulings have made adoption by same-sex couples legal in all 50 states.
The Kansas state Senate passed the measure, SB 284, by a vote of 24-15 early on Friday, just hours after the House of Representatives approved it 63-58. Republicans control both chambers.
“Catholic Charities and other adoption agencies are key to the fabric of our communities,” Republican Governor Jeff Colyer said in a statement. “I look forward to signing this bill because it increases the opportunities for needy children to find loving homes.”
Seven states have similar laws on the books, according to Human Rights Watch, a national gay rights group.
Critics say the legislation will legalize discrimination against same-sex parents. It was opposed by a raft of child welfare organizations as well as the TechNet business group, which includes Dell Inc and Apple Inc.
Defenders of the bill have said that it will increase the number of adoption agencies in Kansas. Organizations can already refuse placements based on religious beliefs and backers say the legislation ensures that adoption agencies are still able to do that.
The Republican-dominated Oklahoma Legislature approved a similar measure on Thursday. Governor Mary Fallin, who is also Republican, has not said whether she will sign it.
Cathryn Oakley, senior counsel for Human Rights Watch, told Reuters by telephone that there was “every chance” of a legal challenge if the Kansas and Oklahoma bills are signed into law.
“These bills are ill-considered and terrible public policy,” she said. Reporting by Ian Simpson in Washington; Editing by Dan Grebler | ashraq/financial-news-articles | https://www.reuters.com/article/us-kansas-adoption/kansas-lawmakers-pass-adoption-bill-critics-say-biased-against-gay-couples-idUSKBN1I524F |
FRANKFURT (Reuters) - The European Central Bank needs new monetary policy tools if it is to supervise firms that clear financial transactions denominated in euros, ECB board member Yves Mersch said on Monday.
FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo “We also need to adjust the ECB’s monetary policy toolkit to ensure it can fulfill its role,” Mersch told a financial industry event.
“This requires amending Article 22 of the Statute in a manner that... preserve(s) the ECB’s flexibility and autonomy to react to unforeseen circumstances and effectively address risks to its mandate,” he added.
Reporting By Francesco Canepa
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy-clearing/ecb-needs-new-tools-if-it-is-to-supervise-clearing-houses-mersch-idUSKCN1IU168 |
LOS ANGELES, May 8 (Reuters) - A Los Angeles judge has finalized a ruling that Starbucks Corp and other coffee sellers must serve up a cancer warning with coffee sold in California.
Superior Court Judge Elihu Berle in a ruling published on Monday said that Starbucks and other coffee sellers did not show that the risk from consuming acrylamide, a probable cancer-causing byproduct created during coffee roasting, was offset by benefits from drinking coffee.
The Council for Education and Research on Toxics (CERT), a nonprofit group, sued some 90 coffee retailers, including Starbucks, on grounds they were violating a California law requiring companies to warn consumers of chemicals in their products that could cause cancer.
The latest decision in the eight-year legal battle confirmed Berle’s tentative decision on the matter in March.
The ruling opens a path for CERT to ask for a permanent injunction that would require coffee sellers to warn consumers about the cancer risk associated with acrylamide.
Many California coffee sellers, including Starbucks, already post signs with such warnings under the state’s Proposition 65 law requiring businesses to provide warnings about significant exposures to chemicals that cause cancer, birth defects or other reproductive harm.
Attorney Raphael Metzger, who represents CERT, hopes that the final ruling will lead to a settlement where coffee sellers reformulate their product to remove acrylamide, as potato chip sellers did after a similar lawsuit.
“Just giving warnings to people who are really addicted to the product, like me, doesn’t do much,” said Metzger.
Starbucks and the National Coffee Association did not immediately respond to requests for comment. (Reporting by Lisa Baertlein in Los Angeles Editing by Marguerita Choy)
| ashraq/financial-news-articles | https://www.reuters.com/article/california-lawsuit-coffee/california-judge-finalizes-ruling-on-coffee-cancer-warnings-idUSL1N1SF22M |
PORTSMOUTH, N.H., May 02, 2018 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague”) (NYSE:SRLP) announced today that the record date and payment date for the distribution of $0.6525 per unit has been revised to May 14, 2018 and May 18, 2018, respectively, due to an administrative error.
About Sprague Resources LP
Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. The company also provides storage and handling services for a broad range of materials. More information concerning Sprague can be found at www.spragueenergy.com .
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Sprague’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sprague’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Investor Contact:
Kory Arthur
+1 603.766.7401
[email protected]
Source:Sprague Resources LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-sprague-resources-lp-announces-a-revised-record-date-and-payment-date-for-the-cash-distribution-of-the-first-quarter-of.html |
May 15, 2018 / 8:21 PM / Updated 23 minutes ago Doctors slow to switch diabetes treatment when drugs don't work Lisa Rapaport 5 Min Read
(Reuters Health) - When type 2 diabetes isn’t well controlled with oral medications, doctors are often slow to switch patients to more intensive treatment, a U.S. study suggests.
Researchers found that only about one-third of patients with poorly controlled blood sugar on oral drugs were switched to higher doses, different drugs or insulin within six months.
At the start of the study, all of the patients had been taking two oral diabetes drugs for at least six months. But they still had poorly controlled diabetes based on blood tests showing so-called hemoglobin A1c levels, which reflect average blood sugar levels over about three months. Readings above 6.5 signal diabetes, and everyone in the study had readings of at least 7.
Under U.S. guidelines for managing diabetes, all such patients should be switched to more intense treatment, researchers note in Diabetes Care.
But six months after the start of the study, doctors had only prescribed more intense therapy for 37 percent of these patients.
“Generally speaking, if a patient’s A1c is above target, it will either remain there or get worse,” said lead study author Dr. Kevin Pantalone of the Cleveland Clinic in Ohio. “It does not usually get better.”
Globally, about one in 10 adults has diabetes, according to the World Health Organization. Most have type 2 diabetes, which is associated with obesity and aging and occurs when the body can’t make or process enough of the hormone insulin.
Medications as well as lifestyle changes such as improved diet and exercise habits can help manage diabetes and keep symptoms in check. When diabetes isn’t well managed, however, dangerously high blood sugar can eventually lead to blindness, amputations, kidney failure, heart disease and stroke.
Too often, doctors and patients will find reasons not to intensify treatment, making these complications more likely, Pantalone said by email.
“Whether it be the patient saying for the fifth time ‘I will start watching my diet and start exercising,’ or a physician saying ‘the A1c is close to goal and I don’t really want to add yet another medication and copay, we will wait and see what happens in another 3 months,’ the end result is lack of intensification and A1c goal attainment,” Pantalone said.
In the current study, researchers examined electronic health records for 7,389 patients with poorly controlled diabetes who were treated at the Cleveland Clinic between 2005 and 2016.
People with the most poorly controlled blood sugar were more likely to get more intense treatment, the study found.
Among patients with A1c readings from 7 to 7.9, just 28 percent of patients were switched to more intense treatment during the study.
However, about 47 percent of patients with A1c readings from 8 to 8.9 were switched, as were almost 60 percent of patients with A1c readings of 9 or higher.
The study wasn’t a controlled experiment designed to prove whether or how treatment intensification might directly improve blood sugar. Researchers also lacked data to explain why doctors or patients might have decided against a change in therapy. And the study didn’t show whether failure to switch treatment regimens resulted in diabetes complications.
Still, such complications can become more likely the longer patients go with poorly controlled blood sugar, said Dr. Vanessa Arguello of the David Geffen School of Medicine at the University of California, Los Angeles.
“When appropriate, patients need to be involved in escalating their diabetes care to prevent diabetic complications and stay healthy,” Arguello, who wasn’t involved in the study, said by email.
“Patients should empower themselves by checking their blood sugars daily, knowing what their target blood sugar levels should be, and having regular appointments with their doctor,” Arguello added. “If patients are having blood sugars above their target blood sugar levels then this may be a warning sign that they need to talk with their physician on how to take a different approach in managing their diabetes.”
SOURCE: bit.ly/2rI8HUu Diabetes Care, online April 20, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-diabetes/doctors-slow-to-switch-diabetes-treatment-when-drugs-dont-work-idUKKCN1IG364 |
PARIS, May 24 (Reuters) - The World Organisation for Animal Health (OIE) declared Brazil free of foot-and-mouth disease (FMD) with vaccination on Thursday, opening new export prospects for the world’s largest beef exporter.
The OIE already considered most of Brazil to be free of foot-and-mouth with vaccination. The declaration, which the government had been expecting since the start of the year, extends certification to the whole country. (Reporting by Sybille de La Hamaide, editing by Gus Trompiz)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-beef-disease/oie-declares-brazil-free-of-foot-and-mouth-with-vaccination-idUSL5N1SV3KT |
May 23 (Reuters) - Solaris Oilfield Infrastructure Inc :
* SOLARIS OILFIELD INFRASTRUCTURE SCHEDULES SECOND QUARTER 2018 CONFERENCE CALL AND PROVIDES UPDATE ON INVESTOR RELATIONS ACTIVITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-solaris-oilfield-infrastructure-sc/brief-solaris-oilfield-infrastructure-schedules-second-quarter-conference-call-idUSASC0A3G2 |
May 14 (Reuters) - nVent Electric PLC:
* NVENT ELECTRIC SAYS DIRECTOR BRIAN BALDWIN REPORTS OPEN MARKET PURCHASE OF 361,793 COMMON SHARES AT AVERAGE PRICE OF $24.87PER SHARE ON MAY 10 - SEC FILING
* NVENT ELECTRIC SAYS DIRECTOR BRIAN BALDWIN REPORTS OPEN MARKET PURCHASE OF 7,500 COMMON SHARES AT AVERAGE PRICE OF $25.62PER SHARE ON MAY 11 Source text: ( bit.ly/2IjaeXn ) Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nvent-electric-says-director-brian/brief-nvent-electric-says-director-brian-baldwin-reports-open-market-purchase-of-common-shares-idUSFWN1SL0OD |
PARIS/NEW YORK (Reuters) - Airbus’s hopes of winning an immediate respite from slow sales of its A330neo jetliner with an order from United Airlines are dwindling, leaving a gap in future production weeks before it is due to enter service, industry sources said on Friday.
FILE PHOTO: An Airbus A330neo aircraft lands during its maiden flight event in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau/File Photo Airbus has been competing with Boeing to replace all or part of a fleet of some 50 Boeing 767s at United Airlines ( UAL.N ), people familiar with the discussions say.
Others said Airbus had made an unsolicited offer to try to head off plans by United to use rights to buy more Boeing 787s.
It’s the latest twist in one of the fiercest recent jet market battles, pitting Boeing’s 787 against the latest type of A330, with Boeing so far holding the upper hand.
“Airbus doesn’t have United,” one person familiar with the matter told Reuters, though others did not exclude a chance to compete for a second tranche of business later.
Sources say Boeing has an advantage in any competition because United already flies its 787 and has options for more.
FILE PHOTO: Logo of Airbus is pictured at the Airbus A380 final assembly line at Airbus headquarters in Blagnac, near Toulouse, France, March 21, 2018. REUTERS/Regis Duvignau Airbus ( AIR.PA ), Boeing ( BA.N ) and United ( UAL.N ) declined comment.
Airbus is keen to clinch a deal after losing to the 787 at two other U.S. carriers.
It also hopes to defend planned production rates, which have only just been lowered due to weak demand.
Sources said more than 15 A330 output slots remain unfilled in next year’s schedule, heightening pressure to win deals.
Airbus has sold 214 A330neos to around 13 customers led by AirAsia ( AIRA.KL ), which has been giving mixed signals over whether it plans to take the jets or switch to Boeing.
AirAsia Group boss Tony Fernandes said this week the A330neo was still the “favorite choice” but he was delaying a final decision until he saw how the jet performed.
America’s withdrawal from the Iran nuclear accord threatens the sale of 28 A330neos to IranAir.
Another reason Airbus wants to add a new marquee customer is that it would make it easier for airlines to finance A330neo purchases, and potentially hold back the tide of 787 sales under a hard-charging new Boeing leadership, financial sources said.
Banks add risk factors and toughen the terms when backing thinly sold jets and the risk is that the more popular 787 could become cheaper to finance, even though the price of an A330neo is lower after allowing for market discounts.
Airbus has said it is confident about long-term demand and is talking to several airlines about the 310-seat plane.
“It’s a big segment and we think we have the right airplane at the right time,” Airbus Americas Chairman Jeff Knittel said.
Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-united-aircraft/airbus-loses-ground-in-bid-to-sell-jets-to-united-sources-idUSKCN1IJ1SK |
SANTA FE, Texas—Members of Arcadia First Baptist Church in Santa Fe, just down the road from the site of Friday’s deadly high-school shooting, shook hands and received hugs and words of comfort from Gov. Greg Abbott before the start of Sunday services.
“I’m here to comfort my fellow Texans,” Mr. Abbott said.
The service focused on healing... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/texas-school-shooting-victims-remembered-at-church-service-1526841223 |
Markle walks down the aisle to marry Prince Harry 7:41am EDT - 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
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 //reut.rs/2KDJEsI | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/markle-walks-down-the-aisle-to-marry-pri?videoId=428397983 |
(Reuters) - Russia coach Stanislav Cherchesov has warned his players they must cut out the individual errors that cost the World Cup hosts a chance to end a winless run stretching back to October after they lost 1-0 to Austria in a warm-up match on Wednesday.
Soccer Football - International Friendly - Austria vs Russia - Tivoli Stadion Tirol, Innsbruck, Austria - May 30, 2018 Russia coach Stanislav Cherchesov REUTERS/Leonhard Foeger The Russians, hoping to reach the knockout stage from a relatively weak-looking Group A, which also includes Saudi Arabia, Uruguay and Egypt, have conceded 10 goals in their last four games and failed to win in six matches.
Cherchesov sees plenty of room for improvement, saying the errors in the Austria defeat were due to tiredness after the team’s intensive pre-World Cup training camp in the Alps.
“These things (individual errors) need to be eliminated,” Cherchesov said. “But mistakes happen if there’s no freshness. We’ll correct them when we are 100 percent ready.”
With Uruguay, led by prolific strikers Edinson Cavani and Luis Suarez, expected to top the group, the Russians need a winning a start in the tournament’s opening game against the Saudis in Moscow on June 14.
Cherchesov’s team clearly lack quality in the final third of the pitch at the Tivoli Stadium in Innsbruck and the former Russia keeper said they get into good attacking positions often enough only to be let down by a poor final pass.
“We need (to improve) the final pass,” the 54-year-old said. “I’m not talking about goals, but about the logical completion of attacks.
“There were enough runs, on the left and on the right, but the quality of the final pass left much to be desired.”
Cherchesov changed the 5-3-1-1 formation he used in March friendly defeats against Brazil and France for a 4-2-3-1, with 38-year-old center back Sergei Ignashevich returning to the national team after a two-year absence.
There were moments of confusion with Vladimir Granat, Ignashevich’s partner in central defense, making several mistakes, but Cherchesov believes things will get better.
“There were one or two individual mistakes but this pair of central defenders played together for the first time,” he said.
Reporting by Angel Krasimirov; Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-aut-rus-cherchesov/soccer-russia-must-cut-out-individual-errors-says-coach-idUSKCN1IW1TW |
WILMINGTON, Mass.--(BUSINESS WIRE)-- Artemis Emslie has become an independent member of the board of directors of Ametros. As a highly regarded thought leader in the industry, she will provide strategic insight and guidance for the company to ensure products and services align with the company’s overall vision.
“We are very excited to have Artemis on the board,” said Marques Torbert, the CEO of Ametros. “Her experience as a senior leader of a fast-growing and successful company in our space gives her a unique perspective to add to our board.”
Ametros strives to enhance the lives of injured parties with innovative and affordable post-settlement solutions. Ametros focuses heavily on improving the health and well-being of its members ensuring that they live happier, healthier, and more productive lives.
“I am thrilled to join the Ametros family and look forward to contributing to its continued success,” said Emslie. “Ametros has established itself as the leader in post-settlement professional administration and continues to bring innovation and settlement solutions to our industry.”
With more than 25 years’ experience in the workers’ compensation and group health industries, Emslie has a keen interest in making sure injured parties receive quality health care and pharmacy services. She is the former CEO of myMatrixx (now an Express Scripts company) and led the company’s growth and transformation from a regional pharmacy benefit manager (PBM) serving injured workers and payers into a major, national PBM.
Prior to myMatrixx, Emslie held senior leadership positions with several companies before launching Prosperx Solutions, a PBM auditing firm for workers’ compensation insurance providers. She currently works with the University of South Florida’s College of Pharmacy faculty to create an academic program that combines pharmacy doctoral education with business entrepreneurship.
Emslie co-founded the Alliance of Women in Workers’ Compensation and serves on its executive board. In addition, she is a past chairman of the Workers Compensation Research Institute (WCRI) Core Funders Group. She serves on the board of directors for Paradigm Outcomes as well as on the advisory boards for the Committee for Economic Development, Business Insurance magazine, Kids’ Chance, and WorkCompCentral’s Comp Laude Awards.
ABOUT AMETROS
Ametros is the industry leader in post-settlement medical administration and a trusted partner for thousands of members receiving funds from workers’ compensation and liability settlements. Founded in 2010, Ametros provides post-settlement medical management services with significant medical and pharmacy discounts along with automated payment technology and Medicare reporting tools. Headquartered just north of Boston in Wilmington, Massachusetts, Ametros may be reached at 877.275.7415 or via www.ametroscards.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005300/en/
Ametros
Melissa Wright, 978-381-4329
[email protected]
Source: Ametros | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-artemis-emslie-joins-ametrosa-board-of-directors.html |
TOKYO (Reuters) - Saudi Arabian Energy Minister Khalid al-Falih said on Monday he was concerned about possible shortages of spare crude oil output capacity, although he believes the market is in better shape after the OPEC-led production cuts that started in 2016.
Oil prices have surged as the output cut agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, has held. The main global oil benchmarks on Monday hit their highest since late 2014. [O/R]
The recent upswing in prices - which has nearly tripled crude values from lows hit in early 2016 - has led to speculation that the output curbs will soon be lifted as countries reliant on oil revenue seek to boost their coffers by raising their exports.
“We are concerned about tight spare capacity nowadays ... But we feel the industry is in better shape than when we started in 2016, and although we are seeing that improvement, we certainly don’t feel we are where we need to be with complete market stability,” Falih told Reuters in Tokyo after meeting Japan’s trade minister.
Spare output capacity will be among the topics discussed when OPEC and non-OPEC energy and oil ministers meet next month in Vienna, he said.
Falih said Saudi Arabia is not targeting a specific price for oil, discounting a May 4 report in The Wall Street Journal that Riyadh wants to oil to hit at least $80 a barrel this year.
“For sure we are not targeting a price. Our objective all along has been to bring stability, rebalancing and equilibrium back to the oil markets,” he said.
Nor was the aim to get storage levels back to the five-year average, “certainly not the rolling five-year average, because the rolling five-year average has been inflated by the glut that’s been around since 2014,” Falih said.
Reporting by Osamu Tsukimori and Aaron Sheldrick; Editing by Tom Hogue
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-saudi/saudi-energy-minister-says-concerned-about-tight-spare-oil-capacity-idUSKBN1I8108 |
46 COMMENTS Nicole Sanders, above, as 'Nitro Nicole,’ a human cannonball, and at her job now at Lululemon. Photo: Feld Entertainment; Nicole Saunders As an elephant handler for Ringling Bros. and Barnum & Bailey Circus, Lauren Ramsay used to spend her time herding four-ton pachyderms.
When this is your resume Now she serves the dinner crowd at a Chicago wine bar. The elephants were easier.
“Elephants definitely listen better and aren’t as messy as people when they eat,” she says.
Last May, the circus closed down after 146 years traveling the country and thrilling millions with “the Greatest Show on Earth.” In the year since, the contortionists, acrobats, stilt walkers and other performers have walked a tightrope trying to adapt to more-conventional jobs, while sometimes using their circus skills. It takes some professional clowns a while to find a second act: One is now running for Congress.
Former elephant handler Lauren Ramsay. Photo: Lauren Ramsay Former clown Sandor Eke, of Las Vegas, Nev., wanted to put his entertaining and juggling skills to work behind a bar after 20 years with the circus. But nobody would hire him without experience. He’s now picking up random clown jobs and painting houses. “I try to have fun with it, but it’s not exactly what I wanted with life. I mean, I used to be a clown!”
In April, Mr. Eke auditioned for a mascot job with the Oakland Raiders once they move to Las Vegas for the 2020 season. He tried on the “Rushing Raider” costume, and did what he called a “crowd-pleasing routine.” He’s waiting to hear back, but remains hopeful. “I got good vibes,” he says.
Clown Sandor Eke dusts his face with powder before performing in a show in 2017. Photo: Julie Jacobson/Associated Press Sandor Eke helps his son off a circus train in 2017. Photo: Julie Jacobson/Associated Press Brian Wright performed 1,250 shows as a clown for over three years. Now, he lives in Spring Hill, Fla., and works at the front desk of a hotel, where he sometimes does clown bits. During his circus years he would take a program and stick it to the forehead of an audience member to sign his autograph. Now, he has guests sign in like that.
He also does pratfalls. “They always get a laugh,” he says.
As the human cannonball, Nicole Sanders went by “Nitro Nicole.” Now, Ms. Sanders just goes by her real name when she works with customers at Lululemon in New Orleans, La. After almost two years of being fired out of a cannon 100 feet into the air before landing on an air bag, she says she can deal with most any workplace situation. “I used to put my life at risk twice a day,” she says. “I think I can handle it.” She says life now is much less stressful, but more boring. “It’s a perspective shift.”
Sandor Eke painting post-circus. Photo: Sandor Eke More than 450 employees lost their jobs after the circus closed, citing high operating costs and low ticket sales worsened following the removal of elephants from the show after prolonged criticism from animal-rights groups.
Kenneth Feld, chief executive of Feld Entertainment, which owned the circus, called it an “unsustainable business.” The company provided outplacement service for six months following the January 2017 announcement that the circus would close, a spokeswoman said.
Circus workers lived in efficiency apartments on board a mile-long Ringling Bros. train that traveled across the country. It carried performers and their families, animals and their feed, and had a school, a day care and a 24-hour dining car.
“I really miss the show, my friends, and my horse, Batir. And nothing compares to a Cossack train party,” says Ubay Begmuratov, a Cossack whose only job in the U.S. was working as a horse rider performing tricks, flips and jumps for the circus for 13 years.
Nowadays, his tricks are limited to jumping off the back of a flatbed truck after he loads it, straps everything down, and makes sure the truck is ready for the next city. Mr. Begmuratov, who is married to Ms. Ramsay, the former elephant handler, sometimes drives for Uber and is working to get licensed to drive long-haul trucks.
Rhett Coates, of Hayes, Va., worked for the circus on and off since 1985, as part of the train crew, and in wardrobe, props, and concessions. “Sawdust gets in your blood,” he says, using a common refrain. “Most of us are still completely stunned about it all. None of us ever thought the show would or could close down.”
Now he’s thinking about a new kind of show, pitching producers his circus stories as a television series. It would be like the old “Love Boat” series, he says, with three narratives interwoven in an hour-long show. “I have enough stories to make a series last a long time,” he says.
Former clown Steve Lough, of Camden, S.C., who left the circus in 2004, later found employment working for McDonald’s at special events and volunteering for political campaigns.
This spring, Mr. Lough decided to run for office himself and is running in the Democratic primary for U.S. Congress in South Carolina. “I juggle at every campaign stop now,” he says.
Steve Lough, clown on left, when he was with the circus. Photo: Bill Greene/The Boston Globe/Getty Images Former clown Steve Lough is running for U.S. Congress. Photo: Rie Sekine He did a pratfall at the South Carolina Democratic Convention in April that “got a big reaction and laugh.”
During his years with the circus, Mr. Lough spent time with friends like Michu Meszaros, a 2-foot-9-inch-tall performer billed as “The World’s Smallest Man!,” and Russian acrobats who read Dostoevsky in their down time. The campaign trail is a different story. “Lots of stiffs,” he says. But Mr. Lough says the crowds love his clown skills.
Since the circus closed, ringmaster Johnathan Lee Iverson moved to Orlando, Fla., and has been taking various jobs. He has played a Klingon in a Star Trek-themed opera and worked on starting an opera company. But he hasn’t found anything steady.
Take a Look at Other Recent A-Heds
That Endless Series of Menu Options Is Paralyzing Diners Forget the Hackers, Watch Out for the Phone Snoopers Over Your Shoulder Worst Job in America: Responding to Irate Tweets From New York City Subway Riders “I’m a shiny thing,” Mr. Iverson says. “I am the last ringmaster. But it’s over.” He says he has to parlay his talent into something new. “It’s a matter of survival.”
Sometimes there are reminders of their past careers. Ms. Ramsay, who works at the wine bar, now herds lingering customers into leaving when it’s getting late. She’ll turn up the lights, switch off the music, and clear their table. “You definitely have to motivate some tables—it works,” she says.
Some customers ignore the subtle clues to close up, she says, which reminds her of one particularly memorable elephant named Karen. “She was stubborn.”
Ringmaster Johnathan Lee Iverson opened the final show of the Ringling Bros. and Barnum & Bailey Circus in May 2017. Photo: Julie Jacobson/Associated Press | ashraq/financial-news-articles | https://www.wsj.com/articles/the-hardest-career-juggle-finding-plan-b-for-jobless-clowns-1526918684 |
May 7 (Reuters) - Advanced Disposal Services Inc:
* ADVANCED DISPOSAL ANNOUNCES SECONDARY OFFERING OF COMMON STOCK
* ADVANCED DISPOSAL SERVICES - EXISTING STOCKHOLDER OF CO INTENDS TO OFFER FOR SALE IN SECONDARY OFFERING 12 MILLION SHARES OF CO’S COMMON STOCK Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-advanced-disposal-announces-second/brief-advanced-disposal-announces-secondary-offering-of-common-stock-idUSASC0A09F |
When deciding how much to spend on a wedding gift, you might be swayed by the widespread idea that you should buy something equivalent to the cost per plate at the reception .
However, "covering your plate" isn't expected, says Lizzie Post, etiquette expert and co-host of Emily Post's "Awesome Etiquette" podcast . The value of your gift "is never based off how much the couple is paying per plate," she tells CNBC Make It . "That is a misconception in American culture."
That's because guests should never know the cost of the wedding. There's no need to speculate on how much, or how little, the bride and groom spent on their big day, either. "It's none of your business," Post says. "They might have had a family friend who catered all the food. Or they might have had unlimited funds, and you don't have to know that either."
Instead, you should figure out how much you can comfortably spend and stay within those limits , Post advises.
"Your gift should always be within your personal budget," she says. "You decide that based on your connection to the person getting married, your own gift-giving style, desire and generosity in that moment and what's feasible for you to do."
Celebrating someone else's big day should never put you in the red. "Your budget, your sentiment, your desire is what really dictates what you want to get for them," Post says.
Wedding gifts are meant to honor the couple and thank them for including you — not to leave guests with mounting credit card bills. What you choose to buy, and how much you spend on it, only needs to be a reflection of your relationship with the couple and your budget.
Don't miss: 53% of millennials would go into credit card debt to attend a friend's wedding
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show chapters Here's how much the royal wedding is expected to cost 9:47 AM ET Thu, 17 May 2018 | 01:48 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/when-buying-a-wedding-gift-you-dont-have-to-cover-your-plate.html |
On his 13th solo studio album, “The Horizon Just Laughed” (Secretly Canadian), Damien Jurado takes a journey to the past to explore what gave him comfort in his tender time of need: familiar television characters and easy listening music. He does so with disarming sincerity and no small dose of charm, seamlessly blending lyrical storytelling and skillfully arranged indie-folk music.
Serving for the first time as his own producer, his crisp, clean arrangements, many of which feature brass and strings, emphasize his linear... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-horizon-just-laughed-by-damien-jurado-review-comfort-tunes-1525292275 |
OKLAHOMA CITY, May 3, 2018 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), and holder of 25.6 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners, LP, today reported earnings of $0.27 per diluted share for the three months ended March 31, 2018 compared to $0.18 per diluted share for the first quarter of 2017.
OG&E, a regulated electric utility, contributed earnings of $0.16 per share in the first quarter, compared with earnings of $0.08 per share in the first quarter last year. OGE Energy Holdings, which is primarily Natural Gas Midstream Operations, contributed earnings of $0.11 per share compared with earnings of $0.10 per share in the year-ago quarter. The holding company posted breakeven results in both the first quarters of 2018 and 2017.
"Both of our businesses produced solid first quarter results," said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. "We continue to execute on our plans and create value for our customers."
Discussion of First Quarter 2018
OGE Energy's net income was $55 million in the first quarter, compared to approximately $36 million in the year-ago quarter.
OG&E's net income was approximately $31 million in the first quarter, compared to approximately $16 million in the comparable quarter last year. The primary drivers for the increase in net income were lower operation and maintenance expense, more favorable weather compared to the same period in 2017, and new rates implemented in May 2017. These increases were partially offset by higher depreciation and interest expense.
OGE Energy Holdings (primarily Natural Gas Midstream Operations) contributed net income to OGE Energy Corp. of $24 million for the first quarter of 2018 compared to $20 million for the same period in 2017. Higher net income was primarily due to lower income tax expense. Volumes at Enable Midstream were higher across all business segments, particularly gathering and processing. In addition, Enable Midstream issued cash distributions to OGE of approximately $35 million in each of the first quarters of 2018 and 2017.
2018 Earnings Outlook
The Company reaffirms its 2018 earnings guidance between approximately $380 million and $410 million of net income, or $1.90 to $2.05 per average diluted share. More information regarding the Company's 2018 earnings guidance is contained in the Company's 2017 Form 10-K and Form 10-Q for the quarter ended March 31, 2018 as filed with the Securities and Exchange Commission.
Conference Call Webcast
OGE Energy will host a conference call for discussion of the results on Thursday, May 3, at 8 a.m. CST. The conference will be available through www.ogeenergy.com . OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 843,000 customers in Oklahoma and western Arkansas. In addition, OGE holds a 25.6 percent limited partner interest and a 50 percent general partner interest of Enable Midstream, created by the merger of OGE's Enogex LLC midstream subsidiary and the pipeline and field services businesses of Houston-based CenterPoint Energy.
Some of the matters discussed in this news release may contain that are subject to certain risks, uncertainties and assumptions. Such are intended to be identified in this document by the words "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "possible", "potential", "project" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and their impact on capital expenditures; the ability of the Company and its subsidiaries to access the capital markets and obtain financing on favorable terms as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal, natural gas and NGLs; the timing and extent of changes in commodity prices, particularly natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions Enable serves, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; the timing and extent of changes in the supply of natural gas, particularly supplies available for gathering by Enable's gathering and processing business and transporting by Enable's interstate pipelines, including the impact of natural gas and NGLs prices on the level of drilling and production activities in the regions Enable serves; business conditions in the energy and natural gas midstream industries, including the demand for natural gas, NGLs, crude oil and midstream services; competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; the impact on demand for our services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; Federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations or restrict or change the way the Company operates its facilities; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks and other catastrophic events; creditworthiness of suppliers, customers and other contractual parties; social attitudes regarding the utility, natural gas and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters; difficulty in making accurate assumptions and projections regarding future revenues and costs associated with the Company's equity investment in Enable that the Company does not control; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission including those listed in Risk Factors in the Company's Form 10-K for the year ended December 31, 2017 and in the Company's Form 10-Q for the quarter ended March 31, 2018.
Note: Consolidated Statements of Income, Financial and Statistical Data attached.
Oklahoma Gas and Electric Company
Financial and Statistical Data
(Unaudited)
Three Months Ended
March 31,
(Dollars in millions)
2018
2017
Operating revenues by classification:
Residential
$ 202.1
$ 192.3
Commercial
122.7
124.3
Industrial
43.1
44.3
Oilfield
34.6
38.1
Public authorities and street light
43.5
44.5
Sales for resale
0.1
—
System sales revenues
446.1
443.5
Provision for rate refund
(3.2)
(20.8)
Integrated market
8.6
(3.5)
Transmission
35.8
32.0
Other
5.4
4.8
Total operating revenues
$ 492.7
$ 456.0
MWh sales by classification (In millions)
Residential
2.4
2.0
Commercial
1.7
1.6
Industrial
0.9
0.8
Oilfield
0.8
0.8
Public authorities and street light
0.7
0.7
System sales
6.5
5.9
Integrated market
0.3
0.3
Total sales
6.8
6.2
Number of customers
843,322
836,099
Weighted-average cost of energy per kilowatt-hour (In cents)
Natural gas
2.794
2.817
Coal
2.007
2.110
Total fuel
2.072
2.135
Total fuel and purchased power
2.941
3.132
Degree days (A)
Heating - Actual
1,880
1,381
Heating - Normal
1,798
1,799
Cooling - Actual
10
57
Cooling - Normal
13
13
OGE Energy Corp.
Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31,
(In millions, except per share data)
2018
2017
OPERATING REVENUES
Revenues from contracts with customers
$ 477.9
$ —
Revenues from alternative revenue programs
14.8
$ —
Operating revenues
492.7
$ 456.0
COST OF SALES
210.5
208.7
OPERATING EXPENSES
Other operation and maintenance
118.8
122.1
Depreciation and amortization
78.8
55.6
Taxes other than income
24.1
23.9
Total operating expenses
221.7
201.6
OPERATING INCOME
60.5
45.7
OTHER INCOME (EXPENSE)
Equity in earnings of unconsolidated affiliates
33.9
35.6
Allowance for equity funds used during construction
7.0
6.9
Other net periodic pension and postretirement benefit (cost)
1.3
(1.9)
Other income
5.4
8.8
Other expense
(4.4)
(4.1)
Net other income
43.2
45.3
INTEREST EXPENSE
Interest on long-term debt
39.6
35.9
Allowance for borrowed funds used during construction
(3.7)
(3.3)
Interest on short-term debt and other interest charges
2.7
2.4
Interest expense
38.6
35.0
INCOME BEFORE TAXES
65.1
56.0
INCOME TAX EXPENSE
10.1
20.0
NET INCOME
$ 55.0
36.0
BASIC AVERAGE COMMON SHARES OUTSTANDING
199.7
199.7
DILUTED AVERAGE COMMON SHARES OUTSTANDING
200.2
200.0
BASIC EARNINGS PER AVERAGE COMMON SHARE
$ 0.28
$ 0.18
DILUTED EARNINGS PER AVERAGE COMMON SHARE
$ 0.27
$ 0.18
DIVIDENDS DECLARED PER COMMON SHARE
$ 0.33250
$ 0.30250
View original content: http://www.prnewswire.com/news-releases/oge-energy-corp-reports-first-quarter-results-300641609.html
SOURCE OGE Energy Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-oge-energy-corp-reports-first-quarter-results.html |
May 1, 2018 / 1:09 PM / Updated an hour ago Firmino extension is first of many at Liverpool: Klopp Reuters Staff 2 Min Read
(Reuters) - Liverpool manager Juergen Klopp is confident that many of his top players will follow the example of striker Roberto Firmino and extend their stays at the Premier League club. Soccer Football - Premier League - Liverpool vs Watford - Anfield, Liverpool, Britain - March 17, 2018 Liverpool's Roberto Firmino and Liverpool manager Juergen Klopp before the match REUTERS/Phil Noble
Brazil international Firmino, who has scored 27 goals and provided 16 assists in 50 games this season, has signed a long-term contract at the Merseyside club.
"It's unbelievably important news for us. Really cool," Klopp told Liverpool's website www.liverpoolfc.com . "This is one very important step for us. Absolutely. But even Roberto cannot play alone.
“In the moment every player knows about our plans. He’s the first but for sure he won’t be the last.”
British media reported that new deals are in the pipeline for Liverpool forwards Sadio Mane and Mohamed Salah along with defenders Ragnar Klavan and Alberto Moreno.
The goals of Salah, Firmino and Mane have helped Liverpool up to third in the league table and into the Champions League semi-finals.
They travel to AS Roma for the second leg on Wednesday with a 5-2 advantage before a league trip to Chelsea on Sunday. Reporting by Aditi Prakash in Bengaluru, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-liv-klopp/firmino-extension-is-first-of-many-at-liverpool-klopp-idUKKBN1I23N9 |
May 3, 2018 / 12:06 PM / Updated 38 minutes ago Sri Lankan stocks edge higher as financials gain Reuters Staff 2 Min Read
COLOMBO, May 3 (Reuters) - Sri Lankan shares ended marginally firmer, led by financials, though gains were muted as investors looked for fresh cues from political and economic fronts, brokers said.
The Colombo stock index ended 0.08 percent higher at 6,523.88, recovering from its lowest since April 24 hit in the previous session. The index lost 0.15 percent last week.
“There is no sentiment booster for the market. The turnover was very low and investors are keen to see some positive factors in political and economical fronts,” said Prashan Fernando, CEO at Acuity Stockbrokers.
Top lender Commercial Bank of Ceylon closed 0.3 percent firmer while Sampath Bank ended 0.4 percent higher.
Analysts said depreciation of the rupee also weighed on the sentiment as it is likely to dent the profits of some listed firms that rely heavily on imports.
The Sri Lankan rupee hit a fresh low on Wednesday on importer demand for the U.S. currency, dealers said, but recovered after the central bank intervened in the market.
Fitch Ratings said on Thursday that recent political developments in Sri Lanka have created some uncertainty over reform momentum and fiscal consolidation, and prolonged upheaval could undermine investor confidence ahead of large external debt maturities in 2019-22.
Turnover stood at 463.2 million rupees ($2.94 million), less than half of this year’s daily average of 1.05 billion rupees.
Foreign investors bought a net 46.3 million rupees worth of equities on Thursday, but the market has seen a net foreign outflow to 622.7 million rupees worth of equities so far this year. $1 = 157.8000 Sri Lankan rupees Reporting by Shihar Aneez; Editing by Vyas Mohan | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-stocks/sri-lankan-stocks-edge-higher-as-financials-gain-idUSL3N1SA491 |
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Quorum Information Technologies Inc., a leading provider of dealership and customer management software and value-added services to the automotive industry, intends to release its First Quarter 2018 results after the market closes on Thursday, May 17, 2018.
A conference call has been scheduled for Tuesday, May 22 beginning at 11:00 MT (13:00 ET), at which time Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will provide a presentation of the results followed by a question and answer period.
Anyone wishing to participate in the call is asked to dial-in using the following numbers and ask for the Quorum Information Technologies Inc. Q1 2018 Results Conference Call. Callers are asked to dial-in 10-15 minutes before the scheduled start time.
Details for anyone wishing to participate in the conference call are:
Local: 1 (403) 451-9838 Toll-Free North America: 1 (888) 231-8191 A replay of the conference call will be available beginning at 13:45 MT on May 22, 2018 until 21:59 MT on May 29, 2018, and can be accessed by dialing:
Local: 1 (403) 451-9481 Toll-Free North America: 1 (855) 859-2056 Password#: 8992759 A replay of the conference call will also be available for at least 30 days following the call on Quorum’s website, under the Investors section, at www.quorumdms.com .
Quorum’s First Quarter 2018 Results investor presentation will also available for download after the press release has been issued, again under the Investors section on the Company’s website at www.quorumdms.com .
About Quorum
Quorum is a North American company focused on developing, marketing, implementing and supporting its automotive dealership and customer management system, XSellerator. Quorum offers the system to franchised, independent and some non-automotive dealerships in Canada and the United States. XSellerator automates, integrates and streamlines every process across departments in a dealership. The system includes tools designed to maximize revenue opportunities for dealerships such as Customer Relationship Management and service inspection and quoting processes. Quorum is a Microsoft partner and XSellerator is developed with modern mobile-enabled technology. Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS and in 2016 was selected to the TSX Venture 50 ® , an annual ranking of the strongest performing companies on the TSX Venture Exchange. For additional information please go to www.QuorumDMS.com .
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release .
Quorum Contact: Daniela Trnka
403-777-0036
[email protected]
Source:Quorum Information Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-quorum-announces-first-quarter-2018-earnings-release-and-conference-call.html |
EVANSTON, Ill., Aptinyx Inc., a clinical-stage biopharmaceutical company developing transformative therapies for challenging neurologic disorders, today announced that David R. Houck, Ph.D. has been promoted to chief development officer. Dr. Houck has been vice president of drug development operations at Aptinyx since the company's inception in 2015, when it was spun out from its predecessor company, Naurex, as part of a transaction with Allergan.
"David's extensive expertise and knowledge of Aptinyx's pipeline of NMDA receptor modulators for various neurologic disorders have been critical to our success. He leads our regulatory and CMC efforts from IND to late-stage development and commercialization – an orientation that sets us up for success today and in the future," said Norbert Riedel, Ph.D., president and chief executive officer of Aptinyx.
Dr. Houck has over 35 years of experience in the pharmaceutical and biotechnology industries in drug discovery, product development, manufacturing, and quality control of new chemical entities. Prior to Aptinyx, he was vice president of drug development and quality at Naurex. In addition, Dr. Houck was chief executive officer at Pharmakey LLC, a provider of regulatory, CMC, preclinical, and translational medicine services to biopharmaceutical companies. Previously, he held senior positions at Merck, Sterling Winthrop, Sanofi, OSI Pharmaceuticals, and Scynexis. Dr. Houck received a B.S. from Alma College, an M.S. from Purdue University, a Ph.D. in chemistry from Ohio State University, and served as a postdoctoral fellow in the Los Alamos National Laboratory.
About Aptinyx
Aptinyx Inc. is a clinical-stage biopharmaceutical company discovering and developing transformative therapies for challenging disorders of the brain and nervous system. Aptinyx has a proven platform for discovery of novel compounds that work through a unique mechanism to modulate – rather than block or over-activate – NMDA receptors and enhance synaptic plasticity, the foundation of neural cell communication. Drugs that modulate NMDA receptors in this distinct way have both robust efficacy and favorable safety. The company's lead drug candidate, NYX-2925, is in Phase 2 clinical development as a therapy for neuropathic pain and its second drug candidate, NYX-783, is in Phase 1 clinical development for the treatment of post-traumatic stress disorder (PTSD). Both programs have received Fast Track designation by the FDA. Aptinyx is also advancing additional compounds from its proprietary chemistry platform, which continues to generate a rich and diverse pipeline of small-molecule NMDA receptor modulators with the potential to treat an array of neurologic disorders. For more information, visit www.aptinyx.com .
releases/aptinyx-promotes-david-houck-to-chief-development-officer-300641817.html
SOURCE Aptinyx Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-aptinyx-promotes-david-houck-to-chief-development-officer.html |
(Reuters) - Two U.S. fighter jets intercepted two Russian bombers in international airspace off the coast of Alaska on Friday.
The Russian TU-95 “Bear” bombers flew into a so-called Air Defense Identification Zone located about 200 miles off Alaska’s west coast, at about 10 a.m. EST (1400 GMT), North American Aerospace Defense Command spokesman Canadian Army Major Andrew Hennessy said in a statement to CNN.
Two Alaska-based NORAD F-22 fighter jets intercepted and visually identified the Russian bombers until they left the identification zone and the Russian aircraft never entered U.S. airspace, CNN reported, citing the statement.
Russian bombers TU-95 and TU-142 were escorted by two F-22 fighter jets in international airspace for 40 minutes, the RIA news agency cited the Russian Defence Ministry as saying on Saturday.
The U.S. fighter jets did not get closer then 100 meters to the Russian bombers, the Russian military was Quote: d as saying.
Reporting by Brendan O'Brien; editional reporting be Denis Pinchuk in Moscow; Editing by Christian Schmollinger and Alexander Smith
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-airspace-intercept/u-s-fighter-jets-intercept-russian-bombers-in-international-airspace-off-alaska-media-idUSKBN1ID04V |
MONACO, May 16, 2018 (GLOBE NEWSWIRE) -- Navios Maritime Containers Inc. (to be converted to Navios Maritime Containers L.P.) (“Navios Containers”) (N-OTC:NMCI) today announced that it has submitted a confidential draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common units. The number of common units to be offered and the price range for the proposed offering have not yet been determined.
The initial public offering is expected to commence after the SEC completes the review process with respect to Navios Containers’ registration statement, subject to market conditions and other considerations.
This press release is not intended to, and does not, constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). This announcement is being issued pursuant to and in accordance with Rule 135 under the Securities Act.
Contact
Public & Investor Relations Contact:
Navios Maritime Containers Inc.
+1.212.906.8648
[email protected]
Source:Navios Maritime Containers Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-navios-maritime-containers-inc-announces-submission-of-confidential-draft-registration-statement-for-initial-public.html |
May 24, 2018 / 12:40 PM / Updated 2 hours ago Sustained audience growth for women's sport will boost sponsorship - UK charity Reuters Staff 2 Min Read
(Reuters) - Making sure live audiences for women’s sport in Britain continues to grow after a predicted 50 percent rise this year is key to attracting greater sponsorship opportunities, according to UK Charity Women’s Sport Trust. FILE PHOTO: Women's FA Cup Final - Arsenal vs Chelsea - London - May 5, 2018 Arsenal’s Lisa Evans in action with Chelsea’s Ramona Bachmann Action Images via Reuters/Paul Childs/File Photo
The organisation, which promotes women’s sport and gender equality, plans to encourage people to attend or watch female or mixed gender events as part of its effort to attract greater media visibility for female athletes.
“Consistent audience growth is the next frontier for women’s sport,” says Tammy Parlour, co-founder and joint CEO of Women’s Sport Trust. “Big live crowds and viewing figures feed the interest of both the media and sponsors.”
Women’s Sport Trust and broadcaster Sky this week launched the ‘#ShowUp’ campaign to encourage the nation to support women’s sport by watching, attending or playing. FILE PHOTO: Women's FA Cup Final - Arsenal vs Chelsea - London - May 5, 2018 Chelsea’s Eniola Aluko celebrates with manager Emma Hayes after the match Action Images via Reuters/Paul Childs/File Photo
“We’ve already seen some stunning figures for events like the Euros, ICC Women’s Cricket World Cup, the Rugby World Cup and England Netball’s Commonwealth Games win,” Parlour added.
The number of fans attending elite women’s sporting events is set to touch 682,000 this year, a 49 percent increase from 2017, according to a study by sports marketing agency Two Circles. Slideshow (2 Images)
Attendances have grown an average of 38 percent each year since 2013, the study added.
More than 4 million people watched soccer’s Euro 2017 semi-final between England and the Netherlands, while 1.94 million people tuned in to the Women’s Rugby World Cup 2017 final on ITV, according to market research firm Nielsen.
The Women’s Cricket World Cup, won by England, was watched by more than 1.1 million, according to data collected by Sky.
“These all prove that the appetite is there,” Parlour said.
“The aim of the #ShowUp campaign is to build on this momentum so that we get packed audiences throughout the sporting year from a local level through to those major competitions.” Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sports-england-women/sustained-audience-growth-for-womens-sport-will-boost-sponsorship-uk-charity-idUKKCN1IP1ZW |
May 22, 2018 / 1:10 PM / Updated 14 minutes ago Hardliners in Hungary's Jobbik demand return to far-right roots Marton Dunai 4 Min Read
BUDAPEST (Reuters) - Hardliners in Hungary’s main right-wing main opposition party demanded on Tuesday that it return to its far-right roots, once notorious for racism and hostility to the European Union, or face an internal split. FILE PHOTO: Chairman of the Hungarian right wing opposition party Jobbik Gabor Vona speaks at a rally during Hungary's National Day celebrations, in Budapest, Hungary, March 15, 2018. REUTERS/Bernadett Szabo/File Photo
Jobbik recently adopted a milder right-wing ideology to challenge the increasingly nationalist, eurosceptic Fidesz party of Prime Minister Viktor Orban at the ballot box. But Orban scored a third straight landslide election victory on April 8.
Orban’s triumph forced his opponents to rethink strategy and opened up divisions in several opposition parties.
Laszlo Toroczkai, Jobbik’s vice chairman and a former far-right youth leader, told reporters he had formed a new hardline platform and gave party leaders until June 23 to integrate it in party policy or risk a break-up of Jobbik.
He said the platform entailed a return to goals pursued by the original Jobbik, including an end to immigration, stemming emigration of Hungarian youth to the wealthier west of the EU, a tough line on Hungary’s Roma minority and support for ethnic Hungarian minorities in neighboring states. FILE PHOTO: Chairman of the Hungarian right wing opposition party Jobbik Gabor Vona waves after his speech at a rally during Hungary's National Day celebrations, which also commemorates the 1848 Hungarian Revolution against the Habsburg monarchy, in Budapest, Hungary March 15, 2018. REUTERS/Bernadett Szabo/File Photo
“If they don’t deal with us, or reject the platform, that could even lead to a split, greatly damaging Jobbik,” he said.
Jobbik, formerly known for its anti-Semitism, xenophobia and ultra-nationalism, emerged as the strongest opposition party in April with 20 percent of the vote but failed to increase its seat share in parliament. Moderate party chairman Gabor Vona accepted responsibility for the outcome and quit politics.
In the ensuing party leadership campaign, Toroczkai sought the top job against followers of Vona’s softer line and drew 46.2 percent at a party congress earlier this month against moderate Tamas Sneider’s winning 53.8 percent. Slideshow (3 Images)
“That 46 percent obliges the party to engage with (our) platform, which extends to about half of the party’s members,” Toroczkai said. He added that he enjoyed the backing of half a dozen Jobbik mayors, at least one Jobbik member of parliament, with many more considering joining him.
Jobbik spokesman Peter Jakab told a news conference that the party considered Toroczkai’s platform “illegitimate”.
“(Our) party congress decided Jobbik would continue on a path that led us to try and represent the widest possible cross-section of Hungarian society, regardless of political right or left, as a socially sensitive patriotic people’s party.”
Toroczkai said the Hungarian Guard, a uniformed vigilante group that Jobbik founded and used to carry out intimidating patrols in Roma-populated towns, could serve as a model for future Jobbik politics.
“There is definite demand from voters to deal with Roma-Hungarian co-existence problems. We will see what options we have. We will revisit these towns but this time in suits.”
Toroczkai, the mayor of Asotthalom, a village by the Serbian border which Orban fortified in 2015 to keep out migrants, will formally launch his platform at a June 23 ceremony where he said he expects thousands of supporters in a show of force. Reporting by Marton Dunai; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-hungary-jobbik/hardliners-in-hungarys-jobbik-demand-return-to-far-right-roots-idUSKCN1IN1MW |
KANSAS CITY, Mo., May 02, 2018 (GLOBE NEWSWIRE) -- Cerner Corporation (Nasdaq:CERN) today announced results for the 2018 first quarter that ended March 31, 2018.
Bookings in the first quarter of 2018 were $1.398 billion, an increase of 12 percent compared to $1.250 billion in the first quarter of 2017.
First quarter revenue was $1.293 billion, an increase of 3 percent compared to $1.260 billion in the first quarter of 2017.
On a U.S. Generally Accepted Accounting Principles (GAAP) basis, first quarter 2018 net earnings were $160.0 million and diluted earnings per share were $0.48. First quarter 2017 GAAP net earnings were $173.2 million and diluted earnings per share were $0.52.
Adjusted Net Earnings for first quarter 2018 were $193.9 million, compared to $197.8 million of Adjusted Net Earnings in the first quarter of 2017. Adjusted Diluted Earnings Per Share (EPS) were $0.58 in the first quarter of 2018 compared to $0.59 of Adjusted Diluted EPS in the year-ago quarter. Analysts’ consensus estimate for first quarter 2018 Adjusted Diluted EPS was $0.58.
Adjusted Net Earnings and Adjusted Diluted Earnings Per Share are not recognized terms under GAAP. These non-GAAP financial measures should not be substituted for GAAP net earnings or GAAP diluted earnings per share, respectively, as measures of Cerner’s performance, but instead should be utilized as supplemental measures of financial performance in evaluating our business. Please see the accompanying schedule, titled “Reconciliation of GAAP Results to Non-GAAP Results,” where our non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures.
Other Highlights:
First quarter operating cash flow of $409.0 million. First quarter Free Cash Flow of $255.7 million. Free Cash Flow is a non-GAAP financial measure defined as GAAP cash flows from operating activities less capital purchases and capitalized software development costs. Please see the accompanying schedule, titled “Reconciliation of GAAP Results to Non-GAAP Results.” First quarter days sales outstanding of 73 days, up from 71 days in the year-ago period. Total backlog of $14.63 billion. Backlog reflects the adoption of the new revenue recognition guidance effective for this quarter, which will be further discussed in Cerner’s Form 10-Q. Certain provisions within such guidance impact how we calculate backlog. Backlog amounts disclosed in prior periods have not been adjusted to reflect the adoption of the new revenue recognition guidance, and are not comparable to, the current period presentation.
“Our results in the first quarter included strong bookings and cash flow and in-line earnings, but our revenue was below expected levels,” said Zane Burke, President. “Our mixed results and revised outlook reflect the delay of a large contract and a less predictable end market. However, we remain optimistic about our long-term growth opportunities due to our strong market position and portfolio of solutions and tech-enabled services that align with the pressures health care stakeholders are facing.”
Future Period Guidance
Cerner currently expects:
Second quarter 2018 revenue between $1.310 billion and $1.360 billion. Full year 2018 revenue between $5.325 billion and $5.450 billion, down from a range of $5.450 billion to $5.650 billion. Second quarter 2018 Adjusted Diluted Earnings Per Share between $0.59 and $0.61. Full year 2018 Adjusted Diluted Earnings Per Share between $2.45 and $2.55, down from a range of $2.57 to $2.73. Second quarter 2018 new business bookings between $1.350 billion and $1.550 billion.
Earnings Conference Call
Cerner will host an earnings conference call to provide additional detail on the Company’s results and outlook at 3:30 p.m. CT on May 2, 2018. On the call, Cerner will discuss its first quarter 2018 results and answer questions from the investment community. The call may also include discussion of Cerner developments, and forward-looking and other material information about business and financial matters. The dial-in number for the conference call is (678)-509-7542; the passcode is Cerner. Cerner recommends joining the call 15 minutes early for registration. The re-broadcast of the call will be available from 6:30 p.m. CT, May 2, 2018 through 11:59 p.m. CT, May 5, 2018. The dial-in number for the re-broadcast is (855)-859-2056; the passcode is 8795987.
An audio webcast will be available live and archived on Cerner’s website at www.cerner.com under the About Us section (click Investor Relations, then Presentations and Webcasts).
About Cerner
Cerner ’s health information technologies connect people and information systems at more than 27,000 contracted provider facilities worldwide dedicated to creating smarter and better care for individuals and communities. Recognized globally for innovation, Cerner assists clinicians in making care decisions and assists organizations in managing the health of their populations. The company also offers an integrated clinical and financial system to help manage day-to-day revenue functions, as well as a wide range of services to support clinical, financial and operational needs, focused on people. For more information, visit Cerner.com , The Cerner Blog or connect on Facebook , Instagram , LinkedIn , Twitter or The Cerner Podcast . Nasdaq: CERN. Smarter Care. Better Outcomes. Healthier You.
Certain trademarks, service marks and logos set forth herein are property of Cerner Corporation and/or its subsidiaries.
All statements in this press release that do not directly and exclusively relate to historical facts constitute . These are based on the current beliefs, expectations and assumptions of Cerner's management with respect to future events and are subject to a number of significant risks and uncertainties. It is important to note that Cerner's performance, and actual results, financial condition or business could differ materially from those expressed in such . The words “expects”, “expectations”, “guidance”, “position”, “believe”, “plan”, “opportunity”, “forecasted”, “estimate”, “would”, “should”, “could”, “target”, “outlook”, “anticipate” or the negative of these words, variations thereof or similar expressions are intended to identify such . Factors that could cause or contribute to such differences include, but are not limited to: possibility of significant costs and reputational harm related to product-related liabilities; potential claims for system errors and warranties; the possibility of interruption at our data centers or client support facilities that could expose us to significant costs and reputational harm; the possibility of increased expenses, exposure to legal claims and regulatory actions and reputational harm associated with a cyberattack or other breach in our IT security; our proprietary technology may be subject to claims for infringement or misappropriation of intellectual property rights of others, or may be infringed or misappropriated by others; potential claims or other risks associated with relying on open source software in our proprietary software, solutions or services; material adverse resolution of legal proceedings; risks associated with our global operations, including without limitation greater difficulty in collecting accounts receivable; risks associated with fluctuations in foreign currency exchange rates; changes in tax laws, regulations or guidance that could adversely affect our tax position and/or challenges to our tax positions in the U.S. and non-U.S. countries; the uncertainty surrounding the impact of the United Kingdom’s vote to leave the European Union (commonly referred to as Brexit) on our global business; risks associated with the unexpected loss or recruitment and retention of key personnel or the failure to successfully develop and execute succession planning to assure transitions of key associates and their knowledge, relationships and expertise; risks related to our dependence on strategic relationships and third party suppliers; risks inherent with business acquisitions and combinations and the integration thereof into our business; risks associated with volatility and disruption resulting from global economic or market conditions; significant competition and our ability to quickly respond to market changes and changing technologies and to bring competitive new solutions, devices, features and services to market in a timely fashion; managing growth in the new markets in which we offer solutions, health care devices or services; long sales cycles for our solutions and services; risks inherent in contracting with government clients, including without limitation, complying with strict compliance and disclosure obligations, navigating complex procurement rules and processes and defending against bid protests; risks associated with our outstanding and future indebtedness, such as compliance with restrictive covenants, which may limit our flexibility to operate our business; changes in accounting standards issued by the Financial Accounting Standards Board or other standard-setting bodies may adversely affect our financial statements; the potential for losses resulting from asset impairment charges; changing political, economic, regulatory and judicial influences, which could impact the purchasing practices and operations of our clients and increase costs to deliver compliant solutions and services; non-compliance with laws, government regulation or certain industry initiatives; variations in our quarterly operating results; potential variations in our sales forecasts compared to actual sales; volatility in the trading price of our common stock and the timing and volume of market activity; and our directors’ authority to issue preferred stock and the anti-takeover provisions in our corporate governance documents. Additional discussion of these and other risks, uncertainties and factors affecting Cerner's business is contained in Cerner's filings with the Commission. The reader should not place undue reliance on , since the statements speak only as of the date that they are made. Except as required by law, Cerner undertakes no obligation to update or revise to reflect changed assumptions, the occurrence of unanticipated events, or changes in our business, results of operations or financial condition over time.
Investor Contact: Allan Kells, (816) 201-2445, [email protected]
Media Contact: Dan Smith, (913) 304-3991 , [email protected]
Cerner’s Internet Home Page: www.cerner.com
CERNER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31, 2018 and April 1, 2017 (unaudited) (In thousands, except per share data) Three Months Ended 2018 2017 Revenues $ 1,292,861 $ 1,260,486 Costs of revenue 231,278 198,993 Margin 1,061,583 1,061,493 Operating expenses Sales and client service 589,948 560,200 Software development 161,617 145,901 General and administrative 92,294 88,392 Amortization of acquisition-related intangibles 22,509 22,874 Total operating expenses 866,368 817,367 Operating earnings 195,215 244,126 Other income (expense), net 4,864 (1,116 ) Earnings before income taxes 200,079 243,010 Income taxes (40,078 ) (69,797 ) Net earnings $ 160,001 $ 173,213 Basic earnings per share $ 0.48 $ 0.52 Basic weighted average shares outstanding 332,395 329,973 Diluted earnings per share $ 0.48 $ 0.52 Diluted weighted average shares outstanding 336,534 336,190 Note 1: Our revenues by business model for the three months ended March 31, 2018 and April 1, 2017 were as follows: (In thousands) Three Months Ended 2018 2017 Licensed software $ 134,819 $ 142,328 Technology resale 63,376 64,107 Subscriptions 76,636 113,421 Professional services 441,268 396,315 Managed services 268,305 259,819 Support and maintenance 284,564 262,104 Reimbursed travel 23,893 22,392 Total revenues $ 1,292,861 $ 1,260,486
CERNER CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS For the three months ended March 31, 2018 and April 1, 2017 (unaudited) ADJUSTED OPERATING EARNINGS (In thousands) Three Months Ended 2018 2017 Operating earnings (GAAP) $ 195,215 $ 244,126 Share-based compensation expense 26,457 18,855 Health Services acquisition-related amortization 21,208 21,028 Acquisition-related deferred revenue adjustment — 4,484 Other acquisition-related adjustments — 30 Adjusted Operating Earnings (non-GAAP) $ 242,880 $ 288,523 ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (In thousands, except per share data) Three Months Ended 2018 2017 Net earnings (GAAP) $ 160,001 $ 173,213 Pre-tax adjustments for Adjusted Net Earnings: Share-based compensation expense 26,457 18,855 Health Services acquisition-related amortization 21,208 21,028 Acquisition-related deferred revenue adjustment — 4,484 Other acquisition-related adjustments — 30 After-tax adjustments for Adjusted Net Earnings: Income tax effect of pre-tax adjustments (9,548 ) (12,751 ) Share-based compensation permanent tax items (4,189 ) (7,062 ) Adjusted Net Earnings (non-GAAP) $ 193,929 $ 197,797 Diluted weighted average shares outstanding 336,534 336,190 Adjusted Diluted Earnings Per Share (non-GAAP) $ 0.58 $ 0.59 FREE CASH FLOW (In thousands) Three Months Ended 2018 2017 Cash flows from operating activities (GAAP) $ 408,965 $ 303,585 Capital purchases (79,711 ) (88,065 ) Capitalized software development costs (73,602 ) (71,092 ) Free Cash Flow (non-GAAP) $ 255,652 $ 144,428 Cash flows from investing activities (GAAP) $ (211,498 ) $ (103,852 ) Cash flows from financing activities (GAAP) $ (154,311 ) $ 4,369 Explanation of Non-GAAP Financial Measures We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, we supplement our GAAP results with certain non-GAAP financial measures, which we believe enable investors to better understand and evaluate our ongoing operating results and allows for greater transparency in the review and understanding of our overall financial, operational and economic performance. These non-GAAP financial measures are not meant to be considered in isolation, as a substitute for, or superior to GAAP results and investors should be aware that non-GAAP measures have inherent limitations and should be read only in conjunction with Cerner's consolidated financial statements prepared in accordance with GAAP. These non-GAAP measures may also be different from similar non-GAAP financial measures used by other companies and may not be comparable to similarly titled captions of other companies due to potential inconsistencies in the method of calculations. We provide the measures of Adjusted Operating Earnings, Adjusted Net Earnings and Adjusted Diluted Earnings Per Share as such measures are used by management, along with GAAP results, to analyze Cerner's business, make strategic decisions, assess long-term trends on a comparable basis, and for management compensation purposes. We provide the measure of Free Cash Flow as such measure takes into account certain capital expenditures necessary to operate our business. Free Cash Flow is used by management, along with GAAP results, to analyze our earnings quality and overall cash generation of the business. We calculate each of our non-GAAP financial measures as follows: Adjusted Operating Earnings - Consists of GAAP operating earnings adjusted for: (i) share-based compensation expense, (ii) Health Services acquisition-related amortization, (iii) acquisition-related deferred revenue adjustment, and (iv) other acquisition-related adjustments. Adjusted Net Earnings - Consists of GAAP net earnings adjusted for: (i) share-based compensation expense, (ii) Health Services acquisition-related amortization, (iii) acquisition-related deferred revenue adjustment, (iv) other acquisition-related adjustments, (v) the income tax effect of the aforementioned items, and (vi) share-based compensation permanent tax items. Adjusted Diluted Earnings Per Share - Consists of Adjusted Net Earnings, as defined above, divided by diluted weighted average shares outstanding, in the applicable period. Free Cash Flow - Consists of cash flows from operating activities, less capital purchases and capitalized software development costs. Adjustments included in the calculations of Adjusted Operating Earnings and Adjusted Net Earnings are described below: Share-based compensation expense - Non-cash expense arising from our equity compensation and stock purchase plans available to our associates and directors. We exclude share-based compensation expense as we believe the amount of such non-cash expenses in any specific period may not directly correlate to the underlying performance of our business operations. Share-based compensation expense is included in our Condensed Consolidated Statements of Operations as follows: (In thousands) Three Months Ended 2018 2017 Sales and client service $ 12,579 $ 9,671 Software development 5,425 4,227 General and administrative 8,453 4,957 Total share-based compensation expense $ 26,457 $ 18,855 Health Services acquisition-related amortization - Non-cash expense consisting of the amortization of customer relationships, acquired technology, and trade name intangible assets recorded in connection with our acquisition of the Health Services business in February 2015. We exclude Health Services acquisition-related amortization as we believe the amount of such non-cash expenses in any specific period may not directly correlate to the underlying performance of our business operations. Such amount is included in our Condensed Consolidated Statements of Operations in the caption "Amortization of acquisition-related intangibles." Acquisition-related deferred revenue adjustment - Consists of acquisition-related deferred revenue adjustments in connection with our acquisition of the Health Services business in February 2015. Accounting guidance requires that deferred revenue acquired in a business combination be written-down to an estimate of fulfillment cost, plus a normal profit margin, as a part of the allocation of purchase price to assets acquired and liabilities assumed. We add back the amount of the write-down applicable to the period as we believe such amount directly correlates to the underlying performance of our business operations. Other acquisition-related adjustments - Consists of acquisition, employee separation, and other costs associated with our acquisition of the Health Services business in February 2015. We exclude other acquisition-related adjustments as they are non-recurring charges, and we believe the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. Such amount is included in our Condensed Consolidated Statements of Operations in the caption "General and administrative" expense. Income tax effect of pre-tax adjustments - The GAAP effective income tax rate for the applicable quarterly period is applied to pre-tax adjustments for Adjusted Net Earnings. Share-based compensation permanent tax items - Consists of permanent items impacting the Company's income tax provision related to our share-based compensation arrangements, including net excess tax benefits recognized upon the exercise of stock options. We exclude such items as we believe the amount of such items in any specific period may not directly correlate to the underlying performance of our business operations. Such amount is included in our Condensed Consolidated Statements of Operations in the caption "Income taxes." Cerner's future period guidance in this release includes adjustments for items not indicative of our core operations, which may include without limitation share-based compensation expense and acquisition-related expenses, such as integration expenses, and may be affected by changes in ongoing assumptions and judgments relating to the Company's acquired businesses, and may also be affected by nonrecurring, unusual or unanticipated charges, expenses or gains, all of which are excluded in the calculation of non-GAAP Adjusted Operating Earnings, Adjusted Net Earnings and Adjusted Diluted Earnings Per Share as described above. The exact amount of these adjustments are not currently determinable, but may be significant. It is therefore not practicable to reconcile this non-GAAP guidance to the most comparable GAAP measures.
CERNER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2018 and December 30, 2017 (unaudited) (In thousands) 2018 2017 Assets Current assets: Cash and cash equivalents $ 413,399 $ 370,923 Short-term investments 507,965 434,844 Receivables, net 1,040,741 1,042,781 Inventory 14,301 15,749 Prepaid expenses and other 388,809 515,930 Total current assets 2,365,215 2,380,227 Property and equipment, net 1,600,876 1,603,319 Software development costs, net 847,984 822,159 Goodwill 853,834 853,005 Intangible assets, net 460,564 479,753 Long-term investments 172,007 196,837 Other assets 211,158 134,011 Total assets $ 6,511,638 $ 6,469,311 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 210,046 $ 218,996 Current installments of long-term debt and capital lease obligations 6,804 11,585 Deferred revenue 311,015 311,337 Accrued payroll and tax withholdings 211,716 183,770 Other accrued expenses 63,361 63,907 Total current liabilities 802,942 789,595 Long-term debt and capital lease obligations 438,773 515,130 Deferred income taxes and other liabilities 362,538 365,674 Deferred revenue 6,891 13,564 Total liabilities 1,611,144 1,683,963 Shareholders’ Equity: Common stock 3,599 3,592 Additional paid-in capital 1,413,637 1,380,371 Retained earnings 5,106,467 4,938,866 Treasury stock (1,551,723 ) (1,464,099 ) Accumulated other comprehensive loss, net (71,486 ) (73,382 ) Total shareholders’ equity 4,900,494 4,785,348 Total liabilities and shareholders’ equity $ 6,511,638 $ 6,469,311
CERNER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31, 2018 and April 1, 2017 (unaudited) Three Months Ended (In thousands) 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 160,001 $ 173,213 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 152,592 134,833 Share-based compensation expense 24,935 17,500 Provision for deferred income taxes (3,047 ) 11,214 Changes in assets and liabilities: Receivables, net (70,608 ) (34,236 ) Inventory 1,445 (4,266 ) Prepaid expenses and other 125,550 27,270 Accounts payable 7,608 (21,908 ) Accrued income taxes 7,195 768 Deferred revenue (7,205 ) 24,269 Other accrued liabilities 10,499 (25,072 ) Net cash provided by operating activities 408,965 303,585 CASH FLOWS FROM INVESTING ACTIVITIES: Capital purchases (79,711 ) (88,065 ) Capitalized software development costs (73,602 ) (71,092 ) Purchases of investments (151,387 ) (53,340 ) Sales and maturities of investments 101,674 115,030 Purchase of other intangibles (8,472 ) (6,385 ) Net cash used in investing activities (211,498 ) (103,852 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term debt (75,000 ) — Proceeds from exercises of stock options 10,036 10,683 Payments to taxing authorities in connection with shares directly withheld from associates (1,723 ) (5,314 ) Treasury stock purchases (87,624 ) — Contingent consideration payments for acquisition of businesses — (1,000 ) Net cash provided by (used in) financing activities (154,311 ) 4,369 Effect of exchange rate changes on cash and cash equivalents (680 ) 3,489 Net increase in cash and cash equivalents 42,476 207,591 Cash and cash equivalents at beginning of period 370,923 170,861 Cash and cash equivalents at end of period $ 413,399 $ 378,452
Source:Cerner Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-cerner-reports-first-quarter-2018-results.html |
May 14, 2018 / 1:05 PM / Updated 35 minutes ago Tesla CEO Musk tells staff he plans 'thorough reorganisation' David Shepardson 5 Min Read
(Reuters) - Tesla Inc’s ( TSLA.O ) chief executive officer told employees on Monday the company is undergoing a “thorough reorganisation,” as it contends with production problems, senior staff departures and two crashes last week involving its electric, self-driving cars. FILE PHOTO: SpaceX founder Elon Musk speaks at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper/File Photo
CEO Elon Musk said in an email it was “flattening the management structure to improve communication,” combining functions and trimming activities “not vital to the success of our mission” in the reorganization. The company confirmed the note that was disclosed earlier by the Wall Street Journal.
Tesla is at a critical juncture as it tries to fix production headaches that have slowed the rollout of its Model 3 sedan, a mid-market car seen as important to Tesla’s success, and as it expands on other fronts.
Tesla shares fell 2.9 percent to $292.37 on Monday.
Senior Tesla executives have departed or cut back work. Waymo, Alphabet Inc’s ( GOOGL.O ) self-driving unit, said on Sunday that Matthew Schwall had joined the company from Tesla, where he was the electric carmaker’s main technical contact with U.S. safety investigators.
Last week, Tesla said Doug Field, senior vice president of engineering, was taking time off to recharge.
The company is developing multiple new vehicles, including a semi truck, and registered a new car firm in Shanghai in a likely step toward production in China.
Musk said on a May 2 earnings call that the company was “going to conduct sort of a reorganization restructuring of the company ... this month and make sure we’re well set up to achieve that goal.”
He added that “the number of sort of third-party contracting companies that we’re using has really gotten out of control, so we’re going to scrub the barnacles on that front. It’s pretty crazy. You’ve got barnacles on barnacles. So there’s going to be a lot of barnacle removal.”
Tesla will still rapidly hire critical positions “to support the Model 3 production ramp and future product development,” Musk said in the email.
Tesla faces a variety of other issues.
Investors gave a rare rebuke to Musk after he cut off analysts on the earnings call asking about profit potential, sending shares down 5 percent despite promises that production of the Model 3 was on track.
The company changed the terms of its borrowing agreement with banks to allow it to pledge its Fremont, California, auto plant as collateral.
A U.S. traffic safety regulator on May 2 contradicted Tesla’s claim that the agency had found that its Autopilot technology significantly reduced crashes.
Autopilot, a form of advanced cruise control, handles some driving tasks and warns those behind the wheel they are always responsible for the vehicle’s safe operation, Tesla has said.
In a Twitter post on Monday, Musk denied a Wall Street Journal report that Tesla had rejected a system that would have tracked driver eye movement when using Autopilot.
“This is false,” Musk wrote. “Eyetracking rejected for being ineffective, not for cost. WSJ fails to mention that Tesla is safest car on road, which would make article ridiculous. Approx 4X better than avg,” Musk said, without explaining the basis for the figure.
Tesla said in March that its vehicles using Autopilot were four times safer than conventional vehicles based on the number of miles per fatalities. In another Twitter message on Monday, Musk said the “probability of fatality is much lower in a Tesla. We will be reporting updated safety numbers after each quarter.”
In the latest of two reported crashes last week that have drawn attention, a Tesla Model S sedan was travelling at 60 miles per hour (97 km per hour) when it smashed into a fire truck stopped at a red light in South Jordan, Utah, about 20 miles south of Salt Lake City on Friday night, according to police.
National Transportation Safety Board spokesman Keith Holloway said on Monday the agency is not investigating the Utah crash.
The Tesla driver suffered a broken ankle and was taken to a hospital while the firefighter was not injured, the police said.
Witnesses said the Tesla sedan did not brake before impact, police said in a statement. It was unknown whether the Autopilot feature in the Model S was engaged at the time, police said.
“Tesla has not yet received any data from the car and thus does not know the facts of what occurred, including whether Autopilot was engaged,” the company said in a statement on Monday.
The NTSB said last week it was investigating a Tesla accident in Fort Lauderdale, Florida, on May 8 that killed two teenagers and injured another - the agency’s fourth active probe into crashes of the company’s electric vehicles. Reporting by Sanjana Shivdas in Bengaluru and David Shepardson in Washington; Editing by Jeffrey Benkoe and Grant McCool | ashraq/financial-news-articles | https://in.reuters.com/article/tesla-crash/tesla-model-s-crashes-into-truck-in-utah-idINKCN1IF1OB |
KUALA LUMPUR (Reuters) - Malaysia has set up a special taskforce that will look into possible criminal conduct of individuals involved in the management of state fund 1Malaysia Development Berhad (1MDB), the prime minister’s office said on Monday.
A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/Files The taskforce, which will include the anti-graft agency, police and the central bank, will also be responsible for identifying and seizing assets acquired using funds allegedly siphoned from the state fund, which was set up in 2009 by embattled former prime minister Najib Razak, whose near 10-year rule ended in electoral defeat on May 9.
“This taskforce will also be responsible for seeking cooperation of various enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries,” the office of new Prime Minister Mahathir Mohamad said in a statement.
Reporting by Joseph Sipalan; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics-scandal/malaysia-sets-up-new-1mdb-criminal-taskforce-idINKCN1IM0GK |
ST. LOUIS--(BUSINESS WIRE)-- Build-A-Bear Workshop, Inc. (NYSE:BBW), today announced that the Company will report results for its first quarter fiscal 2018 ended May 5, 2018, on Thursday, May 31, 2018, prior to the opening of trading on the New York Stock Exchange. The Company will host its quarterly investor conference call to discuss the results at 9 a.m. ET on the same day.
The dial-in number for the live conference call is (201) 493-6780 (domestic and international). The access code is Build-A-Bear. The live Internet broadcast may be accessed at the Company’s investor relations Web site, http://IR.buildabear.com . The call is expected to conclude by 10 a.m. ET.
A replay of the conference call will be available via the Internet and telephone. The replay of the conference call webcast will be available at the investor relations Web site for one year. A telephone replay will be available beginning at approximately 12 p.m. ET on May 31, 2018 until 11:59 p.m. ET on June 7, 2018. The telephone replay is available by calling (844) 512-2921. The access code is 13680205.
About Build-A-Bear Workshop, Inc.:
Build-A-Bear is a global brand kids love and parents trust that seeks to add a little more heart to life. Build-A-Bear Workshop has over 400 stores worldwide where guests can create customizable furry friends, including corporately-managed stores in the United States, Canada, China, Denmark, Ireland, Puerto Rico, and the United Kingdom, and franchise stores in Africa, Asia, Australia, Europe, Mexico and the Middle East. The company was named to the FORTUNE 100 Best Companies to Work For® list for the tenth year in a row in 2017. Build-A-Bear Workshop, Inc. (NYSE:BBW) posted total revenue of $357.9 million in fiscal 2017. For more information, visit the Investor Relations section of buildabear.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005067/en/
Build-A-Bear Workshop
Voin Todorovic, 314-423-8000 x5221
Source: Build-A-Bear Workshop, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-build-a-bear-workshop-inc-announces-first-quarter-fiscal-2018-results-release-date-webcast-and-conference-call.html |
May 18, 2018 / 6:11 AM / Updated 9 hours ago 'Spiderman' de Villiers defies gravity with stunning catch Amlan Chakraborty 3 Min Read
NEW DELHI (Reuters) - AB de Villiers seems to make it a habit of being spectacular in whatever he does on a cricket field and the talismanic South African’s gravity-defying catch in Thursday’s Indian Premier League (IPL) match only added to his legend. FILE PHOTO: Britain Cricket - South Africa Nets - Ageas Bowl - June 20, 2017 South Africa's AB de Villiers during nets Action Images via Reuters / Paul Childs Livepic
The Sunrisers Hyderabad’s chase was into its eighth over when their English opener Alex Hales launched spinner Moeen Ali into the night sky at the M Chinnaswamy Stadium for what looked like his fourth six.
Patrolling the deep mid-wicket boundary, de Villiers, however, believed and proved otherwise.
Known for his superb athleticism, the South Africa leapt high and instinctively stretched out his right hand to pluck the ball swirling away from him.
And his job was not done yet.
When he landed, the Royal Challengers Bangalore fielder also had to ensure the momentum did not take him across the rope, which would have ruined a moment of breathtaking fielding brilliance.
“That was Spiderman stuff, you don’t do that as normal human beings,” Bangalore captain Virat Kohli gushed at the presentation ceremony.
“I thought it was going for a six and then he pulls it out... He can do freakish things. I’m used to it now.
“His shots still leave me in awe, I’m pretty used to his fielding. That was fun to watch,” the India captain added.
Famed for his 360-degree batting and an uncanny ability to conjure up shots that amuse the fans and bemuse the opposition, de Villiers made a breezy 69 in Bangalore’s 14-run win against the table-toppers to keep his team in the IPL playoff race.
Compatriot and former South Africa batsman Jonty Rhodes called the catch “insane”, high praise coming from the fielding great, but de Villiers was his modest self when describing the moment.
“I made it look better than it was,” the 34-year-old said after being adjudged man-of-the-match.
“I got in a bad position. The ball had a little bit curve on it. The minute I took the jump, I realised it was a little bit outside of my body... Luckily it stuck.”
Former India test bowler RP Singh tweeted a photograph of de Villiers, with a flowing red cape, taking the ‘superman’ catch.
Led by New Zealand captain Kane Williamson, Hyderabad have already made the playoffs as have Chennai Super Kings.
With only five group matches to go, Kolkata Knight Riders, Mumbai Indians, Rajasthan Royals, Kings XI Punjab and Bangalore are vying for the remaining two playoff slots in the eight-team league. Reporting by Amlan Chakraborty in New Delhi; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-t20-ipl-de-villiers/spiderman-de-villiers-defies-gravity-with-stunning-catch-idUKKCN1IJ0FW |
PARIS (Reuters) - With his daughter Tara born a day after Serena Williams gave birth to her first child Alexis Olympia last September, Novak Djokovic has been trading parenting tips with the American.
Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Serena Williams of the U.S. reacts during her and Venus Williams' first round doubles match against Japan's Shuko Aoyama and Miyu Kato REUTERS/Charles Platiau However, when he was asked if it’s easier to be a tennis-playing father than a continent-hopping mother on the professional tour, the Serb’s jaw appeared to hit the floor.
With an incredulous look that seemed to suggest “you cannot be serious!”, Djokovic remained mum for several seconds.
But with an expectant audience still waiting for an answer, father-of-two Djokovic finally broke the pregnant pause.
“Well, I think it’s obvious. I mean, what a woman has to go through, with the pregnancy and birth and then everything after that? I’m sorry to all the guys, but it’s much more difficult for a woman,” Djokovic told reporters at the French Open on Wednesday.
“So that’s why it makes it even more impressive when they make a comeback, and especially Serena after all she has done,” added the Serb, one of a dozen fathers to have claimed Grand Slam titles since 1980.
Over the same period of time, only Kim Clijsters has managed to win majors after returning from a maternity break.
But while Clijsters had won only one of her four majors before giving birth to daughter Jada in 2008, Williams had claimed 23 Grand Slam titles.
Many believe she could have easily called it quits after becoming a mother as she has already cemented her place among the all-time sporting greats.
But rather than walking away from tennis, Williams, who won the 2017 Australian Open while pregnant, is making her Grand Slam comeback at Roland Garros this week.
“It’s not like she never won a slam and then now she wants to come back because she has something to achieve from that perspective,” added the 31-year-old Djokovic, who was photographed cradling a beaming Alexis Olympia on the eight-month-old’s Twitter feed.
“After all she has achieved in sport to see her back and putting hours on the court and work and again and again, it’s
impressive. It’s inspiring. It really is.
“She’s the greatest female athlete of all time, probably, and she keeps on coming back and inspiring everyone. She uses
tennis as a platform to do good things and that’s why she’s back. You can see how much she loves it.
“I love Serena. All the superlatives and beautiful words that you can think of she deserves it.”
Reporting by Pritha Sarkar, editing by Ed Osmond
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-djokovic-serena/papa-djokovic-hails-super-mom-serena-idUSKCN1IV2D5 |
May 9, 2018 / 8:28 AM / Updated 8 hours ago England's Wood ends IPL stint to boost test prospects
(Reuters) - England fast bowler Mark Wood has returned home from the ongoing Indian Premier League (IPL) to play for Durham in a bid to keep his place in the test side, the 28-year-old has said. FILE PHOTO: Cricket - New Zealand vs England - Second Test - Hagley Oval, Christchurch, New Zealand - March 30, 2018 - England's Mark Wood in action. REUTERS/Paul Childs
Wood played for the Chennai Super Kings in their opening win against champions Mumbai Indians but was not picked in their next nine matches.
“The decision has been made for me to return home to England to prepare for the English summer,” Wood wrote in an Instagram post.
“Having worked so hard to get back in the test team, and because I’m not currently in the CSK side, I am coming home to play for Durham to hopefully put my name in the hat for test match selection.”
Wood has played 11 tests for England, the last against New Zealand at Christchurch from March 30-April 3, and has taken 28 wickets.
He will be available for Durham’s County Championship match against Derbyshire this week and will hope to make the England squad for the two-test series against Pakistan starting later this month.
“It’s a massive boost to have Mark available for Friday. On the occasions we’ve had him available to play for us over the last few years, he’s made some great contributions,” Durham head coach Jon Lewis said in a statement.
“He comes back to us with a big point to prove and is eager to nail down his spot in the England test side.
“The IPL didn’t give him the playing opportunities he would have liked but he has still learnt from great players and this is a move which suits all parties.” Reporting by Sudipto Ganguly in Mumbai; editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-india-ipl-wood/englands-wood-ends-ipl-stint-to-boost-test-prospects-idUKKBN1IA0YS |
May 9, 2018 / 9:37 AM / Updated 8 minutes ago BRIEF-Arthur J. Gallagher & Co Acquires Risk Services (NW) Reuters Staff
May 9 (Reuters) - Arthur J Gallagher & Co:
* ARTHUR J. GALLAGHER & CO. ACQUIRES RISK SERVICES (NW) LTD.
* ARTHUR J GALLAGHER & CO - TERMS OF TRANSACTION WERE NOT DISCLOSED.
* ARTHUR J GALLAGHER - ANNOUNCED ACQUISITION OF CHESTER, ENGLAND-BASED RISK SERVICES (NW) LTD Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-arthur-j-gallagher-co-acquires-ris/brief-arthur-j-gallagher-co-acquires-risk-services-idUSASC0A0UY |
May 21 (Reuters) - Equifax Inc:
* EQUIFAX TO MEET WITH INVESTORS IN LOS ANGELES AND KANSAS CITY
* EQUIFAX - JOHN GAMBLE, JEFF DODGE & TREVOR BURNS WILL BE MEETING WITH INVESTORS IN LOS ANGELES ON MAY 24 & IN KANSAS CITY ON MAY 25 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-equifax-to-meet-with-investors-in/brief-equifax-to-meet-with-investors-in-los-angeles-kansas-city-idUSFWN1SS0PG |
May 25, 2018 / 6:06 AM / Updated an hour ago EU privacy law enters into force, activist takes aim Julia Fioretti 5 Min Read
BRUSSELS (Reuters) - New European privacy regulations went into effect on Friday that will force companies to be more attentive to how they handle customer data.
The ramifications were visible from day one, with major U.S.-media outlets including the LA Times and Chicago Tribune were forced to shutter their websites in parts of Europe.
People in the bloc have been bombarded with dozens of emails asking for their consent to keep processing their data, and a privacy activist wasted no time in taking action against U.S. tech giants for allegedly acting illegally by forcing users to accept intrusive terms of service or lose access.
“You have to have a ‘yes or no’ option,” Austrian Max Schrems said before filing complaints in European jurisdictions. “A lot of these companies now force you to consent to the new privacy policy, which is totally against the law.”
The European Union General Data Protection Regulation (GDPR) replaces the bloc’s patchwork of rules dating back to 1995 and heralds an era where breaking privacy laws can result in fines of up to 4 percent of global revenue or 20 million euros ($23.5 million), whichever is higher, as opposed to a few hundred thousand euros.
European privacy regulators signalled that they were ready to flex their muscles but were not “sanctioning machines”.
“This (forced consent) is an issue that we will be looking at immediately, and work is already underway,” said Helen Dixon, head of the Irish Data Protection Commissioner, which will be responsible for policing U.S. giants Facebook ( FB.O ) and Google ( GOOGL.O ), among others.
Many privacy advocates have hailed the new law as a model for personal data protection in the internet era and called on other countries to follow the European model.
Critics say the new rules are overly burdensome, especially for small businesses, while advertisers and publishers worry it will make it harder for them to find customers.
The GDPR clarifies and strengthens existing individual rights, such as the right to have one’s data erased and the right to ask a company for a copy of one’s data.
But it also includes entirely new mandates, such as the right to transfer data from one service provider to another and the right to restrict companies from using personal data.
“It’s a gradual and not a revolutionary kind of thing ... However for many companies it was a huge wakeup call because they never did their homework. They never took the data protection directive seriously,” said Patrick Van Eecke, partner at law firm DLA Piper.
Activists are already planning to use the right to access their data to turn the tables on internet platforms whose model relies on processing people’s personal information. Slideshow (2 Images)
That means companies have had to put in place processes for dealing with such requests and educating their workforce because any non-compliance could lead to stiff sanctions.
Studies suggest that many companies are not ready for the new rules. The International Association of Privacy Professionals found that only 40 percent of companies affected by the GDPR expected to be fully compliant by May 25. DATA PORTABILITY
It is unclear how many provisions of GDPR will be interpreted and enforced. European regulatory authorities, many of whom say they are under-funded, will oversee the new law, with a central body to resolve conflicts.
One key provision of GDPR, the right to data portability, is causing particular confusion.
“I think the data portability rights are pretty significant and are going to take a while for people to figure out what the bounds of them are and how to go about complying with them,” said David Hoffman, associate general counsel and global privacy officer at Intel.
For example, music streaming services such as Spotify create playlists for users based on their music preferences. While a user seeking to exercise the data portability right would be able to move playlists he or she created, the situation becomes fuzzy if the playlists are created by the streaming service using algorithms.
EU data protection authorities said individuals should be able to transfer data provided by them but not “derived data” created by the service provider such as algorithmic results.
“It’s not obvious that you can necessarily migrate the data from your system to somebody else’s system,” Tanguy Van Overstraeten, of Linklaters, said.
On the business side, companies are rushing to renegotiate contracts with suppliers and service providers because GDPR increases their liability if something goes wrong.
Data processors which only process or store the data on behalf of their clients, for example cloud computing providers, will be directly liable for sanctions and could face lawsuits from individuals, and that needs to be reflected in contracts.
($1 = 0.8519 euros) | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-privacy-gdpr/eu-privacy-law-heralds-new-era-in-online-data-protection-idUSKCN1IQ0K9 |
JERUSALEM (Reuters) - The Israeli military said early on Thursday that several air raid sirens had “sounded in the area of the Golan Heights” and that it was looking into the cause.
Tensions have been high since U.S. President Donald Trump announced he was quitting the Iranian nuclear deal on Tuesday, prompting Israel to go on high alert.
In a short initial statement on Thursday the Israel Defence Forces said “the details are being looked into” and gave no further details.
On Tuesday the Israeli military said it had identified “irregular activity” by Iranian forces in Syria, and instructed civic authorities on the Israeli-occupied Golan Heights to ready bomb shelters. It also deployed new defenses and mobilized some reservist forces.
Israel’s government was a strong supporter of, and advocate for, Trump’s decision to quit the Iran nuclear deal and has been readying itself for a possible regional flare-up.
In the run-up to Trump’s decision, Israeli Prime Minister Benjamin Netanyahu said in a televised presentation last week that Israel had obtained tens of thousands of pages of what he described as Iran’s “secret atomic archives” from what looked from the outside to be a dilapidated Tehran warehouse.
Iran and Lebanon’s Hezbollah have been helping Syrian President Bashar al-Assad beat back a seven-year-old rebellion. Israel has carried out repeated air strikes against them, hoping to stop the formation of a Lebanese-Syrian front to its north.
On Tuesday Syrian state media accused Israel of launching missiles at a target near Damascus, shortly after Trump’s announcement. Syrian air defenses fired at two Israeli missiles, destroying both, Syrian state news agency SANA.
An Israeli military spokeswoman said at the time that “we do not respond to such foreign reports.”
Reporting by Stephen Farrell; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-israel-alert/air-raid-sirens-sounded-in-the-golan-heights-israeli-military-statement-idUSKBN1IA3CG |
MELBOURNE (Reuters) - Japan’s JERA, a U.S.-German joint venture and an Australian firm have teamed up to develop battery projects in the Asia-Pacific, including the world’s biggest, targeting a market expected to be worth several billion dollars by 2022.
The move marks a big green push for JERA, a joint venture between Tokyo Electric Power Co ( 9501.T ) and Chubu Electric Power Co ( 9502.T ) that is the world’s top buyer of liquefied natural gas (LNG) and one of the world’s biggest coal traders.
The plan is for JERA to fund energy storage projects with Australian renewable power developer Lyon Group, while Fluence - a joint venture between U.S. power company AES Corp ( AES.N ) and Germany’s Siemens AG ( SIEGn.DE ) - provides battery technology.
The companies will focus first on batteries for three solar farms, together expected to cost up to A$1.5 billion ($1.1 billion), that Lyon Group plans to build in Australia.
Globally, demand for utility-scale batteries is expected to rise to 28 gigawatts, worth more than $15 billion, by 2022, up from 2 GW committed by electricity providers in 2017, according to estimates from Fluence and others.
The batteries play a vital role in maintaining stability on the grid by balancing supply and demand for a few minutes to a few hours when wind and solar energy fluctuate, and can eliminate the need for expensive power plants that might be used for only a few hours a day.
Fluence sees opportunities in Asia in Japan, China, Korea and India, but for the moment sees Australia growing the fastest as the country copes with rapid growth in renewable energy, soaring power prices and an ageing grid.
“That market has huge potential to grow very, very quickly,” Fluence’s Asia Pacific market director, Mark Leslie, told Reuters.
Lyon’s Riverland project in South Australia would be the world’s biggest battery, with 400 megawatt hours (MWh) of storage, eclipsing the current largest, Tesla’s ( TSLA.O ) 129 MWh battery, also in South Australia.
Lyon said construction is expected to begin on all three of its projects within months. Riverland and the Nowingi project in the state of Victoria need offers to connect to the grid before construction can begin.
A smaller project, Cape York, in the state of Queensland already has development approval and an offer to connect to the grid.
“There are many markets beyond Australia where big batteries can provide substantial value in terms of network strength and dispatchable capacity,” Lyon Group Chairman David Green said in a statement.
($1 = 1.3221 Australian dollars)
Reporting by Sonali Paul; additional reporting by Yuka Obayashi in Tokyo; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-batteries-jera/japanese-u-s-german-australian-team-targets-big-battery-projects-in-asia-pacific-idUSKCN1IU02Z |
SYDNEY (Reuters) - Uncertainty around Commonwealth Bank of Australia’s ( CBA.AX ) senior leadership deepened on Monday as the chief financial officer resigned unexpectedly, the fifth executive to depart in one of the worst governance crises in the bank’s history.
FILE PHOTO: Pedestrians are reflected in the window of a branch of the Commonwealth Bank of Australia (CBA), Australia's biggest bank by market value, in Sydney, Australia, November 8, 2017. REUTERS/Steven Saphore/File Photo Australia’s biggest bank is struggling to rebuild its reputation after a series of scandals revealed flaws in its leadership culture, exposing it to closer regulatory scrutiny, higher compliance costs and potential fines.
Chief Executive Matt Comyn, who replaced Ian Narev in April with a promise to fix the bank’s problems, said he would need weeks to make headway in building his new team, raising concerns over upheaval in the leadership group.
“We are making good progress with the renewal of the bank’s executive team and I expect to provide an update on appointments to my leadership team in the coming weeks,” Comyn said in a statement to the bourse.
Australia’s banks are in damage-control mode as an ongoing independent inquiry into the financial sector exposes widespread misconduct, prompting calls for tighter regulation and stiffer penalties.
Commonwealth Bank of Australia's Chairman Catherine Livingstone and CEO Matt Comyn pose for the media in their office in Sydney, Australia May 1, 2018. REUTERS/Edgar Su CBA is also facing potentially massive fines and higher capital requirements over breaches of anti-money laundering and terror financing laws, the result of “complacency” at the highest levels of management, according to a report released earlier this month by the banking watchdog.
In addition, CBA said last week it would settle with the Australian corporate regulator over allegations it manipulated the bank bill swap rate.
NEW CFO Chief Financial Officer Rob Jesudason would depart “with immediate effect” to take an external role in Hong Kong, the bank said, just a over a year since he took up the role.
Alan Docherty, the previous CFO of the Institutional Banking and Markets unit, was appointed as acting CFO.
The change comes less than two months since the bank announced the departure of the three executives in charge of human resources, IT and institutional banking.
Brian Johnson, a banking analyst at CLSA, said the departure of Jesudason surprised the market so soon after the executive shake-up in March.
“While I’m positive on CBA, here’s the problem: we now have got a CFO, head of retail and banking services, head of institutional banking, head of human resources, head of enterprise services and head of marketing and strategy - that is, 6 out of 12 executive positions where they are conducting a search at the moment,” he said.
In December, CBA appointed Vittoria Shortt head of ASB Bank, its New Zealand unit, leaving her former position as Group Executive, Marketing and Strategy vacant.
CBA shares were 0.2 percent higher in afternoon trading, in line with the broader market.
Reporting by Paulina Duran in Sydney and Chris Thomas in Bengaluru; Editing by Stephen Coates
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cba-cfo/australias-commonwealth-bank-cfo-steps-down-as-comyn-rings-changes-idUSKCN1IF09A |
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
* Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9Hv (Adds Quote: , context. Updates figures. *** There will be no London-based Sterling report on Monday, May 28, which is a UK public holiday)
LONDON, May 25 (Reuters) - The pound traded near a five-month low of $1.33 on Friday, hindered by worries over Brexit and further signs of sustained weakness in Britain’s economy.
Sterling had been one of the best-performing currencies in 2018, but weak economic data and a recent surge in the dollar have erased all of the pound’s gains this year.
Markets have drastically scaled back expectations for when and how much the Bank of England will raise interest rates, as British economic growth slows, which the central bank has partly attributed to bad weather.
But data on Friday showed the economy grew just 0.1 percent in the first quarter, suggesting that sluggishness in the economy was more protracted. That kept the pound down.
“0.1 percent growth is pretty anaemic ... the overall picture remains one of slowing economic activity,” said David Cheetham, chief market analyst at XTB.
At GMT 0930 the pound was down 0.2 percent to $1.3353 as the dollar gained across most major currencies.
Recent weak economic data mean markets are not pricing in a full 25-basis-point hike by the end of 2018. They had expected two 25 bp rises this year.
Concerns about the sort of relationship Britain can agree with the EU before it exits the bloc in March 2019 remain a key influence over sterling.
BoE Governor Mark Carney said on Thursday the central bank could pump more stimulus into Britain’s economy if this year’s Brexit negotiations result in a bad deal.
Carney’s comment came two days after he said the Brexit vote has cost each UK household 900 pounds.
A Reuters poll published on Wednesday suggested a one-in-five chance of a disorderly Brexit.
Analysts at CMC Markets and Commerzbank, in notes to clients, predicted the pound would fall toward the $1.3300 level in the short term. (Reporting by Tom Finn, editing by Larry King)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-sterling-open/update-1-sterling-stuck-near-2018-low-after-stagnant-growth-data-idUSL5N1SW1R0 |
× × 'We're running the geekiest office in Seattle.' Fresh off a key acquisition, Axon CEO touts benefits of his police tech 10 Hours Ago Jim Cramer sits down with Axon Enterprise co-founder and CEO Rick Smith, who talks about his company's latest acquisition. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/axon-ceo-talks-vievu-acquisition-police-body-camera-tech-results.html |
BUCHAREST, Romania--(BUSINESS WIRE)-- Digi Communications N.V. ("Digi" or the "Company") announces that Q1 2018 financial results are available on the Company’s website.
For details, please see:
http://www.digi-communications.ro/en/investor-relations
About Digi Communications NV
Digi is the parent holding company of RCS & RDS, a leading provider of pay TV and telecommunications services in Romania and Hungary. In addition, RCS & RDS provides mobile services as an MVNO to the large Romanian communities living in Spain and Italy.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006112/en/
For Digi Communications NV
Serghei Bulgac, +4031 400 4444
[email protected]
Source: Digi Communications NV | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-digi-communications-nv-announces-the-release-of-the-q1-2018-financial-results.html |
MADRID, May 28 (Reuters) - Spain’s Ciudadanos party upped the pressure on Prime Minister Mariano Rajoy on Monday, intensifying calls for snap elections after a proposed no-confidence motion roiled markets last week.
The country’s fragmented parliament is expected to accept the no-confidence motion by the Socialists as soon as Monday, but it may be hard to gather the 176 or more votes necessary to oust Rajoy, who survived a no-confidence vote last June.
A date for the parliamentary vote has yet to be decided by the speaker, but opposition parties are taking advantage of Rajoy’s weakness after dozens of people linked to his People’s Party (PP) were convicted of crimes including influence-peddling and falsifying accounts in a long-running corruption trial.
The PP has closed ranks behind Rajoy, who said on Friday he intended to serve out his four-year term and that the corruption convictions did not affect a single member of his government.
Ciudadanos (“Citizens”), which is ahead in the polls and the most likely to win a snap election, has said it would be willing to work with the Socialists to support a neutral candidate to oust Rajoy, whose minority government has been damaged by a crisis sparked by a Catalan independence vote.
VOICE OF PEOPLE The leader of the liberal party, Albert Rivera, said in an interview with El Mundo newspaper on Monday that Rajoy’s government was weak and tainted by the corruption convictions.
“The only democratic and dignified way out is to give voice to the Spanish people so that they choose a new government and parliament,” he said.
After last week’s moves, bond and stock markets calmed on Monday as news from Italy that a eurosceptic coalition was unable to form a government led to a relief rally across the euro zone, particularly in southern Europe.
Spanish government bond yields came off 2-1/2 month highs hit last week, while Spain’s IBEX rose 0.7 percent after falling sharply on Friday.
Financials and utilities led the recovery, with Santander , BBVA and Caixabank the top gainers, along with Iberdrola and Gas Natural.
The yield on Spain’s 10-year government bond yields was a basis point lower on the day and 7 bps below last week’s high at 1.45 percent. (Additional reporting by Jesus Aguado in Madrid; Abhinav Ramnarayan and Helen Reid in London Editing by Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/spain-politics/spanish-prime-minister-rajoy-faces-growing-election-calls-idUSL5N1SZ10V |
SAN DIEGO (AP) _ Ligand Pharmaceuticals Inc. (LGND) on Tuesday reported first-quarter net income of $45.3 million.
The San Diego-based company said it had net income of $1.83 per share. Earnings, adjusted for one-time gains and costs, came to $1.55 per share.
The drugmaker posted revenue of $56.2 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $32.3 million.
Ligand expects full-year earnings to be $4.85 per share, with revenue expected to be $184 million.
Ligand shares have risen 15 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $157.28, an increase of 40 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 LGND at https://www.zacks.com/ap/LGND | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-ligand-1q-earnings-snapshot.html |
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