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With Another Positive Quarter and Financial Resources, Tecogen is Primed for Growth
WALTHAM, Mass., May 15, 2018 (GLOBE NEWSWIRE) -- Tecogen ® Inc. (NASDAQ:TGEN), a leading manufacturer of clean energy products which, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint, reported revenues of $10,175,427 for the quarter ended March 31, 2018 compared to $6,846,767 for the same period in 2017, or 48.6% growth in top line revenue. The energy production revenue from the sites of our wholly-owned subsidiary, American DG Energy, added $1,782,535 in revenue to the quarterly result. Consolidated gross profit for the first quarter of 2018 was $3,837,803 compared to $2,914,673 in the first quarter of 2017, an increase of 31.7%, or $923,130, in gross profit year over year.
Adjusted non-GAAP EBITDA (1) , excluding the unrealized loss on EuroSite Power Inc.'s shares owned by American DG Energy and merger related expenses, was a positive $303,757 for the first quarter of 2018 versus $190,825 for the first quarter of 2017, an increase of $112,932, or 59.2%. (Adjusted EBITDA is defined as net income attributable to Tecogen, adjusted for interest, depreciation and amortization, stock-based compensation expense, unrealized loss on equity securities and merger related expenses. See table following the statements of operations for a reconciliation from net income to Adjusted EBITDA as well as important disclosures about the company's use of Adjusted EBITDA).
Depreciation and amortization jumped to $199,181 for the first quarter of 2018 from $64,281 for the same period in the prior year. The increase is related to the depreciation of American DG Energy's energy producing equipment net of the amortization of the corresponding contracts.
The Company is investing in research and development, as discussed in the "Emissions Technology" section below resulting in an increase in research and development expenses of 67.3% to $302,230.
Income from operations was $70,906 compared to $77,702 in the prior year comparable period in spite of the increased depreciation and amortization of $134,900 discussed above. Similarly, Tecogen delivered net income for the quarter of $20,759 compared to $44,787 for the first quarter 2017. The quarter's results included an unrealized loss on EuroSite Power's common stock of $19,681 (previously presented in "Other Comprehensive Loss") and non-recurring expenses totaling $9,610 related to the company's merger with American DG Energy.
Tecogen's Chief Executive Officer Benjamin Locke noted, "Coming off a full year of profitability in 2017, our first quarter results are tremendously positive as we look forward to maintaining success in 2018. With the addition of a $10 million revolving line of credit, the Company now has access to funds that will allow us to focus on growth, including our research and development efforts, expansion into new markets for our products, and give us the ability to take on larger projects."
Revenue results were driven by solid growth in product and services related revenues as well as the addition of energy production revenues provided by American DG Energy. Total services related revenues for the first quarter of 2018 grew 16.8% over the prior year period, driven primarily by installation activity, while product revenue increased by 30.9% compared to the first quarter of 2017. Chiller sales grew by 273.8%, partially offset by a 23.2% decline in cogeneration sales from the year-ago period.
Gross margin for the quarter was 37.7% compared to 42.6% in the first quarter of 2017, well within management's targeted 35-40% gross margin range.
On a combined basis, operating expenses increased to $3,766,897 for the first quarter 2018 from $2,836,971 in the same quarter of 2017. An increase in research and development expenses of 67.3% to $302,230, and selling expenses, which rose 50.9% to $675,118, and the consolidation of American DG Energy's core overhead accounted for the increase. The increase in selling expenses was due to an increase in marketing related activity and higher sales commissions.
Backlog of products and installations was $14.6 million as of first quarter end, and stood at $16.6 million as of May 14, 2018.
Major Highlights:
Financial
Consolidated gross profit for the first quarter of 2018 was $3,837,803 compared to $2,914,673 in the first quarter of 2017, an increase of 31.7%, or $923,130, in gross profit year over year.
On a combined basis, operating expenses rose to $3,766,897 for the first quarter of 2018 from $2,836,971 in the first quarter of 2017. The consolidation of American DG Energy's operations, an increase in research and development expenses of $121,616 and an increase in selling expenses to $675,118 from $447,452 accounted for the year-over-year increase.
Excluding non-recurring merger related costs and stock compensation expense, adjusted non-GAAP EBITDA (1) was $303,757 for the quarter compared to $190,825 for the first quarter of 2017.
Net income attributable to Tecogen for the three months ended March 31, 2018 was $20,759 compared to $44,787 for the same period in 2017. As discussed above, net income includes an unrealized loss of $19,681 due to market fluctuations in the EuroSite Power common stock owned by American DG Energy due to the implementation of a recent accounting standard change adopted by Tecogen in Q1 2018. Prior to this accounting change, unrealized gains and losses on this investment were accounted for as "other comprehensive income (loss)", falling below the net income line.
Net income per share was $0.00 for the three months ended March 31, 2018 and 2017.
On May 4, 2018, the Company and its wholly-owned subsidiaries, American DG Energy and TTcogen LLC, entered into a Credit Agreement with Webster Business Credit Corporation, providing the Company with a line of credit up to $10 million on a revolving secured basis, with availability based on certain accounts receivable and inventory balances.
Current assets at quarter end of $23,704,894 were more than double current liabilities of $10,965,253. Current liabilities for the three months ended March 31, 2018 included $850,000 of short-term debt due to a related party that Tecogen assumed with the acquisition of American DG Energy, and repaid in full on May 4, 2018 upon the closing of the $10 million revolving line of credit.
Sales & Operations
Product revenues increased 30.9% from the same period in 2017. Cogeneration sales have pulled back 23.2% after last year's surge, although they remain well above sales levels prior to InVerde's upgrade. In contrast, chiller sales increased 273.8% year over year. Increasing interest from both the indoor agriculture market and the growing recognition of the value proposition of "mechanical CHP" continue to be the key drivers.
Services revenues grew 16.8% year-on-year, benefiting from increasing penetration in service contracts and favorable operating metrics for the installed fleet. Continued penetration of our 'turnkey lite' offering, which includes custom value-added engineering design work as well as custom factory engineered accessories and load modules, has been a good source of services revenue growth and is expected to continue to develop as an important revenue stream.
Current sales backlog of equipment and installations as of Monday, May 14, 2018 was $16.6 million, driven by strong traction in the InVerde and Tecochill product lines and installation services. As of March 31, 2018 the backlog was $14.6 million compared to $13.6 million as of March 31, 2017, showing a sustainable backlog at this level.
Indoor agriculture continues to be a rapidly emerging new opportunity for growth, particularly for the Tecochill line of natural gas powered chillers. Interest for our products from new growers entering the market remains strong.
On March 27, 2018, Tecogen completed the purchase of the 50% interest of TTcogen LLC owned by Tedom a.s. for $72.6 thousand. The purchase provides Tecogen with full ownership of all TTcogen in-process contracts as well as the exclusive right to market, sell and distribute Tedom's T35 combined heat and power equipment within an agreed upon territory. Tecogen will continue to provide services for Tedom equipment sold by TTcogen or Tecogen.
Emissions Technology
Our development program with the Propane Education and Research Council (PERC) to demonstrate the viability of our emissions technology in fork trucks is nearing conclusion with highly positive results. Results have conclusively shown that the Ultera process is highly effective in improving the emissions output from the standard fork truck and shows a clear path to its certification as a “near-zero” emitting fork truck under California regulations. Executives from the manufacturer and PERC are planning to visit Tecogen on May 23 to view the prototype design and operation first hand.
In the area of mobile, gasoline applications of Ultera, our development work continues under company funding subcontracted to a highly-respected, independent institute that specializes in powertrain research. They are approximately midway through the funded initial phase which is focused on optimizing our catalyst formulations.
This month, the company has been notified by the European Patent Office of its intent to grant a patent for Tecogen’s Ultera emissions technology. This patent will give Tecogen exclusive control over the Ultera technology in markets in Europe which are markets where Tecogen hopes to commercialize the Ultera technology. This patent supplements Tecogen’s portfolio of Ultera technology patents.
Commenting on the fork truck project, Tecogen's President and Chief Operating Officer, Robert Panora, stated, "The fork truck demonstration program is ending on a very positive note. The impressive test results, while expected, are nevertheless compelling while simultaneously addressing a significant market need for all stakeholders, including propane suppliers, OEM’s, and operators who often prefer lower cost and extended operation of propane units to the electric alternative."
Conference Call Scheduled for Today at 11:00 am ET
Tecogen will host a conference call today to discuss the third quarter results beginning at 11:00 am eastern time. To listen to the call dial (877) 407-7186 within the U.S. and Canada, or (201) 689-8052 from other international locations . Participants should ask to be joined to the Tecogen first quarter 2018 earnings call. Please begin dialing 10 minutes before the scheduled starting time. The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to http://investors.tecogen.com/webcast . Following the call, the webcast will be archived for 30 days.
The earnings conference call will be recorded and available for playback one hour after the end of the call through Thursday June 14, 2018. To listen to the playback, dial (877) 660-6853 within the U.S. and Canada , or (201) 612-7415 from other international locations and use Conference Call ID#: 13679190.
About Tecogen
Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint.
In business for over 35 years, Tecogen has shipped more than 3,000 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.
Tecogen, InVerde e+, Ilios, Tecochill, and Ultera are registered trademarks or pending trademark registrations of Tecogen Inc.
Forward Looking Statements
This press release and any accompanying documents, contain “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.
In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.
In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.
Tecogen Media & Investor Relations Contact Information:
Benjamin Locke
P: 781-466-6402
E: [email protected]
John N. Hatsopoulos
P: 781-622-1120
E: [email protected]
TECOGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 1,202,334 $ 1,673,072 Accounts receivable, net 11,790,537 9,536,673 Unbilled revenue 4,745,320 3,963,133 Inventory, net 5,096,023 5,130,805 Due from related party — 585,492 Prepaid and other current assets 870,680 771,526 Total current assets 23,704,894 21,660,701 Property, plant and equipment, net 12,048,483 12,265,711 Intangible assets, net 2,948,359 2,896,458 Goodwill 13,365,655 13,365,655 Other assets 462,870 482,551 TOTAL ASSETS $ 52,530,261 $ 50,671,076 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 6,835,299 $ 5,095,285 Accrued expenses 1,705,890 1,416,976 Deferred revenue 1,509,224 1,293,638 Loan due to related party 850,000 850,000 Interest payable, related party 64,840 52,265 Total current liabilities 10,965,253 8,708,164 Long-term liabilities: Deferred revenue, net of current portion 303,002 538,100 Unfavorable contract liability, net 7,464,950 7,729,667 Total liabilities 18,733,205 16,975,931 Commitments and contingencies (Note 9) Stockholders’ equity: Tecogen Inc. stockholders’ equity: Common stock, $0.001 par value; 100,000,000 shares authorized;
24,807,096 and 24,766,892 issued and outstanding at March 31,
2018 and December 31, 2017, respectively 24,807 24,767 Additional paid-in capital 56,264,398 56,176,330 Accumulated other comprehensive loss-investment securities — (165,317 ) Accumulated deficit (22,940,803 ) (22,796,246 ) Total Tecogen Inc. stockholders’ equity 33,348,402 33,239,534 Noncontrolling interest 448,654 455,611 Total stockholders’ equity 33,797,056 33,695,145 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 52,530,261 $ 50,671,076
TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) Three Months Ended March 31,
2018 March 31,
2017 Revenues Products $ 3,673,506 $ 2,807,347 Services 4,719,386 4,039,420 Energy production 1,782,535 — Total revenues 10,175,427 6,846,767 Cost of sales Products 2,409,115 1,756,849 Services 2,782,854 2,175,245 Energy production 1,145,655 — Total cost of sales 6,337,624 3,932,094 Gross profit 3,837,803 2,914,673 Operating expenses General and administrative 2,789,549 2,208,905 Selling 675,118 447,452 Research and development 302,230 180,614 Total operating expenses 3,766,897 2,836,971 Income from operations 70,906 77,702 Other expense Interest income and other expense, net (1,072 ) (1,213 ) Interest expense (13,013 ) (31,702 ) Unrealized loss on investment securities (19,681 ) — Total other expense, net (33,766 ) (32,915 ) Consolidated net income 37,140 44,787 Income attributable to the noncontrolling interest (16,381 ) — Net income attributable to Tecogen Inc. $ 20,759 $ 44,787 Net income per share - basic $ 0.00 $ 0.00 Net income per share - diluted $ 0.00 $ 0.00 Weighted average shares outstanding - basic 24,803,527 20,037,795 Weighted average shares outstanding - diluted 24,881,185 20,317,142
Non-GAAP financial disclosure (1) Net income attributable to Tecogen Inc. $ 20,784 $ 44,787 Interest & other expense, net 14,085 32,915 Depreciation & amortization, net 199,181 64,281 EBITDA 234,050 141,983 Stock based compensation 40,416 48,842 Unrealized loss on shares of EUSP 19,681 — Merger related expenses 9,610 — Adjusted EBITDA $ 303,757 $ 190,825
TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) Three Months Ended March 31,
2018 March 31,
2017 CASH FLOWS FROM OPERATING ACTIVITIES: Consolidated net income $ 37,140 $ 44,787 Adjustments to reconcile net income to net cash used in operating activities: Depreciation, accretion and amortization, net 199,181 64,281 Provision (recovery) of inventory reserve 1,000 (36,000 ) Stock-based compensation 40,416 48,842 Non-cash interest expense — 203 Loss on sale of assets 4,120 2,909 Provision for losses on accounts receivable 4,600 — Changes in operating assets and liabilities, net of effects of acquisitions (Increase) decrease in: Accounts receivable (1,496,737 ) (471,660 ) Unbilled revenue (549,647 ) (77,410 ) Inventory, net 33,782 (1,265,013 ) Due from related party — (75,705 ) Prepaid expenses and other current assets (99,153 ) (199,561 ) Other non-current assets 19,681 (69,875 ) Increase (decrease) in: Accounts payable 855,949 644,323 Accrued expenses and other current liabilities 288,913 (224,394 ) Deferred revenue (64,122 ) 61,364 Interest payable, related party 12,575 — Net cash used in operating activities (712,302 ) (1,552,909 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (145,326 ) (73,330 ) Proceeds from sale of assets 3,606 — Purchases of intangible assets (83,856 ) (53,608 ) Cash acquired in asset acquisition 442,786 — Expenses associated with asset acquisition (553 ) — Distributions to noncontrolling interest (23,338 ) — Net cash provided by (used in) investing activities 193,319 (126,938 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the exercise of stock options 48,245 106,835 Net cash provided by financing activities 48,245 106,835 Change in cash and cash equivalents (470,738 ) (1,573,012 ) Cash and cash equivalents, beginning of the period 1,673,072 3,721,765 Cash and cash equivalents, end of the period $ 1,202,334 $ 2,148,753 Supplemental disclosures of cash flows information: Cash paid for interest $ — $ 31,150 Exchange of stock for non-controlling interest in Ilios $ — $ 330,852 (1) Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about EBITDA (net income attributable to Tecogen Inc adjusted for interest, depreciation and amortization, stock based compensation expense, unrealized loss on investment securities and merger related expenses), which is a non-GAAP measure. The Company believes EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
Source:Tecogen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-update-tecogen-announces-first-quarter-2018-results.html |
Trump is likely to 'flip-flop' on US trade with China: Expert 3 Hours Ago Joshua Meltzer of Brookings Institution says "no progress" is being made in addressing the fundamental structural issues which "underpin" the trade and economic issues between the U.S. and China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/trump-is-likely-to-flip-flop-on-us-trade-with-china-expert.html |
NEW YORK, May 24 (Reuters) - U.S. stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea’s Kim Jong Un and ordered a probe of auto imports, while gains in Netflix pushed its market value to a record.
The Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43. (Reporting by Caroline Valetkevitch, editing by G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-edges-lower-after-n-korea-summit-canceled-idUSZXN0RB12I |
LOS ANGELES--(BUSINESS WIRE)-- Saban Capital Group, Inc. (SCG), the private investment firm specializing in the media, entertainment and communications industries, today announced that Fred Gluckman has resigned as the company’s Executive Vice President and Chief Financial Officer effective as of June 1. Mr. Gluckman has been employed by SCG since 2003 and served as Senior Vice President and Chief Financial Officer from 2010 to 2016 and EVP and CFO since then.
“We are grateful for the significant accomplishments we have achieved as the result of the 15 years of dedicated service, partnership and leadership we have had with Fred,” said Adam Chesnoff, SCG’s President and COO. “He will be deeply missed by the entire Saban team, and we wish him all the best as he moves on to pursue new opportunities.”
“I am proud of our accomplishments during my tenure at SCG and confident in the team and its leadership as the company continues to grow and expand in the future,” said Fred Gluckman.
Mr. Gluckman is succeeded by Greg Ivancich, who has joined SCG as Chief Financial Officer. Mr. Ivancich joined SCG from Exeter Property Group, a Pennsylvania-based real estate private equity firm (“Exeter”), where he served as Principal and a founding partner of Exeter’s international business from April 2013 to March 2018 and held roles overseeing financial reporting, capital raising, operations and acquisitions in the US and Europe. Prior to Exeter, Mr. Ivancich spent his career as an investment banker to the real estate industry where he advised public and private companies on initial public offerings, mergers and acquisitions, and public capital markets transactions. Mr. Ivancich’s roles included Director of Real Estate Investment Banking at Barclays, Executive Director of Real Estate Investment Banking at Morgan Stanley, and COO/Director of Real Estate Investment Banking at Credit Suisse.
Mr. Invancich will be working closely with Mr. Gluckman during this transition.
About Saban Capital Group
Saban Capital Group ("SCG") is a leading private investment firm based in Los Angeles specializing in the media, entertainment, and communication industries. SCG was established by Haim Saban, co-founder of Fox Family Worldwide, a global television broadcasting, production, distribution and merchandising company owned in partnership with Rupert Murdoch and The News Corporation, following its sale to The Walt Disney Company in October 2001. The firm currently makes both controlling and minority investments in public and private companies and takes an active role in its portfolio companies. SCG's current private equity investments include: Univision (the premier Spanish-language media company in the US); Celestial Tiger Entertainment (a venture with Lionsgate and Astro, Malaysia’s largest pay TV platform, to launch and operate new branded pay television channels across Asia); MNC (Indonesia's largest and only vertically-integrated media company); and Partner Communications (a leading telecommunications company in Israel). Saban Brands LLC, an affiliate of SCG, was formed in 2010 to acquire, manage and license entertainment properties and consumer brands across media and consumer platforms globally, and currently holds the rights to Power Rangers and Paul Frank Industries in its portfolio, among many others. Additionally, SCG founded Saban Films in 2014 to acquire and distribute independent feature films in North America. With offices in Los Angeles and Singapore, SCG actively manages a globally diversified portfolio of investments across public equities, credit, alternative investments, and real property assets. For more information, please visit www.saban.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005476/en/
Saban Capital Group
Sard Verbinnen & Co.
Kelsey Markovich/Molly Curry
[email protected]
Source: Saban Capital Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-fred-gluckman-resigns-as-evp-and-cfo-of-saban-capital-group-inc.html |
May 11, 2018 / 5:25 PM / Updated 27 minutes ago PSA's Opel suspends staff buyouts after wave of departures Riham Alkousaa 6 Min Read
FRANKFURT (Reuters) - German carmaker Opel has suspended voluntary redundancies after staff representatives warned that a wave of departures following PSA Group’s takeover could leave it short of skilled workers. FILE PHOTO: The logo of Opel is seen at their plant in Eisenach, Germany April 24, 2018. REUTERS/Kai Pfaffenbach
Staff buyouts were halted earlier this week until talks can be held between Opel’s management and the company’s works council at the end of May, the company told Reuters on Friday.
Several senior staff have left in recent months, in the wake of French car group PSA’s acquisition of the brand for $2.6 billion (2 billion pounds) last year. Some key engineers have gone to rivals including BMW ( BMWG.DE ) and auto supplier Continental ( CONG.DE ) as well as Jaguar Land Rover.
PSA is looking to cut 3,700 Opel staff in Germany by 2020 as part of a turnaround plan, including buyouts and early retirements. But labour representatives, led by works council chief Wolfgang Schaefer-Klug, have urged PSA to halt voluntary departures, saying this risks jeopardising expertise in key areas.
The dispute underlines the quandary facing PSA, the maker of Peugeot and Citroen cars: it must make deep cuts to increase efficiency at a brand that has been loss-making for 20 years, without losing the expertise it is counting on to bring success.
When PSA bought Opel from General Motors ( GM.N ), Chief Executive Carlos Tavares said its German engineering prowess would help attract new customers who may otherwise be reluctant to splash out on a French car.
PSA referred a request for comment to Opel.
When asked if the staff departures risked undermining the brand’s engineering expertise, an Opel spokeswoman said: “In Germany, we are relying on voluntary job reduction programmes and are refraining from forced redundancies. In doing so, we ensure that all key positions remain filled and all areas stay functional in a streamlined organisation.”
The management declined to give any detailed numbers on staff departures.
The company, which launched the buyout scheme in March, acknowledged concerns about the departures in an internal memo sent to staff at the end of last month, and seen by Reuters.
“Claims that we are facing a ‘mass exodus’ of high performers and that the work can no longer be done are an old wives’ tale,” Opel’s Human Resources said in the note.
The memo said Opel had received around 1,000 applications for voluntary redundancy out of the company’s total 19,000 staff in Germany.
The Opel works council did not respond ‘SPEED BONUSES’
Tavares has pledged to engineer a similar turnaround as he did at PSA. After losing more than 7.3 billion euros ($8.7 billion) in two years, the French group implemented a new strategy in 2014 that involved cutting labour costs, excess plant capacity product lines.
PSA is now Europe’s second-biggest carmaker by sales after VW, however Tavares faces a different set of challenges with Opel. While German cars are in high demand across the world, the brand has struggled to win customers in the face of fierce competition from big names like Volkswagen, BMW and Daimler.
A senior executive who left Opel in autumn last year said 25 percent of management had to be cut to reduce costs. Two senior engineers who left in March said departures had severely weakened the company in the field of designing vehicle platforms for small and medium-sized passenger cars.
The three former workers declined to be named, saying they didn’t want to compromise early-retirement benefits or breach the terms of their departure.
A chief engineer for Opel’s flagship Insignia model, Andreas Zipser, who appeared on the car’s promotional video last year, left in March after more than 25 years at Opel. He is now the head of engineering at Veritas AG, an automotive engineering firm, his LinkedIn profile shows.
Eggord Thomaschky, Opel’s chief vehicle engineer until last year, moved to BMW’s ( BMWG.DE ) Engineering and Vehicle Dynamics division in December, according to her LinkedIn profile.
Ralf Hannappel, Opel’s former director of electrified vehicles, is now chief engineer at Britain’s biggest carmaker Jaguar Land Rover ( TAMO.NS ), according to LinkedIn.
Florian Koch, now a function lead engineer for Advanced Driver Assistance Systems (ADAS) at automotive supplier Continental ( CONG.DE ), was a project leader for Infotainment systems at Opel until last month, his profile shows.
Senior staff with years of experience have been among the quickest to depart, some tempted by early-retirement packages and “speed bonuses” that encouraged quick exits.
“It was a lucrative and an attractive offer,” said an engineer who left in March with a senior leave package that gives him 75 percent of his previous salary for two years before retirement terms kicked in.
Another engineer who left in March said: “You call people and they tell you: I am leaving in two weeks. The last weeks for me there, I was at farewells every day.” Reporting by Riham Alkousaa, additional reporting by Jan Schwartz; Editing by Edward Taylor and Pravin Char | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-psa-opel-braindrain/psas-opel-suspends-staff-buyouts-after-wave-of-departures-idUKKBN1IC26D |
US doesn't know what it wants from trade war with China: Moody's Analytics 6 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/us-doesnt-know-what-it-wants-from-trade-war-with-china-moodys-analytics.html |
'U.S. Embassy' road signs go up in Jerusalem 7:12am EDT - 01:15
Road signs marking the U.S. Embassy in Jerusalem are starting to be put up ahead of next week's opening of the disputed embassy. Rough cut (no reporter narration).
Road signs marking the U.S. Embassy in Jerusalem are starting to be put up ahead of next week's opening of the disputed embassy. Rough cut (no reporter narration). //reut.rs/2KJ7Vyb | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/us-embassy-road-signs-go-up-in-jerusalem?videoId=424660574 |
May 14, 2018 / 4:35 PM / a day ago Forty years after "Grease", Travolta's back in Cannes Johnny Cotton 2 Min Read
CANNES, France (Reuters) - Fans of high school musical “Grease” are in for a treat if they can make it to the French Riviera this week. 71st Cannes Film Festival - Cannes, France, May 14, 2018. Director Kevin Connolly poses with cast members John Travolta and wife Kelly Preston during a rendez-vous for the film Gotti. REUTERS/Eric Gaillard
The movie will be screened on the beach on Wednesday to celebrate its 40th anniversary. And fans might get a glimpse of its star, John Travolta, who is back in Cannes promoting his new film, “Gotti”, about a New York gangster.
In 1978, Travolta, already a global sensation thanks to “Saturday Night Fever”, came to the Cannes Film Festival to promote “Grease”, a huge hit that also made him a music star with songs from the soundtrack dominating the charts.
“The mid-point was ‘Pulp Fiction’, so it was 40 year, 20 year and now today,” Travolta reminisced.
“My mother always told me when I was younger: ‘Don’t rush things, it’s going to go very fast’, and boom, here I am,” he told Reuters.
“I’ve lived a long life but it has really gone fast.”
Cult crime flick “Pulp Fiction” won Cannes’ Palme d’Or top prize in 1994, giving a second wind to Travolta’s career.
In his new film, Travolta plays John Gotti, a gangster boss who died in 2002. Travolta’s wife, Kelly Preston, co-stars as Gotti’s wife and the mother of their son who refuses to follow his father into the mob.
“He is very different from what I am and who I am and how I think and my values,” Travolta said of playing the gangster.
“It’s a completely different person - that’s something fun to play.”
Getting the film made, he said, was far less fun: “The challenges kept on knocking us down – different directors, different casts, different scripts – one was too shoot-‘em-up , one was too family,” he said.
“People like challenges and I was willing to stay with it til we saw it through.”
The Cannes Film Festival runs until May 19. Writing by Robin Pomeroy; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-filmfestival-cannes-travolta/forty-years-after-grease-travoltas-back-in-cannes-idUKKCN1IF2BS |
11 COMMENTS Former Apollo 12 astronaut and painter Alan Bean, who was the fourth person to walk on the moon and later turned his passion for space into art, has died. He was 86.
Mr. Bean was the lunar module pilot for the second moon-landing mission in November 1969. He spent 31 hours on the moon deploying surface experiments with Commander Charles Conrad and collecting 75 pounds of rocks and lunar soil for study back on Earth, according to a statement from NASA.
Mr. Bean died Saturday in Houston following a short illness, the statement said.
He is the eighth of 12 Apollo moonwalkers to die and the second this year, after the passing of Apollo 16 Commander John Young in January.
Related
Photo-Op: How Alan Bean Took a Photo on the Moon (March 14, 2014) “As all great explorers are, Alan was a boundary pusher,” NASA Administrator Jim Bridenstine said in a statement that credited Mr. Bean with being part of 11 world records in the areas of space and aeronautics. “We will remember him fondly as the great explorer who reached out to embrace the universe.”
In 1998 NASA oral history, Mr. Bean recalled his excitement at preparing to fly to the moon.
“When you’re getting ready to go to the moon, every day’s like Christmas and your birthday rolled into one. I mean, can you think of anything better?” Mr. Bean said.
After Apollo, Mr. Bean commanded the second crewed flight to the U.S.’s first space station, Skylab, in 1973. On that mission, he orbited the Earth for 59 days and traveled 24.4 million miles, setting a world record at the time.
Born March 15, 1932, in Wheeler, Texas, Mr. Bean received a bachelor of science degree in aeronautical engineering from the University of Texas in 1955. He attended the Navy Test Pilot School and was one of 14 trainees selected by NASA for its third group of astronauts in October 1963.
“I’d always wanted to be a pilot, ever since I could remember,” Mr. Bean said in the NASA oral history. “I think a lot of it just had to do with it looked exciting. It looked like brave people did that. I wanted to be brave, even though I wasn’t brave at the time. I thought maybe I could learn to be, so that appealed to me.”
Mr. Bean retired from NASA in 1981 and devoted much of his time to creating an artistic record of space exploration.
His Apollo-themed paintings feature canvases textured with lunar-boot prints and embedded with small pieces of his moon-dust-stained mission patches.
His wife of 40 years, Leslie Bean, said in a statement that Mr. Bean died peacefully surrounded by those who loved him.
He is survived by Mrs. Bean, a sister and two children.
—Copyright 2018 the Associated Press | ashraq/financial-news-articles | https://www.wsj.com/articles/astronaut-moonwalker-alan-bean-dies-at-86-1527373250 |
Kidnapped newborn sentencing hearing begins Thursday, May 03, 2018 - 02:11
The sentencing hearing began in Jacksonville, Florida on Thursday for Gloria Williams, who plead guilty earlier this year of kidnapping a newborn child in 1998. Shanara Mobley, the biological mother of Kamiyah Mobley, and Williams' ex-boyfriend, Charles Manigo, who helped raise Mobley, both testified on Thursday saying that Williams should get the maximum sentence of 22 years in prison. Rough Cut (no reporter narration).
The sentencing hearing began in Jacksonville, Florida on Thursday for Gloria Williams, who plead guilty earlier this year of kidnapping a newborn child in 1998. Shanara Mobley, the biological mother of Kamiyah Mobley, and Williams' ex-boyfriend, Charles Manigo, who helped raise Mobley, both testified on Thursday saying that Williams should get the maximum sentence of 22 years in prison. Rough Cut (no reporter narration). //reut.rs/2KAviKq | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/kidnapped-newborn-sentencing-hearing-beg?videoId=423585806 |
Absolutely a buyer in this market: Pro 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/absolutely-a-buyer-in-this-market-pro.html |
WASHINGTON (Reuters) - Tax experts for global corporations are hot on the trail of loopholes in the sweeping tax law approved in December by President Donald Trump and Republicans in the U.S. Congress.
FILE PHOTO: A general view of the U.S. Internal Revenue Service (IRS) building in Washington, U.S., May 27, 2015. REUTERS/Jonathan Ernst/File Photo Barely five months since it took effect, the law is already yielding potential tax-dodge gimmicks, from revising cross-border payments to substituting bank loans for internal debt.
These fast-emerging strategies are designed mainly to blunt the impact of three new corporate taxes imposed by the law, said lawyers and consultants who help large, international companies minimize their taxes while staying within the letter of the law.
Detailed guidance on the three taxes, which are extremely complex, is still pending from the Treasury Department and the U.S. Internal Revenue Service. As a result, actual deployment of the new strategies by multinational corporations is still likely months off.
But discussions about ambiguities in the Republican legislation and how to exploit them is well under way in the tax planning industry, with the IRS and Treasury looking on warily.
At a recent Washington conference, panelists from the law firm of Caplin & Drysdale, audit and consulting giant PricewaterhouseCoopers and the IRS talked about the new law’s Base Erosion and Anti-Abuse Tax (BEAT) and how it interacts with a standard business accounting entry called cost of goods sold (COGS) that encompasses the expenses of producing goods.
Cost of goods sold normally covers raw material and labor expenses, but also other, less clear-cut expenses. Importantly for tax planners, COGS is exempt from BEAT, under the new tax law. So putting more expenses into COGS could reduce BEAT exposure.
“There are a lot of different opportunities for restructuring or changing who does what to improve your posture” on cost of goods sold for BEAT purposes, said Elizabeth Stevens, an associate at Caplin & Drysdale on the panel. “I’m sure the IRS will be auditing BEAT computations.”
IRS officials on the panel focused their remarks on the rules for cost of goods sold and legal precedents governing it.
An IRS spokesman said the federal tax collection agency had no comment for this story.
New York University School of Law Professor Daniel Shaviro, a noted tax law expert, said the COGS exception to BEAT is “certainly going to be a central tax-planning focus.”
BEAT, GILTI, FDII BEAT is one of three new taxes imposed on multinational corporations by the Republican law. The second is known as GILTI, which taxes Global Intangible Low-Taxed Income. The third is known as FDII, a preferential tax on Foreign-Derived Intangible Income meant to favor U.S. domestic operations.
Large technology and pharmaceutical companies are especially challenged by these new taxes because they tend to operate worldwide and are heavy users of globally mobile intellectual property, such as patents and trademarks, experts said.
Taken together, the three provisions have injected numerous complexities into the tax code, despite Republicans’ original intentions to simplify the code through their legislation.
“There will be a lot of rough edges, which advisers and taxpayers will exploit,” said Steven Rosenthal, senior fellow at the Urban-Brookings Tax Policy Center, a Washington think tank.
“The COGS loophole for BEAT is a straightforward gimmick, but I am unsure how or whether the IRS will stop it,” he said.
BEAT is meant to combat earnings stripping, which involves shifting U.S.-earned profits abroad to foreign affiliates in low-tax countries. This is sometimes done via transfer payments of royalties or interest between U.S. and foreign affiliates.
Another potential strategy to minimize BEAT could be for a U.S.-based company that shifts profits abroad through interest payments to borrow from banks in the future, rather than from foreign affiliates because third-party interest payments are exempt from BEAT, experts said.
“These are just some of the publicly touted ideas. I am sure there are many more being touted privately,” Rosenthal said.
Corporations are holding back from putting strategies like these into practice partly because of uncertainty about the details of the new law, as well as its political durability.
On Thursday, 49 organizations including labor unions and public interest groups released a letter urging members of Congress to back proposed Democratic legislation that would subject foreign income to the domestic corporate tax rate to prevent the shifting of U.S. profits offshore. Such a step would undo a key component of the Republican law.
In months ahead, Treasury and the IRS will issue guidance on implementing the new law. At the same time, the upcoming November congressional elections present the possibility of gains in Congress by Democrats, who unanimously opposed the December bill and could try to roll it back.
“A lot of multinationals have been treading water ... I have yet to see many multinationals take action,” said Ernesto Perez, managing director for tax consulting firm Alvarez & Marsal Taxand, at another Washington conference.
Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-tax-loopholes/tax-dodge-strategists-probe-loopholes-in-new-u-s-law-irs-wary-idUSKCN1IQ0FW |
May 24, 2018 / 4:06 PM / Updated 2 hours ago UK transport minister says cost of Heathrow must be kept down Reuters Staff 3 Min Read
LONDON (Reuters) - The cost of expanding Heathrow Airport must be kept down, British transport minister Chris Grayling said on Thursday, heeding airline warnings that the airport’s new runway must not be so expensive that passengers end up paying higher prices. Britain's Transport Secretary Chris Grayling speaks at the re-opening of London Bridge Station after extensive redevelopment, in London, May 9, 2018. Jeff Spicer/Pool via Reuters
Heathrow is Europe’s busiest airport but it is now full. Members of Parliament will vote on whether to approve its expansion before July, but first the policy details on which they will vote must be finalised.
Grayling gave an insight into the government’s position in a speech, saying the new runway should not result in passengers paying much higher ticket prices.
“Heathrow’s customers should not pay for a ‘gold plated’ solution,” Grayling said. “The expansion of the airport must provide value for money to every party.”
Airlines like British Airways-owner IAG ( ICAG.L ) and Virgin Atlantic have been vocal in their worries that the new runway could be very expensive, meaning usage costs rise so much they are deterred from using it.
Grayling said he was taking those concerns on board.
“It remains one of my fundamental priorities to deliver the ambition I set in 2016 – to keep airport charges as close as possible to current levels - so price increases are not passed on to airlines, and ultimately consumers,” he added.
Heathrow has estimated the bill for expansion at 14 billion pounds, having said last year it could shave 2.5 billion pounds off the original estimate.
Grayling said the aviation regulator would oversee discussions between the airport, owned by Ferrovial ( FER.MC ), the Qatar Investment Authority, China Investment Corporation and others, and the airlines on the new runway, and that airlines who want to use Heathrow in future would also be consulted.
The government is currently working on its draft Airports National Policy Statement. Once published, parliament will vote on the matter, which Grayling has said will take place before the end of the first half of this year. Reporting by Sarah Young; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-airports/uk-transport-minister-says-cost-of-heathrow-must-be-kept-down-idUKKCN1IP2V8 |
May 24, 2018 / 8:11 PM / Updated 37 minutes ago UPDATE 1-Bids for Brazil's Eletropaulo postponed to June 4 Reuters Staff 2 Min Read
(Adds that change of auction rules was requested by Neoenergia)
MADRID/SAO PAULO, May 24 (Reuters) - A court order requested by one of the companies contending for control of Brazilian power distribution company Eletropaulo Metropolitana Eletricidade de Sao Paulo SA has postponed the bids for the company to June 4.
Eletropaulo said in a securities filing that a court had changed the rules for the auction, cancelling plans for Enel SpA and Neoenergia SA to make bids on Thursday.
According to a person with knowledge of the matter, the order was requested by Neoenergia, controlled by Spain’s Iberdrola SA, as the company claimed the rules allowing for a third party to enter the bidding process without disclosing its price were unfair.
The rules suspended by the court requested final bids to be presented by Neoenergia and Enel late on Thursday. Then on June 4, third parties would have been allowed to make competing bids, in which case the two companies could make new offers.
Neoenergia argued the rules were unfair as current bidders would have to disclose their strategy beforehand, but not a potential third party, according to the source.
The court determined that all contenders will now present their bids together on an auction in the stock exchange on June 4. (Reporting by Jose Elias Rodriguez in Madrid, Marcelo Teixeira and Tatiana Bautzer in Sao Paulo Editing by Chris Reese and Lisa Shumaker) | ashraq/financial-news-articles | https://www.reuters.com/article/eletropaulo-ma/update-1-bids-for-brazils-eletropaulo-postponed-to-june-4-idUSL2N1SV1ZK |
DUBAI, May 7 (Reuters) - Saudi Arabia’s budget deficit in the first quarter of 2018 stood at 34.3 billion Saudi riyals ($9.15 billion), at around 18 percent of the total forecast budget deficit for this year, the finance ministry said on Monday.
Total revenues in the first quarter reached 166.3 billion riyals, up 15 percent from the same period last year, the ministry said in a statement posted on its Website.
It said oil revenues stood at 113.9 billion riyals while non-oil revenues stood at 52.3 billion riyals, up 2 percent and 63 percent respectively from the same quarter last year. ($1 = 3.7503 riyals) (Reporting By Aziz El Yaakoubi; Editing by Ghaida Ghantous)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/saudi-economy/saudi-arabias-q1-budget-deficit-at-34-3-bln-riyals-fin-ministry-idUSD5N1L100P |
LONDON (Reuters) - Thomas Cook ( TCG.L ) is abandoning its raucous “Club 18-30” brand to target an image-conscious audience wanting more stylish holidays, the British tour operator said on Thursday.
FILE PHOTO: The Thomas Cook logo. REUTERS/Thomas White Thomas Cook, set up in 1841 and a pioneer of package holidays, said demand for holidays in Turkey, Greece and Egypt would help it meet forecasts this year. Its airlines were also seeing strong demand, helped by the demise of rival carriers last year.
Looking to secure future growth, the company said it would launch up to 15 new hotels by next summer under the name “Cook’s Club”, a cheaper version of its up-market Casa Cook business, to attract style-conscious holidaymakers on a lower budget.
That move comes as it scraps its “Club 18-30” brand, a five decade-old brand synonymous with young Britons letting off steam on cheap, boozy holidays.
“Cook’s Club is really aimed at attracting a different audience to Thomas Cook,” Thomas Cook’s Chief Executive Peter Fankhauser told reporters.
“What we see is the clientele, they want to have fancy and cool pictures on Instagram.”
Shares in Thomas Cook, which have soared 27 percent over the last six months, traded down 3 percent to 141 pence after the results, which analysts put down to profit taking.
“First half progress and the summer outlook leaves full-year expectations well set. An element of ‘travel and arrive’ today perhaps, but we are enthused by the further upside potential on a 12 month view,” said Panmure Gordon analyst Mark Irvine-Fortescue.
TURKEY BACK IN FAVOR Analysts are on average expecting Thomas Cook to post operating profit of 352 million pounds ($476 million) for the 12 month period to Sept. 30, which would represent a 7 percent rise on last year’s result.
The company said it would be able to meet expectations on a constant currency basis after taking action in its UK business, which is smaller in profit terms than its divisions in the Nordics and Germany, France and Belgium.
In order to shore up margins in its UK business, it said it had shifted capacity away from Spain and into cheaper destination Turkey, after hotels became more expensive in Spain and due to adverse currency moves.
This would mean that the size of the Turkish holiday market for its UK business would be back to the size that it was before 2015, Fankhauser said.
Turkey’s popularity as holiday destination plunged in 2016 over security concerns following a series of bombings and a failed coup.
Thomas Cook was also boosted in the first half of the year, by bookings at the group’s airline businesses rising 18 percent, as more customers flocked to it following the failure last year of rivals Monarch in the UK and Germany’s Air Berlin.
($1 = 0.7388 pounds)
Reporting by Sarah Young; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thomas-cook-grp-results/thomas-cook-ditches-rowdy-club-18-30-for-something-more-stylish-idUSKCN1II13I |
May 21, 2018 / 11:03 AM / Updated 12 minutes ago MOVES-Societe Generale names Mark Liu group country head of Taiwan Reuters Staff 1 Min Read
May 21 (Reuters) - Societe Generale SA appointed Mark Liu group country head, Taiwan, effective June 1.
Liu, who joined the firm in 2006, will be based in Taipei and report to Asia Pacific Chief Executive Officer Hikaru Ogata.
Liu replaces Godwin Chang, who will retire on June 30. (Reporting by Tamara Mathias) | ashraq/financial-news-articles | https://www.reuters.com/article/societe-generale-moves-mark-liu/moves-societe-generale-names-mark-liu-group-country-head-of-taiwan-idUSL3N1SS3SB |
BEIJING, May 10 (Reuters) - London copper rose for a second session on Thursday as falling inventories and strong import numbers from top consumer China continued to support prices. China imported 442,000 tonnes of unwrought copper in April, according to customs data released this week, the highest monthly total so far in 2018. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange (LME) was up 0.5 percent at $6,844.50 a tonne, as of 0146 GMT, having closed 1 percent higher in the previous session. * SHFE COPPER: The most-traded July copper contract on the Shanghai Futures Exchange rose 0.7 percent to 51,250 yuan ($8,049.82) a tonne. * INVENTORIES: Copper stocks MCUSTX-TOTAL in LME-registered warehouses dropped 9,600 tonnes to 293,025 tonnes, their lowest since late January, exchange data showed on Wednesday. * ALUMINIUM: London aluminium dropped 0.9 percent to $2,345 a tonne, having gained 0.6 percent in the previous session after a drop of 21,100 tonnes in inventories. * ALUMINIUM: Japan's UACJ Corp said on Wednesday it is suspending aluminium buying from Russia's Rusal because of U.S. economic sanctions on the producer, but the company has found alternative supplies from others. * ZINC: China's refined zinc production rose 2.1 pct in April from a month earlier to 377,000 tonnes as smelters returned from maintenance, research house Antaike said in a note. * GRAPHITE: Australian-listed Syrah Resources is targeting the market for electric vehicle batteries with its Balama graphite mine in Mozambique, which started production in November. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump's decision to pull out of a nuclear deal with Iran. DATA AHEAD (GMT) 1230 U.S. Consumer prices April 1230 U.S. Weekly jobless claims PRICES BASE METALS PRICES 0201 GMT Three month LME copper 6845.5 Most active ShFE copper 51240 Three month LME aluminium 2338.5 Most active ShFE aluminium 14615 Three month LME zinc 3093.5 Most active ShFE zinc 23820 Three month LME lead 2294.5 Most active ShFE lead 18885 Three month LME nickel 13905 Most active ShFE nickel 104490 Three month LME tin 21155 Most active ShFE tin 145690 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 433.42 LME/SHFE ALUMINIUM LMESHFALc3 -2619.17 LME/SHFE ZINC LMESHFZNc3 461.38 LME/SHFE LEAD LMESHFPBc3 705.09 LME/SHFE NICKEL LMESHFNIc3 -848 ($1 = 6.3666 Chinese yuan) (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-london-copper-rises-on-low-inventories-strong-china-data-idUSL3N1SH1II |
Published: May 8, 2018 6:52 a.m. ET Share
Company officials consider near-term Chinese antitrust approval unlikely AFP/Getty Images The Bain group got support from Toshiba customers including Apple Inc. and Dell Technologies Inc., as well as fellow chip maker SK Hynix Inc. of South Korea. Initially the parties hoped to close the deal by the end of March.
By Takashi Mochizuki Kosaku Narioka
TOKYO—Toshiba Corp. has mostly given up on an $18 billion sale of its chip unit because its officials consider near-term Chinese antitrust approval unlikely, leading them to accelerate a review of alternatives, people involved in the matter said.
Toshiba TOSYY, -1.50% reached a deal last September to sell its NAND flash-memory unit to a group led by U.S. private-equity firm Bain Capital, but the deal has been waiting for a nod from antitrust regulators in China, one of the unit’s top markets.
Chinese authorities have been generally uncommunicative about the status of Toshiba’s application in recent weeks, according to people involved in the effort. The brushoff comes during a period of heightened trade tension between China and the U.S., home to Bain and others in the buyer consortium. Chinese regulators gave an initial pessimistic review in April to another chip deal involving a U.S. buyer, Qualcomm Inc.’s $44 billion purchase of NXP Semiconductors NV.
People involved in the potential transaction say that under Chinese guidelines, regulators have until the end of this month to screen the Toshiba submission and that a last-minute approval isn’t out of the question. Representatives of Toshiba and Bain said they were waiting for China’s decision. | ashraq/financial-news-articles | https://www.wsj.com/articles/toshiba-pessimistic-about-prospects-for-18-billion-chip-deal/ |
May 17, 2018 / 7:57 PM / Updated 10 minutes ago Trump seeks to placate North Korea's Kim over uncertain summit Steve Holland 4 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump sought on Thursday to placate North Korea’s leader Kim Jong Un after Pyongyang threatened to scrap an unprecedented summit, saying Kim’s security would be guaranteed in any deal and his country would not suffer the fate of Muammar Gaddafi’s Libya.
Trump said that as far as he knew the meeting with Kim was still on track, but that the North Korean leader was possibly being influenced by China after two recent visits there.
Trump distanced himself from comments by his national security adviser John Bolton that North Korea cited when casting doubt on the summit, which is planned for June 12 in Singapore.
“North Korea is actually talking to us about times and everything else as though nothing happened,” Trump said. He was speaking to reporters at the start of an Oval Office meeting with NATO Secretary General Jens Stoltenberg.
Trump said he was not pursuing the so-called “Libya model” in getting North Korea to abandon its nuclear weapons programme. Bolton had suggested the Libya model in comments on Sunday, prompting North Korea to threaten to cancel.
Gaddafi was deposed and killed after Libyans joined the 2011 Arab Spring protests, aided by NATO allies who had encouraged him to give up his banned weapons of mass destruction under a 2003 deal. Analysts have suggested Pyongyang will have bristled at the notion North Korea could suffer the same fate if it makes concessions on its nuclear programme.
Trump said the deal he was looking at would give Kim “protections that will be very strong.”
“He would be there, he would be running his country, his country would be very rich,” Trump said.
“The Libya model was a much different model. We decimated that country,” he said.
Trump said the Libya model would only come into play if a deal could not be reached with North Korea, but did not elaborate.
“We cannot let that country have nukes. We just can’t do it,” he said of North Korea, which has been working on missiles capable of hitting the United States.
North Korea, which has abruptly changed tone in recent days after weeks of warming toward South Korea and preparations for the U.S. summit, said on Wednesday the meeting with Trump might not take place if the United States continued to demand it unilaterally abandon its nuclear arsenal
The United States has demanded the “complete, verifiable, and irreversible” dismantlement of North Korea’s nuclear weapons programme, which Pyongyang has rejected.
North Korea has given no indication that it is willing to go beyond statements of broad support for the concept of denuclearization.
It has said in previous, failed talks that it could consider giving up its arsenal if the United States removed its troops from South Korea and withdrew its so-called nuclear umbrella of deterrence from South Korea and Japan.
Trump told reporters that if the meeting with Kim happens then “it happens” and if not the United States will go on to the next step. Again he did not elaborate.
Cancellation of the summit, the first between U.S. and North Korean leaders, would deal a major blow to what could be the biggest diplomatic achievement of Trump’s presidency.
This comes at a time his withdrawal from the Iran nuclear deal has drawn criticism internationally and moving the U.S. embassy in Israel to Jerusalem has fuelled deadly violence on the Israel-Gaza border. Seated with members of his Cabinet, U.S. President Donald Trump speaks during a meeting with NATO Secretary General Jens Stoltenberg (L) at the White House in Washington. U.S., May 17, 2018. REUTERS/Kevin Lamarque Reporting by Steve Holland, David Brunnstrom and Matt Spetalnick; Witing by David Brunnstrom; Editing by Frances Kerry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles/trump-seeks-to-placate-north-koreas-kim-over-uncertain-summit-idUKKCN1II2TT |
(Adds U.S. treasury secretary comment, final paragraphs)
BEVERLY HILLS, Calif./WASHINGTON, April 30 (Reuters) - The U.S. House of Representatives could vote in May on a bill easing bank rules adopted after the 2007-2009 global financial crisis, a leading Republican lawmaker said on Monday.
The comments by Representative Kevin McCarthy, the House majority leader, marked the strongest sign yet a deal could soon be reached between the House and Senate to pass the first rewrite of the 2010 Dodd-Frank financial reform law.
The Senate voted 67-32 last month in favor of a bipartisan bill that would ease oversight of small and mid-sized banks.
House Republicans have stalled voting on the Senate bill on the grounds that additional provisions should be included to further lower the regulatory burden on banks and make it easier for small companies to raise capital.
Many Democrats say Dodd-Frank provides critical protections for consumers and taxpayers. While the Senate bill passed with the support of 17 moderate Democrats, key members of the party, including Senator Mark Warner, have said they would withdraw support if any further changes were made.
That has raised fears among bank lobbyists that the House could sink the bill if it refused to approve the Senate version.
But McCarthy said there was a willingness on both sides to pass the bill, which said would reform, rather than repeal, Dodd-Frank.
"I think you are within a month of getting it ... done," he told the Milken economic conference in Beverly Hills, California.
"At the end of the day, there will be a bill at the president's desk," he added, pledging to deliver legislation to President Donald Trump before congressional elections in November.
Trump said in March he would sign the bill once it had been approved by both the House and Senate
Last week, Republican Representative Jeb Hensarling, chairman of the House Financial Services Committee, said he was "certainly open to other pathways" to pass legislation aimed at helping small businesses.
McCarthy echoed these comments on Monday, suggesting some of the House's wish list could be included in separate legislation.
Speaking at the same event, U.S. Treasury Secretary Steven Mnuchin said later on Monday he was hopeful the changes, which he said were important for small lenders and community banks, would be passed soon.
"This should get done now. I am hopeful this gets done in the next 30 to 60 days," he added.
(Reporting by Lawrence Delevingne in Beverly Hills, Calif. and Katanga Johnson in Washington; Editing by Michelle Price and Peter Cooney) | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-update-1-u-s-house-may-vote-on-dodd-frank-changes-in-may-majority-leader.html |
* Mitsubishi, with Mitsui, buys 1 cargo of U.S. sorghum-sources
* Other buyers include Zen-Noh, Toyota Tsusho and Itochu
* Japan buys 150,000-180,000 T of U.S. sorghum since mid-April
By Yuka Obayashi
TOKYO, May 17 (Reuters) - Japanese grain buyers have bought at least three vessels carrying a total of 150,000 to 180,000 tonnes of U.S. sorghum amid a trade spat between China and the United States, four industry sources told Reuters.
The cargoes are among roughly two dozen bought by China but left stranded after Beijing announced last month it would hit U.S. imports with a 178.6 percent deposit on the value of sorghum shipments, amid escalating trade tensions.
Trading firms have been scrambling to offload the cargoes to other countries, including Spain, which has so far purchased five cargoes, and Saudi Arabia.
Japanese trading houses Mitsubishi Corp and Mitsui & Co together bought one vessel which arrived at Kashima port, near Tokyo, late last month, said the sources who declined to be named due to sensitivity of the deals.
“The cargo has also stopped to unload some of the supply at Mizushima and Shibushi ports,” one of the sources said.
Other buyers include Zen-Noh, a Japanese farmer cooperative, and a pair of trading companies, Toyota Tsusho Corp and Itochu Corp, he and two other sources said.
“There may be another vessel coming to Japan if Marubeni Corp succeeds in striking a deal with a partner of another country,” the source added.
Mitsui, Zen-Noh, Itochu and Marubeni declined to comment. Mitsubishi and Toyota Tsusho were not immediately available for comment.
Data from the U.S. Department of Agriculture and Thomson Reuters Interactive Map shows the cargo offloaded at Kashima port in late April left Archer Daniel Midland Co’s Galveston elevator around March 7, while another vessel that arrived at Kashima port on May 16 departed Cargill’s Houston elevator at the end of March.
While some early offers for the distressed cargoes came in as low as $160-$170 per tonne just after China’s announcement, the Japanese buyers paid more than that but “still much lower than the pre-mid-April levels,” another source said.
Traders said Japanese firms had paid around $230 per tonne for sorghum before Beijing announced the deposit.
Japan’s sorghum imports have been declining since 2012 as cheaper alternatives took a greater share of livestock feed. Sorghum’s blending ratio slid to 2.3 percent in the 2016/17 financial year from 7.7 percent in 2012/13, said Commodity Intelligence, a Japanese commodity market research company.
In 2017/18, Japan imported about 365,830 tonnes of grain sorghum, down from 1.46 million tonnes in 2012/13, according to Japan’s trade data.
Japan’s increased sorghum purchases may mean reduced imports of other commonly used feed grains like wheat and corn or less use of locally-grown feed rice, a source said.
In the longer term, a lack of Chinese buyers could put pressure on sorghum prices, increasing its share of the Japanese feed market.
“Many believe that this is a one-off thing, but if the U.S. producers sell sorghum at cheaper prices than corn, Japanese feedmakers may buy more sorghum and buy less corn or wheat,” the source said.
Reporting by Yuka Obayashi; editing by Gavin Maguire and Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-japan-sorghum/japan-buys-3-vessels-of-sorghum-amid-china-u-s-trade-spat-sources-idUSL3N1SN4NP |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : California Gold Mining Inc. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : CGM Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 11 :31 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--cgm.html |
May 7 (Reuters) - Diversicare Healthcare Services Inc :
* DIVERSICARE HEALTHCARE SERVICES SAYS EFFECTIVE MARCH 2, BOARD INCREASED SIZE OF FROM SEVEN TO EIGHT DIRECTORS - SEC FILING Source text: ( bit.ly/2jCJXZ4 )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-diversicare-healthcare-services-sa/brief-diversicare-healthcare-services-says-effective-march-2-board-increased-size-of-from-7-to-8-directors-idUSFWN1SE0Z5 |
May 11 (Reuters) - Vertex Resource Group Ltd:
* VERTEX RESOURCE GROUP LTD. ANNOUNCES $70 MILLION SENIOR SECURED CREDIT FACILITIES
* VERTEX RESOURCE GROUP - LENDERS AGREED TO PROVIDE CO WITH $70 MILLION SENIOR SECURED CREDIT FACILITIES FOR A THREE-YEAR TERM
* VERTEX RESOURCE GROUP - IN ADDITION TO SENIOR SECURED FACILITIES, AGREEMENT PROVIDES FOR ADDITIONAL $20 MILLION ACCORDION FACILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vertex-resource-group-announces-70/brief-vertex-resource-group-announces-70-million-senior-secured-credit-facilities-idUSASC0A1U0 |
Interest rate hikes could come to an end for this cycle in 2019, Philadelphia Fed President Patrick Harker said Thursday.
One of the more hawkish central bankers when it comes to monetary policy, Harker said he envisions a scenario where the Federal Reserve increases its benchmark overnight rate three times total in 2018 and three more times next year, then stops as the economy hits equilibrium.
"I think we're getting close to neutral," he told CNBC's Steve Liesman in a live interview from Dallas. "If we see inflation start to accelerate, then I would be open to a fourth increase this year. But I'd have to see evidence of that first."
The policymaking Federal Open Market Committee, of which Harker is a nonvoting member this year, approved a quarter-point rate hike in March and is widely expected to add another in June and one more in September. Whether the committee approves a fourth hike in December remains an open question, with traders currently assigning it a 39 percent chance.
Policy doves, who favor lower rates, seemed to get a boost Wednesday, when minutes from the most recent FOMC meeting indicated that officials would be willing to let inflation run above the Fed's 2 percent target for a temporary period.
Harker said he, too, would consider that, though it would depend on conditions.
"I don't think of it so much as a number around 2 percent, although that's part of it," he said during the " Power Lunch " interview. "It's the acceleration or deceleration. If we're creeping up to 2 percent and we creep up to, say, 2.25 percent, that's a different story than [if] we're accelerating past 2 percent. I think we'd behave differently. At least I would as a policymaker."
Fed officials were in Dallas as part of a conference about technology and disruption. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/fed-could-be-finished-hiking-rates-by-2019-philadelphias-harker-says.html |
Over the 19 years that billionaire Warren Buffett has been auctioning off a lunch to benefit charity, the winning bids have skyrocketed.
Pete Budlong, a San Francisco technology entrepreneur, was the first to ever win an auction to dine with Buffett in 2000. At that time, he paid only $25,000. In 2017, the winner paid almost $2.7 million . The proceeds of the auction benefit Glide, an anti-poverty organization in San Francisco that Buffett became involved with through his late wife, Susie.
But the soaring bids haven't impacted the meals themselves, which have remained largely the same — right in line with Buffett's traditional and simple style.
Here's a look at where the lucky few have dined with the Oracle of Omaha.
1. Steak at Smith & Wollensky Bloomberg | Getty Image Smith & Wollensky steakhouse is photographed on Wednesday, May 9, 2007, in New York. Billionaire Warren Buffett sat down over steaks today with an investor who paid $620,100 for the privilege. Smith & Wollensky steakhouse in New York City has been hosting the luncheons for Buffett since 2004 and donates at least $10,000 to Glide each year.
Winners can bring seven of their friends to lunch and order anything they'd like from the a la carte menu. Dishes range from a $59 cold water lobster tail to a $49 sirloin.
Buffett orders "a medium-rare steak with hash browns and a cherry coke," according to a 2007 winner of the auction . Smith & Wollensky confirmed the order to CNBC Make It, and added that Buffett's favorite steak is a sirloin.
When it was time for dessert that year, Buffett reportedly told the waiter, "Just bring a couple of spoons, and I'll have a little of everyone's."
"It is a very exciting day for the restaurant," Smith & Wollensky general manager Roger Morlock says. "The servers that we have, have been waiting on him for quite some years, and our executive chef has been here for over three decades, so for them it's business as usual. But of course we pay special attention to that table."
Last year's lunch fell on Buffett's birthday, so the steakhouse crafted a "birthday cake extravaganza" of his favorite desserts.
Courtesy of Smith & Wollensky 2. Steak at Piccolo's
Warren Buffett was a frequent guest at Piccolo's restaurant in Omaha for six years before it closed in 2016 , Scott Sheehan, formerly the general manager at Piccolo Pete's tells CNBC Make It. The steakhouse had been open for 81 years.
"Warren enjoyed our veal with lemon and we always served him a root beer float at the end of his meal," Sheehan says.
Piccolo's was the location for two of Buffett's charity auction meals in 2010 and 2011, both won by a hedge fund manager named Ted Weschler , who was living in Charlottesville, Virginia. His winning bid in 2010 was $2,626,311, and he upped it by $100 in 2011 to $2,626,411.
"After I won, Warren called," Weschler tells The Omaha World Herald. "He was happy to come to Charlottesville," adding that Buffett also offered to meet in New York for steaks. But Weschler wanted to remain private.
"I suggested, no, actually, it would be better for me if it would work for me to come out to Omaha, see the office, and instead of lunch make it dinner," Weschler explains. "When we actually got together, the only condition was that we not do it in a public forum."
So, they went to Piccolo's.
Local residents have frequently spotted Buffett eating at Piccolo's — sometimes with famous friends. Ryan Basye, a Nebraska real estate agent once captured a selfie with Buffett and Bill Gates eating there several years ago.
Courtesy of Ryan Basye "I live in Omaha so you see him around town," Basye tells CNBC Make It. "We were just so close that I decided to do it, we weren't going to bother them or anything."
Today, Sheehan is running a food truck inspired by the restaurant called Anthony Piccolo's. Buffett hasn't eaten from the truck yet, Sheehan adds, but he has come by for a tour.
3. Steak at Stars George Rose | Getty Images Chef and author Jeremiah Tower poses in his restaurant 'Stars' during a 1988 San Francisco, California, photo portrait session. In 2000, Budlong won the chance to share dinner with Buffett for $25,000 at Stars restaurant in San Francisco .
Opened by chef Jeremiah Tower, Stars was known for popularizing California cuisine and serving A-list celebrities. A 1994 menu from Stars resurfaced by the San Francisco Chronicle featured dishes like a $22 seared Hawaiian Ahi tuna with green chile sauce, and a $28.50 dry aged rib eye steak with grated horseradish.
Although it was 18 years ago, Budlong recalls Buffett ordering a steak at the charity meal, he tells CNBC Make It. The restaurant changed hands to new owners in 1999 before later closing, but Budlong remembers the food as fresh and American.
"It was a conversational, pretty chill lunch," Budlong tells The New York Times . Buffett, he says, was "folksy, down to earth and legitimately funny."
Don't miss: How this business owner landed a job at Berkshire Hathaway from Warren Buffett's famous charity lunch
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show chapters Buffett: I like Apple and we've bought it to hold 5:12 PM ET Mon, 7 May 2018 | 01:14 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/what-warren-buffett-eats-at-his-annual-glide-charity-lunch.html |
By Kristen Bellstrom 7:52 AM EDT Good morning, Broadsheet readers! The Obamas strike a Netflix deal, TheSkimm lands more funding, and the Supreme Court hands a defeat to the #MeToo movement. Have a productive Tuesday.
EVERYONE'S TALKING
• Supreme Court v. #MeToo . Regular Broadsheet readers will be familiar with forced arbitration—in which companies require employees to waive their right to take disputes to open court—and the ways in which the policy can limit women’s ability to hold their bosses responsible for workplace sexual harassment.
Yesterday, that problem got even more severe. In an opinion written by Justice Neil Gorsuch, the court ruled 5-4 that it remains legal for companies to use arbitration clauses in employment contracts to stop workers from banding together and filing a class-action lawsuit.
While individual arbitration clauses are problematic for, well, individuals, banning class-action suits has the potential to cause harm on a far more macro scale. As Emily Peck put it in The Huffington Post , “Going it alone, the most a woman can generally hope for is a monetary judgment. But banding together, women who file class actions can do far more to ensure that a company stops discriminatory behavior.”
Justice Ruth Bader Ginsburg read her dissent from the bench, a move that The New York Times ‘ Adam Liptak called “a sign of profound disagreement.” In her written dissent, RBG called the majority opinion “egregiously wrong.” Addressing the court, she said the result of the decision “will be huge under-enforcement of federal and state statutes designed to advance the well being of vulnerable workers.”
The Times also spoke to Vanderbilt University law professor Brian Fitzpatrick, who said that the court’s decision suggests that “it is only a matter of time until the most powerful device to hold corporations accountable for their misdeeds [the class action suit] is lost altogether.”
Advertisement ALSO IN THE HEADLINES
• Twelve too many. Fortune ‘s Claire Zillman takes a look at the 12 Fortune 500 companies that have zero women on their boards. While the trend line is pointed in the right direction—five years ago there were 42 Fortune 500 companies without women directors; 10 years ago, 69—it’s worth asking what it will take to finally bring these final holdouts into the modern age.
Fortune
• Purposeful pages. In this exclusive expert from her new book Purposeful: Are You a Manager or a Movement Starter ?, entrepreneur and Facebook executive Jennifer Dulski offers some tactical ways for leaders to build bonds between their team members. Purposeful hits bookshelves today.
Fortune
• Obamas go to Hollywood . Barack and Michelle Obama have announced a multi-year agreement to produce films and series for Netflix. The deal, which will include their newly-formed production company, Higher Ground Productions, could include “scripted series, unscripted series, docu-series, documentaries, and features,” according to a tweet from Netflix.
Fortune
• Skimming their way to a Series C . TheSkimm, the newsletter-cum-digital media company led by co-CEOs Carly Zakin and Danielle Weisberg, has closed a $12 million Series C funding round with a group of mostly female investors, including Shonda Rhimes and Tyra Banks.
Variety
• Stars of the stove . This year’s Food & Wine list of the best new chefs is packed with female culinary superstars, including Jess Shadbolt and Clare de Boer of NYC’s King, Diana Dávila of Chicago’s Mi Tocaya Antojería, and Katianna Hong of The Charter Oak in St. Helena, California.
Food & Wine
IN CASE YOU MISSED IT
• Small ask, big difference . Alaska Airlines has announced it’s banning plastic straws and stirrers—after 16-year-old Girl Scout and conservation group founder Shelby O’Neil asked the airline to reconsider its policy.
Fortune
• Skin in the game . Dermatologists Katie Rodan and Kathy Fields created Proactiv, a skincare line that sells about $1 billion in products a year through mall kiosks and infomercials. The pair appear to have done it again with their newer line, Rodan + Fields, which reached $1.5 billion in sales last year—”largely through consultants who sell to their friends and contacts, like social-media-era Mary Kay ladies.”
Bloomberg
• Kukors takes on USA Swimming . Former USA Swimming Olympian Ariana Kukors has filed a civil lawsuit against the sport’s governing body, saying officials failed to protect her from former coach Sean Hutchison, who she accuses of sexually abusing her starting when she was 16 years old. The lawsuit alleges that USA Swimming officials covered up Hutchinson’s alleged sexual abuse and manipulated his background check to protect him from abuse accusations.
Buzzfeed
• Clinton picks Cuomo . Hillary Clinton has kept a low profile during the 2018 midterm elections, but is expected to break what the NYT calls “her virtual hiatus from the campaign trail” by endorsing New York Governor Andrew Cuomo over his more liberal challenger, actress-turned-activist Cynthia Nixon. Clinton has also recorded an automated phone call endorsing Stacey Abrams, who is competing for the Democratic nomination for governor of Georgia today.
New York Times
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Even tonight, sitting among you, there are those who still have to be held accountable for their conduct against women...You know who you are. But most importantly, we know who you are. - Actress and director Asia Argento, addressing the closing ceremony at Cannes Film Festival | ashraq/financial-news-articles | http://fortune.com/2018/05/22/supreme-court-class-actions-obamas-netflix-broadsheet-may-22/ |
May 10, 2018 / 6:20 AM / Updated 21 minutes ago BT to cut 13,000 jobs as seeks to revive growth Paul Sandle 5 Min Read
LONDON (Reuters) - BT ( BT.L ) will cut 13,000 managerial and back-office jobs and move to a smaller London base in the latest attempt by the boss of Britain’s biggest telecoms group to rebuild from an accounting scandal and multiple pressures on its business.
Chief Executive Gavin Patterson said radical action was “absolutely critical” to ensure BT could deliver the next-generation fiber and mobile networks Britain needed.
“We need to make ourselves more efficient, we need to create oxygen within the business,” he told reporters on Thursday.
But a failure to hit a revenue target in the last quarter and a disappointing outlook for no growth in profit for a couple of years sent the shares down 9 percent to five-year lows.
Since he took the top job in 2013, Patterson has spent billions of pounds on TV sports rights, network investment and customer service improvements, all while trying to keep regulators, pension fund trustees and investors on side.
On top of that, fraud was discovered in Italy while the group was also blindsided by a downturn in corporate and public sector markets, undermining confidence in his leadership.
Patterson tried to placate shareholders by maintaining the full-year dividend on Thursday, and he also agreed a new pension funding plan.
Analysts at Bernstein called the earnings report “disappointing.”
“BT has now firmly gone from being a reasonably predictable growth story, an outlier in the incumbent landscape across Europe, to becoming a cost restructuring story,” they said.
“Quite a remarkable shift in fortunes with an outlook that is well shy of our expectations.” MOVING HOME
Traders said guidance for the current financial year was lower than expected, while fourth-quarter revenue fell short of targets, showing the challenges facing Patterson as he seeks to rebuild a group that employs more than 100,000 staff.
BT, which owns Britain’s biggest mobile operator EE, said it would hire about 6,000 new engineers and front line customer service staff to support its roll out of fibre and 5G networks. FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo
Around two-thirds of jobs cuts will fall in Britain, with the rest coming being removed abroad, he said.
The company has been based at the BT Centre, near St Paul’s Cathedral in the City of London since it was privatized in 1984 but will now move to smaller premises in the capital.
“If we compare how we manage the business with our peers, we’re frankly too complex and overweight. This is a big deal,” said Patterson.
BT has faced growing competition from nimble young rivals including Sky ( SKYB.L ) which has expanded from being a pay TV company to offer a range of broadband services. BT’s expansion into television was an attempt to defend its customer base. THROW OF THE DICE
The job cuts, the highest number by the former monopoly since 2008, will save 1.5 billion pounds in costs in three years, the company said. The restructuring will cost 800 million pounds to implement.
Some of the proceeds will go toward increasing capital expenditure on new fiber fixed-line connections and 4G and next generation 5G mobile networks to about 3.7 billion pounds over the next two years.
The new strategy is the latest throw of the dice from Patterson who won early plaudits from investors when he moved BT into sports TV and mobile.
That goodwill came to an end when the group delivered a major profit warning in January 2017 due to problems at its multi-national Global Services division and the discovery of the Italian scandal.
The shares, down 22 percent this year, are trading at levels last seen in 2012.
Patterson gained some breathing space on its pension, which had a deficit of 11.3 billion pounds at the end of June, on Thursday by agreeing a 13-year funding plan.
It will pay 2.1 billion pounds into the scheme by 2020 and a further 2 billion pounds will be funded by the issuance of bonds.
BT said its outlook for the current financial year, to end-March, would see a 2 percent drop in underlying revenue, while adjusted core earnings would be in the range 7.3 billion-7.4 billion pounds, down from 7.5 billion pounds in the last year. Reporting by Paul Sandle; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bt-group-results/bt-to-cut-13000-jobs-in-restructuring-plan-idUKKBN1IB0MC |
PARIS, May 15 (Reuters) - French gas and power group Engie said it is in talks with Brazilian state-controlled oil company Petroleo Brasileiro SA to buy Petrobras’ gas pipeline network Transportadora Associada de Gas (TAG).
Confirming a Reuters report, Engie chief executive Isabelle Kocher said on an analyst call that the company - which has major investments in Brazil hydro power - wants to diversify its Brazilian activities and had made an offer for the network.
“Apparently we presented the best offer in the bidding phase and we are currently negotiating the terms and conditions of a potential transaction,” Kocher said.
She added the talks are not based on exclusivity yet and are set to continue in coming months.
If Engie wins the competition, it would make the acquisition with partners, she said.
Engie is also starting to develop an energy services activity in the country.
Sources told Reuters earlier this month that in order to comply with rules established by a federal audit court, Petrobras will in June invite the other two groups that presented bids - led by Australia’s Macquarie Group and UAE’s Mubadala Development Co - to offer new bids for the pipeline, based on the contract negotiated with Engie. (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/engie-results-brazil/engie-in-talks-with-petrobras-on-tag-gas-pipeline-idUSL5N1SM33A |
The Vatican called for more regulation of markets and financial systems on Thursday, saying economic crises showed they were not able to govern themselves and needed a strong injection of morality and ethics.
A major document written by two key Holy See departments appeared to take aim at plans to further deregulate markets in some countries, such as the United States, where President Donald Trump wants to loosen strict banking rules enacted after the 2008 financial crisis.
It said profit for the sake of profit and not for the greater good was "illegitimate" and condemned a "reckless and amoral culture of waste" that has created oligarchies in some countries while leaving great masses of impoverished people "without any means of escape".
The document attacked the "economic cannibalism" of some financial practices.
While not infallible, the Vatican's pronouncement is considered official teachings of the Catholic Church and could affect the attitude of the church's 1.2 billion members.
The 15-page document uses technical terms such as credit stocks, subprime mortgages, high-frequency trading, credit fault swaps, derivatives, shadow banking systems, capital outflow and interbank loans to illustrate what is says is vulnerability to abuse and illegality. It also speaks of executive salaries.
Saying that the material wellbeing of a greater part of humanity depended on markets, they need to have a strong ethical foundation in order to help all, including people who live in conditions of extreme poverty.
"The recent financial crisis might have provided the occasion to develop a new economy, more attentive to ethical principles, and a new regulation of financial activities that would neutralize predatory and speculative tendencies and acknowledge the value of the actual economy," it said.
"On the contrary, the response seems at times like a return to the heights of myopic egoism, limited by an inadequate framework that, excluding the common good, also excludes from its horizons the concern to create and spread wealth, and to eliminate the inequality so pronounced today," the document said.
The document, called "Considerations for an Ethical Discernment Regarding Some Aspects of the Present Economic-Financial System," was jointly prepared by the Vatican's doctrinal office and its department on human development.
It said some forms of financial intermediation "have not only produced manifest abuses and injustice, but also demonstrated a capacity to create systemic and worldwide economic crisis".
The document dismissed "the belief in a presumed self-sufficiency of the markets, independent of any ethics," saying "it is clear that markets, as powerful propellers of the economy, are not capable of governing themselves".
"The markets know neither how to make the assumptions that allow their smooth running - social coexistence, honesty, trust, safety and security, laws, and so on - nor how to correct those effects and forces that are harmful to human society - inequality, asymmetries, environmental damage, social insecurity, and fraud," it said.
More regulation was necessary, it said because one of the major reasons for the most recent economic crisis was "the immoral behavior of agents in the financial world," an apparent reference to the subprime mortgage scandal in the United States.
It said that even today, some types of derivatives were a "ticking time bomb ready sooner or later to explode, poisoning the health of the markets."
CNBC reported derivatives declined to a gross market value of about $11 trillion at the end of 2017.
The document called for separation of banks to avoid another crisis. It said ethical committees should be established in banks and that more ethics courses should be taught in major business schools. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/vatican-says-amoral-financial-system-needs-infusion-of-ethics-more-regulation.html |
TEHRAN, Iran (AP) — The Latest on President Donald Trump's decision to pull the U.S. out of the Iran nuclear deal (all times local):
8:50 p.m.
President Donald Trump is defending his decision to withdraw the U.S. from the Iran nuclear deal, saying "bedlam" and "death" follow wherever Iran is involved.
Speaking during a Cabinet meeting, Trump says he is open to negotiating a new deal with Iran, but adds: "We're going to make either a really good deal for the world or we're not going to make a deal at all."
Trump disregarded the pleas of U.S. allies to remain in the agreement, and instead announced Tuesday that he would reinstate sanctions on Iran in the coming months.
Trump says the Iran deal was "one sided" and would have led to nuclear proliferation. He adds that he would "advise Iran not to start their nuclear program."
7:45 p.m.
Egypt says it wants Arab countries to have a role in decisions about amending the nuclear treaty with Iran from which President Donald Trump just withdrew.
In a statement Wednesday, the Foreign Ministry says it has followed the U.S. decision closely, and that it sees a need to preserve the "security and stability of the region."
Egypt said it was important that all concerned Arab parties participate in any dialogue on the future situation in the region, in particular the possibility of amending the deal
Cairo calls "on all regional powers, including Iran, to stop adopting policies or actions against the security of the Arab region," adding that it "hopes that the current developments will not result in any armed conflicts in the region."
7:35 p.m.
Defense Secretary Jim Mattis says President Donald Trump decided to withdraw the U.S. from the Iran nuclear deal because he found it inadequate and could not affirm that the agreement was being lived up to.
Mattis made his remarks in response to questions by members of a Senate committee.
The Pentagon chief said that since the deal was made in 2015 there has been no reduction in what he called Iran's "malicious activities," such as Tehran's support for Syrian President Bashar Assad. Prior to Trump's decision, Mattis had said that while he would not have signed the deal, he believed the U.S. should stick with it.
Mattis said the U.S. will now work with allies and other countries to try to steer Iran toward more responsible behavior around the world.
6:50 p.m.
U.S. Defense Secretary Jim Mattis is telling a U.S. Senate panel the Trump administration will work with allies and partners to prevent Iran from acquiring a nuclear weapon.
In an opening statement to the defense subcommittee of the Senate Appropriations Committee, focused mainly on the administration's proposed 2018 defense budget, Mattis noted that President Donald Trump had announced his decision Tuesday to withdraw U.S. participation in the 2015 Iran nuclear deal.
Without commenting directly on the implications of leaving the nuclear deal, Mattis said the U.S. will work with "others" to address what he called "the range of Iran's malign influence."
6:35 p.m.
A former top official in the George W. Bush administration says President Donald Trump's decision to leave the Iran nuclear deal bodes well for future talks with North Korea.
Elliot Abrams, the deputy national security adviser under Bush, says Wednesday the "effect on North Korea is salutary in that it suggests the president is true to his rhetoric — he is not going to accept a very bad deal."
Speaking on the sidelines of the Herzliya Conference, an annual security gathering north of Tel Aviv, Abrams says that staying in the deal would have sent a negative message that the Americans would buckle under the international pressure to abide by the 2015 deal. He says Trump was strengthening his hand for his upcoming summit with North Korean leader Kim Jong-Un.
6:10 p.m.
A senior Israeli Cabinet minister says President Donald Trump's decision to withdraw from the Iran nuclear agreement will force the Islamic Republic to abandon its pursuit of a bomb for good.
Intelligence Minister Yisrael Katz says Wednesday that "Iran has two options — to align or to fold and crumble." Speaking to the Herzliya Conference, an annual security gathering north of Tel Aviv, Katz says if Iran doesn't truly shut down its nuclear ambitions "it will encounter the U.S. economic power, and we know the state of the Iranian economy."
The Israeli government has staunchly opposed the 2015 nuclear deal and warmly congratulated Trump on his decision. It says Iran abided by the deal because it served them well. Katz says the 2015 deal "was leading toward a nuclear weapon."
5:55 p.m.
The head of the European Union's executive says that the United States under President Donald Trump is turning its back on multilateral relations and friendly cooperation "with a ferocity that can only surprise us."
EU Commission President Jean-Claude Juncker said Wednesday that in the wake of Trump's decision to pull out of the Iran nuclear deal, the United States "no longer wants to cooperate with other parts in the world."
In an address to Belgium's Flemish regional parliament, Juncker said that it was up to the EU to take on the mantle of the United States.
Juncker says, "At this point, we have to replace the United States, which as an international actor has lost vigor, and because of it, in the long term, influence."
4:55 p.m.
A top Turkish official says the Trump administration's decision to pull out of the Iran nuclear deal is a worrying development that will also "destroy U.S. credibility."
Ibrahim Kalin, spokesman for President Recep Tayyip Erdogan, said that the decision could lead to new tensions and clashes in the region.
Kalin said that "our position is for this agreement to continue the way it is."
He added, however, that Turkey didn't want nuclear weapons in the region, saying "our main aim is to ensure that our region is completely cleared of nuclear weapons."
4:40 p.m.
Two more Gulf Arab nations, the United Arab Emirates and Bahrain, have expressed support for President Donald Trump's decision to withdraw from the Iran nuclear deal.
The UAE says the agreement didn't guarantee Iran would refrain from pursuing a nuclear weapon in the future.
Bahrain, which has accused Iran of arming and training Shiite Bahraini protesters with the aim of destabilizing the Sunni-ruled country, said late Tuesday that Trump's decision reflects the U.S. commitment to confront Iran's "continuous attempts to spread terrorism in the region."
Saudi Arabia— one of Iran's staunchest regional foes— earlier rushed to express its support for Trump's decision, saying Iran had exploited the economic benefits of sanctions being lifted to continue its destabilizing activities.
Oman, a Gulf Arab nation that helped mediate talks between the U.S. and Iran that eventually led to the deal, said it "values the stance of the five partners (P5+1) to adhere to this agreement, thus contributing to regional and international security and stability."
It was referring to the agreement's co-signers — Britain, France, Germany, Russia and China — all of which had urged the U.S. to adhere to the deal.
4:30 p.m.
Britain's foreign secretary says the country "has no intention of walking away" from the Iran nuclear agreement despite the United States' decision to pull out.
Boris Johnson says the decision announced by President Donald Trump "makes no difference to the British assessment" that the deal is working to curb Iran's nuclear ambitions.
He told lawmakers that Britain will abide by the agreement as long as international inspectors say Iran is complying.
Britain, France and Germany tried unsuccessfully to persuade Trump to stay in the deal, negotiated under his predecessor, Barack Obama.
Trump says the U.S. will re-impose sanctions on Iran, meaning European companies must stop doing business with the country or run afoul of the U.S. government.
Johnson urged the U.S. not to "take any action that would hinder other parties" from making the Iran deal work.
4:20 p.m.
The head of the U.N. nuclear watchdog says that Iran is fulfilling its commitments under the nuclear deal with world powers.
In a brief statement Wednesday, the International Atomic Energy Agency's director-general, Yukiya Amano, said that "as of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran."
The Vienna-based IAEA was tasked with monitoring and verifying Iran's adherence to the 2015 deal with six world powers. President Donald Trump announced the withdrawal of the U.S. on Tuesday.
Amano said: "Iran is subject to the world's most robust nuclear verification regime under the (deal), which is a significant verification gain."
4:10 p.m.
German Chancellor Angela Merkel says the U.S. withdrawal from the Iran nuclear deal shows Europe will face increasing responsibility to secure peace and seek political solutions to conflicts.
Merkel underlined the commitment of Germany, France and Britain to stick with the accord.
She said In a speech to members of her conservative party that "we have taken note with regret but also concern of this withdrawal by the United States of America, which is of course serious for such an agreement. We will remain committed to this agreement and try to do everything so that Iran also fulfills its commitments in the future."
Merkel said that "yesterday showed us once again that we will face more responsibility in Europe, in foreign policy, in the area of securing peace, in the area of the political solutions we must find."
4 p.m.
An official says that France and the European Union will work with the Trump administration to ensure European business interests in Iran are protected despite the U.S. decision to withdraw from the Iran nuclear deal.
An adviser to French President Emmanuel Macron said the U.S. decision to re-impose sanctions on Iran means European companies could be affected.
The adviser, who isn't authorized to be publicly named, said "we are going to do everything with the businesses involved to safeguard our interests. We will have discussions at the European level."
He added that France wants to preserve the Iran nuclear deal as part of its effort to guarantee global security in the Middle East, and that Macron would speak with Iranian President Hassan Rouhani later Wednesday. One of the main topics of Macron's trip to Russia in May will be the Iran nuclear deal.
--By Samuel Petrequin in Paris.
3:25 p.m.
An influential German business association says Washington's call for companies to stop dealing with Iran is contrary to international law.
The Federation of German Industries, or BDI, said Wednesday it rejects "the extraterritorial application of sanctions" and called upon the EU to find a solution to protect European companies from the "unlawful and unilateral" application of U.S. sanctions.
Many in Germany bristled at a tweet Tuesday from U.S. Ambassador Richard Grenell after only hours on the job saying "German companies doing business in Iran should wind down operations immediately."
He later defended it as "the exact language sent out from the White House."
BDI says German firms don't want to jeopardize business with the U.S. so there's an "urgent need to effectively protect our companies from the effect of U.S. sanctions."
2:40 p.m.
Germany's foreign minister is vowing to work to preserve the Iran nuclear deal and prevent an "uncontrolled escalation" of tensions in the Middle East.
Heiko Maas said Wednesday that "the agreement is working." He added that "it is not at all clear what, in the United States' view, could take the place of the nuclear agreement to prevent Iran verifiably from producing nuclear weapons."
Maas said it isn't in Iran's interests to jeopardize the opportunities created by the nuclear deal. He said "a cool head" will be needed in the coming days as the next steps are discussed.
He added: "We will also have to analyze what consequences the United States' withdrawal will have for European companies and how we in Europe can react to them together."
2:35 p.m.
A group representing German trade interests says the U.S. decision to withdraw from the Iran nuclear deal will hit Germany's economy hard.
The head of the Association of German Chambers of Commerce and Industry says the decision to lift sanctions on Iran in 2016 resulted in many new business relationships between the two countries.
Eric Schweitzer said Wednesday that the "unilateral actions by the U.S. government now subject this business to big reservations" because of the punitive sanctions German companies might face from the U.S.
Schweitzer cited a warning issued by the new U.S. ambassador in Berlin and urged Germany's government and the European Union to protect German business interests.
Trade between Germany and Iran reached 3.4 billion euros ($4 billion) last year, according to BGA, another foreign trade association.
2:30 p.m.
Belgian Prime Minister Charles Michel says that instead of scuttling the nuclear deal with Iran, as the United States has done, others should consider expanding economic relations instead, to promote peace and good relations.
Michel told VRT network on Wednesday that at a European Union summit next week, the 28 leaders need to throw their full weight behind the agreement, "but perhaps also to expand the deal."
Michel said that "together with our partners in the world we must see perhaps whether to develop an economic element." He added that "we can promote stability in the region by reinforcing our economic exchanges."
The 28 EU leaders will have a summit in Sofia on May 17 and the Iranian nuclear deal has been put on the agenda.
2:25 p.m.
China is expressing regret over President Donald Trump's decision to withdraw the U.S. from the Iran nuclear deal and says it remains committed to the landmark pact.
Foreign Ministry spokesman Geng Shuang told reporters Wednesday that "ensuring the integrity and sanctity" of the agreement was important for upholding the international nonproliferation regime and promoting peace and stability in the Middle East.
"We express regret over this decision made by the United States," Geng said.
China is strongly invested in the agreement, and it's unclear what effect Trump's widely-criticized decision to re-impose sanctions will have on its relationship with Tehran.
China was involved in negotiating the agreement as one of the five permanent members of the United Nations Security Council and has long been a close Iranian economic partner, buying about 1/3 of Iran's oil shipments
Geng said China would "carry on the normal and transparent pragmatic cooperation with Iran on the basis of not violating our international obligation."
2 p.m.
Iran's supreme leader has challenged President Donald Trump over America pulling out of nuclear deal, saying: "You cannot do a damn thing!"
Ayatollah Ali Khamenei's comments came Wednesday as he met with a group of school teachers in Tehran, a day after Trump announced he was renewing sanctions on Iran.
Khamenei described Trump's speech Tuesday night as having "over 10 lies," without elaborating. He also said Trump's remarks threatened Iran's people and its theocratic government.
Under Iran's Islamic Republic, Khamenei has final say on all state matters.
1:15 p.m.
European plane-maker Airbus says it will abide by renewed U.S. sanctions on Iran but that it could take "some time" to determine the full impact of the American decision on the aviation industry's plans to sell billions of dollars' worth of planes to Iran.
Airbus and rival Boeing are among the biggest companies affected by Trump's decision to pull out of a landmark 2015 accord on curbing Iran's nuclear activities.
An Airbus spokesman said Wednesday that "we're carefully analyzing the announcement and will be evaluating next steps consistent with our internal policies and in full compliance with sanctions and export control regulations." He said he expected it to take "some time."
U.S. Treasury Secretary Steven Mnuchin has said that licenses held by Airbus and Boeing to sell jetliners to Iran will be revoked, but that certain exemptions will be negotiated.
12:30 p.m.
The head of Iran's Revolutionary Guard has welcomed President Donald Trump's decision to withdraw the U.S. from the 2015 nuclear deal, saying it was clear from the beginning that the Americans were "not trustworthy" and that the move would have no impact.
The semi-official Fars news agency on Wednesday quoted Gen. Mohammad Ali Jafari as predicting that the European Union, which opposed the pullout, would eventually join the U.S., meaning the "the fate of the deal is clear."
He is quoted as saying: "We welcome Trump's decision on pulling out of the deal. This is not a new event and has no effective role in any field." He added that "it was clear that the Americans are not trustworthy."
Trump on Tuesday announced that the U.S. would withdraw from the international deal and restore sanctions on Iran, leaving the future of the agreement in doubt.
The Revolutionary Guard is a paramilitary force dominated by hard-liners, which answers directly to Iran's supreme leader.
12:10 p.m.
German multinational Siemens says it will abide by any sanctions on Iran but is waiting to see how the international community reacts to U.S. President Donald Trump's decision to pull out of the nuclear deal.
CFO Ralf Thomas told reporters on a conference call Wednesday that Siemens, which has multi-billion euro (dollar) contracts with Iran for rail, power plant and other projects, was currently assessing the possible impact.
He says "we will always comply and adhere to all relevant export control regulations," but "we are waiting for guidance from the international community."
Thomas says in the big picture, Siemens' Iranian business was "immaterial to the company" but that "we take note that one of the most important industrial countries on the planet has reached a political decision."
12:05 p.m.
France says the Iranian nuclear accord is "not dead" despite the U.S. withdrawal and that European countries will hold talks with Iran to find ways to keep it alive.
French Foreign Minister Jean-Yves Le Drian said Wednesday on RTL radio that "the risks of confrontation are real" after U.S. President Donald Trump's decision to pull out of the landmark agreement.
Le Drian said "we are ready to work on a widened accord" that would address Trump's concerns about the 2015 deal aimed at curbing Iran's nuclear ambitions. He said he and his British and German counterparts will meet Monday with Iranian representatives to discuss next steps.
Airbus, Renault and other French and European companies risk problems after resuming business with Iran following the 2015 deal, which lifted international sanctions in exchange for restrictions on Iran's nuclear activities.
French President Emmanuel Macron will discuss Mideast tensions at a special security meeting Wednesday and is expected to talk with Iranian President Rouhani in the coming hours.
11:30 a.m.
The European Union's envoy to China says the Iran nuclear deal will not "fall apart" despite the United States withdrawing from the landmark accord.
Ambassador Hans Dietmar Schweisgut said Wednesday that the EU believes "this is an agreement which belongs to the international community."
Speaking during a press briefing in Beijing, he said: "This is not an agreement that will fall apart if you just walk away."
Negotiated by the Obama administration, the 2015 accord included EU members Germany, France and Britain, and had lifted most U.S. and international economic sanctions against Iran. In exchange, Iran agreed to restrictions on its nuclear program, making it impossible to produce a bomb and establishing rigorous inspections.
President Donald Trump withdrew the U.S. from the deal on Tuesday and restored harsh sanctions against Iran.
10:40 a.m.
China's special envoy for the Middle East is urging all parties to adhere to the Iran nuclear deal and solve the dispute through dialogue.
China's Xinhua News Agency reported Wednesday that Gong Xiaosheng spoke at a press conference in Iran after meeting with Iranian officials, saying the multilateral deal is "very serious and important."
Gong says the deal helps maintain the international nuclear non-proliferation system and promotes peace and stability in the Middle East, and that the integrity of the agreement must be observed.
Gong says: "Having a deal is better than no deal. Dialogue is better than confrontation."
President Donald Trump on Tuesday announced that the United States would withdraw from the international deal and restore sanctions on Iran, leaving the future of the agreement in doubt.
China was a co-signer of the agreement, along with Russia, Britain, France and Germany.
10:15 a.m.
A prominent Iranian lawmaker says parliament is preparing to increase spending on the country's ballistic missile program.
The head of Iran's parliamentary committee on national security and foreign policy, Alaeddin Boroujerdi, made the comments Wednesday after President Donald Trump's decision to pull America out of the nuclear deal.
One of Trump's criticisms of the deal has been the fact it does not address Iran's missile program.
Boroujerdi said: "With America's decision, Iran's missile program will not change at all."
9:50 a.m.
President Donald Trump's decision to pull out of the Iranian nuclear deal is dominating newspaper front pages and discussions across Iran, with some saying the accord will go on "without the troublemaker."
Iranian moderate newspapers on Wednesday sought to buoy embattled President Hassan Rouhani, with the daily newspaper Asr-e Eghtesad proclaiming: "Iran's diplomacy has blunted Trump's blade."
The state-run IRNA news agency referred to Trump as "the troublemaker." Meanwhile, the hardline daily Kayhan went with: "Trump tears apart the nuclear deal; It is time to set it afire!"
President Hassan Rouhani warned Tuesday that Iran could restart enriching uranium "without any limitations" within weeks, after President Donald Trump pulled America out of the nuclear deal, though the Iranian leader said world powers still in the accord could potentially save the pact.
9:45 a.m.
Iran's parliament speaker is saying his country will evaluate the European Union's ability to protect the nuclear deal.
In an opening speech Wednesday expressing pessimism about future of the deal, Ali Larijani said: "The period is only a window in which the EU can prove if it has enough weight for settling down international issues or not?"
He also said that Iran will examine diplomatic ways at first, but he also urged the country's nuclear department to prepare for "resumption of all aspects of nuclear activities."
Larijani added Iran is not after hasty "reaction and adventurism."
9:35 a.m.
Iranian lawmakers have set a paper U.S. flag ablaze at parliament after President Donald Trump's nuclear deal pullout, shouting, "Death to America!"
Lawmakers held the impromptu demonstration inside parliament on Wednesday, the day after Trump's decision. They also burned a piece of paper representing the nuclear deal.
The chant "Death to America" long has been used in Iran since its 1979 Islamic Revolution. It also has been common to hear it within parliament.
However, Wednesday's demonstration shows the public anger coursing through Iran after Trump's decision. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-the-latest-trump-defends-iran-nuclear-deal-withdrawal.html |
Sony Corp. has agreed to buy Mubadala Investment Co.’s stake in EMI Music Publishing, which owns or administers over 2 million songs, including classics like “Over The Rainbow’ and recent hits including Hozier’s “Take Me to Church.”
Sony expects to pay total cash consideration of about $2.3 billion and will assume EMI Music Publishing’s gross debt, which was about $1.36 billion at March 31.
In... | ashraq/financial-news-articles | https://www.wsj.com/articles/sony-to-buy-mubadalas-stake-in-emi-music-publishing-1526949241 |
May 2 (Reuters) - ESA Co Ltd :
* Says it lowered conversion price of 7th series convertible bonds to 2,690 won/share from 2,915 won/share, effective May 1
Source text in Korean: goo.gl/6A5DhN
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-esa-lowers-conversion-price-of-7th/brief-esa-lowers-conversion-price-of-7th-series-convertible-bonds-to-2690-won-share-idUSL3N1S92NR |
May 1, 2018 / 8:31 AM / Updated 34 minutes ago IMF approves new three-year loan arrangement for Malawi Reuters Staff 2 Min Read
BLANTYRE, May 1 (Reuters) - The International Monetary Fund (IMF) has approved a new three-year $112.3 million loan arrangement for Malawi to assist the southern African country’s economic and financial reforms.
In a statement late on Monday, the IMF said the approval would enable the immediate disbursement of about $16 million, with the remaining amount to be phased over the duration of the programme, subject to semi-annual reviews.
“Malawi has shown progress in achieving macroeconomic stabilisation following two years of drought, with a rebound in growth and inflation reduced to single digits,” IMF Deputy Managing Director Tao Zhang said in a statement.
“However, the fiscal position has deteriorated and the public debt to GDP ratio has risen. Increased debt service pressures have reduced space for needed infrastructure and social spending.”
Zhang added that Malawian authorities were making efforts to entrench macroeconomic stability, raise growth and reduce poverty and that the “IMF arrangement under the extended credit facility will support the authorities’ programme and efforts”.
Malawi Finance Minister Goodall Gondwe said in February the government would aim to cut borrowing and stick to an IMF programme in order to boost the economic growth rate to 7 percent in the medium term.
Malawi’s economy is estimated to have expanded 4 percent last year from growth of 2.3 percent in 2016.
Malawi has a total public debt of $3.50 billion, with about a third of that in external debt. (Reporting by Frank Phiri; Writing by Olivia Kumwenda-Mtambo; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/malawi-imf/imf-approves-new-three-year-loan-arrangement-for-malawi-idUSL8N1S814Y |
May 28, 2018 / 12:10 PM / in an hour Sri Lankan rupee ends firmer on inward remittances Reuters Staff 2 Min Read
COLOMBO, May 28 (Reuters) - The Sri Lankan rupee ended slightly firmer in light trade on Monday, helped by inward remittances and a lack of demand for dollars from importers due to a holiday in New York.
The spot rupee ended firmer at 157.90/158.05 per dollar, compared with Friday’s close of 158.15/25.
“There was not much activity. We saw some inward remittances. But more than that, the rupee strengthened being a New York holiday and there were no importers,” a currency dealer said.
Dealers said the rupee will be under pressure as exporters are expected to stay on the sidelines anticipating it to weaken further in line with other emerging market currencies.
A possible slump in the country’s top agriculture export, tea, due to heavy monsoon rains also weighed on sentiment.
Dealers expect lower dollar inflows from tea exports to weigh on the currency, apart from debt repayments by the government, and see the rupee falling between 4 percent and 5 percent this year.
However, senior central bank deputy governor, Nandalal Weerasinghe, said earlier this month that debt repayments by the government will not have an impact on the currency as they are managed with borrowed money externally.
The rupee hit an all-time low of 158.50 per dollar on May 16. The currency has declined 0.2 percent so far this month after a 1.5 percent fall in April. It has fallen 2.9 percent so far this year.
The pressure on the currency is unwarranted as gross external reserves are at $9.1 billion and the real effective exchange rate indexes indicate that the currency is competitive, the central bank said last week.
Foreign investors sold government securities worth a net 5.97 billion rupees ($37.81 million) in the week ended May 16, bringing the outflow so far this year to 15.8 billion rupees, central bank data showed.
Sri Lanka’s stock and currency markets will remain closed on Tuesday for a religious holiday and normal trading will resume on Wednesday. $1 = 157.9000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-ends-firmer-on-inward-remittances-idUSL3N1SZ3WY |
Post-Market Wrap: May 30, 2018 50 Mins Ago 01:35 01:35 | 7 Hrs Ago 01:09 01:09 | 11:11 AM ET Tue, 29 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/post-market-wrap-may-30-2018.html |
May 14, 2018 / 7:51 PM / Updated 20 minutes ago Russian billionaires take boardroom battle to London High Court Barbara Lewis 3 Min Read
LONDON (Reuters) - Russia tycoon Oleg Deripaska gave evidence in the London High Court on Monday in a case challenging the sale of shares in Norilsk Nickel (Nornickel) ( GMKN.MM ) by soccer club owner Roman Abramovich. FILE PHOTO: President of En+ Group, Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017. REUTERS/Sergei Karpukhin/File Photo
Deripaska, making his first public appearance since being made a target of U.S. sanctions, wants to stop Abramovich selling Nornickel shares to another Russian billionaire Vladimir Potanin, saying it violates a 2012 shareholder deal.
The hearing, which is expected to last four days, is part of a long-running battle for control of the mining firm, one of the world’s biggest producers of nickel.
Deripaska, the co-owner of En+ ( ENPLq.L ) and Rusal ( 0486.HK ) that have also been targeted by U.S. sanctions, told the court he was “quite upset that Rusal’s interests could be seriously damaged” when asked about discussions with Potanin.
Deripaska, who was dressed in a dark blue suit and tie, spoke to the court in Russian via an interpreter.
Deripaska and Potanin have periodically been at loggerheads since Rusal bought a stake in Nornickel just before the 2008 global financial crash. Court documents said Deripaska and Potanin disagreed on how Nornickel should be run.
Potanin’s Interros Holding said in March it had completed the purchase from Abramovich of a 2 percent stake in Nornickel, a deal that could be reversed if the London court rules in favor of Rusal.
Before purchasing the additional 2 percent, Potanin had 30.4 percent of Nornickel, against Rusal’s 27.8 percent stake. FILE PHOTO: The logo of Russia's miner Norilsk Nickel (Nornickel) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo
Nornickel is a $27.68 billion company that competes with Brazil’s Vale VALE5.SA for the rank of the world’s top nickel producer. It is also the world’s largest palladium producer.
Abramovich, who also owns England’s Chelsea football club, stepped in as a “white knight” minority shareholder in 2012 to act as a buffer between Potanin and Deripaska.
He and his partners have a stake in Nornickel amounting to 6.3 percent, including 4.2 percent that is owned via a Cyprus-based company called Crispian.
The deal involved a five-year lock-up period, which the court heard was intended to be long enough to “build trust”. During that period, the parties were barred from selling most of their Nornickel stakes.
Deripaska was ranked Russia’s 19th richest man worth $6.7 billion by Forbes magazine before Washington imposed sanctions in April on him, as well as on Rusal and En+, in response to what the United States called Russia’s “malign activities”.
Potanin is expected to appear before the court on Tuesday.
The hearing is due to last until Thursday, after which further written submissions are expected.
After that, legal sources said the judge could take about two weeks to deliver his judgment. Reporting by Barbara Lewis in London and Polina Devitt in Moscow; Editing by Edmund Blair | ashraq/financial-news-articles | https://in.reuters.com/article/us-russia-nornickel-rusal-court/russian-billionaires-take-boardroom-battle-to-london-high-court-idINKCN1IF2RX |
May 15 (Reuters) - Sunworks Inc:
* Q1 REVENUE FELL 6.3 PERCENT TO $13.4 MILLION * EXPECTS TO GENERATE POSITIVE CASH FLOW FOR REMAINDER OF 2018.
* QTRLY NEW BOOKINGS OF $37.5 MILLION REPORTED FOR Q1 OF 2018 - AN INCREASE OF 45.9% VERSUS $25.7 MILLION REPORTED IN PRIOR YEAR Q1
* EXPECTS TO GENERATE POSITIVE CASH FLOW FOR REMAINDER OF 2018
* QTRLY LOSS PER SHARE $0.07 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sunworks-inc-q1-loss-per-share-007/brief-sunworks-inc-q1-loss-per-share-0-07-idUSASC0A2EB |
CAIRO, May 30 (Reuters) - Egypt’s state security prosecutor on Wednesday ordered four Egyptian officials detained for four days for questioning on suspicion of taking bribes from commodities trading firms, a judicial source said.
State news agency MENA reported on Tuesday the officials had been arrested.
They include the chairman of the state Food Industries Holding Company (FIHC), a supply ministry adviser responsible for coordination with parliament, a supply ministry spokesman and an official in the FIHC chairman’s office, MENA said.
FIHC, a state buyer that has historically handled a broad sweep of commodities, tendering locally and internationally for staples like vegetable oils and sugar, has in recent years seen its role reduced in favour of state grain-buyer GASC.
Egypt is the world’s largest importer of wheat and a major buyer of staples like corn and vegetable oils. (Reporting by Haitham Ahmed, writing by John Davison, editing by Larry King)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/egypt-corruption/egypt-prosecutor-orders-detention-of-commodities-officials-judicial-source-idUSL5N1T16TP |
May 2 (Reuters) - Tamburi Investment Partners SpA:
* ASSET ITALIA 1 FINALIZES AGREEMENT WITH WISE SGR AND ILP III TO BUY ADDITIONAL STAKES IN ALPITOUR
* AGREEMENT PROVIDES FOR PURCHASE OF WISH AND OF STAKE OWNED BY AZURLINE, OWNERS IN TOTAL OF 38.8% OF ALPITOUR
* STAKE TO BE BOUGHT BY NEWLY INCORPORATED COMPANY ALPIHOLDING OF WHICH 49.9% WILL BE OWNED BY ASSET ITALIA 1
* AGREEMENT IS ON THE BASIS OF A VALUATION OF ALPITOUR GROUP OF EUR 470 MILLION
* TRANSACTION IS ALSO IN THE LIGHT OF LISTING OF ALPITOUR GROUP IN THE NEXT TWO OR THREE YEARS
* ASSET ITALIA 1 IS A COMPANY PROMOTED BY TAMBURI INVESTMENT PARTNERS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tamburi-asset-italia-1-finalizes-a/brief-tamburi-asset-italia-1-finalizes-agreement-to-buy-additional-stakes-in-alpitour-idUSFWN1S902P |
May 28 (Reuters) - British broadcaster ITV Plc is considering entering into a joint venture valued at 1 billion pounds ($1.33 billion) with BBC to acquire half of broadcaster UKTV, the Telegraph newspaper reported on Monday.
According to terms of the joint venture, BBC has the right to buy out its partner at a set price before the end of next week, the newspaper reported.
The companies are attempting a deal to create a competitor to entertainment company Netflix Inc, the report said. bit.ly/2sfuS4C
The opportunity to seal the deal will close within two weeks, according to the report.
UKTV, whose channels include Dave and Gold, is an independent commercial joint venture between BBC Worldwide and Discovery Inc, which earlier this year completed its acquisition of U.S. broadcaster Scripps Networks Interactive, the former owner of UKTV.
Discovery is working on an alternative plan for breaking up UKTV, the Telegraph said. BBC had earlier approached Sky Plc as a potential partner in the joint venture but the talks did not work out, the report added.
In November, the Telegraph had reported that BBC’s commercial arm was considering a 500-million-pound bid for full control of UKTV.
ITV is currently in the middle of a strategic review under new Chief Executive Carolyn McCall, who has previously said she would provide investors with an update of the review at the group’s half-year results in July.
ITV, BBC and Discovery did not respond to requests for comment outside regular business hours.
($1 = 0.7513 pounds)
Reporting by Kanishka Singh in Bengaluru Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/itv-bbc-uktv/itv-mulls-buying-half-of-uktv-in-deal-with-bbc-telegraph-idUSL3N1SZ4K3 |
Airbus moves to comply with WTO subsidies ruling 1:40pm BST - 01:30
European planemaker Airbus has said the company - along with France, Germany, Spain and the UK - had made some changes regarding loans for the A380 and A350XWB planes to comply with the World Trade Organisation. As David Pollard reports, the move comes after the U.S. won the right to seek sanctions against European Union goods following a partial victory in its 14-year legal battle against European government support for Airbus at the WTO.
European planemaker Airbus has said the company - along with France, Germany, Spain and the UK - had made some changes regarding loans for the A380 and A350XWB planes to comply with the World Trade Organisation. As David Pollard reports, the move comes after the U.S. won the right to seek sanctions against European Union goods following a partial victory in its 14-year legal battle against European government support for Airbus at the WTO. //reut.rs/2IEzonm | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/airbus-moves-to-comply-with-wto-subsidie?videoId=429307947 |
(Reuters) - The U.S. Department of Justice has launched a criminal probe into whether traders are manipulating the price of bitcoin and other digital currencies, Bloomberg reported on Thursday.
FILE PHOTO: Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration/File Photo The investigation concerns illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter.
Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report added.
Neither the Justice Department nor the CFTC were immediately available for comment.
Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bitcoin-investigation/u-s-launches-criminal-probe-into-bitcoin-price-manipulation-bloomberg-idUSKCN1IP1VM |
LONDON, May 28, 2018 /PRNewswire/ -- Globally more than 50 Buyouts Over the Last Two Years and Over $35 Billion Invested in 2017 in Shared Mobility
Download the full report: https://www.reportbuyer.com/product/5402907
The global shared mobility market has been expanding at a tremendous pace.With growing demand for shared mobility business models over the last few years, the overall market has paved way for numerous innovative startups in this space.
Shared mobility has not only provided solutions to tackle growing congestion and pollution in cities, but has also successfully offered more economical and convenient methods of commute for the everyday traveler.While it has been realized that shared mobility is the future of transportation globally, efforts to sustain and grow toward the shared mobility vision has never been so strong.
With technology playing a vital role in bringing about this revolution, traditional automotive companies, and transport operators have seen technology companies take advantage of this huge opportunity to enter the market.
Investments, mergers and acquisitions have played a major role as the shared mobility industry now pushes for further innovation and growth.
Research Highlights
This study focuses on key investments and Merger and Acquisition (M&A) activities that have supported the market to grow and expand globally since 2010.Investors in various capacities, including private equity firms, leading global automotive OEMs and technology companies have shown keen interest in businesses within the shared mobility space.
Also, the toughening market competition and fight for survival in established regions have led to strong strategic alliances and acquisitions among small-scale and large-scale mobility players.
Some key drivers for M&As and investment activity include the need to scale business at a rapid pace, fight for market share, need for future technology capabilities, speed-to-market, reduction in Research and Development (R&D) spend and generation of new revenue streams to maximize returns.
This study covers 4 major business models that have been disruptive in the mobility space: eHailing, ridesharing, traditional carsharing and peer-to-peer carsharing. The primary focus of this study is to understand the investment and acquisition trends across these business models globally and what can be expected as an outcome going forward.
The study analyzes the investment activities by key market participants, which include shared mobility operators, OEMs, technology companies, and venture capitalists that are playing a significant role in being a part of the shared mobility industry today.
Key Issues Addressed
• What are the key criteria that venture capitalists and potential investors look into while investing in start-ups? Why do they attract more investments compared to established organizations?
• What are the key markets for start-ups to venture into and what are the key trends in those markets?
• What are the OEM investment patterns in the mobility space?
• What are the different mobility value chains and what are the business models of key participants?
• What are the future trends in the shared mobility market?
Download the full report: https://www.reportbuyer.com/product/5402907
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +1 (718) 213 4904
Website: www.reportbuyer.com
View original content: http://www.prnewswire.com/news-releases/ma-investment-trends-and-opportunities-in-the-global-mobility-space-2017-300655437.html
SOURCE ReportBuyer | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/pr-newswire-ma-investment-trends-and-opportunities-in-the-global-mobility-space-2017.html |
NEW YORK--(BUSINESS WIRE)-- Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services and technology, announced today that it has acquired RIA in a Box LLC, the leading software as a service (“SaaS”) provider of compliance solutions to the registered investment adviser (“RIA”) industry. No financial terms were disclosed.
In a complex and evolving regulatory environment, RIA in a Box provides compliance workflow solutions to wealth managers. The company assists with initial RIA registration, provides ongoing compliance software post-formation, and helps compliance officers at larger firms to oversee more complex organizations. The company also offers other SaaS-based services such as CRM, billing, and other operational tools for wealth managers.
“RIA in a Box provides solutions for wealth managers to operate with greater efficiency while they manage the industry compliance burden. The company is at a nexus of two high-growth markets in the RIA and compliance industries, and we are eager to offer even more tools to serve this space,” said Will Bressman, CEO of RIA in a Box.
“The team at RIA in a Box has built an innovative compliance solution benefiting both wealth managers and their clients,” said Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline. “This is an exciting time for the company, and we look forward to supporting management during this next phase of growth.”
Aquiline also announced the appointment of Barnaby Grist, a former senior executive at Schwab Advisor Services and Cetera Financial Group, as Executive Chairman of the Board of RIA in a Box. “The management team has built a market-leading business, and I see multiple opportunities to increase market penetration and expand the suite of services provided to clients,” commented Mr. Grist. “The company will pursue organic growth initiatives as well as an acquisition strategy in the wealth management software and compliance industry.”
GJ King, President of RIA in a Box, added, “We are thrilled to continue to lead the business while partnering with Barnaby and the Aquiline team, which has deep experience in the wealth management and compliance industries. This is a massive market opportunity and, with them, we have great support to accelerate our growth trajectory.”
Aquiline was advised by Marlin & Associates and RIA in a Box was advised by Raymond James & Associates on the transaction.
About RIA in a Box LLC
RIA in a Box is a leading provider of compliance software to the wealth management industry. Launched in 2005, RIA in a Box was acquired in 2011 by an investment group led by Will Bressman and GJ King who transformed the business into the market leading SaaS-based compliance solution focused on the RIA industry. Approximately 2,000 RIAs of varying size across the US use the platform to increase compliance workflow efficiency. The Company also offers SaaS-based solutions such as CRM, billing and other operational tools. For more information about RIA in a Box, please visit: www.riainabox.com .
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York investing in businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology and services. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006037/en/
Media Contacts:
Brunswick Group
Alex Yankus / Harry Mayfield
212-333-3810
[email protected]
Source: Aquiline Capital Partners LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-aquiline-capital-partners-acquires-compliance-software-and-solutions-provider-ria-in-a-box.html |
WASHINGTON, May 8 (Reuters) - Mexican Foreign Minister Luis Videgaray said on Tuesday he was seeing some progress in talks to rework the North American Free Trade Agreement (NAFTA).
“We’re making progress, but we’re not there yet,” Videgaray said as he left a meeting in Washington, where Mexican, Canadian and U.S. officials are meeting this week to push for a breakthrough in efforts to renegotiate NAFTA.
“It’s a little bit of everything, but obviously there’s a big focus on the auto sector,” he told reporters. (Reporting by Anthony Esposito)
| ashraq/financial-news-articles | https://www.reuters.com/article/trade-nafta-videgaray/mexico-official-sees-progress-in-nafta-talks-but-not-there-yet-idUSS0N1LF01P |
May 8, 2018 / 12:57 PM / Updated 2 hours ago Motor racing - Williams fail to have Baku F1 decisions reviewed Alan Baldwin 3 Min Read
LONDON (Reuters) - Williams failed on Tuesday in a bid to overturn a three-place grid penalty imposed on Russian Sergey Sirotkin for this weekend’s Spanish Formula One Grand Prix. FILE PHOTO: Formula One - F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 28, 2018 Williams' Sergey Sirotkin during practice REUTERS/David Mdzinarishvili
The former champions had sought a review of five incidents at the April 29 Azerbaijan Grand Prix, arguing that significant and relevant new elements had emerged.
The stewards unanimously rejected that, however.
Sirotkin had crashed into the back of the Force India driven by Mexican Sergio Perez, who ultimately finished third in a chaotic race in Baku, on the opening lap with the Russian retiring immediately.
The stewards said the incident “was not similar to other first lap incidents where cars were side-by-side. The penalty was similar to other penalties for similar collisions and was consistent with the minimum grid penalties given previously.”
Williams had questioned the stewards’ decision in relation to other collisions.
They had also referenced the response to McLaren’s Fernando Alonso, who was hit on the first lap and limped back to the pits with two punctures before rejoining with a badly-damaged car and finishing seventh.
That was one place ahead of Williams’ Canadian teenager Lance Stroll.
Race director Charlie Whiting, who was present in the meeting convened by teleconference, noted that Alonso returned to the pits while the Safety Car was deployed.
He had also taken care to avoid the racing line and keep clear of following traffic.
The stewards said Williams were well aware of what was going on at the time.
“The team on the pit wall would have seen the driver of car 14 (Alonso) enter the pits, as it had to drive past them. Therefore it cannot be argued that this is a ‘new element’,” they declared.
Williams had also argued that a 10 second penalty imposed on Haas driver Kevin Magnussen for a collision with Toro Rosso’s Pierre Gasly was ‘inconsequential’.
Stewards reminded the team that, since 2013, the consequences of penalties were not taken into account.
“In relation to other penalties, since the beginning of 2016 there have been a total of 87 incidents involving alleged ‘causing a collision’ in the Formula One Championship,” the statement noted.
“Of these, as a result of the ‘let them race’ policy, 55 have resulted in No Further Action. Fourteen have resulted in 10 second penalties and nine have resulted in three grid position penalties for the next race.
“Therefore the penalties imposed...were entirely consistent with previous practice and with the penalty guidelines.” Reporting by Alan Baldwin, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-williams/motor-racing-formula-one-stewards-uphold-baku-decisions-idUKKBN1I91MX |
When it comes to protecting your Social Security number, there is a crucial step you should take: Sign up for an online account with the Social Security Administration.
The agency no longer mails statements to individuals who are under 60 that include information such as your earnings and estimated benefits. Instead, you are now encouraged to create an online My Social Security account .
But many individuals have yet to sign up. According to a March survey by MassMutual, 86 percent of individuals ages 50 to 59 have not created an account, despite the fact that they will no longer receive statements in the mail.
Leaving that undone can create an opportunity for identity thieves to set up an account in your name. And they may even try to claim benefits under your record.
More from Fixed Income Strategies: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/this-social-security-strategy-can-help-protect-your-identity.html |
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Steel coils are stored at the Thyssenkrupp steel factory in Duisburg, Germany, April 27, 2018. AP Good morning. Executives at European, Canadian and Mexican steel makers should hold on to their contingency plans for another month after the Trump administration prolonged exemptions to tariffs until June 1, report the WSJ’s Michael C. Bender and William Mauldin.
The White House said the levies of 25% on imported steel and 10% on imported aluminum won’t apply to the European Union on Tuesday as previously planned. Instead, Europe will have an additional month to negotiate with the Trump administration to avoid the tariffs.
Canada and Mexico were given extensions, also until June 1, while talks about rewriting the North American Free Trade Agreement proceed.
In a warning to Mr. Trump, the EU threatened to retaliate against more than $3 billion in U.S. exports, including items from the home states of House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell, both Republicans. The threat of retaliation will now be put on hold but could re-emerge if the two sides don’t strike a deal.
“The U.S. decision prolongs market uncertainty, which is already affecting business decisions,” the European Commission said, as reported by the WSJ’s Emre Peker and Daniel Michaels. “The EU should be fully and permanently exempted from these measures, as they cannot be justified on the grounds of national security.”
THE DAY AHEAD
Aetna Inc. , Apple Inc. , Merck & Co Inc., Mondelez International Inc. and Pfizer Inc. are among the companies slated to report earnings today. The WSJ’s Tripp Mickle has seven things to watch in Apple’s results.
CORPORATE NEWS
The Boeing logo is seen on a 737 MAX 9 airplane at the Boeing factory in Renton, Wa., U.S., March 7, 2017. AFP/Getty Images Boeing strikes deal to acquire KLX. Boeing Co. on Tuesday said it would buy plane-parts specialist KLX Inc. for $3.2 billion, boosting the aerospace giant’s push for a bigger slice of the lucrative aircraft-servicing business.
WhatsApp co-founder leaves after dispute over ads. Jan Koum, Facebook Inc. director and co-founder of its WhatsApp unit, is leaving the messaging service after what people familiar with the matter described as disagreement over putting advertising on its app and frustration over the confines of working in a big company.
McDonald’s sales boosted by higher menu prices. McDonald’s Corp.’s global sales and profit growth in the first quarter was overshadowed by weakness in its key U.S. market.
BP shares rise. BP PLC reported its best quarterly profit since mid-2014, boosted by higher oil prices and rising production. The company’s shares rose to the highest level since 2010.
Marriott buys ILG for $4.7 billion. Marriott Vacations Worldwide Corp. plans to acquire timeshare company ILG Inc. for about $4.7 billion, the companies said.
Didi, Volkswagen plan ride-hailing venture. Volkswagen AG and ride-hailing giant Didi Chuxing Technology Co. said they are closing in on a joint venture to share technology and develop mobility services in China.
HNA ends pursuit of SkyBridge. Chinese conglomerate HNA Group Co. dropped its pursuit of SkyBridge Capital , the investment firm founded by former White House communications chief Anthony Scaramucci, after resistance from a U.S. national security panel.
JPMorgan returns to Indonesia’s good graces. Indonesia is reappointing JPMorgan Chase & Co. as a primary dealer of government bonds almost a year and a half after the U.S. bank was kicked out of the business over a negative research report.
Chico’s turns to Amazon to sell its products. Chico’s FAS Inc. will soon sell its no-iron shirts and statement necklaces through Amazon.com Inc.’s website, making it the latest apparel brand to turn to the fast-growing online retailer as it struggles to reach customers.
SL Green chairman to step down after 20 years. The founder and chairman of SL Green Realty Corp., one of New York City’s largest commercial landlords, will be stepping down from his position as chairman of the board.
REGULATION
A smartphone with the Sprint logo is seen in front of a screen projection of the T-Mobile logo. The two companies have proposed a merger. Reuters Trump administration next hurdle for T-Mobile-Sprint. T-Mobile US Inc. and Sprint Corp. — the country’s No. 3 and No. 4 wireless carriers by subscribers — must convince U.S. regulators and antitrust enforcers that their $26 billion union won’t hurt industry competition.
Justice Department urges alternative remedies in AT&T-Time Warner merger. The U.S. Justice Department, making its final case against AT&T Inc.’s planned acquisition of Time Warner Inc. , urged a judge to consider “alternative” remedies if he chooses not to block the merger outright.
U.S. doesn’t seek to put Rusal out of business — Mnuchin. The U.S. isn’t seeking to put Russian aluminum giant United Co. Rusal PLC out of business by sanctioning the company, Treasury Secretary Steven Mnuchin said, but its majority owner Oleg Deripaska must reduce his stake to less than 50%, Bloomberg reports.
U.S. jury convicts former Autonomy CFO of fraud. A federal jury found Autonomy Corp.’s former financial chief guilty of falsifying financial statements and exaggerating the British software maker’s value before its sale to HP Inc. for $11 billion in 2011.
Panasonic unit admits accounting offense. A unit of Panasonic Corp. admitted to violating an accounting provision of the main U.S. antibribery law, triggering payments to authorities totaling more than $280 million.
Australia broadens legal action against Rio Tinto. Australia’s corporate regulator has widened legal action against Rio Tinto Ltd. and two of the company’s former executives, pursuing allegations the mining giant was late in writing down a troubled African investment.
Swiss 1MDB investigation turns to PetroSaudi officials. Swiss prosecutors have launched criminal proceedings against two officials at PetroSaudi International Ltd. related to alleged dealings with Malaysian state investment fund 1Malaysia Development Bhd , an escalation of the Swiss probe that started nearly three years ago.
AICPA offers guidance on achieving UN sustainability goals. The Association of International CPAs has released a guide to how management accountants can help their organizations fulfill the United Nations’ Sustainable Development Goals, Accounting Today reports.
SASB names new chair. The Sustainability Accounting Standards Board Foundation has appointed Perella Weinberg Partners LP partner and CEO Robert K. Steel as its new chair, succeeding former New York City Mayor Michael Bloomberg, writes Accounting Today.
ECONOMY
The U.S. Commerce Department reported Monday that both personal income and spending improved in March. AP U.S. consumer spending bounced back in March. Americans’ spending regained momentum in March while their incomes continued to grow, a sign consumers could drive better economic growth this year.
Mexico’s economy picks up pace. Mexican economic activity accelerated in the first quarter, growing at its fastest rate in six quarters as industrial production recovered and services picked up pace.
These U.S. cities will pay you to move there. Instead of offering incentives to employers, U.S. towns with unfilled jobs are handing out money, student-debt relief and home-purchase assistance to lure potential employees — one by one.
CFO MOVES
Fortis Inc. , a Canadian electric and gas utility holding company, appointed Jocelyn Perry executive vice president and chief financial officer, effective June 1, 2018. Ms. Perry succeeds the company’s current CFO Karl Smith, who will retire on May 31, 2018, after more than 30 years with the firm. Prior to joining Fortis, Ms. Perry held a number of positions at Newfoundland Power Inc., including chief financial officer, chief operating officer and for the past year president and chief executive officer. Compensation details were not immediately available.
The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Nina Trentmann contributed to today’s Ledger. Send tips, suggestions and complaints to the editor: [email protected].
Share this: THE MORNING LEDGER Previous CFO Moves: Fred's, Statoil, Aegion | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/04/30/the-morning-ledger-labor-shortage-drives-cities-to-pay-workers-to-relocate/ |
May 8 (Reuters) - Gujarat Intrux Ltd:
* MARCH QUARTER PROFIT 5.2 MILLION RUPEES VERSUS PROFIT 2.1 MILLION RUPEES YEAR AGO
* MARCH QUARTER REVENUE FROM OPERATIONS 121.7 MILLION RUPEES VERSUS 76.2 MILLION RUPEES YEAR AGO
* RECOMMENDED FINAL DIVIDEND OF 1.5 RUPEES PER SHARE Source text - bit.ly/2rup0Eb Further company coverage:
| ashraq/financial-news-articles | https://in.reuters.com/article/brief-indias-gujarat-intrux-march-qtr-pr/brief-indias-gujarat-intrux-march-qtr-profit-rises-idINFWN1SF0D6 |
SCOTTSDALE, Ariz., May 10, 2018 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (OTC:INLB) (“Item 9 Labs” or the “Company”), a leading provider of high-quality medical marijuana and developer of innovative medical cannabis treatments, today announced that it has executed an intellectual property sales agreement with Health Defense, LLC. (“Health Defense”), a Washington-state based company focused on developing wellness-oriented products, for a total purchase price of $1.3 million in cash.
Under the terms of the agreement, Item 9 will maintain a 10% ownership interest in a newly formed AirWare IP company, Health Defense, LLC. In addition to the purchase price, as a stakeholder in Health Defense LLC, Item 9 will continue to receive trailing revenue from the worldwide sales of all current products and new versions that are in development. The sales and distribution entity, Protego LLC, provides 2 cents per unit sold plus 10% of annual net profits from sales to Health Defense, LLC. As part of the agreement, Item 9 will establish a new exclusive licensing agreement with Health Defense for the AirWare Labs Nasal Filtration Dilator Inserts to be infused with CBD/THC for the Medical Cannabis Sector. Item 9 intends to use the transaction proceeds for product development and general corporate purposes as the Company continues to penetrate the Medical Cannabis industry.
Bryce Skalla, Co-Founder & CEO of Item 9 Labs, commented, “The unique technology behind the AirWare intra-nasal filtration system is quickly positioning Item 9 as a leading player within the Medical Cannabis sector. We believe that this proprietary system will continue to open new doors in other industries looking for the most advanced breathing devices and delivery systems and are confident that Health Defense will succeed in bringing this IP to the forefront of these markets. We are extremely fortunate to have found a strong partner that can market and distribute this technology on a global scale, while we utilize the transaction proceeds for the continued development of our enhanced cannabinoid dosing and delivery.”
Dan Voetmann, Co-Founder of Protego LLC and Health Defense LLC, stated, “According to a recent May 1, 2018 CNN article that referenced a study from the World Health Organization, nine out of every 10 people on the planet breathe air that contains high levels of pollutants and kills 7 million people each year. The amazing intra-nasal filters developed and patented by AirWare are comfortable, discreet, affordable, and an effective solution to pollution, allergens, germs and viruses. Securing this IP ensures continued product development along with the rapidly expanding sales from our worldwide distribution partners. We are excited to be part of this effort which can help to improve the health and longevity of people worldwide.”
About Item 9 Labs Corp.:
Item 9 Labs Corp. (OTC:INLB) is focused on the development of technology and products that administer high-quality medical marijuana through a novel, proprietary intra-nasal delivery system to deliver significant health benefits. The Company is headquartered in Southern Arizona where it owns and operates 50 acres, one of the largest properties in the U.S. zoned to grow and cultivate the medical marijuana flower. Item 9 has a proven track record of providing consumers with high-quality medical marijuana flower and products focused on organic, cost-effective solutions for whole body health. By combining high-quality, medical-grade product with the Company’s proprietary nasal mucus-membrane delivery system, Item 9 plans to produce the industry’s first market medicated nasal delivery device that administers specific cannabinoid dosing to meet the growing demand of today’s modern Cannabis consumer.
Forward-Looking Statement: This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Media Contact:
Investor Relations:
Jeffrey Rassás
(480)463-4246 or (877)876-4868
Email: [email protected]
Investor Contact:
Scott Eckstein
KCSA Strategic Communications
[email protected]
212-896-1210
Source: Item 9Labs Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-item-9-labs-corp-announces-sale-of-airware-intellectual-property-to-health-defense-llc-for-1-point-3-million.html |
May 11, 2018 / 8:51 AM / in 7 hours Hedge fund Caius says uncertainties remain on UniCredit notes Reuters Staff 1 Min Read
LONDON, May 11 (Reuters) - British hedge fund Caius Capital on Friday said “significant uncertainties” remained on the regulatory treatment of a complex financial instrument as UniCredit’s best-quality capital, in a letter to the bank’s CEO.
Caius Capital asked UniCredit’s CEO for urgent clarification on previous regulatory approvals for its convertible and subordinated hybrid equity-linked securities, or CASHES, and publication of full terms and conditions of its usufruct agreement.
The hedge fund on May 3 asked the European Banking Authority (EBA) to open an investigation into the 2.98 billion euro ($3.55 billion) convertible bond issues in 2008.
“We believe that investors are owed the maximum level of transparency given the materiality of the issues raised in our letter to the EBA,” said the letter on Friday. $1 = 0.8391 euros Reporting by Maiya Keidan; editing by Carolyn Cohn | ashraq/financial-news-articles | https://www.reuters.com/article/unicredit-hedgefunds/hedge-fund-caius-says-uncertainties-remain-on-unicredit-notes-idUSL8N1SI1YZ |
May 2, 2018 / 11:27 AM / Updated 2 hours ago British government launches review into Windrush scandal Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s government launched a review on Wednesday into the treatment of some Caribbean migrants who were invited to Britain after World War Two but have been left without documents and denied basic rights. People hold placards during a demonstration to protest againt the treament of members of the Windrush generation, opposite the Houses of Parliament in London, Britain, April 30, 2018. REUTERS/Simon Dawson
Prime Minister Theresa May, a former home secretary who once led efforts to tackle illegal immigration, appointed a new Home Secretary this week to try to draw a line under the scandal that has threatened her authority as she negotiates Brexit.
Sajid Javid, the son of immigrants from Pakistan, pledged that his new department would learn the lessons of what happened to the so-called “Windrush generation” from the review, which would be concluded before the summer.
“This review will seek to draw out how members of the Windrush generation came to be entangled in measures designed for illegal immigrants, why that was not spotted sooner and whether the right corrective measures are now in place,” Javid told parliament.
He said he would keep parliament informed monthly on the review’s progress and the “latest position on detentions, removals and deportations”.
The scandal has weighed on May, and the main opposition Labour Party has pressed for a full inquiry, calling on the government to release documents, emails and texts from 2010, when she herself was Home Secretary.
“It appears that the Prime Minister, by asking the new Home Secretary to conduct an inquiry separately, without any of the clear processes and powers that we’re talking about, is trying to avoid accountability,” a Labour spokesman told reporters.
“The suspicion must be that this is part of a continuing cover-up to avoid the Prime Minister’s own role in what took place being exposed.”
May’s team pushed back, saying Javid’s review was the “appropriate way forward”, allowing the government to move quickly. Reporting by Elizabeth Piper and William James; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-windrush-may/uk-to-provide-transparency-over-windrush-scandal-may-idUKKBN1I31GD |
MOSCOW (Reuters) - The Russian Defense Ministry said on Friday that inspectors for the Organization for the Prohibition of Chemical Weapons (OPCW) had completed their work at the site of a suspected gas attack in the Syrian town of Douma, the RIA news agency reported.
The OPCW is investigating the deaths of dozens of people in Douma, an enclave on the outskirts of Damascus, on April 7 to determine if they were killed by banned munitions.
Russian news agencies on Friday Quote: d Russian Defense Ministry spokesman Igor Konashenkov as saying the inspectors had completed their trip to sites in Douma.
Earlier on Friday, a diplomatic source said on condition of anonymity that a team of experts from the OPCW had returned to the Netherlands from their mission on Thursday night after going to Damascus on April 14.
Reporting by Maria Kiselyova; Editing by Andrew Osborn
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-chemicalweapons/russia-says-opcw-inspectors-completed-work-in-syrias-douma-ria-idUSKBN1I51LA |
May 17 (Reuters) - Old Dominion Freight Line Inc:
* OLD DOMINION FREIGHT LINE ANNOUNCES $0.13 PER SHARE QUARTERLY CASH DIVIDEND AND A NEW $250 MILLION STOCK REPURCHASE PROGRAM
* OLD DOMINION FREIGHT LINE - NEW STOCK REPURCHASE PROGRAM AUTHORIZING REPURCHASE OF UP TO $250 MILLION OF ITS OUTSTANDING COMMON STOCK THROUGH JUNE 2020
* OLD DOMINION FREIGHT LINE - NEW REPURCHASE PROGRAM WILL COMMENCE UPON EXPIRATION OF PREVIOUSLY AUTHORIZED 2-YEAR PROGRAM ANNOUNCED ON MAY 23, 2016 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-old-dominion-freight-line-announce/brief-old-dominion-freight-line-announces-0-13-per-share-quarterly-cash-dividend-idUSASC0A2V6 |
May 7 (Reuters) - Axactor AB (publ):
* GEVERAN TRADING CO. LIMITED (“GEVERAN”), A COMPANY INDIRECTLY CONTROLLED BY TRUSTS ESTABLISHED BY MR. JOHN FREDRIKSEN FOR BENEFIT OF HIS IMMEDIATE FAMILY, HAS ON 7TH MAY 2018 ACQUIRED 3,600,000 SHARES IN AXACTOR AB (PUBL) (“AXACTOR”) AT A PURCHASE PRICE OF NOK 2.7603 PER SHARE.
* FOLLOWING ACQUISITION, GEVERAN WILL OWN 195,502,500 SHARES IN AXACTOR WHICH WILL CONSTITUTE 12.66% OF SHARES AND VOTES IN AXACTOR. Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-geveran-buys-36-mln-shares-in-axac/brief-geveran-buys-3-6-mln-shares-in-axactor-idUSFWN1SE0RM |
Nonprofit hires U.S. historian and expert researcher to support completion of flagship K-12 education curriculum and other complementary campaign initiatives and projects.
SALT LAKE CITY--(BUSINESS WIRE)-- Better Days 2020 , a campaign dedicated to popularizing Utah women’s history in creative and communal ways, today announced it has hired Katherine Kitterman as Historical Director; she will start on May 21. Currently a doctoral candidate in American History at the American University in Washington, D.C., Kitterman is uniquely qualified to help research and share Utah women’s history in creative ways. Most recently, Kitterman was a research assistant at Leavitt Partners and adjunct professor for the Church History and Doctrine Department at Brigham Young University.
“Better Days 2020 is thrilled to welcome Katherine to our team as Historical Director,” said Better Days 2020 CEO Neylan McBaine. “With her subject matter expertise in Utah women’s history from her dissertation at American University and her experience at the Smithsonian Institution, the United States Holocaust Memorial Museum and other historical destinations, we feel like Katherine will be an exceptional resource as we highlight the unique and diverse stories of historical Utah women and their leadership. She is clearly a historian who can synthesize all of the details of names, dates and places, and bring them to life and make them applicable to a mainstream audience.”
The Better Days 2020 campaign is comprised of strategic educational, legislative and creative initiatives, including the development of a Utah women’s history curriculum for 4 th , 5 th , 7 th and 11 th grades; a historic downtown suffrage experience and walking tour of significant suffragist sites; and management efforts with Utah’s federal delegation to pass a bipartisan resolution giving Salt Lake City, Utah, its rightful claim as a major player in the suffrage movement; among other key projects.
About Better Days 2020
Better Days 2020 is a 501(c)(3) nonprofit dedicated to popularizing Utah women’s history. The year 2020 commemorates women’s history in Utah, celebrating the Utah Territory women’s first vote in 1870, as well as the 100th anniversary of the 19th Amendment, which granted all U.S. women the right to vote. Recently, Better Days 2020 was named 2018 Best of State winner in the Education/Advocacy Organization category. To learn more and/or support, visit www.betterdays2020.org .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006079/en/
for Better Days 2020
Lee Rech, 801-556-8423
[email protected]
Source: Better Days 2020 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-better-days-2020-welcomes-katherine-kitterman-as-new-historical-director.html |
May 28, 2018 / 2:50 PM / Updated 2 hours ago Looking for new way to donate during Ramadan? London mosque now accepts bitcoin Reuters Staff 2 Min Read
LONDON (Reuters) - Looking for a new way to give money to charity as part of Ramadan? A mosque in Britain’s capital is willing to receive your donation - in bitcoin.
The Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees, mosque leaders said.
“For a donor that already has a bitcoin or an ethereum account, the effort of converting cryptocurrency into say British pounds or dollars can be quite burdensome. The mosque effectively takes the burden on themselves,” said blockchain consultant Lukasz Musial, who helped the mosque set up the technology.
“For the donor, it’s just the click of a button to transfer to an account provided by the charity. From the mosque’s perspective, it opens a new stream of donations coming from all over the world,” Musial said.
Egypt’s Grand Mufti, the nation’s top Sunni Muslim official, said this year bitcoin was not permitted according to Islamic law, Egyptian media reported, but Shacklewell imam Abdalla Adeyemi defended the mosque’s decision.
“Bitcoin is like any other currency. It’s ... accepted by a group of people .... We ourselves are not trading. We are not involved ... we are a charity,” Adeyemi told Reuters.
The mosque says it is one of a handful to accept cryptocurrencies out of hundreds in London and its move is yielding results. It says it is on track to double its donations this year to more than £10,000 ($13,300).
Muslims with the means are religiously obliged to give alms, often calculated based on Islamic texts as being 2.5 percent of their wealth, and many do so during the holy month, a time when Muslim charities are most active. FILE PHOTO: Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration/File Photo Reporting by Parul Gupta; Writing by Matthew Mpoke Bigg; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-religion-ramadan-crypto-currency/looking-for-new-way-to-donate-during-ramadan-london-mosque-now-accepts-bitcoin-idUKKCN1IT1H6 |
Not surprising if global regulators cooperate to clean up crypto exchanges, says expert 1 Hour Ago Brian Kelly, “Fast Money” trade and BKCM CEO, discuss the outlook for cryptocurrencies as the Department of Justice announces a probe into possible bitcoin manipulation | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/not-surprising-if-global-regulators-cooperate-to-clean-up-crypto-exchanges-says-expert.html |
Eddie Rosario went 4-for-5 with a double, a home run and five RBIs to match a career high, and the Minnesota Twins rolled to an 8-4 win over the Chicago White Sox on Saturday night at Guaranteed Rate Field in Chicago.
Rosario’s outburst provided more than enough run support for right-hander Lance Lynn (1-3), who earned his first win since signing a one-year deal with the Twins at the start of spring training. The 30-year-old Lynn held the White Sox to two runs on eight hits, no walks and seven strikeouts in six innings.
Minnesota has won back-to-back games and three of four.
Shortstop Tim Anderson went 3-for-4 with a double and two solo home runs to lead the White Sox, who have lost six of seven.
White Sox left-hander Hector Santiago (0-1) was hammered hard in his second start of the season. He gave up eight runs on six hits and six walks in 3 1/3 innings. He struck out two.
Minnesota quickly seized a 3-0 lead in the top of the first inning. Eduardo Escobar, Rosario and Mitch Garver drove in one run apiece as five of the Twins’ first six hitters reached base.
The White Sox shaved the deficit to 3-1 on a run-scoring single by Jose Abreu before Minnesota struck again.
The Twins added three runs in the third to pull ahead 6-1. Rosario belted a two-run shot to right field for his sixth homer of the season and his third in the past five games. Ehire Adrianza drove in the third run of the inning with a double.
Rosario continued his monster night with a two-run double in the fourth to push Minnesota’s lead to 8-1.
Anderson doubled and scored in the fifth for Chicago’s second run. He followed with a solo homer to left field to cut the deficit to 8-3 in the seventh.
Anderson clubbed another solo home run in the ninth to finish the scoring.
The White Sox played their first game without second baseman Yoan Moncada, who was put on the 10-day disabled list earlier in the day with left hamstring tightness. Moncada is hitting .263 with six home runs and 15 RBIs in 29 games.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-chw-min-recap/rosario-lynn-lift-twins-over-white-sox-idUSMTZEE56AD3ALL |
WASHINGTON, May 15 (Reuters) - U.S. lawmakers on Tuesday rejected any plan by President Donald Trump to ease restrictions on China’s ZTE Corp, calling the telecommunications firm a security threat and vowing not to abandon legislation clamping down on the company.
Trump on Monday had defended his decision to revisit penalties on ZTE for flouting U.S. sanctions on trade with Iran, in part by saying it was reflective of the larger trade deal the United States is negotiating with China.
“I hope the administration does not move forward on this supposed deal I keep reading about,” Republican Senator Marco Rubio said. Bilateral talks between the world’s two biggest economies resume in Washington this week.
The Wall Street Journal has reported Beijing would back away from threats to slap tariffs on U.S. farm goods in exchange for easing the ban on selling components to ZTE.
“They are basically conducting an all-out assault to steal what we’ve already developed and use it as the baseline for their development so they can supplant us as the leader in the most important technologies of the 21st century,” Rubio said at a Foreign Relations Committee hearing on Asia policy.
Trump had taken to Twitter on Sunday with a pledge to help the company, which has suspended its main operations, because the penalties had cost too many jobs in China. It was a departure for a president who often touts “America First” policies.
The Commerce Department in April found ZTE had violated a 2017 settlement created after the company violated sanctions on Iran and North Korea, and banned U.S. companies from providing exports to ZTE for seven years.
U.S. companies are estimated to provide 25 percent to 30 percent of components used in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks.
CYBERSNOOPING? The suggestion outraged members of Congress who have been pressing for more restrictions on ZTE. Some U.S. lawmakers have alleged equipment made by ZTE and other Chinese companies could pose a cyber security threat.
“Who makes unilateral concessions on the eve of talks after you’ve spent all this time trying to say, correctly in my view, that the Chinese have ripped off our technology?” Senator Ron Wyden, the senior Democrat on the Senate Finance Committee, which oversees trade policy, told Reuters.
Wyden, who is also on the Intelligence Committee, was one of 32 Senate Democrats who signed a letter on Tuesday accusing Trump of putting China’s interests ahead of U.S. jobs and national security.
The company has denied wrongdoing.
Republican Representative Mac Thornberry, chairman of the House Armed Services Committee, said at a Bloomberg event on Tuesday he did not expect lawmakers would seek to remove a ban on ZTE technology from a must-pass annual defense policy bill making its way through Congress.
“I confess I don’t fully understand the administration’s take on this at this point,” Thornberry said. “It is not a question to me of economics, it is a question of security.”
Another Republican, Senator John Kennedy, defended Trump, saying the president’s approach is part of a larger set of negotiations with China.
“He didn’t get up one day and go, ‘I think I’ll change my mind on ZTE.’ I think it’s part of a larger issue, and part of a larger set of negotiations,” Kennedy told reporters. (Additional reporting by Susan Cornwell,; Editing by Chris Sanders and Meredith Mazzilli)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-zte-congress/u-s-lawmakers-push-back-on-trump-talk-of-helping-chinas-zte-idUSL2N1SM1WL |
Company delivers record sales and adjusted earnings per share
CHICAGO--(BUSINESS WIRE)-- Littelfuse, Inc. (NASDAQ:LFUS) today reported financial results for the first quarter ended March 31, 2018:
Net sales were $417.8 million, up 46% versus the prior year. Organic revenue growth was 10%. Growth by segment versus the prior year period: Electronics sales increased 72% (up 10% organically) Automotive sales increased 17% (up 10% organically) Industrial sales increased 14% (up 13% organically) GAAP diluted EPS was $1.45; this includes $23 million of after-tax charges primarily related to certain purchase accounting adjustments and costs for the acquisition of IXYS Corporation, net of non-operating foreign exchange gains Adjusted diluted EPS of $2.39 increased 41% over last year GAAP effective tax rate was 19.3% and the adjusted effective tax rate was 19.6% Cash flow from operations was $69.3 million and free cash flow was $51.4 million The electronics segment book-to-bill ratio for the first quarter was 1.14 (excluding IXYS)
"We continued our momentum with an exceptional start to 2018,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “With our focus on the secular trends of a safer, greener and increasingly connected world, and consistent operational performance, we delivered sales and adjusted earnings that meaningfully exceeded our guidance. We are off to a strong start integrating the IXYS business, and have taken initial steps to drive synergy realization. Leveraging the broad-based demand across our businesses, we expect robust top-line growth and consistent operating margins in the second quarter. We are focused on the right growth opportunities to continue executing our long-term strategy and driving double digit sales and earnings growth.”
For the second quarter of 2018*:
Net sales are expected to be in the range of $450 to $462 million, up 45% on a reported basis and up 8% organically, at the midpoint versus the prior year quarter Adjusted diluted earnings per share are expected to be in the range of $2.39 to $2.53, representing 17% growth over the prior year quarter at the midpoint Similar to prior years, second quarter stock compensation expense is higher than other quarters due to equity grant provisions, equating to approximately eight cents of earnings per share Adjusted effective tax rate is expected to be in the range of 19.5% to 20.5%; the midpoint is approximately 500 basis points higher than the prior year quarter. At a constant year-over-year tax rate, EPS growth would be 25%
The guidance includes a full quarter of IXYS results, along with a full quarter of related share dilution and interest expense from the debt issued in conjunction with the transaction.
For the 2018 full year, the company expects an adjusted effective tax rate in the range of 18% – 21%.
*All comparisons are to the prior year period unless otherwise noted. Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, impairment and severance charges, certain purchase accounting adjustments, foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.
Dividend and Share Repurchase Authorization
The company will pay a cash dividend on its common stock of $0.37 per share on June 7, 2018 to shareholders of record as of May 24, 2018 The company’s previous share repurchase authorization expired on April 30, 2018 and has been replaced with a one million share repurchase authorization effective through April 30, 2019. No shares were repurchased under the former authorization
Conference Call and Webcast Information
Littelfuse today, Wednesday, May 2, 2018, at 9:00 a.m. Central / 10:00 a.m. Eastern time to discuss the results. The call will be broadcast live and available for replay at Littelfuse.com .
About Littelfuse
Founded in 1927, Littelfuse is the global leader in circuit protection with advancing platforms in power control and sensor technologies. The company serves customers in the electronics, automotive and industrial markets with products that include fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse has more than 11,000 employees in more than 50 locations worldwide. For more information, please visit Littelfuse.com .
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
The statements in this press release that are not historical facts are intended to constitute " " entitled to the safe-harbor provisions of the PSLRA. These statements may involve risks and uncertainties, including, but not limited to, risks relating to product demand and market acceptance; economic conditions; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity price fluctuations; the effect of Littelfuse, Inc.'s ("Littelfuse" or the "Company") accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory changes; the integration of the recently acquired business of IXYS Corporation ("IXYS") and the risk that expected benefits, synergies and growth prospects of the acquisition of IXYS may not be achieved in a timely manner, or at all; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may those indicated or implied in the . This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 30, 2017. For a further discussion of the risk factors of the company, please see Item 1A. "Risk Factors" to the company's Annual Report on Form 10-K for the year ended December 30, 2017.
Non-GAAP Financial Measures
The information included in this press release includes the non-GAAP financial measures of organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted effective tax rate and free cash flow. Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.
The company believes that organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes free cash flow is a useful measure of its ability to generate cash. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.
LFUS-F
LITTELFUSE, INC. Net Sales and Operating Income by Segment (In thousands of USD, unaudited) First Quarter % Growth / 2018 2017 (Decline) Net Sales
Electronics $ 264,411 $ 153,767 72% Automotive 126,131 107,839 17% Industrial 27,271 23,835 14% Total net sales $ 417,813 $ 285,441 46% First Quarter % Growth / 2018 2017 (Decline) Operating Income/(Expense)
Electronics $ 53,964 $ 35,206 53% Automotive 18,390 15,065 22% Industrial 4,709 106 N.M. Other (1) (39,492 ) (1,525 ) N.M. Total operating income $ 37,571 $ 48,852 (23%) Operating margin 9.0 % 17.1 % Interest expense 5,423 3,120 Foreign exchange gain (10,555 ) (1,557 ) Other income, net (1,943 ) (139 ) Income before taxes $ 44,646 $ 47,428 (6%) N.M. - Not meaningful (1) "Other" typically includes non-GAAP adjustments such as acquisition-related costs, purchase accounting inventory adjustments and other charges, restructuring costs, asset impairments, and gains and losses on asset sales. (See Supplemental Financial Information for details.) First Quarter Growth / 2018 2017 (Decline) Operating Margins
Electronics 20.4 % 22.9 % (2.5 %) Automotive 14.6 % 14.0 % 0.6 % Industrial 17.3 % 0.4 % 16.8 % LITTELFUSE, INC. Condensed Consolidated Balance Sheets (In thousands of USD) March 31, 2018 December 30, 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 412,458 $ 429,676 Short-term investments 37 35 Accounts receivable, less allowances 244,905 182,699 Inventories 263,969 140,789 Prepaid income taxes and income taxes receivable 3,899 1,689 Prepaid expenses and other current assets 47,794 37,452 Total current assets 973,062 792,340 Property, plant and equipment: Land 29,575 9,547 Buildings 118,170 86,599 Equipment 555,578 505,838 703,323 601,984 Accumulated depreciation (366,118 ) (351,407 ) Net property, plant and equipment 337,205 250,577 Intangible assets, net of amortization: Patents, licenses and software 129,610 81,911 Distribution network 11,038 12,872 Customer lists, trademarks and tradenames 254,755 109,067 Backlog 10,003 Goodwill 840,574 453,414 1,245,980 657,264 Investments 31,128 10,993 Deferred income taxes 12,039 11,858 Other assets 28,096 17,070 Total assets $ 2,627,510 $ 1,740,102 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 120,817 $ 101,844 Accrued payroll 41,220 49,962 Accrued expenses 74,925 48,994 Accrued severance 1,367 1,459 Accrued income taxes 15,938 16,285 Current portion of long-term debt 10,111 6,250 Total current liabilities 264,378 224,794 Long-term debt, less current portion 743,437 489,361 Deferred income taxes 60,525 17,069 Accrued post-retirement benefits 35,817 18,742 Other long-term liabilities 81,379 62,580 Total equity 1,441,974 927,556 Total liabilities and equity $ 2,627,510 $ 1,740,102 LITTELFUSE, INC. Condensed Consolidated Statements of Comprehensive Income (In thousands of USD, except per share data, unaudited) For the Three Months Ended March 31, 2018 April 1, 2017 Net sales $ 417,813 $ 285,441 Cost of sales 268,190 171,791 Gross profit 149,623 113,650 Selling, general and administrative expenses 77,514 46,703 Research and development expenses 22,540 12,151 Amortization of intangibles 11,998 5,944 112,052 64,798 Operating income 37,571 48,852 Interest expense 5,423 3,120 Foreign exchange gain (10,555 ) (1,557 ) Other income, net (1,943 ) (139 ) Income before income taxes 44,646 47,428 Income taxes 8,617 8,537 Net income $ 36,029 $ 38,891 Net income per share: Basic $ 1.48 $ 1.71 Diluted $ 1.45 $ 1.69 Weighted average shares outstanding: Basic 24,339 22,748 Diluted 24,775 22,989 Comprehensive income $ 35,750 $ 44,518 LITTELFUSE, INC. Condensed Consolidated Statements of Cash Flows (In thousands of USD, unaudited) For the Three Months Ended
March 31, 2018 April 1, 2017 OPERATING ACTIVITIES: Net income $ 36,029 $ 38,891 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 11,614 9,128 Amortization of intangibles 11,998 5,944 Provision for bad debts (13 ) 351 Stock-based compensation 8,714 3,583 Non-cash inventory charges 17,896 - Unrealized gain on investments (1,864 ) - Loss on sale of assets 99 600 Deferred income taxes 842 616 Changes in operating assets and liabilities Accounts receivable (8,417 ) (2,719 ) Inventories (269 ) (3,296 ) Accounts payable 2,990 (3,295 ) Accrued expenses (including post-retirement) 12,573 4,140 Accrued payroll and severance (18,607 ) (20,221 ) Accrued income taxes (1,174 ) (220 ) Prepaid expenses and other assets (3,143 ) (10,559 ) Net cash provided by operating activities 69,268 22,943 INVESTING ACTIVITIES: Purchases of property, plant and equipment (17,909 ) (12,377 ) Acquisition of business, net of cash acquired (306,487 ) (14,172 ) Proceeds from maturities of short-term investments - 3,739 Decrease in entrusted loan receivable - 655 Proceeds from sale of assets 19 57 Net cash used in investing activities (324,377 ) (22,098 ) FINANCING ACTIVITIES: Proceeds of revolving credit facility 50,000 - Proceeds of term loan 75,000 - Payments of revolving credit facility (47,000 ) (112,500 ) Payments of term loan (2,500 ) (1,563 ) Net proceeds from senior notes payable 175,000 125,000 Payments of entrusted loan - (655 ) Debt issuance costs paid (878 ) (71 ) Cash dividends paid (9,198 ) (7,472 ) Net (payments) proceeds related to stock-based award activities (116 ) 199 Net cash provided by financing activities 240,308 2,938 Effect of exchange rate changes on cash and cash equivalents (2,417 ) (928 ) Increase (decrease) in cash and cash equivalents (17,218 ) 2,855 Cash and cash equivalents at beginning of period 429,676 275,124 Cash and cash equivalents at end of period $ 412,458 $ 277,979 LITTELFUSE, INC. Supplemental Financial Information (in millions of USD except per share amounts, unaudited) Non-GAAP EPS reconciliation Q1-18 Q1-17 GAAP diluted EPS $ 1.45 $ 1.69 EPS impact of Non-GAAP adjustments (below) 0.94 - Adjusted diluted EPS $ 2.39 $ 1.69 Non-GAAP adjustments - (income)/expense Q1-18 Q1-17 Acquisition related and integration costs $ 11.7 $ 1.5 Restructuring 0.8 - Amortization backlog - IXYS 2.5 - Change in control - IXYS 2.1 - Acquisition related stock-based compensation charge 4.5 - Purchase accounting inventory adjustments 17.9 - Non-GAAP adjustments to operating income 39.5 1.5 Non-operating foreign exchange gain (10.6 ) (1.6 ) Non-GAAP adjustments to income before income taxes 28.9 (0.1 ) Income taxes 5.8 - Non-GAAP adjustments to net income $ 23.1 $ (0.1 ) Total EPS impact $ 0.94 $ - Adjusted operating margin /Adjusted EBITDA reconciliation Q1-18 Q1-17 Net sales $ 417.8 $ 284.4 GAAP operating income $ 37.6 $ 48.9 Add back non-GAAP adjustments 39.5 1.5 Adjusted operating income $ 77.1 $ 50.4 Adjusted operating margin 18.5 % 17.7 % Add back amortization 12.0 5.9 Add back depreciation 11.6 9.1 Adjusted EBITDA $ 100.7 $ 65.4 Adjusted EBITDA margin 24.1 % 23.0 % Net sales reconciliation Q1-18 vs. Q1-17 Electronics
Automotive
Industrial
Total
Net sales growth 72 % 17 % 14 % 46 % Less: Acquisitions 58 % - - 31 % Divestitures - - - - FX impact 4 % 7 % 1 % 5 % Organic net sales growth 10 % 10 % 13 % 10 % Income tax reconciliation Q1-18 Q1-17 Income taxes $ 8.6 $ 8.5 Effective rate 19.3 % 18.0 % Non-GAAP adjustments - income taxes 5.8 - Adjusted income taxes $ 14.4 $ 8.5 Adjusted effective rate 19.6 % 18.0 % Free cash flow reconciliation
Q1-18 Q1-17 Net cash provided by operating activities $ 69.3 $ 22.9 Less: Purchases of property, plant and equipment (17.9 ) (12.4 ) Free cash flow $ 51.4 $ 10.5 Note: Totals will not always foot due to rounding
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005334/en/
Littelfuse, Inc.
Meenal Sethna
Executive Vice President and CFO
(773) 628-0616
Source: Littelfuse, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-littelfuse-reports-first-quarter-results.html |
April 30 (Reuters) - ELZAY READY WEAR MANUFACTURING COMPANY :
* Q1 LOSS 1.2 MILLION DINARS VERSUS LOSS OF 274,562 DINARS YEAR AGO Source: ( bit.ly/2HE3SWg ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elzay-ready-wear-manufacturing-q1/brief-elzay-ready-wear-manufacturing-q1-loss-widens-idUSFWN1S7154 |
Jon Ambrose was lying in bed playing a word game with his wife on her iPhone last winter when she left the room for a few minutes. After 12 years of marriage, the 33-year-old computer engineer got his first close look at her phone’s home screen.
What he saw shocked him: thousands of unread emails, 45 pending app store updates, a dozen-plus unchecked voice mails. The phone was “overflowing with ridiculousness,” says Mr. Ambrose, a religious pruner of both his inbox and his phone’s home screen.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/all-those-red-alert-bubbles-on-your-phone-are-driving-your-loved-one-crazy-1527253706 |
BERLIN (Reuters) - German prosecutors said on Tuesday they were preparing an application to extradite former Catalan leader Carles Puigdemont to Spain on charges linked to his role in the campaign for the region’s independence.
Former Catalan president Carles Puigdemont and members of the EU Catalonia dialogue platform address a news conference in Berlin, Germany, May 17, 2018. REUTERS/Hannibal Hanschke/File Photo The higher regional court of the northern state of Schleswig-Holstein is yet to decide on the extradition but said on Tuesday it did not see any reason to put him in custody during the procedure.
Catalonia held a secession referendum on Oct. 1 and then declared independence but Madrid has blocked any attempts at independence in the courts, citing Spain’s constitution which says Spain is indivisible.
Spain sacked the regional government following the declaration. Puigdemont, who left Spain for Belgium after being fired, was arrested in March on a Spanish-issued arrest warrant as he entered Germany.
Last month the court rejected an extradition request for Puigdemont on the charge of rebellion for his role in the campaign for the region’s independence.
However, it agreed to release him on bail and said extradition to Spain was possible on the lesser charge of misuse of public funds.
Prosecutors challenged the court ruling by saying on Tuesday that extradition on the grounds of the accusation of rebellion was justified because they had new information from Spanish authorities such as videos showing violence against police.
“The riots were on such a scale that the prosecutors think he can be extradited on the accusation of rebellion,” prosecutors said in a statement.
“At the moment the prosecutors are preparing to declare that the extradition of the accused is permissible,” they said.
The prosecutors had also applied for Puigdemont to be put in custody prior to extradition. The court said it was unclear when the court would rule on the extradition itself.
Reporting by Hans-Edzard Busemann; Writing by Michelle Martin; Editing by Madeline Chambers and Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-catalonia/german-prosecutors-prepare-extradition-application-for-former-catalan-leader-idUSKCN1IN0YY |
May 16, 2018 / 8:16 PM / Updated 5 minutes ago Ruling on CBS's lawsuit against National Amusements pushed to Thursday Reuters Staff 1 Min Read
May 16 (Reuters) - Delaware Judge Andre Bouchard said on Wednesday that he would deliver his ruling on CBS Corp’s request for a temporary restraining order against controlling shareholder National Amusements Inc on Thursday.
Bocuhard said he wanted no action to be taken until his ruling is delivered. It was not immediately clear what effect Bouchard’s move had on the changes in CBS’s corporate bylaws by National Amusements, carried out earlier on Wednesday. (Reporting by Tom Hals in Wilmington, Delaware; editing by Jonathan Oatis) | ashraq/financial-news-articles | https://www.reuters.com/article/nationalamusements-cbs-ruling/ruling-on-cbss-lawsuit-against-national-amusements-pushed-to-thursday-idUSL2N1SN1W8 |
May 13, 2018 / 8:14 PM / Updated 40 minutes ago Golf-Koepka makes albatross, ties course record 63 at TPC Sawgrass Andrew Both 2 Min Read
PONTE VEDRA BEACH, Fla., May 13 (Reuters) - Brooks Koepka made the second albatross at the par-five 16th in the history of the Players Championship when he holed a “little” six-iron during the final round on Sunday.
The feat helped the reigning U.S. Open champion match the course record of nine-under-par 63 at TPC Sawgrass.
Koepka found himself 206 yards from the 16th hole after a 300-yard drive.
With the hole located only six yards from a water hazard to the right, Koepka aimed slightly left and hit a big, high shot that landed softly, took one bounce and disappeared into the cup.
“It was just a three-quarter six-iron,” Koepka said, meaning he swung softly.
“We thought it was perfect. I was aiming 15 feet left and just kind of started it a little bit left and it faded with the wind right on line.”
The only previous albatross at the hole was by Spaniard Rafael Cabrera-Bello last year.
Koepka finished at 11-under 277, which gave him the clubhouse lead with the frontrunners early in their round.
He was delighted with his performance in his third event back after missing more than three months with a left wrist injury.
“I’ve been knocking on the door,” said the American.
“It’s just sometimes when you’re off for four months you come back, you need to play a little bit, get some rhythm and it’s nice to finally shoot a low one.
“There’s nobody more excited to be here than me. To get back out it felt like it took forever. The days were very long.” (Reporting by Andrew Both Editing by Toby Davis) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players-koepka/golf-koepka-makes-albatross-ties-course-record-63-at-tpc-sawgrass-idINL2N1SK0BJ |
May 16 (Reuters) - Select Energy Services Inc:
* SELECT ENERGY SERVICES INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING
* SELECT ENERGY SERVICES INC IN ADDITION, SELLING STOCKHOLDERS MAY OFFER UP TO 50.51 MILLION SHARES OF CO'S CLASS A COMMON STOCK Source text: ( bit.ly/2wL8Ivx ) Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-select-energy-services-inc-files-f/brief-select-energy-services-inc-files-for-potential-mixed-shelf-offering-size-not-disclosed-sec-filing-idUSFWN1SN0EY |
An explanation of non-IFRS measures used in this press release is set out in the Non-IFRS financial measures section of this press release. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is provided in the financial tables that accompany this release.
References in this announcement to “ R ” are to South African Rand and references to “ U.S. Dollars ” and “ $ ” are to United States Dollars. Unless otherwise stated MiX Telematics has translated U.S. Dollar amounts from South African Rand at an exchange rate of R11.8255 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at March 31, 2018.
Highlights:
Fourth quarter fiscal 2018:
Subscription revenue of R374 million ($31.6 million), an increase of 19.4% year over year, and up 4.1% compared to the third quarter of fiscal 2018, both on a constant currency basis Net subscriber additions of over 12,000 bringing the total base to over 676,000, up 9% year over year Operating profit of R74 million ($6.2 million), up 80% year over year Adjusted EBITDA of R130 million ($11.0 million), up 49% year over year Adjusted EBITDA margin of 28.7% continues the quarterly improvement trend since the start of fiscal 2017. Reported Adjusted EBITDA margins were as follows: Q1 2017 15.9%, Q2 2017 18.0%, Q3 2017 21.9%, Q4 2017 22.3%, Q1 2018 23.1%, Q2 2018 25.1%, Q3 2018 25.9%, Q4 2018 28.7% Net cash from operating activities of R121 million ($10.3 million)
Fiscal year 2018:
Subscription revenue of R1,435 million ($121.3 million), up 19% year over year on a constant currency basis Net subscriber additions of over 54,800 Operating profit of R215 million ($18.2 million), up 56% year over year Adjusted EBITDA of R442 million ($37.4 million), up 47% year over year and ahead of guidance Adjusted EBITDA margin of 25.8%, up from 19.6% in fiscal 2017 Net cash from operating activities of R353 million ($29.9 million)
MIDRAND, South Africa--(BUSINESS WIRE)-- MiX Telematics Limited (NYSE: MIXT, JSE: MIX), a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), today announced financial results for its fourth quarter and for its full fiscal year 2018, which
“We were very pleased with our fourth quarter results, which capped off another strong year for MiX. During fiscal 2018, we made significant progress toward achieving our long-term adjusted EBITDA margin target of 30% plus as we expanded our margin by over 600 basis points to 25.8%. This was largely due to 19% subscription revenue growth on a constant currency basis,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics. “The strong performance was driven by the continued growth in our premium fleet subscriptions globally, improvements in ARPU and ongoing operating leverage in the business. Looking forward, we have entered fiscal 2019 with great momentum. We are confident in our ability to achieve our long-term goals given our strong pipeline and ability to further enhance margin accretion across the business.”
Financial performance for the three months ended March 31, 2018
Subscription revenue: Subscription revenue was R373.6 million ($31.6 million), an increase of 16.1% compared with R321.7 million ($27.2 million) for the fourth quarter of fiscal 2017. Subscription revenue increased by 19.4% on a constant currency basis, year over year. Subscription revenue benefited from an increase of over 54,800 subscribers, representing an increase in the subscriber base of 8.8% from March 2017 to March 2018. Subscription revenue also benefited from an increase in average revenue per user. Reported subscription revenue was lower than the third quarter of fiscal 2018 due to the appreciation of the South African Rand in the fourth quarter of fiscal 2018 over the third quarter of fiscal 2018. If the same exchange rates used in the third quarter of fiscal 2018 were used in the fourth quarter of fiscal 2018, subscription revenue would have been R391.6 million ($33.1 million), representing a constant currency increase of 4.1%.
Total revenue: Total revenue was R453.5 million ($38.4 million), an increase of 15.9% compared to R391.4 million ($33.1 million) for the fourth quarter of fiscal 2017. Total revenue increased by 18.7% on a constant currency basis. Hardware and other revenue was R79.9 million ($6.8 million), an increase of 14.6%, compared to R69.7 million ($5.9 million) for the fourth quarter of fiscal 2017.
Gross margin: Gross profit was R296.0 million ($25.0 million), compared to R265.0 million ($22.4 million) for the fourth quarter of fiscal 2017. Gross profit margin was 65.3%, compared to 67.7% for the fourth quarter of fiscal 2017. The Company's gross profit margin in fiscal 2018 includes higher depreciation charges related to in-vehicle devices and high value peripherals used in certain of its bundled fleet contracts. These contracts generate higher ARPUs and in the long-term are expected to result in an increase in gross profit margins as they go through contract renewal cycles.
Operating margin: Operating profit was R73.8 million ($6.2 million), compared to R40.9 million ($3.5 million) for the fourth quarter of fiscal 2017. Operating profit margin was 16.3%, compared to 10.5% for the fourth quarter of fiscal 2017. The margin expansion was attributable primarily to revenue growth leveraging our fixed overhead and ongoing cost management initiatives. Operating expenses of R223.7 million ($18.9 million) have declined by R0.3 million ($0.03 million), or 0.2%, since the fourth quarter of fiscal 2017.
Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R130.2 million ($11.0 million), compared to R87.1 million ($7.4 million) for the fourth quarter of fiscal 2017. Adjusted EBITDA margin, a non-IFRS measure, for the fourth quarter of fiscal 2018 was 28.7%, compared to 22.3% for the fourth quarter of fiscal 2017.
In the fourth quarter of fiscal 2018 the Adjusted EBITDA margin of 28.7% expanded by 2.8% from the Adjusted EBITDA margin of 25.9% reported in the third quarter of fiscal 2018. A quarter over quarter increase in hardware revenues and resultant gross profit contributed 1.3% to this Adjusted EBITDA margin expansion.
Profit for the period and earnings per share: Profit for the fourth quarter of fiscal 2018 was R64.3 million ($5.4 million), compared to R31.2 million ($2.6 million) in the fourth quarter of fiscal 2017. Profit for the period included a net foreign exchange loss of R1.2 million ($0.1 million) before tax. During the fourth quarter of fiscal 2017, profit for the period included a net foreign exchange loss of R5.1 million ($0.4 million).
Earnings per diluted ordinary share were 11 South African cents, compared to 5 South African cents in the fourth quarter of fiscal 2017. For the fourth quarter of fiscal 2018, the calculation was based on diluted weighted average ordinary shares in issue of 580.8 million compared to 568.2 million diluted weighted average ordinary shares in issue during the fourth quarter of fiscal 2017.
The Company's effective tax rate for the quarter was 13.7%, compared to 15.0% in the fourth quarter of fiscal 2017. Ignoring the impact of net foreign exchange gains and losses, and related tax consequences, the tax rate which was used in determining adjusted earnings below, was 26.9% compared to 28.3% in the fourth quarter of fiscal 2017.
On a U.S. Dollar basis, and using the March 31, 2018 exchange rate of R11.8255 per U.S. Dollar, and at a ratio of 25 ordinary shares to one American Depositary Share (“ADS”), profit for the period was $5.4 million, or 23 U.S. cents per diluted ADS, compared to $2.6 million or 12 U.S. cents per diluted ADS in the fourth quarter of fiscal 2017.
Adjusted earnings for the period and adjusted earnings per share: Adjusted earnings for the period, a non-IFRS measure, was R55.3 million ($4.7 million), compared to R30.0 million ($2.5 million) in the fourth quarter of fiscal 2017. Adjusted earnings per diluted ordinary share, also a non-IFRS measure, were 10 South African cents, compared to 5 South African cents in the fourth quarter of fiscal 2017.
On a U.S. Dollar basis, and using the March 31, 2018 exchange rate of R11.8255 per U.S. Dollar, and at a ratio of 25 ordinary shares to one ADS, the adjusted profit for the period was $4.7 million, or 20 U.S. cents per diluted ADS, compared to $2.5 million, or 11 U.S cents per diluted ADS in the fourth quarter of fiscal 2017.
Statement of financial position and cash flow: At March 31, 2018, the Company had R290.5 million ($24.6 million) of net cash and cash equivalents, compared to R356.3 million ($30.1 million) at March 31, 2017.
The Company generated R121.4 million ($10.3 million) in net cash from operating activities for the three months ended March 31, 2018 and invested R63.5 million ($5.4 million) in capital expenditures during the quarter (including investments in in-vehicle devices of R41.2 million or $3.5 million), leading to free cash flow, a non-IFRS measure, of R57.9 million ($4.9 million) for the fourth quarter of fiscal 2018, compared with free cash flow of R54.0 million ($4.6 million) for the fourth quarter of fiscal 2017.
Financial performance for the fiscal year ended March 31, 2018
Subscription revenue: Subscription revenue increased to R1,434.6 million ($121.3 million), up 15.7% from R1,239.9 million ($104.9 million) for fiscal 2017. On a constant currency basis, subscription revenue increased by 18.9%. Subscription revenue benefited from an increase of over 54,800 subscribers since the end of fiscal 2017, representing an increase in subscribers of 8.8% from March 2017 to March 2018. Subscription revenue also benefited from an increase in average revenue per user.
Total revenue: Total revenue for fiscal 2018 was R1,712.5 million ($144.8 million), an increase of 11.2% compared to R1,540.1 million ($130.2 million) for fiscal 2017. On a constant currency basis, total revenue increased by 14.5%. Hardware and other revenue was R277.9 million ($23.5 million), a decrease of 7.4% compared to R300.1 million ($25.4 million) for fiscal 2017.
Gross margin: Gross profit for fiscal 2018 was R1,125.5 million ($95.2 million), an increase of 8.1% compared to R1,041.3 million ($88.1 million) for fiscal 2017. Gross profit margin was 65.7%, compared to 67.6% for fiscal 2017. The Company's gross profit margin in fiscal 2018 includes higher depreciation charges related to in-vehicle devices and high value peripherals used in certain of its bundled fleet contracts. These contracts generate higher ARPUs and in the long-term are expected to result in an increase in gross profit margins as they go through contract renewal cycles.
Operating margin: Operating profit for fiscal 2018 was R215.0 million ($18.2 million), compared to R137.9 million ($11.7 million) in fiscal 2017. The operating profit margin for fiscal 2018 was 12.6%, compared to the 9.0% in fiscal 2017. The decline in the gross profit margin of 1.9% described above was offset by strict cost management, which resulted in an operating profit margin increase of 3.6%. Despite the 11.2% revenue increase described above, the increase in operating costs was limited to 1.2%.
Fiscal 2018 sales and marketing costs represented 10.8% of revenue, compared to 11.8% of revenue in fiscal 2017. Due to higher than expected hardware revenues, the fiscal 2018 ratio was marginally below the Company's estimates contained in its Form 20-F for the fiscal year ended March 31, 2017, in which the Company advised that in future periods it expected these costs to remain relatively constant as a percentage of revenue (i.e.11% to 12% of revenue).
Fiscal 2018 administration and other costs were 42.6% of revenue, compared to 46.9% in fiscal 2017.
Adjusted EBITDA: Adjusted EBITDA was R441.9 million ($37.4 million), compared to R301.6 million ($25.5 million) for fiscal 2017. The Adjusted EBITDA margin for fiscal 2018 was 25.8%, compared to 19.6% in fiscal 2017.
Profit for the year and earnings per share: Profit for fiscal 2018 was R181.2 million ($15.3 million), compared to R121.4 million ($10.3 million) in fiscal 2017. Profit for the year included a net foreign exchange loss of R5.1 million ($0.4 million) before tax. During fiscal 2017, a net foreign exchange gain of R1.5 million ($0.1 million) was recognized.
Earnings per diluted ordinary share were 32 South African cents, compared to 19 South African cents in fiscal 2017. For fiscal 2018, the calculation was based on diluted weighted average ordinary shares in issue of 574.0 million, compared to 631.8 million diluted weighted average ordinary shares in issue during fiscal 2017. The diluted weighted average ordinary shares in issue during fiscal 2018 were lower than in fiscal 2017, due to the weighted average impact of the share repurchases described in note 9 to the Group financial results for the fiscal year
The Company's effective tax rate for fiscal 2018 was 15.7%, compared to 18.1% in fiscal 2017. Ignoring the impact of net foreign exchange gains and losses, and related tax consequences, the effective tax rate, which was used in calculating adjusted earnings below, was 28.7%, consistent with fiscal 2017.
Adjusted earnings for the year and adjusted earnings per share: Adjusted earnings for fiscal 2018, a non-IFRS measure, was R156.8 million ($13.3 million), compared to R104.7 million ($8.9 million) in fiscal 2017. Adjusted earnings per diluted ordinary share, a non-IFRS measure, were 27 South African cents, compared to 17 South African cents in fiscal 2017.
On a U.S. Dollar basis, and using the March 31, 2018 exchange rate of R11.8255 per U.S. Dollar, and at a ratio of 25 ordinary shares to one ADS, adjusted profit for fiscal 2018 was $13.3 million, or 58 U.S. cents per diluted ADS, compared to $8.9 million, or 35 U.S. cents per diluted ADS in fiscal 2017.
Cash flow: The Company generated R353.2 million ($29.9 million) in net cash from operating activities for fiscal 2018 and invested R338.3 million ($28.6 million) in capital expenditures during the year (including investments in in-vehicle devices of R229.8 million or $19.3 million), leading to free cash flow of R14.9 million ($1.3 million) for fiscal 2018, compared with free cash flow of R28.0 million ($2.4 million) for fiscal 2017.
Capital expenditure payments increased by R42.7 million ($3.6 million) in fiscal 2018 compared to fiscal 2017 primarily as a result of increased investments in in-vehicle devices due to the continued increase in the number of bundled subscription contracts.
The Company utilized R62.5 million ($5.3 million) in financing activities during fiscal 2018, compared to R519.6 million ($43.9 million) utilized during fiscal 2017. The cash utilized in financing activities in fiscal 2018 includes the repurchase of 5.0 million ordinary shares, which resulted in a cash outflow of R18.7 million ($1.6 million) and dividends paid of R53.2 million ($4.5 million). The cash utilized in financing activities in fiscal 2017 included the repurchase of 200.8 million ordinary shares, which resulted in a cash outflow of R473.7 million ($40.1 million) and dividends paid of R53.0 million ($4.5 million).
Segment commentary for the fiscal year ended March 31, 2018
The segment results below are presented on an integral margin basis. In respect of revenue, this method of measurement entails reviewing the segmental results based on external revenue only. In respect of Adjusted EBITDA (the non-IFRS profit measure identified by the Group), the margin generated by our Central Services Organization (“CSO”), net of any unrealized inter-company profit, is allocated to the geographic region where the external revenue is recorded by our Regional Sales Offices (“RSOs”).
CSO continues as a central services organization that wholesales our products and services to our RSOs who, in turn, interface with our end-customers and distributors. CSO is also responsible for the development of our hardware and software platforms and provides common marketing, product management, technical and distribution support to each of our other operating segments. CSO's operating expenses are not allocated to each RSO.
Each RSO's results reflect the external revenue earned, as well as the Adjusted EBITDA earned (or loss incurred) by each operating segment before the CSO and corporate cost allocations.
For further information in this regard please refer to note 3 of the Group financial results for the fiscal year
Segment Subscription Revenue
Fiscal
2018
R'000 Total Revenue
Fiscal
2018
R'000 Adjusted EBITDA
Fiscal
2018
R'000 % change on prior
year
Adjusted EBITDA
Margin
Fiscal
2018 Africa 872,646 957,478 440,900 28.1% 46.0% Subscription revenue increased by 13.0% in the segment as a result of a 7.3% increase in subscribers since March 31, 2017 and an increase in the number of bundled subscriptions. Total revenue increased by 11.4%. Enhanced scale and stringent cost control drove an expansion in the Adjusted EBITDA margin to 46.0% (up from the 40.0% Adjusted EBITDA margin reported in fiscal 2017). Americas 194,890 227,605 79,127 195.2% 34.8% Subscription revenue growth on a constant currency basis was 73.6%. Subscribers increased by 32.0% since March 31, 2017. In addition, subscription revenue was assisted by the market’s ongoing preference for bundled deals across new and existing customers. Total revenue improved by 53.5% on a constant currency basis as hardware sales were lower in fiscal 2018. The region reported an Adjusted EBITDA margin of 34.8% (up from the 16.7% Adjusted EBITDA margin reported in fiscal 2017). Middle East and Australasia 200,241 278,665 106,835 17.2% 38.3% Subscription revenue increased by 6.9% on a constant currency basis. Subscribers increased by 5.6% from March 31, 2017. Total revenue in constant currency declined by 2.6% as hardware and other revenues were lower than in fiscal 2017. The region reported an Adjusted EBITDA margin of 38.3% (up from the 29.9% Adjusted EBITDA margin reported in fiscal 2017). The improvement in Adjusted EBITDA margin was primarily as a result of the restructuring plans implemented during the fourth quarter of fiscal 2017. Europe 115,199 193,260 65,326 24.8% 33.8% Subscription revenue growth on a constant currency basis was 6.0%. Subscribers increased by 6.0% since March 31, 2017. Total revenue increased by 13.3%, on a constant currency basis, due to higher hardware revenues compared to fiscal 2017. The region reported an Adjusted EBITDA margin of 33.8% (up from the 29.5% Adjusted EBITDA margin reported in fiscal 2017). Brazil 50,735 54,430 16,747 78.3% 30.8% Subscription revenue increased by 63.9% on a constant currency basis. The increase was due to the market’s preference for bundled deals and an increase in subscribers of 29.9% since March 31, 2017. On a constant currency basis total revenue increased by 51.8%. The segment reported Adjusted EBITDA of R16.7 million ($1.4 million) in fiscal 2018, at an Adjusted EBITDA margin of 30.8% (up from the 24.8% Adjusted EBITDA margin reported in fiscal 2017). Central Services Organization 904 1,044 (149,878) (17.3%) — CSO is responsible for the development of our hardware and software platforms and provides common marketing, product management, technical and distribution support to each of our other operating segments. The negative Adjusted EBITDA reported arises as a result of operating expenses carried by the segment. Preliminary financial information
The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information. Any changes to the financial information from the completion of the audit will be announced on SENS.
Business Outlook
MiX Telematics has translated U.S. Dollar amounts in this Business Outlook paragraph from South African Rand at an exchange rate of R12.5391 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at May 7, 2018.
Based on information as of today, May 10, 2018, the Company is issuing the following financial guidance for the full 2019 fiscal year:
Subscription revenue - R1,596 million to R1,616 million ($127.3 million to $128.9 million), which would represent subscription revenue growth of 11.2% to 12.6% compared to fiscal 2018. On a constant currency basis, this would represent subscription revenue growth of 13.5% to 15.0%. Total revenue - R1,829 million to R1,859 million ($145.9 million to $148.3 million), which would represent revenue growth of 6.8% to 8.6% compared to fiscal 2018. On a constant currency basis, this would represent revenue growth of 9.1% to 10.9%. Adjusted EBITDA - R515 million to R535 million ($41.1 million to $42.7 million), which would represent Adjusted EBITDA growth of 16.6% to 21.1% compared to fiscal 2018. Adjusted earnings per diluted ordinary share of 29.6 to 31.7 South African cents based on a weighted average of 582 million diluted ordinary shares in issue, and based on an effective tax rate of 28.0% to 31.0%. At a ratio of 25 ordinary shares to one ADS, this equates to adjusted earnings per diluted ADS of 59.0 to 63.2 U.S. cents.
For the first quarter of fiscal 2019 the Company expects subscription revenue to be in the range of R379 million to R383 million ($30.2 million to $30.5 million) which would represent subscription revenue growth of 13.0% to 14.2% compared to the first quarter of fiscal 2018. On a constant currency basis, this would represent subscription revenue growth of 15.1% to 16.3%.
The key assumptions used in deriving the forecast are as follows:
Growth in subscription revenue and subscribers are based on expected growth rates related to market conditions and takes into account growth rates achieved previously. Achieving hardware sales according to expectations, as hardware sales are dependent on the volumes of bundled solutions selected by customers. An average forecast exchange rate for the 2019 fiscal year of R12.5000 per $1.00.
The forecast is the responsibility of the board of directors and has not been reviewed or reported on by the Company’s external auditors. The Company’s policy is to give guidance on a quarterly basis, if necessary, and does not update guidance between quarters.
The Company provides earnings guidance only on a non-IFRS basis and does not provide a reconciliation of forward-looking Adjusted EBITDA and Adjusted Earnings per Diluted Ordinary Share guidance to the most directly comparable IFRS financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for foreign exchange gains/(losses) and related tax consequences, restructuring costs, share-based compensation costs, and other charges reflected in the Company’s reconciliation of historic non-IFRS financial measures, the amounts of which, based on past experience, could be material.
The information disclosed in this “ Business Outlook ” paragraph complies with the disclosure requirements in terms of paragraph 8.38 of the JSE Listings Requirements which deals with profit forecasts.
Quarterly Reporting Policy in respect of JSE Listings Requirements
Following the listing of the Company’s ADSs on the New York Stock Exchange, the Company has adopted a quarterly reporting policy. As a result of such quarterly reporting the Company is, in terms of paragraph 3.4(b)(ix) of the JSE Listings Requirements, not required to publish trading statements in terms of paragraph 3.4(b)(i) to (viii) of the JSE Listings Requirements.
Conference Call Information
MiX Telematics management will also host a conference call and audio webcast at 8:00 a.m. (Eastern Daylight Time) and 2:00 p.m. (South African Time) on May 10, 2018 to discuss the Company's financial results and current business outlook:
The live webcast of the call will be available at the “Investor Information” page of the Company’s website, http://investor.mixtelematics.com . To access the call, dial +1-800-239-9838 (within the United States) or 0 800 998 654 (within South Africa) or +1-323-794-2551 (outside of the United States). The conference ID is 5328999. A replay of this conference call will be available for a limited time at +1-844-512-2921 (within the United States) or +1-412-317-6671 (within South Africa or outside of the United States). The replay conference ID is 5328999. A replay of the webcast will also be available for a limited time at http://investor.mixtelematics.com .
About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to customers managing over 676,000 assets in approximately 120 countries. The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, efficiency, risk and security. MiX Telematics was founded in 1996 and has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Australia, Romania, Thailand and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and MiX Telematics American depositary shares are listed on the New York Stock Exchange (NYSE: MIXT). For more information visit www.mixtelematics.com .
Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the 1995, including without limitation, statements concerning our financial guidance for the first quarter and full year of fiscal 2019, our position to execute on our growth strategy, and our ability to expand our leadership position. reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, those described under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) for the fiscal year ended March 31, 2017, as updated by other reports that the Company files with or furnishes to the SEC. The Company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Non-IFRS financial measures
Adjusted EBITDA
To provide investors with additional information regarding its financial results, the Company has disclosed within this press release, Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is a non-IFRS financial measure, and it does not represent cash flows from operations for the periods indicated, and should not be considered an alternative to net income as an indicator of the Company's results of operations, or as an alternative to cash flows from operations as an indicator of liquidity. Adjusted EBITDA is defined as the profit for the period before income taxes, net finance income/(costs) including foreign exchange gains/(losses), depreciation of property, plant and equipment including capitalized customer in-vehicle devices, amortization of intangible assets including capitalized in-house development costs and intangible assets identified as part of a business combination, share-based compensation costs, restructuring costs, profits/(losses) on the disposal or impairments of assets or subsidiaries, insurance reimbursements relating to impaired assets and certain litigation costs.
The Company has included Adjusted EBITDA and Adjusted EBITDA margin in this press release because they are key measures that the Company's management and board of directors use to understand and evaluate its core operating performance and trends; to prepare and approve its annual budget; and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA and Adjusted EBITDA margin can provide a useful measure for period-to-period comparisons of the Company's core business. Accordingly, the Company believes that Adjusted EBITDA and Adjusted EBITDA margin provides useful information to investors and others in understanding and evaluating its operating results.
The Company's use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this performance measure in isolation from or as a substitute for analysis of our results as reported under IFRS. Some of these limitations are:
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company's working capital needs; Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation; Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to the Company; and other companies, including companies in the Company's industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including operating profit, profit for the year and the Company's other results.
Headline Earnings
Headline earnings is a profit measure required for JSE-listed companies and is calculated in accordance with circular 2/2015 issued by the South African Institute of Chartered Accountants. The profit measure is determined by taking the profit for the year prior to certain separately identifiable re-measurements of the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability net of related tax (both current and deferred) and related non-controlling interest.
Adjusted Earnings and Adjusted Earnings Per Share
Adjusted earnings per share is defined as profit attributable to owners of the parent, MiX Telematics Limited, excluding net foreign exchange gains/(losses) net of tax, divided by the weighted average number of ordinary shares in issue during the period.
We have included Adjusted earnings per share in this press release because it provides a useful measure for period-to-period comparisons of the Company's core business by excluding net foreign exchange gains/(losses) from earnings. Accordingly, we believe that Adjusted earnings per share provides useful information to investors and others in understanding and evaluating the Company's operating results.
Free cash flow
Free cash flow is determined as net cash generated from operating activities less capital expenditure for investing activities. We believe that free cash flow provides useful information to investors and others in understanding and evaluating the Company’s cash flows as it provides detail of the amount of cash the Company generates or utilizes after accounting for all capital expenditures including investments in in-vehicle devices and development expenditure.
Constant currency and US Dollar financial information
Financial information presented in United States Dollars (“U.S. Dollars” and “$”) and constant currency financial information presented as part of the segment commentary constitute pro forma financial information under the JSE Listings Requirements. Unless otherwise stated, MiX Telematics has translated U.S. Dollar amounts from South African Rand (“R”) at an exchange rate of R11.8255 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at March 31, 2018.
Constant currency information has been presented to illustrate the impact of changes in currency rates on the Group’s results. Unless otherwise stated, the constant currency information has been determined by adjusting the current financial reporting year’s results to the prior year’s average exchange rates, determined as the average of the monthly exchange rates applicable to the year. The measurement has been performed for each of the Group’s currencies, including the U.S. Dollar and the British Pound. The constant currency growth percentage has been calculated by utilizing the constant currency results compared to the prior year results.
This pro forma financial information is the responsibility of the Group’s board of directors and is presented for illustrative purposes. Because of its nature, the pro forma financial information may not fairly present MiX Telematics’ financial position, changes in equity, results of operations or cash flows. The pro forma financial information does not constitute pro forma information in accordance with the requirements of Regulation S-X of the SEC or generally accepted accounting principles in the United States. In addition, the rules and regulations related to the preparation of pro forma financial information in other jurisdictions may also vary significantly from the requirements applicable in South Africa. The pro forma financial information contained in this results announcement has been reviewed by our auditors, Deloitte & Touche and their unmodified report thereon is available for inspection at the Company's registered office.
JSE Sponsor:
Java Capital Trustees and Sponsors Proprietary Limited
MIX TELEMATICS LIMITED CONDENSED CONSOLIDATED INCOME STATEMENTS South African Rand United States Dollar Year ended Year ended Year ended Year ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited Revenue 1,712,482 1,540,058 144,813 130,232 Cost of sales (586,963 ) (498,785 ) (49,635 ) (42,179 ) Gross profit 1,125,519 1,041,273 95,178 88,053 Other income/(expenses) - net 4,246 426 359 36 Operating expenses (914,813 ) (903,837 ) (77,359 ) (76,431 ) -Sales and marketing (184,978 ) (181,601 ) (15,642 ) (15,357 ) -Administration and other charges (729,835 ) (722,236 ) (61,717 ) (61,074 ) Operating profit 214,952 137,862 18,178 11,658 Finance (costs)/income - net (69 ) 10,391 (6 ) 879 -Finance income 8,951 16,068 757 1,359 -Finance costs (9,020 ) (5,677 ) (763 ) (480 ) Profit before taxation 214,883 148,253 18,172 12,537 Taxation (33,690 ) (26,812 ) (2,849 ) (2,267 ) Profit for the year 181,193 121,441 15,323 10,270 Attributable to: Owners of the parent 181,134 121,458 15,318 10,271 Non-controlling interests 59 (17 ) 5 (1 ) 181,193 121,441 15,323 10,270 Earnings per share -basic (R/$) 0.32 0.19 0.03 0.02 -diluted (R/$) 0.32 0.19 0.03 0.02 Earnings per American Depositary Share (Unaudited) -basic (R/$) 8.07 4.82 0.68 0.41 -diluted (R/$) 7.89 4.81 0.67 0.41 Ordinary shares ('000) (1) -in issue at March 31 564,420 563,435 564,420 563,435 -weighted average 561,088 629,626 561,088 629,626 -diluted weighted average 573,981 631,819 573,981 631,819 Weighted average American Depositary Shares ('000) (1) (Unaudited) -in issue at March 31 22,577 22,537 22,577 22,537 -weighted average 22,444 25,185 22,444 25,185 -diluted weighted average 22,959 25,273 22,959 25,273 (1) March 31, 2018 figure excludes 40,000,000 (March 31, 2017: 40,000,000) treasury shares held by MiX Telematics Investments Proprietary Limited (“MiX Investments”), a wholly owned subsidiary of the Group.
MIX TELEMATICS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME South African Rand United States Dollar Year ended Year ended Year ended Year ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited Profit for the year 181,193 121,441 15,323 10,270 Other comprehensive income: Items that may be subsequently reclassified to profit or loss Exchange differences on translating foreign operations (60,331 ) (80,870 ) (5,101 ) (6,838 ) - Attributable to owners of the parent (60,339 ) (80,820 ) (5,102 ) (6,834 ) - Attributable to non-controlling interests 8 (50 ) 1
(4 ) Taxation relating to components of other comprehensive income (237 ) (59 ) (20 ) (5 ) Other comprehensive loss for the year, net of tax (60,568 ) (80,929 ) (5,121 ) (6,843 ) Total comprehensive income for the year 120,625 40,512 10,202 3,427 Attributable to: Owners of the parent 120,558 40,579 10,196 3,432 Non-controlling interests 67 (67 ) 6 (5 ) Total comprehensive income for the year 120,625 40,512 10,202 3,427
MIX TELEMATICS LIMITED HEADLINE EARNINGS Reconciliation of headline earnings South African Rand United States Dollar Year ended Year ended Year ended Year ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited Profit for the year attributable to owners of the parent 181,134 121,458 15,318 10,271 Adjusted for: (Profit)/loss on disposal of property, plant and equipment and intangible assets (1,264 ) 262 (107 ) 22 Impairment of intangible assets 2,687 3,166 227 268 Impairment /(reversal of impairment) of property, plant and equipment 9 (791 ) 1 (67 ) Non-controlling interest effects on the above components — 8 — 1 Income tax effect on the above components (380 ) (661 ) (32 ) (56 ) Headline earnings attributable to owners of the parent 182,186 123,442 15,407 10,439 Headline earnings Headline earnings per share -basic (R/$) 0.32 0.20 0.03 0.02 -diluted (R/$) 0.32 0.20 0.03 0.02 Headline earnings per American Depositary Share (Unaudited) -basic (R/$) 8.12 4.90 0.69 0.41 -diluted (R/$) 7.94 4.88 0.67 0.41
MIX TELEMATICS LIMITED ADJUSTED EARNINGS Reconciliation of adjusted earnings South African Rand United States Dollar Year ended Year ended Year ended Year ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited Profit for the year attributable to owners of the parent 181,134 121,458 15,318 10,271 Net foreign exchange losses/(gains) 5,073 (1,476 ) 429 (125 ) Income tax effect on the above component (29,403 ) (15,307 ) (2,486 ) (1,294 ) Adjusted earnings attributable to owners of the parent 156,804 104,675 13,261 8,852 Reconciliation of earnings per share to adjusted earnings per share Basic earnings per share (R/$) 0.32 0.19 0.03 0.02 Net foreign exchange losses/(gains) 0.01 # # # Income tax effect on the above component (0.05 ) (0.02 ) (0.01 ) (0.01 ) Basic adjusted earnings per share (R/$) 0.28 0.17 0.02 0.01 Adjusted earnings Adjusted earnings per share -basic (R/$) 0.28 0.17 0.02 0.01 -diluted (R/$) 0.27 0.17 0.02 0.01 Adjusted earnings per American Depositary Share (Unaudited) -basic (R/$) 6.99 4.16 0.59 0.35 -diluted (R/$) 6.83 4.14 0.58 0.35 # Amount less than $0.01.
MIX TELEMATICS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION South African Rand United States Dollar Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited ASSETS Non-current assets Property, plant and equipment 334,038 294,120 28,247 24,872 Intangible assets 898,527 881,900 75,982 74,576 Finance lease receivable — 22 — 2 Deferred tax assets 40,717 28,130 3,443 2,379 Total non-current assets 1,273,282 1,204,172 107,672 101,829 Current assets Assets classified as held for sale (note 6) 17,058 — 1,442 — Inventory (note 7) 57,013 26,449 4,821 2,237 Trade and other receivables 286,406 260,576 24,219 22,035 Finance lease receivable — 140 — 12 Taxation 30,373 26,302 2,568 2,224 Restricted cash 20,935 13,268 1,770 1,122 Cash and cash equivalents 308,258 375,782 26,067 31,777 Total current assets 720,043 702,517 60,887 59,407 Total assets 1,993,325 1,906,689 168,559 161,236 EQUITY Stated capital 846,405 854,345 71,575 72,246 Other reserves (51,614 ) (4,370 ) (4,364 ) (369 ) Retained earnings 722,380 594,514 61,086 50,274 Equity attributable to owners of the parent 1,517,171 1,444,489 128,297 122,151 Non-controlling interest 10 (1,558 ) 2 (131 ) Total equity 1,517,181 1,442,931 128,299 122,020 LIABILITIES Non-current liabilities Deferred tax liabilities 82,658 100,067 6,990 8,462 Provisions 2,132 1,833 180 155 Total non-current liabilities 84,790 101,900 7,170 8,617 Current liabilities Trade and other payables 350,519 309,110 29,638 26,139 Taxation 2,832 4,521 239 382 Provisions 20,283 28,778 1,715 2,434 Bank overdraft 17,720 19,449 1,498 1,644 Total current liabilities 391,354 361,858 33,090 30,599 Total liabilities 476,144 463,758 40,260 39,216 Total equity and liabilities 1,993,325 1,906,689 168,559 161,236
MIX TELEMATICS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS South African Rand United States Dollar Year ended Year ended Year ended Year ended March 31, March 31, March 31, March 31, Figures are in thousands unless otherwise stated 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited Cash flows from operating activities Cash generated from operations 413,025 377,115 34,927 31,890 Net finance income received 4,845 9,057 410 766 Taxation paid (64,662 ) (62,601 ) (5,468 ) (5,294 ) Net cash generated from operating activities 353,208 323,571 29,869 27,362 Cash flows from investing activities Capital expenditure payments (338,261 ) (295,523 ) (28,604 ) (24,990 ) Proceeds on sale of property, plant and equipment and intangible assets 4,388 369 371 31 Deferred consideration paid — (1,103 ) — (93 ) Decrease in restricted cash 127 6,951 11 588 Increase in restricted cash (8,389 ) (3,588 ) (709 ) (303 ) Net cash used in investing activities (342,135 ) (292,894 ) (28,931 ) (24,767 ) Cash flows from financing activities Proceeds from issuance of ordinary shares 10,726 7,072 907 598 Share repurchase (note 9) (18,666 ) (473,682 ) (1,578 ) (40,056 ) Dividends paid to Company's owners (53,201 ) (52,966 ) (4,501 ) (4,479 ) Acquisition of non-controlling interest (note 11) (1,353 ) — (114 ) — Net cash used in financing activities (62,494 ) (519,576 ) (5,286 ) (43,937 ) Net decrease in cash and cash equivalents (51,421 ) (488,899 ) (4,348 ) (41,342 ) Net cash and cash equivalents at the beginning of the year 356,333 860,762 30,133 72,789 Exchange losses on cash and cash equivalents (14,374 ) (15,530 ) (1,216 ) (1,314 ) Net cash and cash equivalents at the end of the year 290,538 356,333 24,569 30,133
MIX TELEMATICS LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2018 Attributable to owners of the parent South African Rand Figures are in thousands unless otherwise stated
Stated capital
Other reserves
Retained earnings
Total Non-
controlling
interest Total
equity Balance at March 31, 2016 (Audited) 1,320,955 74,262 526,082 1,921,299 (1,491 ) 1,919,808 Total comprehensive income — (80,879 ) 121,458 40,579 (67 ) 40,512 Profit for the year — — 121,458 121,458 (17 ) 121,441 Other comprehensive loss — (80,879 ) — (80,879 ) (50 ) (80,929 ) Total transactions with owners (466,610 ) 2,247 (53,026 ) (517,389 ) — (517,389 ) Shares issued in relation to share options exercised 7,072 — — 7,072 — 7,072 Share-based payment transaction — 2,247 — 2,247 — 2,247 Dividends declared (note 10) — — (53,026 ) (53,026 ) — (53,026 ) Share repurchase (note 9) (473,682 ) — — (473,682 ) — (473,682 ) Balance at March 31, 2017 (Audited) 854,345 (4,370 ) 594,514 1,444,489 (1,558 ) 1,442,931 Total comprehensive income — (60,576 ) 181,134 120,558 67 120,625 Profit for the year — — 181,134 181,134 59 181,193 Other comprehensive (loss)/income — (60,576 ) — (60,576 ) 8 (60,568 ) Total transactions with owners (7,940 ) 13,332 (53,268 ) (47,876 ) 1,501 (46,375 ) Shares issued in relation to share options and share appreciation rights exercised 10,726 — — 10,726 — 10,726 Share-based payment transaction — 9,000 — 9,000 — 9,000 Share-based payment - excess tax benefit — 5,833 — 5,833 — 5,833 Dividends declared (note 10) — — (53,268 ) (53,268 ) — (53,268 ) Share repurchase (note 9) (18,666 ) — — (18,666 ) — (18,666 ) Transactions with non-controlling interests
— (1,501 ) — (1,501 ) 1,501 — Balance at March 31, 2018 (Reviewed) 846,405 (51,614 ) 722,380 1,517,171 10 1,517,181
MIX TELEMATICS LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2018 Attributable to owners of the parent United States Dollar Figures are in thousands unless otherwise stated
Stated
capital Other
reserves Retained
earnings Total Non-
controlling
interest Total
equity Balance at March 31, 2016 (Unaudited) 111,704 6,280 44,487 162,471 (126 ) 162,345 Total comprehensive income — (6,839 ) 10,271 3,432 (5 ) 3,427 Profit for the year — — 10,271 10,271 (1 ) 10,270 Other comprehensive loss — (6,839 ) — (6,839 ) (4 ) (6,843 ) Total transactions with owners (39,458 ) 190 (4,484 ) (43,752 ) — (43,752 ) Shares issued in relation to share options exercised 598 — — 598 — 598 Share-based payment transaction — 190 — 190 — 190 Dividends declared (note 10) — — (4,484 ) (4,484 ) — (4,484 ) Share repurchase (note 9) (40,056 ) — — (40,056 ) — (40,056 ) Balance at March 31, 2017 (Unaudited) 72,246 (369 ) 50,274 122,151 (131 ) 122,020 Total comprehensive income — (5,122 ) 15,318 10,196 6 10,202 Profit for the year — — 15,318 15,318 5 15,323 Other comprehensive (loss)/income — (5,122 ) — (5,122 ) 1 (5,121 ) Total transactions with owners (671 ) 1,127 (4,506 ) (4,050 ) 127 (3,923 ) Shares issued in relation to share options and share appreciation rights exercised 907 — — 907 — 907 Share-based payment transaction — 761 — 761 — 761 Share-based payment - excess tax benefit — 493 — 493 — 493 Dividends declared (note 10) — — (4,506 ) (4,506 ) — (4,506 ) Share repurchase (note 9) (1,578 ) — —
(1,578 ) — (1,578 ) Transactions with non-controlling interests
— (127 ) — (127 ) 127 — Balance at March 31, 2018 (Unaudited) 71,575 (4,364 ) 61,086 128,297 2 128,299 NOTES TO PRELIMINARY CONDENSED CONSOLIDATED FINANCIAL RESULTS
1. Basis of preparation and accounting policies
The preliminary condensed consolidated financial statements are prepared in accordance with the requirements of the JSE Limited (“JSE”) Listings Requirements for preliminary condensed financial statements and the requirements of the Companies Act applicable to financial statements. The JSE Listings Requirements require preliminary condensed financial statements to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (“IFRS”) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the preliminary condensed consolidated financial statements are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements, unless otherwise stated.
The preliminary condensed consolidated financial statements were prepared under the supervision of the Interim Group Chief Financial Officer, Paul Dell, CA(SA). The results were made available on May 10, 2018.
The Group has adopted all the new, revised or amended accounting pronouncements as issued by the International Accounting Standards Board (“IASB”) which were effective for the Group from April 1, 2017, none of which had a material impact on the Group.
Certain new accounting standards and interpretations have been published that are not mandatory for the March 31, 2018 reporting period and have not been early adopted by the Group in fiscal 2018. The effect of adopting IFRS 9, IFRS 15 and IFRS 16 is set out below.
Management is in the final stages of its project to adopt IFRS 9, IFRS 15 and IFRS 16 and as such the figures mentioned below represent our current expectations of the impact from these standards.
Standards and amendments Executive summary IFRS 9 Financial Instruments (“IFRS 9”) IFRS 9 addresses classification and measurement of financial assets and replaces the multiple classification and measurement models in IAS 39 Financial Instruments: Recognition and Measurement with a single model that has only two classification categories: amortized cost and fair value. IFRS 9 also introduces a new impairment model and aligns hedge accounting more closely with an entity’s risk management.
The standard is effective for the Group from April 1, 2018.
The most relevant change to the Group is the requirement to use an expected loss model instead of the incurred loss model which is currently being used when assessing the recoverability of trade and other receivables. Based on the expected loss model contained in IFRS 9, the expected increase in the provision for doubtful debts at April 1, 2018 is between R2.0 million ($0.2 million) and R4.0 million ($0.3 million).
IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) IFRS 15 replaces IAS 18 Revenue and IAS 11 Construction Contracts. It is a single, comprehensive revenue recognition model for all contracts with customers and has the objective of achieving greater consistency in the recognition and presentation of revenue. In terms of the new standard, revenue is recognized based on the satisfaction of performance obligations, which occurs when control of goods or services transfers to a customer.
The revenue standard is effective for annual periods beginning on or after January 1, 2018 and therefore is applicable for the Group from April 1, 2018.
The standard permits a modified retrospective cumulative catch-up approach for the adoption, which the Group has decided to apply. Under this approach, the Group will recognize transitional adjustments in retained earnings on the date of initial application (i.e. April 1, 2018), without restating the comparative period. Under the practical expedient, the new requirements only need to be applied to contracts that are not completed as of April 1, 2018.
The Group has assessed the impact of applying IFRS 15 on its financial statements and has identified the following areas that will be affected:
• Costs incurred in obtaining a contract:
Commissions incurred to acquire contracts need to be capitalized and amortized, unless the amortization period is 12 months or less. Currently, the Group expenses commissions. Under IFRS 15, the amortization expense reflects the settlement of the related performance obligations, which, depending on the specific contract, may include hardware, installation, training and/or service. To the extent commission capitalized is commensurate, the commission attributable to service will be amortized over the minimum contractual period or, if shorter, the expected life of the contract. To the extent it is not commensurate, the commission capitalized that is attributable to service will be amortized over the expected life of the contract.
The expected impact on the Group at April 1, 2018 is as follows:
• Capitalized commission asset with a net book value of between R43.0 million ($3.6 million) and R48.0 million ($4.1 million); and
• Additional recurring commission liability of between R6.0 million ($0.5 million) and R8.0 million ($0.7 million).
Recurring commission is commission which is payable for each month the customer remains with the Group. Since the commission relates to acquiring a customer contract, as part of the adoption of IFRS 15, a recurring commission liability will be recognized at the date on which the contract is acquired. The measurement will reflect the total commission payable over the minimum contractual period, or if shorter, the expected life of the contract, together with the effect of the time value of money, where significant. Under current accounting the recurring commissions are accrued for on a monthly basis.
Amortization expense of external commissions capitalized under IFRS 15 will be recognized in cost of sales; while that of internal commissions will be recognized in sales and marketing costs. Commissions not capitalized under the 12-month practical expedient will also be classified in the same manner. This is in line with the current income statement presentation of the commission expense. The impact of IFRS 15 on both cost of sales and sales and marketing costs for fiscal 2019 is not expected to be material based on current forecasts.
• Significant financing:
In respect of contracts for which the Group receives payment more than 12 months in advance, interest expense will need to be accrued on the income received in advance liability. This will result in the revenue being measured at a higher amount when it is recognized, compared to current accounting.
At April 1, 2018, it is expected that the income received in advance liability (which will be disclosed as 'liabilities related to contracts with customers') will be between R1.0 million ($0.1 million) and R3.0 million ($0.3 million) higher than the balance at March 31, 2018.
IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) • Fixed escalations :
Fixed escalations will need to be spread evenly over the contract period resulting in the related revenue being different to what is actually billed. In the earlier part of the contract, revenue will be higher than the amount billed; while in the latter part it will be lower. Currently, the Group recognizes the increase in revenue due to fixed escalations only once the escalations are effective.
A contract asset of between R1.0 million ($0.1 million) and R2.0 million ($0.2 million) is expected to be recognized on April 1, 2018 reflecting the amount by which revenue should have been higher under IFRS 15 in periods prior to March 31, 2018 as a result of straight-lining the fixed escalations.
IFRS 16 Leases (“IFRS 16”) IFRS 16 replaces IAS 17 Leases and addresses the accounting and disclosures for leases.
The standard provides a single lessee accounting model, requiring lessees to recognize right-of-use assets and lease liabilities for all leases, unless the lease term is 12 months or less or the underlying asset is a low-value asset. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting remaining substantially unchanged from its predecessor, IAS 17.
IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019, but can be early adopted. Given that the Group will be applying IFRS 15 from April 1, 2018, the Group decided to also adopt IFRS 16 from this date.
The Group has chosen to apply the ‘simplified approach’ on adoption of IFRS 16 that includes certain relief related to the measurement of the right-of-use asset and the lease liability at April 1, 2018, rather than full retrospective application. Furthermore, the ‘simplified approach’ does not require a restatement of comparatives.
The Group leases land and buildings, office equipment and vehicles which are currently treated as operating leases.
The expected impact on the Group at April 1, 2018 is as follows:
Right-of-use asset with a net book value of between R29.0 million ($2.5 million) and R32.0 million ($2.7 million); and Lease liability (net of accruals/prepayments already recognized) of between R31.0 million ($2.6 million) and R35.0 million ($3.0 million). Summary of the expected impact at April 1, 2018 of adopting IFRS 9, IFRS 15 & IFRS 16:
South African Rand United States Dollar IFRS 9 Assets (R2.0 million) to (R4.0 million) ($0.2 million) to ($0.3 million) IFRS 15 Assets R44.0 million to R50.0 million $3.7 million to $4.2 million IFRS 16 Assets R29.0 million to R32.0 million $2.5 million to $2.7 million Total Assets R71.0 million to R78.0 million $6.0 million to $6.6 million IFRS 15 Liabilities R7.0 million to R11.0 million $0.6 million to $0.9 million IFRS 16 Liabilities R31.0 million to R35.0 million $2.6 million to $3.0 million Deferred tax liabilities R6.0 million to R10.0 million $0.5 million to $0.8 million Total liabilities R44.0 million to R56.0 million $3.7 million to $4.7 million Net increase in equity R22.0 million to R27.0 million $1.9 million to $2.3 million Summary of the expected impact on fiscal 2019 results of adopting IFRS 9, IFRS 15 & IFRS 16:
The impact on profit after tax for fiscal 2019 is not expected to be material.
Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to presenting these preliminary condensed consolidated financial results in South African Rand, supplementary information in U.S. Dollars has been prepared for the convenience of users of the Group financial results. Unless otherwise stated, the Group has translated U.S. Dollar amounts from South African Rand at the exchange rate of R11.8255 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at March 31, 2018. The U.S. Dollar figures may not compute as they are rounded independently.
The supplementary information prepared in U.S. Dollars constitutes pro forma financial information under the JSE Listings Requirements. This pro forma financial information is the responsibility of the Group’s board of directors and is presented for illustrative purposes. Because of its nature, the pro forma financial information may not fairly present MiX Telematics’ financial position, changes in equity, results of operations or cash flows. The pro forma financial information does not constitute pro forma information in accordance with the requirements of Regulation S-X of the SEC or generally accepted accounting principles in the United States. In addition, the rules and regulations related to the preparation of pro forma financial information in other jurisdictions may also vary significantly from the requirements applicable in South Africa.
2. Independent review
The preliminary condensed consolidated financial statements for the year ended March 31, 2018 have been reviewed by Deloitte & Touche, who expressed an unmodified review conclusion thereon, which is available for inspection at the Company's registered office. The auditor's report does not necessarily report on all the information contained in these financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of the auditor's report together with the accompanying financial information from the Company's registered office. Any reference to future financial performance, included in this announcement, has not been reviewed or reported on by the Company’s auditors.
3. Segment information
Our operating segments are based on the geographical location of our Regional Sales Offices (“RSOs”) and also include our Central Services Organization (“CSO”). CSO is our central services organization that wholesales our products and services to our RSOs who, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for the development of our hardware and software platforms and provides common marketing, product management, technical and distribution support to each of our other operating segments.
The chief operating decision maker (“CODM”) reviews the segment results on an integral margin basis as defined by management. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified collectively as the executive committee and the Chief Executive Officer who make strategic decisions. In respect of revenue, this method of measurement entails reviewing the segmental results based on external revenue only. In respect of Adjusted EBITDA (the profit measure identified by the CODM), the margin generated by CSO, net of any unrealized intercompany profit, is allocated to the geographic region where the external revenue is recorded by our RSOs. The costs remaining in CSO relate mainly to research and development of hardware and software platforms, common marketing, product management and technical and distribution support to each of the RSOs. CSO is a reportable segment of the Group because it produces discrete financial information which is reviewed by the CODM and has the ability to generate external revenues.
Each RSO's results therefore reflect the external revenue earned, as well as the Adjusted EBITDA earned (or loss incurred) by each operating segment before the remaining CSO and corporate costs allocations. Segment assets are not disclosed as segment information is not reviewed on such a basis by the CODM.
SEGMENTAL ANALYSIS South African Rand
Figures are in thousands unless otherwise stated Subscription
revenue
Hardware and
other revenue
Total
revenue Adjusted
EBITDA
Year ended March 31, 2018 (Reviewed) Regional Sales Offices Africa 872,646 84,832 957,478 440,900 Europe 115,199 78,061 193,260 65,326 Americas 194,890 32,715 227,605 79,127 Middle East and Australasia 200,241 78,424 278,665 106,835 Brazil 50,735 3,695 54,430 16,747 Total Regional Sales Offices 1,433,711 277,727 1,711,438 708,935 Central Services Organization 904 140 1,044 (149,878 ) Total Segment Results 1,434,615 277,867 1,712,482 559,057 Corporate and consolidation entries — — — (117,191 ) Total 1,434,615 277,867 1,712,482 441,866
South African Rand
Figures are in thousands unless otherwise stated Subscription
revenue
Hardware and
other revenue
Total
revenue Adjusted
EBITDA
Year ended March 31, 2017 (Audited) Regional Sales Offices Africa 772,224 86,945 859,169 344,077 Europe 113,223 64,108 177,331 52,369 Americas 121,462 38,957 160,419 26,804 Middle East and Australasia 199,474 104,976 304,450 91,149 Brazil 32,653 5,158 37,811 9,394 Total Regional Sales Offices 1,239,036 300,144 1,539,180 523,793 Central Services Organization 878 — 878 (127,828 ) Total Segment Results 1,239,914 300,144 1,540,058 395,965 Corporate and consolidation entries — — — (94,352 ) Total 1,239,914 300,144 1,540,058 301,613
SEGMENTAL ANALYSIS United States Dollar
Figures are in thousands unless otherwise stated Subscription
revenue
Hardware and
other revenue
Total
revenue Adjusted
EBITDA
Year ended March 31, 2018 (Unaudited) Regional Sales Offices Africa 73,794 7,174 80,968 37,284 Europe 9,742 6,601 16,343 5,524 Americas 16,480 2,766 19,246 6,691 Middle East and Australasia 16,933 6,632 23,565 9,034 Brazil 4,290 311 4,601 1,416 Total Regional Sales Offices 121,239 23,484 144,723 59,949 Central Services Organization 76 14 90 (12,674 ) Total Segment Results 121,315 23,498 144,813 47,275 Corporate and consolidation entries — — — (9,909 ) Total 121,315 23,498 144,813 37,366
United States Dollar
Figures are in thousands unless otherwise stated Subscription
revenue
Hardware and
other revenue
Total
revenue Adjusted
EBITDA
Year ended March 31, 2017 (Unaudited) Regional Sales Offices Africa 65,302 7,352 72,654 29,096 Europe 9,574 5,421 14,995 4,428 Americas 10,271 3,294 13,565 2,267 Middle East and Australasia 16,868 8,877 25,745 7,708 Brazil 2,761 437 3,198 794 Total Regional Sales Offices 104,776 25,381 130,157 44,293 Central Services Organization 75 — 75 (10,810 ) Total Segment Results 104,851 25,381 130,232 33,483 Corporate and consolidation entries — — — (7,980 ) Total 104,851 25,381 130,232 25,503
4. Reconciliation of Adjusted EBITDA to Profit for the year South African Rand United States Dollar Year ended Year ended Year ended Year ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited Adjusted EBITDA 441,866 301,613 37,366 25,503 Add: Net profit on sale of property, plant and equipment and intangible assets 1,264 — 107 — Decrease in restructuring costs provision 741 — 63 — Reversal of impairment — 791 — 67 Less: Depreciation (1) (151,945 ) (98,508 ) (12,849 ) (8,329 ) Amortization (2) (63,926 ) (44,734 ) (5,406 ) (3,783 ) Impairment (3) (2,696 ) (3,166 ) (228 ) (267 ) Share-based compensation costs (10,352 ) (3,311 ) (875 )
(280 ) Equity-settled share-based compensation costs (9,000 ) (2,247 ) (761 )
(190 ) Cash-settled share-based compensation costs (1,352 ) (1,064 ) (114 )
(90 ) Net loss on sale of property, plant and equipment and intangible assets — (262 ) —
(22 ) Increase in restructuring costs provision — (14,561 ) —
(1,231 ) Operating profit 214,952 137,862 18,178 11,658 Add: Finance (costs)/income - net (69 ) 10,391 (6 ) 879 Less: Taxation (33,690 ) (26,812 ) (2,849 ) (2,267 ) Profit for the year 181,193 121,441 15,323 10,270 (1) Includes depreciation of property, plant and equipment (including in-vehicle devices).
(2) Includes amortization of intangible assets (including product development costs and intangible assets identified as part of a business combination).
(3) Asset impairments relate to the impairment of capitalized product development costs of R2.3 million ($0.2 million) in the Africa segment and R0.4 million ($0.03 million) in the CSO segment. In 2017, asset impairments related to the impairment of capitalized product development costs of R2.6 million ($0.2 million) in the Africa segment and R0.5 million ($0.04 million) in the CSO segment.
5. Reconciliation of Adjusted EBITDA margin to Profit for the year margin Year ended Year ended March 31, March 31, 2018 2017 Reviewed Audited Adjusted EBITDA margin 25.8 % 19.6 % Add: Net profit on sale of property, plant and equipment and intangible assets 0.1 % — Decrease in restructuring costs provision 0.0 % — Reversal of impairment — 0.1 % Less: Depreciation (8.9 %) (6.4 %) Amortization (3.6 %) (3.0 %) Impairment (0.2 %) (0.2 %) Share-based compensation costs (0.6 %) (0.2 %) Equity-settled share-based compensation costs (0.5 %) (0.1 %) Cash-settled share-based compensation costs (0.1 %) (0.1 %) Net loss on sale of property, plant and equipment and intangible assets — (0.0 %) Increase in restructuring costs provision — (0.9 %) Operating profit margin 12.6 % 9.0 % Add: Finance (costs)/income - net (0.0 %) 0.7 % Less: Taxation (2.0 %) (1.8 %) Profit for the year margin 10.6 % 7.9 % 6. Assets Classified as Held for Sale
The Assets classified as held for sale relate to the property held by the CSO segment. No impairment loss was recognized on reclassification of the property as held for sale as the fair value (estimated based on the recent market prices of similar properties in similar locations) less costs to sell is higher than the carrying amount. Management anticipate that the sale will be completed within 12 months.
7. Inventory
The increase in the inventory balance is primarily as a result of additional components and hardware devices on hand to meet the Company's internal safety inventory requirements and in anticipation of future hardware sales.
8. Free Cash Flow
Reconciliation of free cash flow to net cash generated from operating activities South African Rand United States Dollar Year ended Year ended Year ended Year ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Unaudited Unaudited Unaudited Net cash generated from operating activities 353,208 323,571 29,869 27,362 Capital expenditure payments (338,261 ) (295,523 ) (28,604 ) (24,990 ) Free cash flow 14,947 28,048 1,265 2,372 9. Share Repurchase
Fiscal 2018
On May 23, 2017, the MiX Telematics board of directors approved a share repurchase program of up to R270 million ($22.8 million) under which the Company may repurchase its ordinary shares, including American Depositary Shares (“ADSs”). The Company may repurchase its shares from time to time at its discretion through open market transactions and block trades, based on ongoing assessments of the capital needs of the Company, the market price of its securities and general market conditions. This share repurchase program may be discontinued at any time by the board of directors, and the Company has no obligation to repurchase any amount of its securities under the program. The repurchase program will be funded out of existing cash resources.
At March 31, 2018, the following purchases had been made under the share repurchase program:
South African Rand
Figures are in
thousands unless
otherwise stated
Total number of
shares
repurchased
Average price
paid per
share (1)
Shares canceled
under the share
repurchase
program
Total value of
shares
purchased as
part of
publicly
announced
program
Maximum value
of
shares that may
yet
be purchased
under
the program
June 2017 5,015,660 3.72 5,015,660 18,666 251,334 5,015,660 5,015,660 18,666 251,334 United States Dollar
Figures are in
thousands unless
otherwise stated
Total number of
shares
repurchased
Average price
paid per
share (1)
Shares canceled
under the share
repurchase
program
Total value of shares
purchased as part of
publicly announced
program
Maximum value of
shares that may yet
be purchased under
the program
June 2017 5,015,660 0.31 5,015,660 1,578 21,254 5,015,660 5,015,660 1,578 21,254 (1) Including transaction costs.
Subsequent to the repurchase, the shares were delisted and now form part of the authorized unissued share capital of the Company. At March 31, 2018, the Company had 564,420,145 ordinary shares of no par value in issue (excluding 40,000,000 treasury shares held by MiX Investments).
Fiscal 2017
On April 29, 2016, the Company entered into an agreement (the “share repurchase agreement”) with Imperial Holdings Limited (“Imperial Holdings”) and Imperial Corporate Services Proprietary Limited (“Imperial Corporate Services”), a wholly owned subsidiary of Imperial Holdings, to repurchase all 200,828,260 of the Company’s shares held by Imperial Corporate Services (the “repurchase shares”) at R2.36 ($0.20) per repurchase share, for an aggregate repurchase consideration of R474.0 million or $40.1 million (the “repurchase”). At the general meeting held on August 1, 2016, shareholders of the Company approved the repurchase in terms of the JSE Listings Requirements and the South African Companies Act, No. 71 of 2008, at which point the transaction was accounted for in terms of IFRS. The repurchase was implemented on August 29, 2016. Subsequent to the repurchase, the shares were delisted and now form part of the authorized unissued share capital of the Company.
In fiscal 2017, the financial effect of the transaction was as follows:
Year ended Year ended March 31, March 31, 2017 2017 South African
Rand
United States
Dollar
Audited Unaudited Aggregate repurchase consideration 473,955 40,079 Impact of discounting related to the fiscal 2017 share repurchase transaction (3,222) (272) Transaction costs capitalized 2,949 249 Total share repurchase cost 473,682 40,056 10. Dividends Paid
During fiscal 2016 the board of directors decided to reintroduce the Company’s policy of paying regular dividends. Dividend payments are currently considered on a quarter-by-quarter basis.
The following dividends were declared by the Company in fiscal 2018 (excluding dividends paid on treasury shares):
In respect of the fourth quarter of fiscal 2017, a dividend of R11.3 million ($1.0 million) was declared on May 23, 2017 and paid on June 19, 2017. Using shares in issue of 563,514,561 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 South African cents or 0.2 U.S. cents per share. In respect of the first quarter of fiscal year 2018, a dividend of R14.0 million ($1.2 million) was declared on August 1, 2017 and paid on August 28, 2017. Using shares in issue of 558,898,901 (excluding 40,000,000 treasury shares), this equated to a dividend of 2.5 South African cents or 0.2 U.S. cents per share. In respect of the second quarter of fiscal year 2018, a dividend of R14.0 million ($1.2 million) was declared on October 31, 2017 and paid on November 27, 2017. Using shares in issue of 559,418,095 (excluding 40,000,000 treasury shares), this equated to a dividend of 2.5 South African cents and 0.2 U.S. cents per share. In respect of the third quarter of fiscal year 2018, a dividend of R14.0 million ($1.2 million) was declared on January 30, 2018 and paid on February 26, 2018. Using shares in issue of 562,320,145 (excluding 40,000,000 treasury shares), this equated to a dividend of 2.5 South African cents and 0.2 U.S. cents per share.
The following dividends were declared by the Company in fiscal 2017:
In respect of the fourth quarter of fiscal 2016, a dividend of R15.2 million ($1.3 million) was declared on May 24, 2016 and paid on June 20, 2016. Using shares in issue of 761,337,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 South African cents and 0.2 U.S. cents per share. In respect of the first quarter of fiscal year 2017, a dividend of R15.3 million ($1.3 million) was declared on August 4, 2016 and paid on August 29, 2016. Using shares in issue of 763,087,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 South African cents and 0.2 U.S. cents per share. In respect of the second quarter of fiscal year 2017, a dividend of R11.3 million ($1.0 million) was declared on November 3, 2016 and paid on November 28, 2016. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 South African cents and 0.2 U.S. cents per share. In respect of the third quarter of fiscal year 2017, a dividend of R11.2 million ($0.9 million) was declared on February 2, 2017 and paid on February 27, 2017. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 South African cents and 0.2 U.S. cents per share.
11. Acquisition of non-controlling interest
In June 2014, the Group entered into a quotaholders agreement with Edge Gestão Empresarial LTDA (“Edge”), whereby Edge was granted a 5% holding in the equity interest of MiX Telematics Serviços De Telemetria E Rastreamento De Veículos Do Brazil Limitada (“MiX Brazil”). Prior to this quotaholders agreement, Edge held a non-controlling interest in MiX Brazil of 0.0025%. Edge is a Brazilian-based investment company controlled by Luiz Munhoz, the Managing Director of MiX Brazil. The increase in the equity interests granted to Edge was in respect of services provided by Luiz Munhoz to MiX Brazil, in his role as Managing Director of MiX Brazil. In terms of the quotaholders agreement, Edge had an option to transfer its interest in MiX Brazil back to the Group at fair value. The quotaholders agreement with Edge represented a cash-settled share-based payment.
In September 2017, Edge exercised the put option in the quotaholders agreement. In terms of the subsequent sale agreement, MiX Investments acquired Edge’s 5% equity interest in MiX Brazil for R1.4 million ($0.1 million) which increased the Group's interest in MiX Brazil to 100%. As a result, the Group recognized a cash-settled share-based payment expense and liability of R1.4 million ($0.1 million), which was subsequently settled. The non-controlling interest related to MiX Brazil of R1.5 million ($0.1 million) was also transferred to other reserves within equity.
12. Fair values of financial assets and liabilities measured at amortized cost
The fair values of trade and other receivables, restricted cash, cash and cash equivalents, trade payables, accruals, bank overdrafts and other payables approximate their book values as the impact of discounting is not considered material due to the short-term nature of both the receivables and payables.
13. Contingencies
Service agreement
In terms of an amended network services agreement with Mobile Telephone Networks Proprietary Limited (“MTN”), MTN is entitled to claw back payments from MiX Telematics Africa Proprietary Limited, a subsidiary of the Group, in the event of early cancellation of the agreement or certain base connections not being maintained over the term of the agreement. No connection incentives will be received in terms of the amended network services agreement. The maximum potential liability under the arrangement is R43.7 million ($3.7 million). No loss is considered probable under this arrangement.
14. Change in estimate of useful lives of product development costs capitalized
During fiscal 2018, the CSO segment reassessed the useful lives of certain projects where, on average, the useful lives were increased from 5.0 years to 6.5 years. The reassessment of the useful lives resulted in a R4.5 million ($0.4 million) reduction in the product development amortization expense relative to what it would have been in fiscal 2018 had the change not occurred. The amortization reduction expected to be charged to the income statement over the future fiscal years is as follows:
Figures are in thousands Year ended March 31, 2019
2020 2021 2022 2023 2024 2025 2026 2027 2028 South African Rand 1,694 611 748 457 334 303 158 106 106 27 United States Dollar 143 52 63 39 28 26 13 9 9 2 15. Taxation
Section 11D Allowances relating to tax assets recognized
MiX Telematics International Proprietary Limited (“MiX International”), a subsidiary of the Group, historically claimed a 150% allowance for research and development spend in terms of section 11D (“S11D”) of the South African Income Tax Act No. 58 of 1962 (“the Act”). As of October 1, 2012, the legislation relating to the allowance was amended. The amendment requires pre-approval of development project expenditure on a project specific basis by the South African Department of Science and Technology (“DST”) in order to claim a deduction of the additional 50% over and above the expenditure incurred (150% allowance). Since the amendments to S11D of the Act, MiX International had been claiming the 150% deduction resulting in a recognized tax benefit. MiX International has complied with the amended legislation by submitting all required documentation to the DST in a timely manner, commencing in October 2012.
In June 2014, correspondence was received from the DST indicating that the research and development expenditure on certain projects for which the 150% allowance was claimed in the 2013 and 2014 fiscal years did not, in the DST’s opinion, constitute qualifying expenditure in terms of the Act. MiX International, through due legal process, had formally requested a review of the DST’s decision not to approve this expenditure. While approvals were obtained for a portion of this project expenditure as a result of a further review performed by the DST in February 2017, we continue to seek approval for the remaining projects and as such the legal process is ongoing. In addition to the approvals that were subject to the legal process, further approvals have been obtained for certain project expenditure, relating to both current and prior financial years. However, at period end, an uncertain tax position remains in relation to S11D deductions in respect of which approvals remain pending.
Since the introduction of the DST pre-approval process, the Group has recognized in the income statement cumulative tax incentives in addition to the incurred cost of R20.5 million ($1.7 million) in respect of S11D deductions, of which R2.3 million ($0.2 million) was recognized in the current financial year. R17.7 million ($1.5 million) relates to deductions in respect of development project expenditure which has been approved by the DST. R2.8 million ($0.2 million) relates to an uncertain tax position in respect of projects where approvals have not yet been received from the DST. If the Group is unsuccessful in this regard, the Group will not recover the R2.8 million ($0.2 million) raised at March 31, 2018.
Impact of foreign exchange movements
The impact of foreign exchange movements and the related tax effects on the Group's effective tax rate is shown below:
South African Rand Year ended March 2018 Year ended March 2017 Reviewed Unaudited Profit for the period Foreign exchange gains Adjusted earnings Profit for the period Foreign exchange gains Adjusted earnings Profit before tax 214,883 5,073 219,956 148,253 (1,476 ) 146,777 Taxation (33,690 ) (29,403 ) (63,093 ) (26,812 ) (15,307 ) (42,119 ) Profit after tax 181,193 (24,330 ) 156,863 121,441 (16,783 ) 104,658 Attributable to: Owners of the parent 181,134 (24,330 ) 156,804 121,458 (16,783 ) 104,675 Non-controlling interests 59 — 59 (17 ) — (17 ) 181,193 (24,330 ) 156,863 121,441 (16,783 ) 104,658 Effective tax rate 15.7 % — 28.7 %
18.1 % — 28.7 % United States Dollar Year ended March 2018 Year ended March 2017 Reviewed Unaudited Profit for the period Foreign exchange gains Adjusted earnings Profit for the period Foreign exchange gains Adjusted earnings Profit before tax 18,172 429 18,601 12,537 (125 ) 12,412 Taxation (2,849 ) (2,486 ) (5,335 ) (2,267 ) (1,294 ) (3,561 ) Profit after tax 15,323 (2,057 ) 13,266 10,270 (1,419 ) 8,851 Attributable to: Owners of the parent 15,318 (2,057 ) 13,261 10,271 (1,419 ) 8,852 Non-controlling interests 5 — 5 (1 ) — (1 ) 15,323 (2,057 ) 13,266 10,270 (1,419 ) 8,851 Effective tax rate 15.7 % — 28.7 % 18.1 % — 28.7 % Excluding the impact of foreign exchange gains and losses and its related tax consequences, the effective tax rate in fiscal 2018 is consistent with fiscal 2017.
16. Other operating and financial data South African Rand United States Dollar Year ended Year ended Year ended Year ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Reviewed Audited Unaudited Unaudited Subscription revenue 1,434,615 1,239,914 121,315 104,851 Adjusted EBITDA 441,866 301,613 37,366 25,503 Cash and cash equivalents 308,258 375,782 26,067 31,777 Net cash (1) 290,538 356,333 24,569 30,133 Capital expenditure incurred 332,886 289,418 28,150 24,475
Property, plant and equipment expenditure 238,248 170,010 20,147 14,377 Intangible asset expenditure 94,638 119,408 8,003 10,098 Capital expenditure authorized but not spent 85,053 132,836 7,192 11,233 Total development costs incurred 130,166 142,112 11,008 12,019 Development costs capitalized 65,343 78,020 5,526 6,599 Development costs expensed within administration and other charges 64,823 64,092 5,482 5,420 Subscribers (number) 676,866 622,062 676,866 622,062 Net asset value per share (R/$) 2.69 2.56 0.23 0.22 Net tangible asset value per share (R/$) 1.10 1.00 0.09 0.08 (1) Net cash is calculated as being net cash and cash equivalents, excluding restricted cash less interest bearing borrowings.
Exchange Rates The following major rates of exchange were
used:
South African Rand: United States Dollar -closing 11.83 13.41 -average 12.99 14.06 South African Rand: British Pound -closing 16.60 16.75 -average 17.21 18.42 The Group’s functional and presentation currency is South African Rand. The strengthening of the closing rate of the South African Rand against the functional currencies of the Group’s foreign operations resulted in a decrease in assets and liabilities in respect of the foreign operations and the resulting foreign currency translation reserve reduction of R60.3 million ($5.1 million) since March 31, 2017.
17. Changes to the board of directors
With effect from October 3, 2017, Fundiswa Roji-Maplanka, was appointed as an independent non-executive director to the board of directors, and a member of the Audit and Risk Committee, as well as the Social and Ethics Committee. Fundiswa Roji-Maplanka was previously a non-executive director of MiX Telematics from August 2007 to November 2014.
With effect from November 7, 2017, Chris Ewing resigned as an independent non-executive director from the board of directors, and a member of the Audit and Risk Committee, as well as Chairperson to the Social and Ethics Committee.
With effect from November 7, 2017 Fundiswa Roji-Maplanka, was appointed Chairperson to the Social and Ethics Committee.
18. Changes to the Auditors
With effect from October 13, 2017 Deloitte & Touche (“Deloitte”) were appointed as auditors in the place of PricewaterhouseCoopers Inc. (“PwC”). The decision to change auditors was not as a result of any disagreement between the Company and PwC with respect to accounting principles or practice, financial statement disclosures or auditing scope or procedures.
19. Events after the reporting period
Other than the items below, the directors are not aware of any matter material or otherwise arising since March 31, 2018 and up to the date of this report, not otherwise dealt with herein.
Dividend declared
On May 8, 2018 the board declared in respect of the fourth quarter of fiscal 2018 which ended on March 31, 2018, a dividend of 3 South African cents (0.3 U.S. cents) per ordinary share to be paid on June 4, 2018.
Details of Dividend Declared
The details with respect to the dividends declared for ordinary shareholders are as follows:
Last day to trade cum dividend
Tuesday, May 29, 2018 Securities trade ex-dividend Wednesday, May 30, 2018 Record date Friday, June 1, 2018 Payment date Monday, June 4, 2018 Share certificates may not be dematerialized or rematerialized between Wednesday, May 30, 2018 and Friday, June 1, 2018, both days inclusive.
Shareholders are advised of the following additional information:
the dividend has been declared out of income reserves; the local dividends tax rate is 20%; the gross local dividend amounts to 3 South African cents per ordinary share; the net local dividend amount is 2.4 South African cents per ordinary share for shareholders liable to pay dividends tax; the issued ordinary share capital of MiX Telematics is 604,420,145 ordinary shares of no par value; and the Company’s tax reference number is 9155/661/84/7.
The details with respect to the dividends declared for holders of our ADSs are as follows:
Ex-dividend on New York Stock Exchange (NYSE) Thursday, May 31, 2018 Record date Friday, June 1, 2018 Approximate date of currency conversion Monday, June 4, 2018 Approximate dividend payment date Thursday, June 14, 2018 Annual general meeting
The annual general meeting of shareholders of MiX Telematics will be held at Matrix Corner, Howick Close, Waterfall Park, Midrand, Johannesburg on Wednesday, September 19, 2018 at 14:30 p.m. (South African time). For South African shareholders, the last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, September 11, 2018 and the record date for voting purposes is Friday, September 14, 2018. The notice of annual general meeting will be distributed to shareholders no later than June 29, 2018.
For and on behalf of the board: R Frew SB Joselowitz Midrand May 10, 2018 MIX TELEMATICS LIMITED CONDENSED CONSOLIDATED INCOME STATEMENTS South African Rand United States Dollar Three months
ended
Three months
ended
Three months
ended
Three months
ended
Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Unaudited Unaudited Unaudited Unaudited Revenue 453,528 391,427 38,352 33,100 Cost of sales (157,573) (126,384) (13,325) (10,687) Gross profit 295,955 265,043 25,027 22,413 Other income/(expenses) - net 1,464 (136) 124 (12) Operating expenses (223,652) (223,994) (18,913) (18,942) -Sales and marketing (37,002) (35,260) (3,129) (2,982) -Administration and other charges (186,650) (188,734) (15,784) (15,960) Operating profit 73,767 40,913 6,238 3,459 Finance income/(costs) - net 691 (4,142) 58 (351) -Finance income 3,055 1,790 258 151 -Finance costs (2,364) (5,932) (200) (502) Profit before taxation 74,458 36,771 6,296 3,108 Taxation (10,188) (5,525) (862) (467) Profit for the period 64,270 31,246 5,434 2,641 Attributable to: Owners of the parent 64,270 31,246 5,434 2,641 Non-controlling interests * * * * 64,270 31,246 5,434 2,641 Earnings per share -basic (R/$) 0.11 0.06 0.01 # -diluted (R/$) 0.11 0.05 0.01 # Earnings per American Depositary Share -basic (R/$) 2.86 1.39 0.24 0.12 -diluted (R/$) 2.77 1.37 0.23 0.12 Adjusted earnings per share -basic (R/$) 0.10 0.05 0.01 # -diluted (R/$) 0.10 0.05 0.01 # Adjusted earnings per American Depositary Share -basic (R/$) 2.46 1.33 0.21 0.11 -diluted (R/$) 2.38 1.32 0.20 0.11 Ordinary shares ('000) (1) -in issue at March 31 564,420 563,435 564,420 563,435 -weighted average 562,767 563,435 562,767 563,435 -diluted weighted average 580,750 568,216 580,750 568,216 Weighted average American Depositary Shares ('000) (1) -in issue at March 31 22,577 22,537 22,577 22,537 -weighted average 22,511 22,537 22,511 22,537 -diluted weighted average 23,230 22,729 23,230 22,729 # Amount less than $0.01.
* Amount less than R1,000/$1,000.
(1) Excludes 40,000,000 treasury shares held by MiX Investments, a wholly owned subsidiary of the Group (March 2017: 40,000,000).
NOTES TO CONDENSED CONSOLIDATED FINANCIAL RESULTS
1. Basis of preparation and accounting policies
Financial results for the fourth quarter of fiscal year 2018
Further to the Group’s financial results for the year ended March 31, 2018, additional financial information in respect of the fourth quarter of fiscal year 2018 has been presented together with the relevant comparative information. The quarterly information comprises a condensed consolidated income statement, a reconciliation of adjusted earnings to profit for the period (note 3), a reconciliation of Adjusted EBITDA to profit for the period (note 4) and a reconciliation of Adjusted EBITDA margin to profit for the period margin (note 5) and other financial and operating data (note 6).
The accounting policies used in preparing the financial results for the fourth quarter of fiscal year 2018 are consistent in all material respects with those applied in the preparation of the Group’s annual financial statements for the year ended March 31, 2017.
The quarterly financial results have not been audited or reviewed by the Group’s external auditors.
2. Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to presenting these condensed consolidated financial results for the quarter ended March 31, 2018 in South African Rand, supplementary information in U.S. Dollars has been prepared for the convenience of users of this report. Unless otherwise stated, the Group has translated U.S. Dollar amounts from South African Rand at the exchange rate of R11.8255 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at March 31, 2018. The U.S. Dollar figures may not compute as they are rounded independently.
3. Reconciliation of adjusted earnings to profit for the period South African Rand United States Dollar Three months ended Three months ended Three months ended Three months ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Unaudited Unaudited Unaudited Unaudited Profit for the period attributable to owners of the parent 64,270 31,246 5,434 2,641 Net foreign exchange losses 1,150 5,106 97 432 Income tax effect on the above component (10,136) (6,335) (857) (536) Adjusted earnings attributable to owners of the parent 55,284 30,017 4,674 2,537 Reconciliation of earnings per share to adjusted earnings per share Basic earnings per share (R/$) 0.11 0.06 0.01 # Net foreign exchange losses # # # # Income tax effect on the above component (0.01) (0.01) # # Basic adjusted earnings per share (R/$) 0.10 0.05 0.01 # Adjusted earnings per share -basic (R/$) 0.10 0.05 0.01 # -diluted (R/$) 0.10 0.05 0.01 # Adjusted earnings per American Depositary Share -basic (R/$) 2.46 1.33 0.21 0.11 -diluted (R/$) 2.38 1.32 0.20 0.11 # Amount less than $0.01.
4. Reconciliation of Adjusted EBITDA to Profit for the Period South African Rand United States Dollar Three months ended Three months ended Three months ended Three months ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Unaudited Unaudited Unaudited Unaudited Adjusted EBITDA 130,155 87,110 11,007 7,366 Add: Net profit on sale of property, plant and equipment and intangible assets 1,152 — 97 — Decrease in restructuring costs provision 768 — 65 — Reversal of impairment — 791 — 67 Less: Depreciation (1) (39,067) (27,100) (3,304) (2,292) Amortization (2) (14,878) (5,514) (1,258) (466) Impairment (3) (2,563) (3,011) (217) (255) Equity-settled share-based compensation costs (1,800) 3,746 (152) 317 Net loss on sale of property, plant and equipment and intangible assets — (117) — (10) Increase in restructuring costs provision — (14,992) — (1,268) Operating profit 73,767 40,913 6,238 3,459 Add: Finance income/(costs) - net 691 (4,142) 58 (351) Less: Taxation (10,188) (5,525) (862) (467) Profit for the period 64,270 31,246 5,434 2,641 (1) Includes depreciation of property, plant and equipment (including in-vehicle devices).
(2) Includes amortization of intangible assets (including capitalized in-house development costs and intangible assets identified as part of a business combination).
(3) Asset impairments relate to the impairment of capitalized product development costs of R2.3 million ($0.2 million) in the Africa segment and R0.3 million ($0.03 million) in the CSO segment. In 2017, asset impairments related to the impairment of capitalized product development costs of R2.6 million ($0.2 million) in the Africa segment and R0.4 million ($0.03 million) in the CSO segment.
5. Reconciliation of Adjusted EBITDA margin to Profit for the Period margin Three months ended Three months ended March 31, March 31, 2018 2017 Unaudited Unaudited Adjusted EBITDA margin 28.7% 22.3% Add: Net profit on sale of property, plant and equipment and intangible assets 0.3% — Decrease in restructuring costs 0.2% — Reversal of impairment — 0.2% Less: Depreciation (8.6%) (6.9%) Amortization (3.3%) (1.4%) Impairment (0.6%) (0.8%) Equity-settled share-based compensation costs (0.4%) 1.0% Net loss on sale of property, plant and equipment and intangible assets — (0.1%) Increase in restructuring costs provision — (3.8%) Operating profit margin 16.3% 10.5% Add: Finance income/(costs) - net 0.2% (1.1%) Less: Taxation (2.3%) (1.4%) Profit for the period margin 14.2% 8.0%
6. Other operating and financial data South African Rand United States Dollar Three months ended
Three months ended Three months ended Three months ended Figures are in thousands unless otherwise stated March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Unaudited Unaudited Unaudited Unaudited Subscription revenue 373,623 321,708 31,595 27,205 Adjusted EBITDA 130,155 87,110 11,007 7,366 Cash and cash equivalents 308,258 375,782 26,067 31,777 Net cash (1) 290,538 356,333 24,569 30,133 Capital expenditure incurred 63,114 81,617 5,337 6,902 Property, plant and equipment expenditure 44,108 45,877 3,730 3,880 Intangible asset expenditure 19,006 35,740 1,607 3,022 Total development costs incurred 30,488 32,152 2,578 2,719 Development costs capitalized 16,543 17,268 1,399 1,460 Development costs expensed within administration and other charges 13,945 14,884 1,179 1,259 Subscribers (number) 676,866 622,062 676,866 622,062 (1) Net cash is calculated as being net cash and cash equivalents, excluding restricted cash less interest bearing borrowings.
Three months ended Three months ended March 31, March 31, 2018 2017 Unaudited Unaudited Exchange Rates The following major rates of exchange were used: South African Rand: United States Dollar -closing 11.83 13.41 -average 11.96 13.23 South African Rand: British Pound -closing 16.60 16.75 -average 16.64 16.38 7. Development costs historical data
The table below sets out development costs incurred and capitalized for each of the last eight quarters including the period
South African Rand Figures are in thousands (Unaudited) Three months ended March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30, 2018 2017 2017 2017 2017 2016 2016 2016 Total
development
costs incurred
30,488 32,336 34,167 33,175 32,152 36,696 36,034 37,230 Development
costs capitalized
16,543 15,996 16,148 16,656 17,268 20,415 21,028 19,309 Development
costs expensed
within
administration and
other charges
13,945 16,340 18,019 16,519 14,884 16,281 15,006 17,921 United States Dollar Figures are in thousands (Unaudited) Three months ended March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30, 2018 2017 2017 2017 2017 2016 2016 2016 Total
development
costs incurred
2,578 2,735 2,890 2,805 2,719 3,103 3,047 3,150 Development
costs capitalized
1,399 1,353 1,366 1,408 1,460 1,726 1,778 1,635 Development
costs expensed
within
administration and
other charges
1,179 1,382 1,524 1,397 1,259 1,377 1,269 1,515 For more information please visit our website at: www.mixtelematics.com
MiX Telematics Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/013858/06)
JSE share code: MIX NYSE code: MIXT ISIN: ZAE000125316
(“MiX Telematics” or “the Company” or “the Group”)
Registered office
Matrix Corner, Howick Close, Waterfall Park, Midrand
Directors
RA Frew* (Chairman), SB Joselowitz (CEO), EN Banda*, SR Bruyns* (Lead Independent Director), PM Dell, IV Jacobs*, F Roji-Maplanka*, CWR Tasker, AR Welton*
* Non-executive
Company secretary
Java Capital Trustees and Sponsors Proprietary Limited
Auditors
Deloitte & Touche
Sponsor
Java Capital Trustees and Sponsors Proprietary Limited
View source version on businesswire.com: https://www.businesswire.com/news/home/20180510005108/en/
Investors:
ICR for MiX Telematics
Marc P. Griffin , +1-855-564-9835
[email protected]
Source: MiX Telematics Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-mix-telematics-announces-financial-results-for-fourth-quarter-and-preliminary-results-for-full-fiscal-year-2018.html |
May 2 (Reuters) - NATIONAL CORP FOR TOURISM AND HOTELS :
* Q1 NET PROFIT 31.1 MILLION DIRHAMS VERSUS 33.2 MILLION DIRHAMS YEAR AGO
* Q1 TOTAL REVENUE 180.7 MILLION DIRHAMS VERSUS 190.3 MILLION DIRHAMS YEAR AGO Source:( bit.ly/2rfHXu0 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-national-corp-for-tourism-and-hote/brief-national-corp-for-tourism-and-hotels-q1-profit-falls-idUSFWN1S902L |
May 14, 2018 / 6:55 PM / Updated an hour ago Hair-straightening products contain potentially toxic mix Ronnie Cohen 5 Min Read
(Reuters Health) - Hair products used primarily by black women and children contain a host of hazardous chemicals, a new study shows.
The findings could explain at least in part why African-American women go through puberty earlier and suffer from higher rates of asthma and reproductive diseases than other groups.
“The truly scary thing about this is that women are being exposed to these chemicals weekly and sometimes even daily, without their knowledge, because they assume a product is safe simply because it is on the shelf,” epidemiologist Tamarra James-Todd said after reviewing the report in Environmental Research. James-Todd, a professor at the Harvard T.H. Chan School of Public Health in Boston, supplied product information for the study but was not directly involved with the research.
Investigators tested 18 hair products - from hot-oil treatments to anti-frizz polishes, relaxers and conditioners - looking for the presence of chemicals called endocrine disrupters. These chemicals, which interfere with the way the body produces hormones, have been linked to reproductive disorders, birth defects, asthma and cancer.
Altogether, the researchers looked for 66 different endocrine disrupters. Each of the tested hair products contained at least four and as many as 30, said lead author Jessica Helm, a research fellow at the Silent Spring Institute in Newton, Massachusetts.
Eleven products contained chemicals prohibited in the European Union or flagged as a potential problem in California. The two hair products marketed to children contained the highest levels of banned or regulated chemicals, Helm said in a phone interview.
The vast majority of the chemicals discovered in the hair products - 84 percent - were not listed on the product labels.
“It’s widely known the U.S. is doing an inadequate job of testing and regulating chemicals,” Helm said. Companies are allowed to omit chemicals from product labels if they are fragrances and if they are considered a secret ingredient in the product formula.
“In many ways, we are protecting companies’ rights to privacy over consumers’ health, which seems backwards and can be particularly harmful to high-risk and vulnerable populations,” James-Todd said in an email.
Janette Robinson Flint, executive director of Black Women for Wellness in Los Angeles, said the study’s findings are proof that she and other black women “can’t shop our way out of this problem.”
“We also need manufacturers to disclose what’s in the products,” said Flint, who was not involved in the study. “We need some regulatory body to regulate these manufacturers so they don’t let them get away with not disclosing what is in the product and then using toxic products.”
She called the study long overdue. Researchers have known for years that black girls enter puberty earlier than other girls and that black women have disproportionately higher rates of deadly reproductive cancers, she said. Yet little prior research has been done.
“It’s as if our lives do not matter,” she said in a phone interview.
Helm pointed out that she and her team studied only 66 chemicals, just a fraction of those in hair products. There’s a “universe of other products we really don’t know much about,” she said.
Prior research has shown that black women use more hair products than other women and suffer disproportionately from uterine fibroids, early puberty and infertility, Helm said. In addition, their rates of endometrial and breast cancers are on the rise.
The current study can’t prove that the presence of endocrine disrupting chemicals in hair products actually causes these or other problems. But the study does point to them as a potential source, Helm said.
She, James-Todd and Flint encouraged more regulation of the contents of hair products targeted to black women and personal-care products in general. Senators Susan Collins (R-Maine) and Dianne Feinstein (D-California) have introduced legislation (the Personal Care Products Safety Act) that would further empower the U.S. Food and Drug Administration to regulate ingredients in cosmetics and personal-care products.
Flint also welcomed a fashion trend toward more natural hairstyles for black women and children.
“The more natural styles come into fashion, and the more skills black moms have in styling their children’s hair in natural hairstyles, the less vulnerable our children will be to overexposure to toxic chemicals and having their immune systems compromised by having to fight these toxic chemicals,” she said.
SOURCE: bit.ly/2w1LlxH Environmental Research, online April 25, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-blacks-hair-products/hair-straightening-products-contain-potentially-toxic-mix-idUKKCN1IF2ND |
May 10 (Reuters) - Brookfield Asset Management Inc :
* BROOKFIELD ASSET MANAGEMENT REPORTS FIRST QUARTER 2018 RESULTS
* BROOKFIELD ASSET MANAGEMENT INC - QTRLY FFO PER SHARE $1.16
* BROOKFIELD ASSET MANAGEMENT INC - QTRLY REVENUES $12.63 BILLION VERSUS $6 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-brookfield-asset-management-report/brief-brookfield-asset-management-reports-qtrly-ffo-per-share-of-1-16-idUSFWN1SH0R3 |
EU ready to offer Trump greater market access to avert trade war 5:16pm BST - 01:49
The European Union is ready to negotiate opening its markets wider to U.S. imports including cars in a bid to stave off a potential trade war with Washington. But, as Ciara Lee reports, EU leaders have said they will only do so if the U.S. lifts the threat of import duties on steel and aluminium products. ▲ Hide Transcript ▶ View Transcript
The European Union is ready to negotiate opening its markets wider to U.S. imports including cars in a bid to stave off a potential trade war with Washington. But, as Ciara Lee reports, EU leaders have said they will only do so if the U.S. lifts the threat of import duties on steel and aluminium products. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wPOf9c | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/eu-ready-to-offer-trump-greater-market-a?videoId=427785445 |
CHARLESTON, S.C., May 01, 2018 (GLOBE NEWSWIRE) -- Aeterna Zentaris Inc. (NASDAQ:AEZS) (TSX:AEZS) will announce its first quarter 2018 financial and operating results after market close on Monday, May 7, 2018. The Company will host a conference call to discuss these results on Tuesday, May 8, 2018 at 8:30 a.m. Eastern Time.
Participants may access the conference call by telephone using the following numbers:
Toll-Free: 877-407-8029, Confirmation #13679691 Toll: 201-689-8029, Confirmation #13679691
A replay will also be available on the Company’s website for a period of 30 days.
About Aeterna Zentaris Inc.
Aeterna Zentaris Inc. is a specialty biopharmaceutical company focused on developing and commercializing, principally through out-licensing arrangements, Macrilen™ (macimorelin), an orally available ghrelin agonist, to be used in the diagnosis of patients with adult growth hormone deficiency. Aeterna Zentaris has entered into a license and assignment agreement with a wholly-owned subsidiary of Strongbridge Biopharma plc to carry out development, manufacturing, registration and commercialization of Macrilen™ (macimorelin) in the United States and Canada. For more information, visit www.aezsinc.com .
Contact:
Aeterna Zentaris Inc.
James Clavijo
Chief Financial Officer
[email protected]
843-900-3201
Source:Aeterna Zentaris Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-aeterna-zentaris-to-announce-first-quarter-2018-financial-and-operating-results-on-may-7-2018.html |
Americans are getting bigger, and retailers—after years of ignoring plus-size shoppers—are starting to notice.
Chains including Nordstrom Inc. and Target Corp. are boosting their plus-size offerings and displaying the clothing next to standard sizes, breaking with a practice of segregating larger sizes in a separate department often hidden away at the back of the store. The chains are adding supersize mannequins, and some are even showcasing plus-size models on their websites alongside the usual waiflike figures.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/move-over-skinny-mannequins-stores-give-plus-size-clothes-more-of-the-floor-1525784400 |
May 15, 2018 / 12:36 PM / Updated 15 minutes ago New Air France-KLM CEO must avert slow descent in France Victoria Bryan , Cyril Altmeyer 5 Min Read
PARIS/BERLIN (Reuters) - Air France-KLM’s ( AIRF.PA ) next CEO faces an unenviable task if they want to avoid the fate of Alitalia. The manager needs to deal with union resistance to restructuring at its core Air France brand, keep increasingly frustrated KLM staff onside and battle rising oil prices. FILE PHOTO: Frederic Gagey, CFO of Air France-KLM Group, attends a news conference to announce the airline's 2017 annual results in Paris, France, February 16, 2018. REUTERS/Benoit Tessier/File Photo
The Franco-Dutch airline on Tuesday named Chief Financial Officer Frederic Gagey as interim CEO as part of a transitional team, replacing Jean-Marc Janaillac, who quit earlier this month after he lost a vote on a pay proposal.
Air France-KLM, hamstrung by strikes that have cost it around 400 million euros ($477 million) this year, has watched from the sidelines as Lufthansa ( LHAG.DE ), IAG ( ICAG.L ), Ryanair ( RYA.I ) and easyJet ( EZJ.L ) have driven European consolidation.
“Because Air France has had problems at home, they’ve been less able to take advantage of the opportunities in European airline consolidation. It would have made perfect sense for them to go after Vueling or Air Berlin and they were not able to,” said Samuel Engel, head of the aviation practice at London-based consultancy ICF.
German rival Lufthansa found a way out of its own legacy labour issues by setting up a separate low-cost airline, showing a potential path for Air France-KLM if it is able to get beyond its current impasse with the trade unions, said HSBC analyst Andrew Lobbenberg.
French unions have staged 15 days of walkouts since February, demanding a pay hike after six years of pay freezes.
“It needs to mimic the strategic development that Lufthansa undertook moving on from its initial Germanwings low cost business, which was tied to Lufthansa labour terms, to Eurowings which is an independent entity,” Lobbenberg wrote in a note. Slideshow (2 Images)
Air France-KLM could therefore consider buying an existing stand-alone business, he said, with other options being to start up a new carrier itself or use a Dutch platform. ATTRITION
Back in 2005, Air France was riding high. Thanks to a deal to buy struggling KLM, it was the world’s leading airline group by sales and it paved the way for rivals to follow with mergers of their own.
Fast forward a decade and the Franco-Dutch airline has fallen back to fifth place in terms of revenues, behind American Airlines ( AAL.O ), Delta ( DAL.N ), Lufthansa and United ( UAL.N ), which have all grown via mergers.
Industry experts fear it could face the same fate as Italian flagship carrier Alitalia - currently being propped up by the Italian government and seeking investors - unless drastic restructuring occurs.
“The most likely outcome is a slow decline, a slow attrition, like Alitalia,” said a former Air France-KLM executive who asked not to be named.
KLM is now the more profitable part of the business, while years of slow progress in cost cutting at Air France have hampered growth at the French airline.
Looking within the Franco-Dutch group shows how the more efficient airline, KLM, has grown its fleet and maintained market share, even in the light of the rise of low-cost carriers at both Paris and Amsterdam.
The KLM fleet including Transavia has risen 20 percent to 208 aircraft since 2004, the year of the merger, ICF’s Engel said. Meanwhile, the Air France fleet including aircraft allocated to new lower cost brand Joon has shrunk 8 percent to 227 planes.
“If you are Air France-KLM management and you’re unable to restructure labour inside Air France, you do the rational thing, which is to shift as much capacity as possible into the Dutch entities,” he said.
This decline was partly to blame for the ejection of Janaillac as CEO, said the former executive.
“The no vote reflected a deeper malaise, beyond that of pay; a malaise linked to the feeling of decline within the company,” he said.
Still, KLM’s CEO Pieter Elbers does not believe it is feasible for the Dutch airline to go it alone, he told Dutch public broadcaster NBO in an interview aired this week.
“If I had to go up against Delta Airlines all by myself with 200 airplanes, against their 1,300 airplanes, then it’s nice to have a French brother next to me,” he said. “He does have to be a strong brother, because then we can face that fine.” Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-air-france-klm-ceo-analysis/new-air-france-klm-ceo-must-avert-slow-descent-in-france-idUKKCN1IG1SV |
BOSTON, May 23, 2018 (GLOBE NEWSWIRE) -- Bynder , the global leader in digital asset management (DAM), today announced record results in Q1, closing the quarter with a total of 107 new customers. In addition, Bynder reported record customer retention, accounting for 101 percent net revenue. The company’s substantial growth in Q1 stems from key customer wins, strong retention rates and the strategic acquisition of Webdam , which allows the company to offer two best in class solutions for product specific needs of their own client base.
“From product innovation to platform growth, Q1 marks a pivotal moment in time for the Bynder solution. We introduced 6 new integrations to the marketplace, processed over 2 million asset uploads and continue to work closely with our customers to create innovative new features,” said Chris Hall, CEO of Bynder. “We closed the quarter out strong by joining forces with Webdam, blending the industry knowledge, technological innovation and geographical strengths of DAM category leaders from EMEA and North America.”
Bynder welcomed several new customers to the platform in Q1, including Jägermeister , Coolblue and Magazine zum Globus AG . Together with Webdam, the company now serves over 1,300 customers and 500,000 users around the globe. In recognition of this growth, Bynder was listed as 20th in The FT 1000: Europe’s Fastest Growing Companies list by Financial Times this April.
Bynder also extended its platform this quarter, introducing a number of new integrations to the marketplace , including Slack , Workfront and Magento . These integrations allow businesses to do even more with their assets, helping teams cut down on unnecessary downloads and share files more seamlessly across the platforms they use daily.
“From creation to publication, a digital asset can go through countless desks, devices and rounds of review, and can go through many different platforms as well. It’s time to modernize the traditional, siloed asset management cycle,” said Hall. “For us, every file download is an integration that hasn’t been built yet. Our vision is to operate in download-free workflows, where assets travel to team members not through downloads and attachments, but through a connected ecosystem of intelligent endpoints.”
In the coming months, Bynder will release a new solution that provides customers with increased insight into the performance of assets and expand its partnership network to more seamlessly integrate with customer experience management solutions.
About Bynder
Bynder is the fastest way to professionally manage digital files. Its award-winning digital asset management (DAM) platform offers marketers a smart way to find and share creative files such as graphics, videos and documents.
Thousands of brand managers, marketers and creatives from global organizations like PUMA, innocent drinks and KLM Royal Dutch Airlines use Bynder to organize company files; edit and approve projects in real time; auto-format and resize files; and make the right content available to others at the click of a button.
Founded in 2013 by CEO Chris Hall, Bynder has nine global offices located in The Netherlands, USA, Spain, UK and UAE. For more information, visit www.bynder.com or follow Bynder on Twitter @Bynder.
Media Contact
Josh Tammaro
(617) 945-1915
[email protected]
Source: Bynder | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-bynder-announces-record-results-in-q1-2018-solidifying-position-as-the-global-leader-in-digital-asset-management.html |
May 3, 2018 / 10:39 AM / Updated 3 hours ago Storms kill at least 78 in western and northern India Reuters Staff 1 Min Read
NEW DELHI (Reuters) - Hail and rain storms knocked down power poles and uprooted trees, killing at least 78 people in northern and western India, government officials said on Thursday.
Thirty-three people were killed on Wednesday in the western desert state of Rajasthan and 45 in the northern state of Uttar Pradesh, authorities said.
“We experienced a fierce storm, with an unusually high wind speed, and as a result, 33 people died in Alwar, Dholpur and Bharatpur districts of Rajasthan,” Hemant Gera, responsible for relief and disaster management in Rajasthan, told Reuters by phone from Jaipur, the state capital.
Storms lashed four districts of Uttar Pradesh, Saharanpur, Bareilly, Bijnore and Agra.
Heavy rain and high winds knocked down electricity poles and trees, blocked roads and disrupted power supplies in the worst affected areas. Slideshow (2 Images) | ashraq/financial-news-articles | https://www.reuters.com/article/us-india-storm/storms-kill-at-least-78-in-western-and-northern-india-idUSKBN1I413X |
By Bloomberg 10:43 AM EDT
Many Americans cite leading a stress-free life and having “peace of mind” as their personal definition of wealth. That doesn’t sound too money-centric on the face of it—until you consider that money, or specifically the lack of it, is a major source of stress.
Americans don’t like to admit that assets can buy happiness—just 11 percent of those surveyed for the second annual Modern Wealth Index from Charles Schwab chose “having lots of money” as their definition of wealth. But while most respondents selected more high-minded concepts as their keys to contentment, they weren’t afraid to put a number on what they needed to get there.
To be financially comfortable in America today requires an average of $1.4 million, up from $1.2 million a year ago, according to the survey. The net worth needed to be “wealthy”? That’s an average $2.4 million, the same as last year in the online survey of 1,000 Americans between age 21 and 75.
There were some heartening signs amid the numbers. While 18 percent defined wealth as being able to afford anything they desired, 17 percent said it was “loving relationships with family and friends.” That jibes with how Joe Duran, chief executive officer of money manager United Capital, said he likes to think of “wealth.” After building and selling his first company, “I realized that money is nothing more than fuel,” he said. “It is a resource that lets you have choices, but if you don’t think about what you are working for, you will die rich but not live rich.” The survey asked people to choose which of the below statements came closest to their personal definition of wealth. When asked about what made respondents feel “wealthy” in their daily lives, the survey found that spending time with family was most commonly cited, at 62 percent overall. That was followed by what can be the most elusive of things, cited at about the same level across generations: “taking time for myself,” which came in at 55 percent. Hard to do either of those without some bank, though.
Life’s little luxuries matter, too—but they are called “luxuries” for a reason. Having meals out or food delivered made 41 percent of people feel “wealthy” in their daily lives. Even services such as Netflix , Spotify or Amazon Prime made life feel richer for an overall 33 percent—particularly for millennials, at 44 percent, compared with 29 percent and 23 percent for Generation X and baby boomers, respectively. Write-in comments for what made people feel “wealthy” included “access to healthcare,” “being able to help close friends and family financially” and “just waking up in the morning.” Only one of those doesn’t require money—sort of.
Millennials displayed some youthful optimism when it came to their financial future. Some 64 percent of twenty- and thirty-somethings believe they’ll be wealthy (the cash kind) at some point in their lives, compared with 22 percent of boomers. Maybe better financial habits will help that happen, since more millennials than boomers said they regularly rebalance their portfolio—49 percent compared with 43 percent, respectively. The same percentage of millennials and boomers, 24 percent, felt “very confident” about reaching financial goals.
In line with many other surveys put out by financial services firms, the Schwab survey stresses how people who have a written financial plan feel more stable and are more on top of their daily finances. Some 52 percent of boomers, however, said they didn’t have a plan because they didn’t have enough money to need a plan. People that chose “other” to explain why they lacked a financial plan wrote in responses such as “I have trust issues with financial people, especially after the 2008 crisis” and “all my information has been compromised by criminals.” Not a lot of “peace of mind” there.
Still, in these troubled times, there is hope. The survey found that the American Dream is not dead, at least the one that dictates that making money is indeed the path to bliss. Some 49 percent of respondents said that saving and investing is “the key to wealth,” with another 40 percent choosing “hard work.”
Eleven percent, however, cited luck. Have personal finance questions or lessons to share? Join Money Talks, the new Facebook community from Bloomberg News. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/how-much-to-be-wealthy-in-america/ |
NEW YORK, May 14, 2018 /PRNewswire/ -- BCM One , a leading technology integrator, announced today that CRN® , a brand of The Channel Company, has named Meghan Neilan, director of sales at BCM One, to its prestigious 2018 Women of the Channel list. The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel.
Neilan is responsible for managing the retention and growth of BCM One's account base in addition to recruiting new logos nationally by engaging with new medium and enterprise-sized clients. She has been an instrumental part of BCM One's growth, having been with the company since 2006 and rising through the ranks in sales management. She has managed various strategic partnerships with suppliers, technology vendors, signature clients and is a key contributor to the growth of the "BCM One Gives Back Program" by building our non-profit vertical, a key market for BCM One.
"This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships," said Bob Skelley, CEO of The Channel Company. "CRN's 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements — exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth — as well as ADVOCACY FOR THE NEXT GENERATION OF WOMEN CHANNEL EXECUTIVES."
"Meghan is an example of a dedicated professional who has risen through the ranks through hard work, dedication and enthusiasm for continuously wanting to challenge herself," stated Frank Ahearn, founder and co-CEO of BCM One. "Meghan is managing a dedicated team responsible for educating, growing and retaining our client base comprised of long-standing businesses, reaching many verticals. Her continued success in creating BCM One's unrivaled retention rate is a testament to Meghan's professionalism and devotion."
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
For more information about BCM One, visit www.bcmone.com and follow us on Twitter and LinkedIn.
ABOUT BCM ONE
BCM One provides a single source for truly integrated technology solutions that help advance a company's business objectives. Through strategic partnerships with over 50 leading technology suppliers fused with our own managed solutions, BCM One is a technology integrator and advocate for businesses. We develop the best customized solution per client.
BCM One offers Intelligent Network – connecting your business to the world, Intelligent Workplace – infusing collaboration across your business and Intelligent Cloud – optimizing cloud solutions for business transformation. Our Mission: To provide a World Class Experience with EVERY Human Interaction. To learn more about BCM One, visit www.bcmone.com .
ABOUT THE CHANNEL COMPANY
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
CRN is a registered trademark of The Channel Company LLC. All rights reserved.
For Media Inquiries:
Paula Como Kauth
Office: 212.906.7255 | [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/meghan-neilan-of-bcm-one-recognized-as-one-of-crns-2018-women-of-the-channel-300647491.html
SOURCE BCM One Public Relations | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-meghan-neilan-of-bcm-one-recognized-as-one-of-crns-2018-women-of-the-channel.html |
NOVATO, Calif. (AP) _ Willis Lease Finance Corp. (WLFC) on Monday reported first-quarter earnings of $7.1 million.
The Novato, California-based company said it had net income of $1 per share.
The jet engine lessor posted revenue of $63.9 million in the period.
Willis Lease shares have risen 37 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $34.19, an increase of 46 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 WLFC at https://www.zacks.com/ap/WLFC | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-willis-lease-1q-earnings-snapshot.html |
Gaia Squarci | Bloomberg | Getty Images Match Group's Tinder dating application is displayed in the App Store on an Apple iPhone. Match Group's stock plunge this month is a great buying opportunity, according to one Wall Street firm.
UBS raised its rating to buy from neutral for Match Group shares, saying Facebook's entry into online dating won't significantly hurt Tinder's owner.
Match Group reported better-than-expected first-quarter earnings results Tuesday, sparking a 1.5 percent rally in its stock the following day. But the company's share price is still down more than 20 percent through Wednesday since Facebook announced plans on May 1 to launch a dating feature.
"Despite Facebook's recent product announcement, we see the scaled assets of user momentum, profit dollars for marketing efficiency [for Match] ... being heavily discounted by the market vs. just a few months ago," analyst Eric Sheridan wrote in a note to clients Wednesday. "We don't place a high probability on Facebook having a material impact on MTCH's future growth potential. ... We see MTCH again presenting investors with an attractive risk/reward at current valuation."
The company's stock rose 5.9 percent Thursday after the report.
Match Group owns more than 45 online dating brands including Match, Tinder and OKCupid.
Sheridan reiterated his $48 price target for Match Group shares, representing 30 percent upside to Wednesday's close.
The analyst said Tinder's demographic is younger than Facebook's core audience. He noted there are 600 million "unattached singles" worldwide with roughly 80 percent not currently using a dating service. Match has said the average online dating customer uses more than two products at the same time, Sheridan said.
"We do not only believe that there is still significant runway for Tinder, we also think that even in a scenario where Facebook gains traction within dating, there is enough 'room to grow' for multiple players," he wrote.
— CNBC's Michael Bloom contributed to this story.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/tinder-owner-match-is-a-buy-because-threat-from-facebook-is-not-material-ubs.html |
Sara Blakely is a billionaire entrepreneur who knows how to turn a simple idea into a big business.
In 2000, she made a splash in the fashion industry when she cut the feet out of her control top pantyhose and capitalized on the invention to launch Spanx. Now, that company has an estimated $400 million in yearly sales and Blakely, who is part owner of the Atlanta Hawks basketball team, has a net worth of $1 billion, according to Forbes .
Blakely revealed in a recent episode of Masters of Scale with Reid Hoffman that there's one thing she does every morning to keep her creative thoughts flowing.
Fernando Leon - Getty Images Entertainment "I've identified where my best thinking happens, and it's in the car," she says. "I live really close to Spanx, so I've created what my friends call my 'fake commute,' and I get up an hour early before I'm supposed to go to Spanx and I drive around aimlessly in Atlanta with my commute so that I can have my thoughts come to me."
The 47-year-old, who says she thought of the name for Spanx in her car, advises everyone to come up with a daily habit that gives them the time and space to do their most productive thinking.
Blakely's not the only leader who's the most creative when on the move. In the book " Steve Jobs " by Walter Isaacson, it's revealed that the Apple founder did some of his best thinking while taking a walk . In fact, he often held meetings while walking around Apple's campus.
Facebook CEO Mark Zuckerberg, Twitter co-founder Jack Dorsey and LinkedIn CEO Jeff Weiner have also said that they come up with some of their best ideas while walking.
In fact, in a 2013 LinkedIn post , Weiner explained why he'd choose walking meetings over office meetings any day.
"In addition to the obvious fitness benefits, this meeting format essentially eliminates distractions, so I find it to be a much more productive way to spend time," wrote Weiner.
Like this story? Like CNBC Make It on Facebook .
Don't miss: How embracing an embarrassing moment led to Spanx billionaire Sara Blakely's huge success
show chapters This is why Tim Cook and other successful leaders wake up around 4:00 AM 6:09 PM ET Thu, 9 Feb 2017 | 01:01 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/sara-blakely-says-this-daily-morning-habit-sets-her-up-for-success.html |
LITTLE FALLS, New Jersey,
Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today reported results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights
Revenues - $83.3 million, up 9.5% from the first quarter of 2017, and down 3.9% from the fourth quarter of 2017.
Gross margin – 33.1%, compared to 29.3% in the first quarter of 2017 and 33.6% in the fourth quarter of 2017.
Operating income - $5.4 million, compared to $2.0 million in the first quarter of 2017 and $7.5 million in the fourth quarter of 2017.
Net income (loss) - net income of $2.1 million, or $0.03 per diluted share for the first quarter of 2018. Net loss for the first quarter of 2017 was $(0.1) million, or $(0.00) per diluted share. Net income for the fourth quarter of 2017 was $7.2 million or $0.09 per diluted share.
Non-GAAP results - gross margin was 33.2%, operating income was $5.7 million, and net income was $3.0 million, or $0.04 per diluted share. For reconciliation of GAAP to non-GAAP results, see the attached tables.
Cash and cash equivalents - $26.0 million at March 31, 2018, compared to $25.9 million at December 31, 2017.
"We are beginning 2018 with a strong quarter in all respects," said Ira Palti, president and CEO of Ceragon. "We had strong bookings in Q1, with particular strength coming from India. Revenue increased 9.5% year over year, and we now have enough visibility to raise our quarterly run rate expectations to $80 to $85 million during the balance of this year. We won several important new projects in Q1 and our objective is to continue to gradually gain market share. Our financial goal is to make 2018 the fourth consecutive year of increasing net income, despite facing some challenges with factors we can't control such as currency headwinds and shortages of passive components."
Supplemental revenue breakouts by geography:
First quarter 2018:
Europe: 12% Africa: 2% North America: 11% Latin America: 13% India: 46% APAC: 16%
A conference call to discuss the results will begin at 9:00 a.m. EDT. Investors are invited to join the Company's teleconference by calling USA: (800) 398-9367 or International: +1 (612) 288-0337, from 8:50 a.m. EDT. The call-in lines will be available on a first-come, first-serve basis.
Investors can also listen to the call live via the Internet by accessing Ceragon Networks' website at the investors' page: https://www.ceragon.com/about-ceragon/investor-relations/events-webcasts/ , selecting the webcast link, and following the registration instructions.
If you are unable to join us live, the replay numbers are: USA: (800) 475-6701 or International +1 (320) 365-3844 Access Code: 446862. A replay of both the call and the webcast will be available through June 7, 2018.
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ: CRNT ) is the world's #1 wireless backhaul specialist. We help operators and other service providers worldwide increase operational efficiency and enhance end customers' quality of experience with innovative wireless backhaul solutions. Our customers include wireless service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 4G, mission-critical multimedia services and other applications at high reliability and speed. Ceragon's unique multicore technology provides highly reliable, high-capacity 4G wireless backhaul with minimal use of spectrum, power and other resources. It enables increased productivity, as well as simple and quick network modernization. We deliver a range of professional services that ensure efficient network rollout and optimization to achieve the highest value for our customers. Our solutions are deployed by more than 460 service providers, as well as hundreds of private network owners, in more than 130 countries.
Join the Discussion:
LinkedIn: https://www.linkedin.com/company/ceragon-networks
Facebook: https://www.facebook.com/CeragonNetworks
Twitter: https://twitter.com/Ceragon
YouTube: https://www.youtube.com/user/CeragonNetworks?feature=mhum
Blog: http://blog.ceragon.com/blog
Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON ® is a trademark of Ceragon Networks Ltd., registered in various countries. Other names mentioned are owned by their respective holders.
This press release contains statements concerning Ceragon's future prospects that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon's management. Examples of forward-looking statements include: projections of revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, growth prospects, product development, financial resources, cost savings and other financial matters. You may identify these and other forward-looking statements by the use of words such as "may", "plans", "anticipates", "believes", "estimates", "targets", "expects", "intends", "potential" or the negative of such terms, or other comparable terminology. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including risks associated with a decline in revenues due to our focus on a single market segment; risks relating to the concentration of Ceragon's business in certain geographic regions such as India, and in other developing nations; political, economic and regulatory risks from doing business in those developing regions, including potential currency restrictions and fluctuations; risks related to our ability to meet the demand for our products due shortages in raw materials including certain passive components; risks associated with a change in Ceragon's gross margin as a result of changes in the geographic mix of revenues and/or as a results of increase in costs of raw material, including certain passive components; risks associated with the loss of a single customer or customer group, which represents a significant portion of Ceragon's revenues; risks associated with Ceragon's failure to effectively compete with other wireless equipment providers; and other risks and uncertainties detailed from time to time in Ceragon's Annual Report on Form 20-F and Ceragon's other filings with the Securities and Exchange Commission that represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
-tables follow-
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
March 31,
2018
2017
Revenues
$ 83,275
$ 76,021
Cost of revenues
55,671
53,717
Gross profit
27,604
22,304
Operating expenses:
Research and development, net
7,214
6,107
Selling and marketing
10,562
9,735
General and administrative
4,459
4,505
Total operating expenses
$ 22,235
$ 20,347
Operating income
5,369
1,957
Financial expenses, net
2,034
1,598
Income before taxes
3,335
359
Taxes on income
1,265
487
Net income (loss)
$ 2,070
$ (128)
Basic net income (loss) per share
$ 0.03
$ (0.00)
Diluted net income (loss) per share
$ 0.03
$ (0.00)
Weighted average number of shares used in
computing basic net income (loss) per share
78,080,146
77,796,425
Weighted average number of shares used in
computing diluted net income (loss) per share
80,065,171
77,796,425
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
March 31, 2018
December 31, 2017
ASSETS
Unaudited
Audited
CURRENT ASSETS:
Cash and cash equivalents
$ 25,956
$ 25,877
Trade receivables, net
116,002
113,719
Other accounts receivable and prepaid expenses
14,081
17,052
Inventories
49,676
54,164
Total current assets
205,715
210,812
NON-CURRENT ASSETS:
Long-term bank deposits
996
996
Deferred tax assets
505
988
Severance pay and pension funds
5,445
5,459
Property and equipment, net
29,367
29,870
Intangible assets, net
2,656
2,199
Other non-current assets
3,506
3,269
Total non-current assets
42,475
42,781
Total assets
$ 248,190
$ 253,593
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables
$ 63,007
$ 75,476
Deferred revenues
6,130
5,193
Other accounts payable and accrued expenses
28,548
24,781
Total current liabilities
97,685
105,450
LONG-TERM LIABILITIES:
Deferred tax liability
132
141
Accrued severance pay and pension
10,279
10,085
Other long term payables
4,033
4,019
Total long-term liabilities
14,444
14,245
SHAREHOLDERS' EQUITY:
Share capital:
Ordinary shares
214
214
Additional paid-in capital
411,270
410,817
Treasury shares at cost
(20,091)
(20,091)
Other comprehensive loss
(7,601)
(7,171)
Accumulated deficits
(247,731)
(249,871)
Total shareholders' equity
136,061
133,898
Total liabilities and shareholders' equity
$ 248,190
$ 253,593
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)
(Unaudited)
Three months ended
March 31,
2018
2017
Cash flow from operating activities:
Net Income (loss)
$ 2,070
$ (128)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization
1,511
2,345
Stock-based compensation expense
353
358
Decrease in trade and other receivables, net
183
7,231
Decrease (increase) in inventory, net of write-off
4,488
(4,984)
Decrease (increase) in deferred tax asset, net
474
(15)
Increase (decrease) in trade payables and accrued
liabilities
(5,854)
3,997
Increase (decrease) in deferred revenues
940
(1,035)
Other adjustments
208
12
Net cash provided by operating activities
$ 4,373
$ 7,781
Cash flow from investing activities:
Purchase of property and equipment, net
(3,299)
(2,309)
Purchase of intangible assets, net
(1,086)
-
Net cash used in investing activities
$ (4,385)
$ (2,309)
Cash flow from financing activities:
Repayment of loans from financial institutions
-
(5,500)
Proceeds from exercise of options
100
74
Net cash provided by (used in) financing activities
$ 100
$ (5,426)
Translation adjustments on cash and cash equivalents
$ (9)
$ 76
Increase in cash and cash equivalents
$ 79
$ 122
Cash and cash equivalents at the beginning of the period
25,877
36,338
Cash and cash equivalents at the end of the period
$ 25,956
$ 36,460
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
March 31,
2018
2017
GAAP cost of revenues
$ 55,671
$ 53,717
Amortization of intangible assets
-
(303)
Stock based compensation expenses
(17)
(20)
Changes in pre-acquisition indirect tax positions
(15)
(162)
Non-GAAP cost of revenues
$ 55,639
$ 53,232
GAAP gross profit
$ 27,604
$ 22,304
Gross profit adjustments
32
485
Non-GAAP gross profit
$ 27,636
$ 22,789
GAAP Research and development expenses
$ 7,214
$ 6,107
Stock based compensation expenses
(60)
(78)
Non-GAAP Research and development expenses
$ 7,154
$ 6,029
GAAP Sales and Marketing expenses
$ 10,562
$ 9,735
Amortization of intangible assets
-
(71)
Stock based compensation expenses
(144)
(78)
Non-GAAP Sales and Marketing expenses
$ 10,418
$ 9,586
GAAP General and Administrative expenses
$ 4,459
$ 4,505
Stock based compensation expenses
(132)
(182)
Non-GAAP General and Administrative expenses
$ 4,327
$ 4,323
GAAP taxes on income
$ 1,265
$ 487
Non-cash tax adjustments
(564)
(98)
Non-GAAP taxes on income
$ 701
$ 389
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
March 31,
2018
2017
GAAP net income (loss)
$ 2,070
$ (128)
Stock based compensation expenses
353
358
Amortization of intangible assets
-
374
Changes in pre-acquisition indirect tax positions
15
162
Non-cash tax adjustment
564
98
$ 3,002
$ 864
Non-GAAP net income
GAAP basic net income (loss) per share
$ 0.03
$ (0.00)
$ 0.03
$ (0.00)
GAAP diluted net income (loss) per share
$ 0.04
$ 0.01
Non-GAAP basic and diluted net income per share
Weighted average number of shares used in computing
GAAP basic net income (loss) per share
78,080,146
77,796,425
80,065,171
77,796,425
Weighted average number of shares used in computing
GAAP diluted net income (loss) per share
Weighted average number of shares used in computing
Non-GAAP basic and diluted net income per share
80,377,797
80,751,956
Investors:
Doron Arazi
or
Claudia Gatlin
+972-3-5431-660
+1-212-830-9080
[email protected]
[email protected]
Media:
Tanya Solomon
+972-3-5431163
[email protected]
: releases/ceragon-networks-reports-first-quarter-2018-financial-results-300643446.html
SOURCE Ceragon Networks Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-ceragon-networks-reports-first-quarter-2018-financial-results.html |
Brooklyn pop-up Dream Machine is a selfie taker's dream Monday, May 07, 2018 - 01:41
Dream Machine, a nine-room interactive experience in Williamsburg, takes guests through a 45-minute journey through their dreams. Rough Cut
Dream Machine, a nine-room interactive experience in Williamsburg, takes guests through a 45-minute journey through their dreams. Rough Cut //reut.rs/2FWoBio | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/brooklyn-pop-up-dream-machine-is-a-selfi?videoId=424815595 |
May 15, 2018 / 5:53 AM / Updated 8 minutes ago COLUMN-Green penny finally drops for Australia's oil and gas industry: Russell Reuters Staff
(The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
ADELAIDE, May 15 (Reuters) - How can Australia’s oil and gas industry, on the cusp of becoming the world’s largest exporter of liquefied natural gas (LNG), have failed so comprehensively in the public relations battle against environmental activists?
This was the question posed by Kevin Gallagher, chief executive of Santos Ltd, the country’s No. 2 oil and gas producer, to the annual conference of the Australian Petroleum Production and Exploration Association.
It’s taken several years, but the country’s LNG producers have finally realised there is mounting public anger against their industry, and they are very much on the back foot when it comes to telling what they believe is a positive story.
The public relations problems for the industry have been brewing for several years, but have been greatly exacerbated in the past year by a combination of factors.
These include sharply higher natural gas prices for domestic consumers and a well-orchestrated campaign by green activists against the industry.
This environmental campaign attacks the industry on several levels, from claiming that onshore natural gas production is unsafe and will damage farmland, to articulating that the rise of Australia’s LNG export industry has raised prices and starved domestic consumers of supply, to drawing a direct link between natural gas production and climate change.
Not all of these arguments stand up to scrutiny, but the industry has been slow to realise that relying on reasoned and science-based arguments when its opponents are using populism and fear and outrage is a losing position.
What the industry has taken too long to realise is that in the court of public opinion it doesn’t matter that 13 different government inquiries have found that extracting natural gas is safe as long as it is properly regulated, if the populace believes the scare-mongering of activists and farmers.
A refusal to engage has cost the industry credibility, and rebuilding a public image of LNG producers as a valuable contributor to society will take time, despite the $200 billion the industry has invested over the past decade to build eight new LNG projects.
Zoe Yujnovich, chairwoman of Royal Dutch Shell’s operations in Australia and also of APPEA, told the conference the industry was well received and respected in the largely remote communities where its operations are located, but vilified and distrusted in Australia’s large cities.
“So, a question we must answer is: Why is there such a gulf in perception from the regional areas where we operate to the commentators and activists of the inner city who rely on our products?” she said. TIME TO ENGAGE
Yujnovich said the industry has been unwilling to engage in conversations with other Australians, and when it has, it has chosen to avoid challenging or confrontational dialogue.
In effect, the industry has sat in its ivory tower, believing that science backs its positions and that its products provide the energy the community needs.
It’s this sort of disengagement that has allowed the industry to be tarred with the narrative that it doesn’t contribute its fair share of taxes, that it is sending Australians’ natural resources offshore for its own profit, and that it is responsible for surging domestic prices for natural gas and electricity.
There is an element of truth to the pricing argument against the industry, insofar as the establishment of three LNG export plants on the east coast in Queensland state has effectively linked the domestic natural gas price to Asian LNG prices.
Instead of recognising the issue, the industry pushed back against government plans to ensure that domestic gas supply needs were met before the demands of the LNG plants.
The industry has also been largely ineffectual in lobbying the various state and territory governments to open up more onshore exploration areas and end bans that have been imposed.
The Australian states of New South Wales, Victoria and Tasmania all have some form of ban or restriction on natural gas exploration and production, and the Northern Territory just lifted a ban on hydraulic fracturing after a government inquiry found the risks could be managed.
There are several steps the Australian natural gas industry can take to improve its public image and rebuild trust.
The first is to cooperate with each other to ensure the domestic market is well supplied at prices that will allow industrial companies to continue to be competitive, thus preventing them from shifting operations offshore.
The second is to ensure that governments realise that increasing supply is a key way of delivering cheaper prices.
And the third is to do more than just engage communities where they operate, but also to talk to people in the cities as to what the industry actually delivers, and what it can’t. (Editing by Tom Hogue) | ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-energy-australia/column-green-penny-finally-drops-for-australias-oil-and-gas-industry-russell-idUSL3N1SM2KE |
LONDON (Reuters) - The Bank of England looks set to keep interest rates on ice this week, capping a sharp swing in the outlook for the British central bank, which might now struggle to convince investors that it will raise borrowing costs at all this year.
FILE PHOTO: The Bank of England is seen in London, Britain, April 9, 2018. REUTERS/Hannah McKay/File Photo Unexpectedly weak economic data and cautious remarks from Governor Mark Carney have dashed what looked like near-certain expectations of a rate increase until a few weeks ago.
Since he joined the BoE in 2013, Carney has signalled several times that rates were likely to rise, only for economic data to go the wrong way.
With the prospects for Britain’s economy unclear and the terms of Britain’s departure from the European Union far from settled, Carney is likely to want to hedge his bets on Thursday.
The biggest challenge will be to keep the prospect of a further rate rise this year credible in the eyes of investors, who feel wrong-footed by a slowdown in the economy that may well prove temporary and by the BoE’s shifting guidance.
Sterling fell to its lowest since January against the U.S. dollar on Friday as markets priced diverging prospects for growth and interset rates on the two sides of the Atlantic.
“Resetting communication after sitting out a rate hike will be an uphill task for the Monetary Policy Committee,” Barclays economists Fabrice Montagne and Sreekala Kochugovindan said in a note to clients.
“It will have to make a convincing case that softness in Q1 ... is transitory,” they said. “Markets will likely be reluctant to adhere to the MPC’s rhetoric given the abrupt change in course witnessed shortly ahead of the May meeting.”
PRESSURES Heavy snow slowed the economies of much of Europe in March but growth was weakest in Britain, where Brexit-related pressures have squeezed consumer spending power and hurt the willingness of firms to sign off on major investments.
The BoE raised rates for the first time in more than a decade in November, and in February it said they might need to rise again more quickly than markets had expected, given the country’s long-term productivity problems.
In March, two policymakers voted for an increase and until a few weeks ago, most investors judged that the BoE was ready to join the U.S. Federal Reserve, which has been raising rates.
But late last month, data started to raise doubts. Inflation fell faster than the BoE had expected and the economy grew at its slowest annual rate in five years in early 2018.
The central bank could choose to ignore the recently weak growth and take a longer-term view, with unemployment at its lowest since 1975 and some measures of wage growth inching up.
Economists polled by Reuters expect that only the two policymakers who backed a rate rise in March - Michael Saunders and Ian McCafferty - will vote to tighten policy this month.
Financial markets are barely pricing in a 50 percent chance of a rate rise by August and have slight doubts whether rates will increase at all this year.
The BoE may not be comfortable with this scaling-back of interest rate expectations, which has the potential to fuel inflation through a weaker pound and cheaper credit.
Economists think it will trim its comparatively high growth and inflation forecasts for this year, but still forecast inflation above its 2 percent target over the medium term and economic growth of around 0.4 percent a quarter.
“(This) would point to the gradual tightening of monetary policy being delayed rather than abandoned,” economist Howard Archer of consultants EY ITEM Club said.
Investec economist Philip Shaw said the BoE would avoid pinning itself down.
“At this juncture, the MPC does not have to take a heroic view over whether the economy’s current sluggishness is temporary or something more malign ... (and) Dr Carney will stress the uncertainties connected with recent soft data.”
But others think Carney may have missed the boat if he wants to raise rates again before he is due to leave the BoE in June 2019, saying growth will look increasingly shaky as Britain’s March 2019 departure date from the EU approaches.
“Delaying the next hike will eventually lead to not being able to deliver it at all,” Barclays said.
Editing by William Schomberg and Gareth Jones
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-boe/bank-of-england-to-keep-rates-steady-after-market-u-turn-idINKBN1I702L |
10 COMMENTS Photo: Luci Gutierrez
The coach provides these two reasoning problems to prepare the math team.
Burning Ropes
You have two ropes and some matches. The ropes burn irregularly like fuses when lit at either end. The first rope burns in e = 2.71828…hours and the second rope burns in √2 = 1.414213… hours.
Produce a time interval as close as possible to 1 hour.
Nick’s Birthday
A while back, Nick stated: “Sometime during last year, I was still 21; in two days I’ll be in my 25th year.”
What day of the year is Nick’s birthday and on what day of the year is he speaking?
See answers to last week’s puzzles below.
Come back next week for answers and more puzzles.
Note: Comments may include spoilers.
The National Museum of Mathematics (MoMath) is North America’s only museum devoted to mathematics. Learn more at momath.org .
****
Answers
In Pondering Productivity , the hens in both farms are equally productive. Smith’s farm produces 245 eggs in 6 days; Jones’s farm produces 6,125 eggs in 24 days. In Cornfield Planning , cut out quarter circles on the corners with radius = 100/(2 + √π) = 26.5079… feet. This gives an area-to-perimeter ratio of 100/(2 + √π) = 26.5079…
See MoMath’s website for extended solutions.
Share this: Previous Springing For Drinks (Thursday Crossword, May 17) Next Clued In (Crossword Contest, May 18) | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/17/varsity-math-week-140/ |
WASHINGTON (Reuters) - The top regulatory official for the Federal Reserve suggested Wednesday that regulators could consider lowering capital requirements for foreign banks operating in the U.S.
FILE PHOTO: Randal Quarles, Federal Reserve board member and Vice Chair for Supervision, takes part in a swearing-in ceremony for Chairman Jerome Powell at the Federal Reserve in Washington, U.S., Febuary 5, 2018. Picture taken February 5, 2018. REUTERS/Aaron P. Bernstein/File Photo Randal Quarles, the Fed’s vice chair for supervision, said he wanted the central bank to review its current rules for foreign banks, particularly the levels of capital it requires global banks to hold internally to guard against failures of U.S. operations.
Speaking before Harvard Law School, Quarles specifically said he wanted the Fed to review the level of Total Loss-Absorbing Capital (TLAC) it requires foreign banks to hold internally.
He also suggested the U.S. could streamline its rules regarding the resolution of failing foreign banks, in acknowledgment of protective steps taken by other regulators – a move that could encourage other countries to ease their own restrictions on global banks operating within their borders.
“Willingness by the United States to reconsider its calibration may prompt other jurisdictions to do the same, which could better the prospects of successful resolution for both foreign G-SIBs operating in the United States, and for U.S. G-SIBs operating abroad,” he said, according to prepared remarks.
While considering easing requirements, Quarles said he continues to believe the U.S. requirement that foreign banks must create capitalized intermediate holding companies to cover any significant U.S. operations is an appropriate approach.
But he added that the overarching goal is to establish a regulatory balance that maximizes the chances that if a large global bank were to collapse, its home regulator would be able to direct its dissolution without a haphazard reaction from other regulators scrambling to seize assets under their jurisdiction.
“Any such balance is likely to be improvable with experience, reflection, and debate. We are interested in views from the firms and the public on how the regimes can be improved,” he said.
Reporting by Pete Schroeder; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-capital/feds-quarles-suggests-u-s-could-revisit-capital-requirements-for-foreign-banks-idUSKCN1IH2NK |
May 8 (Reuters) - Ocular Therapeutix Inc:
* OCULAR THERAPEUTIX™ REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND BUSINESS UPDATE
* Q1 LOSS PER SHARE $0.40 * Q1 EARNINGS PER SHARE VIEW $-0.38 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ocular-therapeutix-reports-q1-loss/brief-ocular-therapeutix-reports-q1-loss-per-share-0-40-idUSASC0A0KZ |
Bryce Harper added to his National League lead in home runs and Stephen Strasburg pitched five scoreless innings and hit an RBI single as the Washington Nationals defeated the Miami Marlins 5-2 on Sunday afternoon at Marlins Park.
The Nationals swept the three-game series and have won 11 straight games against the Marlins, a franchise record for most consecutive wins against an opponent.
Harper, who went 0-for-4 with four strikeouts on Saturday, hit his 16th homer of the season, which leads the NL and is one back of the MLB lead. It was also his third homer in the past six games. He finished with two RBIs.
Anthony Rendon also powered Washington’s offense, hitting a solo homer as well as a double.
Strasburg (6-4) allowed three hits and two walks while striking out eight, extending his scoreless streak against the Marlins to 23 innings. Since 2016, Strasburg is 6-0 against the Marlins.
Marlins right-hander Elieser Hernandez (0-2) took the loss despite allowing just six hits, no walks and two runs in five innings. Hernandez, a 23-year-old rookie from Venezuela, made his third career start, and he has allowed two runs or less in all of them.
Washington got to Hernandez in the fourth on Rendon’s solo home run. On a pitch inside, Rendon slugged a 3-1 fastball over the wall in left-center for his fourth homer in his past 14 games. He had just one homer in his first 18 contests.
The Nationals extended their lead to 2-0 in the fifth. Wilmer Difo led off by pulling a first-pitch fastball to the gap in right-center. The ball rolled to the wall, and Difo legged out his first triple of the year. With one out, he scored when Strasburg hit an opposite-field single past second baseman Starlin Castro, who was playing in to try to get Difo at the plate.
In the sixth, facing lefty reliever Jarlin Garcia, Harper swung at an inside fastball, pulling his home run down the right field line.
The Nationals padded their lead to 5-0 in the seventh. Pedro Severino drew a one-out walk, advanced to second on Mark Reynolds’ single and scored on Trea Turner’s double. Harper capped the rally with a sacrifice fly.
Miami cut its deficit to 5-1 in the bottom of the seventh. With two outs and nobody on, Yadiel Rivera reached on a fielding error by Turner at shortstop. Rivera advanced on a Derek Dietrich single and scored on J.T. Realmuto’s double.
The Marlins added Justin Bour’s solo homer in the eighth. Bour, who drove a fastball from reliever Sammy Solis over the wall in center, leads Miami with 10 homers. But it was his first homer this year off a left-hander.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-mia-was-recap/harper-strasburg-shine-as-nationals-top-marlins-5-2-idUSMTZEE5REMH1SK |
CHICAGO--(BUSINESS WIRE)-- Donnelley Financial Solutions (NYSE: DFIN) today reported financial results for the first quarter 2018.
Highlights:
First-quarter net sales of $255.2 million declined 4.5% from the first quarter of 2017 First-quarter GAAP net earnings of $7.7 million, or $0.23 per diluted share, compared to GAAP net earnings in the first quarter of 2017 of $9.3 million, or $0.28 per diluted share First-quarter non-GAAP net earnings (1) of $15.2 million, or $0.45 per diluted share, compared to non-GAAP net earnings in the first quarter of 2017 of $13.9 million, or $0.42 per diluted share Non-GAAP adjusted EBITDA (1) in the quarter was $40.3 million, or 15.8% of net sales, compared to non-GAAP adjusted EBITDA in the first quarter of 2017 of $44.2 million, or 16.5% of net sales Company reaffirms full-year 2018 guidance
(1) Non-GAAP net earnings and non-GAAP adjusted EBITDA are non-GAAP measures that exclude the impact of items noted in the reconciliation tables below. See the tables below for amounts and reconciliations to the most comparable GAAP measures. “I am pleased with our first-quarter results, which were in line with our expectations,” said Daniel N. Leib, Donnelley Financial’s President and Chief Executive Officer. “We continued to see double-digit growth in our SaaS revenue, driven by Venue and ActiveDisclosure, and remain excited about the future growth opportunities in our SaaS offerings. The growth in these areas partially offset declines in the transactional portion of U.S. Capital Markets and the funds portion of U.S. Investment Markets, against our most challenging quarter from a year-over-year comparison perspective. Given our first-quarter performance and outlook for the balance of the year, our full-year 2018 guidance remains unchanged.”
Leib continued, “Capital spending in the first quarter was slightly lower than we expected. We continue to be excited about growth-oriented investment opportunities, but at the same time remain committed to our disciplined approach toward capital deployment, as well as to our targeted gross leverage range of 2.25x to 2.75x.”
Net Sales
Net sales in the first quarter of 2018 were $255.2 million, a decrease of $12.1 million, or 4.5%, from the first quarter of 2017. After adjusting for changes in foreign exchange rates and the impact of the adoption of the new revenue recognition standard (2) , organic sales decreased 6.0% from the first quarter of 2017. This decline was primarily due to the non-recurring special proxy volume that positively impacted U.S. Investment Markets in the first quarter of 2017, as well as lower transactional and compliance volume within U.S. Capital Markets, which was partially offset by growth in our SaaS and global Language Solutions offerings.
(2) On January 1, 2018, the Company adopted the Accounting Standards Update No. 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("the new revenue recognition standard") using the modified retrospective approach applied to contracts that were not completed as of January 1, 2018. GAAP Earnings
First-quarter 2018 net earnings were $7.7 million, or $0.23 per diluted share, compared to net earnings of $9.3 million, or $0.28 per diluted share, in the first quarter of 2017. The first-quarter net earnings included after-tax charges of $7.5 million and $4.6 million in 2018 and 2017, respectively.
Non-GAAP Adjusted EBITDA and Net Earnings
Non-GAAP adjusted EBITDA in the first quarter of 2018 was $40.3 million, compared to $44.2 million in the first quarter of 2017. Non-GAAP adjusted EBITDA margin in the first quarter of 2018 was 15.8%, 70 basis points lower than in the first quarter of 2017. The decrease in non-GAAP adjusted EBITDA and non-GAAP adjusted EBITDA margin was primarily driven by lower mutual funds proxy volume and lower capital markets transactional volume as well as higher investments, partially offset by company-wide cost reductions and higher volume in International.
Non-GAAP net earnings totaled $15.2 million, or $0.45 per diluted share, in the first quarter of 2018 compared to non-GAAP net earnings of $13.9 million, or $0.42 per diluted share, in the first quarter of 2017. Reconciliations of net earnings to non-GAAP adjusted EBITDA and non-GAAP net earnings, as well as non-GAAP adjusted EBITDA margin, are presented in the attached schedules.
2018 Guidance
The Company reaffirms its previous full-year guidance for 2018:
2018 Guidance
Net sales Approximately $1 billion, representing organic growth in the
range of 1% to 2%
Non-GAAP adjusted EBITDA (1) $165 to $175 million Depreciation and amortization Approximately $50 million Interest expense Approximately $37 million Non-GAAP effective tax rate 29% to 31% Diluted share count Approximately 34 million Capital expenditures $40 to $45 million Free cash flow (2) $55 to $60 million (1) Pension income excluded from non-GAAP adjusted EBITDA beginning in 2018; prior periods have also been restated in the tables below (2) Defined as operating cash flow less capital expenditures. 2018 free cash flow guidance includes approximately $15 million for spinoff-related transition expenses. Certain components of the guidance given above are provided on a non-GAAP basis only, without providing a reconciliation to guidance provided on a GAAP basis. Information is presented in this manner, consistent with SEC rules, because the preparation of such a reconciliation could not be accomplished without “unreasonable efforts.” The Company does not have access to certain information that would be necessary to provide such a reconciliation, including non-recurring items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, restructuring charges, impairment charges, spinoff-related transaction expenses, acquisition-related expenses, gains or losses on investments and business disposals and other similar gains or losses not reflective of the Company's ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company’s ongoing operations, given that it is not an indicator of business performance.
Conference Call
Donnelley Financial and simultaneous webcast to discuss its first-quarter results today, Wednesday, May 2, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). The live webcast will be accessible on Donnelley Financial’s web site: www.dfsco.com . Individuals wishing to participate on the call must register in advance at http://www.meetme.net/DFIN . After registering, participants will receive dial-in numbers, a passcode, and a personal identification number (PIN) that is used to uniquely identify their presence and automatically join them into the audio conference. A webcast replay will be archived on the Company’s web site for 30 days after the call. In addition, a telephonic replay of the call will be available for seven days at 630.652.3042, passcode 7739939#.
About Donnelley Financial
With the right solutions in moments that matter, Donnelley Financial Solutions (NYSE: DFIN) delivers risk and compliance solutions that fuse deep industry experience, unparalleled service, and elegant technologies to provide our clients with insights that power their decisions and shape global markets. The company has 3,400 employees in 61 locations across 18 countries, serving thousands of clients globally. For more information about Donnelley Financial Solutions, visit www.dfsco.com or follow us on Twitter @DonnelleyFin or on LinkedIn .
Use of non-GAAP Information
This news release contains certain non-GAAP measures, including non-GAAP SG&A, non-GAAP SG&A as % of total net sales, non-GAAP income from operations, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP adjusted EBITDA margin, non-GAAP effective tax rate, non-GAAP net earnings, non-GAAP diluted earnings per share, free cash flow and organic net sales. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide useful information about the Company’s operating results and liquidity and enhance the overall ability to assess the Company’s financial performance. The Company uses these measures, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business.
Our non-GAAP statement of operations measures, non-GAAP SG&A, non-GAAP SG&A as % of total net sales, non-GAAP income from operations, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP adjusted EBITDA margin, non-GAAP effective tax rate, non-GAAP net earnings and non-GAAP diluted earnings per share, are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operations. These adjusted measures exclude the impact of expenses associated with the Company’s acquisition activities, spin-off related expenses, share-based compensation and eliminate potential differences in results of operations between periods caused by factors such as depreciation and amortization methods, historic cost and age of assets, financing and capital structures, taxation positions or regimes, restructuring, impairment and other charges and gain or loss on certain equity investments and asset sales.
Free cash flow is a non-GAAP financial measure and is defined by the Company as net cash flow provided by operating activities less capital expenditures. By adjusting for the level of capital investment in operations, the Company believes that free cash flow can provide useful additional basis for understanding the Company’s ability to generate cash after capital investment and provides a comparison to peers with differing capital intensity.
Organic net sales is a non-GAAP financial measure and is defined by the Company as reported net sales adjusted for the impact of changes in foreign exchange rates and acquired and disposed businesses.
These non-GAAP measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these measures are defined differently by different companies in our industry and, accordingly, such measures may not be comparable to similarly-titled measures of other companies.
Use of Forward-Looking Statements
This news release includes certain " " within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, strategy and plans of Donnelley Financial and its expectations relating to future financial condition and performance. Statements that are not historical facts, including statements about Donnelley Financial management’s beliefs and expectations, are . Words such as "believes," "anticipates," "estimates," "expects," "intends," "aims," "potential," "will," "would," "could," "considered," "likely," "estimate" and variations of these words and similar future or conditional expressions are intended to identify but are not the exclusive means of identifying such statements. While Donnelley Financial believes these expectations, assumptions, estimates and projections are reasonable, such are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Donnelley Financial’s control. By their nature, involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may Donnelley Financial’s current expectations depending upon a number of factors affecting the business and risks associated with the performance of the business. These factors include such risks and uncertainties detailed in Donnelley Financial’s periodic public filings with the SEC, including but not limited to those discussed under "Risk Factors" in Donnelley Financial's Form 10-K for the fiscal year ended December 31, 2017, those discussed under “Cautionary Statement” in Donnelley Financial’s quarterly Form 10-Q filings, and in other investor communications of Donnelley Financial’s from time to time. Donnelley Financial does not undertake to and specifically declines any obligation to publicly release the results of any revisions to these that may be made to reflect future events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
Donnelley Financial Solutions, Inc.
Condensed Consolidated Balance Sheets
As of March 31, 2018 and December 31, 2017
(UNAUDITED)
(in millions, except per share data)
March 31, 2018 December 31, 2017 Assets
Cash and cash equivalents $ 12.1 $ 52.0 Receivables, less allowances for doubtful accounts of $7.7 in 2018 (2017 - $7.3)
239.0 165.2 Inventories 18.5 23.3 Prepaid expenses and other current assets 28.2 29.6 Total Current Assets 297.8 270.1 Property, plant and equipment - net 33.1 34.7 Goodwill 447.3 447.4 Other intangible assets - net 36.5 39.9 Software-net 41.8 41.1 Deferred income taxes 21.0 22.2 Other noncurrent assets 37.7 38.1 Total Assets $ 915.2 $ 893.5 Liabilities
Accounts payable $ 87.7 $ 67.8 Accrued liabilities 91.5 119.2 Total Current Liabilities 179.2 187.0 Long-term debt 478.8 458.3 Deferred compensation liabilities 21.8 22.8 Pension and other postretirement benefits plan liabilities 51.0 52.5 Other noncurrent liabilities 22.8 23.5 Total Liabilities 753.6 744.1 Equity
Common stock, $0.01 par value Authorized: 65.0 shares; Issued: 34.0 shares in 2018 (2017 - 33.8 shares)
0.3 0.3 Treasury stock, at cost: 0.1 shares in 2018 (2017 - less than 0.1 shares) (1.7 ) (0.9 ) Additional paid-in capital 208.9 205.7 Retained earnings 17.5 8.9 Accumulated other comprehensive loss (63.4 ) (64.6 ) Total Equity 161.6 149.4 Total Liabilities and Equity $ 915.2 $ 893.5 Donnelley Financial Solutions, Inc. Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2018 and 2017
(UNAUDITED)
(in millions, except per share data)
For the Three Months Ended March 31, 2018 ADJUSTMENTS 2018 2017 ADJUSTMENTS 2017 GAAP TO NON-GAAP NON-GAAP GAAP TO NON-GAAP NON-GAAP Services net sales $ 159.5 $ — $ 159.5 $ 154.0 $ — $ 154.0 Products net sales 95.7 — 95.7 113.3 — 113.3 Total net sales 255.2 — 255.2 267.3 — 267.3 Services cost of sales (1) 85.9
— 85.9
77.7 — 77.7 Services cost of sales with R.R. Donnelley affiliates (1) (2)
— — — 9.9 — 9.9 Products cost of sales (1) 72.7
— 72.7
63.0 — 63.0 Products cost of sales with R.R. Donnelley affiliates (1) (2)
— — — 18.8 — 18.8 Total cost of sales (1) 158.6 — 158.6 169.4 — 169.4 Selling, general and administrative expenses (SG&A) (1) (3)
66.1 (9.8 ) 56.3 57.5 (3.8 ) 53.7 Restructuring, impairment and other charges - net
0.7 (0.7 ) — 3.8 (3.8 ) — Depreciation and amortization 10.4 — 10.4 10.2 — 10.2 Income from operations 19.4 10.5 29.9 26.4 7.6 34.0 Interest expense-net 9.0 — 9.0 11.1 — 11.1 Investment and other income – net (3) (0.8 ) — (0.8 ) (0.8 ) — (0.8 ) Earnings before income taxes 11.2 10.5 21.7 16.1 7.6 23.7 Income tax expense 3.5 3.0 6.5 6.8 3.0 9.8 Net earnings $ 7.7 $ 7.5 $ 15.2 $ 9.3 $ 4.6 $ 13.9 Net earnings per share: Basic net earnings per share $ 0.23 $ 0.45 $ 0.29 $ 0.43 Diluted net earnings per share $ 0.23 $ 0.45 $ 0.28 $ 0.42 Weighted average number of common shares outstanding (2):
Basic 33.7 33.7 32.6 32.6 Diluted 33.9 33.9 32.8 32.8 Additional information:
Gross margin (1) 37.9 % 37.9 % 36.6 % 36.6 % SG&A as a % of total net sales (1) 25.9 % 22.1 % 21.5 % 20.1 % Operating margin 7.6 % 11.7 % 9.9 % 12.7 % Effective tax rate 31.3 % 30.0 % 42.2 % 41.4 % (1) Exclusive of depreciation and amortization (2) Beginning in the quarter ended June 30, 2017, LSC Communications, Inc (“LSC”) no longer qualified as a related party, therefore the amounts disclosed related to LSC are only presented for the three months ended March 31, 2017. Beginning in the quarter ended September 30, 2017, R.R. Donnelley & Sons Company ("RRD") no longer qualified as a related party, therefore the amounts disclosed related to RRD are only presented for the three months ended March 31, 2017 (3) During the three months ended March 31, 2018, the Company adopted Accounting Standards Update No. 2017-07 “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” ("ASU 2017-07"), which resulted in the presentation of net pension income within investment and other income in the condensed consolidated statement of operations instead of selling, general and administrative expenses. Prior period net pension income was also reclassified. The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Donnelley Financial Solutions, Inc. Reconciliation of GAAP to Non-GAAP Measures
For the Three Months Ended March 31, 2018 and 2017
(UNAUDITED)
(in millions, except per share data)
For the Three Months Ended March 31, 2018 Net Income earnings from Operating Net per diluted SG&A operations margin earnings share GAAP basis measures $ 66.1 $ 19.4 7.6 % $ 7.7 $ 0.23 Non-GAAP adjustments: Restructuring, impairment and other charges - net
— 0.7 0.3 % 0.5 0.01 Spin-off related transaction expenses (7.8 ) 7.8 3.0 % 5.6 0.17 Share-based compensation expense (1.8 ) 1.8 0.7 % 1.3 0.04 Acquisition-related expenses (0.2 ) 0.2 0.1 % 0.1 0.00 Total Non-GAAP adjustments (9.8 ) 10.5 4.1 % 7.5 0.22 Non-GAAP measures $ 56.3 $ 29.9 11.7 % $ 15.2 $ 0.45 For the Three Months Ended March 31, 2017 Net Income earnings from Operating Net per diluted SG&A operations margin earnings share GAAP basis measures $ 57.5 $ 26.4 9.9 % $ 9.3 $ 0.28 Non-GAAP adjustments: Restructuring, impairment and other charges - net
— 3.8 1.4 % 2.3 0.07 Spin-off related transaction expenses (2.7 ) 2.7 1.0 % 1.6 0.05 Share-based compensation expense (1.1 ) 1.1 0.4 % 0.7 0.02 Total Non-GAAP adjustments (3.8 ) 7.6 2.8 % 4.6 0.14 Non-GAAP measures $ 53.7 $ 34.0 12.7 % $ 13.9 $ 0.42 Donnelley Financial Solutions, Inc. Segment GAAP to Non-GAAP Operating Income and Non-GAAP Adjusted EBITDA and Margin Reconciliation
For the Three Months Ended March 31, 2018 and 2017
(UNAUDITED)
(in millions)
U.S. International Corporate Consolidated For the Three Months Ended March 31, 2018
Net sales $ 213.1 $ 42.1 $ — $ 255.2 Income (loss) from operations 26.4 2.5 (9.5 ) 19.4 Operating margin % 12.4 % 5.9 % nm 7.6 % Non-GAAP Adjustments
Restructuring, impairment and other charges - net 0.7 (0.1 ) 0.1 0.7 Spin-off related transaction expenses 6.3 — 1.5 7.8 Share-based compensation expense — — 1.8 1.8 Acquisition-related expenses — — 0.2 0.2 Total Non-GAAP adjustments 7.0 (0.1 ) 3.6 10.5 Non-GAAP income (loss) from operations $ 33.4 $ 2.4 $ (5.9 ) $ 29.9 Non-GAAP operating margin % 15.7 % 5.7 % nm 11.7 % Depreciation and amortization 8.9 1.4 0.1 10.4 Non-GAAP Adjusted EBITDA $ 42.3 $ 3.8 $ (5.8 ) $ 40.3 Non-GAAP Adjusted EBITDA margin 19.8 % 9.0 % nm 15.8 % For the Three Months Ended March 31, 2017
Net sales $ 230.4 $ 36.9 $ — $ 267.3 Income (loss) from operations 37.0 0.2 (10.8 ) 26.4 Operating margin % 16.1 % 0.5 % nm 9.9 % Non-GAAP Adjustments
Restructuring, impairment and other charges - net 2.5 0.7 0.6 3.8 Spin-off related transaction expenses — — 2.7 2.7 Share-based compensation expense — — 1.1 1.1 Total Non-GAAP adjustments 2.5 0.7 4.4 7.6 Non-GAAP income (loss) from operations $ 39.5 $ 0.9 $ (6.4 ) $ 34.0 Non-GAAP operating margin % 17.1 % 2.4 % nm 12.7 % Depreciation and amortization 8.8 1.4 — 10.2 Non-GAAP Adjusted EBITDA $ 48.3 $ 2.3 $ (6.4 ) $ 44.2 Non-GAAP Adjusted EBITDA margin 21.0 % 6.2 % nm 16.5 % Donnelley Financial Solutions, Inc. Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2018 and 2017
(UNAUDITED)
(in millions)
For the Three Months Ended March 31, 2018 2017 Net earnings $ 7.7 $ 9.3 Adjustments to reconcile net earnings to net cash used in operating activities: Depreciation and amortization 10.4 10.2 Provision for doubtful accounts receivable 1.0 1.8 Share-based compensation
1.8 1.1 Deferred income taxes 0.6 (2.2 ) Net pension plan income
(0.8 ) (0.8 ) Other 0.5 0.4 Changes in operating assets and liabilities - net of acquisitions: Accounts receivable - net (65.4 ) (66.7 ) Inventories (5.8 ) (3.4 ) Prepaid expenses and other current assets (0.2 ) (4.4 ) Accounts payable 20.3 15.0 Income taxes payable and receivable 0.6 7.7 Accrued liabilities and other (23.1 ) (6.1 ) Pension and other postretirement benefits plan contributions (1.2 ) (0.1 ) Net cash used in operating activities $ (53.6 ) $ (38.2 ) Capital expenditures (6.4 ) (4.3 ) Purchase of investment
— (3.4 ) Other investing activities — 0.2 Net cash used in investing activities $ (6.4 ) $ (7.5 ) Revolving facility borrowings 88.0 57.0 Payments on revolving facility borrowings (68.0 ) (37.0 ) Debt issuance costs — (1.5 ) Net transfers related to the Separation — 3.1 Proceeds from issuance of common stock 1.2 — Treasury stock repurchases (0.8 ) — Net cash provided by financing activities $ 20.4 $ 21.6 Effect of exchange rate on cash and cash equivalents (0.3 ) 0.2 Net decrease in cash and cash equivalents (39.9 ) (23.9 ) Cash and cash equivalents at beginning of year 52.0 36.2 Cash and cash equivalents at end of period $ 12.1 $ 12.3 Additional Information:
2018 2017 For the Three Months Ended March 31: Net cash used in operating activities $ (53.6 ) $ (38.2 ) Less: capital expenditures 6.4 4.3 Free cash flow $ (60.0 ) $ (42.5 ) Donnelley Financial Solutions, Inc. Reconciliation of Reported to Organic Net Sales
For the Three Months Ended March 31, 2018 and 2017
(UNAUDITED)
(in millions)
U.S. Language Capital Investment Solutions Total Markets Markets and other U.S. International Consolidated Reported Net Sales:
For the Three Months Ended March 31, 2018 $ 117.5 $ 84.6 $ 11.0 $ 213.1 $ 42.1 $ 255.2 For the Three Months Ended March 31, 2017 119.1 100.1 11.2 230.4 36.9 267.3 Net sales change (1.3 %) (15.5 %) (1.8 %) (7.5 %) 14.1 % (4.5 %) Supplementary non-GAAP information:
Year-over-year impact of changes in foreign exchange (FX) rates — % — % — % — % 6.8 % 0.9 % Year-over-year impact of the adoption of the new revenue recognition standard (1) 5.8 % (5.9 %) — % 0.4 % 1.6 % 0.6 % Net organic sales change (2) (7.1 %) (9.6 %) (1.8 %) (7.9 %) 5.7 % (6.0 %) (1) Adjusted for the adoption of the new revenue recognition standard (2) Adjusted for the impact of changes in FX rates and the adoption of the new revenue standard. Donnelley Financial Solutions, Inc. Reconciliation of GAAP Net Earnings (Loss) to Non-GAAP Adjusted EBITDA
For the Three and Twelve Months Ended March 31, 2018 and 2017
(UNAUDITED)
(in millions)
For the Twelve Months Ended
For the Three Months Ended March 31, 2018
March 31, 2018
December 31, 2017
September 30, 2017
June 30, 2017
GAAP net earnings (loss) $ 8.1 $ 7.7 $ (23.7 ) $ 5.3 $ 18.8 Adjustments
Income tax expense 43.2 3.5
24.5
2.1 13.1 Interest expense-net 40.8 9.0
10.2
10.6 11.0 Investment and other income-net (1) (3.4 ) (0.8 )
(0.9 ) (0.8 ) (0.9 ) Depreciation and amortization 44.7 10.4
12.8
10.6 10.9 Restructuring, impairment and other charges-net 4.0 0.7
0.7
(0.6 ) 3.2 Share-based compensation expense 7.5 1.8
1.6
1.7 2.4 Spin-off related transaction expenses 21.6 7.8
6.7
2.6 4.5 Acquisition-related expenses 0.4 0.2
0.2
— — Total Non-GAAP adjustments 158.8 32.6
55.8
26.2 44.2 Non-GAAP adjusted EBITDA $ 166.9 $ 40.3 $ 32.1 $ 31.5 $ 63.0
Net sales $ 992.8 $ 255.2 $
224.8
$ 222.6 $ 290.2 Non-GAAP adjusted EBITDA margin % 16.8 % 15.8 % 14.3 % 14.2 % 21.7 % For the Twelve Months Ended
For the Three Months Ended March 31, 2017
March 31, 2017
December 31, 2016
September 30, 2016
June 30, 2016
GAAP net earnings (loss) $ 55.0 $ 9.3 $ (0.8 ) $ 10.2 $ 36.3 Adjustments
Income tax expense (benefit) 33.2 6.8 (4.1 ) 7.9 22.6 Interest expense (income)-net 22.5 11.1 11.4 (0.1 ) 0.1 Investment and other income-net (1) (1.6 ) (0.8 ) (0.6 ) (0.2 ) — Depreciation and amortization 44.0 10.2 13.2 9.8 10.8 Restructuring, impairment and other charges-net 8.6 3.8 1.8 1.7 1.3 Share-based compensation expense 3.3 1.1 1.3 0.2 0.7 Spin-off related transaction expenses 7.6 2.7 4.9 — — Total Non-GAAP adjustments 117.6 34.9 27.9 19.3 35.5 Non-GAAP adjusted EBITDA $ 172.6 $ 44.2 $ 27.1 $ 29.5 $ 71.8 Net sales $ 1,010.7 $ 267.3 $ 221.0 $ 224.4 $ 298.0 Non-GAAP adjusted EBITDA margin % 17.1 % 16.5 % 12.3 % 13.1 % 24.1 % (1) During the three months ended March 31, 2018, the Company adopted ASU 2017-07, which resulted in the presentation of net pension income within investment and other income in the condensed consolidated statement of operations instead of selling, general and administrative expenses. Prior period net pension income was also reclassified. Donnelley Financial Solutions, Inc. Debt and Liquidity Summary
As of March 31, 2018 and 2017 and December 31, 2017
(UNAUDITED)
(in millions)
Total Liquidity
March 31, 2018 December 31, 2017 March 31, 2017 Availability
Stated amount of the Revolving Facility $ 300.0 $ 300.0 $ 300.0 Less: availability reduction from covenants
80.2
— 107.5 Amount available under the Revolving Facility (1) 219.8
300.0 192.5 Usage
Borrowings under the Revolving Facility (1) 20.0 — 20.0 Impact on availability related to outstanding letters of credit
— — 2.2 20.0 — 22.2 Availability under the Revolving Facility 199.8
300.0 170.3 Cash (2) 12.1 52.0 12.3 Net Available Liquidity $ 211.9
$ 352.0 $ 182.6 Short-term debt $ — $ — $ — Long-term debt 478.8 458.3 607.5 Total debt $ 478.8 $ 458.3 $ 607.5 Non-GAAP adjusted EBITDA for the twelve months ended March 31, 2018 and 2017, and the year ended December 31, 2017 $ 166.9 $ 170.8 $ 172.6 Non-GAAP Gross Leverage (defined as total debt divided by non-GAAP adjusted EBITDA) 2.9 x 2.7 x 3.5 x (1) The Company has a $300.0 million senior secured revolving credit facility (the “Revolving Facility”). The Revolving Facility is subject to a number of covenants, including a minimum Interest Coverage Ratio and a maximum Leverage Ratio, both as defined and calculated in the Credit Agreement. There was $20.0 million of outstanding borrowings under the Revolving Facility as of March 31, 2018. Based on the Company’s results of operations for the twelve months ended March 31, 2018 and existing debt, the Company would have had the ability to utilize $199.8 million of the $300.0 million Revolving Facility and not have been in violation of the terms of the agreement
(2) Approximately 71% of cash as of March 31, 2018, 30% of cash as of December 31, 2017 and 84% of cash as of March 31, 2017 was located outside of the U.S. Certain cash balances of foreign subsidiaries may be subject to U.S. or local country taxes if repatriated to the U.S. In addition, repatriation of some foreign cash balances is further restricted by local laws.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005320/en/
Investor Contact:
Sloan Bohlen
Solebury Communications Group
[email protected]
Source: Donnelley Financial Solutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-donnelley-financial-reports-first-quarter-2018-results.html |
May 6, 2018 / 11:06 AM / Updated 2 hours ago Lava eruptions destroy five Hawaii homes, gas a threat Karin Stanton 3 Min Read
PAHOA, Hawaii (Reuters) - Nearly 2,000 people on Hawaii’s Big Island have been evacuated from homes after lava eruptions destroyed five houses and sulfur dioxide gas threatened to harm anyone who stayed in the residential area, officials said. A new fissure spraying lava fountains as high as about 230 feet (70 m), according to United States Geological Survey, is shown from Luana Street in Leilani Estates subdivision on Kilauea Volcano's lower East Rift Zone in Hawaii, U.S., May 5, 2018. Photo taken May 5, 2018. US Geological Survey/Handout via REUTERS
A new fissure spewed lava up to 230 feet (70 m) into the air and new cracks opened on a highway in the Leilani Estates area, about a dozen miles (19 km) from where the Kilauea volcano erupted on Thursday, the Hawaiian Volcano Observatory said in a statement on Saturday.
The southeast corner of the island was rocked by a 6.9 tremor on Friday, the strongest since 1975, and more earthquakes and eruptions were forecast, perhaps for months to come.
Around 1,500 homes have been evacuated in a small rural area since fissures began spewing out steam, lava and sulfur dioxide which can be life threatening in high levels, according to the Centers for Disease Control and Prevention.
No injuries or deaths were reported. Lava advances along a street near a fissure in Leilani Estates, on Kilauea Volcano's lower East Rift Zone, Hawaii, the U.S., May 5, 2018. U.S. Geological Survey/Handout via REUTERS
“Those remaining in Leilani and Lanipuna Gardens and along Pohoiki Road need to prepare to leave because if the winds change, you could be gassed,” warned Hawaii County Council member Eileen O’Hara in a Facebook post.
The rest of the island and state were conducting business as usual with no impact to flights to tourism centers, state officials said.
“The area where lava is coming to the surface is very far from resort areas,” said George Szigeti, president and CEO of the Hawaii Tourism Authority. Slideshow (6 Images)
Although no significant lava flows have yet formed, additional outbreaks of lava, which can reach temperatures of about 2,100 degrees Fahrenheit (1,150 Celsius), were expected, the Hawaii County Civil Defense Agency said.
Petra Wiesenbauer, owner of Hale Moana Hawaii Bed and Breakfast, evacuated Friday evening with her two teenage children and pets.
“Now we are just trying to make plans for the future,” she said. “There is no telling when or if we’ll ever be able to go back in.”
Kilauea, one of the world’s most active volcanoes and one of five on the island, has been in constant eruption for 35 years.
U.S. Representative Tulsi Gabbard of Hawaii, a Democrat, called on federal officials to quickly respond to needs such as short- and long-term housing and infrastructure repairs.
Gabbard said more than 1,800 residents in Leilani Estates and Lanipuna Gardens had been ordered to leave their homes since Thursday. Additional reporting by Andrew Hay in New Mexico; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano/lava-eruptions-destroy-5-hawaii-homes-gas-a-threat-idUSKBN1I709Y |
× × One of the biggest bulls of 2017 explains why the bull market might be coming to an end 37 Mins Ago Mike Wilson, Morgan Stanley chief U.S. equity strategist, discusses why the 9-year bull market is finally winding down. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/one-of-the-biggest-bulls-of-2017-explains-why-the-bull-market-might-be-coming-to-an-end.html |
May 2 (Reuters) - SP Plus Corp:
* Q1 EARNINGS PER SHARE $0.68 * Q1 EARNINGS PER SHARE VIEW $0.39 — THOMSON REUTERS I/B/E/S
* AFFIRMS FULL-YEAR 2018 GUIDANCE ON ALL MEASURES
* QTRLY TOTAL PARKING SERVICES REVENUE $366.8 MILLION VERSUS $401.9 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sp-plus-reports-q1-eps-of-068/brief-sp-plus-reports-q1-eps-of-0-68-idUSASC09Z55 |
DEL MAR, Calif., May 31, 2018 /PRNewswire/ -- American Diversified Holdings Corporation (OTC: ADHC) announced today that the company is nearing completion of the review of all relevant due diligence information required to complete acquisition of Brazos Biomedical, LLC (Brazos). ADHC is in the process of reviewing relevant documentation involving the AURACIS TM TENS Migraine therapy system including all the patents and patent applications in the US and abroad, patent license agreement, technical engineering schematics, FDA plans, patient study information and other related documents.
Brazos has an international patent portfolio covering the AURACIS TM system. This includes issued patents in the US and patent applications pending in foreign countries. Recognizing that a robust patent portfolio is imperative to the success of the development of the AURACIS TM system, ADHC has undergone a comprehensive review of these files. Moreover, Brazos has obtained proposals from multiple leading OEM device and development firms as they prepare to advance the AURACIS TM system towards the market.
The terms and conditions of the Brazos Biomedical, LLC acquisition (BRAZOS), were not disclosed pending completion of standard due diligence.
In additional news ADHC management has undertaken financial reorganization that has resulted in the reduction of $1.2 mm in debt on the balance sheet. In addition to the debt reduction approximately 95 million shares have cancelled and reduced from the total shares outstanding. Third quarter financials ending on April 30, 2018 will be filed in the next few days.
ADHC management believes this debt reduction and share cancellation will further enhance the Company's financial picture. Allowing for a broader based appeal to the shareholder community in anticipation of filing the Form Ten and the pending application to the OTC-QB
ADHC will keep shareholders informed as events progress.
ADHC is a holding company that provides executive management, corporate governance, administrative support, financial advice, and introductions to capital sources to various micro-cap private and public companies that have proven revenues and business models.
BRAZOS BIOMEDICAL LLC is a bio device company utilizing electro stimulation for pain management to improve patient outcomes through creative innovation with a core competency in the migraine and headache pain space.
For more information: www.brazosbio.com
This press release contains forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the Company's plans to change and are in no way intended to guarantee that the Company will be successful in executing its plans. common stock currently trades on the over-the-counter under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of ADHC, and no reference has been made that this release contains all information.
Contact:
[email protected]
Tel: 858-259-4534
SOURCE American Diversified Holdings Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-american-diversified-holdings-corporation-nears-completion-of-brazos-biomedical-llc-acquisition.html |
May 3 (Reuters) - Global Asset Management Ltd:
* INTENDS TO RAISE UP TO R67.2 MILLION BY WAY OF A RENOUNCEABLE RIGHTS OFFER
* TO OFFER TOTAL OF 36.7 MILLION AUTHORISED BUT UNISSUED ORDINARY SHARES OF NO PAR VALUE AT SUBSCRIPTION PRICE OF R1.83 PER RIGHTS OFFER SHARE Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-asset-management-says-inten/brief-global-asset-management-says-intends-to-raise-up-to-r67-2-mln-by-way-of-renounceable-rights-offer-idUSFWN1SA102 |
SANTIAGO (Reuters) - The Lima Group of mostly Latin American countries should raise its pressure on Venezuelan President Nicolas Maduro to a “new level” when it meets this week in Mexico City, Chile’s foreign minister said in a newspaper interview published on Saturday.
FILE PHOTO: Venezuela's President Nicolas Maduro gestures during a campaign rally in Caracas, Venezuela May 4, 2018. REUTERS/Carlos Garcia Rawlins/FIle photo Roberto Ampuero, who is in the United States before attending the last Lima Group meeting planned ahead of Venezuela’s May 20 presidential vote that many countries have said they will not recognize, added that Chile may not fill its empty ambassador seat in Caracas to send a “clear” signal.
“If there is a Lima Group statement ... it cannot be just another statement,” Ampuero told Chilean newspaper La Tercera. “It has to be a statement of a new quality, of a new level.”
Maduro is widely expected to win re-election in a vote which the mainstream opposition is boycotting as two of its most popular figures have been barred from standing, the election board and courts lean toward the government, and state giveaways to voters and a formidable party machine benefit Maduro.
Ampuero’s comments come after U.S. Vice President Mike Pence told a regional body this week that its members needed to do more to isolate Maduro, who the United States blames for Venezuela’s recession and hyperinflation that have caused food shortages and sent an exodus of migrants into neighboring countries.
Maduro says Washington and its “lackeys” in the region are bent on toppling socialism in Venezuela via a coup in order to take control of the OPEC nation’s oil riches.
Ampuero said one of the measures the bloc’s member countries could take could be stricter controls on the ability of Venezuelan officials to enter their territory, but he said the measures should not cause more suffering for the Venezuelan population.
The United States and the European Union have already enacted financial sanctions on members of the Maduro administration.
The Lima Group, formed last year to put pressure on Venezuela, is made up of Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, Guatemala, Guyana, Honduras, Mexico, Panama, Paraguay, Peru and Santa Lucia.
Reporting by Antonio de la Jara; Writing by Luc Cohen; Editing by Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-venezuela/chile-wants-region-to-tighten-pressure-on-venezuelas-maduro-idUSKCN1ID0JF |
LOS GATOS, Calif.--(BUSINESS WIRE)-- Roku Inc. (NASDAQ:ROKU) today announced it released first quarter 2018 results. Visit the Roku investor relations website https://ir.roku.com to view the first quarter 2018 letter to shareholders.
Today the company will host a webcast of its conference call to discuss the results at 2 p.m. Pacific Time / 5 p.m. Eastern Time. Participants may access the live webcast in listen-only mode on the Roku investor relations website at https://ir.roku.com with an archived webcast of the conference call available following the call.
About Roku, Inc.
Roku pioneered streaming to the TV. We connect users to the streaming content they love, enable content publishers to build and monetize large audiences, and provide advertisers with unique capabilities to engage consumers. Roku streaming players and Roku TV TM models are available around the world through direct retail sales and licensing arrangements with TV OEMs and service operators. Roku is headquartered in Los Gatos, Calif. U.S.A.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006202/en/
Roku
Investor Relations Contact:
James Samford
[email protected]
or
Media Contact:
Eric Savitz
[email protected]
Source: Roku Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-roku-releases-first-quarter-2018-financial-results.html |
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