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By Aaron Pressman 12:19 PM EDT
Nvidia’s stock has been on massive rally, hitting an all-time high of over $260 earlier this week, more than double the price of a year ago. But after the company’s latest earnings report, analysts and investors are debating whether growing sales of Nvidia’s graphics chips to data centers can offset possibly declining sales to cryptocurrency miners.
On Thursday after the market close, Nvidia said its first quarter revenue jumped 66% to $3.2 billion, more than analysts expected, and adjusted net income per share more than doubled to $2.05, also beating the average estimate. But looking deeper, Nvidia said its sales to datacenters, which largely use the graphics chips for machine learning and artificial intelligence apps, reached only $701 million, less than expected. And the company disclosed that volatile sales to customers who mine digital currencies like Ethereum totaled $289 million.
Some investors fear that with digital currency prices declining, mining activity–actually running massively complex computing calculations–could fall off. Also some smaller Asian chipmakers are expected to bring out more efficient and specialized mining chips soon that could grab some of the business going to Nvidia and its rival, Advanced Micro Devices (amd) . Intel (intc) doesn’t currently make the kind of graphics chips used in cryptocurrency mining.
“Looking into Q2, we expect crypto-specific revenue to be about one-third of its Q1 level,” CFO Colette Kress said on a call with analysts.
Get Data Sheet , Fortune’s technology newsletter.
On Friday, Nvidia (nvda) shares were down 1% to $257.71 in midday trading.
“Cryptocurrency mining continues to inject noise into an overall very strong growth story,” Morgan Stanley analyst Joe Moore wrote in a report on Friday, saying demand from miners had accounted for about half of the surprise extra revenue Nvidia reported beyond what analysts expected. But the company’s strong growth in other areas should overcome any decline in that business, Moore argued, as he raised his price target on the stock to $273 from $258.
Analyst Stacy Rasgon at Bernstein Research suggested investors should stop worrying so much about the impact of crypto sales.
“There was very little to nitpick on regarding execution and as numbers continue their inexorable march higher we continue to believe the story has legs,” he wrote. | ashraq/financial-news-articles | http://fortune.com/2018/05/11/nvidia-stock-cryptocurrency-mining/ |
May 4, 2018 / 8:09 PM / Updated 8 hours ago 'Harry & Meghan' romance gets the Lifetime TV treatment Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - As soon as Britain’s Prince Harry and American actress Meghan Markle announced their engagement last November, executives at U.S. cable television network Lifetime swung into gear.
In two weeks, the first scripts were written for “Harry & Meghan: A Royal Romance,” a dramatization of their courtship that will premiere on May 13 as the jewel in the crown of a week of Lifetime programming ahead of the May 19 royal wedding in England.
Starring Scottish actor Murray Fraser as Harry and American Parisa Fitz-Henley as Markle, the television film is based on known events in the couple’s almost two-year romance, including their appearances together, Markle’s public speeches and entries from her former lifestyle blog The Tig.
It also weaves in imagined scenes, including their first blind date, an argument, a sex scene, Harry’s proposal and events with key members of Britain’s royal family, including the late Princess Diana; Harry’s brother, Prince William; William’s wife; Kate Middleton, Prince Charles and Queen Elizabeth.
“There is so much drama in the real story we didn’t have to make a lot up,” said co-writer Terrence Coli.
Shot mostly in Toronto, where Markle was based while shooting the TV series “Suits,” the makers say the TV film is motivated by warmth and admiration for the couple. It follows a Lifetime biopic made for the 2011 wedding of William and Kate.
“One of the reasons that we love them so much is because they are a unifying force in a very divisive time,” said co-writer Scarlett Lacey.
Fraser, who had to drop his broad Scottish accent to play Harry, said he did not want to do a mere copycat of the tall, ginger-haired prince.
“I really wanted to see him as a human being who just happens to be a prince,” Fraser said.
Fitz-Henley said she saw Markle as “a really great example of confidence.”
Markle and Harry were not consulted in the making of the film, but the producers say the couple are aware of it and the producers hope they will see it.
“We admire them as a couple, so we hope they watch it and they think it is funny and sweet,” said Michele Weiss, one of the executive producers. Britain's Prince Harry (R) arrives with girlfriend Meghan Markle at the wheelchair tennis event during the Invictus Games in Toronto, Ontario, Canada September 25, 2017. Picture taken September 25, 2017. REUTERS/Mark Blinch - RC1BC7A98520 Reporting by Jill Serjeant and Rollo Ross; Editing by Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-film/harry-meghan-romance-gets-the-lifetime-tv-treatment-idUKKBN1I52GA |
TORONTO (Reuters) - Bank of Montreal ( BMO.TO ) and Canadian Imperial Bank of Commerce ( CM.TO ) said on Monday that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country.
FILE PHOTO: A Bank of Montreal (BMO) sign is seen outside of a branch in Ottawa, Ontario, Canada, August 23, 2016. REUTERS/Chris Wattie/File Photo Bank of Montreal ( BMO.TO ), Canada’s fourth biggest lender, said on Monday it was contacted by fraudsters on Sunday who claimed they were in possession of the personal and financial information of a limited number of the bank’s customers.
A spokesman for the bank said it believed that less than 50,000 of the bank’s 8 million customers across Canada were hacked. He declined to say if any customers lost money as a result of the attack.
The fraudsters had threatened to make the data public, the spokesman said, adding that the bank was working with the authorities and conducting a thorough investigation.
Bank of Montreal said it believed the attack originated from outside the country and was confident the exposures that led to the theft of customer data had been closed off.
Canadian Imperial Bank of Commerce ( CM.TO ), Canada’s fifth biggest lender, said fraudsters contacted the lender on Sunday claiming they had electronically stolen personal and account information of 40,000 customers of its Simplii direct banking brand.
CIBC said it has not yet confirmed the cyber breach but is taking the claim seriously. CIBC said customers at its main banking division were not affected.
Both banks said they were contacting customers and advising them to monitor their accounts and report any suspicious activity.
Other Canadian banks said they had not been affected.
Shares in BMO were down 0.3 percent and CIBC was off 0.3 percent.
Canada’s six biggest banks have been collaborating along with the Bank of Canada to enhance their defenses against cyber attacks. The Bank of Canada said earlier this month that some attacks would inevitably succeed but it has recovery mechanisms in place to limit the damage.
Cyber attacks are increasingly common. Last year, credit monitoring firm Equifax said information on about 146.6 million names, 146.6 million dates of birth, 145.5 million U.S. social security numbers, 99 million addresses and 209,000 payment card numbers and expiration dates, were stolen in a cyber attack.
Reporting by Matt Scuffham; Editing by Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bmo-attack/cyber-thieves-claim-to-hit-two-big-canadian-banks-idUSKCN1IT1PQ |
Elliott-backed board will prevail over Vivendi, analyst says 3 Hours Ago James Ratzer, European team head and analyst at New Street Research, discusses the ongoing shareholder spat over Telecom Italia. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/elliott-backed-board-will-prevail-over-vivendi-analyst-says.html |
May 1, 2018 / 3:59 PM / a few seconds ago Goldman to pay about $110 million to N.Y., Fed: Bloomberg Reuters Staff 1 Min Read
(Reuters) - Goldman Sachs Group Inc ( GS.N ) has agreed to pay about $55 million each to two U.S. regulators to resolve allegations that its foreign exchange traders shared information about client orders on a chat room, Bloomberg reported on Tuesday. The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid
Goldman will pay the fines to the Federal Reserve Board and New York's Department of Financial Services, Bloomberg reported bloom.bg/2HKKYsO , citing people familiar with the matter.
Goldman declined to comment. | ashraq/financial-news-articles | https://www.reuters.com/article/us-goldman-sachs-fine/goldman-to-pay-about-110-million-to-n-y-fed-bloomberg-idUSKBN1I23Y8 |
ZURICH, May 4 (Reuters) - Swiss drug ingredients maker Lonza confirmed its guidance on Friday and said it had got off to a good start this year.
“Lonza confirms ongoing strong momentum for its businesses along the healthcare continuum and is confident to achieve a positive half-year result 2018,” it said without giving detailed financial figures.
“The strong business momentum also makes Lonza fully confident of achieving, at a minimum, the previously communicated full-year guidance of mid-single-digit sales growth on a comparable basis in line with mid-term guidance 2022 and 100 (basis point) improvement in core EBITDA margin in line with mid-term guidance 2022,” it added.
Lonza in January forecast a 2018 operating profit margin that fell short of market expectations. (Reporting by Michael Shields Editing by Tom Sims )
| ashraq/financial-news-articles | https://www.reuters.com/article/lonza-results/lonza-confirms-targets-as-q1-gets-off-to-good-start-idUSZ8N1RJ00N |
US small-cap stock performance was 'a bit of a surprise': Strategist 12 Hours Ago Given the current market conditions, investors should stick with "larger-sized companies with higher exposure to faster international growth rates," says Talley Leger of OppenheimerFunds. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/us-small-cap-stock-performance-was-a-bit-of-a-surprise-strategist.html |
May 28, 2018 / 10:25 AM / Updated 3 hours ago European Tour BMW PGA Championship Scores Reuters Staff 4 Min Read May 28 (OPTA) - Scores from the European Tour BMW PGA Championship on Sunday -17 Francesco Molinari (Italy) 70 67 66 68 -15 Rory McIlroy (Northern Ireland) 67 65 71 70 -14 Lucas Bjerregaard (Denmark) 65 73 71 65 Alex Noren (Sweden) 69 68 70 67 -13 Kiradech Aphibarnrat (Thailand) 68 69 71 67 Branden Grace (South Africa) 69 69 69 68 -12 Darren Fichardt (South Africa) 66 72 71 67 -10 Rafa Cabrera Bello (Spain) 72 68 70 68 Ross Fisher (England) 71 68 68 71 Matthew Fitzpatrick (England) 67 71 73 67 Thongchai Jaidee (Thailand) 69 72 69 68 -9 Dean Burmester (South Africa) 66 73 73 67 Marcus Kinhult (Sweden) 74 67 68 70 Graeme McDowell (Northern Ireland) 71 67 73 68 -8 Byeong Hun An (Korea Republic) 74 68 70 68 Sam Horsfield (England) 67 68 72 73 Mikko Korhonen (Finland) 68 70 70 72 Shane Lowry (Republic of Ireland) 69 71 70 70 Fabrizio Zanotti (Paraguay) 69 69 73 69 -7 Paul Casey (England) 72 70 69 70 Tommy Fleetwood (England) 70 66 77 68 Jacques Kruyswijk (South Africa) 73 70 73 65 Ian Poulter (England) 74 67 72 68 Robert Rock (England) 69 68 72 72 Erik Van Rooyen (South Africa) 70 69 71 71 Matt Wallace (England) 72 69 69 71 -6 Alexander Björk (Sweden) 71 70 71 70 Sébastien Gros (France) 69 66 73 74 Lasse Jensen (Denmark) 68 70 71 73 David Lipsky (USA) 70 72 73 67 Matteo Manassero (Italy) 75 66 73 68 Matthew Southgate (England) 69 72 72 69 Lee Westwood (England) 70 69 69 74 Chris Wood (England) 72 68 71 71 -5 Richard Bland (England) 67 75 72 69 Jens Dantorp (Sweden) 74 69 71 69 Benjamin Hebert (France) 70 69 74 70 Richie Ramsay (Scotland) 69 71 71 72 Adrien Saddier (France) 70 70 74 69 Andy Sullivan (England) 71 68 74 70 Hideto Tanihara (Japan) 69 72 74 68 -4 Maximilian Kieffer (Germany) 69 71 74 70 -3 Thomas Detry (Belgium) 72 71 73 69 Scott Fernandez (Spain) 74 69 74 68 Ryan Fox (New Zealand) 70 73 71 71 HaoTong Li (China PR) 73 66 74 72 Mike Lorenzo-Vera (France) 72 70 75 68 Eddie Pepperell (England) 72 68 74 71 Haydn Porteous (South Africa) 74 69 71 71 Julian Suri (USA) 74 67 74 70 -2 Andrew Dodt (Australia) 70 73 74 69 -1 Stephen Gallacher (Scotland) 71 69 76 71 Gavin Green (Malaysia) 72 70 73 72 Alexander Levy (France) 70 68 75 74 Andrea Pavan (Italy) 73 70 72 72 Jeunghun Wang (Korea Republic) 74 69 70 74 Paul Waring (England) 73 68 77 69 0 Trevor Immelman (South Africa) 71 68 76 73 Bradley Neil (Scotland) 71 69 74 74 1 Nino Bertasio (Italy) 68 70 81 70 Thorbjørn Olesen (Denmark) 69 70 78 72 Brandon Stone (South Africa) 73 70 75 71 Marc Warren (Scotland) 71 72 70 76 2 Rak hyun Cho (Korea Republic) 74 68 72 76 Matthieu Pavon (France) 72 67 74 77 Ashun Wu (China PR) 72 71 75 72 7 Daniel Brooks (England) 70 73 78 74 9 James Heath (England) 72 67 78 80 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-european-scores/european-tour-bmw-pga-championship-scores-idUKMTZXEE5SFOR9K5 |
(Reuters) - California surfers are literally taking wave-riding to another level, surfing not on but above the water on hydrofoil surfboards.
Chuck Patterson rides his foil board on a morning swell of the coast of Del Mar, California, U.S., February 3, 2018. Picture taken February 3, 2018. REUTERS/Mike Blake Harnessing the “foiling” technology more typically seen on racing catamarans in sailing’s America’s Cup, the surfboards appear to fly above the water thanks to a fin attached to the bottom of the board.
“You feel like a little kid,” said professional athlete and stuntman Chuck Patterson, who rides a custom short board with a aluminum and fiberglass hydrofoil.
He said part of the appeal of foil surfing, or foilboarding, is that several people can “share” a wave, instead of taking it in turns.
“Today we went out and it’s probably the worst conditions and we had a blast.... It ends up changing the game of being in the water,” he said.
The foil is like a wing that extends into the water under the surfboard. Acting much like a wing of plane, it causes the board to lift out of the water as it gains speed, propelled by an ocean swell.
A surfer walks past Gary Clisby as he returns to the beach after riding his foil board in the swells off the coast of Solana Beach, California, U.S., March 26, 2018. Picture taken March 26, 2018. REUTERS/Mike Blake Since there is less drag because of reduced contact with water, surfers on hydrofoil boards can ride any wave at high speed, even one a surfer on a traditional board would pass up as too small.
SURF RACING Dave Daum, founder of Kings Paddle Sports in the Southern California beach town of Carlsbad, said it all started when a member of a surf racing team wanted to attach a hydrofoil to his board with snowboard bindings.
Slideshow (12 Images) “He took it out into the water, proceeded to catch a wave, fell off, and nearly drowned. And at that point, we said it’s too dangerous,” he said.
Daum said he put on his engineering cap to design a custom hydrofoil board. While he started his business making and selling stand-up paddleboards, he has been receiving more and more requests for custom and off-the-shelf foilboards.
The foils, which are specifically designed for surfing, sell for around $1,000, with specially made surfboards adding another $600-800.
Increased speed, combined with the foil’s sharp metal blade, have led to the sport gaining a reputation as dangerous. That hasn’t put off musician Tim Foreman, who took up foil surfing in December.
“I’m still learning and it’s a really steep learning curve. The first three or four sessions were extremely humbling. It’s kind of dangerous,” he said.
For stuntman Patterson, the sensation of foilboarding reminds him of another adventure sport.
“It feel kind of like snowboarding in pure powder where it’s just effortless and you’re floating free or you know feel like you’re flying pretty much half the time,” he said.
And just as the rise of snowboarding in the 1980s and ‘90s shook up the ski slopes, the early adopters of foilboarding say their fledgling sport may take the surfing world by storm.
Reporting by Jane Ross; Editing by Bill Tarrant and Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-california-foilboarding/surfs-up-takes-on-new-meaning-for-california-foilboarders-idUSKCN1IO1WR |
LONDON—Royal Bank of Scotland Group PLC has agreed to pay $4.9 billion to settle with the Justice Department over the sale of toxic mortgage-backed securities in the lead-up to the global financial crisis, clearing the path for the bank’s privatization.
The U.K. government controlled bank said Wednesday it reached a civil settlement “in principle” with the Justice Department to end the long-running probe into the matter. The bank has already set aside funds to cover the bulk of the settlement but said it would book an additional... | ashraq/financial-news-articles | https://www.wsj.com/articles/rbs-in-4-9-billion-u-s-settlement-over-mortgage-backed-securities-1525910054 |
22 Hours Ago | 01:01
The biggest hedge funds have been loading up on tech and media names, mostly to good results for an industry that has struggled to beat the market.
The list of most-owned stocks contains many of the market's favorites, with 15 of the top 20 with the highest hedge fund ownership being in the technology, media and internet sectors, according to a study that RBC Capital Markets conducted of major funds.
Of the top 20, 16 have posted higher returns than the S&P 500. That comes amid a rare year when the $3.2 trillion hedge fund industry has narrowly outperformed the broad market index. The HFRI Fund Weighted Composite Index rose 0.39 percent through April, compared with a loss of 0.39 percent for the S&P 500 on a total return basis.
It's the first time since the financial crisis in 2008 that hedge funds have had the edge, however slight.
The most-owned stocks comprise what RBC calls its "Hedge Fund Hot Dogs," or those stocks that have the most hedge fund dollars invested in them. When isolating that group, it has beaten the S&P 500 five of the past eight years.
The screen has seen some changes in 2018 as manager appetite has shifted.
New to the list are Booking Holdings ($6.1 billion in hedge fund dollars, 16th most popular), Electronic Arts ($5.5 billion, 17th), Mastercard ($5.2 billion, 20th) and UnitedHealth Group ($5.2 billion, 19th).
Those no longer in the top 20 are CNBC-parent Comcast , DowDuPont , Charter Communications and PayPal .
One big surprise: Apple remains in the top 20 but tumbled well down the list, from eighth to 18th, with $5.2 billion in hedge fund assets.
The screen focused on 340 of the industry's more than 9,700 funds.
Here's the top 10 of the "hot dogs": The hedge fund 'hot dogs' Company Performance vs. S&P 500 (%) Facebook | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/hedge-funds-have-been-using-these-hot-dogs-to-beat-the-market-this-year.html |
MOSCOW (Reuters) - Russian Acting Deputy Foreign Minister Sergei Ryabkov said on Tuesday it was possible to discuss the future of the Iran nuclear deal without the participation of the United States, the RIA news agency reported.
Ryabkov also said there had been an attempt to present the situation in a way that it would be impossible to preserve the deal without Tehran making concessions, the Interfax news agency reported. He also said that the U.S. decision on Iran was “rash” amid nuclear talks regarding the Korean peninsula.
(Corrects paragraph 2 to show it was not Russia’s view that preserving nuclear deal would be impossible without changes, but that another party had presented it that way)
Reporting by Katya Golubkova; Editing by Alison Williams
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-ryabkov/russia-says-it-is-possible-to-discuss-iran-deals-future-without-u-s-ria-idUSKCN1IG10M |
U.S. trade delegation heads to Beijing for talks 3:08pm IST - 01:33
As U.S. President Donald Trump's trade delegation prepares for negotiations in Beijing this week, Trump's chief trade negotiator said on Tuesday he was not looking to negotiate changes to China's state-driven economic system but would seek to expose it to more foreign competition.
As U.S. President Donald Trump's trade delegation prepares for negotiations in Beijing this week, Trump's chief trade negotiator said on Tuesday he was not looking to negotiate changes to China's state-driven economic system but would seek to expose it to more foreign competition. //in.reuters.com/video/2018/05/02/us-trade-delegation-heads-to-beijing-for?videoId=423176160&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/us-trade-delegation-heads-to-beijing-for?videoId=423176160 |
May 16 (Reuters) - British pub operator Mitchells & Butlers Plc reported a 8 percent drop in first-half pretax profit on Wednesday, as margins continued to be weighed down by rising costs.
Like-for-like sales for 28 weeks ended April 14 climbed 1.6 percent, and rose 2.5 percent when adjusted for impact of frigid weather conditions, the company said. (Reporting by Sangameswaran S in Bengaluru, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/mitchells-butler-results/pub-firm-mitchells-butlers-profit-dips-on-rising-costs-idUSL3N1SN2PN |
May 31, 2018 / 4:53 PM / Updated 4 hours ago Ed Sheeran, Stormzy winners at Britain's Ivor Novello awards Reuters Staff 2 Min Read
LONDON (Reuters) - Singer Ed Sheeran picked up two prizes at Britain’s Ivor Novello awards on Thursday, scooping the prestigious Songwriter of the Year prize for a second time while grime star Stormzy won in the album category. FILE PHOTO: Stormzy performs at the Brit Awards at the O2 Arena in London, Britain, February 21, 2018. REUTERS/Hannah McKay/File Photo
The 63rd edition of the awards, presented by the British Academy of Songwriters, Composers and Authors, saw Lionel Richie and singer-songwriter Billy Bragg also honored.
Sheeran, who won Songwriter of the Year in 2015, was recognized again with the same accolade and his chart-topper “Shape of You”, which he co-wrote, won the award for Most Performed Work.
Grime star Stormzy took the Album Award for “Gang Signs & Prayer”, a record that also triumphed at this year’s BRIT Awards, while rapper Dave’s political “Question Time” won Best Contemporary Song.
“You’ve got a lot of award shows but Ivor only notices your pen,” Stormzy told reporters ahead of the ceremony, adding young black musicians were being recognized for their work with such nominations. Ed Sheeran performs during the 2017 Jingle Ball at Madison Square Garden in New York, U.S., December 8, 2017. REUTERS/Lucas Jackson
“Young black artists, just finally getting our dues ... but black music is most definitely the most popping thing right now.”
Best Song Musically and Lyrically went to rock band Elbow’s “Magnificent (She Says)”.
Bragg was recognized in the Outstanding Contribution to British Music category, singer-songwriter Cathy Dennis was honored with Outstanding Song Collection and singer Billy Ocean picked up an International Achievement award.
“Hello” singer Richie was recognized with a Special International Award for his songs which “have left an indelible mark on British music”. Reporting by Saskia O'Donoghue and Marie-Louise Gumuchian; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-awards-ivornovello/ed-sheeran-stormzy-winners-at-britains-ivor-novello-awards-idUSKCN1IW2GJ |
Apple stock is ripe for an earnings breakout: Technician 11 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/apple-stock-is-ripe-for-an-earnings-breakout-technician.html |
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Symantec Corp. (NASDAQ: SYMC) announced that it will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to provide more information on the previously announced internal investigation by the Audit Committee of the Company’s Board of Directors and further detail on the Company’s financial results and outlook. Following prepared remarks, Greg Clark, Symantec CEO, and Nick Noviello, Symantec CFO, will answer questions from the financial community regarding the Company’s financial results and outlook.
Interested parties may access the conference call by dialing (877) 475-6198 within the United States or (970) 297-2372 from outside the United States and using conference ID 8667308. A live audio webcast of the conference call will also be available through Symantec’s Investor Relations website at http://investor.symantec.com/investor-relations/events-calendar/ .
A replay will be available on the investor relations home page shortly after the call is completed.
About Symantec
Symantec Corporation (NASDAQ: SYMC), the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton suite of products for protection at home and across all of their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information, please visit www.symantec.com or connect with us on Facebook , Twitter , and LinkedIn .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005456/en/
Symantec Corp.
MEDIA CONTACT:
Mara Mort, 650-527-7455
[email protected]
or
INVESTOR CONTACT:
Cynthia Hiponia, 650-527-8020
[email protected]
Source: Symantec Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-symantec-to-host-investor-briefing-call.html |
May 11, 2018 / 6:11 PM / Updated 11 minutes ago Cheese shops to day spas. A look at Meghan Markle’s Toronto haunts Reuters Staff 2 Min Read
TORONTO (Reuters) - The future bride of Prince Harry, Meghan Markle, may have been born and raised in California, but for much of the past seven years the actress has called Toronto home. Britain's Prince Harry's fiancee Meghan Markle leaves an ANZAC day service at Westminster Abbey in London, April 25, 2018. REUTERS/Hannah McKay
The city where she first met Harry was the backdrop for her TV series “Suits” and the subject of many of her now-deleted social media posts.
The Annex neighborhood where she lived was first alerted to the budding romance when Canadian police “started hanging out in their SUVs and they would just stay there, parked revving their vehicles all day and all night,” recalled one neighbor, Russell Leon.
In some of her official outings with Harry, Markle has worn outfits from Canadian casual fashion retailer Aritzia, leading to a “Markle effect” in sales for the store.
“We’re definitely seeing a direct correlation of interest from items that she is seen wearing, down to the exact color,” said the company’s product director, Verna Ursua Brown.
When Markle wanted a gourmet treat, she often visited fine foods shop, Cheese Boutique. Co-owner Afrim Pristine said he and Markle became friendly over the years, and he introduced the actress to a French butter, which she raved about on social media.
“This and bread was dinner for her, I know, a few nights,” said Pristine about the butter, called Beurre D’Isigny.
She also posted about treatments she received at W Skincare, including a cold laser treatment that claims to build collagen and increase cell turnover, and has no downtime.
“That’s why it’s so big with people who are filming and are on camera,” said owner Lorinda Zimmerman. “They can get a treatment and go straight to camera and work.”
Markle was not shy about sharing her Toronto love, and the city seems to have reciprocated.
“I think she’s a great representative for Toronto. And people love her. She’s so nice and she’s so lovely and ultimately that’s what Torontonians stand for,” said Mila Gaurilova. Reporting by Reuters Television; Editing by Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-markle-toronto/cheese-shops-to-day-spas-a-look-at-meghan-markles-toronto-haunts-idUSKBN1IC2A6 |
NEW YORK, May 18, 2018 /PRNewswire/ -- Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York City, is investigating Gramercy Property Trust ("Gramercy" or the "Company") (NYSE: GPT) relating to the sale of the Company to Blackstone Real Estate Partners VII. As a result of the sale, Gramercy shareholders are only anticipated to receive $27.50 in cash for each share of Gramercy.
Click here for more information: https://monteverdelaw.com/case/gramercy-property-trust . It is free and there is no cost or obligation to you.
The investigation focuses on whether Gramercy and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company's stockholders by 1) failing to conduct a fair process, and 2) whether and by how much this proposed transaction undervalues the Company.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
If you own common stock in Gramercy and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2018 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC ( www.monteverdelaw.com ). Prior results do not guarantee a similar outcome with respect to any future matter.
View original content with multimedia: http://www.prnewswire.com/news-releases/shareholder-alert-monteverde--associates-pc-announces-an-investigation-of-gramercy-property-trust--gpt-300651329.html
SOURCE Monteverde & Associates PC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-shareholder-alert-monteverde-associates-pc-announces-an-investigation-of-gramercy-property-trust--gpt.html |
LITTLE ROCK, Ark., May 15, 2018 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE American:INUV), an advertising technology business, today announced the closing of its previously announced underwritten public offering of 2,860,000 shares of its common stock at a public offering price of $0.70 per share. The net proceeds to Inuvo, Inc. after deducting the underwriting discounts and commissions and estimated offering expenses payable by Inuvo, Inc., was approximately $1.8 million.
Roth Capital Partners acted as sole manager for the offering.
Inuvo, Inc. intends to use the net proceeds from the offering for working capital.
A shelf registration statement relating to the shares of common stock issued in the offering was filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective. Copies of the prospectus supplement and accompanying prospectus have been filed with the SEC and may be obtained from Roth Capital Partners, LLC, Attention: Equity Capital Markets, 888 San Clemente Drive, Newport Beach, California 92660, by telephone at (800) 678-9147 or e-mail at [email protected] , or by accessing the SEC’s website at www.sec.gov . This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Inuvo, Inc.
Inuvo®, Inc. (NYSE American:INUV) is an advertising technology business. The Inuvo MarketPlace is a set of technologies designed to connect advertisers (demand) with consumer audiences through publishers (supply) across device types. Inuvo can serve ads within content, video and images. To learn more about Inuvo, please visit www.inuvo.com or download our app for Apple iPhone or for Android.
Safe Harbor / Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed public offering and the intended use of proceeds from the offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of our business and other risks detailed from time to time in our filings with the Securities and Exchange Commission, and 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.
Company Contact:
Inuvo, Inc.
Wallace Ruiz, Chief Financial Officer
501-205-8397
[email protected]
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
212-896-1254
[email protected]
Source:Inuvo Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-inuvo-inc-announces-closing-of-underwritten-public-offering-of-common-stock.html |
Ted Seides on hedge funds vs. index funds and his bet with Warren Buffett 2 Hours Ago Ted Seides, Hidden Brook Investments managing partner, speaks to CNBC's Leslie Picker about losing a 10-year bet with Warren Buffett over passive versus active investing. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/ted-seides-on-hedge-funds-vs-index-funds-and-his-bet-with-warren-buffett.html |
May 4, 2018 / 12:29 PM / Updated 5 minutes ago No casualties after Turkish cargo ship collides with Greek warship: ministry Reuters Staff 1 Min Read
ANKARA (Reuters) - There were no casualties after a Turkish cargo ship collided with a Greek warship in the Aegean Sea early on Friday, Turkey’s Ministry of Transport said.
The Greek navy earlier said one its gunboats was nudged by a Turkish cargo vessel while on patrol for unauthorized migrant crossings in the Aegean.
“We have received information that there is no threat of sinkage, death, casualties or environmental pollution,” the ministry said in a statement. Reporting by Tulay Karadeniz and Ezgi Erkoyun; Editing by David Dolan | ashraq/financial-news-articles | https://www.reuters.com/article/us-greece-gunboat-turkey/no-casualties-after-turkish-cargo-ship-collides-with-greek-warship-ministry-idUSKBN1I51FR |
Ahold Delhaize CEO: ‘New world of competition' needs to be reviewed 8 Hours Ago Competition from online retailers needs to be reviewed so that it benefits all players, Dick Boer said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/ahold-delhaize-ceo-new-world-of-competition-needs-to-be-reviewed.html |
SeatGeek CEO on competition in ticketing 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/seatgeek-ceo-on-competition-in-ticketing.html |
May 1, 2018 / 6:55 PM / Updated 36 minutes ago 'Golden State Killer' book to be made into HBO documentary series Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - A best-selling true-crime book that explores a series of California rapes and murders attributed to the “Golden State Killer” will be made into a television documentary series, HBO said on Tuesday, a week after a former police officer was charged with crimes related to the decades-old spree.
Michelle McNamara’s “I’ll Be Gone in the Dark” is part investigation into the dozens of crimes that terrorized segments of California in the 1970s and 1980s, and part memoir about her quest for justice.
Joseph James DeAngelo, 72, of Sacramento was charged last week with eight murders in the case.
The book, published posthumously in February, two years after McNamara’s death at age 46, is credited with putting renewed attention on the case.
The author was married to actor Patton Oswalt, who, along with two others, completed the book following McNamara’s death in 2016.
Filmmaker Liz Garbus, whose documentary on singer Nina Simone, “What Happened, Miss Simone?,” won an Emmy and was nominated for an Oscar, will direct the series, HBO said.
The Time Warner Inc-owned ( TWX.N ) cable channel said production on the series had started but did not give a broadcast date. Reporting by Eric Kelsey; Editing by Bernadette Baum | ashraq/financial-news-articles | https://in.reuters.com/article/television-goldenstatekiller/golden-state-killer-book-to-be-made-into-hbo-documentary-series-idINKBN1I247S |
Deadly gun battle in Afghanistan leaves 15 dead 11:59am BST - 01:15
Afghan officials say security forces battle a group of attackers who stormed a government building in the eastern city of Jalalabad for hours in a coordinated assault that killed at least fifteen people and wounded dozens.
Afghan officials say security forces battle a group of attackers who stormed a government building in the eastern city of Jalalabad for hours in a coordinated assault that killed at least fifteen people and wounded dozens. //reut.rs/2KZPLbz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/deadly-gun-battle-in-afghanistan-leaves?videoId=426735847 |
SAN FRANCISCO--(BUSINESS WIRE)-- AMERICAN SHARED HOSPITAL SERVICES (NYSE AMERICAN:AMS) (the "Company"), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the first quarter of 2018.
First Quarter Results
For the three months ended March 31, 2018, rental income from medical services increased 8.0% to $5,305,000 compared to rental income from medical services of $4,914,000 for the first quarter of 2017. Net income attributable to the Company for the first quarter of 2018 increased 33.1% to $390,000, or $0.07 per basic and diluted share, compared to net income attributable to the Company for the first quarter of 2017 of $293,000, or $0.05 per basic and diluted share.
First quarter revenue for the Company's proton therapy system installed at The Marjorie and Leonard Williams Center for Proton Therapy at Orlando Health – UF Health Cancer Center in Florida increased 5.5% to $1,218,000 compared to revenue of $1,155,000 for the first quarter of 2017.
Revenue for the Company's Gamma Knife operations increased 1.9% to $3,688,000 for the first quarter of 2018 compared to $3,619,000 for the first quarter of 2017. As previously announced, AMS lost one of its Gamma Knife units due to the expiration of its contract term at the end of April 2017 and a second unit in August 2017. The decrease in revenue from these two sites was partially offset by revenue from two new sites, in Lima, Peru and Lincoln, Nebraska, that began operations in the third quarter of 2017. Excluding the two sites whose contracts expired in 2017 and the Company’s two new sites, Gamma Knife revenue for the first quarter of 2018 was consistent with the first quarter of 2017.
Rental income from medical services gross margin for the first quarter of 2018 decreased to $2,206,000, or 41.6% of revenue, compared to rental income from medical services gross margin of $2,346,000, or 47.7% of revenue for the first quarter of 2017. This reflected an increase in costs of revenue primarily attributable to the initiation of maintenance and service costs for the Company’s proton system in Orlando.
Non-GAAP pre-tax income, net of income attributable to non-controlling interest, increased 6.1% to $540,000 compared to non-GAAP pre-tax income, net of income attributable to non-controlling interest, of $509,000 for the first quarter of 2017. Please refer to the financial statements included with this press release for a reconciliation of GAAP to non-GAAP financial measures.
Adjusted EBITDA, a non-GAAP financial measure, was $2,677,000 for the first quarter of 2018, compared to $2,616,000 for the first quarter of 2017.
Balance Sheet Highlights
At March 31, 2018, cash and cash equivalents was $2,751,000, compared to $2,152,000 at December 31, 2017. Shareholders' equity at March 31, 2018 was $30,590,000, or $5.36 per outstanding share. This compares to shareholders' equity at December 31, 2017 of $29,885,000, or $5.23 per outstanding share.
CEO Comments
Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "This was a strong first quarter for AMS, with the increases in revenue and earnings providing a solid foundation for the year.
"The profitability from our Orlando Health – UF Health Cancer Center proton therapy system was a significant contributor to first quarter results. The success of our Orlando Health system validates our belief of the economic and clinical soundness of a single room proton therapy center and we remain confident that single treatment room proton therapy represents a significant long-term growth opportunity from which AMS is uniquely positioned to benefit. With the steady flow of new studies demonstrating the clinical benefits of this advanced therapeutic technology, we remain optimistic that the pace of proton treatment volume in Orlando will increase in 2018.
"An increase in the average reimbursement rate compared to the Company’s historical average generated higher first quarter revenue in our Gamma Knife business as well. Volumes at our new sites in Lima, Peru and Lincoln, Nebraska continued to ramp up, and we expect these sites to be accretive in 2018. While we lost one of our Gamma Knife units due to the expiration of its contract term earlier this month, we recently announced a new contract to supply a Gamma Knife® Perfexion™ system to Methodist Hospitals–Southlake Campus , Merrillville, Indiana. This new Gamma Knife system is expected to begin treating patients in late 2018. We are seeing a resurgence in interest for the Gamma Knife both in the United States and Latin America and anticipate additional new sites coming on board. As always, we are pleased that AMS’s risk sharing arrangements will make the Gamma Knife Perfexion system available to even more brain tumor, trigeminal neuralgia and vascular malformation patients."
Earnings Conference Call
American Shared has scheduled a conference call at 12:00 p.m. PDT (3:00 p.m. EDT) today. To participate in the live call, dial (800) 471-6718 at least 5 minutes prior to the scheduled start time, and mention confirmation number 46931110. A simultaneous WebCast of the call may be accessed through the Company's website, www.ashs.com , or www.streetevents.com (institutional investors). A replay will be available for 30 days at these same internet addresses, or by dialing (888) 843-7419 and entering 46931110# when prompted.
About AMS
American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is the world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain). The Company also offers proton therapy, and the latest IGRT and IMRT systems. AMS owns a common stock investment in Mevion Medical Systems, Inc., developer of the compact MEVION S250 Proton Therapy System.
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services (including statements regarding the expected continued growth in volume of the MEVION S250 system, the expansion of the Company's proton therapy business, and the timing of treatments by new Gamma Knife systems) which involve risks and uncertainties including, but not limited to, the risks of variability of financial results between quarters, the risks of the Gamma Knife and radiation therapy businesses, the risks of developing The Operating Room for the 21st Century program, and the risks of the timing, financing, and operations of the Company’s proton therapy business. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2017, and the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on June 14, 2018.
Non-GAAP Financial Measure
Neither Adjusted EBITDA, nor non-GAAP pre-tax income, the non-GAAP measures presented in this press release and supplementary information, is a measure of performance under the accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures should not be considered as substitute for, and investors should also consider, income before income taxes, income from operations, net income attributable to the Company, earnings per share and other measures of performance as defined by GAAP as indicators of the Company's performance or profitability. We use these non-GAAP financial measures as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance.
AMERICAN SHARED HOSPITAL SERVICES PRESS RELEASE May 10, 2018 Page 4 First Quarter 2018 Financial Results Selected Financial Data Summary of Operations Data Three months ended March 31, 2018 2017 Rental income from medical services $ 5,305,000 $ 4,914,000 Costs of revenue 3,099,000 2,568,000 Gross margin 2,206,000 2,346,000 Selling & administrative expense 986,000 1,139,000 Interest expense 425,000 453,000 Operating income 795,000 754,000 Interest & other income 5,000 4,000 Income before income taxes 800,000 758,000 Income tax expense 150,000 216,000 Net income 650,000 542,000 Less: Net income attributable to non-controlling interest (260,000
)
(249,000
)
Net income attributable to American Shared Hospital Services
$ 390,000 $ 293,000 Earnings per common share: Basic $ 0.07 $ 0.05 Assuming dilution $ 0.07 $ 0.05 Balance Sheet Data
Mar. 31, Dec. 31, 2018 2017 Cash and cash equivalents $ 2,751,000 $ 2,152,000 Current assets $ 9,947,000 $ 8,893,000 Total assets $ 58,031,000 $ 58,176,000 Current liabilities $ 9,497,000 $ 9,007,000 Shareholders' equity $ 30,590,000 $ 29,885,000 AMERICAN SHARED HOSPITAL SERVICES
PRESS RELEASE
May 10, 2018
Page 5
First Quarter 2018 Financial Results
Adjusted EBITDA Three months ended March 31,
2018
2017
Net Income
$
390,000
$
293,000
Plus:
Income tax expense
150,000
216,000
Interest expense
425,000
453,000
Depreciation and amortization expense
1,657,000
1,604,000
Stock-based compensation expense
55,000
50,000
Adjusted EBITDA
$
2,677,000
$
2,616,000
AMERICAN SHARED HOSPITAL SERVICES PRESS RELEASE
May 10, 2018
Page 6
First Quarter 2018 Financial Results
Non-GAAP Pre-Tax Income
Three Months ended
March 31,
2018
2017
Income before income taxes
$
800,000
$
758,000
Less: Net (income) attributable to non-controlling interest
(260,000
)
(249,000
)
Non-GAAP pre-tax income
$
540,000
$
509,000
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005310/en/
American Shared Hospital Services
Ernest A. Bates, M.D., (415) 788-5300
Chairman and Chief Executive Officer
[email protected]
or
Berkman Associates
Neil Berkman, (310) 477-3118
President
[email protected]
Source: American Shared Hospital Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-american-shared-hospital-services-first-quarter-net-income-increased-33-point-1-percent.html |
May 9 (Reuters) - Owens Realty Mortgage Inc:
* OWENS REALTY MORTGAGE, INC. ACKNOWLEDGES RECEIPT OF DIRECTOR NOMINATIONS FROM ERIC HOVDE AND FINANCIAL INSTITUTION PARTNERS III, LP Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-owens-realty-mortgage-acknowledges/brief-owens-realty-mortgage-acknowledges-receipt-of-director-nominations-from-eric-hovde-and-financial-institution-partners-iii-lp-idUSFWN1SG0RG |
CNBC.com Karwai Tang | Getty Images
In the U.S., you have to get up pretty early to watch the royal wedding on Saturday, with coverage starting at 5 a.m. ET. Still, more Americans plan to watch Prince Harry and Meghan Markle tie the knot at Windsor Castle than those who say they watched Prince William and Kate Middleton's nuptials, according to a new survey from SurveyMonkey Audience and Vanity Fair.
Royal fever is running rampant in the U.S., reveals the survey of 1,001 adults ages 18 and up.
Nearly half (49 percent) of survey respondents said they plan to watch the royal wedding, with a third of all respondents claiming they are more likely to watch because Markle is an American. In contrast, only 39 percent of survey respondents said they watched Prince William and Kate's big day in 2011.
Since the announcement of their engagement, Markle — an American actress who's had gigs from being a model on NBC's "Deal or No Deal" game show to starring in USA Network show "Suits" — has been hailed as relatable, possibly due to her calligraphy side hustle , or her family drama (though 81 percent of survey respondents said the media attention on Markle has been mostly positive).
But despite their interest in Markle, survey respondents are more excited to see Prince William and Kate's little ones. When asked, "Who are you interested in seeing at the royal wedding?" the most popular answer was Prince George, Princess Charlotte and Prince Louis. They beat out the bride herself (she ranked second), as well as Queen Elizabeth. Karwai Tang | Getty Images
Over half of Americans are interested in the British royal family, according to the survey, and nearly half of those interested say it's because they "enjoy watching a fairy tale." Other reasons included to feel a part of history and for entertainment value.
Americans, it seems, will get what they are looking for.
The wedding is estimated to cost $2.7 million (£2 million), with an additional $40.1 million (£30 million) being allocated for security. Food — which has been said to include fresh, seasonal produce and a lemon elderflower cake — and beverages are estimated to cost $680,000, and flowers a whopping $130,000. Meanwhile, Markle's wedding dress is estimated to cost $270,000.
The SurveyMonkey Audience and Vanity Fair survey was conducted using SurveyMonkey Audience between May 15 and 16, with a representative U.S. sample of 1,001 adults ages 18 and up. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/survey-nearly-half-of-americans-plan-to-watch-royal-wedding.html |
TORONTO, (TSX:SBN) (TSX:SBN.PR.A) S Split Corp. has declared monthly distributions payable on May 31, 2018 to shareholders of record on May 15, 2018 in the following amounts per share:
Share Class Ticker Amount Per Share Class A Shares SBN $0.04210 Preferred Shares SBN.PR.A $0.04375 To the extent that any portions of the distributions are ordinary taxable dividends and not capital gain dividends, they are eligible dividends.
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at [email protected] or visit www.strathbridge.com .
John Germain, Senior Vice-President & CFO Strathbridge Asset Management Inc.
121 King Street West
Suite 2600
Toronto, Ontario M5H 3T9
416.681.3966; 1.800.725.7172
Source:S Split Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-s-split-corp-declares-monthly-distributions.html |
RANCHO CORDOVA, Calif., Cesca Therapeutics Inc. (NASDAQ:KOOL), a market leader in automated cell processing and point-of-care, autologous cell-based therapies, today announced financial and operating results for the first quarter ended March 31, 2018, and provided a corporate update.
First Quarter and Recent Highlights
Announced first two evaluation agreements with leading academic research institutions for the Company’s X-Series™ products for automated, closed system cellular processing.
Presented two posters pertaining to the Company’s X-BACS™ and X-Wash™ cellular processing systems at the International Society for Cellular Therapy (ISCT) 2018 Annual Meeting in Montreal, Québec.
Announced the release of the X-Mini™ cell selection kit for the CAR-T research market.
Filed a new patent application with the US Patent and Trademark Office (USPTO) for an innovation to Cesca’s CAR-TXpress™ technology, which will allow for the simultaneous purification and activation of T-cells, thereby simplifying the CAR-TXpress workflow and tangibly accelerating the CAR-T cell manufacturing process.
Initiated entry into the contract development and manufacturing (CDMO) space with signing of an exclusive license agreement with China-based IncoCell Tianjin Ltd. for CAR-T related CDMO services covering the Asia Pacific region.
Launched the second-generation AXP ® II system for advanced cord blood and peripheral blood processing.
“Since our acquisition of SynGen in July of last year, we have made substantial progress advancing our novel CAR-TXpress solution, and related X-Series kits, toward commercialization,” said Dr. Chris Xu, chief executive officer of Cesca. “Notably, we introduced our first X-Series kit, the X-Mini, which targets the large and growing CAR-T research market, and subsequently entered into our first evaluation agreements with two leading academic research institutions focused on cell therapies. In addition, we continued to execute on our strategy to become a diversified CAR-T service provider with the signing of the CDMO agreement with IncoCell, the first of several CDMO collaborations that we are pursuing in key markets, including the U.S. Finally, we bolstered our intellectual property estate with the filing of an additional patent that further differentiates our proprietary CAR-TXpress workflow. We remain very optimistic about the numerous opportunities within the rapidly-emerging immuno-oncology field and are positioning the Company to respond to unmet market needs. Our goal is to maintain our current momentum, and we believe we have set the stage for 2018 to be a truly transformational year for our company.”
Financial Results for the First Quarter Ended March 31, 2018
Net revenue. Net revenues for the three months ended March 31, 2018 were $1.9 million compared to $3.3 million for the comparable period in 2017. The decline was driven by decreased AXP disposable sales in China.
Gross profit. Gross profit for the three months ended March 31, 2018 was $352,000, or 19.0% of net revenue, compared to $1.4 million, or 42.0% of net revenue for the comparable period in 2017. The decrease in gross profit margin percentage was primarily due to decreased overhead absorption and higher costs as a result of the merger with SynGen, which was completed in July 2017.
Sales and marketing expenses. Sales and marketing expenses for the three months ended March 31, 2018 were $325,000 compared to $335,000 for the comparable period in 2017.
Research and development expenses. Research and development (R&D) expenses for the three months ended March 31, 2018 were $1.0 million, compared to $567,000 for the comparable period in 2017. The increase is primarily due to additional headcount and expenses relating to the ongoing development of the Company’s X-Series products and CAR-TXpress platform.
General and administrative expenses. General and administrative expenses for the three months ended March 31, 2018 were $2.2 million compared to $2.6 million for the comparable period in 2017. The decrease was driven by a reduction in legal expenses due to the settlement of the SynGen litigation.
Net loss attributable to common stockholders. For the three months ended March 31, 2018, the Company reported a net loss attributable to common stockholders of $3.0 million, or ($0.27) per share, based on approximately 11.1 million weighted average basic and diluted common shares outstanding. This compares to a net loss of $2.1 million, or ($0.21) per share, based on approximately 9.9 million weighted average basic and diluted common shares outstanding for the three months ended March 31, 2017.
Conference Call and Webcast Information
Cesca will host a conference call and audio webcast today at 4:30 p.m. EDT (1:30 p.m. PDT). Participants may access the call by dialing 1-800-860-2442 within the U.S. or 1-412-858-4600 outside the U.S. and referencing “Cesca.” To access a live webcast of the call, please visit: http://services.choruscall.com/links/kool180514.html . A replay of the call can be accessed approximately one hour after completion of the call and will be available until June 14, 2018. To listen to the replay, dial 1-877-344-7529 within the U.S. or 1-412-317-0088 outside the U.S. and reference access code 10119918.
About Cesca Therapeutics Inc.
Cesca Therapeutics develops, commercializes and markets a range of automated technologies for CAR-T and other cell-based therapies. Its device division, ThermoGenesis, provides a full suite of solutions for automated clinical biobanking, point-of-care applications, and automation for immuno-oncology. The Company is developing its automated, functionally-closed CAR-TXpress™ platform to streamline the manufacturing process for the emerging CAR-T immunotherapy market.
Forward-Looking Statement
The statements contained herein may include statements of future expectations and other that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. A more complete description of risks that could cause actual events to differ from the outcomes predicted by Cesca Therapeutics’ is set forth under the caption "Risk Factors" in Cesca Therapeutics’ annual report on Form 10-K and other reports it files with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the .
Company Contact:
Cesca Therapeutics Inc.
Wendy Samford
916-858-5191
[email protected]
Investor Contact:
Rx Communications
Paula Schwartz
917-322-2216
[email protected]
Financials
Cesca Therapeutics Inc.
Condensed Consolidated Balance Sheets March 31,
2018 December 31,
2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $2,872,000 $3,513,000 Accounts receivable, net 1,649,000 2,549,000 Inventories 5,221,000 4,798,000 Prepaid expenses and other current assets 557,000 594,000 Total current assets 10,299,000 11,454,000 Restricted cash 1,000,000 1,000,000 Equipment, net 3,265,000 2,996,000 Goodwill 13,976,000 13,976,000 Intangible assets, net 21,590,000 21,629,000 Other assets 51,000 56,000 Total assets $50,181,000 $51,111,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $2,415,000 $2,079,000 Other current liabilities 3,980,000 3,385,000 Total current liabilities 6,395,000 5,464,000 Long-term liabilities 12,666,000 12,435,000 Total liabilities 19,061,000 17,899,000 Cesca Therapeutics Inc. stockholders' equity 32,017,000 33,699,000 Noncontrolling interests (897,000) (487,000) Total liabilities and stockholders’ equity $50,181,000 $51,111,000
Cesca Therapeutics Inc.
Condensed Consolidated Statements of Operations
(Unaudited) Three Months Ended
March 31, 2018 2017 Net revenues $1,867,000 $3,252,000 Cost of revenues 1,515,000 1,875,000 Gross profit 352,000 1,377,000 Expenses: Sales and marketing 325,000 335,000 Research and development 1,041,000 567,000 General and administration 2,242,000 2,591,000 Total operating expenses 3,608,000 3,493,000 Loss from operations (3,256,000) (2,116,000) Fair value change of derivative instruments 259,000 69,000 Interest expense (361,000) (19,000) Other (expenses) (12,000) (31,000) Net loss (3,370,000) (2,097,000) Loss attributable to noncontrolling interests (410,000) -- Net loss attributable to common stockholders $(2,960,000) $(2,097,000)
Cesca Therapeutics Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited) Three Months Ended
March 31, 2018 2017 Cash flows from operating activities: Net cash used in operating activities (2,054,000) (2,543,000) Cash flows from investing activities: Capital expenditures (290,000) (33,000) (290,000) (33,000) Cash flows from financing activities: Payments on capital lease obligations (9,000) (23,000) Proceeds from issuance of common stock, net 1,213,000 -- Proceeds from long-term debt-related party 500,000 1,500,000 Payment of financing cost -- (13,000) Net cash provided by financing activities 1,704,000 1,464,000 Effects of foreign currency rate changes on cash and cash equivalents (1,000) 4,000 Net decrease in cash, cash equivalents and restricted cash (641,000) (1,108,000) Cash and cash equivalents at beginning of period 4,513,000 4,899,000 Cash and cash equivalents at end of period $3,872,000 $3,791,000
Source:Cesca Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-cesca-therapeutics-announces-first-quarter-2018-financial-results-and-provides-corporate-update.html |
May 16, 2018 / 1:31 PM / in 2 hours Senate panel releases details from its Trump Tower meeting probe Reuters Staff 3 Min Read
WASHINGTON (Reuters) - A U.S. Senate committee on Wednesday released hundreds of pages of transcripts and other details from its investigation of a meeting at Trump Tower in June 2016 with Russians who claimed to have damaging information about Hillary Clinton, President Donald Trump’s Democratic rival for the presidency.
The Senate Judiciary Committee, chaired by Republican Chuck Grassley, released its interviews with Donald Trump Jr., Russian-American lobbyist Rinat Akhmetshin, and Moscow-based developer Ike Kaveladze.
The transcripts also included interviews with Glenn Simpson, a co-founder of Fusion GPS, which researched Trump’s ties to Russia and produced a dossier denounced by the White House, and Robert Goldstone, a music publicist who said he had information about Clinton, and written responses to questions from the committee from Natalia Veselnitskaya, a Russian lawyer who attended the meeting, and Anatoli Samochornov, her translator.
During his interview, Trump Jr., the president’s eldest son, was asked about communications from Goldstone about offers of support from “important” Russians as Trump emerged as the front-runner for the Republican nomination during the primaries.
Trump said, however, that he would have taken such a message only as “general well-wishing,” not a concrete offer of help.
The committee said that Trump’s son-in-law and close adviser, Jared Kushner, and Paul Manafort, his former campaign manager, declined to be interviewed but submitted material relevant to the investigation. Senator Chuck Grassley (R-IA) speaks with reporters on Capitol Hill in Washington, U.S., April 26, 2018. REUTERS/Aaron P. Bernstein
The interviews were conducted between July 2017 and March 2018.
Grassley had said in January he wanted to release the transcripts of the interviews. His committee is one of three congressional panels investigating the intelligence community’s finding that Russia sought to interfere in the 2016 election to boost Trump and whether Trump associates colluded with Moscow.
Special Counsel Robert Mueller is also investigating.
The June 2016 Trump Tower meeting has been central to those probes. FILE PHOTO: Chuck Grassley (R-IA) prepares for a hearing about legislative proposals to improve school safety in the wake of the mass shooting at the high school in Parkland, Florida, on Capitol Hill in Washington, U.S., March 14, 2018. REUTERS/Joshua Roberts
Russia denies trying to influence the election. Trump dismisses any talk of collusion. Reporting by Patricia Zengerle, Karen Freifeld, Jonathan Landay and Susan Heavey; Editing by Steve Orlofsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia/senate-panel-releases-details-from-its-trump-tower-meeting-probe-idUSKCN1IH1S9 |
XUZHOU, China, May 21, 2018 /PRNewswire/ -- XCMG (000425.SZ), the world's leading construction machinery manufacturer, has seen its earnings almost quadruple over the last year as the global economic recovery continued, and infrastructure investment in China increased demand for equipment including excavators, loaders and forklift trucks. The company, China's biggest exporter of construction machinery, is predicting solid growth in 2018 on the back of continued improvement in global markets despite rising trade friction between the United States and China.
For 2017, net profit surged 389.31% to RMB 1.02billion, up from RMB 208.6million the previous year, far outpacing the revenue growth of 72.46% that the company said in its previous annual report. In 2018, XCMG forecasts sales of RMB36.8 billion, representing year-on-year growth of 26.3%.
"Although rising protectionism and increasing Sino-U.S. friction casts a cloud over the global economy, the trend of globalization is irreversible, enabling XCMG to continue its global expansion," said Wang Min the President of XCMG. "In the domestic market, we will leverage our strength in product quality and sales channels to expand market share, and we will seek to become a 'smart manufacturer' by investing in technology and in our people."
Chinese construction machinery makers are benefiting from a recovery following a five-year downcycle, in 2011-2016, that saw the industry shrink by two-thirds from its peak. In 2017, China's infrastructure investment accelerated while the economy stabilized, giving the industry a boost.
Although XCMG's stellar performance last year was aided by industry consolidation that strengthened the company's market position, the bright spot is its strong overseas growth.
In 2017, XCMG become China's biggest exporter of construction machinery to the Asia-Pacific region, with sales jumping 71%. Meanwhile, exports to eight countries in South America grew 1.6 times while localization took root in the continent, and the company began conducting R&D on excavators locally. In Europe, XCMG's crane products were popular in Germany.
XCMG's overseas sales will continue to benefit from China's Belt & Road Initiative which is boosting infrastructure investment in regions along the modern "Silk Road" linking China with Eurasian countries.
XCMG will continue to expand its global market share by targeting key regions, stepping up investment in global research and services, and seeking breakthroughs in top-end markets in Europe and North America.
The company, the world's biggest maker of crane trucks and heavy-duty road rollers, will strengthen its core competitiveness while also exploring opportunities in new industries such as environmental protection. In addition, XCMG will invest heavily in the next generation of information technologies as part of its strategy to evolve into a "smart manufacturer."
About XCMG
XCMG (000425.SZ) is a multinational heavy machinery manufacturing company with a history of 74 years. It currently ranks sixth in the world's construction machinery industry. The company exports to more than 177 countries and regions around the world.
Visit: www.xcmg.com , or XCMG pages on Facebook , Twitter , YouTube , LinkedIn and Instagram .
View original content with multimedia: http://www.prnewswire.com/news-releases/xcmgs-profit-surges-as-global-economic-recovery-boosts-demand-for-construction-machinery-300651686.html
SOURCE XCMG | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-xcmgs-profit-surges-as-global-economic-recovery-boosts-demand-for-construction-machinery.html |
May 29, 2018 / 12:12 PM / Updated 3 hours ago Sterling defends gun tattoo following criticism Reuters Staff 2 Min Read
(Reuters) - England international Raheem Sterling has defended a new tattoo depicting an assault rifle after anti-gun campaigners labelled it “disgusting” on Tuesday. FILE PHOTO: Soccer Football - FIFA World Cup - England Training - St. George's Park, Burton Upon Trent, Britain - May 28, 2018 England's Raheem Sterling during training Action Images via Reuters/Carl Recine
The Manchester City forward posted a photograph on Instagram while training with the England team at St George’s Park ahead of next month’s World Cup in Russia with the tattoo of a rifle clearly visible on his right leg.
Founder of campaign group Mothers Against Guns, Lucy Cope, whose son was shot dead outside a London nightclub in July 2002, said: “This tattoo is disgusting. Raheem should hang his head in shame. It’s totally unacceptable. Soccer Football - FIFA World Cup - England Training - St. George's Park, Burton Upon Trent, Britain - May 28, 2018 England's Raheem Sterling during training Action Images via Reuters/Carl Recine
“We demand he has the tattoo lasered off or covered up with a different tattoo. If he refuses he should be dropped from the England team.”
Sterling, who is part of Gareth Southgate’s 23-man squad who begin their World Cup campaign in Volgograd against Tunisia on June 18, again took to Instagram to defend himself, insisting the tattoo has a “deeper meaning.”
“When I was 2 my father died from being gunned down to death I made a promise to myself I would never touch a gun in my life time, I shoot with my right foot so it has a deeper meaning N (and it is) still unfinished,” the 23-year-old wrote. Reporting by Peter Hall; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-sterling/sterling-defends-gun-tattoo-following-criticism-idUKKCN1IU1ET |
May 2, 2018 / 10:43 AM / in 2 minutes BRIEF-Brookfield Infrastructure Reports Q1 Earnings Per Share $0.42 Reuters Staff
May 2 (Reuters) - Brookfield Infrastructure Partners LP :
* BROOKFIELD INFRASTRUCTURE REPORTS FIRST QUARTER 2018 RESULTS * QTRLY FFO PER UNT $0.85
* Q1 FFO PER SHARE VIEW $0.87 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-brookfield-infrastructure-reports/brief-brookfield-infrastructure-reports-q1-earnings-per-share-0-42-idUSASC09YWS |
Del Frisco's Restaurant Group , known for its upscale steakhouses, told CNBC it will acquire Barteca Restaurant Group for $325 million in cash in a bid to expand its footprint and balance its portfolio.
The deal announced Monday represents a calculated move by Del Frisco's, which owns Del Frisco's Grill, Del Frisco's Double Eagle and Sullivan's Steak House, to grow in scale and reach new customers. It's a big step for a company with a market cap of $344.8 million.
Barteca is a 20-year-old company with two brands, Barcelona, an upscale casual dining restaurant that specializes in Spanish and Mediterranean cuisine, and Bartaco, which features a menu of "upscale street food" with bold South American, Mediterranean and Asian flavors.
(source: Barteca)
Both restaurants are known for wine, small plates and a comfortable, yet stylish atmosphere inspired by tapas bars in Spain and the beach culture of South America and Southern California.
These brands offer more than just a unique dining experience and locally sourced ingredients: They have small footprints, which make them ideal for placement in high-traffic urban areas where rent is inflated and large spaces are hard to find.
Growing its urban footprint "We've been looking for growth concepts, not maintenance concepts," Del Frisco's CEO Norman Abdallah told CNBC. "They have to have proven growth."
Barteca has been methodically expanding its number of restaurants over the last 20 years and currently has 15 Barcelona locations and 16 Bartaco locations. Abdallah expects over time the company would be able to open 50 to 100 Barcelona restaurants in the U.S. and 200 to 300 Bartacos.
Del Frisco's is expecting unit growth over the next five years to be 10 to 12 percent for all of its restaurant brands.
Del Frisco's has 25 Del Frisco's Grill locations, 13 Double Eagle locations and 15 Sullivan's steakhouses, predominantly situated in the major cities in the Northeast.
Barcelona and Barteca restaurants are smaller in size than Del Frisco's current brands. At about 4,500 to 5,000 square feet, they are dwarfed by Del Frisco's 14,000- to 17,000-square-foot steakhouses.
(source: Barteca)
While Barteca has been slow to grow its number of locations, its restaurants have a proven track record of strong sales. Barcelona has had positive same-store sales growth for 20 straight years and Bartaco has had mid-single to low double-digit same-store sales growth for the four years that it has been open.
In the first quarter ended April 3, Barcelona saw same-store sales grow 1.7 percent, while Bartaco saw growth of 2.6 percent. Abdallah expects these sales trends to continue after the acquisition.
Broadening its horizons Barteca and Del Frisco's brands focus on wine and an upscale menu, but their customers tend to be quite different, meaning there is less of a chance of sales being cannibalized if one brand is located near another, Abdallah said.
Diners that frequent Barcelona and Bartaco are similar to its Del Frisco Grill patrons in that they are looking for an experience when they eat out, not just a place to fuel up on food, and tend to be interested in socializing and purchasing alcohol. Customers typically spend about $33 to $40 per person at Barcelona and $22 to $28 per person at Barteca.
(source: Barteca)
The Double Eagle diner, however, is looking for a fine-dining restaurant for business dinners, company outings, anniversaries, birthdays or holidays, Abdallah said. These patrons tend to spend $115 to $125 per person.
Barteca's two brands allow Del Frisco's to hedge its bets against seasonality issues like weather or changes in customer food needs. While Barcelona and Bartaco tend to fare well in the spring and summer, Double Eagle is more favorable during the fall and winter, he said.
Bartaco, in particular, is susceptible to inclement weather, including rain, snow and cold temperatures because it relies on its patio as a core part of its business.
The deal with Barteca is expected to close by the end of the second quarter, according to Del Frisco's. Barteca's CEO Jeff Carcara will remain in his post and report directly to Abdallah.
Del Frisco's is set to report its first-quarter earnings before the opening bell on Monday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/del-friscos-to-acquire-tapas-owner-barteca-for-325-million.html |
May 2, 2018 / 10:46 AM / Updated 2 hours ago Philippines boosts sea deterrent with first ever navy missiles Reuters Staff 2 Min Read
MANILA (Reuters) - The Philippine has completed the purchase of its first-ever ship-borne missile systems, boosting its maritime deterrent as part of a military modernisation programme, defence and navy officials said on Wednesday.
The Israeli-made Spike ER missiles were fitted on locally manufactured gunboats, known as multi-purpose attack craft, said Arsenio Andolong, defence ministry spokesman. It is unclear when the short-range surface-to-surface, surface-to-air missile systems will become operational.
A senior naval commander said the Philippines would now be more of a force in patrolling the South China Sea and its pirate-plagued southern waters.
“It will be a deterrent because, this time, we have a credible armament that can strike a punch whether the target is a small or large ship,” said the commander, who declined to be identified because he is not authorised to speak to the media.
The missiles have a maximum range of eight km (5 miles).
The Philippines is paying $11.6 million in total for the system and the missiles will be installed on three boats from its fleet of small, fast gunboats.
Its warships, which include two South Korean-made frigates, will be armed with advanced, longer-range missiles.
The Philippines has allocated 125 billion peso ($2.41 billion) over the next five years to acquire frigates, fighter jets, helicopters, surveillance planes, drones and radar systems.
($1 = 51.9010 pesos) | ashraq/financial-news-articles | https://in.reuters.com/article/philippines-defence/philippines-boosts-sea-deterrent-with-first-ever-navy-missiles-idINKBN1I3193 |
President Donald Trump said Thursday he will not sign an immigration bill passed by the GOP-controlled Congress unless it includes a "real" border wall.
Centrist House Republicans have pushed to force a vote on bills to shield immigrants brought to the U.S. illegally as children from deportation, against the wishes of GOP leaders. Those Republicans need only a few more signatures from the caucus on a petition to make votes happen.
Top Republicans such as House Speaker Paul Ryan have said that by joining with House Democrats, moderate GOP lawmakers could pass a bill Trump would find unacceptable. On Thursday, the president stressed he would only sign legislation that includes his proposed border wall and "very strong" border security measures.
"Unless it includes a wall — and I mean a wall, a real wall — and unless it includes very strong border security, there will be no approval from me," the president told "Fox & Friends."
show chapters The Trump-Russia ties hiding in plain sight 2 Hours Ago | 07:56 Trump did not specify what he meant by strong border security. However, he has in recent months called for tough restrictions on legal immigration in exchange for shielding the young immigrants. Democrats and numerous Republicans do not support the proposed limits on legal immigration, which include restrictions on family visa sponsorship and an end to the diversity visa "lottery" system.
The president's mention of a "real" border wall may allude to his frustration with a $1.3 trillion spending bill he reluctantly signed into law earlier this year . While the measure increased border security funding by $1.6 billion, the money largely went to surveillance technology and border fencing similar to structures that already exist, rather than a "wall" as Trump conceived it.
Immigration policy has confounded and divided Congress for years. Finding a solution for the young undocumented immigrants, known as Dreamers, took on more urgency when Trump ended the Obama-era Deferred Action for Childhood Arrivals last year.
While court decisions have held up his move, many lawmakers seek a quick resolution to end the uncertainty. Multiple immigration plans failed in the Senate earlier this year. Lawmakers could not reach a consensus as Trump's demands for a bill appeared to shift.
The centrist Republican effort has thrown chaos into the GOP caucus only months ahead of elections that will decide whether Republicans keep control of the House. Last week, the House Freedom Caucus, failing to secure a vote on a conservative immigration bill as support for the moderates' plan mounted, helped to sink a GOP-written farm bill .
The immigration fight has multiple political implications for Republicans. Discontent has grown with Ryan, sparking speculation about whether lawmakers could try to force him out before his planned retirement in January, according to Politico . House Majority Leader Kevin McCarthy , Ryan's handpicked successor as House GOP leader, also cannot run afoul of too many members and still win a leadership race .
McCarthy believes reaching a bipartisan immigration plan with Democrats could hurt Republican voter enthusiasm in November, according to Politico.
On Wednesday, the House Republican conference confirmed it will hold a two-hour meeting next month on immigration . Lawmakers could potentially forge a path forward then. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/trump-will-not-sign-gop-immigration-daca-bill-without-border-wall.html |
Amid threats of tariffs and trade war, U.S. and Chinese trade negotiators do live in interesting times.
To gain some perspective, John Bussey, associate editor of The Wall Street Journal, spoke with two people deeply involved in U.S. trade issues in recent years: Michael Froman, vice chairman and president of strategic growth at Mastercard Inc., and U.S. trade representative from 2013 to 2017; and Claire Reade, senior counsel at the law firm Arnold & Porter, and assistant U.S. trade representative for China affairs from... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/whats-ahead-for-the-u-s-and-china-on-trade-1526868121 |
May 1 (Reuters) - Zpg Plc:
* ZPG PLC AGREES TO SELL HOMETRACK AUSTRALIA * AGREED TO SELL HOMETRACK AUSTRALIA PTY LIMITED TO REA GROUP LIMITED FOR A$130 MILLION IN CASH Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zpg-plc-agrees-to-sell-hometrack-a/brief-zpg-plc-agrees-to-sell-hometrack-australia-to-rea-group-for-a130-mln-idUSASO000434 |
May 31 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
U.S. regulators begin major easing of Volcker rule on.ft.com/2smMhs7
Industrialists warn May they will not invest if Brexit uncertainty persists on.ft.com/2sjFgIn
CFO to leave UK state-owned RBS after four years on.ft.com/2skVjWF
Overview
U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms.
A European industry lobby told Prime Minister Theresa May on Wednesday that Britain needed trade to be as “frictionless as with a customs union” after Brexit, adding to growing EU pressure on London over divorce negotiations that have stalled.
Royal Bank of Scotland’s finance chief quit unexpectedly on Wednesday and cast doubt on the timing of a possible sale of some of the British government’s controlling stake.
Compiled by Bengaluru newsroom
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-may-31-idUSL3N1T2061 |
May 14, 2018 / 5:38 AM / in 4 hours Indian police charge former PNB boss and 10 staff in fraud case - sources Nigam Prusty , Promit Mukherjee , Rajendra Jadhav 3 Min Read
NEW DELHI/MUMBAI (Reuters) - Indian police on Monday charged the former head of Punjab National Bank (PNB) ( PNBK.NS ) and 10 other officials at the state-run lender in the country’s largest-ever bank fraud case, two sources familiar with the matter told Reuters. FILE PHOTO: A man reads a newspaper outside a branch of Punjab National Bank (PNB) in Ahmedabad, India, March 20, 2018. REUTERS/Amit Dave/File photo
India’s Central Bureau of investigation (CBI) accused former PNB boss Usha Ananthasubramanian, currently the chief executive of Allahabad Bank ( ALBK.NS ), in the first batch of formal charges to be filed in the case, the two CBI sources said.
It also named PNB executive directors K.V. Brahmaji Rao and Sanjiv Sharan, among others, in a charge sheet filed in a Mumbai court, the sources said, adding the officials were accused of breaching central bank guidelines.
Diamond jeweler Nirav Modi was also among those named in the list, two other sources said.
PNB, India’s second-largest state-run bank, disclosed in February that two jewelery groups had defrauded it by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff over several years.
PNB has been conducting a separate internal probe into the fraud and has already suspended over 20 officials.
The two PNB executives and Ananthasubramanian did not respond to multiple calls and messages seeking comment, while Allahabad Bank was not reachable for comment. Modi’s lawyer declined to comment saying he was yet to see the charge sheet.
Separately, India’s banking secretary Rajiv Kumar told media in New Delhi that a government nominee on the board of state-run Allahabad Bank would soon call a meeting to seek the removal of Ananthasubramanian.
The federal government owns controlling stakes in state-run lenders including Allahabad Bank and PNB.
PNB told Reuters on Monday it had relieved Rao and Sharan of their duties.
Indian authorities have arrested at least 20 people in the case and a court has issued non-bailable warrants against accused jewelers Nirav Modi and his uncle Mehul Choksi. The duo have denied the allegations against them, and authorities have said they both left the country before the fraud was uncovered.
Shares in Allahabad Bank closed 3.4 percent lower on Monday, while those in PNB ended slightly higher on the day. Reporting by Promit Mukherjee, Rajendra Jadhav, Abhirup Roy and Suvashree Choudhury in Mumbai, Nigam Prusty, Aditya Kalra and Krishna Das in New Delhi; Writing by Sankalp Phartiyal; Editing by Euan Rocha and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-india-fraud-punjab-natl-bank/top-indian-bank-officials-likely-to-face-charges-in-pnb-case-source-idUSKCN1IF0EX |
NEW YORK--(BUSINESS WIRE)-- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, announces to investors that a federal securities class action has been filed against Patterson Companies, Inc. (“Patterson” or the “Company”) (NASDAQ:PDCO) and certain of its officers and directors. If you purchased Patterson securities between June 26, 2015 and February 28, 2018, inclusive, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information. The lead plaintiff deadline is May 29, 2018.
Patterson is one of the nation’s only full-service distributors of dental products.
The lawsuit alleges that Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Patterson’s business, operations, and prospects. Specifically, that: (1) Defendants were engaged in a fraudulent and illegal price-fixing conspiracy; (2) the Company’s revenue and earnings were fraudulently inflated by the illegal scheme; (3) the scheme was aimed at prohibiting sales to and price negotiations by group purchasing organizations (“GPOs”) that represented small and independent dental practices; (4) as a result of the foregoing, Defendants' statements about Patterson's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On February 12, 2018, the Federal Trade Commission (“FTC”) announced that it filed a complaint against Patterson and two other dental supply companies, alleging that the companies violated United States antitrust laws by conspiring to refuse to provide discounts to or otherwise negotiate with buying groups.
On news of the FTC complaint, Patterson’s share price fell 5.19% on February 13, 2018.
Then, on March 1, 2018, Patterson announced that its Chief Financial Officer was stepping down and downwardly revised its fiscal 2018 earnings guidance.
On this news, the price of Patterson stock fell 23.65%.
What You Can Do
If you purchased Patterson securities between June 26, 2015 and February 28, 2018, inclusive , or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected] .
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Attorney Advertising
CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17 th Fl, NY, NY 10169
(844) 818-6980
[email protected]
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006074/en/
Scott+Scott Attorneys at Law LLP
Rhiana Swartz, (844) 818-6980
[email protected]
Source: Scott+Scott Attorneys at Law LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-scottscott-attorneys-at-law-llp-reminds-investors-of-may-29-lead-plaintiff-deadline-in-securities-class-action-against.html |
May 1, 2018 / 2:36 PM / Updated 6 hours ago UK lawmakers prepared to summon Facebook boss Zuckerberg over data scandal Reuters Staff 2 Min Read
LONDON (Reuters) - British parliamentarians said they were prepared to issue a formal summons for Facebook Chief Executive Mark Zuckerberg to appear before them and answer questions over a data scandal which has engulfed the technology giant. Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce Committee hearing regarding the company’s use and protection of user data on Capitol Hill in Washington, U.S., April 11, 2018. REUTERS/Leah Millis
The social network has faced questions on both sides of the Atlantic over how millions of users’ details got into the hands of political consultancy Cambridge Analytica, and over its wider handling of personal data.
Zuckerberg previously declined to come in person to answer questions from British lawmakers, instead sending Facebook’s Chief Technology Officer Mike Schroepfer to face a four-hour grilling last month. Schroepfer apologized for errors made by the firm and vowed to do more to improve transparency.
But the head of parliament’s Digital, Culture, Media and Sport Committee Damian Collins said on Tuesday he still wanted Zuckerberg to appear before lawmakers, ideally by May 24, and listed 39 questions or points which remained unanswered.
“While Mr Zuckerberg does not normally come under the jurisdiction of the UK parliament, he will do so the next time he enters the country,” Collins wrote in a letter.
“We hope that he will respond positively to our request, but if not the Committee will resolve to issue a formal summons for him to appear when he is next in the UK.” Reporting by Costas Pitas, editing by Estelle Shirbon | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-britain/uk-lawmakers-prepared-to-summon-facebook-boss-zuckerberg-over-data-scandal-idUSKBN1I23S1 |
May 17 (Reuters) - Skyline Corp:
* SKYLINE ANNOUNCES INTENT TO LIST ON THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH EXCHANGE TRANSACTION WITH CHAMPION ENTERPRISES HOLDINGS, LLC
* SKYLINE-EXPECTS STOCK OF COMBINED CO TO BEGIN TRADING ON NYSE UNDER TRADING SYMBOL “SKY” UPON COMPLETION OF EXCHANGE AGREEMENT EXPECTED IN H1 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-skyline-announces-intent-to-list-o/brief-skyline-announces-intent-to-list-on-the-nyse-idUSFWN1SO0X5 |
(Reuters) - American Eagle Outfitters Inc ( AEO.N ) reported record-high first-quarter comparable sales on Thursday, helped again by strong demand for its Aerie line of lingerie. The Pittsburgh-based company’s comparable sales rose 9 percent in the quarter ended May 5, beating analysts’ average estimate of a 5.8 percent increase, according to Thomson Reuters I/B/E/S.
FILE PHOTO - Jeans are seen for sale in an American Eagle Outfitters retail store in Manhattan, New York, U.S., May 13, 2016. REUTERS/Mike Segar/File Photo The company forecast earnings per share of 27 to 29 cents for the second quarter, higher than analyst estimates of 25 cents.
American Eagle’s Aerie brand of lingerie has become extremely popular in recent years, especially with young adults, and has been successful in taking market share from L Brands’ ( LB.N ) Victoria’s Secret.
“After starting a Body Positivity movement, Aerie is nothing short of spectacular, delivering record growth rates and gaining market shares in the intimate space,” CEO Jay Schottenstein told investors on a call on Thursday.
The retailer’s jeans business and investment in e-commerce also contributed to its success in the quarter, Schottenstein added.
Aerie first-quarter comparable sales gained 38 percent, the retailer’s highest growth rate to date.
But seasonal goods such as shorts suffered from a cooler-than-expected spring, the company said.
Net income rose to $39.9 million, or 22 cents per share, in the quarter, from $25.2 million, or 14 cents per share, a year earlier.
Net revenue rose 8 percent to $823 million.
Shares were trading at $22.29 in morning trading after climbing to $22.76 earlier in the session, from $22.61 at Wednesday’s close.
Reporting by Melissa Fares in New York; Editing by Andrea Ricci and Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-amer-eagle-out-results/american-eagle-outfitters-reports-record-first-quarter-sales-idUSKCN1IW1OY |
Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY European powers, jolted by the US decision to withdraw from the 2015 nuclear deal, turned their attention Brexit & Beyond:Europe Faces Tall Task to Preserve Iran Deal Next Investors Sour on International Stock Funds | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/09/wsj-city-pm-europe-seeks-to-preserve-iran-pact-oil-buyers-put-in-a-bind/ |
-- A strong start to 2018 in product development and commercialization plans for consumer-driven health and nutrition ingredient products, fifth consecutive reduction in year-over-year quarterly operating loss --
DAVIS, Calif.--(BUSINESS WIRE)-- Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural food ingredient company, today released its financial and business results for the first quarter of 2018.
“With the launch of our GoodWheat™ brand and notable technical achievements in our Resistant Starch and Reduced Gluten wheat products, 2018 is shaping up to be a game-changing year at Arcadia,” said Raj Ketkar, president and CEO. “We made a strong start in our commercialization plans for our wheat quality portfolio in the first quarter, all the while containing our operating costs, leading to another year-over-year reduction in our quarterly operating loss.”
Q1 2018 Operating and Financial Highlights
GoodWheat™ Branded Ingredients Platform. Arcadia launched its GoodWheat™ brand of wheat ingredients to add value to the entire wheat value chain, from seed to table, by enabling a wider range of choices to meet evolving consumer demands. The platform includes Arcadia’s current and future non-GM wheat portfolio of high fiber Resistant Starch (RS) and Reduced Gluten (RG) wheat varieties, as well as future wheat innovations. High Fiber, Resistant Starch Wheat Milestones. Arcadia announced two key technical milestones in its high fiber, RS wheat lines. Arcadia’s RS wheat varieties contain 94 percent amylose, compared to 25 to 30 percent in traditional wheat. Increased levels of amylose correspond to higher levels of resistant starch, which has been proven to deliver significant health benefits. These same wheat varieties deliver levels of total dietary fiber high enough to meet the FDA’s threshold for “Good Source” of fiber and “High in Fiber” designations on consumer packaging. These new non-GM wheat varieties, naturally high in fiber, will help satisfy consumers’ demands for healthier, clean-label ingredients in their favorite wheat-based foods. Reduced Gluten Wheat. Arcadia added new Reduced Gluten wheat to the GoodWheat™ portfolio, with plans to have lines available for commercial testing by the end of the year. Arcadia’s RG wheat product is a non-GM, patent-pending, identity preserved specialty wheat in which allergenic glutens have been reduced by 75 percent while the levels of glutens important for baking are not changed. With the growing number of consumers making a conscious effort to reduce gluten in their diets, Arcadia believes its RG wheat represents a rich and untapped opportunity for specialty products and unique brand extensions. Agricultural Productivity Traits Increase Yields in Rice. In two crop seasons of field trials, three of Arcadia’s abiotic stress traits stacked together demonstrated double digit yield increases in rice. Multiple lines carrying the nitrogen use efficiency (NUE), water use efficiency (WUE) and salinity tolerance (ST) traits outperformed control lines by an average of 25 percent under limiting nitrogen applications, when measured for yield. The same lines yielded an average of 40 percent more than controls under combined limiting nitrogen and drought conditions in the field. These results indicate that there may be synergistic effects between the traits that protect crop yields against a variety of challenging growing conditions, including nutrient deficiency, drought and salinity. Strengthened Financial Position. Arcadia raised $10M in funding through a private placement (PIPE) financing this quarter, bringing its cash balance to $20.4 million with no debt at March 31, 2018. The company is well funded to begin commercialization activities for its portfolio of health and nutrition products.
Q2 Strategic Outlook
Building Commercialization Capabilities. As the company transforms from a technology/trait partner to a value-added ingredient company, Arcadia is building new capabilities in terms of lead qualification and tracking, branding, value pricing, portfolio and product lifecycle management, business strategy and product introduction. Arcadia is also building relationships across the wheat value chain, including farmers, breeders, identity preservation, millers and food companies, in preparation for commercialization of its non-GM wheat products.
Arcadia Biosciences, Inc.
Financial Snapshot
(Unaudited)
($ in thousands)
Three Months Ended March 31 2018 2017 $ Favorable/
(Unfavorable) % Favorable/
(Unfavorable) Total Revenues 214 1,018 (804 ) (79 %)
Total Operating Expenses 4,053 4,981 928 19 % Loss From Operations (3,839 ) (3,963 ) 124 3 % Net Loss Attributable to Common Stockholders (10,615 ) (4,216 ) (6,399 ) (152
%) Revenues
In the first quarter of 2018, total revenues were $214,000 compared to revenues of $1.0 million in the first quarter of 2017, a 79 percent decrease. The quarter-over-quarter decrease was driven mainly by a $554,000 reduction in our contract research and government grant revenue due to the completion of a government grant during 2017, as well as a short-term research contract in the first quarter of 2017 that was not present in 2018. Over the next 12 to 36 months, as the company transitions to its new focus on health and nutrition quality products, Arcadia expects revenue from government grants, research contracts and license revenues to be replaced by product and trait revenues.
Operating Expenses
In the first quarter of 2018, operating expenses totaled $4.1 million, down from $5.0 million in the first quarter of 2017, a decrease of $928,000 or 19 percent. Cost of product revenues decreased by $70,000 as a result of lower sales when comparing the respective periods. Research and development (R&D) spending decreased by $427,000 and general and administrative (SG&A) expenses decreased by $431,000. Both decreases were driven primarily by lower salaries and benefits, mainly the result of workforce reductions made during the first quarter of 2017.
Net Loss Attributable to Common Stockholders
Net loss attributable to common stockholders for the first quarter of 2018 was $10.6 million, a 152 percent increase from the $4.2 million loss in the first quarter of 2017. The increase was driven by the initial recognition, and subsequent fair value remeasurement, of the liabilities associated with the PIPE financing.
Conference Call and Webcast
The company has scheduled a conference call for 4:30 p.m. Eastern (1:30 p.m. Pacific) today, May 9, to discuss first-quarter financial results and key strategic achievements.
Interested participants can join the conference call using the following numbers:
U.S. Toll-Free Dial-In: +1-855-243-4690 International Dial-In: +1-225-283-0138 Passcode: 4267176
A live webcast of the be available on the “Investors” section of the Arcadia’s website at www.arcadiabio.com . Following completion of the call, a recorded replay will be available on the company’s investor website.
Safe Harbor Statement
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release and the accompanying conference call contain forward-looking statements about the company and its products, including statements relating to components of the company’s long-term financial success; the company’s traits, commercial products, and collaborations; and the company’s ability to manage the regulatory processes for its traits and commercial products. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company’s and its partners’ ability to develop commercial products incorporating its traits and to complete the regulatory review process for such products; the company’s compliance with laws and regulations that impact the company’s business, and changes to such laws and regulations; and the company’s future capital requirements and ability to satisfy its capital needs. Further information regarding these and other factors that could affect the company’s financial results is included in filings the company makes with the Securities and Exchange Commission from time to time, including the section entitled “Risk Factors” in the company's Annual Report on Form 10-K for the year ended December 31, 2017. These documents are on the SEC Filings section of the “Investors” section of the company’s website at www.arcadiabio.com . All information provided in this release and in the attachments is as of the date hereof, and Arcadia Biosciences, Inc. undertakes no duty to update this information.
About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. Arcadia’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company’s portfolio of agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. For more information, visit www.arcadiabio.com .
Arcadia Biosciences, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
March 31, 2018
December 31, 2017 Assets Current assets: Cash and cash equivalents $ 20,418 $ 9,125 Short-term investments — 3,898 Accounts receivable 52 1,231 Unbilled revenue 49 4 Inventories — current 309 229 Prepaid expenses and other current assets 417 560 Total current assets 21,245 15,047 Property and equipment, net 280 299 Inventories — noncurrent 1,067 1,168 Other noncurrent assets 7 56 Total assets $ 22,599 $ 16,570 Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued expenses $ 2,457 $ 2,496 Amounts due to related parties 4 29 Unearned revenue — current 571 1,000 Total current liabilities 3,032 3,525 Unearned revenue — noncurrent — 2,038 Common stock warrant liability 9,900 — Common stock adjustment feature liability 6,000 — Other noncurrent liabilities 3,000 3,000 Total liabilities 21,932 8,563 Stockholders’ equity: Common stock, $0.001 par value—150,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 2,481,137 and 2,134,154
shares issued and outstanding as of March 31, 2018 and December 31, 2017
43 42 Additional paid-in capital 176,125 175,223 Accumulated deficit (175,501 ) (167,257 ) Accumulated other comprehensive loss — (1 ) Total stockholders’ equity 667 8,007 Total liabilities and stockholders’ equity $ 22,599 $ 16,570 Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended March 31, 2018 2017 Revenues: Product $ 61 $ 205 License — 106 Contract research and government grants 153 707 Total revenues 214 1,018 Operating expenses: Cost of product revenues 36 106 Research and development 1,396 1,823 Selling, general and administrative 2,621 3,052 Total operating expenses 4,053 4,981 Loss from operations (3,839 ) (3,963 ) Interest expense — (339 ) Other income, net 38 96 Initial loss on common stock warrant and common stock adjustment feature liabilities (4,000 ) — Change in fair value of common stock warrant and common stock adjustment feature liabilities (1,900 ) — Offering costs related to securities purchase agreement (904 ) — Net loss before income taxes (10,605 ) (4,206 ) Income tax provision (10 ) (10 ) Net loss and net loss attributable to common stockholders $ (10,615 ) $ (4,216 ) Net loss per share attributable to common stockholders: Basic and diluted $ (4.86 ) $ (1.90 ) Weighted-average number of shares used in per share calculations: Basic and diluted 2,186,196 2,218,010 Other comprehensive income (loss), net of tax Unrealized gains (loss) on available-for-sale securities 1 (1 ) Other comprehensive income (loss) 1 (1 ) Comprehensive loss attributable to common stockholders $ (10,614 ) $ (4,217 ) Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share data)
Common Stock Additional Paid-In
Capital
Accumulated Deficit
Accumulated Other
Comprehensive
(Loss)
Total Stockholders’
Equity
Shares Amount Balance at January 1, 2017 2,224,384 $ 44 $ 173,723 $ (151,550 ) $ (19 ) $ 22,198 Issuance of shares related to employee stock purchase plan 1,964 — 24 — — 24 Stock-based compensation — — 1,474 — — 1,474 Other comprehensive income — — — — 18 18 Exchange of membership interest in unconsolidated entity for common stock
(92,194 ) (2 ) 2 — — 0 Net loss — — — (15,707 ) — (15,707 ) Balance at December 31, 2017 2,134,153 $ 42 $ 175,223 $ (167,257 ) $ (1 ) $ 8,007 Impact of adoption of Topic 606 (Note 5) — — — 2,371 — 2,371 Issuance of shares related to employee stock option exercises 44,354 — 963 — — 963 Issuance of shares related to employee stock purchase plan 567 — 3 — — 3 Issuance of shares related to securities purchase agreement 300,752 1 — — — 1 Offering costs related to securities purchase agreement — — (888 ) — — (888 ) Issuance of placement agent warrants — — 526 — — 526 Stock-based compensation — — 298 — — 298 Issuance of shares related to reverse stock split 1,311 — — — — — Other comprehensive income — — — — 1 1 Net loss — — — (10,615 ) — (10,615 ) Balance at March 31, 2018 2,481,137 $ 43 $ 176,125 $ (175,501 ) $ — $ 667 Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (10,615 ) $ (4,216 ) Adjustments to reconcile net loss to cash used in operating activities: Initial loss on common stock warrant and common stock adjustment feature liabilities 4,000 — Change in fair value of common stock warrant and common stock adjustment feature liabilities 1,900 — Offering costs related to securities purchase agreement 904 — Depreciation and amortization 52 81 Gain on disposal of equipment (3 ) (3 ) Net amortization of investment premium (2 ) (36 ) Stock-based compensation 298 371 Accretion of debt discount — 49 Changes in operating assets and liabilities: Accounts receivable 1,179 65 Unbilled revenue (45 ) 72 Inventories 21 62 Prepaid expenses and other current assets 137 (404 ) Other noncurrent assets — (423 ) Accounts payable and accrued expenses (322 ) (176 ) Amounts due to related parties (25 ) (10 ) Unearned revenue (96 ) 38 Net cash used in operating activities (2,617 ) (4,530 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of property and equipment 9 4 Purchases of property and equipment (33 ) (57 ) Purchases of investments — (4,582 ) Proceeds from sales and maturities of investments 3,900 14,695 Net cash provided by investing activities 3,876 10,060 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock and warrants from securities purchase agreement 10,000 — Payments of offering costs related to securities purchase agreement (932 ) — Proceeds from exercise of stock options and ESPP purchases 966 16 Net cash provided by financing activities 10,034 16 Net increase in cash and cash equivalents 11,293 5,546 Cash and cash equivalents — beginning of period 9,125 2,013 Cash and cash equivalents — end of period $ 20,418 $ 7,559 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest $ — $ 288 Cash paid for income taxes $ 24 $ — NONCASH INVESTING AND FINANCING ACTIVITIES: Proceeds from sale of fixed assets included in prepaid expenses and other current assets at end of period $ 1 $ — Offering costs in accounts payable and accrued expenses at end of period $ 334 $ — Common stock warrants issued to placement agent and included in offering costs 526 0 Purchases of property and equipment included in accounts payable and accrued expenses $ — $ 2 Exchange of membership interest in unconsolidated entity for common stock $ — $ 2
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006336/en/
Arcadia Biosciences, Inc.
Jeff Bergau
[email protected]
+1-312-217-0419
Source: Arcadia Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-arcadia-biosciences-announces-first-quarter-2018-financial-results-and-business-highlights.html |
Russian President Vladimir Putin said at a meeting with German Chancellor Angela Merkel on Friday that he would stand up to any attempts by U.S. President Donald Trump to block a Russian-German gas pipeline project.
Berlin and Moscow have been at loggerheads since Russia's annexation of Crimea four years ago, but they share a common interest in the Nordstream 2 pipeline project, which will allow Russia to export more natural gas to northern Europe.
A U.S. government official this week said Washington had concerns about the project, and that companies involved in Russian pipeline projects faced a higher risk of being hit with U.S. sanctions.
"Donald is not just the U.S. president, he's also a good, tough entrepreneur," Putin said at a news conference, alongside Merkel, after the two leaders had talks in the Russian Black Sea resort of Sochi.
"He's promoting the interests of his business, to ensure the sales of liquefied natural gas on the European market," Putin said.
"I understand the U.S. president. He's defending the interests of his business, he wants to push his product on the European market. But it depends on us, how we build our relations with our partners, it will depend on our partners in Europe."
"We believe it (the pipeline) is beneficial for us, we will fight for it." Merkel, who earlier in the day received a bouquet of pink and white roses from Putin as she arrived at his residence in Sochi, also hinted at tensions between Berlin and the Trump administration.
As well as the differences over Nordstream, European capitals are at odds with Washington over Trump's decision to withdraw from the Iranian nuclear deal. Moscow shares Europe's position on the deal.
"Germany, Britain, France, and all our partners in the European Union continue to support this deal and remain in this deal and we know that a very specific situation arose that we Europeans need to discuss with Iran," Merkel said at the news conference.
"I know that the deal is anything but perfect but it is better than no deal."
Asked about differences with the United States, Merkel told reporters: "We have a strong transatlantic friendship, which during its history has had to withstand many questions of different opinions, and I think that might be the case now as well."
"But this does not challenge the intensity of the transatlantic relationship," she said.
Some commentators have said that a shared opposition to Trump's stances on Iran and other issues could lead to a rapprochement between Europe and Russia, repairing a relationship badly damaged by the Ukraine conflict.
Putin's remarks about Trump were unusually forthright. While the Russian leader is frequently critical of U.S. policy, Putin has always been respectful in his comments on Trump, with whom Kremlin officials say he has built up a personal rapport. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/putin-merkel-discuss-u-s-withdrawal-from-iran-nuclear-deal.html |
May 9 (Reuters) - Audentes Therapeutics Inc:
* AUDENTES THERAPEUTICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* AUDENTES THERAPEUTICS INC - QTRLY LOSS PER SHARE $0.74
* AUDENTES THERAPEUTICS INC - AT MARCH 31, 2018, AUDENTES HAD CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS OF $326.1 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-audentes-therapeutics-reports-qtrl/brief-audentes-therapeutics-reports-qtrly-loss-per-share-0-74-idUSASC0A12I |
Elon Musk plans to reorganize Tesla 01:44
Tesla employees on Monday started the week with an email from boss Elon Musk about a company reorganization.
Tesla employees on Monday started the week with an email from boss Elon Musk about a company reorganization. //reut.rs/2rGGAUM | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/elon-musk-plans-to-reorganize-tesla?videoId=426927589 |
May 9, 2018 / 3:12 PM / Updated 7 minutes ago BRIEF-Philip Morris Revises, 2018 Full-Year Reported Diluted EPS Guidance Reuters Staff 1 Min Read
May 9 (Reuters) - Philip Morris International Inc:
* PHILIP MORRIS INTERNATIONAL INC. (PMI) HOLDS 2018 ANNUAL MEETING OF SHAREHOLDERS; REVISES, FOR CURRENCY ONLY, 2018 FULL-YEAR REPORTED DILUTED EPS GUIDANCE, REFLECTING EX-CURRENCY GROWTH OF APPROXIMATELY 8% TO 11% VERSUS. 2017 ADJUSTED DILUTED EPS OF $4.72
* PHILIP MORRIS INTERNATIONAL - REVISES 2018 FULL-YEAR REPORTED DILUTED EPS GUIDANCE, FOR CURRENCY ONLY, TO RANGE OF $5.15 TO $5.30
* FY2018 EARNINGS PER SHARE VIEW $5.28 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-philip-morris-revises-2018-full-ye/brief-philip-morris-revises-2018-full-year-reported-diluted-eps-guidance-idUSASO0004LZ |
May 22, 2018 / 4:51 AM / Updated 2 hours ago China to Australia: Remove "coloured glasses" to get ties back on track Reuters Staff 3 Min Read
BEIJING/SYDNEY (Reuters) - Australia should remove its “coloured glasses” to get relations back on track with major trading partner China, the Chinese government’s top diplomat Wang Yi has told his Australian counterpart on the sidelines of a G20 meeting in Argentina.
Relations between the two countries have cooled since late 2017 when Prime Minister Malcolm Turnbull’s government proposed a bill to limit foreign influence in Australia, including political donations. Beijing saw the move as “anti-China”.
The diplomatic rift spilled into the trade arena last week when a major Australian wine maker said it was facing new Chinese customs delays, raising fears among other Australian exporters that depend on access to China.
Wang told Australian Foreign Minister Julie Bishop on Monday some difficulties had affected contact and cooperation between the two countries, China’s Foreign Ministry said in a statement on its website on Tuesday.
The pair met on the sidelines of the G20 Foreign Ministers’ Meeting in Buenos Aires.
“What I want to emphasise is, if the Australian side wishes the bilateral relationship to return to the right track and realise sustained healthy development, then it must abandon traditional thinking and take off its coloured glasses,” Wang was quoted as saying in the statement.
Wang said he had noted an improvement in tone from Bishop and the Australian government.
In an interview with the Australian Broadcasting Corp. on Tuesday, Bishop said she had a “very warm and candid and constructive discussion” with Wang.
“While we stand up for our values and our interests and our policies and we can disagree with friends from time-to-time, most certainly the relationship is strong and we discussed ways on how we could cooperate further,” she said.
A visit to Shanghai last week by Australian Trade Minister Steven Ciobo was seen as a bid to mend a relationship that included A$170 billion ($128 billion)in two-way trade last year.
But Ciobo’s visit was overshadowed by delays at Chinese customs that held up exports by Australia’s Treasury Wine Estates Ltd.
An Australian source familiar with the meeting between Bishop and Wang said it had focused on regional security and trade, and the Treasury Wine issue was not specifically discussed.
Several unidentified Australian business owners who operate in China told Fairfax Media on the weekend that Chinese authorities had been unfairly targeting Australian products with delays and extra scrutiny at customs and distribution.
Turnbull, who in December cited “disturbing reports about Chinese influence” and promised to stand up to Beijing, will travel to China later this year to smooth over bumpy diplomatic ties, Fairfax Media reported.
Wang, who is a state councillor as well as China’s foreign minister, said on Monday China “never interferes with the internal politics of other countries, let alone carry out the so-called infiltration of other countries”.
($1 = 1.3201 Australian dollars) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-argentina-g20-china-australia/china-to-australia-remove-coloured-glasses-to-get-ties-back-on-track-idUKKCN1IN0F0 |
May 22, 2018 / 5:21 AM / Updated 31 minutes ago Sberbank to sell stake in Denizbank to Emirates NBD for $3.2 billion Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russia’s Sberbank said on Tuesday it had signed a definitive agreement on selling its 99.85 percent stake in Turkey’s Denizbank ( DENIZ.IS ) to Emirates NBD for 14.6 billion Turkish lira ($3.2 billion).
The closing of the transaction is subject to regulatory approval in Turkey, Russia, the United Arab Emirates and other relevant jurisdictions where Denizbank operates. The transaction is expected to close in 2018.
Sberbank also said Emirates NBD will pay interest on the consideration for the period between Oct. 31, 2017 and the transaction closing date. Reporting by Vladimir Soldatkin; Editing by Biju Dwarakanath | ashraq/financial-news-articles | https://uk.reuters.com/article/us-sberbank-denizbank-sale-emirates/sberbank-to-sell-stake-in-denizbank-to-emirates-nbd-for-3-2-billion-idUKKCN1IN0GC |
Oil stocks buoy European shares as US pulls out of Iran deal 9:05am EDT - 01:49
Crude oil prices jumped back to near 3-1/2-year highs on Wednesday after President Donald Trump pulled the United States out of an international nuclear deal with Iran, sparking worries about fresh tension in the Middle East and global oil supplies. David Pollard reports.
Crude oil prices jumped back to near 3-1/2-year highs on Wednesday after President Donald Trump pulled the United States out of an international nuclear deal with Iran, sparking worries about fresh tension in the Middle East and global oil supplies. David Pollard reports. //reut.rs/2KOMlID | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/oil-stocks-buoy-european-shares-as-us-pu?videoId=425246780 |
Company to Host Quarterly Conference Call at 5:00 P.M. ET on May 8, 2018
ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- United Insurance Holdings Corp. (Nasdaq:UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the first quarter ended March 31, 2018.
($ in thousands, except for per share data) Three Months Ended March 31, 2018 2017 Change Gross premiums written $ 279,617 $ 168,842 65.6 % Gross premiums earned $ 278,950 $ 182,065 53.2 % Net premiums earned $ 162,675 $ 107,183 51.8 % Total revenues $ 180,127 $ 122,633 46.9 % Earnings before income tax $ 11,716 $ 5,938 97.3 % Net income $ 8,369 $ 3,899 114.6 % Net income per diluted share $ 0.20 $ 0.18 11.1 % Reconciliation of net income to core income: Plus: Non-cash amortization of intangible assets $ 9,825 $ 1,354 625.6 % Less: Realized gains (losses) on investment portfolio $ 211 $ (351 ) 160.1 % Less: Unrealized losses on equity securities $ (2,444 ) $ — 100.0 % Less: Net tax impact (1) $ 3,445 $ 585 488.4 % Core income (2) $ 16,982 $ 5,019 238.4 % Core income per diluted share (2) $ 0.40 $ 0.23 73.9 % Book value per share $ 12.52
$ 11.37 10.1
% (1) In order to reconcile the net income to the core income measure, we included the tax impact of all adjustments using the effective rate at the end of each period. (2) Core income and core income per diluted share, measures that are not based on GAAP, are reconciled above to net income and net income per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.
"UPC is off to a strong start in 2018," said John Forney, President & CEO of UPC Insurance. "Despite a lot of catastrophe activity in our geographic footprint, we grew premium-in-force by 3% in the quarter to almost $1.1 billion and produced solid bottom line results. I'm proud of the work our team is doing to drive sustainable growth and profitability."
Return on Equity and Core Return on Equity
Return on equity is a ratio the Company calculates by dividing annualized net income for the trailing three months by the average stockholders' equity for the trailing twelve months. Core return on equity (see calculation below) is a ratio calculated using non-GAAP measures. It is calculated by dividing the annualized core income for the trailing three months by the average stockholders’ equity for the trailing twelve months. Core income is an after-tax non-GAAP measure that is calculated by excluding from net income the effect of non-cash amortization of intangible assets, unrealized gains or losses on the Company's equity security investments and realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, core income, core income per share and core return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core income, core income per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The table above reconciles core income to net income, the most directly comparable GAAP measure.
($ in thousands) Three Months Ended March 31, 2018 2017 Net income $ 8,369 $ 3,899 Return on equity based on GAAP net income (loss) (1) 6.4 % 6.2 % Core income $ 16,982 $ 5,019 Core return on equity (1) 13.2 % 8.2 % (1) Return on equity for the three months ended March 31, 2018 and 2017 is calculated on an annualized basis. Combined Ratio and Underlying Ratio
The calculations of the Company's combined ratio and underlying combined ratio are shown below.
($ in thousands) Three Months Ended March 31, 2018 2017 Change Loss ratio, net (1) 47.5 % 59.1 % (11.6 ) pts Expense ratio, net (2) 54.6 % 49.1 % 5.5 pts Combined ratio (CR) (3) 102.1 % 108.2 % (6.1 ) pts Effect of current year catastrophe losses on CR 3.8 % 9.9 % (6.1 ) pts Effect of prior year unfavorable (favorable) development on CR (0.4 )% (0.5 )% 0.1 pts Effect of ceding commission income on CR 6.3 % 7.9 % (1.6 ) pts Underlying combined ratio (4)(5) 92.4 % 90.9 % 1.5 pts (1) Loss ratio, net is calculated as losses and loss adjustment expenses (LAE), net of losses ceded to reinsurers, relative to net premiums earned. (2) Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned. (3) Combined ratio is the sum of the loss ratio, net and expense ratio, net. (4) Underlying combined ratio, a measure that is not based on GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.
(5) Included in both the expense ratio and the combined ratio are $9.8 million for the three months ended March 31, 2018 and $1.4 million for the three months ended March 31, 2017 of merger professional fees and amortization expense predominately associated with the AmCo Holding Company (AmCo) merger in the second quarter of 2017. Excluding these additional expenses, the Company would have reported underlying combined ratios of 86.3% for the three months ended March 31, 2018 and 89.7% for the three months ended March 31, 2017. Quarterly Financial Results
Net income for the first quarter of 2018 was $8.4 million, or $0.20 per diluted share, compared to net income of $3.9 million, or $0.18 per diluted share, for the first quarter of 2017. The increase in net income was primarily due to the lower catastrophe and non-catastrophe loss ratios for the first quarter of 2018 compared to the first quarter of 2017.
The Company's total gross written premium increased by $110.8 million, or 65.6%, to $279.6 million for the first quarter of 2018 from $168.8 million for the first quarter of 2017, primarily reflecting the Company's merger with AmCo in the second quarter of 2017, as well as organic growth in new and renewal business generated in all regions. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by region and gross written premium by line of business are shown in the table below.
Three Months Ended
($ in thousands) March 31,
2018 2017 Change $ Change % Direct Written and Assumed Premium by Region (1) Florida $ 157,952 $ 75,364 $ 82,588 109.6 % Gulf 44,797 40,778 4,019 9.9 Northeast 34,892 31,137 3,755 12.1 Southeast 22,887 20,192 2,695 13.3 Total direct written premium by region 260,528 167,471 93,057 55.6 % Assumed premium (2) 19,089 1,371 17,718 1,292.3 Total gross written premium by region $ 279,617 $ 168,842 $ 110,775 65.6 % Gross Written Premium by Line of Business Personal property $ 183,713 $ 164,873 $ 18,840 11.4 % Commercial property 95,904 3,969 91,935 2,316.3 Total gross written premium by line of business $ 279,617 $ 168,842 $ 110,775 65.6 % (1) "Gulf" is comprised of Hawaii, Louisiana and Texas; "Northeast" is comprised of Connecticut, Massachusetts, New Jersey, New York and Rhode Island; and "Southeast" is comprised of Georgia, North Carolina and South Carolina. (2) Assumed premium written for 2018 is primarily commercial property business assumed from unaffiliated insurers. Loss and loss adjustment expense (LAE) increased by $13.9 million, or 22.0%, to $77.2 million for the first quarter of 2018 from $63.3 million for the first quarter of 2017. Loss and LAE expense as a percentage of net earned premiums decreased 11.6 points to 47.5% for the first quarter of 2018, compared to 59.1% for the same period last year. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the first quarter of 2018 would have been 25.7%, a decrease of 3.5 points from 29.2% during the first quarter of 2017.
Policy acquisition costs increased by $21.7 million, or 61.2%, to $57.1 million for the first quarter of 2018 from $35.4 million for the first quarter of 2017. The primary driver of the increase in costs was the managing general agent fees related to AmCo commercial premiums. The remaining change was the result of policy acquisition costs varying directly with changes in gross premiums earned and were generally consistent with the Company's growth in premium production and higher average market commission rates outside of Florida.
Operating and underwriting expenses increased by $2.4 million, or 41.7%, to $8.3 million for the first quarter of 2018 from $5.9 million for the first quarter of 2017, primarily due to increased costs related to incurred expenses for software tools, agent incentive costs, underwriting services and assessments.
General and administrative expenses increased by $12.0 million, or 105.8%, to $23.3 million for the first quarter of 2018 from $11.3 million for the first quarter of 2017, primarily due to amortization costs related to the merger with AmCo during the second quarter of 2017 and salary expense related to increased claims personnel.
Combined Ratio Analysis
The calculations of the Company's loss ratios and underlying loss ratios are shown below.
($ in thousands) Three Months Ended March 31, 2018 2017 Change Loss and LAE $ 77,246 $ 63,333 $ 13,913 % of Gross earned premiums 27.7 % 34.8 % (7.1 ) pts % of Net earned premiums 47.5 % 59.1 % (11.6 ) pts Less: Current year catastrophe losses $ 6,317 $ 10,612 $ (4,295 ) Prior year reserve unfavorable (favorable) development (681 ) (526 ) (155 ) Underlying Loss and LAE (1)
$ 71,610 $ 53,247 $ 18,363 % of Gross earned premiums 25.7 % 29.2 % (3.5 ) pts % of Net earned premiums 44.0 % 49.7 % (5.7 ) pts (1) Underlying Loss and LAE is a non-GAAP financial measure and is reconciled above to Net Loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. The calculations of the Company's expense ratio and underlying expense ratios are shown below.
($ in thousands) Three Months Ended March 31, 2018 2017 Change Policy acquisition costs $ 57,135 $ 35,436 $ 21,699 Operating and underwriting 8,318 5,872 2,446 General and administrative 23,325 11,333 11,992 Total Operating Expenses $ 88,778 $ 52,641 $ 36,137 % of Gross earned premiums 31.8 % 28.9 % 2.9 pts % of Net earned premiums 54.6 % 49.1 % 5.5 pts Less: Ceding commission income $ 10,299 $ 8,428 $ 1,871 Non-cash amortization of intangibles 9,825 1,354 8,471 Underlying Expense (1)
$ 68,654 $ 42,859 $ 25,795 % of Gross earned premiums 24.6 % 23.5 % 1.1 pts % of Net earned premiums 42.2 % 40.0 % 2.2 pts (1) Underlying Expense is a non-GAAP financial measure and is reconciled above to total operating expenses, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. Reinsurance Costs as a % of Earned Premium
Excluding the Company's flood business, for which it cedes 100% of the risk of loss, reinsurance costs in the first quarter of 2018 were 39.9% of gross premiums earned, compared to 38.6% of gross premiums earned for the first quarter of 2017. The increase in this ratio was driven primarily by the costs related to the inclusion of AmCo's commercial property exposures in our 2017-18 combined catastrophe reinsurance program.
Investment Portfolio Highlights
The Company's cash and investment holdings remained consistent at $1.1 billion at March 31, 2018 compared to $1.1 billion at December 31, 2017. UPC Insurance's cash and investment holdings consist of investments in U.S. Government and agency securities, corporate debt and 100% investment grade money market instruments. Fixed maturities represented approximately 88.2% of total investments at March 31, 2018 compared to 89.3% at December 31, 2017. At both March 31, 2018 and December 31, 2017, the modified duration was 3.9 years.
Book Value Analysis
Book value per share decreased (0.4)% from $12.56 at December 31, 2017 to $12.52 at March 31, 2018, and underlying book value per share increased 3.0% from $12.35 at December 31, 2017 to $12.72 at March 31, 2018. A decrease in the Company's retained earnings drove the decrease in our book value per share. Removing the effect of the decrease in accumulated other comprehensive income, as shown in the table below, also impacted our underlying book value per share.
($ in thousands, except for per share data) March 31, December 31, 2018 2017
Book Value per Share Numerator: Common stockholders' equity $ 535,080
$ 537,125 Denominator: Total Shares Outstanding 42,745,937 42,753,054 Book Value Per Common Share $ 12.52
$ 12.56 Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI) Numerator: Common stockholders' equity $ 535,080
$ 537,125 Accumulated other comprehensive income (8,451 ) 9,221 Stockholders' Equity, excluding AOCI $ 543,531
$ 527,904 Denominator: Total Shares Outstanding 42,745,937 42,753,054 Underlying Book Value Per Common Share (1) $ 12.72
$ 12.35 (1) Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.
Quarterly Cash Dividend
The Company announced that its Board of Directors declared a $0.06 per share quarterly cash dividend payable on May 29, 2018, to stockholders of record on May 22, 2018.
Definitions of Non-GAAP Measures
We believe that investors' understanding of UPC Insurance's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.
Combined ratio excluding the effects of current year catastrophe losses, prior year reserve development and ceding commission income earned (underlying combined ratio) is a non-GAAP ratio, which is computed by subtracting the effect of current year catastrophe losses, prior year development, and ceding commission income earned related to the Company's quota share reinsurance agreement from the combined ratio. The Company believes that this ratio is useful to investors and it is used by management to reveal the trends in the Company's business that may be obscured by current year catastrophe losses, losses from lines in run-off, prior year development, and ceding commission income earned. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share reinsurance agreement. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.
Net Loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying Loss and LAE) is a non-GAAP measure which is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company's loss trends that may be impacted by current year catastrophe losses and prior year development on the Company's reserves. As discussed previously, these two items can have a significant impact on the Company's loss trends in a given period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company's business.
Operating Expenses excluding the effects of ceding commission income earned, merger expenses, and amortization of intangible assets (underlying expense) is a non-GAAP measure which is computed by subtracting ceding income earned related to the Company's quota share reinsurance agreement, merger expenses and amortization of intangibles. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share reinsurance agreement. Merger expenses are directly related to past mergers and are not reflective of current period operating performance. Similarly, amortization expense is related to the amortization of intangible assets acquired through mergers and therefore the expense does not arise through normal operations. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is operating expenses. The underlying expense measure should not be considered a substitute for the expense ratio and does not reflect the overall profitability of the Company's business.
Net Income excluding the effects of non-cash amortization of intangible assets, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core income) is a non-GAAP measure which is computed by adding amortization, net of tax, to net income and subtracting realized gains (losses) on our investment portfolio, net of tax, and unrealized gains (losses) on our equity securities, net of tax, from net income. Amortization expense is related to the amortization of intangible assets acquired through merger and therefore the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of our operations. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. The most direct comparable GAAP measure is net income. The core income measure should not be considered a substitute for net income and does not reflect the overall profitability of our business.
Conference Call Details
Date and Time:
May 8, 2018 - 5:00 P.M. ET Participant Dial-In:
(United States): 877-407-8829
(International): 201-493-6724
Webcast:
To listen to the live webcast, please go to www.upcinsurance.com (Investor Relations - News & Market Data - Event Calendar) and click on the conference call link, or go to: http://upcinsurance.equisolvewebcast.com/q1-2018 . An archive of the webcast will be available for a limited period of time thereafter.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services personal and commercial residential property and casualty insurance policies using a group of wholly owned insurance subsidiaries through a variety of distribution channels. The Company currently writes policies in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire and Virginia. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims. UPC Insurance is a company committed to financial stability and solvency.
Forward-Looking Statements
Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans and are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement.
Consolidated Statements of Comprehensive Income
(unaudited)
In thousands, except share and per share amounts
Three Months Ended March 31, 2018 2017 REVENUE: Gross premiums written $ 279,617 $ 168,842 Change in gross unearned premiums (667 ) 13,223 Gross premiums earned 278,950 182,065 Ceded premiums earned (116,275 ) (74,882 ) Net premiums earned 162,675 107,183 Investment income 5,686 2,951 Net realized investment gains (losses) 211 (351 ) Net unrealized losses on equity securities (2,444 ) — Other revenue 13,999 12,850 Total revenues
$ 180,127 $ 122,633 EXPENSES: Losses and loss adjustment expenses 77,246 63,333 Policy acquisition costs 57,135 35,436 Operating expenses 8,318 5,872 General and administrative expenses 23,325 11,333 Interest expense 2,458 759 Total expenses 168,482 116,733 Income before other income 11,645 5,900 Other income 71 38 Income before income taxes 11,716 5,938 Provision for income taxes 3,347 2,039 Net income $ 8,369 $ 3,899 OTHER COMPREHENSIVE INCOME: Change in net unrealized gains (losses) on investments (23,384 ) 3,731 Reclassification adjustment for net realized investment losses (gains) (211 ) 351 Income tax benefit (expense) related to items of other comprehensive income 5,923 (1,542 ) Total comprehensive income (loss) $ (9,303 ) $ 6,439 Weighted average shares outstanding Basic 42,581,939 21,471,185 Diluted 42,748,627 21,688,733 Earnings per share Basic $ 0.20 $ 0.18 Diluted $ 0.20 $ 0.18 Dividends declared per share $ 0.06 $ 0.06 Consolidated Balance Sheets
(unaudited)
In thousands, except share amounts
March 31,
December 31,
2018
2017
ASSETS Investments, at fair value: Fixed maturities, available-for-sale $ 787,145 $ 762,855 Equity securities 77,155 63,295 Other investments 8,144 8,381 Portfolio loans 20,000 20,000 Total investments $ 892,444 $ 854,531 Cash and cash equivalents 216,703 276,275 Accrued investment income 5,488 5,577 Property and equipment, net 17,557 17,291 Premiums receivable, net 79,296 75,275 Reinsurance recoverable on paid and unpaid losses 496,619 395,774 Prepaid reinsurance premiums 127,888 201,904 Goodwill 73,045 73,045 Deferred policy acquisition costs 108,093 103,882 Intangible assets 35,446 45,271 Other assets 13,814 11,096 Total Assets $ 2,066,393 $ 2,059,921 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Unpaid losses and loss adjustment expenses $ 544,249 $ 482,232 Unearned premiums 556,540 555,873 Reinsurance payable 86,079 149,117 Payments outstanding 55,119 41,786 Accounts payable and accrued expenses 51,404 46,594 Other liabilities 76,913
85,830 Notes payable 161,009 161,364 Total Liabilities $ 1,531,313
$ 1,522,796 Commitments and contingencies Stockholders' Equity: Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued or outstanding — — Common stock, $0.0001 par value; 50,000,000 shares authorized; 42,958,020 and 42,965,137 issued; 42,745,937 and 42,573,054 outstanding, respectively 4 4 Additional paid-in capital 387,631 387,145 Treasury shares, at cost; 212,083 shares (431 ) (431 ) Accumulated other comprehensive income (8,451 ) 9,221 Retained earnings 156,327
141,186 Total Stockholders' Equity $ 535,080
$ 537,125 Total Liabilities and Stockholders' Equity $ 2,066,393 $ 2,059,921
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006665/en/
United Insurance Holdings Corp.
Jessica Strathman, 727-895-7737
Director of Financial Reporting
[email protected]
or
INVESTOR RELATIONS:
The Equity Group
Adam Prior, 212-836-9606
Senior Vice-President
[email protected]
Source: United Insurance Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-united-insurance-holdings-corp-reports-financial-results-for-its-first-quarter-ended-marcha31-2018.html |
Cramer: Europeans are 'confused' by President Donald Trump 33 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/jim-cramer-donald-trump-trade.html |
WINSTON-SALEM, N.C., Primo Water Corporation (Nasdaq:PRMW) (“Primo” or “the Company”), the leading provider of multi-gallon purified bottled water, self-service refill water and water dispensers, today announced that it intends to offer and sell, subject to market and other conditions, approximately $65 million of shares of its common stock in a proposed underwritten follow-on public offering. Primo also intends to grant the underwriters a 30-day option to purchase approximately $9.75 million of additional shares of its common stock offered in the public offering. Primo intends to use the net proceeds from the offering to pay down existing indebtedness. Upon completion of the offering, the Company intends to refinance its remaining outstanding senior indebtedness. All of the shares will be offered and sold by Primo. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, and there can be no assurance as to whether or when the Company will be able to refinance its remaining outstanding senior indebtedness.
William Blair & Company, L.L.C., and BMO Capital Markets Corp. are acting as joint book-running managers for the proposed offering. B. Riley FBR, Inc., Northland Securities, Inc., Barrington Research Associates, Inc. and Lake Street Capital Markets, LLC are acting as co-managers for the offering.
The offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-221938) that was initially filed with the Securities and Exchange Commission (“SEC”) on December 7, 2017. A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov . Copies of the preliminary prospectus supplement may also be obtained from: William Blair & Company, L.L.C., Attention: Prospectus Department, The William Blair Building, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800)-621-0687, or by email at [email protected] ; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, New York, NY 10036, telephone: (800) 414-3627, or by email at: [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Primo Water Corporation
Primo Water Corporation (Nasdaq:PRMW) (“Primo” or “the Company”) is an environmentally and ethically responsible company with a purpose of inspiring healthier lives through better water. Primo is North America's leading single source provider of water dispensers, multi-gallon purified bottled water, and self-service refill water. Primo's Dispensers, Exchange and Refill products are available in over 45,000 retail locations and online throughout the United States and Canada. For more information and to learn more about Primo Water, please visit our website at www.primowater.com .
Forward-Looking Statements
Certain statements contained herein are not based on historical fact and are " " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those provisions. These statements include the Company's financial guidance and statements regarding our belief that we have a robust runway for future growth in net sales and profitability, particularly as we begin to accelerate our brand marketing activation initiatives in 2018, or the terms of the offering or its completion, if at all. These statements can otherwise be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "forecast," "intend," "may," "plan," "potential," "project," "seek," "should," "would," "will," and similar expressions intended to identify , although not all contain these identifying words. Owing to the uncertainties inherent in , actual results could differ materially from those stated herein. Factors that could from those in the include, but are not limited to, the loss of major retail customers of the Company or the reduction in volume or change in timing of purchases by major retail customers; the consolidation of retail customers and disruption of the retail business model; lower than anticipated consumer and retailer acceptance of and demand for the Company's products and services; difficulties realizing the anticipated benefits and synergies from the Glacier Water acquisition and managing our expanded operations following the acquisition; the highly competitive environment in which we operate and the entry of a competitor with greater resources into the marketplace; competition and other business conditions in the water and water dispenser industries in general; adverse changes in the Company's relationships with its independent bottlers, distributors and suppliers in its Exchange business; the loss of key Company personnel; risks associated with the Company's potential expansion into international markets, and the risk that the current U.S. presidential administration may implement changes to international trade relations, particularly with China, that could be harmful to our business and operations; the Company's experiencing product liability, product recall or higher than anticipated rates of sales returns associated with product quality or safety issues; dependence on key management information systems; the Company's inability to efficiently expand operations and capacity to meet growth; the Company's inability to develop, introduce and produce new product offerings within the anticipated timeframe or at all; general economic conditions; the possible adverse effects that decreased discretionary consumer spending may have on the Company's business; changes in the regulatory framework governing the Company's business; significant liabilities or costs associated with litigation or other legal proceedings; the possibility that our ability to use our net operating loss carryforwards in the United States may be limited; the restrictions imposed upon our business as a result the restrictive covenants contained in our credit agreements; the Company's inability to comply with its covenants in its credit facility; the possibility that we may fail to generate sufficient cash flow to service our debt obligations; the negative effects that global capital and credit market issues may have on our liquidity; the costs of borrowing on our operations as well as other risks described more fully in the Company's filings with the Securities and Exchange Commission, including its K for the year ended December 31, 2017, filed on March 7, 2018, its Quarterly Report on Form 10-Q for the period ended March 31, 2018 filed on May 9, 2018 and its subsequent filings under the Securities Exchange Act of 1934. Forward-looking statements reflect management's analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases or as otherwise required by applicable securities laws.
Contact :
Primo Water Corporation
David Mills, Chief Financial Officer
(336) 331-4000
ICR Inc.
Katie Turner
(646) 277-1228
Source:Primo Water Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-primo-water-announces-proposed-follow-on-public-offering-of-common-stock.html |
Criminals have discovered another use for drones—to distract and spy on law enforcement.
They recently tried to thwart an FBI hostage rescue, Joe Mazel, chief of the FBI’s operational technology law unit, said this week, according to a report by news site Defense One .
Mazel, speaking at the AUVSI Xponential drone conference in Denver, said that criminals launched a swarm of drones at an FBI rescue team during an unspecified hostage situation near a large U.S. city, confusing law enforcement. The criminals flew the drones at high speed over the heads of FBI agents to drive them away while also shooting video that they then uploaded to YouTube as a way to alert other nearby criminal members about law enforcement’s location.
Mazel didn’t elaborate on when the incident occurred, saying that the case was “law enforcement-sensitive,” the news report said. What was clear, however, was that the drones “definitely presented some challenges,” he said.
G et Data Sheet , Fortune’s technology newsletter .
Mazel also said that unspecified criminal groups are using drones to intimidate witnesses. In one example, he said that criminals flew drones near police departments to monitor whether any informants enter or leave the building.
Mazel’s comments highlight the potential for criminals to misuse drones, which continue to rise in popularity . In June, USA Today reported that people are using drones to sneak illegal substances like drugs into federal prisons . That USA Today report followed a similar report in 2016 by the BBC that also focused on prisoners trying to use drones to smuggle contraband in U.K. prisons.
Fortune contacted the FBI for more information and will update this story if it responds. | ashraq/financial-news-articles | http://fortune.com/2018/05/04/drone-fbi-hostage-criminals/ |
SEOUL, May 24 (Reuters) - Oil prices fell on Thursday, pulled down by expectations that OPEC members could step up production in the face of worries over supply from both Venezuela and Iran.
International benchmark Brent futures were down 15 cents, or 0.19 percent, at $79.65 per barrel at 0103 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.14 percent, at $71.74 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) may decide to increase oil output to make up reduced supply from Iran and Venezuela in response to concerns from Washington over a rally in oil prices, OPEC and oil industry sources told Reuters.
Supply concerns in Iran and Venezuela following new U.S. sanctions had pushed both Brent and WTI to multi-year highs, with Brent breaking through a $80 threshold last week for the first time since November 2014.
"The chat is still that OPEC will do something at its June meeting in reaction to the looming prospect of a fall in crude production and exports from both Iran and Venezuela as the year progresses," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22. The group previously agreed to curb their output by about 1.8 million barrels per day to boost oil prices and clear a supply glut.
"Any signs that the group may be heading towards an early exit from the production cut agreement would weigh on prices," ANZ bank said in a note.
A surprise increase in U.S. weekly crude stockpiles also kept a lid on oil prices. Commercial U.S. crude inventories rose <C-STK-T-EIA> by 5.8 million barrels in the week to May 18, beating analyst expectations for a decrease of 1.6 million barrels, the Energy Information Administration (EIA) said on Wednesday.
Meanwhile, Libya, which is an OPEC member, cut its oil production by about 120,000 barrels per day as unusually hot weather prompted power problems, an official from the National Oil Corp said on Wednesday. (Reporting by Jane Chung Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-oil-prices-drop-on-potential-increase-in-opec-output.html |
FARGO, N.D.--(BUSINESS WIRE)-- Eide Bailly today announced the promotion of Anders Erickson , CISA, CISSP, CRISC, to Principal as he heads the firm’s Cybersecurity Services practice. In this executive position, Erickson will focus on leading and expanding the engagement and scope of the Cybersecurity Services team in helping companies understand cybersecurity risks, developing plans for mitigating weaknesses and managing ongoing cyber-threats.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180501005313/en/
Eide Bailly Promotes Anders Erickson to Principal, Heading the Cybersecurity Services Team (Photo: Business Wire)
“Eide Bailly is recognized as a leading business management and business services firm; we help company leaders identify and manage any risks to their business,” said James Lyons , strategic growth officer for Eide Bailly. “In today’s world, one of the most pressing threats to the bottom line is cyber-risk. Anders is highly qualified, exceptionally committed to our clients and has a proven track record in expanding our world-class cybersecurity services to meet their needs.”
The threat landscape is evolving at an escalating rate. To meet the cybersecurity needs of companies around the nation, Erickson is leading a team of professionals who have the processes and the programs in place to deliver protection.
“Traditionally, companies have treated cybersecurity as an IT issue, but the truth is, cyber threats can impact every aspect of a business, from revenue loss, damage to reputation and legal liability,” Erickson said. “Our cybersecurity professionals work with every level of an organization, starting at the top from the boards and executives, to the technical IT admins and general employees, to provide insight and guidance so they can feel confident their business is protected.”
Eide Bailly recently announced a relationship with cybersecurity company Secuvant to provide a deeper range of robust, holistic business-class cybersecurity solutions to protect true business assets. This empowers the firm to work with CxOs to identify risks, create a strategy that specifically aligns to the business and then execute on that security strategy in partnership with the company. Furthermore, Eide Bailly recently acquired incident response and data forensics company Decipher Forensics as part of building their comprehensive cybersecurity solutions. These acquisitions, partnerships and relationships are indicative of the significant commitments Eide Bailly has made to enabling effective cybersecurity.
Erickson holds several credentials and designations, including Certified Information System Security Professional, Certified in Risk and Information Systems Control, and Certified Information Systems Auditor. He earned a Master of Information Systems Management – Brigham Young University, Provo, Utah.
About Eide Bailly
Eide Bailly just celebrated their 100 year anniversary in 2017, as a tax, accounting and business management provider. Considered one of the Top 25 Accounting firms in the US, Eide Bailly is currently ranked as #14 in Vault’s Top 50 Accounting Firms 2018 . Eide Bailly is recognized as an innovator and leader in audit and assurance, business outsourcing and strategy, consulting, and tax. Now, with its robust cyber security solutions, Eide Bailly is poised to become one of the most ubiquitous business management firms in the US. It supports clients through their 32 offices in 14 states. It has leading business solutions for clients in most business segments and verticals, including construction, real estate, energy solutions, auto dealerships, healthcare, insurance, manufacturing and distribution. In addition to top ranking for tax and accounting, Eide Bailly is also ranked as a top provider in the areas of NetSuite and Salesforce . For more information please contact us through our LinkedIn account, https://www.eidebailly.com/about-us/gethelp , [email protected] or call us at (208) 383-4731.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005313/en/
Springboard5 Marketing
Tim Rush, 801-208-1100
[email protected]
Source: Eide Bailly | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-eide-bailly-promotes-anders-erickson-to-principal-heading-the-cybersecurity-services-team.html |
On seeing the centerfold that a youthful Mike Kerrigan had in his possession, his mother told him it was wrong to “steal” the woman’s “dignity” when he professed his plan to hang the picture on his wall (“A Centerfold and a Lesson From Mom,” op-ed, May 11). It could be argued that the centerfold model sold her own dignity when she posed for the picture in the first place.
Carol Mason
... | ashraq/financial-news-articles | https://www.wsj.com/articles/that-centerfold-model-was-paid-volunteered-to-pose-1526407702 |
May 21 (Reuters) - Britain's FTSE 100 index is seen opening up 52 points on Monday, according to financial bookmakers. * BRITAIN ECONOMY: British households became much cheerier about their financial situation this month, according to a survey on Monday that will hearten Bank of England officials who think the economy's weak start to the year was temporary. * DRAX: British power company Drax will start work this month on a pilot bioenergy carbon capture and storage (CCS) project at its plant in Yorkshire, northern England, it said on Monday. * GLENCORE: Glencore on Friday said it could not comment on a report by Bloomberg that it may face an enquiry from Britain's Serious Fraud Office into allegations of bribery linked to its operations in Democratic Republic of Congo. * RYANAIR: Ryanair posted a record annual profit on Monday as it brushed off a rostering mess-up that forced it to cancel flights and sparked a dispute with pilots, but warned profits would fall back in the coming year due to higher costs and no fare growth. * MARKS & SPENCER: The outgoing UK and Ireland chief executive of retailer Dixons Carphone is in discussion with Marks & Spencer about joining the firm's board, Sky News reported on Saturday. * GSK: U.S. and European regulators said they were assessing evidence that GlaxoSmithKline's HIV drug dolutegravir might be linked to serious birth defects, casting a shadow over a medicine that has been a key profit driver in recent years. * ASTRAZENECA: More than a third of AstraZeneca shareholders staged a revolt over bonuses at the pharmaceutical company on Friday, following concerns about levels of disclosures and outcomes under the company's incentive scheme. * BMW RECALL: BMW is expanding a recall of vehicles in Britain, which it launched last week, by 88,000 cars to a total of 390,000, in the wake of a BBC investigation which found that some vehicles could cut out completely while being driven. * OIL: Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold". * The UK blue chip index closed 0.1 percent lower at 7,778.79 on Friday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: BGEO Group PLC Q1 2018 Earnings Release TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Radhika Rukmangadhan in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-21-idUSL3N1SS2A4 |
SANTA CLARA, Calif., May 04, 2018 (GLOBE NEWSWIRE) -- Applied Materials, Inc. will hold a webcast to discuss its second quarter of fiscal 2018 financial results, along with its business outlook, on Thursday, May 17, 2018 at 4:30 p.m. EDT / 1:30 p.m. PDT.
The live webcast will be accessible via the Applied Materials website at: http://www.appliedmaterials.com/company/investor-relations . A replay will be available beginning at 8:00 p.m. EDT / 5:00 p.m. PDT on May 17.
About Applied Materials
Applied Materials, Inc. (Nasdaq:AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible the technology shaping the future. Learn more at www.appliedmaterials.com .
Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977
Source:Applied Materials, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-applied-materials-to-hold-q2-fy2018-earnings-webcast-on-may-17-2018-at-430-p-m-edt.html |
UK luxury sector to get Royal wedding boost 01:57
The Royal Wedding is set to give the British Fashion industry a welcome boost of £150 million in 2018, but as Kate King reports - if you add in, cars, sparkling wine and other luxury items, it could be double that. ▲ Hide Transcript ▶ View Transcript
The Royal Wedding is set to give the British Fashion industry a welcome boost of £150 million in 2018, but as Kate King reports - if you add in, cars, sparkling wine and other luxury items, it could be double that. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2LcjgqX | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/uk-luxury-sector-to-get-royal-wedding-bo?videoId=428150314 |
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” of the operating subsidiaries of Main Street America Group Mutual Holdings, Inc . (MSAGMH), collectively known as Main Street America Group (Main Street) (Jacksonville, FL) remain unchanged following its announced merger with American Family Insurance Mutual Holding Company and its operating subsidiaries, collectively known as American Family Insurance Group (American Family) (Madison, WI). The completion of the merger is subject to customary regulatory approvals, as well as approval by American Family and Main Street mutual members.
On May 4, 2018, it was announced that each company’s board of directors has approved the merger transaction. This transaction does not involve a capital outlay by either organization. A.M. Best expects the pending transaction to provide diversity of risk, growth through geographic expansion and broader product offerings to agents and policyholders. Once the merger is completed, Main Street is expected to continue to remain an autonomous operation, retaining its brand name and marketing affiliations. The transaction is expected to close by year-end 2018, pending approval by state regulators and mutual members of both companies.
A.M. Best will continue to monitor the progress of the proposed merger and evaluate any developments and implications for impact on the Credit Ratings.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005476/en/
A.M. Best
Raymond Thomson, CPCU, ARe, ARM
Associate Director
+1 908 439 2200, ext. 5621
[email protected]
or
Greg Williams
Senior Director
+1 908 439 2200, ext. 5815
[email protected]
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]
Source: A.M. Best | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-a-m-best-comments-on-credit-ratings-of-main-street-america-group-members-following-announced-merger.html |
PARIS, May 30 (Reuters) - French President Emmanuel Macron urged the world’s biggest economic powers to start talks to reform the World Trade Organization to prevent current tensions from spiralling into trade wars.
“This is about a complete update of global competition rules,” Macron said in a speech on multilateralism at the OECD. “All sides always lose in a trade war.”
He said he would suggest starting talks with the EU, United States, China and Japan to reach a roadmap for the next G-20 meeting in Argentina at the end of the year. (Reporting by Michel Rose; editing by Philip Blenkinsop)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-macron/macron-calls-for-complete-overhaul-of-world-trade-rules-wto-reform-idUSP6N1HS010 |
Disney’s new Star Wars theme parks will open in 2019 1 Hour Ago Disney just announced the opening dates for its new Star Wars theme parks. Star Wars: Galaxy’s Edge will open in summer 2019 at Disneyland and in fall 2019 at Walt Disney World Resort. Both versions will take up 14 acres, marking Disney’s park biggest expansion. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/disney-new-star-wars-theme-parks.html |
May 8, 2018 / 3:09 AM / Updated 5 minutes ago Freeport Indonesia divestment still targeted for this year, Inalum says Fergus Jensen 3 Min Read
NUSA DUA, Indonesia (Reuters) - Freeport-McMoRan Inc’s ( FCX.N ) divestment of a controlling interest in Indonesia’s Grasberg mine is still planned for 2018, even though the price and some contract terms are still to be agreed, the head of state mining holding company PT Inalum said. FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport's Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo
Inalum, which is arranging funding for the deal, already has a “committed” loan for the transaction with Freeport and Rio Tinto ( RIO.AX ) for the majority stake in Grasberg, Inalum’s Budi Gunadi Sadikin told a briefing on Tuesday, on the sidelines of the Coaltrans Asia conference in Bali.
Indonesian President Joko Widodo had instructed his administration to complete negotiations to buy a majority stake in the world’s second-biggest copper mine by end-April.
This includes buying Rio Tinto’s participating interest, which entitles it to a 40 percent share of all production after 2022, and converting that holding into shares in the mine.
But Freeport said last month that new environmental demands from Indonesia’s government on managing mine waste could delay a new contract for its massive Grasberg copper mine, and in turn could throw the timing of divestment into question.
Freeport Chief Executive Richard Adkerson last month described the new demands as “shocking” and “disappointing” but said he was confident a resolution would be found.
“In the last 18 months there have been many issues popping up. This is only a normal blip,” said Sadikin, when asked if the new environmental issues would delay the divestment deal.
Freeport has said that divestment of a majority stake must be part of a package that guarantees its long-term right to Grasberg and fiscal certainty as well.
“The perception is that in Indonesia the regulations change easily, (which) makes it difficult for them to calculate their finances,” Sadikin said.
So as part of the divestment deal, Freeport wants a clear fiscal regime that governs taxes and royalties during the term of its contract to work the mine.
Sadikin said Freeport Indonesia would remain mine operator after divestment and said “we’re getting closer and closer” to a deal and that it could still be concluded in 2018.
Price was still one of the central issues in talks over the deal, Sadikin said.
“It’s just a matter of meeting at a point where everyone is slightly grumpy. If one side is happy and one side is very grumpy it’s not good,” he said. Reporting by Fergus Jensen; Writing by Ed Davies; Editing by Tom Hogue | ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-freeport/freeport-indonesia-to-remain-grasberg-mine-operator-as-deal-gets-closer-inalum-idUSKBN1I9098 |
Organic Growth, Acquisitions in the Canadian Prairies and the United States, and Revenue Growth Through Acquisition Synergies Anticipated to Drive Revenues to $1.5 Billion by 2023
CALGARY, Alberta--(BUSINESS WIRE)-- Rocky Mountain Dealerships Inc. (TSX:RME, and hereinafter " RME "), Canada's largest agriculture equipment dealer and the largest Case-IH dealer in North America, today launched its five-year growth plan. Unless otherwise specified, all financial figures are expressed in Canadian dollars.
“We have spent the last five years protecting and strengthening our foundations while our industry contracted, and the last three years integrating the 19 acquisitions that drove our revenues to the billion-dollar level," said Garrett Ganden, President & Chief Executive Officer of RME. "Now that the industry has normalized, and after integrating our previous acquisitions, we are now ready to turn our attention to accretive growth armed with a sound integration framework. But our growth will not just be driven through acquisitions; the strong market of the Canadian Prairies is expected to add $200 million organically through our current geographic footprint and assets.”
RME anticipates that it will grow revenues from $959 million in 2017 to at least $1.5 billion in 2023. It intends to do this through a combination of revenue sources including:
$200 million in organic growth through RME’s present geographic foot print; $200 million in acquired top-line revenue in Canada and the United States (“US”); and $100 million in revenue synergies on assets that are acquired through this plan.
While Canadian acquisition efforts will be focused in Saskatchewan, acquisitions of Case New Holland (“CNH”) branded dealers in Alberta and Manitoba should also be expected. US acquisitions will be focused in the Western US in areas with healthy crop receipts, a similar crop and equipment profile to the Canadian Prairies, and a healthy balance between crop and livestock production to balance exposure to any one type of customer.
An acquisition in the US would be transformational and help RME mitigate a number of risks including currency, crop, weather, political, transportation and tariffs through risk diversification. However, to give RME further growth opportunities in the US market, RME seeks to find, retain or assemble a strong management team and back-office to serve as a platform for future growth. As a result, the first US acquisition will be a scope acquisition and RME does not expect to achieve the same synergies as would be expected of subsequent acquisitions.
There are a number of criteria that must be met before entering the US including:
1) Approval from CNH;
2) A well-run operation with a strong management team; and
3) A large enough revenue base (approximately USD $100 million) to serve as a growth platform in the United States.
Growth will be funded from RME’s balance sheet and a mixture of debt and equity. RME anticipates continued stability or modest growth in its dividend through this process.
Investor & Analyst Event
RME will hold an investor and analyst event to launch its five-year growth plan today, Wednesday, May 30th, 2018, at 8:30 a.m. Mountain Time ("MT") (10:30 a.m. Eastern Time ("ET")).
To listen to the live webcast and watch the presentation please use the following link:
http://event.on24.com/wcc/r/1673028-1/CE388F1198197D7CF12D038E0EF5C7AF
Within 24 hours of the event, the webcast will be available for replay at the link above until May 29, 2019.
Those interested in participating in the question and answer portion of the event by phone may do so by calling 1-866-521-4909 (toll free) or (647) 427-2311.
Caution regarding forward-looking statements
This news release contains forward-looking information and statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RME or industry results, to be materially different from any future results, events, expectations, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements typically contain words or phrases such as “may”, “outlook”, “objective”, “intend”, “estimate”, “anticipate”, “should”, “could”, “would”, “will”, “expect”, “believe”, “plan”, “predict” and other similar terminology suggesting future outcomes or events. Forward-looking statements involve numerous assumptions and should not be read as guarantees of future performance or results. Such statements will not necessarily be accurate indications of whether or not such future performance or results will be achieved. Readers of this news release should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of RME, could cause actual performance or results to differ materially from the performance or results discussed in the forward-looking statements.
In particular, forward-looking statements in this news release include, without limitation, statements that imply any future earnings, profitability, economic benefit or other financial results resulting from any future acquisitions; belief regarding the normalization of the industry in which RME operates; any statements regarding RME's ability to grow its revenues and earnings through 2023; RME’s beliefs regarding its expected sources for increased revenue, including statements relating to any organic growth through its present geographic foot print, increased acquired top-line revenue in Canada and the US and increased revenue synergies from any acquired assets; statements implying or discussing future growth or acquisition opportunities in Alberta, Saskatchewan, Manitoba, the US or elsewhere, statements regarding RME’s acquisition criteria for US acquisitions, including any expectations regarding the synergies to be achieved for such an acquisition, the valuation of such an acquisition in comparison to a Canadian dealership; statements regarding the acquisition and retention of a strong management team and back office; statements regarding RME’s anticipated funding of its future growth and the timing thereof; and statements regarding RME’s ability to continue to maintain or grow its dividend.
With respect to the forward-looking statements listed above and contained in this news release, RME has made assumptions regarding, among other things, expectations concerning the performance and growth of RME’s existing dealerships; expectations regarding commodity prices and GDP growth in the markets RME operates in; anticipated expenses, revenue, cash flow and capital expenditures, RME’s ability to complete acquisitions, including the availability of acquisitions that meet RME’s acquisition criteria in both Canada and the US, the approval of CNH for any US acquisition and the expected valuation of a US acquisition; and the successful integration of any acquisitions into RME’s operations and any anticipated synergies resulting thereof.
All forward-looking statements are based on RME’s beliefs and assumptions based on information available at the time the assumption was made. By its nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond RME's control. While the forward-looking statements are based on information and assumptions that RME's management believes to be reasonable, there is significant risk that the forward-looking statements will prove not to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the additional information regarding the other assumptions and the risks and other factors that may cause actual future performance and events to differ materially from that expressed in the forward-looking statements contained in RME’s MD&A for the quarter ended March 31, 2018, and in RME's Annual Information Form dated March 13, 2018 under the headings "Forward-Looking Statements" and "Risk Factors." Except as required by law, RME disclaims any intention or obligation to update or revise forward-looking statements, and further reserves the right to change, at any time, at its sole discretion, its current practice of updating its guidance and outlooks.
Certain measures set forth in this news release may be considered to be future-oriented financial information or a financial outlook within the meaning of applicable securities legislation. Financial outlook and future-oriented financial information contained in this news release are based on assumptions about future events based on management's assessment of the relevant information currently available. In particular, this news release contains RME’s projected revenue growth as at 2023, which is based on, among other things, the various assumptions as to RME’s increased revenue sources through 2023 as disclosed in this news release; RME's ability to find parties willing to sell their dealership operations at reasonable prices; RME's ability to obtain and/or maintain OEM approval for its acquisitive growth strategy; the products RME sells (and by implication, the products RME's OEMs manufacture) continue to meet the ever-evolving needs of RME's customer base; that demand drivers including, but not limited to, weather, foreign exchange or government regulation will not materially impact customer demand; and that farmer cash receipts and balance sheets remain strong. The future-oriented financial information and financial outlooks contained in this news release have been approved by management as of the date of this news release and is included to provide readers with information regarding RME’s current expectations and plans regarding its future operations. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein may not be appropriate for other purposes and therefore should not be used for purposes other than those for which it is disclosed herein.
About Rocky Mountain Dealerships Inc. (TSX:RME)
RME is Canada's largest agriculture equipment dealer with branches located throughout Alberta, Saskatchewan, and Manitoba. Through its dealer network, RME sells, rents, and leases new and used agriculture equipment and offers product support and finance to its customers.
Additional information about RME is available at www.rockymtn.com and on SEDAR at www.sedar.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005435/en/
For investor and media inquiries:
RME
Tom McMillan, 403-466-7220
[email protected]
Source: Rocky Mountain Dealerships Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-rocky-mountain-dealerships-inc-launches-five-year-plan-to-increase-revenue-and-earnings.html |
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* Apple jumps after results, buyback
* Snap slides as redesign weighs on results
* Insurers, biotech among laggards on S&P Dow down 0.17 pct, S&P down 0.16 pct, Nasdaq up 0.11 pct (Changes comments, adds details, updates prices)
By Sruthi Shankar
May 2 (Reuters) - U.S. stocks were slightly lower on Wednesday, with declines in biotechnology and insurers negating Apple’s rise after strong results, ahead of the Federal Reserve’s policy announcement.
Expectations the U.S. central bank will sound more hawkish on policy tightening kept investors wary of big market moves, especially after currency markets were roiled this week by the dollar’s surge to 3-1/2-month highs against a basket of currencies.
The U.S. two-year Treasury yields, most sensitive to monetary policy, hit a 9-1/2-year high after data showed U.S. private-sector payrolls for April came roughly in line with market forecasts, cementing expectations for a rate increase in June.
Despite U.S. companies being on track to post their strongest quarterly profit growth in seven years, worries about inflation and rising raw material costs have weighed on investors’ minds.
Apple was a bright spot, rising 4.1 percent after it posted resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks.
Its suppliers Cirrus Logic, Lumentum Holdings and Skyworks Solutions were all up between 2.5 percent and 10 percent.
“The market is on a wait-and-see mode until the Fed announcement, as well as any implication out of China, Mexico, Canada with regards to trade,” said Lindsey Bell, investment strategist at CFRA Research in New York.
Investors kept an eye out for developments around U.S.-China trade talks as a Trump administration delegation is expected to visit Beijing on Thursday and Friday for talks with top Chinese officials.
At 11:29 a.m. EDT the Dow Jones Industrial Average was down 41.35 points, or 0.17 percent, at 24,057.70, the S&P 500 was down 4.35 points, or 0.16 percent, at 2,650.45 and the Nasdaq Composite was up 7.77 points, or 0.11 percent, at 7,138.48.
“It’s refreshing to see Nasdaq leading the way even though everything is more or less flat ... you’re seeing tech return to leadership category which is kind of what the market hasn’t had in the past several weeks,” said Bell.
Mastercard rose 2.7 percent after it reported a better-than-expected quarterly profit, boosted by higher consumer spending on credit and debit cards.
The gains kept the S&P technology index in the positive territory, up 0.52 percent.
On the other end of the spectrum was Snap, whose shares plunged more than 17.9 percent, after the Snapchat owner fell short of Wall Street forecasts for revenue and regular users.
Biotechnology stocks also took a hit on Gilead Sciences’s 6.1 percent drop after the company reported a lower quarterly profit as sales of its flagship hepatitis C drugs fell.
Insurers Metlife, AIG and Prudential Financial were all down after disability insurance provider Unum Group reported a lower-than-expected profit. Unum shares fell about 16 percent.
Advancing issues outnumbered decliners for a 1.31-to-1 ratio on the NYSE and for a 1.53-to-1 ratio on the Nasdaq.
The S&P index recorded nine new 52-week highs and 16 new lows, while the Nasdaq recorded 56 new highs and 25 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-slips-ahead-of-fed-decision-idUSL3N1S94KB |
April 30 (Reuters) - PERGAMON:
* Q1 NET PROFIT OF 2.4 MILLION LIRA VERSUS 2.1 MILLION LIRA YEAR AGO
* Q1 REVENUE OF 1.6 MILLION LIRA VERSUS 1.0 MILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pergamon-q1-net-profit-up-at-24-mi/brief-pergamon-q1-net-profit-up-at-2-4-million-lira-idUSFWN1S711M |
May 23, 2018 / 5:48 PM / Updated 22 minutes ago Cricket - India's Hotstar sets new benchmark with IPL streaming record Sudipto Ganguly 4 Min Read
MUMBAI (Reuters) - The Indian Premier League match between Chennai and Hyderabad on Tuesday set a new global benchmark with 8.26 million concurrent viewers logging onto Hotstar, the chief executive of the video streaming platform told Reuters.
Two-time champions Chennai Super Kings marched into the final of the IPL after South African Faf du Plessis smashed a blistering 67 not out to fashion their thrilling two-wicket victory against Sunrisers Hyderabad.
As Du Plessis mounted a spectacular counter-attack to take Chennai home with five balls to spare after the side had been left shell-shocked at 62 for six while chasing 140 to reach the final, all previous records on Hotstar tumbled.
“If I look back over the tournament, we have been hitting new high quite frequently,” Hotstar Chief Executive Ajit Mohan said in an interview.
“The first barrier we wanted to cross was the 5 million concurrency. Nobody had done that for a sporting event and for us that was a first milestone which we crossed early in the tournament.
“Tuesday was quite significant because... this is really establishing a new global benchmark in terms of the number of simultaneous users for an online event on video.”
Austrian daredevil Felix Baumgartner’s leap in 2012 into the stratosphere from a balloon near the edge of space 24 miles (39 km) above Earth was watched by a record audience of more than 8 million people live on YouTube.
Hotstar, which exclusively streams HBO’s hit “Game of Thrones” show in India, could see even bigger audience with Sunday’s IPL final.
Twenty-First Century Fox-backed Star India, which runs the Hotstar streaming service, paid a staggering 163.48 billion rupees (£1.79 billion) last September for the television and digital rights of the IPL for five years.
However, for Hotstar the ongoing IPL is the fifth season of streaming the popular Twenty20 tournament in the country of 1.2 billion people obsessed with cricket.
Star invested 12.33 billion rupees after winning the IPL rights and that has bore fruit with their technology being resilient enough to address and serve a scale that other streaming platforms across the globe has not seen.
“We genuinely believe that we can bring people online in India,” Mohan told Reuters. “We have hit a certain scale that has really allowed us to take off. We added 150 million users in April.
“We have invested dramatically in building technology capabilities. We have now built a platform that can take that sort of scale. A five million scale would be difficult to support on most video platforms even today.”
Introducing features such as Watch’NPlay, a virtual play-along game associated with live sports, ahead of the IPL season has also helped.
“You are watching the match and it also allows you to play a game at the same time. For me, that’s made a huge difference,” Mohan added. “It has provided us a very clear differentiator for why people should come and watch the match on Hotstar.
“It has also attracted a whole bunch of casual cricket followers. It’s expanding the universe of cricket followers and IPL. Casual gaming can be very powerful in a country with young demographics like India.” Reporting by Sudipto Ganguly; editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-india-ipl-hotstar/cricket-indias-hotstar-sets-new-benchmark-with-ipl-streaming-record-idUKKCN1IO2TT |
April 30(Reuters) - Shandong Longda Meat Foodstuff Co Ltd
* Says it plans to acquire 60 percent stake in a Linyi-based food firm, at the price of 48 million yuan
Source text in Chinese: goo.gl/xK3xph
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shandong-longda-meat-foodstuff-to/brief-shandong-longda-meat-foodstuff-to-acquire-60-pct-stake-in-food-firm-for-48-mln-yuan-idUSL3N1S73X9 |
11 CEOs and founders on whether cryptocurrencies will be mainstream in 2019 Yoav Vilner, Contributor CNBC.com Mike Segar | Reuters A man wears a Bitcoin logo t-shirt on the floor of the Consensus 2018 blockchain technology conference in New York City, May 16, 2018.
While bitcoin is the king of cryptocurrencies , most people still aren't using it day to day, and thousands of other coins remain largely undiscovered, which means crypto still hasn't achieved mass adoption.
The hype surrounding crypto tends to be split between extremes: the good (such as reinventing industries, gaining control of our financial assets) and the bad (such as online security and liquidity). And ever since the massive spike in bitcoin prices around summer 2017, much has been said about the magic that is blockchain, but much has also been written about crypto exchanges getting hacked, millions of dollars going to waste and innocent people getting scammed, all thanks to the privacy and anonymity of the technology.
Will 2019 finally be the year where crypto goes mainstream and all obstacles are in the past? Here's what 11 executives of known blockchain companies have to say. Source: Yoav Vilner Brandon Synth, founder of Skycoin
"Other than a few selected digital coins, most of those available today hold no value at all. In 2019, the regulations will centralize the market into just a handful of leading, real coins. Then, people will be able to trade them using only a few major and controlled exchanges. So when you take down all the worthless coins, and stop using exchanges that aren't safe, it might be easier to mass adopt in 2019."
— Brandon "Synth," founder of Skycoin , a blockchain and web decentralization platform Source: Yoav Vilner Alexander Ivanov, CEO of Waves Platform
"What we're witnessing now is crypto finally gaining long-overdue recognition by businesses, state authorities and the financial world — most importantly, by respected traditional banking and fintech institutions.
"2019 will definitely be the start of crypto's mass adoption, though much more still needs to be done for the two worlds — traditional banking and crypto — to coexist frictionlessly. There are important questions that need to be answered. For example, should banks create coins of their own in order to compete with already established cryptocurrencies?"
— Alexander Ivanov, CEO of Waves , a secure blockchain ecosystem for users and businesses Source: Yoav Vilner Anastasia O. Andrianova, CEO of Akropolis.io
"I believe that 2019 will mark the beginning of crypto adoption, as we will see wider institutional expansion in the field and more relevant funding pouring in. An entire mass adoption, however, will take more time as institutional adoption will take more than the next 18 months.
The key factor that requires work is the usability of crypto — user experience, wallet management, etc. More and more companies are aiming to solve that."
— Anastasia O. Andrianova, CEO Akropolis.io , a blockchain pensions platform Source: Yoav Vilner Chris Tse, CEO of Cardstack
"Currently, the internet is far from decentralized. The biggest crypto exchanges are successful and have great user experience, but in no way are using the peer-to-peer aspect that makes blockchain a unique technology. In order to mass adapt in 2019, decentralized applications will need to focus on their user experience and so the ecosystem needs to invite designers, product thinkers and researchers into the field."
— Chris Tse, CEO of Cardstack , a decentralized application framework Source: Yoav Vilner Carl Bennetts, co-founder of Status.im
"2019 will mark another year of research and a slightly more mature landscape — and significantly larger communities of early adopters. However, challenging computer science problems — in particular blockchain scalability and security will remain the core focus for many researchers."In parallel, we will see more developers and designers focusing on creating simpler and more familiar user on-boarding experiences for mainstream use we've come to expect from the applications we use, and an overall lower barrier to entry into the crypto ecosystem."
— Carl Bennetts, co-founder of Status.im , a mobile crypto operating system using peer-to-peer technology Source: Yoav Vilner Evgeny Yurtaev, founder and CEO of Zerion
"In my opinion, we are far from real adoption. There is a lack of use cases for cryptocurrencies apart from speculation. The development of new consumer-oriented products finally started to happen this year, especially in the financial sector. Issues of usability and scalability are the factors that lead the emergence of new use cases and drive long-lasting adoption. But I doubt that this process will be even near completion in 2019."
— Evgeny Yurtaev, Founder and CEO of Zerion , an ecosystem that connects crypto investors with blockchain companies Source: Yoav Vilner Dejun Qian, founder of the FUSION Foundation
"I am optimistic about the adoption of crypto in 2019. Once the interoperability problem is solved, we will see the mainstream finance motivated to digitize the assets which could interact with crypto. This technology could be a major trigger for a mass adoption in 2019."
— Dejun Qian, founder of the FUSION Foundation , a cryptofinance platform intended to increase the adoption of cryptocurrencies. Source: Yoav Vilner Saulo Medeiros, CEO of KindAds
"We will see major adoption in 2019, as the financial system is huge and banks are hard to deal with. With cryptocurrencies, the end user is in charge of the process and is free to do anything at anytime. I once spoke at an event abroad for a big compensation, they took months to deal with the payment. I suggested they send the amount as a cryptocurrency, and it took a few minutes."
— Saulo Medeiros, CEO of KindAds , a blockchain based ad platform Source: Yoav Vilner Melanie Mohr, CEO of YEAY
"Crypto is going to be massive, but not by 2019. Most people are trading and speculating but are far from realizing the actual technology. In order for a mass scale to take place, the blockchain needs to become easier and faster. It won't handle a big scale by 2019, but give it 5 years and I can see it happening."
— Melanie Mohr, CEO of YEAY , a peer-to-peer recommendation platform. Source: Yoav Vilner Yoav Dror, CEO of PumaPay
"2019 will be the year of adoption, no doubt. Until recently, the main challenge has been the time and cost of processing a crypto transaction. In the case with Bitcoin, the processing time of up to one hour and hefty fees made it unsuitable for daily payments. In 2018, we are seeing multiple cases proving that crypto payments can in fact be fast, cheap and suitable for day-to-day transactions."
— Yoav Dror, CEO of PumaPay , a blockchain payment solution. Source: Yoav Vilner Max Tsaryk, CEO of AskFM
"Big players from different markets — IBM, Starbucks, Telegram — have already expressed interest in blockchain and I believe that the overall the number of crypto users will grow by end 2019. However, a mass adoption will take much more, maybe 5-10 years. It depends on factors such as regulation, trust and acknowledgement."
— Max Tsaryk, CEO of askfm.io, a decentralized social media Q&A network
Yoav Vilner is a tech blogger, growth hacker, and start-up marketer. He's also the co-founder of Ranky , a start-up marketing agency. Follow him @YoavVilner . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/ceos-on-whether-cryptocurrencies-will-be-mainstream-in-2019.html |
May 9 (Reuters) - Pipeline operator Enbridge Inc said on Wednesday it would sell a 49 percent stake in some North American and German renewable power assets for C$1.75 billion ($1.35 billion) to the Canada Pension Plan Investment Board.
Enbridge will continue to manage, operate and provide administrative services for the renewable power assets. ($1 = 1.2922 Canadian dollars) (Reporting by Anirban Paul in Bengaluru; Editing by Sai Sachin Ravikumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/enbridge-inc-divestiture/enbridge-to-sell-stake-in-renewable-power-assets-for-c1-75-bln-idUSL3N1SG4GR |
NEW ENTERPRISE, Pa.--(BUSINESS WIRE)-- New Enterprise Stone & Lime Co., Inc. (the “Company”), a leading privately held, vertically integrated construction materials supplier, announced today that the Company will conduct a conference call on Friday, June 1, 2018 at 9 a.m. ET to review its fiscal 2018 fourth quarter and full year financial results.
For those who wish to join the conference call please contact Joe Hassett ( [email protected] ) at least one day prior to the call to receive dial-in details or webcast information.
About New Enterprise Stone & Lime Co., Inc.
New Enterprise Stone & Lime Co., Inc. is a leading privately held, vertically integrated construction materials supplier and heavy/highway construction contractor in Pennsylvania and western New York. Our core businesses include: (i) construction materials (aggregate production (crushed stone and construction sand and gravel), hot mix asphalt production and ready mixed concrete production) and (ii) heavy/highway construction (heavy construction, blacktop paving and other site preparation services).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005417/en/
Investor Relations Contact:
Gregory FCA
Joe Hassett, SVP, 610-228-2110
[email protected]
or
At the Company:
New Enterprise Stone & Lime Co., Inc.
Al Stone, 814-766-2211
Executive Vice President and Chief Financial Officer
Source: New Enterprise Stone & Lime Co., Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-new-enterprise-stone-lime-co-inc-announces-fiscal-2018-fourth-quarter-and-full-year-earnings-conference-call.html |
May 4 (Reuters) - HEXAGON AB:
* HEXAGON CEO SAYS FOR PPM OIL AND GAS MARKET CAPEX SEEMS TO BE IMPROVING SLIGHTLY, BUT PENETRATED OTHER SEGMENTS AND EXPECTS GOOD WINS FROM THERE - ANALYST CALL
* INVESTMENTS OF 90-110 MEUR RELATED TO NEW FACILITIES EXPECTED FOR 2018 AND TOTAL INVESTMENTS IN TANGIBLE ASSETS OF ABOUT 145-165 MEUR - PRESENTATION
* HEXAGON CEO SAYS PROBABLY GOING TO SEE ORGANIC GROWTH THIS YEAR ABOVE LONG-TERM ORGANIC GROWTH TARGET OF 5 PERCENT - ANALYST CALL Further company coverage: (Reporting By Stockholm newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hexagon-sees-fy-investment-of-90-1/brief-hexagon-sees-fy-investment-of-90-110-mln-euros-relating-to-new-facilities-idUSFWN1SB13H |
May 2 (Reuters) - Kura Oncology Inc:
* KURA ONCOLOGY ANNOUNCES NEW PATENT FOR TIPIFARNIB IN HEMATOLOGIC MALIGNANCIES
* KURA ONCOLOGY INC - BIOMARKER-ENRICHED DATA FROM ONGOING PHASE 2 TRIALS OF TIPIFARNIB IN HEMATOLOGIC MALIGNANCIES EXPECTED IN H2 OF 2018
* KURA ONCOLOGY INC - PATENT EXPANDS PROTECTION FOR TIPIFARNIB IN U.S., PROVIDES EXCLUSIVITY IN CERTAIN CXCL12-EXPRESSING CANCERS TO 2037 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kura-oncology-announces-new-patent/brief-kura-oncology-announces-new-patent-for-tipifarnib-in-hematologic-malignancies-idUSFWN1S90LF |
May 8, 2018 / 1:47 PM / Updated 17 minutes ago Exclusive: Walmart's grocery delivery partnerships with Uber, Lyft fail to take off Nandita Bose , Heather Somerville 6 Min Read
(Reuters) - Walmart Inc’s ( WMT.N ) online grocery delivery partnerships with ride-hailing services Uber and Lyft have ended, according to two sources, a potential setback for the retailer’s ambitions to challenge Amazon.com Inc ( AMZN.O ) head-on with speedy delivery of groceries to people’s homes. FILE PHOTO: A customer pushes a shopping cart at a Walmart store in Chicago, Illinois, U.S. November 23, 2016. REUTERS/Kamil Krzaczynski/File Photo
The end of the Walmart partnerships, which has not been previously reported and was confirmed by Walmart and Uber, undercuts a vision the ride-hailing companies laid out: a service that can efficiently deliver anything on-demand, including people and cargo, at the touch of a smartphone app.
“It is incredibly hard to deliver people and packages together,” said a source with a delivery company that works with Walmart and has direct knowledge of the matter. “They are two completely different business models.”
The decision marks an abrupt end to a business relationship that Walmart and Uber announced with much fanfare less than two years ago. At Walmart's shareholders meeting in June 2016, CEO Doug McMillon touted the company's investments in technology and spoke about the partnerships in front of a cheering crowd of 14,000 employees. goo.gl/xJdN2e
Soon after, Uber’s grocery delivery service was launched and expanded to four markets. As recently as March, just before Uber ended the arrangement, Walmart said Uber would be a partner in its plans to deliver groceries to more than 40 percent of the country.
“There was clearly some lack of communication there,” said one of the sources with knowledge of the partnerships ending.
Walmart spokeswoman Molly Blakeman confirmed the end of the tie-ups when asked by Reuters, but did not detail the reasons behind the decision. She said Walmart will use other delivery service providers in the four markets where it had previously used Uber.
“Customers shouldn’t notice any difference as the transition takes place,” said Blakeman, who added that the partnership with Lyft never expanded beyond the initial test market of Denver.
Blakeman said the end of the partnerships will not impact Walmart’s plans to scale grocery delivery as they are not tied to any single provider.
Uber put a stop to the grocery partnership when it informed Walmart in March that it would cease delivery operations on June 30, Uber spokeswoman Ellen Cohn told Reuters. The retailer was Uber’s largest partner for its ‘Rush’ service, which delivered groceries as well as clothes, flowers and other goods.
Uber will shutter the entire Rush program at the end of next month.
“We are coordinating with Walmart to make this change as seamless as possible,” Cohn said.
Lyft declined comment and deferred to Walmart on the issue.
For Walmart, which is the country’s largest grocer and gets 56 percent revenue from groceries, the partnerships offered a fast solution to expand its online grocery offerings and improve overall revenue from internet shoppers.
For example, Walmart delivers groceries in China through a partnership with ecommerce company JD.com Inc ( JD.O ), and in Japan through an alliance with Rakuten.
But the retailer was recently punished for its fourth-quarter online sales performance, which investors say is key to the company’s future.
LAST-MILE COMPETITION
Last-mile delivery of packages is an intensely competitive business, with companies ranging from Amazon to United Parcel Services Inc ( UPS.N ), FedEx Corp ( FDX.N ) and the U.S. Postal service, as well as startups like Instacart and Deliv, vying for a share.
Since the dot-com boom, companies have tried to crack the business model for online grocery delivery. The rush to solve the technological and logistical challenges has gotten even more frenzied since Amazon acquired high-end grocery chain Whole Foods Market Inc for $13.7 billion last year, a deal that has intensified competition in the sector.
Former Uber Chief Executive Travis Kalanick touted the idea of carrying a person in the backseat and a bag of groceries in the trunk as the ultimate cash-generating transportation service in a smart-phone era.
The delivery service marked the first time Uber publicly committed to a business outside of ride-hailing that was supposed to be meaningful to its bottom line and support its stratospheric valuation, although the private company never offered exact dollar projections.
But startup investors and experts in on-demand delivery say there is a much different set of logistical and economic challenges for moving around cargo than people, requiring a single company to be proficient in two distinct business models.
Uber’s Cohn said Rush was “an experiment” and the company has turned its focus and resources to UberEats, a restaurant delivery service that in the fourth quarter last year generated $1.1 billion, or about 10 percent of Uber’s overall revenue. NEW PARTNERS
Walmart has added startups Deliv, Postmates and DoorDash to its list of delivery partners. These companies have the singular business of delivering goods, not people, and drivers have more experience safely transporting perishables.
It remains unclear if these startups will step in and replace Uber in the various markets they served.
A particular challenge for companies such as Postmates, however, will be offering rush delivery in suburban and rural areas, where most Walmart stores are located. Such startups have been most successful in urban centers, where there is a high density of customers and couriers can use bicycles or walk to deliver multiple packages in one trip.
“Density has been a challenge historically for all types of delivery companies, all the way back to the Pony Express,” said Ben Narasin, a partner at venture capitalist firm NEA who has been critical of the on-demand delivery business model. “The reality is that the far-away drives will likely be subsidized.” Reporting by Nandita Bose in New York and Heather Somerville in San Francisco; Editing by Vanessa O'Connell and Edward Tobin | ashraq/financial-news-articles | https://uk.reuters.com/article/us-walmart-grocery-delivery-exclusive/exclusive-walmarts-grocery-delivery-partnerships-with-uber-lyft-fail-to-take-off-idUKKBN1I91S4 |
CONSHOHOCKEN, Pa., May 21, 2018 /PRNewswire/ -- NSM Insurance Group announced today that their UK arm, Vantage Holdings, has acquired Fresh Insurance Services Group Limited. Fresh Insurance is an insurance broker based in Redditch, West Midlands that specializes in non-standard personal lines products, motor trade, van, and travel insurance. This is the second acquisition made by Vantage Holdings since it was acquired by NSM Insurance Group in December 2016 and forms an integral piece of their growth strategy of expanding in the UK insurance market.
Geof McKernan, CEO of NSM Insurance Group, said, "We are excited to continue our growth and expansion in the UK with Fresh Insurance. They have a strong track record of providing excellent service and expertise to the niche-specific industries they serve, which makes them a perfect fit for our portfolio of dynamic, specialized businesses. We welcome the Fresh team to our UK operation."
"This acquisition is another important step in our ambition to become one of the UK's leading specialist insurance agencies," John Collyear, CEO of Vantage said. "A key aspect of this growth strategy is to expand our specialist insurance operations, and we were particularly attracted to Fresh because of the nature of their business and their distribution model. They, like us, are highly niche, and their expertise in non-standard personal lines products, such as young drivers and hard to insure household, will complement our growing portfolio of specialist insurance business."
Lisa Powis CEO of Fresh Insurance said, "This is an exciting opportunity for Fresh Insurance. We share the same customer-centric values as the Vantage Group and a common goal to be the number one niche insurance broker in the UK. Vantage Insurance is a fantastic business, and I believe it is an ideal fit for us. The last 16 years have been an incredible journey working with the brilliant team at Fresh and working with some great people across the industry."
Mike Wall, Fresh Insurance Managing Director, added, "I am thrilled to be working with John and the team at Vantage. There is great synergy between us; we both have multiple niche brands covering a range of specialist insurance products. In coming together, I truly believe we can offer both our clients and our insurer partners something unique. We look forward to working with Vantage to deliver on our plans in the years to come."
About NSM Insurance Group
For more than 27 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs. The company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers' compensation; staffing; sports and fitness; breweries and wineries; professional liability for architects and engineers; and pet insurance. NSM Insurance Group is a subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) and is aggressively seeking to acquire additional program managers and niche specific insurance businesses. For more information, contact Bill McKernan at 610-808-9561.
View original content with multimedia: http://www.prnewswire.com/news-releases/nsm-insurance-group-acquires-fresh-insurance-300651262.html
SOURCE NSM Insurance Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-nsm-insurance-group-acquires-fresh-insurance.html |
May 26, 2018 / 2:30 PM / Updated 16 minutes ago Oil output could return to October 2016 level, says Russia's Novak Vladimir Soldatkin 2 Min Read
MOSCOW (Reuters) - A return to the oil production levels that were in place in October 2016, baseline for the current deal to cut output, is one of the options for easing curbs, Russia’s energy minister said on Saturday. Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin
Sources said this week that Saudi Arabia and Russia were discussing raising OPEC and non-OPEC oil production to ease 17 months of strict supply curbs amid concerns that a price rally has gone too far.
“When we extended the agreement until the end of 2018, we spoke about such possibilities (of returning to the October 2016 level),” Novak told reporters.
“But a decision will be made in June,” he added, referring to meetings of OPEC and non-OPEC countries in Vienna on June 22-23.
The existing deal came into force on January 1, 2017, and envisaged global oil producers reducing their combined output by 1.8 million barrels per day (bpd) to cut bloated stockpiles and prop up oil prices.
Russia’s oil output reached a 30-year high of 11.247 million bpd in October 2016 and it pledged to cut it by 300,000 bpd to 10.947 mln.
In March and in April this year it failed to fully comply with the deal, pumping at the pace of 10.97 million bpd, a 11-month high.
Oil prices have risen to $80 per barrel, levels unseen since late 2014. Russian President Vladimir Putin said on Thursday that the price of $60 “suits Russia”.
Novak was also quoted as saying on Saturday he expected Iran to reduce its output by no more than 10 percent as a result of the move by the United States to withdraw from a nuclear deal and reinstate sanctions against Tehran.
“I think the output reduction will not be as significant as many expect,” RIA news agency quoted Novak as saying when asked if he agreed with an estimate that the sanctions could remove as much as 800,000 barrels a day from the market.
“Some 10 percent is probably the maximum level,” he said.
Novak also estimated that the “geopolitical risk” premium to the oil price was around $5-$7 per barrel. Additional reporting by Oksana Kobzeva; writing by Maria Kiselyova; Editing by Richard Balmforth and Helen Popper | ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-opec-russia/returning-to-2016-oil-output-levels-is-an-option-says-russias-novak-idUSKCN1IR0HA |
New leadership and resources fuel effort to bridge gender inequality gap in tech
PORTLAND, Ore.--(BUSINESS WIRE)-- PDX Women in Tech (PDXWIT), Portland’s largest volunteer organization empowering women in technology, today announced Elizabeth Stock as its first-ever executive director. As PDXWIT continues to grow and empower women in Portland’s technology community, the organization’s leadership is investing in resources to expand its reach.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180509006334/en/
PDXWIT Names Elizabeth Stock Executive Director (Photo: Business Wire)
“As PDXWIT grows in size and influence, we need the right resources to empower as many women and underrepresented minorities as possible within the tech community,” said Megan Bigelow, president and co-founder, PDXWIT. “With Elizabeth’s leadership, we are making investments in our community that’s brought together by a common goal: bridging gender inequality.”
As executive director of PDXWIT, Stock is responsible for championing the organization’s growth and fueling fundraising efforts. A recognized nonprofit leader, Stock brings more than a decade of experience helping organizations achieve their missions, and serving underrepresented and disenfranchised individuals through communication, advocacy and community building. After spending eight years evolving community engagement for Boys & Girls Aid, Stock was most recently the director of partnerships at Diversa Edu.
“PDXWIT grew to represent more than 30 percent of Portland’s technology workforce with volunteer support alone,” said Elizabeth Stock, executive director, PDXWIT. “I’m eager to fuel organic momentum with the support and resources the community deserves.”
About PDXWIT
PDX Women in Tech (PDXWIT) is a community-based non-profit organization that strengthens and empowers the women in Portland tech community. The organization brings educational programs, partnerships, mentorships, resources and opportunities to current and future women in tech to reduce gender imbalance in the tech industry. Learn more at pdxwit.org .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006334/en/
PDX Women in Tech
Allison Cefalo
[email protected]
Source: PDX Women in Tech | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-pdxwit-names-elizabeth-stock-executive-director.html |
The Federal Reserve is likely going to turn more aggressive than it is currently indicating, with more rate hikes than expected coming this year, according to an economist on Tuesday.
"The Fed's got to worry about A: falling behind the curve and letting inflation get out of control; B: tightening too hard and pushing the economy into recession. This is a very delicate balance," Peter Hooper, chief economist at Deutsche Bank Securities.
Although the Fed has said it was going to be gradual with its tightening, it will need to speed things up due to good growth, Hooper told CNBC at the Deutsche Bank Access Asia conference in Singapore.
He said the Fed will likely indicate a shift next month at the Federal Open Market Committee meeting, predicting four instead of the three rate hikes expected.
That view coincides with market sentiment, according to CME's FedWatch tracking tool for the fed funds futures market.
Futures contracts are currently implying a funds rate of 2.21 percent — from the current range of 1.5 percent to 1.75 percent. According to the CME, that translates into a 51 percent chance of a December rate hike, which would be the fourth of the year.
The Fed already approved one quarter-point hike, in March .
Futures trading indicates a 95 percent chance of a June increase — the probability had been 100 percent as recently as last week — and an 81.4 percent likelihood of another move in September.
CNBC's Jeff Cox contributed to this story. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/fed-watch-expect-four-instead-of-three-rate-hikes-says-economist.html |
ROME (Reuters) - President Sergio Mattarella on Wednesday gave political novice Giuseppe Conte a mandate to lead the first government in Italy made up of anti-establishment parties that have vowed to shake up the European Union.
Newly appointed Italy Prime Minister Giuseppe Conte arrives to speaks with media after the consultation with the Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 23, 2018. REUTERS/Alessandro Bianchi Conte, a little-known Florence law professor, said he would need a few days to draw up a list of ministers for his administration, which will be backed by the radical 5-Star Movement and far-right League.
“I’m preparing now to defend the interests of all Italians in all places, in Europe and internationally,” Conte told reporters after holding two hours of talks with Mattarella. “I will be the defense lawyer for the Italian people.”
Italy has been deadlocked since an inconclusive election in March. After weeks of fruitless talks between the various parties, 5-Star and the League finally agreed to a government pact last Friday, promising to hike taxes and jack up spending.
Conte was plucked from obscurity by 5-Star. He holds no elected position and has no political or management experience. Critics say he risks being an exceptionally weak leader who will have little influence over his coalition partners.
Volatile Italian markets saw renewed selling pressure on Wednesday over fears the League/5-Star programme would led to a spending spree that would endanger the country’s heavily indebted accounts and spark a showdown with the EU.
Italy’s 10-year bond yield, a gauge of political risk, hit a 14-month high, while the cost of insuring exposure to Italian debt rose to a 1-year-high.
5-Star and the League told Mattarella on Monday they wanted Conte to become premier. Instead of immediately accepting their recommendation, the president has taken his time amid concerns over Conte’s lack of experience and suggestions he inflated his academic resume in an effort to boost his international profile.
RISK FEARS The European Commission warned on Wednesday that Italy’s financial stability was at risk from possible interest rate increases and political worries.
“Given its systemic importance, Italy is a source of potentially significant spillovers to the rest of the euro area,” the EU executive said in an annual set of economic policy recommendations to Italy and the other EU member states.
Italian President Sergio Mattarella meets Giuseppe Conte at the Quirinale Palace in Rome, Italy, May 23, 2018. Italian Presidential Press Office/Handout via REUTERS Powerful Italian business lobby Confindustria also raised the alarm, saying the nascent government had to show it had a plan to cut the country’s debt pile, the second highest in Europe in relation to output after that of Greece.
“Debt remains our enemy,” Confindustria chief Vincenzo Boccia told a conference in Rome.
But Conte, in his first words since receiving his mandate, suggested his initial priority would be European reform.
“The government must immediately contend with ongoing negotiations over the European budget, the reform of asylum law, and the completion of the banking union,” he said.
“It’s my intention that the direction we take must reflect national interests.”
After accepting Conte, Mattarella might now put up a fight over the choice of economy minister.
The League has said it wants an 81-year-old eurosceptic economist Paolo Savona to take the position — a suggestion that has added to market alarm over where Italy might be heading.
Savona has called Italy’s entry into the euro zone a “historic error” and wants a “plan B” to be drawn up to allow it to leave the currency bloc if it should prove necessary.
However, a source who has spoken to Mattarella about the eventual government line up, told Reuters the head of state was unhappy about having a eurosceptic as economy minister.
Slideshow (2 Images) “Savona’s name has not been officially put to the (president),” said the source. But “certain economists with anti-euro and anti-European profiles are not appreciated”.
The president has power of veto over government ministers.
Additional reporting by Gavin Jones and Massimiliano Di Giorgio; Editing by Jon Boyle
| ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics/italian-president-calls-in-contested-candidate-for-prime-minister-idINKCN1IO1O1 |
It’s a good time to be a megabank.
In many businesses, the largest global banks such as JPMorgan Chase & Co. and Bank of America Corp. are getting bigger, while others are struggling to keep pace. The latest example: the volatility-induced surge in first-quarter stock-trading revenue that smaller U.S. investment banks almost universally missed out on.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/midsize-banks-got-sidelined-as-big-firms-took-heftier-share-of-stock-trading-1525685400 |
May 24, 2018 / 11:35 AM / Updated 2 hours ago Two Congo Ebola patients attended church with 50 people before dying - MSF Reuters Staff 2 Min Read
GENEVA (Reuters) - Two Ebola patients who fled a Congo hospital went to a prayer meeting with 50 other people, potentially exposing them all to the deadly virus, a senior aid worker said on Thursday. A World Health Organization worker prepares to administer a vaccination during the launch of a campaign aimed at beating an outbreak of Ebola in the port city of Mbandaka, Democratic Republic of Congo, May 21, 2018. REUTERS/Kenny Katombe
Both patients were vomiting and infectious and died hours after the prayer session in the port city of Mbandaka, Dr. Jean-Clement Cabrol, emergency medical coordinator for Medecins Sans Frontieres (Doctors Without Borders), said.
Democratic Republic of Congo is racing to contain an outbreak of the disease which spreads through contact with infected bodily fluids.
The two patients slipped out of an isolation ward at the hospital on Monday night.
“The escape was organised by the families, with six motorcycles as the patients were very ill and couldn’t walk,” Cabrol told a news briefing in Geneva on return from the affected region.
“They were taken to a prayer room with 50 people to pray. They were found at two in the morning, one of them dead and one was dying. So that’s 50-60 contacts right there. The patients were in the active phase of the disease, vomiting.”
The rare disease causes fever, vomiting and diarrhoea. On average it kills one in two infected people but early detection and rehydration improves chances of survival.
It is the Congo’s ninth outbreak since the disease emerged in 1976 and follows a massive outbreak that spun out of control in West Africa form 2014-2016, when more than 11,300 people died in Guinea, Sierra Leone and Liberia.
Health workers this week began a campaign with an experimental vaccine to protect medical staff. Reporting By Stephanie Nebehay; Writing by Edward McAllister; Editing by Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-health-ebola-congo/two-congo-ebola-patients-attended-church-with-50-people-before-dying-msf-idUKKCN1IP1PL |
PHILADELPHIA, May 21, 2018 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it received approval from the U.S. Food and Drug Administration (FDA) of its Abbreviated New Drug Application (ANDA) for Dronabinol Capsules USP, 2.5 mg, 5 mg and 10 mg, the therapeutic equivalent to the reference listed drug, Marinol ® Capsules 2.5 mg, 5 mg and 10 mg of AbbVie Inc. For the 12 months ended March 2018, total U.S. sales of Dronabinol Capsules USP, 2.5 mg, 5 mg and 10 mg, was approximately $120 million, according to IMS.
"The approval of Dronabinol Capsules adds to our sizeable portfolio of near-term product opportunities," said Tim Crew, chief executive officer of Lannett. "We expect to commence marketing several products including Dronabinol Capsules over the course of this year. Currently, only a handful of manufacturers supply generic Dronabinol Capsules to the U.S. market."
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com .
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, successfully commercializing Dronabinol Capsules USP, 2.5 mg, 5 mg and 10 mg, and the planned launches of other products, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time, including the prospectus supplement related to the proposed offering to be filed with the SEC. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.
Contact:
Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098
View original content with multimedia: http://www.prnewswire.com/news-releases/lannett-receives-fda-approval-for-dronabinol-capsules-300651594.html
SOURCE Lannett Company, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-lannett-receives-fda-approval-for-dronabinol-capsules.html |
May 29, 2018 / 11:08 PM / Updated 24 minutes ago Islamic State claims Belgian attack as city mourns Verity Crane , Alissa de Carbonnel 5 Min Read
LIEGE, Belgium/BRUSSELS (Reuters) - Islamic State claimed responsibility on Wednesday for an attack the previous day in the Belgian city of Liege in which two policewomen and a bystander were killed, but provided no proof.
The militant group said in an online statement that a “soldier of the caliphate” had carried out what Belgian police called a terrorist attack. It has previously claimed similar “lone wolf” acts thought to be Islamist-inspired, often without providing evidence.
Belgian authorities meanwhile faced questions over why the attacker, a prison inmate who was suspected of links to radical Islamists in jail, was let out for a day. He was shot dead by police at a school near the scene.
Interior Minister Jan Jambon said authorities were still examining the motives of Benjamin Herman, a 31-year-old Belgian drug dealer who had been in jail for years but was let out for two days on Monday to prepare for an eventual release in 2020.
Herman had shouted “Allahu Akbar”, the Muslim affirmation of faith, during his attack and he had had contact with Islamist radicals in jail in 2016 and early 2017.
He also appeared to have followed online exhortations from Islamic State to stab police officers and use their service weapons to shoot others, prosecutors said.
A cleaning woman at the school who found herself “nose to face with the killer” told public broadcaster RTBF that he spared her because she was Muslim.
While he briefly held her hostage, he told her he wanted the police to “writhe; I want to make them stew”.
Justice Minister Koen Geens told RTBF radio he was having pangs of conscience over whether the man should have been allowed the furlough.
Still reeling from the attack, residents of Belgium’s third biggest city lay flowers and candles at the scene of the shooting on Wednesday, and officials held a moment of silence.
“We had all of the little ones from the high school who were evacuated,” said an emotional nursery school teacher, Joelle Chalon. “I walk this way to work every day.” A woman pays tribute to the victims of a shooting outside of the cafe where a shooting took place in Liege, Belgium May 30, 2018. REUTERS/Yves Herman
Authorities praised the quick-wittedness of the cafe owner outside whose bar Herman had killed the two policewomen, aged 54 and 44. By the time the killer, wielding two police pistols, came in looking for more victims, the cafe proprietor had got all of his customers into hiding.
Jambon described Herman as a psychologically unstable man who might have been on drugs, pointing to his murder of an acquaintance 50 km (30 miles) away on Monday night.
“There are signs he was radicalised in prison but is it that radicalisation which drove him to commit these acts?” Jambon said, adding that although Herman was flagged up in security reports in 2016 and early 2017, he had been a fringe figure. JAIL TO JIHAD?
In and out of jail for a variety of crimes since 2003, Herman may have found a path to violence that has heightened concerns that Europe’s prisons are incubators for jihadism.
It was the 14th time since his detention that he was granted temporary leave, Geens said. “Everyone in Belgium is asking the same question: how is it possible that someone convicted of such serious acts was allowed to leave prisons?” Deputy Prime Minister Alexander de Croo was quoted as saying.
The national crisis centre, on high alert since a Brussels-based Islamic State cell helped kill 130 people in Paris in 2015, did not raise its alert level, indicating no follow-up attacks were expected.
“I think it was just one individual who completely snapped,” said Pieter Van Ostaeyen, a specialist on jihadism. “I don’t think it was an organised attack.”
Convicts have been behind several Islamist militant attacks in Europe. In Belgium, around 450 prisoners are deemed radical, including 46 that are seen as a threat of radicalising others, according to lawmaker George Dallemagne, who sits on several Belgian parliamentary security committees. Slideshow (6 Images)
“We have a tragic experience in Belgium, with people entering prison as petty criminals and leaving as terrorists,” he told Reuters. Additional reporting by Robert-Jan Bartunek, Alastair Macdonald and Robin Emmott in Brussels and Ali Abdelaty, John Davison in Cairo; Writing by Alissa de Carbonnel and Alastair Macdonald; Editing by Richard Balmforth/Mark Heinrich/Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-belgium-shooting/belgium-under-scrutiny-over-release-of-radicalized-convict-before-attack-idUKKCN1IU2WN |
Penelope Cruz on equal pay, Me Too and working with husband Wednesday, May 09, 2018 - 02:05
Real-life couple Penelope Cruz and Javier Bardem star in whodunnit movie ‘Everybody Knows’, written and directed by the double-Oscar winner Iranian Asghar Farhadi. Jayson Mansaray reports. ▲ Hide Transcript ▶ View Transcript
Real-life couple Penelope Cruz and Javier Bardem star in whodunnit movie ‘Everybody Knows’, written and directed by the double-Oscar winner Iranian Asghar Farhadi. Jayson Mansaray reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rwWdxX | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/penelope-cruz-on-equal-pay-me-too-and-wo?videoId=425375135 |
May 28, 2018 / 11:41 PM / Updated an hour ago Nissan to cut North American production by up to 20 percent - Nikkei Reuters Staff 1 Min Read
(Reuters) - Nissan Motor Co Ltd ( 7201.T ) is slashing production by as much as 20 percent in North America to cope with a decline in automobile sales, the Nikkei reported on Monday. A car with the Nissan logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018. REUTERS/Jonathan Ernst
Cuts are already in progress at two assembly plants in the United States and three in Mexico. Lines will slow to the point where output will drop roughly 10 percent to 20 percent on the year by summer, the Nikkei said.
Nissan’s employees will not be let go, and production lines will not be completely halted, with the cutbacks expected to wrap up by autumn, the business daily reported. Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nissan-usa/nissan-to-cut-north-american-production-by-up-to-20-percent-nikkei-idUKKCN1IT26D |
May 15 (Reuters) - Helius Medical Technologies Inc:
* HELIUS MEDICAL TECHNOLOGIES - IF CO FAILS TO ENSURE COMMERCIALIZATION OF PONS TREATMENT IS AVAILABLE FOR U.S. GOVERNMENT BY DEC. 31, 2021, CO MAY FORFEIT RIGHT TO PURSUE COMMERCIALIZATION
* HELIUS MEDICAL - IF CO FAILS TO OBTAIN FDA MARKETING AUTHORIZATION OF PONS DEVICE BY DEC 31, 2021 CO WILL BE IN BREACH OF CRADA IF TERMINATION DATE IS NOT EXTENDED
* HELIUS MEDICAL- IF CO FAILS TO OBTAIN MARKETING AUTHORIZATION, ENSURE PONS DEVICE IS AVAILABLE FOR GOVERNMENT BY DEC. 31, 2021, CO MAY BE REQUIRED TO PAY $2 MILLION TO A&B
* HELIUS MEDICAL- LOSS OF CO'S ABILITY TO EXCLUSIVELY MARKET AND SELL THE PONS TREATMENT WOULD HAVE A MATERIAL ADVERSE EFFECT ON ITS BUSINESS Source text: ( bit.ly/2jVt4ZU ) Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-helius-medical-if-co-fails-to-ensu/brief-helius-medical-if-co-fails-to-ensure-commercialization-of-pons-treatment-is-available-for-u-s-government-by-dec-31-2021-co-may-forfeit-right-to-pursue-commercialization-idUSFWN1SM0O4 |
May 17 (Reuters) - Notarize
* NOTARIZE SAYS ANNOUNCED $20 MILLION IN NEW ROUND OF FUNDING Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-notarize-announced-20-million-in-n/brief-notarize-announced-20-million-in-new-round-of-funding-idUSFWN1SO0XC |
Judge rules Trump can't block Twitter users Wednesday, May 23, 2018 - 01:30
A federal judge in New York on Wednesday ruled that Trump may not legally block Twitter users because doing so violates their right to free speech under the First Amendment.
A federal judge in New York on Wednesday ruled that Trump may not legally block Twitter users because doing so violates their right to free speech under the First Amendment. //reut.rs/2IEvXx0 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/judge-rules-trump-cant-block-twitter-use?videoId=429684997 |
Here are the world’s 10 most polluted cities – 9 are in India Tao Zhang/Getty Images Shafi Musaddique 6 Hours Ago
The World Health Organization's (WHO) latest study on the most polluted places on the planet is out, and it's damning for one country in particular. Of the 10 most polluted cities in the world, nine are in India.
Whittled down from the WHO's study of over 4,000 cities in 100 countries, CNBC takes a look at the 10 most polluted cities in the world based on a comparison of the average amount of PM2.5 — a particle considered so small that it can enter the lungs and cause serious health problems. 1. Kanpur, India
The city of Kanpur in northern India has an annual PM2.5 level of 173 micrograms per cubic meter, far higher than the WHO's recommendation of no more than 10 mcg per cubic meter. AFP/Getty Images 2. Faridabad, India
The largest and most populous city in the state of Haryana, Faridabad borders India's capital New Delhi. Heavy traffic is just one factor that contributes to its annual average of 172 micrograms per cubic meter of PM2.5. Sanjeev Verma/Hindustan Times via Getty Images 3. Varanasi, India
Home to the Ganges river, Varanasi is India's spiritual home. Hindu pilgrims bathe in the river, but there is increasing concern that the air quality in the holy city has reached a crisis point. The city recorded 151 micrograms per cubic meter of the most dangerous particles. Kaveh Kazemi/Getty Images 4. Gaya, India
Another holy city with a myriad of both Hindu and Buddhist temples. Gaya notched 149 micrograms per cubic meter. SUMAN/AFP/Getty Images 5. Patna, India
A sprawling ancient city on the banks of the Ganges, Patna is noisy and congested city and is used as a transport hub. It recorded 144 micrograms of PM 2.5. Arpan Basu Chowdhury/Pacific Press/LightRocket via Getty Images 6. Delhi, India
Formerly the world's most polluted city, Delhi has partially cleaned up its act but still averages PM2.5 levels of 143. Nasir Kachroo/NurPhoto via Getty Images 7. Lucknow, India
Famed for its Mughal architecture and colonial-era buildings, Lucknow's parks aren't enough to keep it out of the top 10. Lucknow recorded a PM2.5 average of 138. Pawan Kumar/Reuters 8. Bamenda, Cameroon
Unlike India's smog-filled cities, this Cameroonian city's air quality is compounded by extensive deforestation. It recorded an average of 132. Reuters 9. Agra, India
No other monument springs to mind quicker than the Taj Mahal. Yet the city, in India's Uttar Pradesh state, is falling behind rapidly. Polluting cooking fuels as well as cars contribute to the poor air quality. Agra's average PM2.5 level is 131. LUDOVIC MARIN / Getty Images 10. Muzaffarpur, India
This city can become extremely hot and humid in the summer, reaching average temperatures of 104 Fahrenheit. Its PM2.5 average is 120. Nasir Kachroo/NurPhoto via Getty Images | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/here-are-the-worlds-10-most-polluted-cities--9-are-in-india.html |
May 2 (Reuters) - ALDAMAN FOR INVESTMENTS PLC:
* SHAREHOLDERS APPROVE 4 PERCENT OF CAPITAL AS FY CASH DIVIDEND Source: ( bit.ly/2I9nOjc ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aldaman-for-investments-shareholde/brief-aldaman-for-investments-shareholders-approve-fy-cash-dividend-idUSFWN1S9093 |
May 28, 2018 / 8:59 PM / Updated 5 hours ago Raiders wish Golden Knights luck in Stanley Cup Final with very Raider full-page ad Reuters Staff 1 Min Read
The Raiders may still be in Oakland, but they’ve clearly got their future home on their minds right now. Lightning strikes behind Las Vegas Strip casinos as a thunderstorm passes through Las Vegas, Nevada, U.S. September 13, 2017. REUTERS/Steve Marcus
On Monday, the NFL club took out a full-page ad in the Las Vegas Review-Journal wishing the Vegas Golden Knights in a very Raider way.
“Just win baby,” the ad simply read, the words sandwiched beneath a photo of Golden Knights goalie Marc-Andre Fleury and above the Raiders logo.
The phrase was coined by longtime Raiders owner Al Davis.
The Raiders are scheduled to move to Las Vegas in 2020. The Golden Knights, in their inaugural NHL season and the first major professional sports franchise headquartered in Las Vegas, open Game 1 of the Stanley Cup Final at home Monday night against the Washington Capitals.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-vgk-raiders-ad/raiders-wish-golden-knights-luck-in-stanley-cup-final-with-very-raider-full-page-ad-idUSKCN1IT210 |
BEIJING (Reuters) - A U.S. high school student accused of cultural appropriation for her Chinese-style prom dress is receiving support online from some of the very people her critics say she offended.
Photos posted on Twitter by 18-year-old Utah resident Keziah Daum showing off her traditional cheongsam, or qipao, quickly went viral. Many accused Daum, who is not Chinese, of disrespecting Chinese culture and trivializing it with her wardrobe.
“My culture is NOT your goddamn prom dress,” said one Twitter user, Jeremy Lam, whose comment has been retweeted nearly 42,000 times. “For it to simply be subject to American consumerism and cater to a white audience is parallel to colonial ideology.”
But many users of China’s social media came to Daum’s defense, calling it “cultural appreciation” instead.
“The girl in a cheongsam looks beautiful. Isn’t it a good thing that our culture is appreciated by people from other countries?” one user said on Weibo, a Chinese Twitter-like social media platform.
The original qipao was wide and loose. With time though, it evolved to become tighter and more revealing. The modern version was first popularized in 1920s Shanghai and made fashionable by socialites there and in Hong Kong.
The dress is not considered exclusive to Chinese, however: U.S. First Lady Melania Trump wore a cheongsam during a visit to Beijing in November.
“I really don’t understand why those foreigners on Twitter are so irritated,” another Weibo user wrote. “If foreign people cannot wear Chinese outfits, they’d better not eat Chinese food anymore either.”
Reporting by Lusha Zhang and Min Zhang; additional reporting and writing by Se Young Lee; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-usa-culture/u-s-teen-praised-for-prom-cheongsam-after-online-dressing-down-idUSKBN1I40JL |
May 10 (Reuters) - NVIDIA Corp:
* NVIDIA ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER FISCAL 2019
* Q1 GAAP EARNINGS PER SHARE $1.98 * Q1 REVENUE $3.21 BILLION VERSUS I/B/E/S VIEW $2.91 BILLION
* Q1 NON-GAAP EARNINGS PER SHARE $2.05
* Q1 EARNINGS PER SHARE VIEW $1.47 — THOMSON REUTERS I/B/E/S
* QTRLY GAAP GROSS MARGIN OF 64.5 PERCENT VERSUS 61.9 PERCENT REPORTED IN Q4 2018
* Q2 REVENUE IS EXPECTED TO BE $3.10 BILLION, PLUS OR MINUS TWO PERCENT
* QTRLY NON-GAAP GROSS MARGIN OF 64.7 PERCENT VERSUS 62.1 PERCENT REPORTED IN Q4 2018
* QTRLY AUTOMOTIVE REVENUE GREW 4 PERCENT FROM A YEAR EARLIER TO A RECORD $145 MILLION
* Q2 GAAP AND NON-GAAP GROSS MARGINS ARE EXPECTED TO BE 63.3 PERCENT AND 63.5 PERCENT, RESPECTIVELY, PLUS OR MINUS 50 BASIS POINTS
* QTRLY DATACENTER REVENUE GREW 71 PERCENT FROM A YEAR EARLIER TO $701 MILLION
* QTRLY GAMING REVENUE GREW 68 PERCENT FROM A YEAR EARLIER TO $1.72 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nvidia-reports-q1-gaap-earnings-pe/brief-nvidia-reports-q1-gaap-earnings-per-share-1-98-idUSASC0A1MT |
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