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May 10, 2018 / 2:27 AM / in 5 minutes Oil edges up at settlement as supply questions vex market Jessica Resnick-Ault 5 Min Read
NEW YORK (Reuters) - Crude prices ended the session slightly higher on Thursday as investors weighed the potential disruption to oil flows from major exporter Iran in the face of U.S. sanctions. FILE PHOTO: A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo
The market also contended with concerns about Venezuela’s crude production slipping further and with bullish drawdowns in U.S. crude inventories.
Crude traded up to 3-1/2 year highs early in the session, and then retreated after a bearish inventory figure from energy industry information supplier Genscape, before rallying on geopolitical risks just before the settlement, traders said.
Brent crude futures settled 26 cents, or 0.3 percent, higher at $77.47 a barrel, after earlier hitting $78, the highest since November 2014. U.S. West Texas Intermediate settled up 22 cents at $71.36.
“It’s not going to take that much in this environment to create a disruption, and people are going to be very nervous to be short,” said Phil Flynn, senior energy analyst at Price Futures Group. “There’s not a lot of room for error.”
Traders exited positions late in the day, being afraid of being caught short, said Tariq Zahir, managing member at Tyche Capital Advisors. “I think we’re supported on prices until there’s more clarity.”
The United States said on Tuesday that it plans to impose new sanctions against Iran after abandoning an agreement reached in late 2015 that curbed Tehran’s nuclear activities in exchange for removal of U.S. and European sanctions.
Brent crude could return to $100 a barrel next year, or even sooner, Bank of America said, due to the ongoing collapse of Venezuelan output and risks to Iranian crude exports. The bank also lifted its average Brent forecast to $70 for this year and $75 in 2019.
Oil prices are on track for their fourth consecutive quarterly gain, the longest such stretch for more than 10 years, boosted largely in the past month by fears of disruption in supplies from Iran, which pumps about 4 percent of the world’s oil and exports about 450,000 barrels per day (bpd) to Europe and around 1.8 million bpd to Asia. Sales to Europe are seen by analysts as the more likely to be reduced by the sanctions.
Analysts had little hope that opposition to the U.S. action would prevent sanctions from going ahead.
European allies have said they remain committed to maintaining the nuclear deal, with German Chancellor Merkel reiterating her support of the accord Thursday.
“Europe and China will not fight against the U.S. sanctions. They will grumble and accept it. There is no one who will realistically choose Iran over the U.S.,” said energy consultancy FGE.
“We believe the previous 1 million-bpd limit for exports (imposed during previous sanctions) will be reimposed. As before, it may take several rounds of reductions to reach target levels,” FGE’s founder and chairman Fereidun Fesharaki wrote in a note.
Even without disruption to Iran’s crude flows, the balance between supply and demand in the oil market has been tightening steadily, especially in Asia, with top exporter Saudi Arabia and No.1 producer Russia having led efforts since 2017 to cap output to prop up prices.
Saudi Arabia is ready to offset any supply shortage but it will not act alone to fill the gap, an OPEC source familiar with the kingdom’s oil thinking said on Wednesday.
The Organization of the Petroleum Exporting Countries, however, is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran, four sources familiar with the issue said, saying any loss in supply would take time.
“What the full impact on Iranian flows will be is still difficult to estimate,” said Petromatrix strategist Olivier Jakob.
“One thing that has changed and which I think is clearly a new development is that it seems to me that the White House administration has really pushed Saudi Arabia to do something about price and to put supply back into the market to make sure prices do not run up ... before (when sanctions were last in place) Saudi Arabia was driving its own oil policy.”
One factor that could partially mitigate any shortfall from Iran is soaring U.S. oil output.
The EIA on Tuesday raised its forecast for U.S. output in its monthly report to 12 million bpd late next year. The agency has raised its forecasts every month since last August. [EIA/M]
This would make the United States the world’s largest producer, ahead of both Russia and Saudi Arabia. Additional reporting by Henning Gloystein in SINGAPORE and Amanda Cooper in London; Editing by Marguerita Choy and David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-oil/oil-prices-hit-highest-in-years-as-markets-adjust-to-looming-sanctions-on-iran-idUSKBN1IB07W |
TORONTO, April 30 (Reuters) - Canada’s stock exchange, the world’s sixth largest, is set to reopen on Monday after its operator said over the weekend that it fixed the error that halted the market for several hours on Friday afternoon.
The rare outage on Friday disrupted Canada’s stock trading, sending investors to rival platforms, and had the potential to dent the credibility of the exchange, fund managers and traders told Reuters.
TMX Group Ltd, which operates the Toronto Stock Exchange and smaller Canadian trading platforms, said in a statement on Saturday that the failure of data storage equipment caused the outage.
The saving grace for TMX, which has been vying to host Saudi Aramco’s mega IPO overseas listing, was that the glitch occurred on a low-volume trading day and on a Friday, giving the operator the weekend to resolve the issue.
Jos Schmitt, chief executive of rival operator NEO Exchange, said the market went dark when the outage occurred. “There is a lack of real-time market data in Canada and Friday’s events demonstrate this is a big problem,” he added.
Outages can inconvenience investors and prove expensive for the exchanges themselves. But many of Canada’s blue-chip stocks are also traded on U.S. stock exchanges, giving investors another avenue to trade. Investors are hopeful that TMX has taken sufficient measures to ensure the smooth resumption of trade at 9:30 a.m. (1330 GMT) on Monday.
“I suspect the TSX has undertaken many system reviews over the weekend to ensure an orderly and smooth reopening of exchanges on Monday morning,” said Mike Archibald, associate portfolio manager at AGF Investments.
Traders warned that another disruption could hurt confidence and fuel anxiety.
TMX said on Saturday the disruption was caused by a “hardware failure in a central storage appliance of the trading system,” and noted it was not the result of a hack.
Asked for additional comment on Sunday, a TMX spokeswoman referred to the company’s statement on Saturday.
“Given it wasn’t an overly heavy volume day on Friday, I suspect most market participants will manage being able to execute orders early on Monday morning,” Archibald said.
TMX’s exchanges in Canada, which include the Toronto Stock Exchange, Toronto Venture Exchange, TSX Alpha Exchange and the Montreal Exchange, account for about 61 percent of trading, according to official data.
Canada’s last major trading outage occurred nearly a decade ago, when a system fault linked to data feeds shut down trading for a full day in December 2008.
“Stuff happens from time to time,” said Matt Skipp, president of SW8 Asset Management. “If it happened on an epic down day, it would be far more concerning for professionals.” (Reporting by Fergal Smith and John Tilak; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-tmx-grp/canadas-stock-market-set-to-reopen-after-rare-shutdown-idUSL1N1S700W |
MILAN, May 3 (Reuters) - Italian high-end food retailer Eataly will decide in coming months about a possible joint-venture to enter the Chinese market, Chairman Andrea Guerra said, adding that a local partner could also be interested in taking a stake in the group.
The grocery chain, which sells Italian delicacies at stores it has been opening around the world, is privately owned, but Guerra confirmed plans to list around 30 percent of the capital next year.
Eataly is betting on growing revenues to 690-720 million euros in 2020 from 465 million euros last year. It also sees adjusted core profits of 60-65 million euros in 2020. (Reporting by Elisa Anzolin; writing by Francesca Landini, editing by Valentina Za)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/eataly-ipo/eataly-to-decide-soon-over-possible-chinese-joint-venture-idUSFWN1SA0IP |
Everything's awesome again, so is it all clear to buy stocks? 8 Hours Ago The Dow surges 1,200 points in 6 days. Is the market momentum back? With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Karen Finerman, David Seaburg and Steve Grasso. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/everythings-awesome-again-so-is-it-all-clear-to-buy-stocks.html |
HELSINKI, May 9 (Reuters) - Department store chain Stockmann has agreed to sell a well-known Helsinki building to AEW Europe City Retail Fund for 109 million euros ($129 million), the Finnish company said on Wednesday.
Stockmann had put the “Book House” for sale in January in a bid to cash in on the Finnish capital’s booming commercial property market and to bolster its finances.
Stockmann said in a statement that it will use the money to pay back debt. Shares in the company, which have fallen about 40 percent in 12 months, were up 4 percent by 1216 GMT.
“Book House” was designed by architect Alvar Aalto and built in the heart of Helsinki in 1969. Stockmann used to sell books there itself before selling that business to Sweden’s Bonnier in 2015. ($1 = 0.8420 euros) (Reporting by Jussi Rosendahl, editing by Terje Solsvik)
| ashraq/financial-news-articles | https://www.reuters.com/article/stockmann-realestate/stockmann-to-sell-helsinki-bookstore-property-for-129-mln-idUSL8N1SG60G |
May 21, 2018 / 1:13 PM / Updated 6 minutes ago Croatia's Dalic cuts World Cup squad to 24 players Reuters Staff 3 Min Read
ZAGREB (Reuters) - Croatia coach Zlatko Dalic has slashed his provisional World Cup squad to 24 players from 32 and axe one more player by the June 4 deadline for next month’s tournament in Russia. Soccer Football - 2018 World Cup Qualifications - Europe - Croatia Training - Karaiskakis Stadium, Athens, Greece - Novemeber 11, 2017 Croatia coach Zlatko Dalic during training REUTERS/Alkis Konstantinidis
There were no real surprises with household names such as Luka Modric, Ivan Rakitic, Mario Mandzukic and Ivan Perisic expected to carry Croatia’s main hopes of reaching the knockout stages.
The Croatians, drawn in Group D with Argentina, Nigeria and Iceland, will play friendlies against Brazil on June 3 at Anfield and Senegal on home spoil in Osijek on June 8.
“We need two quality players in each position and I see our versatile striker Mandzukic leading the line because that’s his natural position,” Dalic told a news conference on Monday.
“I can’t make everyone happy but the World Cup is not the time or place for sweeping changes. I have decided to rely on tried and tested stalwarts and a bit of fresh blood.”
Uncapped 21-year old defender Duje Caleta Car or 26-year old midfielder Filip Baradaric, who has made three appearances, are likely to be left out of the final 23-man squad.
However, both will be on the plane to Russia if long-serving center back Vedran Corluka fails to recover form a niggling calf injury.
“I hope he will win the race against time to be fit and I will be very sad if he doesn’t, but we can’t take any chances,” the 51-year old Dalic said.
Having reached the 1998 World Cup semi-finals as dark horses, the Croatians have failed to advance to the knockout rounds in three appearances at the tournament.
“I have plenty of faith in this group and we believe we can make our dreams come true,” Dalic said.
“The build-up will not be excruciating so that the players can recover from tough club seasons.”
Croatia start their World Cup campaign against Nigeria on June 16.
Squad:
Goalkeepers: Danijel Subasic (Monaco), Lovre Kalinic (Gent), Dominik Livakovic (Dinamo Zagreb).
Defenders: Vedran Corluka (Lokomotiv Moscow), Domagoj Vida (Besiktas), Ivan Strinic (Sampdoria), Dejan Lovren (Liverpool), Sime Vrsaljko (Atletico Madrid), Josip Pivaric (Dynamo Kijev), Tin Jedvaj (Bayer Leverkusen), Matej Mitrovic (Bruges), Duje Caleta-Car (Red Bull Salzburg).
Midfielders: Luka Modric (Real Madrid), Ivan Rakitic (Barcelona), Mateo Kovacic (Real Madrid), Milan Badelj (Fiorentina), Marcelo Brozovic (Inter Milan), Filip Bradaric (Rijeka).
Forwards: Mario Mandzukic (Juventus), Ivan Perisic (Inter Milan), Nikola Kalinic (AC Milan), Andrej Kramaric (Hoffenheim), Marko Pjaca (Schalke), Ante Rebic (Eintracht Frankfurt). Writing by Zoran Milosavljevic in Belgrade; Editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-cro-squad/croatias-dalic-cuts-world-cup-squad-to-24-players-idUSKCN1IM1BG |
May 14, 2018 / 10:32 AM / Updated 33 minutes ago TPG invests $47.5 mln in Kenyan digital payments firm Cellulant Duncan Miriri 3 Min Read
NAIROBI, May 14 (Reuters) - Private investment firm TPG has paid $47.5 million to acquire an unspecified stake in Kenyan digital payments firm Cellulant, which operates in 11 African markets, both firms said on Monday.
Global investors have been eyeing deals in African financial technology firms to take advantage of growth offered by a continent that has used technology to surmount challenges such as low penetration of banking services.
“Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact, and Cellulant is at the leading edge of that work,” said Bill McGlashan, CEO and co-founder of The Rise Fund, the impact investment arm of TPG that invested the cash.
Rise invested together with Endeavor Catalyst, Satya Capital and Velocity Capital. The board of Rise includes rock star Bono, London-based Sudanes tycoon Mo Ibrahim and the founder of eBay, Pierre Omidyar.
TPG said the deal was the largest of its kind in African financial technology firms.
Cellulant, which was founded in Nigeria and Kenya in 2004, offers digital payments platforms and mobile banking services aimed at those who do not have a bank account.
“With two thirds of Africans unable to access a bank account, we believe that building a connected payments infrastructure is the foundation of solving real challenges and accelerating Africa’s growth and development,” said Ken Njoroge, Cellulant co-founder and chief executive.
Njoroge said the new investment would enable the company to expand into new markets and to also invest in its existing operations. Cellulant will also introduce consumer-focused products, it said, without adding details.
Digital financial services are a growing area for other firms on the continent, including Kenyan telecoms operator Safaricom, which pioneered transferring money via mobile phones with its M-Pesa platform in 2007.
Applications created by U.S. firms now offer any Kenyan with a smartphone access to small amounts of credit. (Reporting by Duncan Miriri; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/kenya-cellulant/tpg-invests-47-5-mln-in-kenyan-digital-payments-firm-cellulant-idUSL5N1SL32X |
(Updates prices, adds detail on Mexico peso) SAO PAULO, May 21 (Reuters) - Brazil's real gained more than 1 percent on Monday after the country's central bank boosted its currency swap program, while Mexico's peso weakened past 20 per dollar to a more than one-year low. Brazil's central bank on Friday had said it would triple the currency swap contracts - equivalent to operations to sell dollars in futures markets - offered daily, after the real fell to its lowest level in more than two years. The real on Monday rose 1.35 percent, although traders said the currency might have risen more had it not been for market caution ahead of the scheduled release on Tuesday of the Brazilian central bank minutes. Mexico's peso briefly blew past 20 per dollar, touching its weakest level since March 2017, before slightly rebounding. The peso is likely to trade weaker than 20 to the dollar as talks drag out to renegotiate the North American Free Trade Agreement, analysts at Mexico's Banco Base said. U.S. Treasury Secretary Steven Mnuchin on Monday said major issues remained among the United States, Canada and Mexico to rework the treaty, and that there was no specific deadline. In Argentina, the volatile peso strengthened 0.23 percent amid optimism over ongoing efforts by the government to obtain a financing line from the International Monetary Fund. Stocks suffered across Latin America, led by Brazil's Bovespa index, down 1.28 percent, and Mexico's IPC index , down about 0.80 percent. In Brazil, shares of iron ore producer Vale S.A. fell more than 3 percent, in line with the drop in China's iron ore futures to their weakest level in two weeks. Key Latin American stock indexes and currencies at 1954 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1139.29 0.14 -1.79 MSCI LatAm 2702.53 0.04 -4.48 Brazil Bovespa 82016.72 -1.28 7.35 Mexico IPC 45296.01 -0.81 -8.22 Chile IPSA 5667.86 -0.38 1.86 Chile IGPA 28679.66 -0.29 2.50 Argentina MerVal 31768.11 -0.32 5.66 Colombia IGBC 12107.50 -0.16 6.48 Venezuela IBC 22795.88 -0.66 1704.70 Currencies daily % YTD % change change Latest Brazil real 3.6891 1.35 -10.19 Mexico peso 19.8550 0.43 -0.79 Chile peso 636.5 0.00 -3.43 Colombia peso 2875 1.52 3.72 Peru sol 3.283 0.12 -1.40 Argentina peso 24.3750 0.23 -23.69 (interbank) Argentina peso 25.3 0.40 -23.99 (parallel) (Reporting by Gram Slattery, Claudia Violante, Miguel Angel Gutierrez and Daina Beth Solomon Editing by Paul Simao and Lisa Shumaker)
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-real-surges-mexico-peso-slips-past-20-dlr-idUSL2N1SS1GZ |
RYE, N.Y.--(BUSINESS WIRE)-- Acadia Realty Trust (NYSE: AKR), today announced that its Board of Trustees has declared a cash dividend of $0.27 per Common Share for the quarter ended June 30, 2018, payable on July 13, 2018 to holders of record as of June 29, 2018.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – core and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com .
Safe Harbor Statement
Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential investment opportunities. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 27, 2018 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses; (xii) information technology security threats and (xiii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com . Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005063/en/
For Acadia Realty Trust
Amy L. Racanello, 914-288-8100
Source: Acadia Realty Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-acadia-realty-trust-announces-0-point-27-per-share-quarterly-dividend.html |
May 4 (Reuters) - Roxy-Pacific Holdings LTD:
* FEATURE-ROXY PTY SIGNS NON-BINDING HEADS OF AGREEMENT WITH AUSTRALIAN DOMICILED INVESTOR TO SELL PROPERTY FOR A$153 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-roxy-pacific-holdings-says-feature/brief-roxy-pacific-holdings-says-feature-roxy-pty-signs-hoa-with-australian-investor-to-sell-property-idUSFWN1SB0AT |
By Chelsea Reynolds 3:55 PM EDT
On May 1, Facebook CEO Mark Zuckerberg announced the social networking site’s foray into online dating. “There are 200 million people on Facebook who list themselves as single,” Zuckerberg said at the F8 Conference in San Jose, Calif. “ So clearly there’s something to do here. ”
Within hours, stocks for Match Group—the parent company to OkCupid, Tinder, PlentyOfFish, and Match.com—had plummeted more than 20% . The Twittersphere was abuzz with speculation about Facebook’s monopolization of online dating.
For a moment, the end of the hookup app seemed imminent.
A Financial Times headline read, “Facebook threatens to upend online dating market ,” while Wired suggested, “Facebook’s New ‘Dating’ Feature Could Crush Apps like Tinder .”
But as a scholar of digital media and sexuality, my hunch is that these headlines sensationalize Facebook’s impact on online dating ecology. News of Tinder’s death has been greatly exaggerated.
Like we’ve seen in other media industries, online dating is going through its fragmentation and diversification phase. New technologies typically do not simply replace old technologies—at least not immediately. People tend to adopt new media while continuing to use their favorite “old” media.
We still read books even though we have iPads. And video didn’t kill the radio star. The same goes for the online dating marketplace. In an era of vast options, online daters can choose to use both Facebook and FetLife, Tinder and ChristianMingle.
The average online dater belongs to 2.4 dating sites or apps , according to the research firm ReportLinker. Being active on one app doesn’t preclude being active on another.
Facebook is also framing its dating platform in opposition to swipe-left, swipe-right, gamified apps that rate potential partners on photos first.
“Now this is going to be for building real, long-term relationships, not just hookups,” Zuckerberg explained at F8, with mockups of Facebook’s dating features floating behind him. The app’s algorithm matches singles based on mutual friends, similar likes, and common events attended. It harnesses users’ real-life social networks to facilitate romance.
That’s a fundamentally different model than geolocation-based apps like Grindr or Tinder, which are popular with millennials. (And it’s a far cry from the hot-or-not site , FaceMash, that Zuckerberg created while in college, before launching Facebook.)
My estimation is that Facebook’s dating feature will appeal to over-40 adults—folks who will easily pivot from Facebook’s social networking service to the dating service. It will help connect people who need activity partners and who want to bond over common interests. It might be a great option for divorcees and widowers.
At the same time, Facebook can expect continued declining popularity among young people. Singles under 40 will continue to search for partners in all corners of the Internet—and that means they’re unlikely to completely jump ship to Facebook’s dating service.
After all, more than a third of online daters aren’t looking for love. The same ReportLinker survey found that 34% of them are just hoping for a hookup.
Good news: There’s an app for that.
Chelsea Reynolds is an assistant professor at California State University, Fullerton. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/17/facebook-tinder-online-dating-hookup-app-sites/ |
ATHENS (Reuters) - Greece may loosen further capital restrictions imposed since the summer of 2015, raising the monthly limit of cash that can be withdrawn from bank accounts by at least 74 percent, Greek newspaper Kathimerini reported on Thursday.
A source close to the matter told Reuters there were deliberations on the issue, but a finance ministry official said there was no final decision yet.
Athens first imposed capital controls in the summer of 2015, to stem a flight of cash from its banks at the height of a debt crisis which led to its third financial bailout since 2010.
Individuals will be allowed to withdraw lump sums of 4,000-5,000 euros in cash per month from bank accounts, an increase from 2,300 euros at present, as of June, the paper said without citing any sources. It said the move had been agreed with the country’s EU/IMF creditors.
In February, the finance ministry similarly eased capital controls by raising the monthly withdrawal limit by 28 percent.
Reporting by Angeliki Koutantou; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-greece-capital-controls/greece-to-raise-cash-withdrawal-limit-paper-says-idUSKCN1IP0Z8 |
Hawaii's volcanic eruptions disrupt tourist trade 7 Hours Ago 04:50 04:50 | 1 Hr Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/hawaii-volcano-eruption.html |
SÃO PAULO--(BUSINESS WIRE)-- PagSeguro Digital Ltd., or PagSeguro Digital (NYSE: PAGS), will release financial results for the first quarter of 2018 and host a conference call and earnings webcast on the following days and time, respectively:
Tuesday, May 29, 2018, after market close. Wednesday, May 30, 2018, at 10:00 AM ET.
Event Details
Dial–in in the US and International: 1-800-492-3904 (Toll Free) or +1 646 828-8246
Dial–in with connections in Brazil: +55 11 3193-1001 or + 55 11 2820-4001
Password: PagSeguro
Webcast: http://choruscall.com.br/pagseguro/1q18.htm
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006468/en/
PagSeguro Digital Ltd.
Investor Relations:
André Cazotto, +55 (11) 3914-9403
[email protected]
investors.pagseguro.com
Source: PagSeguro Digital Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-pagseguro-first-quarter-2018-results--reminder.html |
May 23 (Reuters) - Apple Inc:
* APPLE OFFERING $50 CREDIT TO CUSTOMERS WHO PAID FOR OUT-OF-WARRANTY BATTERY REPLACEMENT FOR IPHONE 6 OR LATER DEVICES BETWEEN JAN 1, 2017 AND DEC 28 Source text :( apple.co/2x5pTZ8 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-apple-says-will-offer-50-credit-to/brief-apple-says-will-offer-50-credit-to-those-who-paid-for-battery-replacements-on-iphone-6-or-later-idUSFWN1SU0W6 |
May 9, 2018 / 2:54 PM / in 30 minutes Cursed no more? Court rules Gilliam's Quixote can screen in Cannes Reuters Staff 2 Min Read
CANNES, France (Reuters) - A Paris court ruled on Wednesday that Terry Gilliam’s movie “The Man Who Killed Don Quixote” can be shown at the Cannes Film Festival, according to the film’s Twitter account which said an injunction requested by a former producer had been denied. FILE PHOTO: Film director Terry Gilliam attends the UK Creative Industries Forum at the Royal Academy in London July 30, 2012. REUTERS/Neil Hall/File Photo
Fans will welcome the news as an end to what has become known as “the curse of Don Quixote” that has dogged Gilliam’s attempt to make the film for the last two decades.
“We are delighted to announce that @TerryGilliam and his film #TheManWhoKilledDonQuixote will be at @Festival_Cannes on May 19th for the closing film of the festival. The judge said YES,” @quixotemovie tweeted.
Hours earlier, The Guardian reported that Gilliam, 77, had suffered a minor stroke and was recovering at home after returning from hospital on Tuesday.
The film had been the subject of a long legal dispute brought by former producer Paulo Branco over who owns the rights. Branco was due to talk to reporters in Cannes, on the French Riviera, where the festival opened on Tuesday.
It now looks like the movie, starring Jonathan Pryce and Adam Driver, will have its premiere, as planned, after the awards ceremony on May 19.
Gilliam, a member of British comedy troupe Monty Python who directed “Brazil” and “Time Bandits”, had to abandon one version of “Quixote”, starring Johnny Depp and Vanessa Paradis, in 2000 after the shoot was devastated by flooding, ill health and money problems. Reporting by Robin Pomeroy; Editing by Angus MacSwan and Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/us-filmfestival-cannes-quixote/paris-court-rules-gilliams-quixote-film-can-be-shown-in-cannes-idUKKBN1IA2EV |
CALGARY, Alberta, May 30, 2018 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. (" Trakopolis " or the " Company ") (TSXV:TRAK) is pleased to report its financial and operating results for the period ended March 31, 2018.
First quarter financial highlights include:
Subscription sales of $1.2 million, which represents a 36% increase compared to the prior year period.
Revenue of $1.6 million for the quarter, which represents 9% growth compared to the prior year period.
Total subscribers of 16,022, representing a 29% increase compared to the prior year period.
Average revenue per unit of $25.30, representing 7% growth compared to the prior year period.
An increase in our enterprise subscriber base from 29% in the prior year period to 40% of our subscriber base in the current quarter.
Hardware sales revenue of $0.4 million, which represents 30% decrease compared to the prior year period.
A net loss of $1.3 million compared to $0.7 million in the prior period quarter, representing an increased loss of $0.59 million compared to the prior year period. The increase in net loss is primarily due to $0.4 million of R&D related rebates in the prior period. Excluding these rebates, the net loss represented a 17% increase in net loss compared to the prior period
First quarter operating highlights include:
Expansion in channel partnerships by participating in the Microsoft One Commercial Partner Co-Sell Ready Program. Through this program, the Company works with Microsoft field sales teams in North America on targeted customer opportunities and related account planning activities.
Partnered with a North American market leading electronic logging device (“ELD”) company, as a reseller of their ELD solution in combination with Trakopolis.
The Company completed development, integration and initial field trials of the Honeywell mesh guard solution, as well as integration of the mobile tank monitoring solution, both representing expansion of the Company’s product offerings.
"The first quarter of 2018 focused on channel expansion, business development as well significant expansion of our solution offering. This is aligned with our strategy for continued revenue growth across all verticals and positions the Company well for the remainder of 2018," stated Brent Moore, CEO of Trakopolis.
Trakopolis’ first quarter financial statements and MD&A have been posted to the Company’s website and can be accessed at http://trakopoliscorp.com/investors/ . The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com .
About Trakopolis
Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company's asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
For further information, please contact:
Brent Moore, President and Chief Executive Officer,
Trakopolis IoT Corp.,
Telephone: (403) 450-7854,
Email: [email protected] ;
Forward-Looking Information
This news release includes certain " " under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such Forward-looking statements in this news release include, but are not limited to, statements regarding: continued revenue growth across all verticals. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such Such factors include, but are not limited to: activation of units by end users; commercial success of our products and services; general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com ; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Non-GAAP Measures
This news release contains references to certain financial measures that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other entities. These non-GAAP financial performance measures should be viewed as a supplement to, and not a substitute for, the Company’s results of operations reported under IFRS. These financial measures are identified and defined below:
“Subscription sales” includes monthly software subscriptions, and resale of cellular and satellite data. Subscription sales is recognized monthly as services are delivered and is derived from the subscription revenue category within the Company's financial statements. We believe that subscription sales provides useful information to our investors because it shows the long-term nature of recurring service revenue.
A “Subscriber” is defined as a customer's individual asset which is monitored by a telematics device. A Subscriber is an important metric for our investors because it provides an indication of our ability to generate recurring revenue from providing recurring service to our customers. Please refer to the Company’s March 31, 2018 MD&A dated May 31, 2018 for additional information regarding these non-GAAP measures.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Trakopolis IoT Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-trakopolis-announces-first-quarter-results.html |
BERLIN (Reuters) - The Bremen regional branch of Germany’s migration agency will stop taking decisions about asylum applications, the Interior Ministry said on Wednesday, after an internal agency report showed people were wrongly granted asylum there.
“Confidence in the quality of the asylum procedures and the integrity of the Bremen arrival center (for refugees) has been massively damaged,” Interior Minister Horst Seehofer said in a statement.
Reporting by Madeline Chambers; Writing by Paul Carrel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-migrants/germany-stops-regional-migration-agency-taking-asylum-decisions-idUSKCN1IO1KV |
May 21, 2018 / 5:08 AM / Updated 2 hours ago Exclusive - BP back on its feet but CEO senses no respite Ron Bousso , Dmitry Zhdannikov 8 Min Read
LONDON (Reuters) - After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP Chief Executive Officer Bob Dudley is hardly relaxed. Group Chief Executive of BP Bob Dudley poses for a photograph at the BP International Headquarters in central London, Britain, May 16, 2018. REUTERS/Henry Nicholls
“It doesn’t feel like we are in a serene time for any energy company,” Dudley told Reuters in an interview.
BP is stronger today than at any other time since the 2010 Deepwater Horizon rig accident.
With oil prices at their highest since late 2014 and BP shares back to levels not seen in more than 8 years, it is once again in a position to contemplate boosting dividends and acquiring, Dudley said.
Sitting in his office in BP’s central London headquarters in St James Square, Dudley, 62, said he intends to carry on leading the company into 2020 and navigate it through a phase of expansion and new uncertainty following a tumultuous eight years at the helm.
The oil and gas sector is looking to retain its relevance as economies battle climate change by weaning themselves from their dependence on fossil fuels, a major source of greenhouse gas emissions.
For BP, it is a two-speed race.
The 110-year old company is undergoing its fastest growth in recent history with new oil and gas fields from Egypt and Oman to the U.S. Gulf of Mexico, riding a tide of higher oil prices following the 2014 downturn.
It is gradually paying off more than $65 billion in penalties and clean-up costs for the Deepwater Horizon accident which left 10 employees dead.
Regarding the danger of the company going bankrupt at the time, Dudley said: “The worst moment was when I heard that our debt was untradable back in the summer of 2010... To me that was a moment of the unthinkable was possible.”
Dudley says he no longer sees BP as an acquisition target after facing years of speculation it could be bought out.
The company is focused on increasing production and cash flow while reducing its large debt pile, after which it will consider boosting shareholder returns such as dividends although “we’re not at that point yet”, Dudley said.
Longer-term challenges also loom.
Investors are increasingly pressing energy companies to find ways to adapt to the energy transition, and Dudley is looking to strike a balance between reducing a large carbon footprint while securing revenue.
“This is the great dual challenge that the industry and BP faces: how to supply the world’s energy on multiple fronts of growing population and doing it with less emissions,” said Dudley, who was appointed to the helm of BP months after the April 2010 spill. Group Chief Executive of BP Bob Dudley poses for a photograph at the BP International Headquarters in central London, Britain, May 16, 2018. REUTERS/Henry Nicholls
BP, like rivals such as Royal Dutch Shell ( RDSa.L ), is betting on natural gas, the least polluting hydrocarbon, to sustain an expected surge in demand for electricity as economies grow and transportation is electrified.
Gas is also playing a key role as a back-up to renewable energy such as wind and solar in power generation.
To that end, BP is expanding its gas production through new projects in Oman, Egypt and Trinidad and Tobago.
Gas already accounts for over 55 percent of its production.
“I am optimistic about the climate change if you can combine renewables wind and solar and natural gas. To me that’s part of the big answer,” Dudley said in an interview with Reuters.
In the early 2000s BP introduced the slogan “Beyond Petroleum” and adopted a sunburst logo after launching an $8 billion expansion into renewables. The company was forced to write off its solar business 10 years later, but still retains a large U.S. onshore wind business and biofuels plants.
Now, Dudley is taking a cautious approach, investing in smaller start-up companies in renewables, clean fuels and battery charging docks.
“We have to go slow and pick the right low carbon fuels,” he said. BP “will be a broad-based company that supplies all forms of energy that are needed that can be done economically.”
The company will invest $500 million per year in low-carbon energy and technology in the coming years out of a total spending of $15 to $17 billion, a range which Dudley said the company could stay within.
“If a shareholder or someone else came to BP tomorrow and said here is $10 billion to invest in low carbon energies for us, we would not know how to do that yet.”
BP is also expanding its vast global network of petrol stations and investing in convenience stores and charging spots, hoping to retain its dominant brand as electric vehicles become more popular.
“I’m not worried about BP in this area. The most strategic thing we can do is to get our balance sheet strong so that when we have the firepower we can do anything in these areas.” LESSONS
BP expects demand for oil to peak in the late 2030s, after which it will plateau and gradually decline.
For BP, whose roots go back to 1908 with the discovery of Iran’s first oil field, the days of the black gold are far from dead.
While oil prices in recent weeks have hit their highest levels since late 2014 at $80 a barrel, BP are working on an assumption that prices will remain at a range of $50-$65 per barrel due to surging U.S. shale output and OPEC’s ability to crank up output.
Mega projects involving complex, multi-billion facilities such as huge offshore platforms that came to symbolise the technological prowess of the world’s top oil companies are most likely a thing of the past, Dudley said.
Instead, BP is opting for phased developments that require less capital and less time to construct, which make them easier to control at a time of uncertainty over oil prices.
“Many of the companies in the industry are remembering the lesson learnt during the $100 oil era (which) is take it in phases,” Dudley said.
BP is applying this approach in many of its main production hubs such as Egypt and Gulf of Mexico, where it can continue raising production into the early 2020s, Dudley said.
BP’s oil and gas output is set to reach around 4 million bpd by the end of the decade, a level last seen in 2009, with more than a fifth of that coming from projects started since 2016.
It is partnering with top oil producing nations which have some of the lowest costs of extraction such as Oman, Azerbaijan and most importantly Russia, where BP has a 19.75 percent stake in Rosneft ( ROSN.MM ) and where it draws one third of its production.
BP has a relatively small shale business, focused mostly on gas, but Dudley is considering growing in the sector, which has attracted billions of dollars in investments in recent years.
“(Shale) comes down to economics and competitiveness on what is on offer. So far they feel overheated... it is not a burning need to fill that in the portfolio, but if it is attractive, we will.”
BP could place a bid for BHP Billiton’s ( BLT.L ) shale assets, Dudley said. RUSSIA
BP’s position in Russia has put the firm in the spotlight as the United States and Europe tighten sanctions on Moscow.
Dudley, who sits on the board of Rosneft, believes BP can continue there and act as a bridge between countries.
“We don’t apologise for doing business in Russia,” said Dudley. “Certainly today within the boundaries of the sanctions we can and do operate without issues.”
BP will continue to operate in Russia and expand projects with Rosneft even though the company has had to turn down certain offers to develop projects offshore or in the Arctic, he said.
Dudley also said BP remained committed to its stake in Rosneft, which it received following the 2013 sale of TNK-BP. Reporting by Ron Bousso and Dmitry Zhdannikov | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bp-ceo/exclusive-bp-back-on-its-feet-but-ceo-senses-no-respite-idUKKCN1IM0EB |
PayPal Holdings is buying Swedish small-business platform iZettle for $2.2 billion to expand in Europe and Latin America and increase its presence in brick and mortar stores.
“Small businesses increasingly want a full suite of capabilities across channels, a one-stop stop,” Dan Schulman, chief executive officer of PayPal (pypl) , said in an interview. “IZettle was the perfect fit in many ways.”
The deal is the biggest ever for San Jose, Calif.-based PayPal and will help it compete with Square (sq) , which made a name for itself by helping small businesses and food-truck vendors conduct credit card and mobile transactions. Founded in 2010 by Jacob de Geer and Magnus Nilsson, iZettle also started out with a mobile-phone gadget for accepting credit card payments. It has since expanded into software and financing services to support small businesses.
Earlier this month, iZettle announced plans for an initial public offering and de Geer specifically said the company had no interest in a so-called dual-track process that would consider a sale as an alternative to the listing.
In an interview on Thursday, de Geer said that he changed his mind after meeting with the executive team at PayPal. He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned. He will continue to lead iZettle.
PayPal said it hopes to be able to reap the advantages of the merger almost immediately in certain areas, and that the financial benefits will kick in shortly after the deal closes, expected in the third quarter. According to a statement by the two companies, iZettle expects to generate gross revenue of about $165 million in 2018, with roughly $6 billion of total payment volume expected to be processed on its platform.
“When we think about the combinations and capabilities of PayPal and iZettle,” Schulman added, they “set us apart from anyone else.”
JPMorgan Chase & Co. was sole financial adviser to iZettle, while PayPal worked with Evercore.
| ashraq/financial-news-articles | http://fortune.com/2018/05/18/paypal-izettle-square-billion-acquisition/ |
TORONTO, May 07, 2018 (GLOBE NEWSWIRE) -- Imex Systems Inc. ("Imex" or the "Company") (TSX VENTURE:IMEX), a software solution provider to Governments, Municipalities and Public Authorities, wishes to announce a cease trade order ("CTO") has been issued by the Ontario Securities Commission on May 4, 2018 for not filing its annual financial statements for the year ended December 31, 2017 (the "2017 Financial Disclosure") as required to be filed by April 30, 2018.
The delay in filing the 2017 Annual Audited Financial Statements is principally related to the Company requiring additional time to complete a restatement of the audited financials statements for the years ending December 31, 2016 and 2015 due to the Company taking a write-down on the amounts owed to the Company under its contract with the Government of Botswana.
Effective April 2, 2018, the Company filed a Change of Auditor Notice on SEDAR detailing the resignation of its former auditor effective April 2, 2018. The Company is working with its current auditor, SRCO Professional Corporation, on the audit procedures required to complete the 2017 Annual Financial Filings and expects to be able to file the Annual Financial Filings within the next few weeks. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
If the Company files the 2017 Financial Disclosure within 90 days of the date of the CTO, the filing of the 2017 Financial Disclosure constitutes the application to revoke the CTO and no application fee is required under Appendix C of OSC Rule 13-502 — Fees to resume trading. Once the CTO is revoked, the Company will be subject to a reinstatement to trade review by the TSX Venture Exchange.
The Company expects to file the 2017 Financial Disclosure within 90 days of the date of the CTO.
About Imex Systems
Imex Systems Inc. is a Canadian software products and solution provider to Governments, Municipalities and Public Authorities in Canada and internationally. Imex primarily focuses on E-Government and the Smart Cities market that also include the integration to payment processing. The company helps public sector entities to provide "Any Time, Any Where, Any Device and Any Channel" convenience for citizens to access government services and help with digital transformation of government operations and streamline revenue. Imex's various product and service offerings include: iGov - a Digital Government Platform for all levels of governments, which provides all the pre-built components for building an effective Digital Government and supporting payment processing through multiple channels; iCity - a Smart City Solution; and miGov - a Mobile Government Framework.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the future revenue of the Company. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the need for approvals from the relevant government body; future capital needs and uncertainty of additional financing; the competitive nature of the industry; the effects of product development and need for continued technology change; and those risks set out in the Company's public documents filed on www.sedar.com .
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Imex Systems Inc.
Kris Parthiban, Interim President and CEO
416 899 9720
[email protected]
Source: Imex Systems Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-imex-systems-cease-trade-order-a-delay-in-filing-annual-financial-statements.html |
May 17, 2018 / 12:40 PM / Updated 30 minutes ago RPT-UPDATE 1-China's Tianqi Lithium to buy stake in Chile's SQM for $4.07 billion Reuters Staff 2 Min Read
(Repeats with no change to text or headline)
May 17 (Reuters) - Canadian fertilizer company Nutrien Ltd will sell a stake in Chilean lithium producer Sociedad Quimica Y Minera (SQM) to China’s Tianqi Lithium Corp for $4.07 billion, Nutrien said on Thursday.
Nutrien, formed by the merger of Agrium and Potash Corp of Saskatchewan, must sell its stake in SQM - which has a significant fertilizer production business - by next March as part of a commitment to regulators approving the merger.
Tianqi is buying 62.5 million Class A shares of SQM and will pay $65 per share in cash to Nutrien.
The Chinese lithium producer’s interest in SQM comes during an aggressive push for electric vehicles by Beijing to combat rising pollution levels. Lithium is a major ingredient used in rechargeable lithium-ion batteries.
Nutrien, which owns about 30 percent of SQM, plans to sell 20.2 million B shares of the company in the future.
SQM’s U.S.-listed shares rose 1.44 percent to $59.00 in premarket trading on Thursday.
Reuters reported earlier this week that Tianqi and SQM were in talks for a deal. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sai Sachin Ravikumar) | ashraq/financial-news-articles | https://www.reuters.com/article/tianqi-lithium-ma-sqm/rpt-update-1-chinas-tianqi-lithium-to-buy-stake-in-chiles-sqm-for-4-07-billion-idUSL4N1SO007 |
KUALA LUMPUR (Reuters) - In the end, Najib Razak gave up without a fuss, the first prime minister of Malaysia ever to lose a general election.
Malaysia's Prime Minister Najib Razak of Barisan Nasional (National Front) gestures as he votes at a polling station during Malaysia's general election in Pekan, Pahang, Malaysia, May 9, 2018. REUTERS/Athit Perawongmetha After a bruising campaign in which he traded barbs and insults with his former mentor, Mahathir Mohamad, Najib’s Barisan Nasional coalition was trounced in Wednesday’s poll.
“Of course there will be a change,” the 64-year-old said while conceding defeat at a news conference on Thursday, his voice catching with emotion. “My friends and I are fortunate to have led the country this far.”
Najib is the son of Malaysia’s second prime minister and a nephew of the third. He himself was the sixth leader of the Southeast Asian nation since it gained independence from Britain six decades ago.
An England-trained economist with a penchant for well-tailored suits and pocket squares, Najib may however be remembered most for a multi-billion-dollar scandal at Malaysia’s state fund 1Malaysia Development Berhad (1MDB).
News broke in 2015 that about $700 million allegedly stolen from 1MDB had made its way into his personal bank accounts. He has denied any wrongdoing and has been cleared by Malaysia’s attorney-general even as U.S. authorities allege that over $4.5 billion was stolen from the fund in a fraud orchestrated by a financier known to be close to Najib and his family.
U.S. Attorney-General Jeff Sessions called the 1MDB scandal “kleptocracy at its worst” and the fund is the subject of money-laundering investigations in at least six countries, including Switzerland, Singapore and the United States.
Filings by the U.S. Justice Department in a civil lawsuit indicated nearly $30 million of the money stolen was used to buy jewelry for the prime minister’s wife, Rosmah, including a rare 22-carat pink diamond set in a necklace.
Other assets bought with the misappropriated funds included a Picasso painting that was given to actor Leonardo DiCaprio and the rights to two Hollywood films.
The scale of the scandal, and other corruption linked to Najib, was a major factor in his defeat, political analysts said.
“The 1MDB expose coincided with the introduction of a new consumption tax by Najib, which weighed on the public,” said Adib Zalkapli, a Kuala Lumpur-based analyst with risk consultancy Vriens & Partners. “The opposition successfully sold the narrative to people that the consumption tax was a result of abuse of public funds by Najib.”
GOLF BUDDY Najib chaired 1MDB’s advisory board until 2016.
Despite the investigations in the United States, he maintained ties with U.S. President Donald Trump and was invited to the White House last September.
Najib has talked to the local media about playing golf with Trump in the past, and said he had a picture of the two with Trump signing off on it saying “To my favorite Prime Minister”.
Now a grey-haired father of five, Najib was groomed for high office from an early age. He was elected to parliament at 22 and within two years had become the country’s youngest-ever deputy minister.
Accusations of graft had swirled around him long before the 1MDB affair. Opposition politicians said corruption was involved in the 2002 purchase of two French submarines while Najib was defense minister. Najib denied the allegations and there has been no evidence linking him to corruption in the deal.
Two of Najib’s bodyguards were convicted of the 2006 murder of a female Mongolian interpreter and model. One of Najib’s political aides, who was involved in negotiating the submarine deal, was also charged over the murder but was later acquitted.
Allies say Najib is a mild-mannered gentleman with a wry sense of humor who loves golf and his cats. His detractors say he was an authoritarian leader bent on stifling dissent to stay in power.
Last month, he introduced an anti-fake news law that set out fines of up to 500,000 ringgit ($123,000) and a maximum six years in jail. He denied charges by opponents that it was an attempt to stifle dissent.
As results came in on Wednesday night that Barisan Nasional was losing the election, rumors swept the Malaysian capital that Najib would somehow try to stay in power.
“There were claims that we held a meeting of the national security council at 10 p.m. to declare an emergency,” he told reporters on Thursday. “That is an example of one of the lies told.”
Mahathir, also accused of being an autocrat who crushed dissent during his 22 years in power, said he would investigate the 1MDB scandal but would not be looking for a scapegoat.
“We are not seeking revenge,” Mahathir said. “What we want is to restore the rule of law ... if the law says that Najib has done something wrong, then he will have to face the consequences.”
Additional reporting by Rozanna Latiff; Writing by Raju Gopalakrishnan; Editing by John Chalmers
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-najib-newsmaker/malaysias-najib-goes-quietly-sunk-by-scandal-idUSKBN1IB1T0 |
SHANGHAI—Investors are demanding the highest premiums in two years for buying lower-grade Chinese corporate bonds, now that Beijing’s campaign to rein in financial risk has made it harder for the country’s weaker, mostly private firms to raise cash. The sharp rise in borrowing costs is coinciding with an increase in both the number and value WSJ City: U.S. and China Discussing ZTE and Agriculture Deal, Lies, Damn Lies and Inflation Next Fired-Up Coal Rivals Oil’s Rise | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/15/whats-polarizing-chinas-bond-market/ |
WROCLAW, Poland (Reuters) - A Polish zoo is celebrating the latest addition to its park - a baby bear cuscus.
Wroclaw Zoo, in southwestern Poland, said the birth of the marsupial, a grey-black furry creature, with claws and a long tail, was a rare event, with only 13 of the animals in captivity in four zoos around the world.
The arboreal leaf-eating animals, native to the Indonesian island of Sulawesi, are described as “vulnerable” on the International Union for Conservation of Nature’s red list of threatened species, with deforestation and hunting the main threats facing them.
The bear cuscus, which does not have the name, was born to a pair who have been at Wroclaw Zoo for three years, according to the park. For now, it is being kept away from the public eye.
Reporting by Reuters Television; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-poland-bear/baby-bear-cuscus-born-in-polish-zoo-idUSKCN1IU18Y |
VANCOUVER, British Columbia, May 25, 2018 (GLOBE NEWSWIRE) -- Central 1 Credit Union (Central 1) today reported its first quarter 2018 financial results and highlights from operations, including assets of $19.5 billion, up 8.3 per cent.
In the first quarter, Central 1 continued its commitment towards transformational change, and its vision to be the national partner of choice for financial, digital banking and payment solutions. With a focus on launching its new three-year strategic plan, A Bold Way Forward, Central 1 emphasizes its scale and expertise as a source of competitive advantage for Canadian credit unions.
“Central 1’s 2018-2020 strategic plan has a compelling vision and a purpose that’s inspiring for our Board, leadership and employees,” said Mark Blucher, CEO, Central 1. “It puts our clients at the heart of everything that we do, both in delivering operational excellence, and providing thoughtful leadership.”
Financially, Central 1 had a strong first quarter of 2018 reporting a profit of $41.0 million, up $26.4 million or 180.8 per cent from the same period last year.
For the quarter ended March 31, 2018, Central 1 recognized a gain of $23.7 million from disposing its interest in the insurance operations of The CUMIS Group Limited (CUMIS) and a gain of $19.3 million relating to the restructuring of Interac’s operations, which closed on January 31, 2018. These gains were partially offset by increased costs incurred to support strategic initiatives including the User Experience (UX) Platform.
First quarter highlights compared to the same period last year:
Profit of $41.0 million, up 180.8 per cent from $14.6 million. Return on average equity of 14.8 per cent, compared to 5.4 per cent. Assets of $19.5 billion, up 8.3 per cent from $18.0 billion. Tier 1 capital ratio of 32.3 per cent, compared to 34.6 per cent. B.C. system’s net operating income of $119.7 million, up 39.0 per cent from $86.1 million. B.C. system’s assets are $79.1 billion, up 8.8 per cent from $72.7 billion. Ontario system’s net operating income of $67.7 million, up 26.5 per cent from $53.5 million. Ontario system’s assets are $50.7 billion, up 10.5 per cent from $45.9 billion.
Central 1 reported a profit before tax from continuing operations (excluding one-time items) of $10.3 million, down from a profit of $11.4 million reported a year ago.
Net financial income decreased $8.0 million compared to the first quarter of 2017, primarily due to an $11.9 million decrease in net realized and unrealized gains that was partially offset by higher interest margin.
Interest margin increased $4.1 million compared to the prior year, largely driven by the widened net interest spread and the growth in average net assets. Three interest rate hikes by the Bank of Canada between July 2017 and January 2018 had a positive impact on interest margin as the weighted average yield on assets increased relative to the weighted average cost of liabilities.
At March 31, 2018, Central 1’s consolidated borrowing multiple was 13.1:1 compared to 12.4:1 at December 31, 2017.
At the end of the first quarter of 2018, Central 1 issued 425.9 million Class F Shares at a price of $1 per share and redeemed 378.1 million of its Class A Shares with a redemption value of $1 per share. As a part of the share restructuring, Central 1 also redeemed or reacquired 750 thousand of its Class E Shares with an aggregate value of $75.0 million. This restructuring resulted in net capital of $27.2 million returned to Class A members. The earnings retained during the first quarter of 2018 partially offset by this share restructuring brought total equity to $1,141.4 million, up $22.3 million from December 31, 2017.
Highlights from the quarter include:
Central 1 shifted its approach to delivery of its UX Platform. Together with UX Platform leaders, client Champions, our Board and Technology Committee, we made the strategic decision to prioritize delivery of the UX Platform for mobile, using our partner Backbase’s out-of-the-box mobile app solution. Committed to building best-in-class solutions, leveraging consultation and growing engagement with clients, we’ve increased our focus on meeting client needs and industry trends.
A new credit card offering, when the credit union National Credit Card Program and Collabria announced the launch of an important new partnership that will provide new credit card products for credit union members, administered by Central 1 with an executive oversight committee of credit unions that participate in the program. Over 210 Canadian credit unions are expected to be able to offer this new credit card program to their members through 2018.
In March 2018, Central 1 and The Co-operators Group Limited (The Co-operators) announced a change in their partnership to strengthen the core businesses of both organizations, with The Co-operators acquiring Central 1’s interest in the insurance operations of CUMIS.
Creating a strong, values-based wealth management alternative for Canadian credit union members, Aviso Wealth Inc. (Aviso) was formed in April through an agreement to merge the businesses of Credential Financial Inc., Qtrade Canada Inc. and Northwest & Ethical Investments LP. Aviso Wealth is now one of Canada’s largest independent national wealth management firms providing best-in-class wealth management products and services to more than 300 credit unions across Canada.
B.C. and Ontario credit union systems
The network of B.C. credit unions collectively reported net operating income of $119.7 million in the first quarter of 2018, up $33.6 million or 39.0 per cent from the same period in 2017. Growth resulted from higher net-interest and non-interest income, which outweighed higher non-interest expense.
Combined assets of the B.C. system was $79.1 billion at the end of March 2018, up 8.8 per cent year-over-year. Asset growth was led by increases in personal mortgages of 9.3 per cent and commercial mortgages of 12.5 per cent. Liability growth was led by increases in non-registered term deposits of 11.3 per cent, non-registered demand deposits of 5.1 per cent, and borrowings of 23.9 per cent.
The B.C. system’s regulatory capital as a percentage of risk-weighted assets was 14.7 per cent at the end of March 2018, down 13 basis points from a year ago. The system’s return on assets was 0.6 per cent annualized in the first quarter, up 14 basis points (bps) year-over-year.
The Ontario system reported net operating income of $67.7 million in the first quarter of 2018, up $14.2 million or 26.5 per cent from the same period in 2017. Growth resulted from higher net-interest and non-interest income which outweighed higher non-interest expense.
Combined assets of the Ontario system at the end of March 2018 rose 10.5 per cent year-over-year to reach $50.7 billion. Increases in residential mortgages of 15.2 per cent and commercial loans and mortgages of 12.1 per cent led the asset growth this quarter.
Regulatory capital as a percentage of risk-weighted assets was up from 12.8 per cent a year earlier to 13.3 per cent in Ontario at the end of March 2018. The Ontario system’s return on assets was also up year-over-year, reaching 0.54 per cent annualized in the first quarter, up seven bps.
About Central 1
Central 1 is a preferred partner for financial, digital banking and payment products and services – fueling the success of businesses across Canada. With $19.5 billion in assets, we leverage our scale, strength and expertise to power progress for more than 300 credit unions and other financial institutions, enhancing the financial well-being of more than 3.4 million customers from coast to coast. For more information, visit www.central1.com .
Caution Regarding Forward Looking Statements
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. These include, without limitation, statements contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Contacts
Media:
Nicole Adams
Director, Member & External Communications
Central 1 Credit Union
T 604.754.6581 or 1.800.661.6813 ext. 6581
E [email protected]
Investors:
Brent Clode
Chief Investment Officer
Central 1 Credit Union
T 905-282-8588 or 1 800.661.6813 ext. 8588
E [email protected]
Source: Central 1Credit Union | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-central-1-reports-first-quarter-2018-results.html |
VIENNA (Reuters) - The chief of inspections at the U.N. nuclear watchdog has resigned suddenly, the agency said on Friday without giving a reason.
The departure of Tero Varjoranta comes at a sensitive time, three days after the United States announced it was quitting world powers’ nuclear accord with Iran, raising questions as to whether Tehran will continue to comply with it.
Varjoranta, a Finn, had been a deputy director general of the International Atomic Energy Agency and head of its Department of Safeguards, which verifies countries’ compliance with the nuclear Non-Proliferation Treaty, since October 2013. He will be replaced in an acting capacity by the head of the department’s Iran team, the Vienna-based IAEA said.
“Mr Tero Varjoranta has resigned effective 11 May 2018,” an IAEA spokesman said. “The director general has appointed Mr Massimo Aparo, acting director, Office for Verification in Iran, as acting deputy director general and head of the Department of Safeguards, effective immediately.”
The accord signed by Iran and major powers in 2015 imposed strict limits on Iran’s atomic activities to help ensure they are not put to developing nuclear bombs in exchange for the lifting of international sanctions against Tehran.
The IAEA is policing those restrictions and said on Wednesday, the day after Trump’s announcement, that Iran was still implementing its commitments under the deal.
The U.N. watchdog has also repeatedly defended the landmark agreement, saying it is a gain for nuclear verification.
“The agency’s safeguards activities will continue to be carried out in a highly professional manner,” the spokesman said.
Asked why Varjoranta had resigned, he said: “The agency cannot comment on personnel matters, which are confidential.” IAEA Director General Yukiya Amano plans to appoint a permanent replacement as soon as possible, he added.
Reporting by Francois Murphy; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-un-nuclear-official/u-n-nuclear-watchdogs-inspections-chief-quits-suddenly-idUSKBN1IC21P |
BETHESDA, Md.--(BUSINESS WIRE)-- Enviva Partners, LP (NYSE: EVA) (the “Partnership” or “we”) today announced that Shai Even, former Chief Financial Officer for Alon USA Energy, Inc. and Alon USA Partners, LP, will succeed Stephen F. Reeves as the Partnership’s Chief Financial Officer, effective June 4, 2018. Mr. Reeves has resigned from the Partnership for personal reasons.
“Enviva would not be the company it is today without Steve. The Board of Directors and I are grateful for his many significant contributions to Enviva over his more than six years with us, including the finance and accounting organizations that he built which remain in place,” said John Keppler, Chairman and Chief Executive Officer.
“I am particularly excited to welcome Shai, who has extensive experience serving in senior financial and management roles at master limited partnerships and an impressive history in the energy sector,” added Keppler. “With his proven track record, I am confident he will be a key member of the Enviva team as we continue to take advantage of the tremendous growth opportunities before us.”
Mr. Even has 25 years of experience in operational and strategic finance, most recently serving as Chief Financial Officer of Alon USA Energy, Inc. and Alon USA Partners, LP, a publicly-traded master limited partnership. While with Alon, Shai led the parent company’s successful IPO on the NYSE in 2005 and the successful IPO of Alon’s MLP in 2012. He also led the company’s two major acquisitions and scaled its finance organization to complement the growth of the company.
Prior to joining Alon USA Energy, Mr. Even served as the Chief Financial Officer of DCL Group in Tel Aviv, Israel, and as an auditor with KPMG. He has a bachelor’s degree in Economics and Accounting from Bar-Ilan University and is a Certified Public Accountant.
About Enviva Partners, LP
Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay agreements with creditworthy customers in the United Kingdom and Europe. The Partnership owns and operates six plants with a combined production capacity of nearly three million metric tons of wood pellets per year in Virginia, North Carolina, Mississippi, and Florida. In addition, the Partnership exports wood pellets through its owned marine terminal assets at the Port of Chesapeake, Virginia, and the Port of Wilmington, North Carolina and from third-party marine terminals in Mobile, Alabama and Panama City, Florida.
To learn more about Enviva Partners, LP, please visit our website at www.envivabiomass.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006483/en/
Enviva Partners, LP
Raymond Kaszuba, 240-482-3856
[email protected]
Source: Enviva Partners, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-enviva-partners-lp-appoints-shai-even-as-chief-financial-officer.html |
Today in Washington
- This Diary is filed day by day. ** Indicates new occasions - WEDNESDAY, MAY 30
** BRATISLAVA – Slovakia central financial institution releases the annual report on monetary stability – 1100 GMT. SOLOTHURN, Switzerland – Speech by Swiss National Bank Chairman Thomas Jordan, “Innovation and Entrepreneurship: Success Factors in a Changing Economic World”, Award Ceremony De Vigier Foundation – 1445 GMT. TOKYO – Remarks by Bank of Japan Governor Haruhiko Kuroda on the 2018 BOJ-IMES Conference – 0000 GMT. LONDON – Bank of England Macro-finance workshop 2018 (to May 31).
WASHINGTON, D.C. – U.S. Federal Reserve points its Beige Book on financial situation – 1800 GMT. OTTAWA – Bank of Canada key coverage rate of interest announcement and financial coverage report – 1400 GMT. THURSDAY, MAY 31 LONDON – The Bank of England and CEPR are holding a convention on Competition and Regulation in Financial Markets.
QUEBEC CITY, Canada – Speech by Sylvain Leduc, Bank of Canada Deputy Governor about Economic Progress Report – 1635 GMT.
WHISTLER, Canada – G7 finance and growth ministers, in addition to central financial institution governors will meet on the theme of “investing in growth that works for everyone” (to June 2). FRIDAY, JUNE 1
** DALLAS – Dallas Fed President Rob Kaplan speaks on the 61st Annual Southwestern Graduate School of Banking Keynote Banquet – 0030 GMT. GLASGOW, Scotland – Bank of England chief economist Andy Haldane offers lecture – 1310 GMT. LANDSKRONA, Sweden – Riksbank Governor Stefan Ingves visits Skane and talks about present financial coverage points at a lunch seminar in Landskrona – 1000 GMT. MONDAY, JUNE 4 ** GUILDFORD, United Kingdom – Bank of England Member of Monetary Policy Committee Silvana Tenreyro speaks in Guildford – 1700 GMT.
STOCKHOLM – Riksbank Governor Stefan Ingves talks about what is going on within the cost space and what it means to Sweden – 1000 GMT. TUESDAY, JUNE 5
BRATISLAVA – Czech Republic, Austrian and Switzerland Central Bank governors communicate at a convention in Slovakia – 0730 GMT. FRANKFURT – ECB President Mario Draghi and Jean-Claude Trichet meet for talks on 20th ECB anniversary. WEDNESDAY, JUNE 6
** LISBON – ECB Member of the Supervisory Board Pentti Hakkarainen offers Keynote speech on “The Digitalisation Of Banking – Supervision Implications” at Lisbon Research Centre on Regulation and Supervision of the Financial Sector (CIRSF) Conference in Lisbon, Portugal – 1430 GMT. ** BERLIN – ECB Executive Board Member Peter Praet offers Keynote speech on the International Congress of Actuaries 2018 organised by Deutsche Aktuarvereinigung e.V. in Berlin, Germany – 0700 GMT. THURSDAY, JUNE 7
OTTAWA – Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will maintain a press convention to talk about the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM – Riksbank government board assembly – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) begins its two-day assembly on rates of interest (to June 13). WEDNESDAY, JUNE 13 REYKJAVIK – Bank of Iceland releases financial coverage statements.
WASHINGTON D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) publicizes resolution on rate of interest, adopted by assertion – 1800 GMT. THURSDAY, JUNE 14 TOKYO – Bank of Japan holds Monetary Policy Meeting (to June 15).
FRANKFURT – ECB Governing Council assembly, adopted by rate of interest announcement (exterior assembly).
FRANKFURT – ECB President Mario Draghi holds a press convention, after the rate of interest assembly (exterior assembly) – 1230 GMT.
FRIDAY, JUNE 15 FORT WORTH, Texas – Federal Reserve Bank of Dallas President Robert Kaplan speaks earlier than a enterprise leaders luncheon hosted by the Fort Worth Chamber of Commerce – 1700 GMT.
TOKYO – Bank of Japan holds Monetary Policy Meeting. MONDAY, JUNE 18
NEW YORK – John Williams begins tenure as president of the Federal Reserve Bank of New York. TORONTO, Canada – Speech by Bank of Canada Deputy Governor Lynn Patterson at Investment Industry Association of Canada and Institute of International Finance – 1700 GMT. STOCKHOLM – Riksbank basic council assembly – 1100 GMT.
TUESDAY, JUNE 19 BRATISLAVA – Slovakia Central Bank Governor Jozef Makuch holds a information convention.
HELSINKI – Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to maintain a press convention in Finland. TOKYO – Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350. WEDNESDAY, JUNE 20
LISBON – Panel participation by Philip Lowe, RBA Governor, on the Forum on Central Banking, hosted by the ECB, Portugal. THURSDAY, JUNE 21
BERN – Swiss National Bank Financial Stability Report 2018 – 0430 GMT. BERN – Swiss National Bank (SNB) Monetary coverage evaluation with information convention – 0730 GMT. OSLO – Norway Central Bank holds Announcement of the Executive Board’s rate of interest resolution and publication of Monetary Policy adopted by press convention – 0800 GMT.
LONDON – Bank of England publicizes charge resolution and publishes the minutes of the assembly, after the speed resolution – 1100 GMT. SUNDAY, JUNE 24
TOKYO – Bank of Japan to launch abstract of opinions from board members at its June. 14-15 coverage assembly – 2350 GMT. TUESDAY, JUNE 26
STOCKHOLM – Riksbank government board assembly – 0700 GMT.
WEDNESDAY, JUNE 27 VICTORIA, Canada – Speech by Bank of Canada Governor Stephen Poloz at Greater Victoria Chamber of Commerce – 1915 GMT. LONDON – Bank of England Financial Stability Report June 2018 – 0930 GMT. FRANKFURT – The European Central Bank releases month-to-month information on lending and cash provide – 0800 GMT.
FRANKFURT – ECB Governing Council assembly. No rate of interest bulletins scheduled. THURSDAY, JUNE 28
FRANKFURT – General Council assembly of the ECB in Frankfurt. WELLINGTON – Reserve Bank of New Zealand publicizes Official Cash Rate (OCR). MONDAY, JULY 2
STOCKHOLM – Riksbank holds financial coverage assembly 3 – 0700 GMT. TUESDAY, JULY Three GOTLAND – Riksbank First Deputy Governor Kerstin of Jochnick and Deputy Governor Cecilia Skingsley are in place in Almedalen – 1000 GMT.
STOCKHOLM – Swedish Central Bank publicizes rate of interest resolution. Monetary coverage report will likely be printed – 0730 GMT. THURSDAY, JULY 5 WASHINGTON D.C. – Federal Open Market Committee will launch the minutes from its June 12-13 coverage assembly. MONDAY, JULY 9
LONDON – Bank of England organizing a convention on Economics and Psychology: New methods of serious about financial coverage (to July 10). WEDNESDAY, JULY 11
** OTTAWA – Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will maintain a press convention to talk about the contents of the Monetary Policy Report – 1515 GMT. OTTAWA – Bank of Canada key coverage rate of interest announcement and financial coverage report – 1400 GMT. FRANKFURT – ECB Governing Council assembly. No rate of interest bulletins scheduled. THURSDAY, JULY 12 STOCKHOLM – Swedish Central Bank minutes from the financial coverage will likely be printed – 0730 GMT.
THURSDAY, JULY 26 FRANKFURT – ECB Governing Council assembly, adopted by rate of interest announcement. FRANKFURT – ECB President Mario Draghi holds a press convention, after the rate of interest assembly. MONDAY, JULY 30 TOKYO – Bank of Japan holds financial coverage assembly (to July 31). TUESDAY, JULY 31 WASHINGTON D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) begins its two-day assembly on rates of interest. WEDNESDAY, AUGUST 1
WASHINGTON D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) publicizes resolution on rate of interest, adopted by assertion – 1800 GMT.
NOTE: The inclusion of things on this diary doesn’t essentially imply that Reuters will file a narrative primarily based on the occasion. For technical points, please contact Thomson Reuters Customer Support (TRCS) right here Share this: | ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-august-1-idUSL3N1T04GP/ |
0 COMMENTS S&P Global is searching for potential bolt-on acquisitions. Photo: AP
S&P Global Inc. is on the hunt for smaller, bolt-on deals and is considering whether to buy or build a presence in China, said Chief Financial Officer Ewout Steenbergen.
The New York-based ratings and information provider is looking for acquisition targets for under $100 million to add to its data analysis capabilities.
“I could see us doing more acquisitions in this space,” Mr. Steenbergen said in an interview with CFO Journal.
Mr. Steenbergen is looking for a company that can analyze unstructured datasets, similar to Panjiva Inc., a machine-learning and analytics firm that S&P Global bought in February for an undisclosed sum.
S&P Global plans to expand its suite of benchmarks and indexes and to extend the offering of its fixed income business, particularly in areas such as environmental, social and corporate governance (ESG) and smart beta, a type of exchange-traded fund, Mr. Steenbergen said.
The company also is preparing to make a decision on whether to acquire a credit ratings firm in China or to set up its own presence there. “We are currently not present in the domestic market in China,” said Mr. Steenbergen.
Chinese authorities recently relaxed the rules around foreign ratings firms in China, a shift that presents S&P with the choice to either buy an existing domestic ratings firm or start up its own, Mr. Steenbergen said.
“Chinese regulators want the market to become more mature,” he said, adding that foreign players like S&P Global could help achieve that goal.
A decision could be made soon, Mr. Steenbergen said, without providing more detail. He is traveling to China this week, his second trip this year.
S&P Global also plans to take a minority stake in several emerging markets ratings firms, Mr. Steenbergen said. S&P Global already owns stakes in ratings companies in India, Taiwan and Thailand, he said.
Share this: MERGERS AND ACQUISITIONS Previous CFO Moves: United, Blue Apron, Ferrari, Dunelm | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/21/sp-global-looking-for-acquisitions-weighing-china-options-cfo-says/ |
- Company Confirms Previous 2018 Guidance for Neurology Franchise Net Sales and Non-GAAP Adjusted EBITDA -
- Amends Existing Agreement for CAMBIA Line Extension –
- Announces New Co-Promotion Agreement for Zipsor –
- Begins Enrollment in New Clinical Trial Using Cosyntropin to Treat Rare Pediatric Disorder-
- Transitioning to New Corporate Headquarters in Lake Forest, Illinois –
LAKE FOREST, Ill., May 10, 2018 (GLOBE NEWSWIRE) -- Depomed, Inc. (Nasdaq:DEPO) today reported financial results for the quarter ended March 31, 2018, and provided an update on its business performance and strategic initiatives.
“I’m pleased with our results in the first quarter as well as the excellent progress we’re making toward repositioning our company, diversifying our commercial portfolio, and attracting new senior management talent to our team,” said Arthur Higgins, President and CEO of Depomed. “Our continued progress underscores the strong commitment we have to our three-pillar strategy of Maintain, Grow and Build, with the overall goal of improving profitability in 2018 and beyond.”
Financial Highlights
First-quarter GAAP revenues were $128.4 million (1) First-quarter GAAP net income of $33.8 million or $0.48 per share First-quarter non-GAAP adjusted EBITDA of $31.8 million First-quarter ending cash and marketable securities of $101.7 million
(1) First quarter total GAAP revenues include one-time items described in the table below.
The first quarter contained the following one-time items:
RECONCILIATION OF GAAP TO NON-GAAP REVENUES (in thousands, unaudited) Three Months Ended March 31 2018 2017 Total revenues (GAAP basis) $ 128,404 $ 90,447 Non-cash adjustment to commercialization agreement revenues (2) (52,486 ) - Release of NUCYNTA sales reserves (3) (12,455 ) - Managed care dispute reserve - 4,742 Total revenues (non-GAAP basis) $ 63,463 $ 95,189 (2) Adjustment for the non-cash value assigned to inventory transferred to Collegium.
(3) $12.5 million benefit from the release of sales reserves for which the Company is no longer financially responsible.
Business Highlights
Collegium Commercialization Agreement : In January, Depomed closed a commercialization agreement with Collegium Pharmaceutical, Inc. under which Collegium is commercializing both NUCYNTA® ER and NUCYNTA®. In exchange, for the first four years of the agreement, Depomed is expected to receive a minimum annual royalty of $135 million ($132 million prorated for 2018). Under the agreement, Collegium began paying royalties to Depomed in the first quarter of 2018. The Company is pleased to report that previous NUCYNTA ER supply shortages, which negatively impacted revenues in the fourth quarter of 2017 and first quarter of 2018, have been resolved.
Cosyntropin Development Update: Depomed and its development partner recently began enrolling and dosing the first pediatric patients in a new clinical trial evaluating Cosyntropin (Synthetic ACTH Depot) for the treatment of infantile spasms, a specific seizure type present in infantile epilepsy syndrome, a rare pediatric disorder. In addition, as previously announced, the Company expects its development partner to file a New Drug Application with the U.S. Food and Drug Administration for the use of Cosyntropin in a separate indication. That filing is expected by year end.
New Business Development Agreements: To help strengthen its existing Neurology and Pain portfolio, Depomed today announced two new business development agreements. First, the Company amended its existing licensing agreement with Applied Pharma Research S.A. to in-license a new presentation of CAMBIA® that will offer patients a more convenient dosage form. The Company expects to file for FDA approval of this new CAMBIA presentation in 2019, if approved, this presentation will be patent protected through 2026. In addition, the Company entered into a new co-promotion relationship with Allegis Pharmaceuticals for Zipsor. Under terms of the new agreement, beginning in June, Allegis will supplement the Company’s existing sales force outreach by adding approximately 30 new sales reps that focus exclusively on primary care physicians in targeted geographic regions. Depomed and Allegis will share revenues above a pre-defined baseline.
Corporate Headquarters Relocation: During the first quarter, the Company began relocating its Corporate Headquarters from Newark, CA, to Lake Forest, IL. The Company anticipates the new headquarters to be fully operational in the third quarter. The relocation is consistent with Depomed’s overall strategy to transform into a leaner, more entrepreneurial, and faster-moving company. The new headquarters location is near a concentration of pharmaceutical companies, allowing the Company to attract new pharmaceutical talent. Separately, the Company received shareholder approval to reincorporate in Delaware and to change its name at a future date.
Revenue Summary
REVENUES (GAAP BASIS) (in thousands, unaudited) Three Months Ended March 31 2018 2017 Product sales, net: Gralise® $ 14,827 $ 17,600 CAMBIA® 6,416 7,190 Zipsor® 4,746 4,651 Total neurology product sales, net 25,989 29,441 NUCYNTA® products (1) 18,145 56,919 Lazanda® (2) 220 3,925 Total product sales, net 44,354 90,285 Commercialization agreement (3) 83,800 - Royalties 250 162 Total revenues $ 128,404 $ 90,447 (1) The Company licensed the commercial rights to sell NUCYNTA to Collegium on January 9, 2018. NUCYNTA product sales for the three months ended March 31, 2018 reflects the Company selling NUCYNTA between January 1st and January 8th and also includes a $12.5 million benefit related to the release of sales reserves for which the Company is no longer financially responsible.
(2) The Company divested Lazanda in November 2017. Product sales for the three months ended March 31, 2018 relates to sales reserve estimate adjustments.
(3) The commercialization agreement revenues for the quarter of $83.8 million is comprised of $28.1 million related to the commercialization rights and facilitation services provided to Collegium and $55.7 million related to the non-cash value assigned to the inventory transferred to Collegium.
2018 Financial Guidance
The Company confirms previous 2018 guidance for neurology franchise net sales and non-GAAP adjusted EBITDA. Guidance for GAAP net loss improves from a range of ($72) million to ($82) million to a range of ($23) million to ($33) million as a result of the accounting for the Collegium commercial agreement revenue and the release of NUCYNTA sales reserves.
2018 Guidance Neurology Franchise Net Sales $120 to $125 million GAAP SG&A Expense $123 to $133 million GAAP R&D Expense $11 to $16 million Non-GAAP SG&A Expense $110 to $120 million Non-GAAP R&D Expense $10 to $15 million GAAP Net Loss ($23) to ($33) million Non-GAAP Adjusted EBITDA $125 to $135 million Conference Call and Webcast
Depomed will host a conference call today, Thursday, May 10, 2018 beginning at 8:30 a.m. EDT to discuss its results. This event can be accessed in three ways:
From the Depomed website: http://investor.depomedinc.com/ Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.
By telephone: Participants can access the call by dialing (844) 839-0046 (United States) or (857) 270-6032 (International) referencing Conference ID 9275514.
By replay: A replay of the webcast will be located under the Investor Relations section of Depomed's website approximately two hours after the conclusion of the live call and will be available for three months.
About Depomed
Depomed is a leading specialty pharmaceutical company committed to putting the patient first in everything it does. Depomed is focused on enhancing the lives of patients, families, physicians, providers and payors through the commercialization of products in the areas of pain and neurology, and in the development of drugs in areas of unmet medical need. Depomed currently markets three medicines focused on neuropathic pain and migraine through its Neurology and Pain businesses and its emerging Specialty Business is focused on orphan drug indications and areas of unmet medical need. To learn more about Depomed, visit www.depomed.com .
Non-GAAP Financial Measures
To supplement our financial results presented on a U.S. generally accepted accounting principles, or GAAP, basis, we have included information about non-GAAP revenue, non GAAP adjusted earnings, non GAAP adjusted earnings per share and non-GAAP adjusted EBITDA, non GAAP financial measures, as useful operating metrics. We believe that the presentation of these non‑GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliation, provides supplementary information to analysts, investors, lenders, and our management in assessing the Company’s performance and results from period to period. We use these non‑GAAP measures internally to understand, manage and evaluate the Company’s performance, and in part, in the determination of bonuses for executive officers and employees. These non‑GAAP financial measures should be considered in addition to, and not a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP. Non‑GAAP adjusted earnings and non‑GAAP adjusted earnings per share are not based on any standardized methodology prescribed by GAAP and represent GAAP net income (loss) and GAAP earnings (loss) per share adjusted to exclude non-cash adjustment to Collegium agreement revenue and cost of sales, release of NUCYNTA sales reserves, amortization, and non‑cash adjustments related to product acquisitions, stock‑based compensation expense, non‑cash interest expense related to debt, CEO transition, restructuring costs, adjustments associated with non-recurring legal settlements and disputes, and to adjust for the tax effect related to each of the non-GAAP adjustments. Non‑GAAP adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and represents GAAP net income (loss) adjusted to exclude non-cash adjustment to Collegium agreement revenue and cost of sales, release of NUCYNTA sales reserves, interest income, interest expense, amortization, IPR&D and non‑cash adjustments related to product acquisitions, stock‑based compensation expense, depreciation, taxes, transaction costs, restructuring costs, adjustments related to non-recurring legal settlements and disputes, and CEO transition. Non‑GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, non‑GAAP measures used by other companies.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, the commercialization of Gralise, CAMBIA, and Zipsor, royalties associated with Collegium’s commercialization of NUCYNTA and NUCYNTA ER, regulatory approval and clinical development of Cosyntropin, Depomed's financial outlook for 2018 and expectations regarding financial results and potential business opportunities and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. The inclusion of forward-looking statements should not be regarded as a representation that any of the Company's plans or objectives will be achieved. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor and Media Contact:
John B. Thomas
SVP, Investor Relations and Corporate Communications
[email protected]
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS) (in thousands, except per share amounts) Three Months Ended March 31 2018 2017 (unaudited) Revenues: Product sales, net $ 44,354 $ 90,285 Commercialization agreement 83,800 - Royalties 250 162 Total revenues 128,404 90,447 Costs and expenses: Cost of sales 12,044 17,774 Research and development expense 1,528 5,084 Selling, general and administrative expense 29,033 48,519 Amortization of intangible assets 25,444 25,735 Restructuring charges 9,017 - Total costs and expenses 77,066 97,112 Income/(loss) from operations 51,337 (6,665 ) Interest and other income 229 250 Interest expense (18,068 ) (20,124 ) (Provision for)/benefit from income taxes 325 (202 ) Net income/(loss) $ 33,824 $ (26,741 ) Basic net income/(loss) per share $ 0.53 $ (0.43 ) Diluted net income/(loss) per share $ 0.48 $ (0.43 ) Basic shares used in calculation 63,503 62,129 Diluted shares used in calculation 81,877 62,129
CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) (unaudited) March 31, December 31, 2018 2017 Cash, cash equivalents and marketable securities $ 101,693 $ 128,089 Accounts receivable 62,428 72,482 Inventories 5,368 13,042 Property and equipment, net 11,658 13,024 Intangible assets, net 768,429 793,873 Prepaid and other assets 52,495 18,107 Total assets $ 1,002,071 $ 1,038,617 Accounts payable $ 10,203 $ 14,732 Income tax payable 126 126 Interest payable 11,164 13,220 Accrued liabilities 32,609 60,496 Accrued rebates, returns and discounts 93,099 135,828 Senior notes 358,227 357,220 Convertible notes 273,920 269,510 Contingent consideration liability 1,249 1,613 Other liabilities 15,384 16,364 Shareholders’ equity 206,090 169,508 Total liabilities and shareholders’ equity $ 1,002,071 $ 1,038,617
RECONCILIATION OF GAAP NET INCOME/(LOSS) TO NON-GAAP ADJUSTED EBITDA (in thousands) Three Months Ended March 31 2018 2017 (unaudited) GAAP net income/(loss) $ 33,824 $ (26,741 ) Non-cash adjustment to commercialization agreement revenues (1) (52,486 ) - Non-cash adjustment to commercialization agreement cost of sales (1) 6,200 - Release of NUCYNTA sales reserves (2) (10,711 ) - Managed care dispute reserve - 4,742 Intangible amortization related to product acquisitions 25,444 25,735 Contingent consideration related to product acquisitions (202 ) (4,469 ) Stock based compensation 1,976 3,556 Interest income (94 ) (204 ) Interest expense 18,015 19,572 Depreciation 1,475 626 Provision for income taxes (325 ) 202 Restructuring and other costs (3) 8,330 2,276 Transaction costs 362 - Non-GAAP adjusted EBITDA $ 31,807 $ 25,295 (1) Adjustment for the non-cash value assigned to inventory transferred to Collegium. (2) $12.5 million benefit from the release of sales reserves for which the Company is no longer financially responsible, net of $1.7 million in royalties payable to Grunenthal. (3) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring, headquarters relocation and CEO transition.
RECONCILIATION OF GAAP NET INCOME/(LOSS) TO NON-GAAP ADJUSTED EARNINGS (in thousands, except per share amounts) Three Months Ended March 31 2018 2017 (unaudited) GAAP net income/(loss) $ 33,824 $ (26,741 ) Non-cash adjustment to commercialization agreement revenues (1) (52,486 ) - Non-cash adjustment to commercialization agreement cost of sales (1) 6,200 - Release of NUCYNTA sales reserves (2) (10,711 ) - Non-cash interest expense on debt 5,418 4,650 Managed care dispute reserve - 4,742 Intangible amortization related to product acquisitions 25,444 25,735 Contingent consideration related to product acquisitions (202 ) (4,469 ) Stock based compensation 1,976 3,556 Restructuring and other costs (3) 8,330 2,276 Valuation allowance on deferred tax assets - 7,568 Income tax effect of non-GAAP adjustments (4) 3,616 (12,884 ) Non-GAAP adjusted earnings $ 21,408 $ 4,433 Add interest expense of convertible debt, net of tax (5) 1,703 - Numerator $ 23,111 $ 4,433 Shares used in calculation (5) 81,877 64,294 Non-GAAP adjusted earnings per share $ 0.28 $ 0.07 (1) Adjustment for the non-cash value assigned to inventory transferred to Collegium. (2) $12.5 million benefit from the release of sales reserves for which the Company is no longer financially responsible, net of $1.7 million in royalties payable to Grunenthal. (3) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring, headquarters relocation and CEO transition. (4) Calculated by taking the pre-tax non-GAAP adjustments and applying the statutory tax rate. Expected cash taxes were zero for the three months ended March 31, 2018 and March 31, 2017. (5) The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt.
RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION For the three months ended March 31, 2018 (in thousands) (unaudited) Commercialization agreement
revenues Product Sales Cost of sales Research and development
expense Selling, general
and
administrative expense Restructuring Charges Amortization
of intangible assets Interest expense Benefit from
(provision for) income taxes GAAP as reported $ 83,800 $ 44,354 $ 12,044 $ 1,528 $ 29,033 $ 9,022 $ 25,444 $ (18,068 ) $ 325 Non-cash adjustment to commercial agreement revenues and cost of sales (1) (52,486 ) - (6,200 ) - - - - - - Release of NUCYNTA sales reserves (2) - (12,455 ) (1,744 ) - - - - - - Non-cash interest expense on debt - - - - - - - 5,418 - Intangible amortization related to product acquisitions - - - - - - (25,444 ) - - Contingent consideration related to product acquisitions - - - - 242 - - 40 - Stock based compensation - - (14 ) (53 ) (1,909 ) - - - - Restructuring and other costs (3) - - - - 691 (9,022 ) - - - Income tax effect of non-GAAP adjustments - - - - - - - - 3,616 Non-GAAP adjusted $ 31,315 $ 31,899 $ 4,086 $ 1,475 $ 28,057 $ - $ - $ (12,610 ) $ 3,941 (1) Adjustment for the non-cash value assigned to inventory transferred to Collegium. (2) $12.5 million benefit from the release of sales reserves for which the Company is no longer financially responsible, net of $1.7 million in royalties payable to Grunenthal. (3) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring, headquarters relocation and CEO transition.
RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION For the three months ended March 31, 2017 (in thousands) (unaudited) Product
Sales Cost of
sales Research and
development
expense Selling, general
and
administrative
expense Amortization of
intangible assets Interest expense Benefit from
(provision for)
income taxes GAAP as reported $ 90,285 $ 17,774 $ 5,084 $ 48,519 $ 25,735 $ (20,124 ) $ (202 ) Non-cash interest expense on debt - - - - - 4,650 - Intangible amortization related to product acquisitions - - - - (25,735 ) - - Managed care dispute reserve 4,742 - - - - - - Contingent consideration related to product acquisitions - - - 5,000 - 531 - Stock based compensation - (36 ) (346 ) (3,174 ) - - - Restructuring and other costs (1) - - - (2,276 ) - - - Valuation allowance on deferred tax assets - - - - - 7,568 Income tax effect of non-GAAP adjustments - - - - - - (12,884 ) Non-GAAP adjusted $ 95,027 $ 17,738 $ 4,738 $ 48,069 $ - $ (14,943 ) $ (5,518 ) (1) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring, headquarters relocation and CEO transition.
RECONCILIATION OF GAAP NET LOSS PER SHARE TO NON-GAAP ADJUSTED EARNINGS PER SHARE (unaudited) Three Months Ended March 31 2018 2017 GAAP net income/(loss) per share $ 0.48 $ (0.43 ) Non-cash adjustment to commercialization agreement revenues (1) (0.64 ) - Non-cash adjustment to commercialization agreement cost of sales (1) 0.07 - Release of NUCYNTA sales reserves (2) (0.13 ) - Non-cash interest expense on debt 0.07 0.07 Managed care dispute reserve - 0.07 Intangible amortization related to product acquisitions 0.31 0.40 Contingent consideration related to product acquisitions (0.00 ) (0.07 ) Stock based compensation 0.02 0.06 Restructuring and other costs (3) 0.10 0.04 Valuation allowance on deferred tax assets - 0.12 Income tax effect of non-GAAP adjustments 0.04 (0.20 ) Adjustment of shares used in calculation (0.06 ) 0.01 Add interest expense of convertible debt, net of tax 0.02 - Non-GAAP adjusted earnings per share $ 0.28 $ 0.07 (1) Adjustment for the non-cash value assigned to inventory transferred to Collegium. (2) $12.5 million benefit from the release of sales reserves for which the Company is no longer financially responsible, net of $1.7 million in royalties payable to Grunenthal. (3) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring and headquarters relocation and CEO transition.
RECONCILIATION OF FY 2018 GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA GUIDANCE (in millions) GAAP net loss ($23) - ($33) Non-cash adjustment to commercialization agreement revenues (1) ($44)
Non-cash adjustment to commercialization agreement cost of sales (1) $6
Release of NUCYNTA sales reserves (2) ($11)
Intangible amortization related to product acquisitions $102
Interest expense $63 - $66 Stock based compensation $12 - $14 Taxes $0 - $3 Depreciation $4 Restructuring and other costs (3) $20 - $24 Non-GAAP adjusted EBITDA $125 - $135 (1) Adjustment for the non-cash value assigned to inventory transferred to Collegium. (2) $12.5 million benefit related from the release of sales reserves for which the Company is no longer financially responsible, net of $1.7 million in royalties payable to Grunenthal. (3) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring and headquarters relocation and CEO transition.
Source:Depomed, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-depomed-announces-first-quarter-2018-financial-results.html |
NAPLES, Fla., HealthLynked Corp. (OTCQB:HLYK), late yesterday reported its results for the first quarter 2018.
First Quarter 2018 Compared to First Quarter 2017 Highlights:
36% increase in revenue in Q1’18 compared to Q1‘17 $63,182 improvement in operating income in our health services division. $11,358 operating income in Q1’18 Patient Appointments increased 18% from 3,482 in Q1‘17 to 4,103 in Q1‘18 Time of Service collections increased 67% from $108,263 in Q1’17 to $180,794 in Q1‘18
First Quarter 2018 compared to Fourth Quarter 2017 Highlights:
2.5% increase in revenue $645,639 compared to $629,940 in Q4‘17 Patient Appointments increased 7% from 3,825 in Q4 ‘17 to 4,103 in Q1 ‘18 Time of Service collections increased 54% from $116,775 in Q4 ‘17 to $180,794 in Q1 ‘18
Revenues for the first quarter of 2018 were $645,639, an increase of 36% over the same period in 2017, mainly caused by an increase in patient appointments of 18% along with an increase in time of service collections of 67%.
Our health services division realized operating income of $11,358 in the first quarter of 2018, compared to an operating loss of $51,824 in the first quarter of 2017, an improvement of $63,182.
Compared to the fourth quarter 2017, first quarter 2018 revenue was $645,639, an increase of 2.5% over fourth quarter 2017 revenue of $629,940.
Patient appointments increased 7% compared to the fourth quarter and time of service collections increased 54%.
Dr. Michael Dent, the Company's Chairman and CEO, stated, "We continue to be very pleased with the results of our health services division, with record revenue and significant quarterly growth reported in the first quarter based upon a significant increase in patient appointments during the period compared to the same period last year, improvement in time of service collections and for the second straight quarter generating operating income. We continue to deploy the HealthLynked suite of services at our health services division and we expect these results to continue through the rest of 2018."
About HealthLynked Corp.
HealthLynked Corp. provides a solution for both patient members and healthcare providers to improve healthcare through the efficient exchange of medical information. The HealthLynked Network is a cloud-based platform that allows members to connect with their healthcare providers and take control of their medical information. Members enter their medical information, including medications, allergies, past surgeries and personal health records, in one convenient online secure location, free of charge.
Participating healthcare providers can connect with their current and future patients. The benefits to our providers include the ability to utilize the HealthLynked marketing tools to connect with their active and inactive patients to improve patient retention, access more accurate and current patient information, provide more efficient online scheduling, and to fill last minute cancelations using our “real time appointment scheduling” mobile application. Healthcare providers pay a monthly fee to access these HealthLynked services.
For additional information about HealthLynked Corp. visit www.healthlynked.com
Forward Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements. These forward looking statements involve a number of risks and uncertainties that could cause actual future results to differ materially from those anticipated in the forward looking statements, Actual results could differ materially from such statements expressed or implied herein. Factors that might cause such a difference include, among others, the company's ability to gain new customers, offer new types of services, and otherwise implement its business plan. As a result, this press release should be read in conjunction with the company's filings with the SEC.
Company Contact:
George O’Leary
Chief Financial Officer
[email protected]
Investor Relations contact:
Jim Hock
Hanover International Inc.
Investor Relations
[email protected]
Source:HealthLynked Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-healthlynked-corp-reports-first-quarter-2018-results-including-36-percent-revenue-growth-in-the-first-quarter-of-2018.html |
May 14 (Reuters) - Ferrellgas Partners LP:
* FERRELLGAS PARTNERS LP-ON MAY 14, FERRELLGAS, L.P., PARTNERSHIP OF CO EXECUTED A SEVENTH AMENDMENT TO ITS ACCOUNTS RECEIVABLE SECURITIZATION FACILITY
* FERRELLGAS PARTNERS LP- AMENDMENT EXTENDS FACILITY'S MATURITY DATE BY 3 YEARS, INCREASES MAXIMUM BORROWING CAPACITY FROM $225 MILLION TO $250 MILLION Source bit.ly/2Kqz9bR Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ferrellgas-partners-says-executed/brief-ferrellgas-partners-says-executed-seventh-amendment-to-its-accounts-receivable-securitization-facility-idUSFWN1SL17W |
BENTONVILLE, Ark., May 21, 2018 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ:CRMT) today announced its operating results for the fourth quarter of fiscal year 2018.
Highlights of fourth quarter operating results:
Net earnings of $10.2 million – $1.43 per diluted share vs. $0.66 per diluted share for prior year quarter Income tax benefit of $944,000 ($.13 per diluted share) related to share-based compensation pursuant to accounting standard ASU 2016-09, adopted in May 2017 Revenues of $169 million compared to $153 million for the prior year quarter, current quarter includes a $1.9 million increase in interest income and same store revenue increase of 10.5% Retail unit sales increase of 7.9% to 13,082 from 12,126 for the prior year period with improved productivity at 31.1 retail units sold per store per month, up from 29.1 for the prior year period Average retail sales price increased $268 to $10,922 or 2.5% from the prior year quarter Gross profit margin percentage decreased to 40.6% from 41.5% for the prior year quarter Collections as a percentage of average finance receivables increased to 15.8% from 15.6% for the prior year quarter The weighted average contract term remained flat at 32.5 months compared to the prior year quarter Net Charge-offs as a percentage of average finance receivables of 7.5%, down from 8.7% for prior year quarter Accounts over 30 days past due decreased to 3.5% from 3.6% at April 30, 2017 Average percentage of finance receivables current was 82.2%, up from 81.0% at April 30, 2017 Provision for credit losses of 25.4% of sales vs. 28.4% for prior year quarter Selling, general and administrative expenses at 16.9% of sales vs. 17.2% for prior year quarter Active accounts base approximately 71,100, an increase of approximately 4,300 from April 30, 2017 Debt to equity of 66.1% and debt to finance receivables of 30.4% (50.6% and 25.3% at 4/30/17) 327,550 shares were repurchased for $16 million, approximately 4.6% of outstanding shares
Highlights of twelve-month operating results:
Net income of $36.5 million – $4.90 per diluted share ($3.60 (non-GAAP) per diluted share excluding the effect of the enactment of the Tax Cuts and Jobs Act (“Tax Act”) in December 2017 and excluding a one-time retirement bonus paid to retiring CEO, Mr. Henderson during the third quarter) vs. $2.49 per diluted share for prior year period Income tax benefit of $1,721,000 ($.23 per diluted share) related to share-based compensation pursuant to accounting standard ASU 2016-09, adopted in May 2017 Revenues of $612 million compared to $588 million for the prior year period with same store revenue increase of 5.2% Retail unit sales increase of 2.5% to 48,271 from 47,116 for the prior year period with improved productivity at 28.7 retail units sold per store per month, up from 27.7 for the prior year period Net Charge-offs as a percent of average finance receivables of 28.8%, down from 30.5% for prior year period Provision for credit losses of 27.7% of sales vs. 28.7% of sales for prior year period Strong cash flows supporting the $34.6 million increase in finance receivables, $3.5 million increase in inventory, $2.3 million in net capital expenditures and $42.3 million in common stock repurchases (979,040 shares) with a $34.4 million increase in total debt
“We are pleased to report another good, solid quarter and we are excited about the opportunities we have to continue to improve the business as we move forward. Our focus on improvements with inventory management is showing up in our results as we work to find good cars for good prices and to efficiently move these vehicles through our system. Better inventory processes have also led to improvements with our lot-level sales volume productivity which was up 6.9% for the quarter. At the same time, we saw an increase in the down-payment percentage for the quarter which is a very positive indication that we are doing some good things at our dealerships. We are committed to continuing to get better with inventory management which is critically important to our success,” said Jeff Williams, Chief Executive Officer. “We believe that our continued investments in attracting, training and retaining quality people, especially at the General Manager position, are beginning to show up in our results, and we will continue to push for excellence in this area. We cannot have a great business without great people who have been trained and supported at the highest levels. Additionally, we are pleased with the progress we have made in our collections practices. We know that we have more room to improve in this area with better customer service, but we did see a 120-basis point decrease in charge-offs and a 20-basis point increase in collections for the quarter. Most importantly, more of our valued customers were successful during the quarter and we will work hard to earn their repeat business.”
“We have four new lot openings that are in process, all under experienced top performing General Managers. These dealerships will be in Bixby, Oklahoma, Pryor, Oklahoma, Montgomery, Alabama and Fayetteville, Arkansas. We are excited about the opportunities to leverage the talents of proven leaders in these markets,” said Mr. Williams. “We began the closure of one underperforming dealership during the quarter, Forrest City Arkansas, as we believe our capital will be better deployed elsewhere. We are optimistic about our future and will continue to work hard to make America’s Car-Mart the best it can be. We have a great team of dedicated associates who live our Mission, Vision and Values on a daily basis and we are proud of our Company and the real purpose we have in our work.”
“We experienced some pressure on the gross margin percentage primarily because of the increase in the average retail selling price; as selling prices increase, the gross margin percentage shrinks. However, the gross profit dollars per sale did increase slightly for the quarter. We were pleased to see some leveraging on our selling, general, and administrative (“SG&A”) expenses as a percentage of sales based on the increased sales and productivity in the quarter. As Jeff mentioned, we will continue to build an infrastructure to support a growing business, especially in the areas of General Manager Recruitment, Training and Advancement, and Collections Support,” said Vickie Judy, Chief Financial Officer.
“We repurchased 327,550 shares of common stock (4.6%) during the quarter at an average price of approximately $48.86 for a total of $16 million. Since February 2010 we have repurchased 5.8 million shares (50%) at an average price of approximately $34. We plan to continue to repurchase shares opportunistically as we move forward. In the last twelve months, we have added nearly $35 million in receivables, repurchased $42 million of our common stock, funded $2.3 million in net capital expenditures, and increased inventory by $3.5 million to support higher sales levels with only a $34 million increase in debt. Our balance sheet is still very strong with debt to finance receivables ratio of 30.4% compared to 25.3% at this time last year,” added Ms. Judy. “We will continue to focus on strong cash-on-cash returns while being mindful of the continuing infrastructure investment needs in the key areas of the business.”
Conference Call
Management will be holding a conference call on Tuesday, May 22, 2018 at 11:00 a.m. Eastern Time to discuss quarterly results. A live audio of the conference call will be accessible to the public by calling (877) 776-4031. International callers dial (631) 291-4132. Callers should dial in approximately 10 minutes before the call begins. A conference call replay will be available two hours following the call for thirty days and can be accessed by calling (855) 859-2056 (domestic) or (404) 537-3406 (international), conference call ID # 6777158.
Non-GAAP Financial Disclosure
In addition to our results under United States generally accepted accounting principles (GAAP), this press release also includes a non-GAAP financial measure of adjusted earnings per diluted share. The Company defines adjusted earnings per diluted share as GAAP diluted earnings per share, excluding the effects of the enactment of the Tax Act in December 2017 and a one-time retirement bonus paid to retiring CEO, Mr. Hank Henderson, during the third quarter of fiscal 2018. Management believes that reporting adjusted earnings per diluted share more clearly reflects the Company’s current operating results and provides investors with a better understanding of the Company’s overall financial performance. In addition, although not a financial measure under GAAP, adjusted earnings per diluted share facilitates the ability to analyze the Company’s financial results in relation to those of its competitors and to the Company’s prior financial performance by excluding items which otherwise would distort the comparison. However, because not all companies use identical calculations, the Company's presentation of adjusted earnings per diluted share may not be comparable to similarly titled measures of other companies. This non-GAAP measure does not purport to be an alternative to, and should be considered in addition to, and not as a substitute for or superior to, diluted earnings per share as defined under GAAP.
A reconciliation to GAAP diluted earnings per share is included at the end of this press release.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”) operates 139 automotive dealerships in eleven states and is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. The Company emphasizes superior customer service and the building of strong personal relationships with its customers. The Company operates its dealerships primarily in small cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers. For more information, including investor presentations, on America’s Car-Mart, please visit our website at www.car-mart.com .
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company’s future objectives, plans and goals, as well as the Company’s intent, beliefs and current expectations regarding future operating performance and can generally be identified by words such as “may,” “will,” “should,” “could, “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” and other similar words or phrases. Specific events addressed by these forward-looking statements include, but are not limited to:
new dealership openings; performance of new dealerships; same store revenue growth; future overall revenue growth; the Company’s collection results, including but not limited to collections during income tax refund periods; repurchases of the Company’s common stock; and the Company’s business and growth strategies and plans.
These forward-looking statements are based on the Company’s current estimates and assumptions and involve various risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance, and that actual results could differ materially from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from the Company’s projections include, but are not limited to:
the availability of credit facilities to support the Company’s business; the Company’s ability to underwrite and collect its accounts effectively, including but not limited to collections during income tax refund periods; competition; dependence on existing management; availability of quality vehicles at prices that will be affordable to customers; changes in financing laws or regulations; and general economic conditions in the markets in which the Company operates, including but not limited to fluctuations in gas prices, grocery prices and employment levels.
Additionally, risks and uncertainties that may affect future results include those described from time to time in the Company’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Contacts: Jeffrey A. Williams, President and CEO or Vickie D. Judy, CFO at (479) 464-9944
America's Car-Mart, Inc. Consolidated Results of Operations (Operating Statement Dollars in Thousands) % Change As a % of Sales Three Months Ended 2018 Three Months Ended April 30, vs. April 30, 2018 2017 2017 2018 2017 Operating Data: Retail units sold 13,082 12,126 7.9 % Average number of stores in operation 140 139 0.7 Average retail units sold per store per month 31.1 29.1 6.9 Average retail sales price $ 10,922 $ 10,654 2.5 Same store revenue growth 10.5 % 1.3 % Net charge-offs as a percent of average finance receivables 7.5 % 8.7 % Collections as a percent of average finance receivables 15.8 % 15.6 % Average percentage of finance receivables-current (excl. 1-2 day) 82.2 % 81.0 % Average down-payment percentage 8.0 % 7.9 % Period End Data: Stores open 139 140 (0.7 ) % Accounts over 30 days past due 3.5 % 3.6 % Finance receivables, gross $ 501,438 $ 466,854 7.4 % Operating Statement: Revenues: Sales $ 150,661 $ 136,032 10.8 % 100.0 % 100.0 % Interest income 18,790 16,885 11.3 12.5 12.4 Total 169,451 152,917 10.8 112.5 112.4 Costs and expenses: Cost of sales 89,493 79,581 12.5 59.4 58.5 Selling, general and administrative 25,486 23,464 8.6 16.9 17.2 Provision for credit losses 38,281 38,630 (0.9 ) 25.4 28.4 Interest expense 1,621 1,029 57.5 1.1 0.8 Depreciation and amortization 1,006 1,037 (3.0 ) 0.7 0.8 Loss (gain) on disposal of property and equipment (97 ) 798 (112.2 ) (0.1 ) 0.6 Total 155,790 144,539 7.8 103.4 106.3 Income before taxes 13,661 8,378 9.1 6.2 Provision for income taxes 3,492 3,136 2.3 2.3 Net income $ 10,169 $ 5,242 6.7 3.9 Dividends on subsidiary preferred stock $ (10 ) $ (10 ) Net income attributable to common shareholders $ 10,159 $ 5,232 Earnings per share: Basic $ 1.47 $ 0.68 Diluted $ 1.43 $ 0.66 Weighted average number of shares used in calculation: Basic 6,907,409 7,737,420 Diluted 7,086,084 7,941,504
America's Car-Mart, Inc. Consolidated Results of Operations (Operating Statement Dollars in Thousands) % Change As a % of Sales Years Ended 2018 Years Ended April 30, vs. April 30, 2018 2017 2017 2018 2017 Operating Data: Retail units sold 48,271 47,116 2.5 % Average number of stores in operation 140 142 (1.4 ) Average retail units sold per store per month 28.7 27.7 3.6 Average retail sales price $ 10,604 $ 10,540 0.6 Same store revenue growth 5.2 % 3.5 % Net charge-offs as a percent of average finance receivables 28.8 % 30.5 % Collections as a percent of average finance receivables 53.1 % 53.6 % Average percentage of finance receivables-current (excl. 1-2 day) 80.9 % 80.2 % Average down-payment percentage 6.4 % 6.0 % Period End Data: Stores open 139 140 (0.7 ) % Accounts over 30 days past due 3.5 % 3.6 % Finance receivables, gross $ 501,438 $ 466,854 7.4 % Operating Statement: Revenues: Sales $ 537,528 $ 520,149 3.3 % 100.0 % 100.0 % Interest income 74,673 67,602 10.5 13.9 13.0 Total 612,201 587,751 4.2 113.9 113.0 Costs and expenses: Cost of sales 315,273 304,927 3.4 58.7 58.6 Selling, general and administrative 99,023 91,940 7.7 18.4 17.7 Provision for credit losses 149,059 149,097 (0.0 ) 27.7 28.7 Interest expense 5,599 4,069 37.6 1.0 0.8 Depreciation and amortization 4,250 4,272 (0.5 ) 0.8 0.8 Loss on disposal of property and equipment 91 1,204 (92.4 ) 0.0 0.2 Total 573,295 555,509 3.2 106.7 106.8 Income before taxes 38,906 32,242 7.2 6.2 Provision for income taxes 2,397 12,037 0.4 2.3 Net income $ 36,509 $ 20,205 6.8 3.9 Dividends on subsidiary preferred stock $ (40 ) $ (40 ) Net income attributable to common shareholders $ 36,469 $ 20,165 Earnings per share: Basic $ 5.04 $ 2.57 Diluted $ 4.90 $ 2.49 Weighted average number of shares outstanding: Basic 7,232,014 7,854,238 Diluted 7,441,358 8,110,777
America's Car-Mart, Inc. Consolidated Balance Sheet and Other Data (Dollars in Thousands) April 30, April 30, April 30, 2018 2017 2016 Cash and cash equivalents $ 1,022 $ 434 $ 602 Finance receivables, net $ 383,617 $ 357,161 $ 334,793 Inventory $ 33,610 $ 30,129 $ 29,879 Total assets $ 455,584 $ 424,258 $ 406,296 Total debt $ 152,367 $ 117,944 $ 107,902 Treasury stock $ 204,325 $ 162,024 $ 141,535 Stockholders' equity $ 230,535 $ 233,008 $ 228,817 Shares outstanding 6,849,161 7,608,471 8,073,820 Finance receivables: Principal balance $ 501,438 $ 466,854 $ 437,278 Deferred revenue - payment protection plan (19,823 ) (18,472 ) (17,305 ) Deferred revenue - service contract (10,332 ) (9,611 ) (10,034 ) Allowance for credit losses (117,821 ) (109,693 ) (102,485 ) Finance receivables, net of allowance and deferred revenue $ 353,462 $ 329,078 $ 307,454 Allowance as % of principal balance, net of deferred revenue 25.0 % 25.0 % 25.0 % Changes in allowance for credit losses: Three Months Ended Years Ended April 30, April 30, 2018 2017 2018 2017 Balance at beginning of period $ 117,268 $ 111,818 $ 109,693 $ 102,485 Provision for credit losses 38,281 38,630 149,059 149,097 Charge-offs, net of collateral recovered (37,728 ) (40,755 ) (140,931 ) (141,889 ) Balance at end of period $ 117,821 $ 109,693 $ 117,821 $ 109,693 Non-GAAP Financial Disclosure: Year Ended April 30, 2018 Diluted earnings per share $ 4.90 CEO retirement bonus 0.10 U.S. tax reform benefit (1.40 ) $ 3.60
Source:America's Car-Mart, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-americas-car-mart-reports-diluted-earnings-per-share-of-1-point-43aon-revenues-of-169-million.html |
Fed will prepare markets for ongoing rate hiking sequence: PIMCO 1 Hour Ago Jerome Schneider, head of short-term portfolio management at PIMCO, speaks about potential moves from the U.S. central bank. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/fed-will-prepare-markets-for-ongoing-rate-hiking-sequence-pimco.html |
KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 5, 2018 was $18.3 million, or $0.38 per share ($0.38 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended May 5, 2018 decreased 3.5 percent to $204.9 million from net sales of $212.3 million for the prior year 13-week fiscal quarter ended April 29, 2017. Comparable store net sales for the 13-week period ended May 5, 2018 decreased 3.1 percent from comparable store net sales for the prior year 13-week period ended May 6, 2017. Online sales increased 6.1 percent to $23.1 million for the 13-week period ended May 5, 2018, compared to net sales of $21.8 million for the 13-week period ended April 29, 2017.
Due to the 53 rd week in fiscal 2017, comparable store net sales for the quarter are compared to the prior year 13-week period ended May 6, 2017.
Net income for the first quarter of fiscal 2018 was $18.3 million, or $0.38 per share ($0.38 per share on a diluted basis), compared with $16.3 million, or $0.34 per share ($0.34 per share on a diluted basis) for the first quarter of fiscal 2017.
Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1074 for domestic calls or (612) 234-9960 for international calls and reference the conference code 449137. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EDT by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 449137.
About Buckle
Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 455 retail stores in 43 states, which includes the closing of one store during fiscal May. As of the end of the fiscal quarter, it operated 456 stores in 43 states compared with 462 stores in 44 states at the end of the first quarter of fiscal 2017 .
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Note: News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com on the Internet.
THE BUCKLE, INC. CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts) (Unaudited) Thirteen Weeks Ended May 5, April 29, 2018 2017 SALES, Net of returns and allowances $ 204,897 $ 212,251 COST OF SALES (Including buying, distribution, and occupancy costs) 125,206 130,534 Gross profit 79,691 81,717 OPERATING EXPENSES: Selling 45,853 46,918 General and administrative 10,578 9,761 56,431 56,679 INCOME FROM OPERATIONS 23,260 25,038 OTHER INCOME, Net 1,487 935 INCOME BEFORE INCOME TAXES 24,747 25,973 PROVISION FOR INCOME TAXES 6,409 9,688 NET INCOME $ 18,338 $ 16,285 EARNINGS PER SHARE: Basic $ 0.38 $ 0.34 Diluted $ 0.38 $ 0.34 Basic weighted average shares 48,379 48,218 Diluted weighted average shares 48,550 48,344 THE BUCKLE, INC. CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited) May 5, February 3, April 29, ASSETS 2018 2018 (1)
2017 CURRENT ASSETS: Cash and cash equivalents $ 168,387 $ 165,086 $ 207,868 Short-term investments 54,700 50,833 53,389 Receivables 7,061 8,588 8,487 Inventory 118,181 118,007 119,361 Prepaid expenses and other assets 19,182 18,070 7,295 Total current assets 367,511 360,584 396,400 PROPERTY AND EQUIPMENT 460,869 459,043 460,440 Less accumulated depreciation and amortization (315,018 ) (309,497 ) (295,513 ) 145,851 149,546 164,927 LONG-TERM INVESTMENTS 17,876 21,453 15,485 OTHER ASSETS 6,918 6,533 6,912 Total assets $ 538,156 $ 538,116 $ 583,724 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 25,818 $ 29,387 $ 32,422 Accrued employee compensation 11,893 22,307 8,883 Accrued store operating expenses 19,699 15,646 17,494 Gift certificates redeemable 15,305 18,202 17,272 Income taxes payable 17,945 12,364 20,437 Total current liabilities 90,660 97,906 96,508 DEFERRED COMPENSATION 15,337 15,154 13,763 DEFERRED RENT LIABILITY 32,961 33,808 37,196 Total liabilities 138,958 146,868 147,467 COMMITMENTS STOCKHOLDERS’ EQUITY: Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,044,895 shares at May 5, 2018, 48,816,170 shares at February 3, 2018, and 48,848,555 shares at April 29, 2017 490 488 488 Additional paid-in capital 145,761 144,279 141,042 Retained earnings 253,036 246,570 294,809 Accumulated other comprehensive loss (89 ) (89 ) (82 ) Total stockholders’ equity 399,198 391,248 436,257 Total liabilities and stockholders’ equity $ 538,156 $ 538,116 $ 583,724 (1) Derived from audited financial statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005058/en/
The Buckle, Inc.
Thomas B. Heacock, 308-236-8491
Chief Financial Officer
Source: The Buckle, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-the-buckle-inc-reports-first-quarter-net-income.html |
SpaceX is taking the first steps in its final tests to transport humans into outer space.
The company has revealed plans to launch its Falcon 9 Block 5 rocket this Thursday and if all goes well, that craft could be ferrying astronauts to the International Space Station in roughly a year.
Targeting Falcon 9 Block 5 launch of Bangabandhu Satellite-1 on May 10 from Pad 39A in Florida.
— SpaceX (@SpaceX) May 7, 2018
The Block 5 is unique , even among SpaceX craft. Designed to meet NASA’s requirements to carry a crew, it’s also highly reusable. SpaceX says it can fly again just 48 hours after a launch and the rocket can be fired ten times with few refurbishments.
That rapid turnaround on flights could cut the cost of spaceflight considerably, which Elon Musk believes is the key to achieving a manned flight to Mars. First, though, the Block 5 has to complete seven unmanned flights.
As a result, Thursday’s launch won’t be manned. The SpaceX rocket will take Bangladesh’s Bangabandhu-1 communications satellite into orbit.
The Block 5 launch is more than just the run-up for manned spaceflight. Musk has reportedly said it’s the last launch system that will debut before SpaceX begins to consolidate its technology into a massive rocket called the BFR , which he hopes to use on the journey to Mars.
Musk says that flight could launch as soon as early 2019 . | ashraq/financial-news-articles | http://fortune.com/2018/05/08/spacex-falcon-9-block-5-launch-manned-spaceflight-astronauts-space/ |
TOKYO, May 30 (Reuters) - Japan’s Nikkei share average tumbled to six-week lows on Wednesday after political turmoil in Italy sparked concerns over the stability of the euro zone, hitting financial and exporter shares in particular.
The Nikkei ended 1.5 percent lower to 22,018.52, after falling to a six-week low of 21,931.65. The Nikkei managed to stay above its 75-day moving average of 21,920.19, which has become the index’s immediate support level.
Sources close to some of Italy’s main parties said Italy may hold repeat elections as early as July after the man asked to be prime minister failed to secure support from major political parties - even for a stop-gap government.
Italy’s political crisis, and the threat to the euro it could represent, triggered a rush to safe havens such as U.S. Treasury debt and the Japanese yen.
“The Italian political problems triggered global investors’ risk-off stance. Exporters and financials have been hard hit and they will likely remain vulnerable,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
Insurers and banks, which have invested in higher-yielding foreign bonds because of Japan’s low yield environment, stumbled to lose 2.4 percent and 2.3 percent, respectively.
Analysts said that there might be further selling in the financial sector because there was speculation that a spike in the yen could trigger further monetary easing by the Bank Of Japan.
The BOJ adopted negative interest rates two years ago in a move that has been hugely unpopular among banks.
“We don’t know if the BOJ would deepen negative interest rates to thwart any sharp spikes in the yen, but at least the bank will not abandon negative rates as long as the strong yen keeps threatening the economy,” said Hiroyuki Fukunaga, chief executive of Investrust.
Sompo Holdings shed 2.6 percent, Dai-ichi Life Holdings declined 2.8 percent. Mitsubishi UFJ Financial Group dropped 3.4 percent and regional bank Hiroshima Bank declined 2.9 percent and Hachijuni Bank tumbled 3.0 percent.
U.S. benchmark 10-year Treasury yields on Tuesday posted their largest one-day drop in nearly two years as prices rose on safe-haven demand.
Exporters were under pressure as the dollar slipped 0.3 percent to 108.38 yen. Companies with high exposure to the euro zone underperformed, with Mazda Motor Corp falling 2.1 percent, Makita Corp down 3.8 percent and Nikon Corp shedding 2.0 percent.
Traders said they expected the Bank of Japan to buy exchange-traded funds to support the market amid the morning weakness. The BOJ bought ETFs for five straight sessions up until Tuesday as part of its wider policy of supporting asset prices in the economy.
The broader Topix dropped 1.5 percent to 1,736.13.
Editing by Sam Holmes and Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-close/nikkei-tumbles-to-6-week-low-on-italian-crisis-financials-underperform-idUSL3N1T12TC |
1:04 PM EDT
Apple is celebrating Pride Month at its upcoming developers conference with a special new watch face.
Apple Watch users will be able to get a Pride Month watch face, which lasts throughout June, beginning 12 p.m. PT Monday, June 4, when Apple’s Worldwide Developers Conference kicks off. The new watch face features a black background with rainbow stripes appearing vertically, according to 9to5Mac , a news website focused on Apple products and services. The stripes also separate and move when you touch the Apple Watch face screen.
— itimi (@itimi2) May 30, 2018
The watch face was reportedly confirmed via a look at the code for iOS 11.4 and watchOS 4.3.1. You can also get it early by manually changing the date and time to 12 p.m. June 4, though there is a risk of losing some data if you do so.
Last year, Apple debuted a special rainbow Pride Month watch band. Some of the proceeds also went toward The Trevor Project and GLSEN, two non-profits that help LGBTQ youth, TechCrunch reported. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/apple-watch-pride-month-wwdc/ |
May 15 (Reuters) - Temasek Holdings (Private) Ltd:
* TEMASEK HOLDINGS (PRIVATE) LTD TAKES SHARE STAKE IN WORLDPAY INC OF 2.2 MILLION SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD UPS SHARE STAKE IN ICICI BANK LTD TO 8.6 MILLION ADR FROM 2.8 MILLION ADR - SEC FILING
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN GOLDMAN SACHS GROUP INC BY 54.8 PERCENT TO 6,132 SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD TAKES SHARE STAKE OF 3.2 MILLION SHARES IN HOMOLOGY MEDICINES INC
* TEMASEK HOLDINGS (PRIVATE) LTD TAKES SHARE STAKE OF 70,600 SHARES IN WALT DISNEY CO
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN AMAZON.COM INC BY 45.2 PERCENT TO 72,215 SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN MORGAN STANLEY BY 55.3 PERCENT TO 32,273 SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN EVOQUA WATER TECHNOLOGIES CO BY 25.3 PERCENT TO 6 MILLION SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD: CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN GOLDMAN SACHS GROUP INC BY 54.8 PERCENT TO 6,132 SHARES Source for the quarter ended Mar 31, 2018: bit.ly/2GfUouE Source for the quarter ended Dec 31, 2017: bit.ly/2EIA1d2
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-temasek-holdings-cuts-share-stake/brief-temasek-holdings-ltd-cuts-share-stake-in-morgan-stanley-goldman-sachs-idUSFWN1SM0MU |
A sharp increase in cyberattacks gave Microsoft Corp.’s ubiquitous Windows operating system the kind of lift it hasn’t seen in years, as fears of getting hacked prompted companies to upgrade their computers faster than they otherwise might have.
When the software giant reported quarterly earnings last week, it surprised several analysts, notching an 11% jump in sales of Windows 10 licenses for computers sold primarily to corporate customers, from a year earlier. Bulk sales of Windows licenses and related cloud services, meanwhile,... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/microsoft-gets-an-unexpected-boost-from-malware-fears-1525359600 |
May 3 (Reuters) - Lucidworks Inc:
* LUCIDWORKS - $50 MILLION IN GROWTH FINANCING Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lucidworks-50-million-in-growth-fi/brief-lucidworks-50-million-in-growth-financing-idUSFWN1SA0UD |
Americans love to camp, as long as we have electricity, Wi-Fi and hot showers. Meanwhile, we’re increasingly drawn to TV shows and books about wilderness survival. While we’re perfectly happy to outsource discomfort and risk, we still want to impress people at parties with our knowledge. As a public service, here is some prime cocktail fodder gleaned from three new guides.
Lost in the dark without a compass? Drawing on “Basic Wilderness Survival Skills” (Lyons, 396 pages, $24.95) by Bradford Angier, just do as the pioneers... | ashraq/financial-news-articles | https://www.wsj.com/articles/summer-books-camping-1527111553 |
Markets eye Trump's tariff decision 1 Hour Ago CNBC's Seema Mody takes a look at what's moving in early morning trading as Wall Street awaits Friday's jobs report. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/markets-eye-trumps-tariff-decision.html |
Trident Mortgage Co. helps more families buy homes in Philadelphia and neighboring Camden, New Jersey, than any other company, but it primarily serves one demographic: white people.
That is no coincidence. All of Trident's offices are in white neighborhoods, where it makes the overwhelming majority of its loans to white homebuyers. And Trident employs a nearly all-white team of mortgage consultants..
It's a division of Berkshire Hathaway Inc., the giant holding company led by Warren Buffett, which has dramatically expanded its mortgage brokerage portfolio in recent years, reporting nearly 28,000 loans worth $7.3 billion last year.
The potential for more growth clearly caught the eye of the octogenarian investor.
"HomeServices is on track to do only about 3% of the country's home-brokerage business in 2018," Buffett wrote in his most recent shareholders report, referring to HomeServices of America Inc., which controls Trident and two other mortgage companies. "That leaves 97% to go."
But as they've become major players in cities across America, Berkshire Hathaway's affiliated mortgage companies have followed a consistent pattern. Government lending data reviewed by Reveal from The Center for Investigative Reporting shows the companies direct their lending toward white borrowers and white neighborhoods, even in metros like Philadelphia where a majority of residents are people of color.
The analysis is part of Reveal's ongoing coverage of modern-day redlining in America, which found 61 metro area s, from Jacksonville, Florida to Tacoma, Washington, where people of color were significantly more likely to be denied a conventional home loan than their white counterparts. This was true even when people of color earned the same amount of money as white loan applicants, wanted to take on the same size loan or buy in the same neighborhood.
Reveal's analysis also found people of color were far more likely to be denied a loan in many of Berkshire Hathaway's largest markets, including Atlanta, Philadelphia, and Washington, DC. It makes loans through three firms , Trident Mortgage, HomeServices Lending LLC and Prosperity Home Mortgage LLC. Here's a breakdown:
— In Philadelphia, Trident Mortgage made 1,721 conventional home purchase loans in 2015 and 2016, 47 of them to African Americans and 42 to Latinos.
— In Atlanta, HomeServices Lending made 1,358 conventional home purchase loans, 63 to African Americans and 46 to Latinos.
— In Washington, D.C., Prosperity Home Mortgage made 2,650 conventional home purchase loans, including 167 to African Americans and 144 to Latinos.
Legal experts said Berkshire Hathaway's mortgage companies were carrying out the very practices outlawed by the Fair Housing Act, a 50-year-old law that banned racial discrimination in lending, by locating their branches in white neighborhoods, employing mortgage consultants who - from their websites - appear to be overwhelmingly white and lending mostly to white borrowers.
"It sounds to me like they are intentionally avoiding doing business with people of color," said Allison Bethel, director of the fair housing clinic at the John Marshall Law School in Chicago.
Representatives of Berkshire Hathaway and its affiliated mortgage companies declined to give interviews for this story. In a statement , HomeServices of America said it was "categorically false" to imply its "lenders are trying to ensure that they don't get applications from people of color."
Berkshire Hathaway's "lenders have constantly focused on improving access to mortgage loans in minority communities," the statement said, adding that the companies "actively recruit diverse candidates and are committed to cultivating a diverse workforce."
"Respectfully, a mortgage officer is not the only relevant employee to consider," the company said in a follow-up email. Trident's entire staff is 82 percent white, it said, as is HomeServices Lending's. Prosperity Home Mortgage's staff is 70 percent white.
Reveal conducted a market share analysis covering millions of loan records, made available under the Home Mortgage Disclosure Act, employing techniques the Federal Reserve and the Department of Justice use to spotlight lending disparities.
The analysis compared the racial breakdown of mortgage lending for every lender in every city in America. It showed Berkshire Hathaway's mortgage companies took in a far greater proportion of their conventional loan applications from white homebuyers than their competitors in its largest markets in 2015 and 2016.
The figures were especially stark for Trident, which placed all of its 55 loan centers across Delaware, New Jersey and Pennsylvania in majority-white neighborhoods, Reveal's analysis found. The analysis also showed 92 percent of the company's conventional home loan applications came from borrowers in majority-white neighborhoods. When it did lend in neighborhoods where the majority of residents were people of color, most of the loans still went to whites.
Berkshire Hathaway's mortgage business has the hallmarks of one that could be prosecuted for "failure to serve" under the Fair Housing Act, according to Eric Halperin, a former federal prosecutor who oversaw fair lending cases during President Barack Obama's first term. That's when "you take a series of actions that ensure you don't get applications from people of color," he said.
The lack of diversity in Trident's staffing and lending disturbed Beth Warshaw, 38, a white manager at a local arts nonprofit, who last year bought a two-bedroom brick row house in a primarily African American neighborhood of South Philadelphia.
Warshaw worked with a white loan real estate agent and white loan officer from Trident.
"It struck me how white everything was," she said. "Somebody is not asking themselves the right questions, including me."
The government lending data analyzed by Reveal also showed Trident served a much smaller and whiter section of the Philadelphia area than the region's No. 2 lender, Wells Fargo, which overall took in a slightly smaller number of conventional home purchase applications. Trident made 26 times as many conventional loans to white homebuyers as blacks in Philadelphia in 2015 and 2016, the government data show. For Wells Fargo, that ratio was seven to one.
In its statement, HomeServices of America said Trident plans this June to launch "a campaign in many Philadelphia majority-minority areas as well as in Camden, New Jersey and Allentown, Pennsylvania to attract minority applicants."
Leaders in Philadelphia's African American community - including those who work to promote homeownership - said they had never heard of Trident.
In Nicetown, a section of North Philadelphia where vacant, boarded-up row homes dot the landscape, the chief operating officer of the local community development corporation said she would love it if Trident's loan officers would attend one of her homebuyers clubs.
"It would help us a lot," said Majeedah Rashid. "This community needs help. It needs investment."
This article was provided to The Associated Press by the nonprofit news outlet Reveal from The Center for Investigative Reporting. To read — or publish — the original investigation go to: revealnews.org/redlining
Aaron Glantz can be reached at [email protected] , and Emmanuel Martinez can be reached at [email protected] . Follow them on Twitter: @Aaron_Glantz and @eman_thedataman. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-buffetts-mortgage-companies-found-to-cater-to-white-clients.html |
May 14 (Reuters) - Mustang Bio:
* MUSTANG BIO REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * MUSTANG BIO - Q1 LOSS PER SHARE $0.24 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mustang-bio-q1-loss-per-share-024/brief-mustang-bio-q1-loss-per-share-0-24-idUSL3N1SL6JI |
Late Friday afternoon, SpaceX successfully launched and landed the Block 5 upgrade of its Falcon 9 rocket for the first time. Along the way, the rocket also successfully deployed the Bangabandhu Satellite-1, which will provide video and broadband service for Bangladesh. But the implications for Elon Musk’s spaceflight operation are much larger than a single communications sattelite.
That’s because the Falcon 9 Block 5 represents a culmination of SpaceX’s founding mission – low-cost spaceflight through reusable rockets . According to Musk and SpaceX, each Block 5 rocket will be able to fly at least 10 missions with minimal refurbishing, and with as little as 24 hours between launches. One major part of that reuse is landing the rocket’s first stage back on Earth, which SpaceX pulled off without a hitch after yesterday’s launch.
Falcon 9 Block 5 first stage has landed on the Of Course I Still Love You droneship. pic.twitter.com/YHqdxIrc8b
— SpaceX (@SpaceX) May 11, 2018
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But many other small improvements to the Falcon 9 are also key to true low-cost reusability. The Block 5 upgrades, according to Thursday statements from Musk reported by Ars Technica , have been learned bit by bit since the company’s founding. Musk said it has taken “sixteen years of extreme effort and many, many iterations, and thousands of small but important development changes to get to where we think this is even possible.” Musk also emphasized that “we still need to demonstrate” the 24 hour turnaround time, “but it can be done.”
The Block 5 improvements include making the rocket’s boosters more durable and powerful, and strengthening the infrastructure that holds the engines in place. In addition to making the rockets more reusable, the improvements should help the Falcon 9 qualify to carry humans into space . NASA wants to see seven successful flights by the upgraded Falcon 9, which could then be used to ferry astronauts to the International Space Station. | ashraq/financial-news-articles | http://fortune.com/2018/05/12/spacex-falcon-9-block-5-rocket/ |
NEW YORK, May 1, 2018 /PRNewswire/ -- The Board of Directors of S&P Global (NYSE: SPGI) has approved a regular quarterly cash dividend on the Corporation's common stock. The dividend of $0.50 is payable on June 12, 2018, to shareholders of record on May 29, 2018. The annualized dividend rate is $2.00 per share.
The Company has paid a dividend each year since 1937 and is one of fewer than 25 companies in the S&P 500® that has increased its dividend annually for at least the last 45 years.
About S&P Global:
S&P Global is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The Company's divisions include S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices and S&P Global Platts. S&P Global has approximately 20,000 employees in 31 countries. For more information, visit www.spglobal.com .
Media Relations Contact:
Jason Feuchtwanger
Director, Corporate Media Relations
(212) 438-1247 (office)
(347) 419-4169 (cell)
[email protected]
Investor Relations Contact:
Chip Merritt
Vice President, Investor Relations
(212) 438-4321
[email protected]
View original content: http://www.prnewswire.com/news-releases/sp-global-declares-quarterly-dividend-300640276.html
SOURCE S&P Global | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-sp-global-declares-quarterly-dividend.html |
May 8, 2018 / 12:11 PM / in an hour REFILE-Intesa Sanpaolo sticks to higher profit pledge after Q1 tops forecast Reuters Staff 2 Min Read
(Refiles to correct dateline)
MILAN, May 8 (Reuters) - Italy’s top retail bank Intesa Sanpaolo stuck to its pledge for higher full-year profits after beating forecasts in the first quarter, lifted by higher trading and net interest income.
Profits in the period rose 39 percent on the year to 1.252 billion euros ($1.5 billion) well above a consensus forecast from four analysts of 872 million euros.
The bank confirmed it would pay 85 percent of profit in dividends this year and said results showed it was on track to deliver higher profits in 2018 from 3.8 billion euros last year.
In recent years Intesa has switched from a traditional lending activity to business increasingly based on fees earned through asset management and insurance.
“This is a very good set of results at the top line level thanks to trading, net interest income and commissions, while the cost of risk is very low,” said a Milan broker who asked not to be named.
Intesa said in the first quarter gross non-performing loans amounted to 11.7 percent of overall loans with gross soured loans cut by 1.5 billion euros.
At 1200 GMT Intesa shares were down 1.2 percent compared with a 2.3 percent fall in the Italian banking index . $1 = 0.8425 euros Reporting by Stephen Jewkes Editing by Louise Heavens and David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/intesa-sanpaolo-results/intesa-sanpaolo-sticks-to-higher-profit-pledge-after-q1-tops-forecast-idUSL8N1SE5OX |
April 30 (Reuters) - GITI Tire Corp :
* Says resignation of general manager Dong Min
Source text in Chinese: goo.gl/XKSgMM
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-giti-tire-says-resignation-of-gene/brief-giti-tire-says-resignation-of-general-manager-dong-min-idUSL3N1S73IK |
May 16 (Reuters) - Wyndham Worldwide Corp:
* WYNDHAM WORLDWIDE ANNOUNCES EXPECTED DIVIDENDS FOR TWO POST-SPIN-OFF COMPANIES
* WYNDHAM WORLDWIDE CORP - EXPECTED QUARTERLY DIVIDENDS FOR TWO INDEPENDENT PUBLIC COS WILL RESULT FROM UPCOMING SPIN-OFF OF WYNDHAM HOTELS & RESORTS
* WYNDHAM WORLDWIDE CORP - EXPECTED DIVIDENDS ARE SUBJECT TO DECLARATION BY BOARDS OF DIRECTORS OF EACH COMPANY
* WYNDHAM WORLDWIDE CORP - WYNDHAM HOTELS & RESORTS, INC. EXPECTS TO PAY A QUARTERLY CASH DIVIDEND OF $0.25 PER SHARE
* WYNDHAM WORLDWIDE - WYNDHAM WORLDWIDE CORP, WHICH WILL BE RENAMED WYNDHAM DESTINATIONS, EXPECTS TO PAY QUARTERLY CASH DIVIDEND OF $0.41/ SHARE
* WYNDHAM WORLDWIDE CORP - BOARDS OF BOTH COMPANIES ARE EXPECTED TO DECLARE RESPECTIVE DIVIDENDS IN NEAR FUTURE Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wyndham-worldwide-announces-expect/brief-wyndham-worldwide-announces-expected-dividends-for-two-post-spin-off-companies-idUSFWN1SN0M8 |
Investors seeking both high income and low taxes poured billions of dollars into publicly traded energy master limited partnerships. Now many have tax headaches—surprisingly big bills from Uncle Sam and return preparers.
Two new MLP deals, from Williams Companies Inc.. and Enbridge Inc., are the latest to trigger these headaches. In these deals, known as roll-ups, the corporation sponsoring an MLP pulls it back into the corporate fold, and MLP investors exchange their units for corporate stock.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/thetax-freeinvestment-causing-massive-tax-headaches-1527240601 |
May 15 (Reuters) - OncoCyte Corp:
* Q1 LOSS PER SHARE $0.12 * Q1 EARNINGS PER SHARE VIEW $-0.12 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-oncocyte-reports-q1-loss-per-share/brief-oncocyte-reports-q1-loss-per-share-0-12-idUSASC0A2FD |
Iraq’s al-Sadr, promising reform, is constrained by Iran Muqtada al-Sadr says he wants to form a government that puts Iraqis first. Published 8 Hours Ago The Associated Press HAIDAR HAMDANI | AFP | Getty Images Iraqi Shiite cleric and leader Moqtada al-Sadr (C-L) shows his ink-stained index finger and holds a national flag while surrounded by people outside a polling station in the central holy city of Najaf on May 12, 2018 as the country votes in the first parliamentary election since declaring victory over the Islamic State (IS) group.
Iraq's Muqtada al-Sadr, the maverick Shiite cleric whose political coalition beat out Iran's favored candidates to come in first in national elections , says he wants to form a government that puts Iraqis first.
The electoral commission announced early Saturday that the militant-turned-populist preacher, who has long spoken out against both Iranian and U.S. influence in Iraq, had defeated his establishment rivals.
Al-Sadr — who is remembered for leading an insurgency against U.S. forces after the 2003 invasion — did not run for a seat himself and is unlikely to become prime minister, but will command a significant number of seats and has already begun informal talks about government formation.
Salah al-Obeidi, a spokesman for al-Sadr's Sa'eroun political bloc, told The Associated Press that Iraq's sovereignty was going to be the new government's "guiding principle."
"We warn any other country that wants to involve itself in Iraqi politics not to cross the Iraqi people," he said.
However, even as al-Sadr is in position to nominate a prime minister and set the political agenda for the next four years, he will find his choices limited by Iran.
The Middle East's pre-eminent Shiite power has a direct line with some of Iraq's most powerful politicians, and it is trying to rally them as a bloc to undercut al-Sadr.
Al-Sadr's rise threatens Iran's claim to speak on behalf of Iraq's Shiite majority, a precedent that could fuel independent Shiite movements elsewhere. Also at stake are top ministerial posts — political appointments that are a source of patronage and police and military power.
Al-Sadr himself has kept a relatively low public profile. But in a public relations move that appeared to be directed at Iran, he appeared on Thursday with rival cleric Ammar al-Hakim, who has drifted away from Iran's orbit in recent years, to say the two men share similar visions for the next government.
Tehran has dispatched its top regional military commander, Gen. Qassem Soleimani, to pull together a coalition to counterbalance al-Sadr, according to an Iraqi Shiite militia commander who is familiar with the meetings.
"Iran won't accept the creation of a Shiite bloc that is a threat to its interests. It's a red line," said the commander, who spoke on the condition of anonymity because of the sensitivity of the discussions.
Al-Sadr's relationship with Iran is a complicated one. Though he has maintained close ties with Iran's political and religious leadership, in recent years he has denounced the flow of Iranian munitions to Shiite militias in Iraq, all the while maintaining his own so-called Peace Brigades in the holy city of Samarra, north of Baghdad.
Al-Sadr's former Mehdi Army militia, which spearheaded an insurgency against the U.S., clashed violently with the Iran-backed Badr Organization last decade.
The militias plugged the gaps left by Iraq's army as soldiers deserted their posts in the face of the Islamic State group 's lightning campaign in the summer of 2014. With direction from Iran's Revolutionary Guard, they turned the tide against the initial advance. In the years that followed, the militias — coordinating with U.S.-backed Iraqi ground forces — slowly pushed IS fighters back. Iraq declared victory over the group last year.
Al-Sadr has said he wants the militias absorbed into the national security forces, a move Iran would find difficult to accept.
Iran is also rankled by al-Sadr's recent overtures to Saudi Arabia and the United Arab Emirates, which are locked in proxy wars with Tehran in Syria and Yemen. Al-Sadr met with the crown princes of Saudi Arabia and Abu Dhabi in August, leading Iran's hard-line Keyhan newspaper to accuse al-Sadr of "selling himself" to the house of Saud.
It is unlikely al-Sadr can pull together a governing coalition without Iran-aligned political groups, which have the votes to form their own alliance that could challenge al-Sadr's right to name a prime minister.
An electoral alliance of the militias called Fatah, headed by Hadi al-Amiri, the commander of the Badr Organization, won just seven seats fewer than al-Sadr's bloc. Sa'eroun won 54 seats in Iraq's 329-seat national assembly, a far cry from the 165 required to claim a majority.
The militias control the powerful Interior Ministry in the outgoing government and will expect a similar position of influence in the new one.
Al-Sadr seems inclined to woo incumbent Prime Minister Haider al-Abadi, who is seen as a centrist when it comes to Iranian and U.S. interests, and who appears to be wavering between al-Sadr and al-Amiri.
But Tehran still holds considerable sway with al-Abadi's al-Nasr bloc, which includes several Iran-aligned figures, including one newly minted deputy who has come under U.S. sanctions for allegedly financing Iran's Revolutionary Guard.
Iran's political allies in Iraq will try to pressure those figures into deserting al-Abadi and collapsing an al-Sadr alliance if the formulation is not to Tehran's liking, said a Western diplomat who has been speaking to the sides involved. The diplomat spoke on the condition of anonymity because of media regulations.
That gives Iran — and al-Abadi — leverage over al-Sadr to moderate his positions on the militias and Iran.
Hanging above the talks is the implied threat by all sides to mobilize their followers — and militias — if they feel they are being shortchanged. The collective effect could be to push al-Sadr's bloc toward a broader governing coalition that would dilute his reform agenda.
His top showing at the ballot box means the next prime minister will have to introduce a civil service law that al-Sadr has championed as an antidote to Iraq's endemic corruption, said Kirk Sowell, the publisher of Inside Iraqi Politics, a political and security newsletter. But that doesn't mean the Cabinet or parliament will sign off on it.
"There's not going to be a functioning majority," said Sowell. "It'll be a hodge-podge, coalition government, and it's not going to be any more stable than the last one." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/iraqs-al-sadr-promising-reform-is-constrained-by-iran.html |
Blue Panorama plane crashes in Cuba 2 Hours Ago 01:08 01:08 | 3 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/blue-panorama-plane-crashes-cuba.html |
Mark Zuckerberg declined an invitation to testify before U.K. officials, but he's agreed to meet with the EU Parliament as soon as next week.
"The Conference of Presidents has agreed that Mark Zuckerberg should come to clarify issues related to the use of personal data in a meeting with representatives of the European Parliament," Antonio Tajani, president of the European Parliament, said in a statement. "The founder and CEO of Facebook has accepted our invitation and will be in Brussels as soon as possible, hopefully already next week."
EU officials have issued some of the strictest regulation on Silicon Valley in recent months, most notably the General Data Protection Regulation, or GDPR , that is requiring major tech companies like Facebook, Twitter and Google to significantly adjust privacy policies.
"Our citizens deserve a full and detailed explanation," Tajani said. "Web giants must be responsible for the content they publish."
Facebook is facing governmental probes from regulators around the world in the wake of reports that research firm Cambridge Analytica improperly gained access to the sensitive information of as many as 87 million Facebook users.
A spokesperson for Facebook confirmed Zuckerberg accepted the invitation to meet.
"[We] appreciate the opportunity for dialogue, to listen to their views and show the steps we are taking to better protect people's privacy," the spokesperson said.
Here's Tajani's full statement:
tweet with statement | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/mark-zuckerberg-will-appear-before-eu-regulators-president-says.html |
May 24 (Reuters) - Ant Financial Services Group :
* ANT FINANCIAL SAYS PARTNERS WITH CHINA EVERBRIGHT BANK AND EVERBRIGHT TECHNOLOGY TO FACILITATE THE BANK’S DIGITAL TRANSFORMATION
* ANT FINANCIAL SAYS IT WILL WORK WITH CHINA EVERBRIGHT BANK TO HELP IT DEVELOP AREAS SUCH AS PRIVATE AND HYBRID CLOUD PLATFORMS, INTERNET FINANCE AND AI-DRIVEN APPLICATIONS Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ant-financial-china-everbright-ban/brief-ant-financial-china-everbright-bank-to-cooperate-on-the-banks-digital-transformation-idUSS7N1RM026 |
WASHINGTON (Reuters) - U.S. Senate investigators have concluded that President Barack Obama’s administration was too slow to investigate suspected Russian interference in the 2016 U.S. election, two sources familiar with their inquiries said.
FILE PHOTO: Voters cast their votes during the U.S. presidential election in Elyria, Ohio, U.S. November 8, 2016. REUTERS/Aaron Josefczyk/File Photo The sources, speaking on the condition of anonymity, told Reuters the Senate Intelligence Committee found that although there was mounting evidence of Russian interference for months before the November 2016 election, the Obama administration did not press U.S. intelligence and law enforcement agencies to investigate.
Law enforcement and intelligence officials say the administration’s stance was consistent with customary law enforcement and intelligence agency practice to avoid influencing voters in the run-up to an election.
Former Obama administration national security officials did not immediately respond to requests for comment.
Investigators in the Senate have not yet published their report on the findings, which may add more political intrigue to a battle U.S. President Donald Trump and his supporters are waging against Special Counsel Robert Mueller’s yearlong investigation into Russian interference and possible collusion between Trump’s campaign and Russia. Russia denies meddling and Trump denies any campaign collusion.
The bipartisan report, expected this summer, appears to undercut a suggestion by Trump and his supporters that the FBI may have planted an informant in his campaign to supply evidence of collusion with Russia, the sources said.
In the months before the election, the FBI also was investigating the Clinton Foundation for its fundraising practices and Democratic presidential candidate Hillary Clinton’s and some of her associates’ use of a private email server while she was Obama’s Secretary of State.
An unclassified extract of one report made public by the committee examined security weaknesses in U.S. election systems. The second concurred with the assessment by the FBI, CIA and National Security Agency that Russia tried to assist Trump and damage Clinton, the committee said in a press release.
The House of Representatives Intelligence Committee’s Republican majority, however, said it found “no evidence of collusion, coordination, or conspiracy between the Trump campaign and the Russians.”
Some of Trump’s closest conservative allies in Congress on Tuesday called for the appointment of a second special counsel to investigate the FBI probe into Trump’s campaign, Russia and the 2016 election.
Reporting By Mark Hosenball; Editing by John Walcott and Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-senate/obama-administration-too-slow-to-probe-russian-meddling-in-2016-senate-sources-idUSKCN1IN31R |
SILVER SPRING, Md., May 4, 2018 /PRNewswire-USNewswire/ -- The U.S. Food and Drug Administration approved Tafinlar (dabrafenib) and Mekinist (trametinib), administered together, for the treatment of anaplastic thyroid cancer (ATC) that cannot be removed by surgery or has spread to other parts of the body (metastatic), and has a type of abnormal gene, BRAF V600E (BRAF V600E mutation-positive).
"This is the first FDA-approved treatment for patients with this aggressive form of thyroid cancer, and the third cancer with this specific gene mutation that this drug combination has been approved to treat," said Richard Pazdur, M.D., director of the FDA's Oncology Center of Excellence and acting director of the Office of Hematology and Oncology Products in the FDA's Center for Drug Evaluation and Research. "This approval demonstrates that targeting the same molecular pathway in diverse diseases is an effective way to expedite the development of treatments that may help more patients."
Thyroid cancer is a disease in which cancer cells form in the tissues of the thyroid gland. Anaplastic thyroid cancer is a rare, aggressive type of thyroid cancer. The National Institutes of Health estimates there will be 53,990 new cases of thyroid cancer and an estimated 2,060 deaths from the disease in the United States in 2018. Anaplastic thyroid cancer accounts for about 1 to 2 percent of all thyroid cancers.
Both Tafinlar and Mekinist are also approved for use, alone or in combination, to treat BRAF V600 mutation-positive metastatic melanoma. Additionally, Tafinlar and Mekinist are approved for use, in combination, to treat BRAF V600E mutation-positive, metastatic non-small cell lung cancer.
The efficacy of Tafinlar and Mekinist in treating ATC was shown in an open-label clinical trial of patients with rare cancers with the BRAF V600E mutation. Data from trials in BRAF V600E mutation-positive, metastatic melanoma or lung cancer and results in other BRAF V600E mutation-positive rare cancers provided confidence in the results seen in patients with ATC. The trial measured the percent of patients with a complete or partial reduction in tumor size (overall response rate). Of 23 evaluable patients, 57 percent experienced a partial response and 4 percent experienced a complete response; in nine (64 percent) of the 14 patients with responses, there were no significant tumor growths for six months or longer.
The side effects of Tafinlar and Mekinist in patients with ATC are consistent with those seen in other cancers when the two drugs are used together. Common side effects include fever (pyrexia), rash, chills, headache, joint pain (arthralgia), cough, fatigue, nausea, vomiting, diarrhea, myalgia (muscle pain), dry skin, decreased appetite, edema, hemorrhage, high blood pressure (hypertension) and difficulty breathing (dyspnea).
Severe side effects of Tafinlar include the development of new cancers, growth of tumors in patients with BRAF wild-type tumors, serious bleeding problems, heart problems, severe eye problems, fever that may be severe, serious skin reactions, high blood sugar or worsening diabetes, and serious anemia.
Severe side effects of Mekinist include the development of new cancers; serious bleeding problems; inflammation of intestines and perforation of the intestines; blood clots in the arms, legs or lungs; heart problems; severe eye problems; lung or breathing problems; fever that may be severe; serious skin reactions; and high blood sugar or worsening diabetes.
Both Tafinlar and Mekinist can cause harm to a developing fetus; women should be advised of the potential risk to the fetus and to use effective contraception.
The FDA granted Priority Review and Breakthrough Therapy designation for this indication. Orphan Drug designation, which provides incentives to assist and encourage the development of drugs for rare diseases, was also granted for this indication.
The FDA granted this approval to Novartis Pharmaceuticals Corporation.
The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation's food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products.
For more information:
FDA: Office of Hematology and Oncology Products
FDA: Approved Drugs: Questions and Answers
FDA: Fast Track, Breakthrough Therapy, Accelerated Approval, Priority Review
NIH: Thyroid Cancer
Media Inquiries: Sandy Walsh, 301-796-4669, [email protected]
Consumer Inquiries: 888-INFO-FDA
View original content with multimedia: http://www.prnewswire.com/news-releases/fda-approves-new-uses-for-two-drugs-administered-together-for-the-treatment-of-braf-positive-anaplastic-thyroid-cancer-300642945.html
SOURCE U.S. Food and Drug Administration | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-fda-approves-new-uses-for-two-drugs-administered-together-for-the-treatment-of-braf-positive-anaplastic-thyroid-cancer.html |
May 18, 2018 / 9:04 PM / Updated 44 minutes ago German minister seeks deportation of former bin Laden bodyguard Reuters Staff 2 Min Read
BERLIN (Reuters) - German Interior Minister Horst Seehofer has ordered immigration authorities to expedite proceedings that would allow Germany to deport a suspected Islamist radical who once served as Osama bin Laden’s bodyguard, a German newspaper reported on Friday. German Interior Minister Horst Seehofer visits the Federal Police Offices in Potsdam, Germany, May 15, 2018. REUTERS/Hannibal Hanschke
The case of Sami A., a 41-year-old Tunisian man, sparked outrage last month after German media reported that he was receiving welfare benefits despite the fact that intelligence agencies had classified him as a potential threat.
German authorities have been trying to deport the man, who has lived in the northwestern city of Bochum since 1997, since 2006 but the threat of torture in his home country had prevented this, according to the mass-circulation Bild newspaper.
“The BAMF (Federal Office for Migration and Refugees) has initiated a revocation proceeding against the former bodyguard of Osama bin Laden. I have ordered the BAMF to carry out the process with the highest priority,” Bild quoted Seehofer as saying in an online report.
Seehofer said he would keep close tabs on the process and that Germany’s constitutional court and the European Court of Human Rights had both signalled that suspected Islamist radicals could be expelled.
Earlier this month Germany deported another Tunisian man, Haikel S., who is a suspected member of Islamic State and accused of being involved in a number of militant attacks in Tunisia, including one at the Bardo Museum in 2015 in which more than 20 people were killed. Reporting by Andrea Shalal; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-security/german-minister-seeks-deportation-of-former-bin-laden-bodyguard-idUKKCN1IJ2QL |
May 1 (Reuters) - Kforce Inc:
* KFORCE REPORTS FIRST QUARTER 2018 REVENUES OF $346.3 MILLION; NET INCOME OF $9.2 MILLION, OR $0.37 PER SHARE; TECH FLEX GROWTH ACCELERATES TO 6.7% YEAR-OVER-YEAR
* Q1 EARNINGS PER SHARE $0.37 * Q1 REVENUE $346.3 MILLION VERSUS I/B/E/S VIEW $345.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.36 — THOMSON REUTERS I/B/E/S
* SEES Q2 REVENUE OF $355 MILLION TO $360 MILLION * SEES Q2 EARNINGS PER SHARE OF $0.62 TO $0.65 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kforce-reports-q1-earnings-per-sha/brief-kforce-reports-q1-earnings-per-share-0-37-idUSASC09YPL |
NEW YORK, May 01, 2018 (GLOBE NEWSWIRE) -- ChemioCare USA Inc. (“ChemioCare” or the “Company”), a biotech company focused on transforming chemotherapy induced nausea and vomiting (CINV) outcomes through transdermal patch technology, today announced the addition of two experienced professionals to its management and Board. Dr. Julian Howell joins the Company as Chief Medical Advisor and Nitin Kaushal joins the Company’s Board of Directors.
"We are pleased to welcome Julian and Nitin to our team, and believe their experience will be invaluable to the company in its rapid development pace," said Pedro Lichtinger, Chairman and CEO. "Their experience in clinical development and in financing will support our low risk, fast to market, and limited capital needs strategy. Julian and Nitin have strong track records as trusted leaders in the biotech industry and I look forward to working with them."
"I am very pleased to be joining the ChemioCare team as the company is preparing to take products in to clinical development," stated Dr. Howell. "…., I look forward to bringing my experience in supportive care specifically to assist the Company as we develop differentiated products to improve CINV control for patients."
"I am excited to join ChemioCare’s Board of Directors," said Mr. Kaushal. "This is a unique opportunity to help shape a Company with de-risked products targeting markets with significant unmet medical needs.”
Julian Howell, MBBS, FRCS, FFPM, MBA
Dr. Julian Howell, MBBS, FRCS, FFPM, MBA, has broad experience in development of CINV products; including successful registration and launch of Sancuso® (granisetron patch) and Kytril® (granisetron oral). Clinical development experience spanning 15 years, bringing small molecules and biological products through all phases of clinical development including multiple product approvals in Europe and the US. He gained medical and surgical qualifications in the UK and worked in the UK health service before completing an MBA at Cranfield University and joining the pharmaceutical industry, initially at SmithKlineBeecham and subsequently in senior clinical and medical affairs roles at Roche, Chiron and Pharmion.
Nitin Kaushal
Nitin Kaushal is a Managing Director in the Deals practice at PwC Canada. Nitin has more than 25 years experience in the financial investing, life sciences, consumer health care, health care services and medical device industries. His experience includes board of directorships with pharmaceutical and health care companies. He has also held senior roles in investment banking, venture capital and consulting firms. Nitin has performed over 50 merger, acquisition, strategic advisory, and licensing assignments. He has been an advisor to many of the leading global pharma companies and has participated in capital market transactions raising in excess of $2Bn.
About ChemioCare
A biotech company focused on transforming chemotherapy induced nausea and vomiting (CINV) outcomes through transdermal patch technology. ChemioCare has 4 single active ingredient patches in development using proprietary, proven transdermal patch technology. The company is targeting the 505(b)2 regulatory path with key differentiators on-label, establishing improved efficacy and reduced or eliminated side effects from originator products.
To learn more, visit www.chemio.care
This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of the business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the company's beliefs, assumptions and expectations of future performance, taking into account information currently available to the company. Neither the company, nor any other person assumes responsibility for the accuracy or completeness of these statements. Information in this press release will be updated only to the extent required under applicable laws. If a change occurs, business, financial condition, liquidity and results of operations may vary materially for from those expressed in the aforementioned forward-looking statements.
Contact Investor Relations:
[email protected]
+1 800 449 5405 Ext. 700
Source: ChemioCare | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-chemiocare-announces-addition-of-chief-medical-advisor-and-director.html |
Trump: If North Korea summit isn't a success, I will leave 2 Hours Ago President Trump and Nigerian President Muhammadu Buhari answer questions from the press during a joint news conference. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/trump-if-north-korea-summit-isnt-a-success-i-will-leave.html |
(Adds approved mergers)
BRUSSELS, May 2 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:
APPROVALS AND WITHDRAWALS None
NEW LISTINGS — U.S. insurer American International Group to acquire Bermuda-based reinsurer Validus Holdings Ltd (notified April 30/deadline June 11/simplified)
— Private equity firm One Equity Partners to acquire packaging company Walki Holding (notified April 27/deadline June 8/simplified)
EXTENSIONS AND OTHER CHANGES None
FIRST-STAGE REVIEWS BY DEADLINE
MAY 3 — U.S. auto parts retailer LKQ Corp to acquire German peer Stahlgruber (notified March 9/deadline extended to May 3 from April 18 after the German national competition authority requested to take over the case)
MAY 4 — U.S. aerospace and industrial company United Technologies Corp to acquire avionics maker Rockwell Collins (notified March 12/deadline extended to May 4 from April 19 after UTC offered concessions)
MAY 8 — Italian cable company Prysmian to acquire U.S. peer General Cable (notified March 28/deadline May 8)
MAY 15 — U.S. cable company Liberty Global to acquire Dutch peer Ziggo (notified April 4/deadline May 15)
MAY 23 — Apollo Capital Management to acquire Cyprus Cooperative Bank (notified April 11/deadline May 23/simplified)
— British paper company Mondi to acquire Finnish corrugated case materials maker Powerflute (notified April 11/deadline May 23)
— Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to May 23 after ArcelorMittal offered concessions)
MAY 25 — Global asset manager The Carlyle Group to acquire Accolade Wines Holdings Australia and Accolade Wines Holdings Europe (notified April 13/deadline May 25/simplified)
MAY 28 — U.S coatings maker Axalta Coating Systems to acquire wire enamel manufacturer IVA’s European and Chinese operations (notified April 16/deadline May 28)
— U.S. agricultural merchant Archer Daniels Midland and agricultural trading house Cargill to set up a joint venture in Egypt (notified April 16/deadline May 28/simplified)
MAY 29 — Asset management firms Avenue Capital, Pemberton and private equity firm Permira to jointly acquire luggage bags maker Delsey (notified April 17/deadline May 29/simplified)
MAY 30 — Global asset management company Carlyle and U.S. investment company TA Associates to jointly acquire sales marketing company Discoverorg which is now solely controlled by TA Associates (notified April 18/deadline May 30/simplified)
MAY 31 — Swedish bank Skandinaviska Enskilda Banken AB (SEB) to acquire lamp maker Aura Light International AB (notified April 19/deadline May 31/simplified)
— Private equity firm Advent International to acquire British electronics and technnology company Laird (notified April 19/deadline May 31/simplified)
JUNE 1 — Swiss engineering company ABB to acquire General Electric’s industrial solutions business (notified April 20/deadline June 1)
JUNE 4 — Japanese chemicals company Kuraray, Thai petrochemicals group PTT Global Chemical Public Company and Japan’s Sumitomo Corp to set up a joint venture (notified April 23/deadline June 4/simplified)
JUNE 5 — Canadian pension fund OTPP and asset management company Carlyle Group to jointly acquire French campsite operator European Camping Group, which is now solely controlled by Carlyle Group (notified April 24/deadline June 5/simplified)
— French prepaid meal voucher and card provider Edenred to increase its stake in fuel cards issuer UTA (notified April 24/deadline June 5/simplified)
JUNE 6 — UK private equity group 3i Group Plc to acquire a 35 percent stake in ferry operator Scandlines after selling the company to infrastructure funds First State Investments and Hermes Investment Management (notified April 25/deadline June 6/simplified)
— Japanese electronics company Alps Electric Co to acquire Japanese car infotainment systems maker Alpine Electronics (notified April 25/deadline June 6/simplified)
JUNE 7 — German power grid makers Stadtwerke Olching and Bayernwerk Net to set up two joint ventures (notified April 26/deadline June 7/simplified)
JUNE 21 — South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to June 21 from June 7)
AUG 9 — German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to Aug. 9)
SEPT 4 — iPhone maker Apple to acquire UK music streaming service Shazam (notified March 14/deadline extended to Sept. 4 from April 23 after the European Commission opened an in-depth investigation)
DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case.
Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.
SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idUSL8N1S95VX |
Europe's new data and privacy rules take effect a week from Friday, clarifying individual rights to the personal data collected by companies around the world for targeted advertising and other purposes.
Years in the making, the rules are prompting companies to rewrite their privacy policies and in some cases, apply the European Union's tougher standards even in the U.S. and other regions where privacy laws are weak. Although they take effect as Facebook faces an enormous privacy crisis , that timing is largely coincidental.
Not much will change for you, at least right away; companies will keep on collecting and analyzing personal data from your phone, the apps you use and the sites you visit. The big difference is that now, the companies will have to justify why they're collecting and using that information.
So now companies are flooding their users with notices that aim to better explain their practices and the privacy choices they offer. European Union regulators have new powers to go after companies that get too grabby or that don't tell you clearly what they're doing with your data.
Here's a look at what the rules say and what they mean for consumers in the EU and elsewhere.
THE BIG DEAL WITH MAY 25
That's when the EU's General Data Protection Regulation takes effect. Instead of separate rules in separate nations across Europe, there's now a single set for the entire EU.
The new rules apply to all users in the 28-nation EU, regardless of where the companies collecting, analyzing and using their data are located. So the rules will affect giants such as Facebook and Google and small U.S. businesses with just one European client alike.
WHAT DO THE NEW RULES SAY?
Companies have to use plain language to explain how they collect and use data. While companies generally aren't changing what they're doing, they are revising privacy policies to eliminate legalese. Google is embedding video (from its YouTube service, of course) to further explain the concepts.
GDPR spells out six specific ways that companies can justify the "processing," or use, of personal data. Some are obvious, such as to fulfill contractual obligations — for instance, when an insurer pays out a claim. For other uses, such as ad targeting, companies can seek your consent. Those that aren't sure they got consent properly are now going back to users.
There's also a somewhat vague category called "legitimate interests." It's a catch-all justification that companies can fall back on to keep using data, though the company must show that its needs outweigh potential impact on users' privacy, said David Martin, senior legal officer for the European consumer group BEUC.
Companies are also required to give EU users the ability to access and delete data and to object to data use under one of the claimed reasons. Firms have to clarify how long they retain data.
And the rules force companies that suffer data breaches to disclose them within 72 hours. By contrast, it took Yahoo more than two years to reveal a breach that ultimately involved three billion users .
FOR COMPANIES OUTSIDE EUROPE
Facebook, Google and their ilk may be headquartered in Silicon Valley, but they have millions of users in Europe — and so have to comply with the new rules. Violators face fines of up to 20 million euros ($24 million) or 4 percent of annual global revenue — whichever is greater. That's an incentive for companies to take these rules seriously.
WHAT ABOUT USERS OUTSIDE THE EU?
Companies based in the EU have to offer these privacy protections to all their users, not just EU residents. Beyond that, the EU rules merely say they apply to "data subjects who are in the Union."
But it's an open question how the rules will affect visitors to Europe. Ailidh Callander of the London-based group Privacy International says many questions will be tested in courts and further rulemaking.
What's clear is that companies won't have to be as aggressive getting consent for data collection outside of Europe. (Absent regulation, companies typically assume consent unless a user says otherwise.) They can hold off seeking affirmative consent until you visit the EU, at which point you might confront a pop-up notice.
A GLOBAL DOUBLE STANDARD
Some companies are extending at least some EU-style protections to all users. But they won't face legal repercussions or fines if they fail to follow through with users outside the EU.
So unless the U.S. and other countries adopt privacy rules similar to those in the EU— something that's not likely any time soon — many companies are likely to maintain double privacy standards.
Facebook CEO Mark Zuckerberg, for instance, promised "global settings and controls" for users during his U.S. congressional testimony in April, but was otherwise vague on the subject. When asked if U.S. users would have the same rights Europeans have to object to the use of data, Zuckerberg said, "I'm not sure how we're going to implement that yet."
But segmenting EU customers from the rest of the world isn't easy, especially for smaller companies without Facebook's or Google's technical prowess. "It might seem like a smart move, but in some cases, it's more work," said Larry Ponemon, founder of the privacy research firm Ponemon Institute. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/the-associated-press-whats-changing-and-whats-not-under-new-data-privacy-rules.html |
Kilauea's mesmerizing lava show 5:47pm BST - 00:38
Lava continues to spew from fissures in Hawaii's Leilani Estates, where the Kilauea eruption that began on May 3rd has destroyed dozens of homes and other structures. Rough cut (no reporter narration).
Lava continues to spew from fissures in Hawaii's Leilani Estates, where the Kilauea eruption that began on May 3rd has destroyed dozens of homes and other structures. Rough cut (no reporter narration). //reut.rs/2ILvngQ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/kilaueas-mesmerizing-lava-show?videoId=429886526 |
Elon Musk's 'Boring' plans for L.A. transport 01:57
Billionaire entrepreneur Elon Musk promised a cheering crowd on Thursday that his controversial dream of burrowing a high-speed network of ''personalized mass transit'' tunnels under Los Angeles could be achieved without disturbance or noise at the surface.
Billionaire entrepreneur Elon Musk promised a cheering crowd on Thursday that his controversial dream of burrowing a high-speed network of "personalized mass transit" tunnels under Los Angeles could be achieved without disturbance or noise at the surface. //reut.rs/2Ivec2Y | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/elon-musks-boring-plans-for-la-transport?videoId=428053522 |
MONTREAL, May 10, 2018 (GLOBE NEWSWIRE) -- DAVIDsTEA Inc. (Nasdaq:DTEA) today commenced the mailing of its Management Proxy Circular ahead of the company’s Annual General Meeting of Shareholders that will take place in Montréal, Quebec on June 14, 2018 at 9:30 a.m.
Enclosed in the Management Proxy Circular is a letter to shareholders from the DAVIDsTEA Board of Directors outlining the important choice facing the company’s shareholders at the upcoming annual meeting and the reasons to vote FOR the DAVIDsTEA slate of director nominees. A copy of the letter is included below in full:
LETTER TO SHAREHOLDERS
Dear DAVIDsTEA shareholder:
Your vote at the June 14, 2018 meeting of shareholders of DAVIDsTEA has never been more important. Your vote will determine the path forward for the company and your investment. You have a choice between two differing futures:
DAVIDsTEA’s renewed board and current management team who have a positive vision for the future that includes innovative initiatives to enhance value for ALL shareholders;
or
Herschel Segal and his status quo plan which risks stalling DAVIDsTEA’s progress.
Promising Future with Current Management and Renewed Board
Your company has a promising future. This is something we – the DAVIDsTEA Board of Directors,
management, as well as co-founder and dissident shareholder, Herschel Segal – all agree on. To realize this promise, DAVIDsTEA must adapt to new challenges in the retail industry and meet the evolving expectations of our customers in order to sustain this progress. The status quo is not an option.
To this end, the DAVIDsTEA board and management have established a vision for your company anchored around four key pillars, all of which are rooted in data-driven customer perspectives and a deep understanding of what it will take to succeed in the future of retail:
Investing in e-commerce , which is a core part of DAVIDsTEA’s ambitious plan to grow online sales. Refocusing on merchandising and marketing to improve our service offerings, leverage our learnings and key customer insights from the past year to rebuild our product assortment, and drive new business. Leveraging our strong brand to drive sales through wholesale channels and international opportunities. Building a profitable store network by focusing on improving the productivity of existing stores and evaluating the closure of non-performing stores.
This is the future of DAVIDsTEA.
To execute on the go-forward plan, your company needs stability and sound guidance from a board of directors that brings the right experience and expertise and that provides a strong, dynamic new management team with the time and freedom it needs to realize the vision for the future of your company.
Mr. Segal, through his holding company Rainy Day Investments Ltd. (RDI), is proposing an alternative slate of directors that, in addition to giving him effective control of DAVIDsTEA, represents the status quo. We believe this would be a step backward for your company.
While we believe that Mr. Segal, as a 46% shareholder, is entitled to proportionate representation on the board, allowing Mr. Segal to take over the entire board with his handpicked slate as well as the title of executive chairman would permit him to run the board and the company like a family business. This would not serve the interests of all DAVIDsTEA shareholders. Who will represent the interests of ALL shareholders?
Large Shareholders Express Concerns About Mr. Segal’s Actions
We are not alone in our concerns. Three of DAVIDsTEA’s largest shareholders – Porchlight Equity Management, LLC (12.8%), TDM Asset Management PTY LTD. (12.2%), and Edgepoint Wealth Management, Inc. (11.5%) – have independently expressed their concerns with RDI’s actions and stated they had “serious concerns with RDI’s current approach and proposal”. In a March 28, 2018 letter 1 , the three shareholders stated:
“We believe it is important to recognize that, until his recent resignation, Herschel Segal, RDI’s President, has at all times been an active member of the Board and, through his influence as a director and significant shareholder, he has exerted considerable influence over DTEA’s board composition, management and strategic direction. While he is within his rights to express concerns with DTEA’s financial performance and seek change, we believe it is disingenuous for him to disregard his role in bringing the company to where it is today and present himself as the only shareholder whose views and experience should be considered in assembling DTEA’s Board.”
“The Board must continue to represent the interests of all shareholders, not just those of DTEA’s largest shareholder. As such, it is not in the best interests of DTEA or its shareholders that Mr. Segal be allowed to reconstitute the Board with his handpicked nominees.”
The Choice is Clear. Vote Your YELLOW Proxy Today
A vote FOR the DAVIDsTEA board nominees is a vote for stability, progress and the promise of a new vision for your company. It is a vote for the future success of DAVIDsTEA, something we all feel passionately about.
Shareholders are encouraged to read the management information circular which details the many reasons to support management’s board who will take DAVIDsTEA to the next phase and further the company’s success. Shareholders will also learn more about why we believe it would be a great concern to allow Mr. Segal to take control of your company.
It is very important that you act today and cast your vote . Please use the YELLOW form of proxy today to vote FOR DAVIDsTEA’s nominees, a slate that will act in the best interests of ALL shareholders.
We appreciate your support as we continue to work on value enhancing initiatives for the benefit of DAVIDsTEA and its shareholders.
The DAVIDsTEA Board of Directors
The Management Proxy Circular and associated information can be found on DAVIDsTEA’s website at 2018meeting.davidstea.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-davidstea-shareholders-urged-to-cast-important-vote-for-the-companyas-slate-at-upcoming-annual-meeting.html |
May 30, 2018 / 10:44 AM / Updated 10 hours ago Kerala to cut taxes on petrol, diesel to reduce retail prices: TV Reuters Staff 1 Min Read
NEW DELHI (Reuters) - Kerala will cut taxes on gasoline and gasoil to reduce retail fuel prices by 1 rupee/litre from June 1, Finance Minister Thomas Issac told television channel CNBC 18. A worker fills diesel in a car as he holds 500 Indian rupee banknotes at a fuel station in Kolkata, India, November 9, 2016. REUTERS/Rupak De Chowdhuri
Kerala’s move could put pressure on other states, mostly ruled by Prime Minister Narendra Modi’s Bharatiya Janata Party, to reduce taxes.
Communist party-ruled Kerala is the first state in the country that has decided to take a hit on its revenue to mitigate the impact of higher global prices on customers.
Issac said his government will calibrate tax rates in such a manner that retail fuel prices will be reduced by 1 rupee/litre from June 1.
Indian state refiners on Wednesday announced a marginal cut in retail prices of the two fuels. Reporting by Nidhi Verma; Editing by Subhranshu Sahu | ashraq/financial-news-articles | https://in.reuters.com/article/india-fuel-kerala/kerala-to-cut-taxes-on-petrol-diesel-to-reduce-retail-prices-tv-idINKCN1IV196 |
LONDON, May 8 (Reuters) - U.S. private equity firm Apollo Global Management said on Tuesday it does not intend to make an offer to acquire British bus and rail operator FirstGroup.
In April, Aberdeen-based FirstGroup, which has a market value of about 1.2 billion pounds ($1.70 billion), rejected a cash proposal from the U.S. fund. .
Apollo, which under British rules had until May 9 to take a decision, has now decided to walk away from the business, which operates Greyhound intercity coaches and school buses in North America and rail services in the UK.
Reporting by Clara Denina, editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/firstgroup-ma-apollo/u-s-private-equity-fund-apollo-walks-away-from-first-group-offer-idUSFWN1SF0BB |
MEXICO CITY/WASHINGTON May 24 (Reuters) - Mexico will not buckle to pressure to conclude the long-stalled renegotiation of NAFTA, President Enrique Pena Nieto’s spokesman said on Thursday, but a source said the country made a new offer after the United States launched a probe exploring auto tariffs.
Differences over how to reconfigure the auto industry have slowed progress on talks to rework the 23-year-old North American Free Trade Agreement that underpins Mexico’s economy, with Mexico showing some flexibility but refusing to completely meet U.S. demands.
On Wednesday, U.S. President Donald Trump’s administration said it would examine whether car and truck imports from around the world harm its auto industry, a move that may lead to new tariffs on exports to the world’s second-largest auto market.
One Trump official said the investigation was partly aimed at yielding NAFTA concessions from trade partners Mexico and Canada.
“Mexico is not going to negotiate on the basis of pressure, Mexico is very clear about what works and what doesn’t work for us,” said Pena Nieto’s spokesman, Eduardo Sanchez.
“If an agreement is reached, it will be one that truly benefits Mexico. If these conditions don’t exist, Mexico will not move forward,” he added.
Canadian Prime Minister Justin Trudeau on Thursday also said Washington was using the auto tariff probe as a negotiating tool.
However, Mexico made a new offer on autos “showing some flexibility” on Thursday, following the U.S. announcement of the national security probe into car imports, a person familiar with the talks said. It was not immediately clear if the offer encompassed other areas under negotiation.
The three sides are in constant contact, including phone calls between ministers, and further talks were likely over the weekend, the person said.
Mexico has in recent days responded to U.S. proposals with an offer that 20 percent of any auto made in North America would be produced in high-wage areas, a Mexican industry source briefed on the talks said. It was not immediately clear in what areas Mexico had shown further flexibility on Thursday.
The United States wants 40 percent of auto content to come from areas paying at least $16 hour.
Mexico has also proposed that 70 percent of overall content of a vehicle made in North America come from the region, countering a U.S. proposal of 75 percent for high-value parts.
Mexico and Canada have long demanded that the United States drop some of its most contentious ideas, including a so-called “sunset clause” to make NAFTA automatically expire if it is not renegotiated every five years.
Mexico’s economy ministry did not respond to a request for comment. Chief trade negotiator Kenneth Smith took to Twitter on Thursday to defend NAFTA’s role in expanding the U.S. auto sector, saying U.S. output grew 124 percent since 2009.
Trump ordered the renegotiation of NAFTA to meet a campaign promise to bring more manufacturing jobs to the United States. The nine-month long talks are now bogged down by differences over auto production.
Once again courting voters in the U.S. industrial heartland, this time ahead of mid-term elections later this year, Trump says NAFTA has killed U.S. jobs and has threatened to scrap the deal.
Japan’s foreign minister, Taro Kono, told reporters in Mexico City on Thursday that his Mexican counterpart, Luis Videgaray, had promised to protect the interests of Japanese firms in NAFTA talks.
“He repeated that he would protect the interests of Japanese companies, for which we are very grateful,” Kono said. Major Japanese auto makers including Toyota Motor Corp and Nissan Motor Co Ltd have sizeable operations in Mexico.
Additional reporting by Diego Ore and Frank Jack Daniel Writing by Daina Beth Solomon; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/trade-nafta-mexico/mexico-says-will-not-renegotiate-nafta-under-pressure-but-makes-new-offer-idUSL2N1SV2M6 |
LONDON (Reuters) - Prime Minister Theresa May’s government on Wednesday suffered its 15th defeat on legislation that will end Britain’s membership of the European Union when parliament’s upper chamber voted in favour of adding environmental safeguards to the bill.
Britain's Prime Minister Theresa May attends the unveiling of the statue of suffragist Millicent Fawcett on Parliament Square, in London, Britain, April 24, 2018. REUTERS/Hannah McKay May has to get the bill approved by both chambers of parliament well in advance of Britain’s exit on March 29, 2019, but the House of Lords, the unelected upper house, is demanding major changes that will force a showdown over coming weeks.
The Lords voted 294 to 244 in favour of a change to the bill which would force the government to maintain the EU’s environmental principles. The government argues that Brexit will allow Britain to improve environmental protections through separate legislation.
May’s Conservative government has already suffered high- profile defeats on core Brexit issues such as whether Britain should leave the EU’s single market and customs union.
While the more powerful House of Commons can overturn the changes, they may embolden rebels in May’s own party who favour a softer EU exit.
Ministers have accused the House of Lords, where the Conservatives do not have a majority, of making unnecessary changes and have indicated they will fight some of them back in the Commons.
That process, known as ‘ping pong’, is not yet scheduled, but will be a key test of May’s ability to govern effectively and to deliver on her Brexit plans with just a slim working majority in the Commons, where she relies on the support of a small Northern Irish party.
Reporting by William James. Editing by Andrew MacAskill and Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-lords/government-suffers-new-brexit-defeat-as-lords-demand-environment-safeguards-idUSKCN1IH2BE |
11 COMMENTS Faced with tepid loan growth and heated competition for clients, banks are sweetening their deals on loans to businesses, a development that is concerning regulators.
Lenders are giving corporate borrowers lower rates and looser terms, even if they operate in industries that are under strain, according to regulators and a Wall Street Journal analysis of lending data. The development is a boon to companies looking to borrow cheaply while the economy is doing well. But regulators are raising red flags, particularly since rising interest rates may make it harder for businesses to pay off the loans.
The Office of the Comptroller of the Currency, or OCC, in a report last week identified the easing of commercial loan standards as a top risk in the industry. While the rate of bad business loans remains very low and most banks still have a moderate risk appetite, the regulator said that over the past year it privately issued more warnings ordering financial institutions to modify their business-lending practices.
“The worst loans are often made in the best of times,” Comptroller of the Currency Joseph Otting warned on Thursday.
Banks became more conservative lenders following the financial crisis, tightening standards in some sectors to focus on loans that are, for instance, secured by a business’s inventory or energy reserves, and typically would have to be paid back first in the event of a bankruptcy. Around 2013, terms started loosening a bit, the OCC said.
Then, in late 2016, banks’ commercial-loan growth slowed sharply for reasons that still aren’t clear . The annual growth rate was 1.3% at the end of 2017, down from 12% three years earlier.
Related Video The retail banking industry is undergoing another major shift, and the future looks high-tech, sophisticated, and, for big banks, very urban. So what has changed? Photo: Shaumbé Wright/The Wall Street Journal Eager for loan growth to fuel profits, banks since then have been loosening standards further to attract business, the OCC said. They are extending interest-only periods, allowing borrowers to draw down bigger portions of the value of collateral and relaxing covenants meant to protect from losses, the agency said. Many large banks are also lowering rates over their cost of funds, according to the Federal Reserve.
The developments appear to have revived commercial loan growth , which has risen to a 3% annual rate as of mid-May.
But regulators are clamping down. The number of outstanding Matters Requiring Attention, or MRAs—citations the OCC gives when it wants a bank to modify its practices—involving underwriting commercial loans rose 24% from the first quarter of 2017 through the first quarter of 2018, the agency said. MRAs involving banks making exceptions to their typical policies governing commercial lending rose 45% over that same period.
The regulator didn’t say which specific banks received MRAs, though if left unresolved the citations can lead to a public enforcement action.
Business-loan rates are generally pegged to benchmark interest rates, which are rising. Eventually, that “could affect affordability of current debt service requirements or refinance ability,” the OCC said.
Banks aren’t necessarily diving back into the riskier categories of business loans that they gave up after the crisis. Instead, they are becoming more aggressive in making the types of loans they consider safe, recent lending practices show. The shift is turning up in businesses in industries that banks were recently wary of, like retail and energy.
In 2016, nonbank lender Encina Business Credit started operating with a business strategy of making asset-based loans to distressed companies that banks shied away from. Bill Kearney, senior managing director at the firm, said in the past year banks are increasingly outbidding Encina and other nonbank lenders on loans to struggling retailers.
Related Reading
Main Street Banks’ New Lending Rivals: Hedge Funds and Private Equity The Economy Is Humming, but Businesses Aren’t Borrowing (Nov. 26) Why Banks Haven’t Been Burned by Retail’s Meltdown (May 28, 2017) When accessories retailer Charming Charlie LLC emerged from bankruptcy in late April, PNC Financial Services Group Inc. gave it a five-year, $35 million asset-backed loan, according to court documents.
That Pittsburgh-based bank also offered a similar loan to teen retailer Rue21 Inc., which emerged from bankruptcy in September, people familiar with the matter said. But Rue21’s current lender, Bank of America Corp., agreed to increase the company’s asset-backed loan from $125 million to around $140 million, the Journal reported on Friday, citing people familiar with the matter.
Banks feel comfortable with the loans, which are backed by assets like stores’ inventories or accounts receivable, because they have proven to be extremely safe , according to a 2017 Journal analysis of bankruptcy documents. Even in cases when retailers have gone bankrupt, banks have generally been repaid in full.
Lenders initially pulled back from similar loans in the energy industry backed by oil and gas reserves in 2015 and 2016 when prices fell. Now the pendulum is swinging the other way: most of these new loans in the energy sector now allow for higher levels of debt relative to some earnings measures, said Buddy Clark, a partner at law firm Haynes and Boone LLP.
More than 80% of energy borrowers were expected to see their borrowing capacity increase from late 2017, according to an April survey from the law firm.
—Soma Biswas contributed to this article.
Write to Rachel Louise Ensign at [email protected] and Lillian Rizzo at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/banks-hunting-growth-loosen-terms-on-business-loans-1527586201 |
(Reuters Health) - A pregnancy drug banned decades ago may have side effects that linger for generations. Grandchildren of women who took it have an increased risk of attention deficit hyperactivity disorder (ADHD), a new study suggests.
The drug, a synthetic estrogen known as diethylstilbestrol (DES), was designed to prevent pregnancy complications like miscarriage and preterm delivery. As many as 10 million U.S. women may have used the drug between 1938 and 1971, when it was banned after being linked to vaginal cancers in daughters of women who used it.
Now, a new study suggests that grandchildren of women how took DES during pregnancy are 36 percent more likely to be diagnosed with ADHD than other kids.
And when women took DES during the first trimester of pregnancy, their grandchildren had 63 percent higher odds of developing ADHD, researchers report in JAMA Pediatrics.
“An exposure during pregnancy has the potential to impact multiple generations if the fetus is female, because the oocytes (aka egg cells) that will develop into the grandchildren of the pregnant woman grow while their mother is in utero,” said lead study author Marianthi-Anna Kioumourtzoglou of the Mailman School of Public Health at Columbia University in New York City.
“Use of DES during pregnancy or other endocrine disrupting chemicals could thus directly impact the third generation, leading to neurodevelopmental disorders, such as ADHD,” Kioumourtzoglou said by email.
Chemicals known as endocrine disruptors can interfere with the body’s endocrine, or hormone, system and produce negative developmental, reproductive, neurological and immune effects. These chemicals have been used to make a wide variety of consumer products over the years, including baby bottles, metal food cans, flame retardants, detergents, pesticides and cosmetics.
A range of health problems including autism, ADHD, obesity, diabetes, heart and vascular disorders, and endometriosis have been linked to exposure to endocrine disruptors.
DES in particular has been linked to delays in regular menstrual cycles for granddaughters of women who used the drug during pregnancy, researchers note. Grandsons of these women also have an increased risk of hypospadias, an abnormality that occurs when the opening of the urethra doesn’t develop on the tip of the penis and instead forms on the shaft or on the scrotum.
The new findings are drawn from 47,540 women in an ongoing study of U.S. nurses, including 861 women, or 1.8 percent, who used DES while pregnant.
Overall, 7.7 percent of the grandchildren of women who used DES during pregnancy were diagnosed with ADHD, compared with 5.2 percent of other grandchildren in the study. This increased risk of ADHD was similar for male and female grandkids.
The study wasn’t a controlled experiment designed to prove whether or how DES exposure during pregnancy might cause ADHD generations later.
Another limitation of the study is that researchers relied on survey data from one generation - the mothers - to assess DES use in grandmothers and ADHD diagnoses in grandchildren. It’s possible mothers didn’t know or recall whether the grandmothers used DES while they were pregnant, the authors note.
Still, the results add to a growing body of evidence suggesting that exposure to DES and other endocrine disrupting chemicals may have effects that span generations, said Joel Nigg, author of an accompanying editorial and a psychiatry and neuroscience researcher at Oregon Health & Science University in Portland.
“The entire class of hormone/endocrine disrupting medicines and chemicals have been known or suspected to interfere with offspring development for many years,” Nigg said by email.
“What is new here is the demonstration of effects to grandchildren, and the possibility that this reflects an inherited epigenetic effect,” Nigg added. “That widens the sphere of possibilities for how kids’ neurodevelopmental problems originate.”
Even though DES is no longer prescribed, other endocrine disruptors and so-called neurotoxic chemicals that alter fetal development can still get into women’s bodies from pesticides on food, beauty products, and air pollution.
Women may not always be able to avoid exposure, but reading product labels and eating organic fruits and vegetables can help minimize the risk, Nigg advised.
SOURCE: bit.ly/2s44XvW JAMA Pediatrics, online May 21, 2018.
Advertise with Us | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-adhd-des/banned-pregnancy-drug-tied-to-adhd-generations-later-idINKCN1IN2OW |
May 25, 2018 / 6:12 PM / Updated 12 minutes ago Tesla hires new chief financial officer for China Reuters Staff 2 Min Read
(Reuters) - Tesla Inc ( TSLA.O ) on Friday announced a number of key executive hires including former GE and General Motors executive James Zhou as its China CFO and Neeraj Manrao, a former Apple executive, as director of energy manufacturing. FILE PHOTO: A Tesla dealership is seen in West Drayton, just outside London, Britain, February 7, 2018. REUTERS/Hannah McKay/File Photo
Zhou previously served as CFO for Asia Pacific and India for Ingersoll Rand.
"We're excited to welcome a group of such talented people as we continue to ramp (up) Model 3," Tesla said in a blog post, adding it would announce more hires in the coming days.( bit.ly/2J6hGZy )
China contributed around 17 percent of Tesla’s total revenue in 2017 and the electric carmaker has said it plans to build a gigafactory in the country.
The company on Wednesday slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles.
Tesla has seen the departure of several senior executives and is also flattening its management structure as it seeks to improve efficiency and clear up production bottlenecks related to its new Model 3 sedan. Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tesla-executives/tesla-hires-james-zhou-as-china-cfo-idUKKCN1IQ2QL |
CHICAGO, May 24, 2018 /PRNewswire/ -- The board of directors of Telephone and Data Systems, Inc. (NYSE: TDS), a leading provider of telecommunications services, has declared a second quarter 2018 dividend of $0.16 per Common Share and Series A Common Share. Payment will be made on June 29, 2018 to shareholders of record as of June 15, 2018.
About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000 ® company, provides wireless; cable and wireline broadband, TV and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, U.S. Cellular, TDS Telecom, BendBroadband and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 9,900 people as of March 31, 2018.
For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
U.S. Cellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com
View original content: http://www.prnewswire.com/news-releases/tds-announces-second-quarter-2018-dividend-300654730.html
SOURCE Telephone and Data Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-tds-announces-second-quarter-2018-dividend.html |
Reblog YouTube has long been the world’s most popular music service—and one of the music industry’s biggest headaches. On Tuesday YouTube will relaunch YouTube Music as a music-streaming service much like Spotify or Apple Music. “When you ask our users how they consume music we’re always mentioned but it’s often another streaming service and YouTube,” said Lyor Cohen, a former music industry executive who has been head of music for YouTube and Google since 2016. | ashraq/financial-news-articles | https://www.wsj.com/articles/youtube-music-a-new-streaming-service-to-launch-may-22-1526544402?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
Trade tariffs have 'potential impact' on companies like Tencent, says economist 3 Hours Ago Whether there will be a "material impact" isn't yet clear, says Joseph Berger, CEO of Pacific Epoch. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/trade-tariffs-have-potential-impact-on-companies-like-tencent-says-economist.html |
LONDON (Reuters) - Yulia Skripal survived an assassination attempt that UK authorities blame on Russia. But the daughter of one of Russia’s most famous spies says she wants to return to her country “in the longer term”, despite the poisoning.
“The fact that a nerve agent was used to do this is shocking,” Skripal told Reuters in an exclusive statement. “My life has been turned upside down.”
Yulia and her father Sergei Skripal, a former colonel in Russian military intelligence who betrayed dozens of agents to Britain’s MI6 foreign spy service, were found unconscious on a public bench in the British city of Salisbury on March 4.
Yulia Skripal, 33, was in a coma for 20 days.
“I woke to the news that we had both been poisoned,” Skripal said in her first media appearance since the poisoning. She contacted Reuters through the British police.
Skripal was speaking from a secret location in London as she is under the protection of the British state. She was discharged from Salisbury District Hospital about five weeks after the poisoning and has not been seen by the media until now.
“We are so lucky to have both survived this attempted assassination. Our recovery has been slow and extremely painful,” she said in her written English statement.
“As I try to come to terms with the devastating changes thrust upon me both physically and emotionally, I take one day at a time and want to help care for my Dad till his full recovery. In the longer term I hope to return home to my country.”
Skripal spoke in Russian and supplied a statement that she said she had written herself in both Russian and English. She signed both documents after making her statement.
She declined to answer questions after speaking to camera.
British Prime Minister Theresa May said the Skripals were poisoned with Novichok, a deadly group of nerve agents developed by the Soviet military in the 1970s and 1980s. May blames Russia for the poisoning.
It was the first known use of a military-grade nerve agent on European soil since World War Two. Allies in Europe and the United States sided with May’s view and ordered the biggest expulsion of Russian diplomats since the height of the Cold War.
Russia retaliated by expelling Western diplomats. Moscow has repeatedly denied any involvement and accused the British intelligence agencies of staging the attack to stoke anti-Russian hysteria.
Kremlin spokesman Dmitry Peskov said he thought Yulia Skripal was speaking under duress.
“We have not seen her or heard from her,” he said when asked to comment on the story.
After Reuters published a video of Yulia Skripal’s statement, the Russian Embassy in London said it was glad Skripal was “alive and well” but that Russia still had concerns, and believed the text had been written by a native English speaker before being translated into Russian.
“With all respect for Yulia’s privacy and security, this video does not discharge the UK authorities from their obligations under Consular Conventions,” the Embassy said in a statement.
Yulia Skripal, who was poisoned in Salisbury along with her father, Russian spy Sergei Skripal, speaks to Reuters in London, Britain, May 23, 2018. REUTERS/Dylan Martinez “The UK is obliged to give us the opportunity to speak to Yulia directly in order to make sure that she is not held against her own will and is not speaking under pressure. So far, we have every reason to suspect the opposite.”
“NO ONE SPEAKS FOR ME” Russia’s ambassador in London, Alexander Yakovenko, has repeatedly demanded to see Yulia, who was a Russian citizen when she was poisoned.
“I’m grateful for the offers of assistance from the Russian Embassy. But at the moment I do not wish to avail myself of their services,” Skripal, who wore a light blue summer dress and bore a scar on her throat, said.
“Also, I want to reiterate what I said in my earlier statement, that no one speaks for me, or for my father but ourselves.”
Mystery surrounds the attack. The motive is unclear, as is the logic of using such an exotic nerve agent which has overt links to Russia’s Soviet past.
Russian officials question why Russia would want to attack an ageing turncoat who was pardoned and swapped in a Kremlin-approved 2010 spy swap.
President Vladimir Putin, himself a former KGB spy, said earlier this month that Skripal would have been dead if he was attacked with a weapons grade agent.
“I don’t want to describe the details but the clinical treatment was invasive, painful and depressing,” she said in Russian.
Yulia’s father was discharged from hospital on May 18. At one point doctors feared both patients could have suffered brain damage. He is no longer in a critical condition, Salisbury hospital said.
NERVE AGENT ATTACK Born as a citizen of a superpower, Yulia grew up as the Soviet Union crumbled and then in the chaos that followed its 1991 collapse.
Her Facebook page says she started studying at Moscow’s School No. 63 in 1991 before gaining admission to Moscow State Humanities University in 2001, a year after Putin was first elected as Russian president.
In December 2004, her father was arrested by Federal Security Service agents on suspicion of treason: passing secrets to Britain’s MI6 intelligence agency.
Skripal, recruited by British spies while in Spain, ended up in Britain after a Cold War-style spy swap that brought 10 Russian spies captured in the United States back to Moscow in exchange for those accused by Moscow of spying for the West.
Slideshow (3 Images) Yulia arrived in Britain from Russia at London’s Heathrow Airport at about 1440 GMT on March 3 on one of her regular visits to her father. The pair were found unconscious a day later.
“I am grateful to all of the wonderful, kind staff at Salisbury hospital, a place I have become all too familiar with. I also think fondly of those who helped us on the street on the day of the attack.”
Reporting by Guy Faulconbridge; Additional reporting by Alistair Smout; Editing by Simon Robinson and Nick Tattersall
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-russia-skripal-yulia/exclusive-attempted-assassination-turned-my-world-upside-down-yulia-skripal-idINKCN1IO2NG |
United Airlines said Thursday it had tapped former White House press chief Josh Earnest to head its communications team, part of the effort to improve the fortunes of a carrier damaged by everything from growth plans to the death of a dog in an overhead bin.
Mr. Earnest, a former press secretary under President Barack Obama, has been hired as a senior vice president at parent United Continental Holdings Inc. to oversee communications for a carrier that is become a touchstone for the fortunes of the broader U.S. airline industry.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/united-hires-former-white-house-press-chief-in-bid-to-revamp-image-1525341600 |
TORONTO, May 02, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Stingray Digital Group Ltd.
TSX Symbol / Symbole TSX : RAY.B (all issues) Reason / Motif : Pending News / Nouvelle en attente
Halt Time (ET) / Heure de la suspension (HE) 3:19 PM ET / 15 h 19 (HE)
Company / Société : Newfoundland Capital Corporation Ltd.
TSX Symbol / Symbole TSX : NCC.B (all issues) Reason / Motif : Pending News / Nouvelle en attente
Halt Time (ET) / Heure de la suspension (HE) 3:20 PM ET / 15 h 20 (HE)
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L’OCRCVM peut prendre la décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des courtiers en placement et l’ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm-aray-b-all-issuesancc-b-all-issues.html |
April 30 (Reuters) - MetLife Inc:
* METLIFE NAMES RANDY CLERIHUE CHIEF COMMUNICATIONS OFFICER
* METLIFE INC - CLERIHUE WAS PREVIOUSLY COMPANY’S HEAD OF CORPORATE COMMUNICATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-metlife-names-randy-clerihue-chief/brief-metlife-names-randy-clerihue-chief-communications-officer-idUSASC09Y8N |
A Toronto Chinese restaurant is being forced to pay a black customer $10,000 Canadian dollars, or $7,780 USD, after the Ontario Human Rights Tribunal determined Hong Shing Chinese Restaurant racially discriminated against a customer and his friends.
In May 2014, Emile Wickham and three friends went to the Hong Shing Chinese Restaurant to celebrate his 28th birthday. Wickham told CNN his group was the only black patrons in the restaurant and were subsequently asked to pay before they were served. Shocked, Wickham said, the four protested and were told it was policy.
“I still felt skeptical, so then I approached other tables,” Wickham told CNN. “No one else he spoke with had been asked to prepay. There was frustration initially. And that frustration turned into a feeling of dejection and sadness,” he added.
Wickham let it go at first, but decided to file a complaint with the Humans Rights Tribunal almost a year after the incident. The Hong Shing Chinese Restaurant responded by saying it experienced a number of dine-and-dash incidents, so it requested customers who weren’t “regulars” to pay in advance, according to the Tribunal ruling.
The adjudicator of the case, Esi Codjoe, ruled there was no evidence that this policy was actually real and said Hong Shing had racially discriminated against Wickham and his friends.
Hong Shing denies the claims, however, and said it plans to appeal the ruling.
“There are a number of sensitivities and considerations about this situation, and for that reason, the Tribunal outcome is under appeal by legal representatives,” the restaurant said in a statement to CNN. “At this time we cannot comment further, beyond emphasizing that the current owner and staff are dedicated to be a committed, inclusive, and responsible member of the community.”
Wickham said he would respond if necessary.
“The average Canadian never calls themselves racist, but if a significant part of the population have legitimate stories of being discriminated against, this has to be seen beyond the scope of a restaurant claim,” Wickham said. | ashraq/financial-news-articles | http://fortune.com/2018/05/01/hong-shing-chinese-restaurant-toronto/ |
(Reuters) - Wendy’s Co ( WEN.O ) reported lower-than-expected first-quarter sales at its established outlets in North America, as the burger chain struggled to attract enough diners in a fiercely competitive restaurant industry.
FILE PHOTO: A Wendy's fast food restaurant is seen in Los Angeles, California U.S. November 7, 2017. REUTERS/Lucy Nicholson/File Photo The company’s shares were down more than 5 percent in after-market trading.
Wendy’s same-restaurant sales in North America, its biggest market, rose 1.6 percent in the reported quarter, but missed estimates for the third straight one.
Analysts on average had expected same-store sales to rise 1.8 percent, according to research firm Consensus Metrix.
The sales miss comes despite Wendy’s diverse value menu, which was launched to attract more customers to its outlets.
“Our checks indicate that Wendy’s “2 for $6” mix-and-match promotion didn’t resonate all that well during April,” Mark Kalinowski, analyst at Kalinowski Equity Research said last week.
In contrast, bigger rival McDonald’s Corp ( MCD.N ) reported same-store sales that topped estimates, driven by higher average check tallies that was propelled by consumers opting for $1-$3 value menu items, while also adding more expensive burgers.
Wendy’s and other fast-food chains such as McDonald’s have been battling each other with dollar menus, discounts and limited-time menu items as consumer spending cools, while also launching freshly prepared meals to attract diners.
Still Wendy’s stock has outperformed its peers so far this year. While the S&P 500 Restaurants sub index .SPLRCREST is down nearly 1 percent, Wendy’s rose 5.7 percent. In comparison, McDonald’s Corp ( MCD.N ) has fallen 4.3 percent so far this year.
Wendy’s said it now expects full-year adjusted earnings of about 55 cents to 57 cents per share, up from the previously announced forecast of about 54 to 56 cents per share.
Analysts on average had expected the company to post a profit of 55 cents per share, according to Thomson Reuters I/B/E/S.
Net income fell to $20.16 million, or 8 cents per share, in the first quarter ended April 1, from $22.34 million, or 9 cents per share, a year earlier.
Revenue rose about 33 percent to $380.56, beating estimates of $379.5 million.
Excluding items, the company earned 11 cents per share, topping estimates of 10 cents.
Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-wendy-s-co-results/wendys-north-america-same-store-sales-miss-estimates-idUSKBN1I934D |
May 6, 2018 / 9:59 AM / Updated an hour ago One miner dead, three still missing after quake at Polish coal mine - mine owner Reuters Staff 1 Min Read
WARSAW (Reuters) - Rescue teams have confirmed the death of one Polish coal miner and can see another miner trapped after an earthquake, but three others are still missing, the chief executive of mine owner JSW, Daniel Ozon, said. People wait outside the JSW mine where coal miners are missing underground after a strong quake hit a mine in Jastrzebie Zdroj, Poland May 5, 2018. Agencja Gazeta/Dominik Gajda via REUTERS
Ozon told reporters it will take a few hours for rescuers to reach the trapped miner that they can see. It was not clear if the miner was dead or alive.
The 3.4 magnitude quake hit the Borynia-Zofiowka-Jastrzebie coal mine on Saturday morning, initially trapping seven miners at a depth of about 900 metres (2,950 feet). Two miners were rescued on Saturday. Reporting by Marcin Goettig; Editing by Adrian Croft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-poland-miners-casualties/one-miner-dead-three-still-missing-after-quake-at-polish-coal-mine-mine-owner-idUKKBN1I707T |
* U.S. crude, gasoline inventories rise unexpectedly -EIA
* Brent-WTI spread near widest in three years
* OPEC set to meet next month (Adds analyst comment, updates prices)
SEOUL, May 24 (Reuters) - Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran.
A surprise build up in crude oil inventories in the United States also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years. <CL-LCO1=R>
International benchmark Brent futures were down 27 cents, or 0.34 percent, at $79.53 per barrel at 0300 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.24 percent, at $71.67 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 an $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.
Meanwhile, 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.
Elsewhere, 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.
Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore, said that prices were getting some support from talk that Sinopec, Asia's largest refiner, would increase U.S. crude oil imports to a record high.
"Recent flow is suggesting short-term traders are looking to sell the $80 per barrel chart-toppers anticipating a possible compliance shift within the OPEC-Non Opec supply agreement," he added in a note on Thursday. (Reporting by Jane Chung and Jessica Jaganathan Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-update-1-oil-prices-drop-on-potential-increase-in-opec-output.html |
May 28, 2018 / 9:15 AM / Updated 20 minutes ago Scotland uneasy about Northern Ireland gaining Brexit advantage: Sturgeon Reuters Staff 1 Min Read
BRUSSELS (Reuters) - A Brexit deal that would give Northern Ireland a competitive advantage over the rest of Britain would raise real issues for Scotland, which also wants to keep access to the EU single market, Scottish First Minister Nicola Sturgeon said on Monday. Scotland's First Minister Nicola Sturgeon arrives for a meeting with European Union's chief Brexit negotiator Michel Barnier at the EU Commission headquarters in Brussels, Belgium, May 28, 2018. REUTERS/Emmanuel Dunand/Pool via REUTERS
Sturgeon, speaking at an event hosted by the Politico news website in Brussels, said she had told EU Brexit negotiator Michel Barnier earlier in the day that Scotland wanted to stay in the European Union’s customs union and the single market.
Northern Ireland, due to concerns in London, Dublin and Brussels about renewed tensions across its land border with EU member Ireland, is being offered a chance by EU negotiators to retain effective coverage by EU economic regulations after Brexit. Reporting by Alastair Macdonald and Megan Dollar, writing by Robert-Jan Bartunek; Editing by Alastair Macdonald | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-scotland/scotland-uneasy-about-northern-ireland-gaining-brexit-advantage-sturgeon-idUSKCN1IT0PN |
(Tim Weiner has won the Pulitzer Prize and the National Book Award for reporting and writing on American intelligence. The opinions expressed are his own.)
By Tim Weiner
May 7 (Reuters) - The Senate’s confirmation hearing for Gina Haspel to be director of the Central Intelligence Agency will be the last chance for the United States to confront its history of torturing terrorist suspects.
Haspel got cold feet a few days back as she prepared for her first public appearance representing the CIA. Who wouldn’t? She was contemplating a confession to countenancing violations of the laws of war.
But I suspect that when Wednesday’s hearing is done, the record of denial and deception will be largely intact. No one will be held to account. One of the darker chapters in 21st-century American history will be shoved farther down the memory hole.
The CIA, having acted with impunity and then absolved itself of wrongdoing, now likely will be led by Haspel, who both oversaw brutal interrogations at a CIA prison in Thailand and then drafted an order to destroy 92 videotapes recording these and other horrors.
“I’ve said to the people that we don’t torture, and we don’t,” President George W. Bush insisted in 2006. But we did. “Torture works,” Donald J. Trump proclaimed in 2016. But it doesn’t. If Haspel isn’t compelled to say otherwise, these lies someday may be seen as truths.
The spy service conned Congress over the efficacy of torture; CIA’s counterterrorism chiefs held steadfast to the idea that torture worked. It didn’t. The agency’s inspector general found that the torture program failed to produce any significant intelligence.
Those subjected to torture, including the mastermind of the 9/11 attacks, never can be prosecuted; the evidence against them is fatally tainted by waterboarding, beatings, and death threats at the point of a handgun and a hand drill. Nor can the CIA officers who oversaw and conducted torture be brought to trial; Bush granted them all immunity.
The senator uniquely qualified to bear witness against torture is John McCain, the Arizona Republican, who spent five and a half years as a prisoner of war in Vietnam. “To make someone believe that you are killing him by drowning is no different than holding a pistol to his head and firing a blank,” he once wrote. “It is torture, very exquisite torture.”
McCain wrote those words in 2005, in a debate over America’s compliance with the United Nations Convention on Torture. He wrote an amendment into law banning torture, and it passed, 90-9. Among those opposed was Jefferson Beauregard Sessions III, now the attorney general.
At that time, the horrors of the prison at Abu Ghraib in Iraq had come to light. But the full facts regarding the CIA’s “black sites” for prisoners still were a very dark secret.
And Haspel, with her boss at headquarters, Jose Rodriguez, was trying to make sure they stayed secret. She drafted an order, sent by her superior, to destroy all videotapes recording torture. Rodriguez wrote in a memoir that he reviewed Haspel’s work, then “took a deep breath of weary satisfaction and hit Send.”
It was just as George Orwell described the memory holes in “1984,” situated throughout the Ministry of Truth, where history was rewritten to match state propaganda: “When one knew that any document was due for destruction…it was an automatic action to lift the flap of the nearest memory hole and drop it in, whereupon it would be whirled away on a current of warm air to the enormous furnaces which were hidden somewhere in the recesses of the building.”
The CIA’s destroy order was executed immediately after the Senate proposed an independent commission to investigate the black sites. Into the fiery furnaces went the evidence.
An epic showdown would be certain if McCain, who is fighting brain cancer, were well enough to attend Haspel’s confirmation hearing. In any event, he already has sent her detailed written questions about the techniques which, in his words, “compromised our values, stained our national honor, and threatened our historical reputation.”
“Did you advocate for…the destruction of tapes or any other material containing potential evidence of the torture of, or the use of ‘enhanced interrogation techniques’ on, detainees in the custody or under the effective control of the CIA?” McCain wants to know. “At the time, what were your personal views of the legality, morality, and effectiveness of ‘enhanced interrogation techniques’? What is your assessment today of the effectiveness of ‘enhanced interrogation techniques’ and their impact on the United States’ moral standing in the world?”
I would add a few questions of my own for the nominee.
President Donald Trump’s first CIA director, Mike Pompeo, now newly sworn in as Secretary of State, said last October that the CIA needs to become a “much more vicious agency” in its covert operations. Does she agree?
President Bush’s White House lawyers argued that it would be unconstitutional for Congress to outlaw torture if the commander-in-chief said it was needed to protect national security. If Trump secretly ordered the CIA to get back to the business of waterboarding, would she follow that command in the face of American law and the Geneva Conventions?
These questions go to the heart of who we are as Americans. Haspel can disavow her past, or embrace it. Her nomination accordingly should stand or fall on that point. (By Tim Weiner)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/weiner-haspel/column-what-the-senate-should-ask-gina-haspel-before-she-heads-the-cia-idUSL1N1SE1LO |
Genomic Health Inc:
* GENOMIC HEALTH ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND REPORTS RECENT BUSINESS PROGRESS
* Q1 REVENUE $92.6 MILLION VERSUS I/B/E/S VIEW $89 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.21 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-genomic-health-q1-loss-per-share-0/brief-genomic-health-q1-loss-per-share-0-11-idUSASC09Z4W |
Syria's Assad flies to Russia for talks with Putin Friday, May 18, 2018 - 01:06 Wed, 16 May, 2018 - (2:17) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/syrias-assad-flies-to-russia-for-talks-w?videoId=428014613 |
May 25, 2018 / 3:38 PM / Updated 11 minutes ago Nestle, under pressure, combines key R&D units Martinne Geller 6 Min Food giant Nestle ( NESN.S ) plans to combine its scientific research operations into a single unit in an attempt to speed up development of new products at a time when competition from smaller rivals is intensifying. FILE PHOTO: The Nestle logo, April 12, 2018. REUTERS/Pierre Albouy/File Photo
The world’s biggest packaged food maker, with brands including Nescafe coffee and Perrier water, has been struggling with slowing sales growth for years. Now it is also under pressure from activist shareholder Daniel Loeb to increase investor returns.
To better compete, the Swiss company told Reuters it would merge its Nestle Research Center and Nestle Institute of Health Sciences (NIHS) into one organisation called Nestle Research.
The new entity, to be announced later on Thursday, will continue to be based in Lausanne, Switzerland and will employ around 800 people.
The reorganization, effective July 1, will not involve job cuts or the closure of facilities, a spokesman said.
By linking the “blue-sky” research done at NIHS with the more commercially focused Research Center, it hopes to accelerate the translation of scientific discoveries into marketable products.
It also hopes this will help it compete with smaller, nimbler rivals who have been eating away at the market share of Nestle and other big firms like Danone ( DANO.PA ), Unilever ( ULVR.L ), Kraft Heinz ( KHC.O ) and Kellogg ( K.N ).
Nestle Chief Technology Officer Stefan Palzer acknowledged earlier this month that his company had to keep pace with rising demand for goods that are organic, gluten-free or vegan.
“Big trends are embraced by smaller companies a bit more actively than the big companies,” Palzer told Reuters before Nestle’s streamlining plans had been finalised.
“We are adjusting our portfolio, doing many innovations and renovations to make the portfolio more relevant and to address those trends, but smaller companies are more agile.”
In the United States - the world’s biggest packaged food market - small challenger brands could account for 15 percent of a $464 billion sector in a decade’s time, up from about 5 percent last year, Bernstein Research predicted last year. SPEEDING THINGS UP
The combination of research units is the latest move by Palzer aimed at speeding up development and ensuring research efforts are commercially viable.
Palzer, who took over Nestle’s innovation and research and development operations in January, is also supplementing long-term research projects with incremental product launches made faster by experimenting with new ideas more quickly.
Last month, for example, Palzer and colleagues got the idea for a vegetarian or vegan food product while on a business trip.
“Thursday we had an idea, Friday we returned to Switzerland and Monday evening I was able to taste the first prototype,” Palzer said. “Wednesday, this prototype was shown to the executive board, and Friday it was in the global pipeline.”
He declined to give more details of the product, except to say it is currently being assessed by the operations team to see how long it will take to produce and on what machinery.
Other steps include efforts to apply specific developments to more products, such as Nestle’s recent designer sugar crystals launched in low-sugar Milkybars in March, which will go into other products in the future.
The importance of agility was underlined by Nestle’s recent struggle to capitalise on resurgent demand for frozen foods.
The company says it reformulates one third of its product portfolio every year. LACK OF IDEAS CAN BE COSTLY
Nestle spent 1.72 billion Swiss francs ($1.73 billion) on R&D last year, down slightly from 2016 but up 22 percent from 2012. The company’s sales fell 2.6 percent over the same period.
As a percentage of sales, its expenditure has fluctuated only a little, but demands on the unit have increased.
Wells Fargo analyst John Baumgartner said that across 10 large publicly traded U.S. food companies, median expenses for R&D and advertising have declined 20 percent over the past five years.
“As voids of ideas and marketing have emerged, start-ups have been more responsive to consumer needs, won the culture and created the emotional connections that drive sales,” he said in a recent note.
Palzer said some industry peers had been outsourcing innovation to cut costs, relying on acquisitions of small brands or partnerships with suppliers.
But he said it was critical for Nestle to maintain scientific expertise in-house to keep its own portfolio fresh and to be an attractive partner for collaboration with others. Nestle does R&D around the world, involving around 5,000 people.
Fundamental scientific research will remain key at Nestle, Palzer said, but he also highlighted the value of external partnerships and acquisitions that can bring in new research or capabilities more easily.
Scientific research and innovation itself is not necessarily the reason why big breakthroughs tend to be rare for multinational companies, said Shaun Browne, investment banker at Houlihan Lokey, who advises food companies on deals.
“They often don’t have the patience or passion that is really required,” Browne said. “Often these things are one individual who is just totally determined and passionate about their product and sees it through.” Reporting by Martinne Geller; Editing by Mike Collett-White | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nestle-research-focus/nestle-under-pressure-combines-key-rd-units-idUKKCN1IQ2C9 |
LONDON, May 24 (Reuters) - Britain is set to demand the European Union repays up to 1 billion pounds ($1.34 billion) if the bloc continues to force British companies out of the Galileo satellite navigation system, the Telegraph newspaper reported.
The Brexit ministry, officially known as Department for Exiting the European Union, will publish a paper on Thursday raising the prospect of Britain recovering its investment in the project, the newspaper said.
Galileo is the EU rival to the global positioning system (GPS) developed and controlled by the United States and used by millions of consumer devices globally. It was commissioned in 2003 and is due for completion by 2020.
The European Commission, the EU’s executive, has started to exclude Britain and its companies from sensitive future work on Galileo ahead of the country’s exit from the bloc in a year’s time.
The Brexit ministry declined to comment.
$1 = 0.7483 pounds Reporting By Andrew MacAskill, editing by Estelle Shirbon
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-galileo/uk-to-demand-money-back-after-exclusion-from-eus-galileo-satellite-project-idUSL5N1SV1ZJ |
Telecommunications giant AT&T paid Michael Cohen , the personal lawyer for President Donald Trump , up to $600,000 as part of a consulting contract to get insight into Trump's thinking, a source told CNBC on Wednesday.
The source said that the payment to Cohen was for "actual work done," adding: "And it wasn't to pay for access to the president."
"It was to pay for an understanding of the inner workings of Trump, his thought process, how he likes to operate, how he likes to make decisions, how he processes information," the source said.
"And how he thinks about the big issues," the source added.
AT&T told employees Wednesday in a memo that it had hired Cohen as one of several consultants to "help us understand how the President and his administration might approach a wide range of policy issues important to the company, including regulatory reform at the FCC, corporate tax reform and antitrust enforcement."
AT&T is trying to buy media conglomerate Time Warner for $85 billion. The Justice Department opposes the deal on antitrust grounds, and now the companies are awaiting a verdict from a federal judge.
Another company that paid Cohen, Swiss drug giant Novartis , signed a consulting contract with him in February 2017 after he approached the company and promised "access" to the new Trump administration, according to NBC News, citing a Novartis official.
Novartis revealed earlier Wednesday that it had paid Cohen $1.2 million for consulting work related to health-care policy.
The company said it continued paying the president's personal lawyer under that one-year contract despite finding out within just a month or so that Cohen was unable to do the work expected.
On Tuesday, a bombshell report released by the lawyer for porn star Stormy Daniels said that Cohen, Trump's longtime attorney and confidant, had received a series of suspicious payments from several companies, including AT&T and Novartis.
Daniels' lawyer, Michael Avenatti, had said Cohen's shell company, Essential Consultants, had received a total of $200,000 in four monthly installment payments of $50,000 from AT&T.
But under the contract that AT&T had with Cohen, the lawyer may have been paid up to $600,000, according to the source who spoke with CNBC.
Essential Consultants was set up by Cohen in October 2016, and soon afterward it paid Daniels $130,000 in a hush-money deal in which she agreed not to discuss an alleged sexual encounter with Trump. The White House denies the tryst occurred.
AT&T on Tuesday night had told CNBC that Cohen's company "was one of several firms we engaged in early 2017 to provide insights into understanding the new administration."
In a memo sent to its employees on Wednesday, AT&T said:
Late yesterday, many media outlets reported that in 2017, AT&T hired Michael Cohen, a former lawyer with the Trump Organization. We want you to know the facts.
In early 2017, as President Trump was taking office, we hired several consultants to help us understand how the President and his administration might approach a wide range of policy issues important to the company, including regulatory reform at the FCC, corporate tax reform and antitrust enforcement. Companies often hire consultants for these purposes, especially at the beginning of a new Presidential Administration, and we have done so in previous Administrations, as well.
Cohen was one of those consultants. Cohen did no legal or lobbying work for us, and our contract with Cohen expired at the end of its term in December 2017. It was not until the following month in January 2018 that the media first reported, and AT&T first became aware of, the current controversy surrounding Cohen.
That last line about "the current controversy" seems to refer to Cohen's entanglement with Daniels. He is also under criminal investigation by federal prosecutors in New York, who are probing his business dealings.
Yet Cohen has been under heavy media scrutiny since early January 2017, around the time AT&T says it hired Cohen. At the time, BuzzFeed published the so-called "Steele Dossier," which alleged a conspiracy between the Trump campaign and Russia to influence the 2016 election.
Cohen is mentioned throughout that memo, which received widespread media attention. The memo claims Cohen attended a "secret liaison with the Kremlin" in Prague, a claim that Cohen strenuously denied.
Cohen had sued BuzzFeed for libel but dropped that suit last month. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/att-paid-trump-lawyer-cohen-up-to-6000000.html |
DIYARBAKIR, Turkey (Reuters) - Kurdish electrician Sukru Gunduz was out on a job when a friend came running to tell him his house was being knocked down, with five members of his family inside.
A general view of Sur, a historical district ravaged by urban warfare between security forces and Kurdish militants and then flattened by diggers, in the southeastern city of Diyarbakir, Turkey, March 20, 2018. REUTERS/Umit Bektas Angry and alarmed, he rushed home. By the time he got there, a mechanical digger had smashed a hole in the small house in the historic Sur district of Diyarbakir, the biggest city in predominantly Kurdish southeastern Turkey.
Gunduz’s mother, his wife and three of their five children were inside but no one was hurt and he persuaded the demolition workers to stop. But it was only a brief reprieve: two weeks later, at the start of this year, the two-storey structure was torn down in line with a state expropriation order.
The house was one of thousands razed under a state urban renewal programme intended also to relocate residents from areas devastated after a decades-old conflict between government forces and Kurdistan Workers Party (PKK) militants resumed in 2015.
The government hopes the programme will boost the economy and win President Tayyip Erdogan and the ruling AK Party some goodwill — and votes — as they prepare for snap presidential and parliamentary elections on June 24.
But Gunduz and three others interviewed by Reuters whose homes were demolished say they are awaiting compensation. The 47-year-old electrician has also lost part of his livelihood: the ground floor of his house was his electrical shop and a grocery store.
“I haven’t sold the house, received money or signed anything. What right do you have to demolish my house?” Gunduz, 47, said in the courtyard of a house in Sur where he and his family are staying.
Two government officials in Ankara declined to comment on the redevelopment issue. But Urbanisation Minister Mehmet Ozhaseki said in March the government would provide housing for all those left homeless by the destruction in Sur, one of seven areas of southeast Turkey that are being redeveloped.
“We will give houses to all our brothers whose homes have been destroyed. Our levels of agreement are around 80 percent. When houses for the remaining 20 percent have been built and handed over, we will have dressed the wounds,” he told a crowd in Sur when Erdogan visited to launch the construction of new homes.
Hundreds of thousands in southeast Turkey have been displaced by clashes between Turkish security forces and the PKK, which began its separatist insurgency in 1984, and more than 40,000 people have been killed in its conflict with the Turkish state. The PKK is designated a terrorist organisation by Turkey, the United States and the European Union.
A group set up to support those displaced in Sur says more than 700 people have opened court cases to challenge the expropriation and settlement terms for their homes, among some 4,000 properties demolished in the process.
The top administrative court rejected the challenges to the expropriations, citing the need to redevelop areas damaged by conflict and on the grounds that affected buildings presented a risk to locals and did not respect the area’s cultural heritage.
Homeowners say they have been offered only small improvements in the sums the state offers for their properties. Appeals over the expropriation have also been made to Turkey’s constitutional court.
The constitutional court has not yet put these appeals on its agenda and it is unclear when it will do so, according to a court official who declined further comment.
SNAP ELECTIONS Erdogan’s announcement of snap elections has caught the opposition off guard and will complete Turkey’s switch from a parliamentary to a presidential system.
Sukru Gunduz, a Sur resident whose house was demolished, and his son sit on the stairs of their rented home in Sur, a historical district of the southeastern city of Diyarbakir, Turkey, March 20, 2018. REUTERS/Umit Bektas But the opposition pro-Kurdish Peoples’ Democratic Party (HDP) is dominant in southeastern Turkey and won a large share of votes there in a parliamentary election in 2015.
In the clashes between Turkish security forces and the PKK, Sur witnessed some of the heaviest fighting in the conflict, and violence has picked up in the southeast since the breakdown of a 2-1/2 year-old ceasefire in 2015.
When he visited Sur in March, Erdogan launched the construction of 1,500 houses and inaugurated the renovation of the district’s main streets under the 10-billion-lira ($2.36 billion) plan to revive damaged areas in the southeast.
“When the terror is over, tourists will come. My citizens will come from across the country. The economy will be vibrant,” Erdogan told a crowd waving Turkish flags near revamped shop fronts in the main thoroughfare running through Sur.
Firat Kertisci, who is among those whose homes were demolished in Sur, has been offered an apartment in a new housing development outside Diyarbakir city.
“I went and saw it and liked it very much,” the 34-year-old tradesman said. “We are now slowly getting over it and the biggest support came from the state, materially, morally and psychologically.”
Despite the availability of new housing, rights group Amnesty International says many of the 25,000 displaced residents, around half the district’s former population, had expressed a desire to return to Sur.
The AKP disputes this, saying the vast majority of people who have been displaced have agreed on compensation.
“People will move to a more modern life than in those ramshackle, run-down, derelict houses,” Serdar Budak, the head of the AKP in Diyarbakir, told Reuters.
“OLD SPIRIT HAS GONE” The HDP says Erdogan cannot count on winning votes from the urban renewal programme.
“They are calculating that they can turn this into votes in the elections,” said Mustafa Akengin, the HDP’s deputy head for Diyarbakir province. “They won’t be able to succeed in that in the region. The elections will show that.”
People who have lost homes receive monthly rental support of 1,000 lira ($236), and the state has paid out 96 million lira in such support, the provincial governor said in April.
Like the other Sur residents interviewed by Reuters, carpet seller Hasan Yilmaz, 53, did not disclose how he planned to vote in the snap elections. His preoccupation is with how more has been lost than buildings.
Slideshow (7 Images) “There was deep solidarity, coordination and social activity among the people who lived there,” he said in his carpet store in Sur. “That old spirit has gone.”
($1 = 4.2446 liras)
Editing by Dominic Evans and Timothy Heritage
| ashraq/financial-news-articles | https://in.reuters.com/article/turkey-kurds/in-turkeys-kurdish-heartland-a-battle-for-homes-and-votes-idINKBN1I80FF |
May 9, 2018 / 4:43 AM / Updated 6 minutes ago Toyota flags lower annual operating profit on higher yen
TOKYO (Reuters) - Toyota Motor Corp ( 7203.T ) on Wednesday forecast a 4.2 percent slide in operating profit for the current financial year, as it expects a stronger yen to offset slightly higher global vehicle sales and cost reductions. FILE PHOTO: A visitor takes pictures of a Toyota concept car during a media preview of the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Damir Sagolj/File Photo GLOBAL BUSINESS WEEK AHEAD
Japan’s biggest automaker expects operating profit to ease to 2.3 trillion yen ($21.02 billion) in the year to March 2019, slightly higher than a median forecast for 2.19 trillion yen from 23 analysts polled by Thomson Reuters I/B/E/S.
Toyota’s forecast is based on the assumption that the yen will trade around 105 yen to the U.S. dollar in the current financial year, compared with 111 yen in the year just ended.
A stronger local currency can dent profits repatriated from overseas and raise the cost of finished products and parts when they are shipped between countries.
A hit to earnings will make it harder for Toyota, the world’s most profitable automaker to continue investing in new technologies and products at a time when global automakers are competing fiercely to develop self-driving cars, electric vehicles, and connected technologies.
It posted an operating profit of 2.4 trillion in the year just ended, outpacing rivals Volkswagen AG ( VOWG_p.DE ) and Daimler AG ( DAIGn.DE ) for the fifth straight year. This resulted in an operating margin of 8.2 percent, roughly level with Daimler’s 8.15 percent and trailing Indian maker Maruti Suzuki India Ltd’s 11.3 percent, the highest among major global automakers.
The automaker is targeting total group sales of 10.5 million vehicles globally in the year to March, slightly more than 10.44 million vehicles last year.
In the year to December 2017, Toyota was the world’s No. 3 maker of passenger cars, following the Nissan-Renault-Mitsubishi alliance ( 7201.T ) ( RENA.PA ) ( 7211.T ) and Volkswagen.
It expects sales in North America, its biggest market, to
ease slightly to 2.8 million units, while sales in Asia are seen rising to 1.67 million units from 1.54 million last year.
In North America, Toyota and its domestic rivals are grappling with intense competition along with falling demand for sedans, a mainstay of Japanese automakers in the region, amid an overall slowdown in the world’s second-biggest auto market. Reporting by Naomi Tajitsu; Editing by Himani Sarkar & Shri Navaratnam | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-toyota-results/toyota-sees-lower-annual-operating-profit-on-higher-yen-idUKKBN1IA0EZ |
May 8 (Reuters) - Parex Resources Inc:
* Q1 EARNINGS PER SHARE $0.46 * QTRLY PRODUCTION WAS 40,586 BOE/D , REPRESENTING AN INCREASE OF 25 PERCENT OVER THREE MONTHS ENDED MARCH 31, 2017
* QTRLY FUNDS FLOW FROM OPERATIONS $0.65 PER BASIC SHARE * FY PRODUCTION EXPECTED TO AVERAGE 43,000 BOE/D, WHICH IS TOP-END OF 2018 PRODUCTION GUIDANCE RANGE OF 41,000-43,000 BOE/D Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-parex-resources-reports-q1-eps-of/brief-parex-resources-reports-q1-eps-of-0-46-idUSASC0A0T8 |
Royal superfans emotional after Harry and Meghan wed 4:15pm BST - 01:07
Fans of Meghan Markle and Prince Harry sing and take snaps of the royal couple.
Fans of Meghan Markle and Prince Harry sing and take snaps of the royal couple. //reut.rs/2KzR6VF | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/19/royal-superfans-emotional-after-harry-an?videoId=428444258 |
A Jurassic splash for Shanghai 8:44pm BST - 01:09 Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Advertise with Us | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/a-jurassic-splash-for-shanghai?videoId=431740841 |
LONDON, May 31 (Reuters) - Foreign investors withdrew $1.15 billion from Turkish government bonds and stocks in the first three weeks of May, data from the Institute of International Finance (IIF) showed, as doubts over the country’s monetary policy roiled markets.
Outflows from Turkish local currency-denominated bonds amounted to $1 billion between May 1 and May 25, the IIF said.
In the week ending last Friday, non-residents sold Turkish equities to the tune of $9 million, while debt markets saw outflows of $153 million. The IIF’s data applies to government local currency debt securities.
Reporting by Karin Strohecker; editing by Sujata Rao
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-markets-flows/foreigners-sell-1-15-bln-of-turkish-bonds-and-stocks-may-1-25-iif-idUSS8N1MY022 |
May 18, 2018 / 10:00 AM / Updated 6 hours ago In Congo outbreak, Ebola vaccine faces reality tests Kate Kelland 6 Min Read
LONDON (Reuters) - An experimental Ebola vaccine to be deployed in an outbreak in Democratic Republic of Congo has conquered some major scientific hurdles in giving high protection, but it now faces extreme real-world tests including heat, humidity, language barriers and lack of roads. FILE PHOTO: Congolese Health Ministry officials carry the first batch of experimental Ebola vaccines in Kinshasa, Democratic Republic of Congo May 16, 2018. REUTERS/Kenny Katombe/File Photo
Because it is not yet licensed, the Merck & Co vaccine has been offered to Congo under a “compassionate use” protocol agreed by national and international health and ethics authorities.
This means fully informed, signed consent is needed from every person who wants the shot. And in the current Ebola outbreak, that makes logistical, cultural and language barriers the ultimate challenges, global health specialists say.
The hurdles illustrate how hard it can be to move from laboratory to real life, especially in remote communities with no functioning health systems. The Congo outbreak is a chance to reality-test a vaccine against a disease epidemic that can’t be replicated in controlled environments.
“This is going to need a highly sophisticated operation in one of the most difficult places on earth,” said Peter Salama, the World Health Organization’s deputy director-general for emergency preparedness and response.
“It’s very hot and very humid, and we’re talking about hundreds of kilometers of densely forested areas.”
The shot is designed for use in a so-called “ring vaccination”. When a new Ebola case is diagnosed, all people who might have been in recent contact with them are traced and vaccinated to try and prevent the disease’s spread.
The vaccine supplies so far will be enough to vaccinate 50 rings of 150 people, according to the WHO. It said that as of May 15, 527 contacts of Ebola cases and suspected cases had been identified and were being followed up.
Health workers will need to use translators for several local languages and explain the vaccine to leaders from different communities, Salama said. Limited communications, health facilities and electricity, as well as the need to keep the vaccine in a “cold chain” at -60 to -80 degrees Celsius will also present challenges.
If any of these elements fails, the vaccine’s potential to protect 100 percent of those immunized will go unrealized.
“These are make or break issues,” said Salama, who visited Congo last weekend. “There’s a lot of complex logistics and social science here.” CONTACTS
Results of a trial using the ring vaccination technique with the Merck shot, which is known as VSV-EBOV, in Guinea in West Africa in 2015 showed 100 percent protection in those vaccinated immediately.
Health experts working to contain the Congo outbreak, which was first reported on May 8, say a cold chain will be in place to get the vaccines from Congo’s capital Kinshasa to the affected areas within a few days. Then the shot could be given to local frontline medical, burial and hospital workers who volunteer for it as early as next week.
There have been 44 suspected, probable or confirmed Ebola cases in this outbreak in Congo’s Equateur province, and 23 people have died.
The WHO said on Thursday it became more concerned when a case was confirmed in Mbandaka, a city of about a million people which is connected to Kinshasa by the Congo River.
Jeremy Farrar, a specialist in infectious diseases and director of the Wellcome Trust global health charity, told Reuters the epidemic now had “all the features of something that could turn really nasty”.
“You can’t overrespond in this scenario,” he said. “But the vaccine must be seen in the context of an overarching public health response. Critically that means early diagnosis, early isolation, safe burials and understanding the social context. The vaccine can only be a part of the solution.” ACCEPTANCE
Experts also caution that acting too hastily could jeopardize the potential success of a vaccine deployment.
Micaela Serafini, a medical director for the international charity Medecins Sans Frontières (MSF) who is helping coordinate the response to the Congo outbreak, said its teams are planning for at least 45 minutes of discussion and information-sharing with each person, with a translator present, before signed consent would be obtained.
Then, she told Reuters, medical teams would probably return the following day to administer the vaccine.
“What we need to avoid at all costs is an uncontrolled situation in the communities affected,” she said.
Even though the vaccine has still yet to get a license, the emergency response teams say its safety and efficacy data is strong. And despite lingering suspicions in some of the more remote parts of Africa of western medicines, experts anticipate widespread public acceptance.
Congo’s health minister Oly Ilunga signaled on Thursday that his government was fully behind the shot’s use.
“The vaccine will help us save lives in the Equateur province, in the DRC and in neighboring countries. The vaccine allows us to limit the virus, so we must use it,” he said.
Merck and the GAVI vaccine alliance have said a stockpile of more than 300,000 doses of the shot is available for emergency use in an epidemic.
Salama and Serafini said one tricky task may be managing a scenario where larger groups of people not identified as high-risk contacts of a Ebola case might demand the vaccine for themselves or their family.
“We want to make sure we are engaging whole communities so that the broader community understands what we are doing and why,” said Salama. “That is particularly important when you’re not targeting everyone, because naturally people will ask: ‘How come you’re vaccinating that person but not me?’” Additional reporting by Tom Miles in Geneva and Patient Ligodi in Kinshasa; Editing by Nick Tattersall and Pravin Char | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-vaccine-analysis/in-congo-outbreak-ebola-vaccine-faces-reality-tests-idUSKCN1IJ121 |
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