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TAMPA, Fla., May 10, 2018 (GLOBE NEWSWIRE) -- Nextech Systems , a leading provider of health care technology solutions for specialty physician practices, today announces Jeff Griggs will join their sales team as the new Chief Revenue Officer. With more than 20 years’ experience with a variety of technology and sales organizations, such as Oracle, Salesforce and Avaya, Griggs will oversee the sales and client success departments to drive new growth and development company-wide.
Hired in March 2018, Griggs will lead the Client Success, Inside Sales, Regional Sales and Sales Operations teams and will continue to build and develop the sales team through leadership training and new processes, as well as furthering a culture of growth and outcomes throughout the teams.
Prior to joining Nextech, Griggs worked as a senior vice president at Apttus, where he helped build out and develop the company’s North American sales division. Earlier in his career, he also worked with Salesforce to develop and grow their Atlanta regional sales team, and with Oracle to build a new sales team, process and go-to-market strategy.
“We couldn’t be more thrilled to have Jeff on board to help oversee new growth and change within our sales department,” said Mike Scarbrough, Nextech’s president and CEO. “Jeff has worked with some of the most reputable technology companies in the world, and we’re excited to have his leadership at Nextech, specifically as we increase our commitment to client success and product innovation.”
“There are many opportunities in the health care industry right now,” said Griggs. “Unfortunately for many practices, inefficiency can be more common than not. Nextech’s product innovations and historic specialty expertise help clients address specific needs and improve their organizations across the board. I’m excited to help impact and improve that process and am personally drawn to the meaningful work that can be done to drive change in the health care industry, overall.”
To learn more about Nextech's culture and career opportunities, visit www.nextech.com .
About Nextech
Nextech is the complete health care technology solution for specialty providers. Since 1997, Nextech has been focused on delivering intelligent, intuitive, integrated solutions that empower specialty physicians to maximize efficiency, optimize charting accuracy and increase overall practice profitability. Nextech services more than 7,000 physicians and over 50,000 office staff members in the clinical specialties of Ophthalmology, Dermatology and Plastic Surgery.
For more information contact:
Wyn Partington
Chief Marketing Officer
(813) 425-9260
[email protected]
Source:Nextech Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-nextech-hires-jeff-griggs-as-new-chief-revenue-officer.html |
May 3 (Reuters) - L&T Finance Holdings Ltd:
* MARCH QUARTER CONSOL NET PROFIT 4.06 BILLION RUPEES * MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 27.48 BILLION RUPEES
* CONSOL NET PROFIT IN MARCH QUARTER LAST YEAR WAS 3.16 BILLION RUPEES; CONSOL REVENUE FROM OPERATIONS WAS 21.63 BILLION RUPEES
* SAYS CO RECOMMENDED DIVIDEND OF 1 RUPEE PER SHARE * MARCH QUARTER AVERAGE ASSETS UNDER MANAGEMENT OF INVESTMENT MANAGEMENT BUSINESS UP 68 PERCENT TO 659.32 BILLION RUPEES
* MARCH QUARTER NET NPA 2.34 PERCENT VERSUS 2.87 PERCENT LAST QUARTER
* MARCH QUARTER GROSS NPA 4.80 PERCENT VERSUS 5.49 PERCENT LAST QUARTER Source text - bit.ly/2FDpGLN
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-lt-finance-holdings-march-q/brief-indias-lt-finance-holdings-march-qtr-consol-profit-up-about-28-pct-idUSFWN1SA0L1 |
LOS ANGELES, May 1 (Reuters) - Rapper Kanye West on Tuesday described slavery as a choice, praised Donald Trump for doing “the impossible” by becoming U.S. president, and attributed his 2016 mental breakdown to opioid addiction.
In the latest in a series of startling interviews, tweets and videos, West, 40, also revealed he had undergone liposuction some years ago because he did not want to be called fat.
The Grammy Award-winning musician’s most controversial comments came in a rambling video interview at the Southern California offices of celebrity website TMZ.com where he was asked about his recent Twitter spree.
West emerged from a year’s silence on Twitter two weeks ago to post up to 20 tweets an hour on topics ranging from politics, philosophy and fashion to his own image. He also said he had fired his manager.
At one point in the TMZ interview, shown on its website, West says, “When you hear about slavery for 400 years. For 400 years? That sounds like a choice.”
The civil rights group NAACP said in a Twitter response addressed to West, “There is a lot of misinformation out there and we are happy to provide insight. Black people have fought against slavery since we first landed on this continent.”
On Tuesday, the “Jesus Walks” singer also gave the first details of his November 2016 admission to a Los Angeles psychiatric hospital after a series of curtailed concerts and political rants.
“I was drugged out,” he said in the TMZ interview. “Two days before I was taken to the hospital I was on opioids. I was addicted to opioids.”
He said he was given painkillers after undergoing previously unreported liposuction surgery, adding, “I got liposuction, because I didn’t want you’ all to call me fat.”
In separate video released on Tuesday to match his new single “Ye vs. the People,” West discusses the support he voiced for Trump last week, which caused controversy among many of his fans.
Asked what he admired about Trump, West told fellow rapper T.I., “the ability to do what no one said you can do, to do the impossible.”
In the single, West raps lines like “Make America Great Again had a negative perception/I took it, wore it, rocked it, gave it a new direction.” (Reporting by Jill Serjeant in Los Angeles Editing by Matthew Lewis)
| ashraq/financial-news-articles | https://www.reuters.com/article/people-kanye-west/kanye-west-sounds-off-on-slavery-trump-and-his-opioid-addiction-idUSL1N1S81P8 |
GENEVA (Reuters) - The World Health Organization is discussing with Democratic Republic of Congo whether the government will give approval for the use of Mapp Biopharmaceutical’s experimental ZMapp treatment for Ebola, a senior WHO official said on Friday.
“We believe it’s likely in the coming days,” WHO’s Deputy Director-General of Emergency Preparedness and Response Peter Salama told a news conference in Geneva.
Reporting by Tom Miles and Kate Kelland; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-zmapp/who-expects-to-get-approval-to-use-zmapp-ebola-drug-in-congo-idUSKCN1IJ20K |
Electric car company Tesla may require as much as $10 billion in additional capital by 2020 to fund the company's operations, according to Goldman Sachs.
"We believe this level of capital transactions may be funded through multiple avenues, including new bond issuance, convertible notes, and equity," analyst David Tamberrino said in a note to clients Thursday. "We see several options available to the company to refinance maturing debt and raise incremental funds, which should allow Tesla to fund its growth targets."
While Tamberrino was confident CEO Elon Musk won't have trouble acquiring the extra cash, the infusion will likely present its own costs. Issuing additional debt could weigh on the company's credit profile, while supplying more stock or convertible bonds would dilute current shareholders.
Tesla declined to comment for this story.
Despite the forecast for additional capital requirements and a sell rating from Goldman, Musk insisted as recently as May 2 he has no intention of raising new money.
Asked earlier this month if he's mulling a capital raise, Musk simply said "no."
"I specifically don't want to," he said on a conference call after Tesla posted first-quarter earnings that beat expectations.
Tesla finished the quarter with roughly $2.7 billion in the bank, down from a balance of $3.4 billion at the end of 2017. The persistent cash burn has kept analysts like Tamberrino unconvinced that the Palo Alto, California-based company can keep going at this pace without a larger financial cushion while short sellers keep the heat on the company's equity.
Tesla shares are down 8 percent this year and closed Wednesday at $286.48, giving the automaker a market value of $48.6 billion.
Tamberrino believes the stock price will fall to $195 over the next six months, a 31 percent decline. The stock was trading slightly higher Thursday morning, at $286.59.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/goldman-sachs-tesla-is-going-to-need-to-raise-10-billion-in-2-years-to-keep-going.html |
17 Hours Ago | 00:56
CNBC's Jim Cramer has been hearing about a potential "thaw" in U.S.-China relations . If it continues, markets could reap the benefits amid the earnings flood next week, he said on Friday.
The news, "coupled with an employment report that showed strong growth and little inflation, ... brought in buyers from the sidelines," the "Mad Money" host observed.
"It's quite the impressive rally and it could continue if the U.S. government goes a tad softer, recognizing that the Chinese are willing to do some deals here," he continued.
Apple's stock led the technology sector higher on news that Warren Buffet's Berkshire Hathaway purchased 75 million additional shares of the iPhone maker in the first quarter.
Wondering if the strength could continue, Cramer turned to his game plan for the week ahead: Monday: Tyson Foods, ServiceNow
Tyson Foods : Investors are divided about the fate of Tyson Foods' stock ahead of its Monday earnings report.
Cramer sees short-sellers worried about rising raw costs and broad-based weakness in the consumer food stocks, but he also sees investors with long positions who believe in millennials' love for protein and thus believe in the beef and poultry supplier.
"It's been a terrible stock of late. Maybe it can right itself," the "Mad Money" host said.
ServiceNow : An analyst meeting at "cloud king" ServiceNow could cause bullish pin action in the rest of the cloud stocks if CEO John Donahoe, formerly of eBay , tells a good story, Cramer said. Tuesday: The Walt Disney Company, Electronic Arts, Monster Beverage
Disney : The entertainment colossus will report earnings on Tuesday, but rather than following the market, Cramer wanted investors to look under the hood.
"I think the bears who persist in thinking that ESPN's declining subscribers will be the real story here are beginning to miss the point: Disney is a hit machine that's launching a new ESPN online subscription service while it attempts to buy some key Fox properties that will produce even more hits," he explained.
Electronic Arts : Cramer had some difficulty predicting what the video game maker's quarterly results would look like. Its biggest competitor, Activision Blizzard , recently issued a seemingly disappointing report that hurt the stock.
Monster Beverage : Though he recently admitted that Monster's stock is losing steam , Cramer said the energy drink maker's strong long-term track record could produce a good earnings report. Wednesday: Anheuser-Busch Inbev, Twenty-First Century Fox
Anheuser-Busch Inbev : The beer-brewing Bud Light parent will report earnings on Wednseday. Cramer hoped its results would outshine competitor Molson Coors' numbers .
"I bet it will be better and we'll be more worried about the price of the aluminum cans than the price of the suds inside," the "Mad Money" host said.
Twenty-First Century Fox : Cramer wanted more details about potential deals with Disney and Comcast from Fox's earnings report.
"Comcast could use a lift — a big 'we're not going to take it' about Comcast's offer might boost the stock of the cable company that owns this network," he said. Thursday: Magna, Nvidia
Magna : Car parts supplier Magna will report earnings on Thursday amid pressure on the auto industry.
"[Magna] is, amazingly, just about a dollar off its 52-week high," Cramer said. "I expect an incredibly strong number here that will perhaps breathe new life into the worst acting group in the entire market, and that's saying something."
Nvidia : Cramer-fave Nvidia will also report earnings. The "Mad Money" host lamented how controversial its stock has become given that the company's graphics chips are leading products in the data center, artificial intelligence, gaming and autonomous car industries.
"So then what's controversial? Simple: for the last few quarters, Nvidia's bottom line has been boosted by cryptocurrency mining," he explained. "But that business, which many people always regarded as a fad, has cooled dramatically."
But if Nvidia's stock gets slashed as analysts issue number cuts and downgrades on a weaker cryptocurrency business, Cramer said that his charitable trust, which owns shares, would use the pain as an opportunity to buy more.
"Crypto-mining is a sideshow. It's just not the real Jensen Huang story," he said. Friday: St. Louis Fed President
James Bullard , the president of the St. Louis Federal Reserve, will speak on Friday, and you bet Cramer will listen.
"I think he may be the least ideological, most common-sensical member of the Federal Reserve ," Cramer said. "We need to hear the following: he favors two tightenings, but if the economy gets stronger, certainly stronger than today's Labor number , he's up for three hikes."
Bullard's candor could contribute to the market's strength on Friday provided China-related trade issues don't get in the way, Cramer said. Conclusions
"The bottom line? Today showed what can happen if something, even something teeny-tiny small, goes right," the "Mad Money" host said. "And looking at what's coming up next week, it's just possible this strength can continue." WATCH: Cramer's game plan with Disney, Fox, Nvidia earnings show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/cramers-game-plan-china-led-strength-may-continue-thanks-to-earnings.html |
PRAGUE (Reuters) - Czech financial firm J&T said on Friday it had struck a deal with Chinese state conglomerate CITIC Group [CITIC.UL] to settle debts owed by troubled Chinese company CEFC, ending a dispute.
Privately-held CEFC has spearheaded a Chinese acquisition drive in the Czech Republic, championed by Czech President Milos Zeman, which includes a range of assets including engineering, brewing and real estate as well as a soccer club and an airline.
But the Czech-based CEFC business has been hit by problems at once rapidly expanding parent group CEFC China Energy, which started unravelling under a pile of debt. Its troubles were aggravated when it was revealed in March that founder Chairman Ye Jianming was being investigated in China.
CEFC’s biggest deal, to buy a $9.1 billion stake in Russian oil major Rosneft ( ROSN.MM ), has since fallen through and one CEFC business defaulted on bonds earlier this week. A plan to take half of one of J&T’s main businesses, banking group J&T Financial Group (JTFG), was also abandoned.
The Czech part of CEFC has for weeks said CITIC, a Chinese state-owned conglomerate, would take a stake in the business and help pay back 450 million euros in debt owed to J&T.
But as the talks dragged on, J&T Private Investments (JTPI) took over shareholder rights in CEFC Europe and put in place its own crisis management team last week.
JOINT PROJECTS Friday’s deal ended the disputes and a spokeswoman for JTFG said that by Friday afternoon, CITIC had paid all receivables the J&T entities had from CEFC entities. A source close to the involved parties said around 12 billion crowns ($543 million) had been paid.
“After constructive negotiations, J&T Private Investments and J&T Finance Group SE on the one side, and Rainbow Wisdom led by the Chinese Corporation CITIC Group on the other, have agreed on a strategic cooperation,” J&T said.
The agreement sets out a longer-term partnership with CITIC under which CITIC’s Rainbow Wisdom will take over a 9.9 percent stake in JTFG, and 200 million euros worth of perpetual unsecured JTFG debt now held by two China-based CEFC entities, the statement said.
A spokesman for CITIC confirmed the deal but gave no details on its arrangements with CEFC, in which it is taking a stake.
“The agreement between J&T and CITIC represents a step forward for us to develop businesses in Czech and other European markets,” CITIC Group spokesman Liu Guang said in an email.
Reporting by Robert Muller and Jan Lopatka; Editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-cefc-czech/chinas-citic-to-pay-cefcs-czech-debts-take-jt-stake-to-end-spat-idUSKCN1IQ1I5 |
May 4, 2018 / 7:23 AM / Updated 18 minutes ago Swedish Academy says will postpone 2018 Nobel literature prize award Reuters Staff 1 Min Read
STOCKHOLM, May 4 (Reuters) - No Nobel Prize for literature will be given this year, following a scandal over sexual misconduct allegations that has seen a string of board members resign from the board of the Swedish Academy that awards it, the Nobel Foundation said on Friday.
The foundation said in a statement the intention was to award the 2018 prize next year, along with that year’s prize. (Reporting by Stockholm Newsroom Editing by Peter Graff) | ashraq/financial-news-articles | https://www.reuters.com/article/nobel-prize/swedish-academy-says-will-postpone-2018-nobel-literature-prize-award-idUSS3N1OK01Y |
The Wall Street Journal
As the start of a new hurricane season looms on June 1, homeowners along this stretch of Texas coast—which Harvey pounded with 130-mile-an-hour winds before steering north to drench Houston—are grappling with how to build back stronger . Some officials and residents are calling for stiffer standards to create sturdier homes, while others fear that excessive requirements could financially burden homeowners.
It is a debate that has surfaced repeatedly in coastal communities from Texas to New York in the wake of ruinous storms. In an era of rising sea levels and intense hurricanes, measures to harden buildings are key to ensure communities remain viable, risk consultants say. They also make properties more attractive to insurance carriers—essential to create a robust insurance market that can provide homeowners with sufficient coverage at affordable rates.
“If you’re not mitigating risk, you’re not going to have a healthy market,” said Jeffrey Czajkowski, managing director of the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania.
A study released last year by the National Institute of Building Sciences found that every $1 of federal grant money spent to mitigate the risks of natural hazards avoids $6 in losses.
Because the U.S. has no mandatory national building code, states and localities adopt their own. After Hurricane Andrew struck Florida in 1992, Miami-Dade County toughened its building requirements, mandating more-robust roof systems and strengthening testing standards for construction products. Florida then passed a statewide building code in 2002 that is among the strictest in the U.S.
A string of destructive hurricanes in 2004 and 2005 led to another round of code upgrades in eastern and Gulf Coast cities and states. Soon after emerged the new set of standards the O’Bryants in Rockport adopted: a program dubbed “Fortified” created by the Insurance Institute for Business and Home Safety, a research organization funded by insurers.
The guidelines—which draw on decades of storm-damage investigations—cover many aspects of a home but emphasize protecting the roof, which can expose a dwelling to significant damage if it fails. Homes can earn ratings of gold, silver or bronze depending on the provisions builders adopt.
In Alabama, Georgia, Mississippi and North Carolina, homeowners in some areas who build to Fortified standards qualify for insurance discounts or other incentives. The program has gained the most traction in Alabama, where about 7,000 properties are designated Fortified, out of some 8,200 in the U.S. as a whole.
After the 2004 and 2005 hurricane seasons, which resulted in more than $80 billion in insured losses, carriers began to retreat from the Southeastern coastline. Carl Schneider, an insurance agent in Mobile, Ala., helped assemble a group to press coastal Alabama officials to incorporate the Fortified standards into local building codes. Many cities and counties did.
Meantime, the Alabama Legislature and insurance department implemented measures between 2009 and 2014 mandating that insurance carriers provide premium discounts of as much as 55% to residents who build homes to Fortified standards. “That sped the process up,” said Lannie Smith, chief building official in Orange Beach, Ala.
A study last year by the Alabama Center for Insurance Information and Research found that homes built to Fortified standards had resale values 7% higher than those built conventionally. Damaged condos are being repaired near Key Allegro, an area of Rockport on the waterfront. More than 160 of some 860 homes and condos there have to be demolished.
Eddie Seal for The Wall Street Journal
In Texas, which has no statewide building code, municipalities are considering whether to adopt new standards. Rockport implemented the 2012 version of the International Residential Code, a model building code used in jurisdictions around the U.S. that the Fortified standards exceed.
During Harvey, newer homes built to the current code fared better than older ones, but damage was nevertheless widespread , local officials say. In Key Allegro, an area of Rockport on the waterfront where the O’Bryants live, more than 160 of some 860 homes and condos have to be demolished, and hundreds more suffered substantial damage.
Soon after the storm, some Key Allegro residents learned about the Fortified standards. The homeowners association found the program appealing and it voted last year to adopt the standards in its deed restrictions.
“It was simple, it was proven and it was funded by the insurance industry,” said Dave Foster, president of the Key Allegro homeowners association. “I want to do everything possible to ensure that we get private underwriters back in there.”
Private insurers largely pulled back from coastal Texas after 2005—though some have returned in recent years—leaving most residents to rely on the state’s insurer of last resort, the Texas Windstorm Insurance Association, or TWIA.
The new Fortified standards, which are voluntary, haven’t been universally embraced. Builders complained about having to learn and comply with a new set of strictures. Some residents feared the program would boost building costs at a time when residents were reeling financially from the storm—even though insurance analysts say it adds only about 1% to 3% to a home’s price tag.
William Weempe, whose Key Allegro house lost a large section of its roof and became waterlogged, still hasn’t begun rebuilding because of disputes with his insurer, TWIA. He said he fears the eventual payment he receives will cover only a fraction of the actual reconstruction cost—a shortfall exacerbated by having to build to stricter guidelines.
“It’s somewhat like kicking you when you’re down,” said Mr. Weempe, a 59-year-old wealth adviser.
Still, officials in Rockport are considering rolling out the Fortified program more widely—aiming in part to create more insurance options for homeowners. City leaders are treating Key Allegro—where so far about a dozen homeowners are rebuilding to Fortified standards—as a pilot project. “We have to see how the community is going to take it,” said Amanda Torres, the city’s community planner. Popular Homes Based on your last search Editors' Picks | ashraq/financial-news-articles | http://www.wsj.com/articles/after-harvey-texas-town-looks-to-fortify-in-state-with-no-mandatory-building-code-1527240600 |
(Adds details on sectors and stocks throughout; updates prices)
TORONTO, May 28 (Reuters) - Canada's main stock index fell to a two-week low on Monday as lower oil prices pressured energy shares, while Bombardier Inc got a boost from an order to buy the company's CS300 aircraft.
* At 10:21 a.m. (1421 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 22.52 points, or 0.14 percent, to 16,053.15. It touched its lowest intraday since May 14 at 16,038.91.
* The decline for the index came as U.S. markets were closed for Memorial Day.
* The TSX's energy group retreated 1.3 percent, with major oil producer Suncor Energy Inc down 1.2 percent at C$50.16.
* U.S. crude prices were down 2.3 percent at $66.31 a barrel as Saudi Arabia and Russia said they may increase supplies while U.S. production gains show no sign of slowing.
* Bombardier said it had completed the sale of 30 CS300 aircraft to Latvia's Air Baltic Corp, valuing the firm order at about $2.9 billion based on the list price. The company's shares rose 3.9 percent to C$4.54.
* Shares of WestJet Airlines rose 1.8 percent to C$20.74. Pilots who fly for the company's budget carrier Swoop will now be unionized, a concession which resolves a key obstacle in a labor dispute with the airline, a negotiator with the Air Line Pilots Association said.
* Pan American Silver Corp shares fell 4.7 percent to C$22.28 after the company initiated steps to reduce certain activities at the Dolores Mine in Mexico.
* The overall materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent.
* Four of the TSX'S index's 10 main groups were lower. The index posted seven new 52-week highs and no new lows. (Reporting by Fergal Smith Editing by James Dalgleish) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/reuters-america-canada-stocks-tsx-falls-to-two-week-low-as-oil-prices-slide.html |
BARCELONA (Reuters) - Formula One team mates Daniel Ricciardo and Max Verstappen will remain free to race each other despite their Azerbaijan Grand Prix collision — but both expect Red Bull to step in if the situation looks like overheating in future.
Formula One - F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 29, 2018 The cars of Red Bull's Daniel Ricciardo and Max Verstappen after crashing out during the race REUTERS/David Mdzinarishvili Speaking to reporters at the Spanish Grand Prix, the Australian and his 20-year-old Dutch team mate said there had been a lot of discussion between all parties back at the factory.
“I think if it got to that point again where there’s banging wheels and stuff, especially if the car’s faster behind, then you’d probably expect at some point they’d go, ‘Let’s swap cars and release one of them’,” said Ricciardo.
“There’s no guarantee but that was one thing we certainly talked about.”
Ricciardo smashed into the back of Verstappen’s car while attempting to pass in the race two weeks ago. Both retired on the spot.
They had banged wheels before then and the eventual accident came as little surprise.
Red Bull principal Christian Horner refused to blame one driver over the other at the time and said both were “in the doghouse”.
Verstappen said relations between the drivers, who get on well, remained good.
“We have a lot of respect for each other and we realize that it was a mistake. There are no bad feelings at all,” said the Dutchman, who said they would probably leave “two or three millimetres” more margin in future.
Asked about so-called team orders being applied, Verstappen — who is seen as the team’s future and, unlike Ricciardo, has a long-term contract — indicated that would depend on the particular circumstances.
“Maybe if it’s like Baku again, I think at one point the team will say, ‘OK, maybe calm down a bit and just follow each other the last few laps’. I don’t know,” he said.
“But I think in general they still trust us and we also understand we don’t want that to happen again.”
ACCUMULATION OF EVENTS Ricciardo, a winner in China last month, said it was not just about the drivers, however.
“Obviously we are the drivers; we created, in the end, the incident. But it was an accumulation of events and it was important to address all areas,” he said.
“I don’t think it was just us in that moment. There was a build-up and maybe a way that we could have responded better, whether it was releasing a car or something. A lot of things we talked about.”
Both drivers were reprimanded by stewards after the race and Ricciardo accepted that.
“I don’t feel guilty but I understand what they needed to do. In the end I have no problem with that,” he said.
Reporting by Alan Baldwin, editing by Neville Dalton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-spain-redbull/colliding-red-bull-drivers-free-to-race-but-face-close-scrutiny-idUSKBN1IB2GM |
Two Republican senators expressed doubts Sunday that North Korea would accede to President Donald Trump’s demand of denuclearizing the Korean Peninsula if diplomatic talks between the two countries are set back on track.
Mr. Trump called off plans for a summit with North Korean leader Kim Jong Un this past week, but appeared to quickly reverse course by taking a positive tone later in the week about prospects for a meeting, originally set for June 12 in Singapore.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/gop-senators-express-doubt-over-denuclearization-in-north-korea-talks-1527433741 |
Spotify removes R. Kelly's music from its playlists 12:57am IST - 00:50
The music streaming service says his music will still be on Spotify, but it will not actively promote it. Alicia Powell reports.
The music streaming service says his music will still be on Spotify, but it will not actively promote it. Alicia Powell reports. //reut.rs/2rAXUdG | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/spotify-removes-r-kellys-music-from-its?videoId=425670484 |
Bob Iger: There was no debate about 'Roseanne' cancellation 41 Mins Ago CNBC's David Faber reports on comments to CNBC from Disney CEO Bob Iger over the decision to cancel Roseanne Barr's namesake show following her racist comments on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/bob-iger-roseanne-cancelled.html |
BRUSSELS (Reuters) - The European Parliament distributed on Thursday what it called a first set of written replies from Facebook to oral questions put by lawmakers to CEO Mark Zuckerberg at a meeting in Brussels on Tuesday.
FILE PHOTO: Facebook's CEO Mark Zuckerberg answers questions about the improper use of millions of users' data by a political consultancy, at the European Parliament in Brussels, Belgium, in this still image taken from Reuters TV May 22, 2018. REUTERS/ReutersTV The replies had earlier been published by Facebook itself.
Reporting by Alastair Macdonald
| ashraq/financial-news-articles | https://in.reuters.com/article/facebook-privacy-eu/eu-parliament-gets-facebook-answers-after-zuckerberg-meeting-idINKCN1IP1PJ |
NEW YORK, May 17, 2018 /PRNewswire/ -- Prineta, one of the fastest growing independent ATM operators in the country, announced today the acquisition of a portfolio of ATMs in New York City, significantly expanding operations in the largest city in the country.
"This is our fourth acquisition in the last year," explains Tanner Morton, Co-Founder and Managing Partner at Prineta. "With a larger scale, we are better positioned to meet the needs of our clients in New York."
The terms of the deal are not being disclosed but locations include a tourist hotel, convenience stores, a truck stop, bar restaurants, and condo buildings in Manhattan, Brooklyn, and Bronx.
Tanner Morton explained the story behind the acquisition, "An investor bought a small ATM business, operated it for 2 years then needed out after they realized how much work was required. The seller contacted us through our website and we had the deal done the next week."
Prineta continues to invest in organic growth and growth through acquisition with a belief that the need for cash will continue for many years.
More information about the ATM services offered can be found at the company website:
https://prineta.com/atms/service-areas/new-york-city-atm-company/
Contact:
Conner Morton
Prineta USA
800-951-9533
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/prineta-acquires-a-portfolio-of-atms-in-new-york-300650299.html
SOURCE Prineta USA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-prineta-acquires-a-portfolio-of-atms-in-new-york.html |
South Korean prosecutors raided the headquarters of Korean Air Lines over suspected embezzlement and breach of trust by members of its owning family, Yonhap News Agency reported on Thursday.
A company spokesman told Reuters an investigative team was at the headquarters but declined further comment. A prosecution spokesman could not be immediately reached for comment.
The investigation is the latest involving the flag carrier's owning family, which came under increased scrutiny in April after the chairman's daughter, Cho Hyun-min, allegedly threw water at an attendee of a business meeting.
Cho Hyun-min is the younger sister of Heather Cho, who was jailed in 2014 for demanding a Korean Air plane return to its gate at a New York airport, after losing her temper over the way she was served nuts in first class.
The Seoul Southern District Prosecutors' Office is investigating suspicion of tax evasion, embezzlement and breach of trust by Korean Air Lines Chairman Cho Yang-ho and members of his family, Yonhap reported citing prosecution sources.
The prosecutor's office began investigating potential tax evasion by the family after the Seoul office of South Korea's tax agency questioned whether Chairman Cho paid tax on inheriting overseas assets from his father, Yonhap said.
Prosecutors are also tracking suspicious money flows within accounts of Cho family members and associates, Yonhap reported.
Chairman Cho earlier this month stepped down from the post of co-chief executive at affiliate Jin Air amid growing public pressure for Cho family members to step back from management positions. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/korean-air-hq-raided-by-prosecutors-over-suspected-embezzlement-yonhap.html |
May 3, 2018 / 2:20 PM / Updated 6 hours ago Virgin Media to shut sites; cut 500 jobs Reuters Staff 1 Min Read
(Reuters) - Cable company Virgin Media, owned by Liberty Global ( LBTYA.O ), said on Thursday it would close four of its eight customer service sites resulting in about 500 job losses.
Virgin Media, which employs around 14,000 people in the UK, said it planned to spend 40 million pounds on increasing capacity at its existing centres and buying alternative sites. Reporting by Rahul B in Bengaluru; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-virgin-media-redundancies/virgin-media-to-shut-sites-cut-500-jobs-idUKKBN1I41SQ |
Australia's central bank left its cash rate at 1.5 percent on Tuesday, a widely expected decision given policy makers have said they see no strong case for a chance in policy.
The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting.
A Reuters poll of 41 analysts had found all but one saw a steady outcome this week. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reserve-bank-of-australia-holds-rates.html |
MENLO PARK, Calif., May 2, Refuge Biotechnologies, Inc. ("Refuge"), a company leveraging gene engineering technologies to develop intelligent cell therapeutics programmed to make decisions inside of patients, today announced the closing of a $25 million Series B investment round. In addition, the company has appointed immuno-oncology pioneer Francesco Marincola, M.D., as chief scientific officer.
The Series B financing was led by 3SBio and Sequoia China, with participation from new investors Danhua Capital (DHVC), Sangel Capital and Ocean Pine Healthcare Fund. Refuge's existing investors, 3E Bioventures, WuXi Healthcare Ventures, and ShangBay Capital, also participated in the round.
The funds from the Series B will support advancement of cell therapies developed with Refuge's receptor-dCas platform, which utilizes a mutated or dead Cas9 (dCas) as a targeting mechanism to enable precision CRISPR activation (CRISPRa) and CRISPR interference (CRISPRi). The cell therapies are programed to only activate CRISPRa/CRISPRi when they encounter specific sensors found on the surface of cancer cells, which delivers the treatment effect only to target cells. As a result, cell therapies have the potential to bring together multiple anti-cancer approaches in a single cell, such as repression of multiple checkpoint targets, with greater potency and reduced side effects. Refuge's pipeline is led by RB-1916, a CAR-T cell therapy designed to inhibit the expression of the PD-1 gene, with a potential initial application in diffused large B-cell lymphoma. Refuge has additional CAR cell therapy programs under research that conditionally repress PD-1 and other checkpoint inhibitors for potential treatment of solid tumors.
"We have seen tremendous progress in the development of our technology and science, and believe that our receptor-dCas platform has the potential to create highly targeted cell therapies that bring superior efficacy while overcoming limitations related to toxic side effects," said Bing C. Wang, Ph.D., co-founder and chief executive officer of Refuge Biotech. "This financing will propel our efforts with our growing pipeline as we continue to design these innovative and intelligent cell therapies to fight cancer, and we are encouraged by the support from this top group of global investors."
As part of the investment, the lead investors will have an exclusive right to negotiate with Refuge on the right to the development and commercialization of cell therapies using Refuge's platform in China. Concurrently, Refuge and 3SBio will also collaborate on research developing programmed cell therapeutics that can produce therapeutic proteins inside a patient's body using Refuge's platform technology.
Concurrent with the financing, Zhenping Zhu, M.D., Ph.D., of 3SBio and Trency Gu, Ph.D., of Sequoia China, have joined the Refuge board of directors.
"3SBio's investment demonstrates our commitment to advancing cutting-edge gene engineering technologies with potential for breakthrough treatments for cancer and other diseases with unmet medical needs," said Jing Lou, M.D., Ph.D., Chairman and CEO of 3SBio Inc. "3SBio looks forward to collaborating with Refuge to accelerate the clinical development of Refuge's next-generation cell therapies for cancer and to fully realize the potential of the dCas9 platform."
Added Neil Shen, founding and managing partner of Sequoia China, "Sequoia China endeavors to back innovative companies in the life science field such as Refuge Bio, which brings together topnortch scientific and commercial talents in the gene editing and cell therapy space. We are pleased to support Refuge Bio to further develop the dCas9 platform for wide therapeutic applications to improve human health."
The CRISPRa and CRISPRi are made possible by dCas9, which no longer cuts DNA but functions as a carrier to specific areas of the genome for highly targeted delivery a transcriptional activator or repressor to turn on or turn off genes. The novel receptor-dCas platform allows for control of how a cell interacts with its environment. Cells generally communicate and sense their surrounding through membrane receptors. Connecting receptors to dCas creates a therapeutic platform that enables cells to sense its surroundings and activate or repress multiple gene expression based on the receptor-ligand interactions. With receptor-dCas, cells can be now programmed to turn off certain genes, such as PD-1, to generate more potent CAR-T immune cells when it senses the presence of a tumor cell.
About Francesco Marincola, M.D.
As chief scientific officer, Dr. Marincola will lead development of Refuge's intelligent cell therapy platform and investigation of its lead therapeutic programs. He most recently served as a distinguished research fellow and strategist for immune oncology discovery at AbbVie. Prior to this, he developed and led a genetic research institute at Sidra Medical and Research Center in Qata where he played a pivotal role in the Qatar Genome Project. He also trained in surgical oncology under Steven Rosenberg, M.D., Ph.D., at the National Cancer Institute and subsequently was a tenured investigator and chief of the infectious disease and immunogenetics section at the NIH Clinical Center. Dr. Marincola has spent his career studying tumor immunology and was a pioneer in the development of technologies for studying in real-time the dynamics of the tumor microenvironment adaptations during immune therapy. He described the mechanisms leading to cancer immune rejection describing the immunologic constant of rejection as a conserved process shared responsible for other forms of immune-mediated tissue-specific destruction such as allograft rejection, graft versus host disease, flares of autoimmunity and clearance of pathogen during acute infections. He is currently leading worldwide efforts to understand the mechanism of cancer immune resistance such as the Society for the Immunotherapy of Cancer Task Force on Immune Responsiveness aimed at involving different areas of expertise besides immunology. Dr. Marincola graduated summa cum laude at the University of Milan, Medical School, Italy, and completed a general surgery residency with a focus in immunology at Stanford University. He was president of the Society for the Immunotherapy of Cancer and is the founding and current editor-in-chief of the Journal of Translational Medicine.
About Refuge Biotech
Refuge Biotech is a discovery-stage therapeutic company focused on gene editing and genetic engineering of immune cells for cancer immunotherapy. Refuge is leveraging gene engineering technologies known as CRISPR interference (CRISPRi) and CRISPR activation (CRISPRa) through their receptor-dCas platform to develop therapeutic cells that are programmed to make cancer-fighting decisions inside the patient's body. For further information, please visit www.refugebiotech.com .
About 3SBio
3SBio is a fully-integrated biotechnology company in China with market-leading biopharmaceutical franchises in oncology, auto-immune diseases, nephrology, metabolic diseases and dermatology. 3SBio is focused on building an innovative product pipeline, with over 20 National Class 1 candidates under development. 3SBio's manufacturing capabilities include recombinant proteins, monoclonal antibodies and chemically- synthesized molecules, with research and production centers in Shenyang, Shanghai, Hangzhou, Shenzhen and Como, Italy. 3SBio is actively pursuing international expansion through acquisitions, licensing and strategic partnerships. Please visit www.3sbio.com for additional information.
About Sequoia China
The Sequoia team helps daring founders build legendary companies. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we've learned over 46 years working with Apple, Cisco, Oracle, Google, Alibaba, Airbnb and JD.com among many others. As "The Entrepreneurs Behind The Entrepreneurs", Sequoia China focuses on four sectors: TMT, healthcare, consumer/service, and industrial technology. Over the past 13 years we've had the privilege of working with more than 500 companies in China. For more information, visit www.sequoiacap.com/china/en .
View original content with multimedia: http://www.prnewswire.com/news-releases/refuge-biotechnologies-completes-25-million-series-b-financing-appoints-cso-to-advance-the-development-of-intelligent-cell-therapies-in-oncology-300640708.html
SOURCE Refuge Biotechnologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-refuge-biotechnologies-completes-25-million-series-b-financing-appoints-cso-to-advance-the-development-of-intelligent-cell.html |
ROCKLIN, Calif., May 30, 2018 /PRNewswire/ -- JLM Energy announced today that long-time solar executive Erin Clark has been appointed CEO of the Rocklin-based company.
Clark takes over the reigns as CEO from co-founder Farid Dibachi's nearly 8-year journey of leading the company from inception to launching innovative energy storage products including Phazr, Gridz, and Energizr.
Clark joined JLM as Chief Operations Officer in April 2017. He is a veteran of the consumer solar industry and spent several years managing and leading solar companies. He is a native of Fresno and currently lives in Rocklin with his wife and two children.
JLM Energy Co-Founder Kraig Clark said, "This is the logical progression of a company of this size and given the trajectory that we are on we felt that now was the right time for Erin to lead the company forward. We have transitioned from a product development focus to market execution and rapid growth in a hot industry. It makes sense to have an executive with deep experience in the solar industry to lead our next phase of growth."
Erin Clark said, "We are poised to take JLM to the next level. The energy storage space is growing at lightning speed. Led by Gridz and our newest innovation, Phazr, our sales have exploded – up more than 425% from last year. Even our conservative projections for future quarters show this growth only accelerating."
To date, JLM has thousands of Phazr units operational in California, Arizona, Connecticut, Hawaii and North Carolina. To keep up with demand JLM has partnered with CED Greentech to stock product across California and Arizona.
Phazr MicroStorage is the only plug-and-play energy storage rooftop unit that goes directly under the solar panel. Phazr installs in a matter of minutes. JLM's innovative optimization software, Measurz works behind-the-scenes to continually monitor and optimize solar, storage and building consumption for both residential and commercial applications.
Dibachi told employees, "It's time to step aside and make room for all of you to take the company forward."
About JLM Energy
JLM Energy is an energy technology company. JLM has created a fully-integrated software platform and energy technology bundle that optimizes energy use and maximizes savings for customers. The bundle includes solar, energy storage, monitoring devices, algorithms and load controllers that are all unified via a single software platform. Learn more: www.jlmei.com @JLMEnergy on Twitter. JLM Energy was founded in 2011 by Dibachi and Clark.
Contact:
Ellen Howe, [email protected] , 703-835-5550
View original content with multimedia: http://www.prnewswire.com/news-releases/erin-clark-named-jlm-energy-ceo-300656542.html
SOURCE JLM Energy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-erin-clark-named-jlm-energy-ceo.html |
HOUSTON, EP Energy Corporation (NYSE:EPE) today reported first quarter 2018 financial and operational results.
Quickly Improving Operations and Results With New Leadership Team
In the first full quarter under new leadership, the company improved results by increasing production and profitability while significantly reducing costs. Below is a summary of first quarter 2018 results compared to third quarter 2017 results, which was the most recent full quarter under previous leadership.
3Q'17
1Q'18
Percent
Change
Oil Production (MBbls/d)
45.1
45.4
1%
Lease Operating Expense ($MM)
42
39
-7%
Reported G&A ($MM)
25
19
-24%
Adjusted G&A ($MM) 1
20
17
-15%
Total Operating Expenses ($MM)
237
224
-5%
Adjusted Cash Operating Costs ($MM) 1
110
101
-8%
Net (Loss) Income ($MM)
(72)
18
Adjusted EBITDAX ($MM) 1
159
189
+19%
Permian Completed Well Cost ($MM) 2
4.67
4.23
-9%
1 See Disclosure of Non-GAAP Financial Measures for applicable definitions and reconciliations to GAAP terms.
2 Comparison of wells completed in the Permian with similar proppant loading normalized to 7,500'
Results Beat Expectations
First quarter 2018 total equivalent production and oil production volumes were above the high end of the company's guidance ranges, while capital expenditures were below the low end of the guidance range. The improvement was a result of better well performance driven by new completion techniques and lower capital and operating costs.
1Q'18
Actuals
1Q'18
Guidance
Delta to
mid-pt.
Oil Production (MBbls/d)
45.4
43 - 44
+ 4%
Total Production (MBoe/d)
80.1
77 - 79
+ 3%
Oil and Gas Expenditures ($MM) 1
208
210 - 220
- 3%
1 Does not include acquisition costs
Executing Strategy
Eagle Ford enhanced oil recovery (EOR) pilot project operational in April - ahead of schedule Drilling first horizontal wells in Altamont Electric frac fleet operating in the Permian Improved well performance from optimized well designs Closed acquisition and divestiture transactions
Improved Flexibility
Permian Drilling Joint Venture amended to redirect second tranche to Eagle Ford asset
"We are pleased with our first quarter results and increased 1Q completion activity concentrated in the Eagle Ford," said Russell Parker, president and chief executive officer of EP Energy Corporation. "As we continue to focus on capital efficiency and fully loaded returns, we expect to continue to see improvements in the amount of capital deployed versus the amount of ultimate EBITDA generated. Additionally, we are swiftly moving forward with new projects in all three areas to unlock additional net asset value. Throughout the year we will continue to drive these initiatives in order to generate more shareholder value and improve the balance sheet."
Eagle Ford: Significant Increase in Oil Production
The company produced 35.9 MBoe/d, including 24.0 MBbls/d of oil in the first quarter of 2018, a 17 and 24 percent increase from the fourth quarter of 2017, respectively. The increase from year-end 2017 was driven by increased activity, improved production results from new well designs and completion techniques, and acquisition properties.
EP Energy averaged two drilling rigs, invested $135 million and completed (based on wells fracture stimulated or frac'd) 24 gross and net wells in the first quarter of 2018 in its Eagle Ford program. Activities and capital investment were up significantly from the fourth quarter of 2017 where total capital invested was $92 million and 14 wells were completed (frac'd). Approximately 75 percent of the 24 wells completed in the first quarter were in-fill wells and performance, on average, was equal to or in some cases better than, the parent well.
In addition to improving well performance, the company is driving down costs through on-site efficiency enhancement. EP Energy has taken over certain well-site operations from third parties. This has resulted in improved efficiencies and an overall savings of more than $100 thousand per well which the company expects to result in approximately $7 million of savings in 2018. This is an example of actions the new leadership team is quickly implementing which contribute to improved returns.
EP Energy launched its EOR pilot project with the first natural gas injection cycle in April. The project was the culmination of extensive research and study, which was done on an aggressive time frame and demonstrates the company's ability to quickly turn concepts into actionable opportunities. Facilities were in place and first gas was injected within four months of the initial concept review.
In April, the company amended its Permian drilling joint venture to direct the development area for the second tranche from the Permian to the Eagle Ford. The drilling joint venture improves the returns on the capital invested. The initial wells in the second tranche are expected to begin producing later this year. EP Energy remains the operator of the drilling joint venture and the material terms and conditions remain consistent with the initial agreement.
Permian: New Enhancements Increase Efficiencies and Reduce Operating Costs
In the first quarter of 2018, the company produced 27.0 MBoe/d, including 9.8 MBbls/d of oil, a 16 and 18 percent decrease compared to the fourth quarter of 2017, respectively. Production volumes were down compared to 2017 due to significantly lower activity levels in the fourth quarter of 2017 and first quarter of 2018. In the first quarter, the company averaged one drilling rig, invested $43 million in capital and completed (frac'd) eight gross and net wells.
During the quarter, the company began to use an electric-powered frac fleet, one of only a few operating in the country. The frac fleet utilizes field gas rather than diesel fuel to generate power, which saves costs and time. The company has increased average pumping hours per day by approximately 30 percent in its first three pads compared with the fourth quarter of 2017.
In the first quarter of 2018, the company began the installation of water handling facilities in the field, which are expected to provide significant operating efficiencies. The enhancements allow more water to be transmitted via pipeline, reducing truck traffic and operating costs. These cost saving initiatives, along with changes in managing drill-outs and flowback operations, are expected to result in more than $10 million of capital savings in 2018.
The company maintains ample take-away capacity out of the basin through contractual agreements with third-party processors and marketing companies. In addition, EP Energy has 100 percent of its Midland to Cushing basis exposure hedged in 2018 at -$1.02 per barrel.
Altamont: Accelerated Recompletions and Progress Towards Horizontal Drilling
In the first quarter of 2018, the company produced 17.2 MBoe/d, including 11.6 MBbls/d of oil, a four and five percent decrease from the fourth quarter of 2017, respectively.
EP Energy operated two joint venture drilling rigs and completed (frac'd) nine gross wells (three net wells) in its Altamont program. Total capital invested in the Altamont program in the first quarter of 2018 was $30 million. The company also accelerated its high return recompletion program, successfully recompleting 23 wells, an all-time record for the company.
The company began drilling its first horizontal wells in April, sooner than planned. The company spud two wells, expects to complete drilling operations in the second quarter and begin flowback in June/July.
Multi-year Commodity Hedge Program: Well Positioned in 2018 and ~26 Percent Hedged in 2019 1
EP Energy maintains a solid hedge program, which provides continued commodity price protection. A summary of the company's current open hedge positions is listed below:
2018
2019
Total Fixed Price Hedges
Oil volumes (MMBbls) 2
11.3
4.6
Average ceiling price ($/Bbl)
$
63.96
$
64.45
Average floor price ($/Bbl)
$
58.45
$
55.54
Natural Gas volumes (TBtu)
19.3
7.3
Average price ($/MMBtu)
$
3.04
$
2.97
Note: Positions are as of May 4, 2018.
1
Percentage based on mid-point of 2018 production guidance
2
2018 and 2019 positions include WTI three way collars of 6.7 MMBbls and 2.6 MMBbls, respectively, and WTI collars of 0.8 MMBbls in 2018 and 1.3 MMBbls in 2019.
Liquidity
The company ended the quarter with approximately $600 million of available liquidity and $4.2 billion of net debt (total debt of $4.2 billion less cash of $19 million). EP Energy continues to be in active discussions with the banks in the RBL Facility to extend the maturity. The company continues to make progress and expects to complete the process in the second quarter of 2018.
2018 Outlook On Track With Strong Start
The table below summarizes the company's current operational and financial guidance for 2018. Included is the company's estimate for a significant increase in oil production volumes in the second quarter of 2018. Although full year 2018 production guidance remains as previously provided, the company will continue to review progress with the new operational techniques and provide updates throughout the year.
1Q'18
Actuals
2Q'18
Estimate
FY 2018
Estimate
Production Volumes
Oil production (MBbls/d)
45.4
47 – 49
46 – 50
Total production (MBoe/d)
80.1
80 – 82
81 – 87
Oil & Gas Expenditures ($ million)
$208
$200 – $210
$600 – $650 1
Eagle Ford
$135
~50%
Permian
$43
~30%
Altamont
$30
~20% 2
Average Gross Drilling Rigs
Eagle Ford
2
2
Permian
1
1
Altamont
2
2
Operating Costs
Lease operating expense ($/Boe)
$5.48
$5.00 – $5.70
Reported G&A expense ($/Boe)
$2.58
$2.90 – $3.25
Adjusted G&A expense ($/Boe) 3
$2.31
$2.30 – $2.60
Transportation and commodity purchases ($/Boe)
$3.43
$3.15 – $3.45
Taxes, other than income ($/Boe) 4
$2.75
$2.50 – $2.60
DD&A ($/Boe)
$16.69
$16.50 – $17.50
1 Full year 2018 includes ~$135 million non-drill capital including: ~$55 million for general equipment, ~$30 million for capitalized G&A and interest, ~$25 million for enhanced facility projects, ~$10 million for EOR projects, and ~$15 million for leasing and seismic, and does not include acquisition costs.
2 Full year 2018 Altamont capital includes ~100 recompletions for $50 million.
3 Adjusted G&A represents G&A expense less approximately $0.27 per Boe of non-cash compensation expense in 1Q'18 Actuals and $0.60 - $0.65 per Boe of non-cash compensation expense in FY 2018 Estimate.
4 Severance taxes estimates are based on $55/Bbl WTI.
Webcast Information
EP Energy has scheduled a webcast at 12:00 p.m. Eastern Time, 11:00 a.m. Central Time, on May 9, 2018, to discuss its first quarter financial and operational results. The webcast may be accessed online through the company's website at epenergy.com in the Investor Center. Materials relating to the webcast will be available in the Investor Center. A limited number of telephone lines will be available to participants by dialing 888-317-6003 (conference ID#7126655) 10 minutes prior to the start of the webcast. A replay of the webcast will be available through June 11, 2018 on the company's website in the Investor Center or by dialing 877-344-7529 (conference ID#10119858).
About EP Energy
The EP Energy team is driven to deliver superior returns for our investors by developing the oil and natural gas that feeds America's growing energy needs. The company focuses on enhancing the value of its high quality asset portfolio, increasing capital efficiency, maintaining financial flexibility, and pursuing accretive acquisitions and divestitures. EP Energy is working to set the standard for efficient development of hydrocarbons in the U.S. Learn more at epenergy.com .
The following table provides the company's production results, average realized prices, results of operations and certain non-GAAP financial measures for the periods presented.
Quarter ended March 31,
Quarter ended
September 30,
2018
2017
2017
Oil Sales Volumes (MBbls/d)
Eagle Ford
24.0
23.9
20.0
Permian
9.8
11.1
12.6
Altamont
11.6
11.9
12.5
Total Oil Sales Volumes
45.4
46.9
45.1
Natural Gas Sales Volumes (MMcf/d)
Eagle Ford
36
41
37
Permian
56
54
55
Altamont
34
32
34
Total Natural Gas Sales Volumes
126
127
126
NGLs Sales Volumes (MBbls/d)
Eagle Ford
5.9
7.0
6.7
Permian
7.8
7.4
8.2
Altamont
—
—
—
Total NGLs Sales Volumes
13.7
14.4
14.9
Equivalent Sales Volumes (MBoe/d)
Eagle Ford
35.9
37.7
32.9
Permian
27.0
27.5
29.9
Altamont
17.2
17.3
18.2
Total Equivalent Sales Volumes
80.1
82.5
81.0
Net income (loss) ($ in millions)
18
(47)
(72)
Adjusted EBITDAX ($ in millions)
189
172
159
Basic and diluted net income (loss) per common share ($)
0.07
(0.19)
(0.29)
Adjusted EPS ($)
(0.07)
(0.10)
(0.12)
Capital Expenditures ($ in millions) (1)
208
152
162
Total Operating Expenses ($/Boe)
31.11
32.01
31.79
Adjusted Cash Operating Costs ($/Boe)
13.97
15.16
14.73
Depreciation, depletion and amortization rate ($/Boe)
16.69
16.99
15.92
Average realized prices (2)
Oil price on physical sales ($/Bbl)
61.56
48.43
45.49
Oil, including financial derivatives ($/Bbl) (3)
58.86
54.90
51.75
Natural gas price on physical sales ($/Mcf)
1.94
2.49
2.26
Natural gas, including financial derivatives ($/Mcf) (3)
2.03
2.46
2.49
NGLs price on physical sales ($/Bbl)
20.93
17.63
18.98
NGLs, including financial derivatives ($Bbl) (3)
20.91
17.76
18.45
(1)
The quarter ended March 31, 2018 does not include $248 million of acquisition capital.
(2)
Oil and natural gas prices on physical sales reflect operating revenues for oil and natural gas reduced by oil and natural gas purchases associated with managing our physical sales.
(3)
Prices per unit are calculated using total financial derivative cash settlements.
EP ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per common share amounts)
(Unaudited)
Quarter ended
March 31,
Quarter ended
September 30,
2018
2017
2017
Operating revenues
Oil
$
252
$
204
$
189
Natural gas
22
30
27
NGLs
26
23
26
Financial derivatives
(14)
70
(23)
Total operating revenues
286
327
219
Operating expenses
Oil and natural gas purchases
—
1
—
Transportation costs
25
29
29
Lease operating expense
39
40
42
General and administrative
19
20
25
Depreciation, depletion and amortization
120
126
118
Impairment charges
—
—
1
Exploration and other expense
1
3
6
Taxes, other than income taxes
20
19
16
Total operating expenses
224
238
237
Operating income (loss)
62
89
(18)
Gain (loss) on extinguishment/modification of debt
41
(53)
24
Interest expense
(85)
(83)
(80)
Income (loss) before income taxes
18
(47)
(74)
Income tax expense
—
—
2
Net income (loss)
$
18
$
(47)
$
(72)
EP ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
March 31, 2018
December 31, 2017
ASSETS
Current assets (1)
$
237
$
466
Property, plant and equipment, net (2)
4,741
4,422
Other non-current assets
11
12
Total assets
$
4,989
$
4,900
LIABILITIES AND EQUITY
Current liabilities
$
436
$
448
Long-term debt, net of debt issue costs
4,104
4,022
Other non-current liabilities
39
38
Total stockholders' equity
410
392
Total liabilities and equity
$
4,989
$
4,900
(1)
Balance as of December 31, 2017 includes $172 million of assets held for sale.
(2)
Balance is net of accumulated depreciation, depletion and amortization of $3,307 million and $3,179 million as of March 31, 2018 and December 31, 2017, respectively.
EP ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three months ended March 31,
2018
2017
Net income (loss)
$
18
$
(47)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Non-cash expenses
84
184
Asset and liability changes
(15)
(20)
Net cash provided by operating activities
87
117
Net cash used in investing activities
(229)
(119)
Net cash provided by financing activities
117
17
Change in cash, cash equivalents and restricted cash
(25)
15
Cash, cash equivalents and restricted cash - beginning of period
45
20
Cash, cash equivalents and restricted cash - end of period
$
20
$
35
Disclosure of Non-GAAP Financial Measures
The Securities and Exchange Commission's Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure. In the event of such a disclosure or release, Regulation G requires (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP.
Non-GAAP Terms
Below is a reconciliation of consolidated diluted net income (loss) per share to Adjusted EPS:
Quarter ended March 31, 2018
Pre Tax
After Tax
Diluted
EPS (1)
($ in millions, except earnings per share amounts)
Net income
$
18
$
0.07
Adjustments (2)
Impact of financial derivatives (3)
$
4
$
3
$
0.01
Gain on extinguishment/modification of debt
(41)
(32)
(0.13)
Valuation allowance on deferred tax assets
(5)
(0.02)
Total adjustments
$
(37)
$
(34)
$
(0.14)
Adjusted EPS
$
(0.07)
Diluted weighted average shares
247
Quarter ended March 31, 2017
Pre Tax
After Tax
Diluted
EPS (1)
($ in millions, except earnings per share amounts)
Net loss
$
(47)
$
(0.19)
Adjustments (2)
Impact of financial derivatives (3)
$
(42)
$
(27)
$
(0.11)
Loss on extinguishment of debt
53
34
0.14
Valuation allowance on deferred tax assets
15
0.06
Total adjustments
$
11
$
22
$
0.09
Adjusted EPS
$
(0.10)
Diluted weighted average shares
245
Quarter ended September 30, 2017
Pre Tax
After Tax
Diluted
EPS (1)
($ in millions, except earnings per share amounts)
Net loss
$
(72)
$
(0.29)
Adjustments (2)
Impact of financial derivatives (3)
$
50
$
32
$
0.13
Loss on extinguishment of debt
(24)
(15)
(0.06)
Impairment charges
1
—
—
Valuation allowance on deferred tax assets
24
0.10
Total adjustments
$
27
$
41
$
0.17
Adjusted EPS
$
(0.12)
Diluted weighted average shares
246
(1)
Diluted per share amounts are based on actual amounts rather than the rounded totals presented.
(2)
All individual adjustments for all periods presented assume a statutory federal and blended state tax rate, as well as any other income tax effects specifically attributable to that item.
(3)
Represents mark-to-market impact net of cash settlements and cash premiums related to financial derivatives. There were no cash premiums received or paid for the period presented.
EBITDAX is defined as net income (loss) plus interest and debt expense, income taxes, depreciation, depletion and amortization and exploration expense. Adjusted EBITDAX is defined as EBITDAX, adjusted as applicable in the relevant period for the net change in the fair value of derivatives (mark-to-market effects of financial derivatives, net of cash settlements and cash premiums related to these derivatives), the non-cash portion of compensation expense (which represents non-cash compensation expense under our long-term incentive programs adjusted for cash payments made under these plans), gains on extinguishment/modification of debt and impairment charges.
Below is a reconciliation of our consolidated net income (loss) to EBITDAX and Adjusted EBITDAX:
Quarter
ended March 31,
Quarter
ended September 30,
2018
2017
($ in millions)
Net income (loss)
$
18
$
(72)
Income tax expense
—
(2)
Interest expense, net of capitalized interest
85
80
Depreciation, depletion and amortization
120
118
Exploration expense
1
3
EBITDAX
224
127
Mark-to-market on financial derivatives (1)
14
23
Cash settlements and cash premiums on financial derivatives (2)
(10)
27
Non-cash portion of compensation expense (3)
2
5
Gain on extinguishment/modification of debt
(41)
(24)
Impairment charges
—
1
Adjusted EBITDAX
$
189
$
159
(1)
Represents the income statement impact of financial derivatives.
(2)
Represents actual cash settlements related to financial derivatives. There were no cash premiums received or paid for the periods presented.
(3)
Non-cash portion of compensation expense represents compensation expense (net of forfeitures) under long-term incentive programs adjusted for cash payments made under these plans.
Adjusted cash operating costs is a non-GAAP measure that is defined as total operating expenses, excluding depreciation, depletion and amortization expense, exploration expense, impairment charges and the non-cash portion of compensation expense (which represents compensation expense under our long-term incentive programs adjusted for cash payments made under these plans). We use this measure to describe the costs required to directly or indirectly operate our existing assets and produce and sell our oil and natural gas, including the costs associated with the delivery and purchases and sales of produced commodities. Accordingly, we exclude depreciation, depletion, and amortization and impairment charges as such costs are non-cash in nature. We exclude exploration expense from our measure as it is substantially non-cash in nature and is not related to the costs to operate our existing assets. We exclude the non-cash portion of compensation expense, as we believe such adjustment allows investors to evaluate our costs against others in our industry and this item can vary across companies due to different ownership structures, compensation objectives or the occurrence of transactions.
Below is a reconciliation of our GAAP operating expenses to non-GAAP adjusted cash operating costs:
Quarter ended
March 31,
Quarter ended
September 30,
2018
2017
Total
Per-Unit (1)
Total
Per-Unit (1)
($ in millions, except per unit costs)
Oil and natural gas purchases
$
—
$
—
$
—
$
—
Transportation costs
25
3.43
29
3.91
Lease operating expense
39
5.48
42
5.66
General and administrative
19
2.58
25
3.28
Depreciation, depletion and amortization
120
16.69
118
15.92
Impairment charges
—
—
1
0.09
Exploration and other expense
1
0.18
6
0.83
Taxes, other than income taxes
20
2.75
16
2.10
Total operating expenses
$
224
$
31.11
$
237
$
31.79
Adjustments:
Depreciation, depletion and amortization
$
(120)
$
(16.69)
$
(118)
$
(15.92)
Impairment charges
—
—
(1)
(0.09)
Exploration expense
(1)
(0.18)
(3)
(0.40)
Non-cash portion of compensation expense (2)
(2)
(0.27)
(5)
(0.65)
Adjusted cash operating costs and per-unit adjusted cash costs
$
101
$
13.97
$
110
$
14.73
Total consolidated equivalent volumes (MBoe)
7,208
7,456
(1)
Per unit costs are based on actual total amounts rather than the rounded totals presented.
(2)
Amounts are excluded in the calculation of adjusted general and administrative expense.
Adjusted general and administrative expenses are defined as general and administrative expenses excluding the non-cash portion of compensation expense which represents compensation expense (net of forfeitures) under our long-term incentive programs adjusted for cash payments under these plans.
Below is a reconciliation of our GAAP general and administrative expense to non-GAAP adjusted general and administrative expense:
Actuals
As of March 31,
As of September 30,
FY 2018 Estimate
2018
2017
Low
High
Total
($/Boe)
Total
($/Boe)
($/Boe)
($/Boe)
($ in millions, except per Boe costs)
GAAP general and administrative expense
$
19
$
2.58
$
25
$
3.28
$
2.90
$
3.25
Less non-cash compensation expense
2
0.27
5
0.65
0.60
0.65
Adjusted general and administrative expense
$
17
$
2.31
$
20
$
2.63
$
2.30
$
2.60 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-ep-energy-reports-1q18-results-which-beat-production-and-capital-guidance--guides-production-rate-up-and-capital-spend-down.html |
May 4 (Reuters) - Dis-Chem Pharmacies Ltd:
* FY TURNOVER UP 13.3%, FY ADJUSTED HEADLINE EARNINGS UP 19.7%
* FY RETURN ON EQUITY 50%, FY DIVIDENDS 31.5 CPS * FY GROUP TURNOVER INCREASED BY 13.3% TO R19.6 BILLION FROM PRIOR YEAR
* GROUP IS EXPECTED TO MAINTAIN OVERALL WORKING CAPITAL POSITION BETWEEN 35 AND 40 DAYS GOING FORWARD
* EXPECTS CONSUMER WILL CONTINUE TO REMAIN CONSTRAINED DESPITE IMPROVING SENTIMENT
* FY HEADLINE EARNINGS PER SHARE 79.6 CENTS PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dis-chem-pharmacies-says-fy-adjust/brief-dis-chem-pharmacies-says-fy-adjusted-headline-earnings-up-19-7-pct-idUSFWN1SA1IT |
Shaq talks business at BTIG’s Charity Day 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/shaq-talks-business-at-btigs-charity-day.html |
NEW YORK and CAESAREA, Israel, May 15, 2018 /PRNewswire/ -- DarioHealth Corp. (NASDAQ: DRIO), a leading global digital health company with mobile health and big data solutions, today reported financial and operational results for the first quarter ended on March 31, 2018.
First Quarter Highlights
Record revenue of $1.76 million increased 74% compared to the first quarter of 2017 Sequential quarterly revenue growth of 11.3% over the fourth quarter of 2017 Thirteenth consecutive quarter of revenue growth Gross profit of $552,000, an increase of 420% compared to the first quarter of 2017 Operating loss of $2,875,000, a decrease of 32% compared to the first quarter of 2017 Net loss of $2,919,000, a decrease of 46% compared to the first quarter of 2017 Net loss decreased by 11% from the fourth quarter of 2017
Erez Raphael, Chairman and CEO of DarioHealth, commented, "The 74% revenue growth rate we achieved in the first quarter over the prior year's period is in line with the annual 60%-80% revenue growth rate we expect for the full 2018 year. We are effectively executing on all fronts. As our revenues grow, gross profits are increasing at a higher rate, resulting in narrowing operating and net losses.
"Having completed a $6.6 million raise during the first quarter, we are investing in our commercialization capabilities, including boosting our business-to-business Dario Engage platform, especially in the U.S. with an extended commercialization team, and also further building upon the success we are achieving in the direct-to-consumer market. A substantial global market opportunity is present and we believe DarioHealth has the technology, products, market access and team to best serve the stakeholders in this market."
First Quarter 2018 Results Summary
Revenue for the first quarter ended March 31, 2018 was $1,756,000, a 74% increase from $1,007,000 in first quarter ended March 31, 2017, and an 11.3% increase sequentially from the fourth quarter of 2017.
Revenue for the first quarter of 2018 included direct-to-consumer sales in the United States and Australia, as well as initial sales in Germany, and product sales to distributors in the United Kingdom.
Gross profit increased by $446,000, a 420% increase to a profit of $552,000 in the first quarter of 2018, as compared to a gross profit of $106,000 in the first quarter of 2017.
Operating loss for the first quarter ended March 31, 2018 decreased by $1.3 million to $2.88 million, as compared to a $4.2 million operating loss in the first quarter ended March 31, 2017. This decrease is mainly due to the improvement in our gross profit and a decrease in our operating expenses due a reduction in share-based compensation.
Net loss attributable to holders of common stock decreased by $2.5 million to $2.9 million in the first quarter of 2018, as compared to $5.4 million in the first quarter of 2017, and decreased by $346,000 as compared to $3.26 million in the fourth quarter of 2017.
As of March 31, 2018, cash and cash equivalents totaled $7 million following the raise of $6.6 million during the quarter in a private placement.
Conference Call Details:
Date: Tuesday, May 15, 2018
Time: 9:00am EDT
Dial-in Number: 1-877-407-8035
International Dial-in Number: 1-201-689-8035
Webcast: http://www.investorcalendar.com/event/27776
About DarioHealth Corp.
DarioHealth Corp. (NASDAQ: DRIO) is a leading global digital health company serving its users with dynamic mobile health solutions. In today's day and age, knowledge of health and treatment is being democratized, and we believe people deserve to know everything about their own health and have the best tools to manage their condition. DarioHealth employs a revolutionary approach whereby harnessing big data, we have developed a novel method for chronic disease data management, empowering people to analyze and personalize self-diabetes management in a totally new way without having the disease slow them down. DarioHealth has a commercial office in New York with an R&D center in Caesarea, Israel. For more information, visit http://mydario.investorroom.com/ .
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of DarioHealth Corp. (the "Company") related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. For example, the Company is using forward-looking statements in this press release when the Company provides revenue forecasts, describes growth potential for 2018, and describes market opportunity. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the timing for and results of the Company's commercial and regulatory plans for Dario™ as described herein) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
DARIOHEALTH CORP.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
March 31,
December 31,
2018
2017
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 7,041
$ 3,718
Short-term bank deposits
188
258
Trade Receivables
200
282
Inventories
912
1,184
Other accounts receivable and prepaid expenses
566
604
Total current assets
8,907
6,046
LEASE DEPOSITS
45
42
PROPERTY AND EQUIPMENT, NET
828
869
Total assets
$ 9,780
$ 6,957
DARIOHEALTH CORP.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except stock and stock data)
March 31,
December 31,
2018
2017
Unaudited
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables
$ 1,112
$ 1,852
Other accounts payable and accrued expenses
1,297
1,163
Total current liabilities
2,409
3,015
LIABILITY RELATED TO WARRANTS
*) -
1
STOCKHOLDERS' EQUITY
Common Stock of $0.0001 par value -
Authorized: 160,000,000 shares at March 31, 2018
(unaudited) and December 31, 2017; Issued and Outstanding:
16,480,164 and 14,074,238 shares at March 31, 2018
(unaudited) and December 31, 2017, respectively
7
7
Preferred Stock of $0.0001 par value -
Authorized: 5,000,000 shares at March 31, 2018 (unaudited)
and December 31, 2017; Issued and Outstanding: 1,234,080
and None shares at March 31, 2018 (unaudited) and
December 31, 2017, respectively
*) -
-
Additional paid-in capital
81,241
74,892
Accumulated deficit
(73,877)
(70,958)
Total stockholders' equity
7,371
3,941
Total liabilities and stockholders' equity
$ 9,780
$ 6,957
*) Represents an amount lower than $1.
DARIOHEALTH CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands (except stock and stock data)
Three months ended
March 31
2018
2017
Unaudited
Revenues
$ 1,756
$ 1,007
Cost of revenues
1,204
901
Gross profit
552
106
Operating expenses:
Research and development
$ 742
$ 469
Sales and marketing
1,824
1,825
General and administrative
861
2,017
Total operating expenses
3,427
4,311
Operating loss
(2,875)
(4,205)
Financial expenses, net:
Revaluation of warrants
(1)
1,195
Other financial expense, net
45
13
Total financial expenses, net
44
1,208
Net loss
$ (2,919)
$ (5,413)
Net loss attributable to holders of Common Stock
$ (2,919)
$ (5,413)
Net loss per share
Basic and diluted loss per share
$ (0.20)
$ (0.75)
Weighted average number of Common Stock used in
computing basic and diluted net loss per share
14,943,032
7,195,801
DARIOHEALTH CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months ended
March 31,
2018
2017
Unaudited
Cash flows from operating activities:
Net loss
$ (2,919)
$ (5,413)
Adjustments required to reconcile net loss to net cash used in operating activities:
Stock-based compensation and Common Stock to service providers
230
1,585
Depreciation
53
43
Decrease (increase) is trade receivables
82
(256)
Decrease (increase) in accounts receivables and prepaid expenses
38
(210)
Decrease in inventories
272
39
Decrease in trade payables
(740)
(328)
Increase in other accounts payable and accrued expenses
219
262
Change in fair value of warrants to purchase shares of Common Stock
(1)
1,195
Net cash used in operating activities
(2,766)
(3,083)
Cash flows from investing activities:
Maturities of short-term bank deposit
70
-
Investment in lease deposits
(3)
(9)
Purchase of property and equipment
(12)
-
Net cash provided by (used in) investing activities
55
(9)
Cash flows from financing activities:
Proceeds from issuance of Common Stock and warrants, net of issuance cost
6,034
4,816
Net cash provided by financing activities
6,034
4,816
Increase in cash and cash equivalents
3,323
1,724
Cash and cash equivalents at the beginning of the period
3,718
1,093
Cash and cash equivalents at the end of the period
$ 7,041
$ 2,817
Non-cash investing and financing activities:
Reclassification of warrants from liability to Common Stock
$ -
$ 8,655
Payment for directors and Consultants under Shares for Salary Program
$ 85
$ 183
DarioHealth Corporate Contact: Shmuel Herschberg, Marketing Director, [email protected] , 1-914-775-5548
DarioHealth Public Relations Contact: Terese Kelly, Rosica PR, [email protected] , 1-201-843-5600
DarioHealth Investor Relations Contact: Westwicke Partners, [email protected] , 1-443-213-0500
View original content: http://www.prnewswire.com/news-releases/dariohealth-reports-first-quarter-2018-results-300648419.html
SOURCE DarioHealth Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-dariohealth-reports-first-quarter-2018-results.html |
May 1, 2018 / 9:30 AM / Updated 14 minutes ago Barclays chairman insists not going yet, shareholders back CEO Reuters Staff 4 Min Read
(LANGUAGE ADVISORY: please note strong language in paragraph 13) FILE PHOTO - John McFarlane, Chairman of Barclays, arrives for a meeting with Britain's Chancellor of the Exchequer, George Osborne, at Downing Street in London, Britain July 5, 2016. REUTERS/Peter Nicholls
By Lawrence White and Emma Rumney
LONDON (Reuters) - John McFarlane said he is not about to quit as chairman of Barclays, adding that most shareholders backed Jes Staley to remain as the British bank’s chief executive following a misconduct inquiry.
Barclays has faced uncertainty over its leadership, mainly due to regulatory scrutiny of Staley’s treatment of a whistleblower and concerns among some investors about its investment bank-focused strategy.
McFarlane, 70, told Barclays’ annual meeting on Tuesday that he had asked the chairman of its nominations committee, Crawford Gillies, to prepare for his eventual departure, but added he had only served three years of his four year term.
“You are not getting rid of me yet,” he told the meeting, following speculation he could bow out early.
Barclays is also under pressure from activist investor Edward Bramson, a turnaround expert who has taken a 5 percent holding in the bank.
McFarlane told Michael Mason-Mahon, a frequent bank critic and AGM attendee, that more than 95 percent of shareholders had no worries over Staley’s fitness to run the bank.
“You say you have been in banking over 38 years, you should have known better than to bring shame on our bank,” Mason-Mahon said, accusing Staley of hurting the bank’s reputation.
There had been speculation Staley could lose his job for trying to identify who sent a letter raising “concerns of a personal nature” about an unnamed senior bank official.
But Staley survived the ensuing inquiry with a fine and McFarlane said the “malicious letter” contained false allegations and had not come from within the bank.
“If it had been a whistleblow from an employee, then the matter would have been much more serious,” he added. NOT SO SMART
The bank also faced flak from investors over its accident-prone investment platform, which has hit a number of glitches since being overhauled and rebranded last year.
Staley has apologized for the problems on the platform, dubbed Smart Investor, which included investors being locked out of their accounts and transfers taking months to complete.
“I would rather stick wasps up my arse than recommend using Barclays Smart Investor,” one shareholder told the meeting on Tuesday.
The chairman did not respond directly to that criticism.
Shareholders have also berated Barclays in recent years for disappointing profits, particularly from its investment bank. Mixed first quarter results last month failed to allay the concerns of some analysts.
McFarlane said that the shareholder meeting marked a “turning point”, but agreed there was more to do.
Significant investment was still needed to secure revenue growth, benefit from the digital economy and bolster defense against risks such as cybercrime, he said.
Meanwhile, Staley said he had no plans to set up a trading desk for cryptocurrencies, after some reports suggested that the bank was gauging clients’ interest.
Security guards removed demonstrators who used the meeting to protest at what they said was Barclays’ funding of industries that damage the environment.
McFarlane said a review had been carried out into the bank’s financing of tar sands and other natural resources, and this would be published this year. Reporting by Lawrence White, writing by Emma Rumney, editing by Sinead Cruise, Alexander Smith and Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-barclays-agm-chairman/barclays-chairman-says-not-yet-to-speculation-about-departure-idUSKBN1I237U |
WASHINGTON (Reuters) - The U.S. Treasury on Tuesday gave investors an additional month to divest or transfer their holdings in sanctions targets United Company Rusal Plc ( 0486.HK ), En+ Group Plc ( ENPLq.L ) and GAZ Group ( GAZA.MM ).
FILE PHOTO: The logo of aluminium and power producer En+ Group is seen on a building in central Moscow, Russia February 13, 2018. REUTERS/Sergei Karpukhin/File Photo Washington last month imposed sanctions on Russian billionaire Oleg Deripaska and several companies in which he is a large shareholder, including Rusal, En+ and GAZ, in response to what the United States called Russia’s “malign activities.”
Deripaska’s En+ Group holds his 48 percent stake in Rusal, Russia’s largest aluminum producer, while his Russian Machines conglomerate owns 61 percent of vehicle maker GAZ.
The Treasury said in a statement it extended the deadline to divest financial holdings in the companies to June 6 from May 7.
The extension on investments followed a U.S. Treasury announcement last week that it would give American companies until Oct. 23 instead of June 5 to wind down business with Rusal.
Rusal will overhaul its board and management in hopes of persuading the United States to lift the sanctions, which have led customers to stop buying its aluminum, sources close to the company told Reuters last month.
Deripaska has also agreed in principle to reduce his stake in En+ after the United States said it could remove Rusal from the sanctions list if he ceded control.
A representative for the U.S. Treasury said that did not guarantee the end of sanctions for the company.
Reporting by Eric Beech; Editing by Eric Walsh and Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-russia-sanctions-rusal/u-s-extends-deadline-for-divestiture-of-sanctions-targets-rusal-en-idUSKBN1I24LG |
May 15, 2018 / 10:03 PM / a few seconds ago Meghan Markle's dad says will miss wedding, needs heart procedure -TMZ.com Reuters Staff 1 Min Read
LOS ANGELES (Reuters) - Meghan Markle’s father said on Tuesday he could not attend his daughter’s wedding to Prince Harry in London because he needs to undergo a heart procedure, celebrity website TMZ.com reported. Britain's Prince Harry's fiancee Meghan Markle leaves an ANZAC day service at Westminster Abbey in London, April 25, 2018. REUTERS/Hannah McKay
Thomas Markle, who lives in Mexico, was quoted as telling TMZ.com he was scheduled for a heart repair and blockage procedure early on Wednesday.
Markle threw the wedding plans into confusion earlier this week when he said he would not attend the May 19 nuptials because he did not want to embarrass his daughter. He later said he wanted to go, if his health allowed it. Reporting by Jill Serjeant; editing by Grant McCool | ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-wedding-markle/meghan-markles-dad-says-will-miss-wedding-needs-heart-procedure-tmz-com-idINKCN1IG3D2 |
Good morning,
A Dozen Demands
The Trump administration put Iran on notice that any new deal would require it to stop enriching uranium and halt its support for militant groups in the region, demands that Tehran swiftly rejected. Secretary of State Mike Pompeo spelled out 12 requirements for a new agreement that would require a wholesale change in Iran’s military posture in the Middle East. In exchange, he said the U.S. would lift the punishing economic sanctions it is now moving to impose, restore diplomatic ties and allow... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-10-point-1526984988 |
Food giant Mondelez International Inc. is adding another brand to its pantry.
The company late Sunday agreed to acquire cookie maker Tate’s Bake Shop for about $500 million, as it seeks to address changing consumer tastes.
The Wall Street Journal earlier reported Mondelez’s plans to acquire Tate’s.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/mondelez-gobbles-up-cookie-maker-tates-bake-shop-1525669961 |
May 17(Reuters) - British power grid operator National Grid Plc’s full-year profit rose 3.5 percent, helped by growth in its U.S. business.
Underlying operating profit rose to 3.5 billion pounds ($4.74 billion) for the year ended March 31, from 3.4 billion pounds a year earlier.
The company expects growth of at least 7 percent in the near term.
$1 = 0.7378 pounds Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/national-grid-results/uks-national-grid-reports-profit-rise-helped-by-u-s-business-idUSL3N1SO2FF |
ZURICH (Reuters) - Out-of work actors, public relations experts and watchmakers looking for new jobs in their fields are set to get favored treatment under a new Swiss system of hiring preferences that takes effect in July.
FILE PHOTO: A nightview shows Switzerland's highest skyscaper the Prime Tower (126 metres /413 ft) in Zurich Switzerland July 18, 2016. REUTERS/Arnd Wiegmann Non-EU member Switzerland adopted the scheme to help mobilize labor at home than curb immigration from the European Union, as voters had demanded in a binding 2014 referendum.
Brussels insists that EU citizens must be able to live and work in Switzerland — whose population is a quarter foreign — as the price for enhanced Swiss access to the EU single market, the biggest for Swiss exports.
The new Swiss system approved by parliament in 2016 headed off a direct clash over immigration and is now being rolled out. It gives people registered as jobless in Switzerland first crack at open jobs in sectors with above-average unemployment.
The government approved on Wednesday the list of categories that fall under the scheme because they have jobless rates of 8 percent or more, a threshold set to fall to 5 percent from 2020.
The overall Swiss jobless rate stood at 2.7 percent in April.
The economy ministry will determine each year which job categories qualify for hiring preferences based on average nation-wide unemployment rates they show over 12 months.
Alongside actors, public relations experts and watchmakers, the current list includes some categories of farm labor, telephonists, reception staff and housekeepers.
Even though the new hiring system averted a diplomatic crisis, Swiss-EU ties remain fragile as the sides try to negotiate a treaty that would put relations on a firmer footing. A patchwork of 120 sectoral accords now governs ties.
Most Swiss support the government’s plan to forge a new treaty that would have arbitration panels to help settle disputes, a poll published last month showed.
While arbitration could take the edge off Swiss reservations about giving the European Court of Justice a role in settling disputes, differences over state aid and Swiss measures to shelter domestic labor remain potential stumbling blocks.
The two sides aim to wrap up negotiations this year, but any deal faces Swiss voter approval under the neutral country’s system of direct democracy. Parallel EU negotiations with Britain over terms of its EU exit also complicate matters.
Reporting by Michael Shields; Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-swiss-eu/jobless-actors-pr-experts-get-leg-up-in-swiss-hiring-scheme-idUSKCN1IO1D6 |
WASHINGTON, May 17 (Reuters) - For details of the U.S. Treasury’s auction of 2-year, 5-year and 7-year notes next week, see:
2-year notes: here
5-year notes: here
7-year notes: here
Washington economics newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-debt-notes/u-s-treasury-to-sell-99-bln-in-notes-idUSW1N1RW05C |
LONDON—Britain’s Vodafone Group PLC is close to announcing a $23 billion cash deal to buy operations in four European countries from John Malone’s Liberty Global PLC, according to people familiar with the matter.
Liberty Global is planning to sell its businesses in Germany, Hungary, Romania and the Czech Republic to Vodafone, the people said.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/vodafone-to-buy-some-of-liberty-globals-european-assets-for-23-billion-1525796572 |
May 2, 2018 / 10:57 AM / Updated 21 minutes ago Estee Lauder's quarterly profit rises 25 percent Reuters Staff 1 Min Read
(Reuters) - Cosmetics maker Estee Lauder Cos Inc’s ( EL.N ) quarterly profit rose about 25 percent, as it sold more skin care and make-up items. FILE PHOTO: Lipstick is displayed in the M.A.C flagship store in Paris, February 28, 2013. REUTERS/Philippe Wojazer/File Photo
Estee, the maker of MAC make-up and Clinique skin care products, said on Wednesday net earnings rose to $372 million (272.3 million pounds) or 99 cents per share in the third quarter ended March 31, from $298 million or 80 cents per share a year earlier.
Net sales rose to $3.37 billion from $2.86 billion. Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-estee-lauder-results/estee-lauders-quarterly-profit-rises-25-percent-idUKKBN1I31DD |
May 22, 2018 / 9:02 PM / Updated 11 hours ago Hammond rebuffs employers' call for customs union after Brexit Reuters Staff 3 Min Read
LONDON (Reuters) - Chancellor Philip Hammond rejected a call from a leading employers group on Tuesday to keep Britain in a customs union with the European Union after Brexit, saying it was not needed to keep trade running smoothly. Britain's Chancellor of the Exchequer Philip Hammond attends a meeting of regional leaders of the financial and professional services in Halifax, Britain, May 17, 2018. REUTERS/Craig Brough
Hammond, speaking to business leaders, said the government understood a set of post-Brexit customs priorities set out by the Confederation of British Industry, including avoiding delays at borders and no extra red tape.
“But we do not agree that staying in a customs union is necessary to deliver them,” he said, adding the government was continuing to work on its alternative options.
Earlier, CBI President Paul Dreschler said remaining in a customs union was currently the only workable option for Britain to avoid transport delays and administrative burdens for firms, as well as a hard border between Ireland and Northern Ireland.
“There’s a ready solution out there,” Dreschler said. “It’s our Plan A - to choose to stay in a customs union with the EU, unless and until a better alternative can be found.”
Prime Minister Theresa May has previously rejected keeping Britain in a customs union with the EU. Brexit supporters are staunchly opposed to the option because it would prevent Britain from striking trade deals with countries around the world.
But a source familiar with discussions in the government said last week that London was considering a backstop plan that would apply the bloc’s external tariffs beyond December 2020, alarming some Brexit supporters.
British foreign minister Boris Johnson told Bloomberg on Tuesday that May had to get on with taking Britain out of the EU’s trading rules as quickly as possible.
Jacob Rees-Mogg, a lawmaker in May’s Conservative Party who heads a group of parliamentarians pushing for a clean break with the EU, told website Conservative Home he had “doubts” about May and questioned whether the government wanted to leave the bloc.
In his speech on Tuesday, Hammond said Britain’s telecoms industry needs to make “full-fibre” broadband available to 15 million homes and businesses by 2025 as part of a push to modernise the country’s infrastructure. Writing by William Schomberg in London; Editing by John Stonestreet and Matthew Lewis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-hammond/hammond-rebuffs-employers-call-for-customs-union-after-brexit-idUKKCN1IN2Y2 |
110 COMMENTS BEULAVILLE, N.C.—The linchpin of 500 legal complaints against Chinese-owned pork giant Smithfield Foods Inc., is headed to federal court Tuesday, part of a historic challenge to North Carolina’s $2.9 billion hog industry.
A Raleigh-based jury will determine whether a 4,700-hog farm run by a Smithfield contractor, with open pools of manure, emits enough odor and sprayed liquid waste to be considered a nuisance to a neighboring couple.
Lawyers representing Beulaville residents Elvis and Vonnie Williams said in court filings that Smithfield is “a large enterprise with the ability to reduce and end the nuisance.” They said the smell has hurt the couple’s “ability to enjoy family gatherings, barbeques, outdoor chores, playing with children outside, and doing yardwork.”
“When I’m in the house, when I come outside and I smell the foul odor, it makes me, at times, sneeze, cough, vomit, watery red eyes,” Mr. Williams said in a 2016 deposition.
Smithfield, the Smithfield, Va.-based subsidiary of Chinese pork producer WH Group Ltd., said its farm complies with local, state and federal environmental regulations. Chief Executive Ken Sullivan said it is wrong to penalize owners for things like noise and smell, which go hand in hand with running a farm.
“Today it’s hog farms, what about chicken farms? The turkey guys? Grain farmers?” Mr. Sullivan said in an interview. “We’ve got to decide as a society how food is produced.”
Lawyers for the Williamses declined to comment.
Smithfields Foods said the future of its operations in North Carolina hinges on the outcome of the lawsuits. Photo: Valerie Bauerlein/The Wall Street Journal North Carolina has been hog country since the early 1990s, when a company that is now a Smithfield subsidiary popularized the system of housing hogs indoors and managing the breakdown of manure in lagoons. In Beulaville, as in other eastern North Carolina communities, hogs replaced tobacco as an economic anchor, with state production growing from 2 million hogs annually in 1990 to 8.9 million hogs now.
State regulators originally blessed the storing of manure and urine in open lagoons and spraying liquid waste as fertilizer on farmland. But the industry grew quickly and some lagoons failed, sending waste into rivers and streams during storms. A moratorium on new farms using lagoons has been in place since 1997, but the farm in the lawsuit—and hundreds like it—are grandfathered in, since nearly all hog farms in the state legally installed lagoons in the 1980s and ’90s.
Smithfield uses its hogs for fresh pork sold to distributors, packaged foods like Nathan’s Famous hot dogs, and exports of stomachs and snouts to Asian markets. WH Group bought Smithfield in 2013 , in part to meet increased demand for pork among China’s growing middle class. Lawyers for the Williamses said in court documents they are concerned WH Group may pressure Smithfield to produce more pigs for China, which would increase the nuisance to neighbors.
The litigation has major implications both for North Carolina, which produces more hogs than any other state except Iowa, and for Smithfield, which owns the vast majority of the hogs produced here, both on company-owned farms and farms run by contractors, like the one in Beulaville.
The plaintiffs said in court filings that they want to apply “sufficient pressure” to force the company to embrace newer, but costlier, methods of handling waste, such as converting it to energy. Smithfield said those types of changes would undermine its business.
“It’s an existential threat to us in North Carolina,” Mr. Sullivan said. Smithfield already has a narrow margin in the state compared with its operations in the Midwest, he said, partly because the company has to import most of the grain it uses there.
If the lawsuits succeed, he said, “we will have to revisit whether we can continue doing business in North Carolina.”
The Williamses’ case is one of a handful of bellwether trials that will help determine how hundreds of other complaints against Smithfield will be handled.
In the first trial last month , a Raleigh jury in U.S. District Court awarded $50 million to 10 families living near a Smithfield contract farm in neighboring Bladen County. The judge subsequently lowered the settlement to $3 million, to comply with a state statute capping punitive damages.
A team of plaintiffs’ lawyers had chosen the case as their best argument against Smithfield. The verdict was cheered by environmental advocates, who thanked jurors for taking actions they said the government had failed to.
“It’s about time somebody held them accountable for all the damage they have done to people,” said Naeema Muhammad, co-director of the North Carolina Environmental Justice Network.
This week, the defense has its turn with the plaintiff or plaintiffs and the farm that it believes represents the company’s best case. Smithfield chose to have one couple, the Williams, in the courtroom, instead of multiple families telling versions of the same story.
Mr. Williams bought the house on a rural two-lane highway in 1989, after part of the hog farm was initially constructed. Smithfield said he bought his home knowing it was in the middle of farmland. The company also said the Williamses and other plaintiffs, who also live near the farm, signed on to a lawsuit only when solicited by lawyers.
Ms. Muhammad, the environmental activist, said she helped organize informational meetings with the lawyers for local residents. “You didn’t have to recruit,” she said. “Set up a meeting place, and they’d show up by the hundreds.”
The suits focus on whether the swine farms, with their open pools of manure, emit enough odor to be considered a nuisance to neighbors. Photo: Gerry Broome/Associated Press On a recent warm afternoon, the rural road where Mr. and Mrs. Williams live was sparsely traveled, with little noticeable odor.
In court filings, the plaintiffs said the farm has been scrubbed clean in advance of the trial. Smithfield has said cleaning is a routine part of business at contract farms, which it doesn’t control. The company has asked that jurors be taken to the farm, a request the federal judge denied.
Neighbor Calvin Kenan, who isn’t involved in the lawsuit, said the odor varies depending on the temperature, wind and whether manure is being sprayed. “Sometimes it smells like burnt hair,” he said.
People answering the door at a half-dozen neighboring houses identified in court documents as being owned by other plaintiffs declined to comment.
Related Bringing Home the Bacon Gets Costly for Chinese Firms With U.S. Units (April 11) Trade Wars Are A Pig of An Issue for WH Group (March 26) U.S. Shows China How the Sausage Is Made (April 4, 2017) Government Scientists Try to Take the Stink Out of Pig Manure (Sep. 18, 2014) The Smithfield cases, which are being closely watched by agriculture companies, show a growing divide between the rural people who produce food and the urban people who consume it, said Gary H. Baise, a Washington, D.C.-based lawyer and farmer.
Jurors in the first trial lived within 50 miles of the courthouse in downtown Raleigh, center of a metropolitan area of nearly a million people. The farms involved are about 100 miles away, in sparsely populated rural areas.
Mr. Baise said many urban dwellers are skeptical of industrialized farming because they haven’t been on a farm in years, if ever. “There is a real cleavage between people who have no understanding of agriculture and those who have invested their lives in agriculture,” he said. “It is a clash of values.” | ashraq/financial-news-articles | https://www.wsj.com/articles/residents-raise-a-big-stink-over-pig-farms-in-north-carolina-1527591600 |
May 4 (Reuters) - Creades AB (publ):
* NET ASSET VALUE ON APRIL 30 AT SEK 279/SHARE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-creades-net-asset-value-on-april-3/brief-creades-net-asset-value-on-april-30-at-sek-279-share-idUSFWN1SB0E0 |
Stocks, oil & dollar rise as trade war put "on hold" Monday, May 21, 2018 - 01:36
Stocks, oil prices and the dollar were on the rise on Monday after the U.S.-China trade war was declared ''on hold'', while in Europe, Italy's borrowing costs climbed and the Milan bourse retreated as two anti-establishment parties got closer to power. Sonia Legg reports
Stocks, oil prices and the dollar were on the rise on Monday after the U.S.-China trade war was declared "on hold", while in Europe, Italy's borrowing costs climbed and the Milan bourse retreated as two anti-establishment parties got closer to power. Sonia Legg reports //reut.rs/2wZZpIn | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/stocks-oil-dollar-rise-as-trade-war-put?videoId=429021852 |
Max Scherzer earned his major-league-leading eighth win as the Washington Nationals defeated the Miami Marlins 9-5 on Friday night at Marlins Park.
Scherzer (8-1) allowed season highs with seven hits and four earned runs while striking out just four as his ERA rose from 1.78 to 2.13. Before this game, he hadn’t allowed more than two earned runs in a game this year and had double-figures in strikeouts in each of his past three contests.
Fortunately for the Nationals, their offense came through with two-run homers by Michael A. Taylor and Matt Adams. Bryce Harper hit a two-run double in Washington’s game-winning seventh-inning rally.
The Marlins were led by Derek Dietrich, who hit a two-run homer, and Miguel Rojas, who added a two-run single.
Miami third baseman Martin Prado, who started the season on the disabled list due to a knee injury, went 3-for-4 but came out of the game after reaching on an infield error on a grounder in the sixth inning. Miami announced that Prado injured his left hamstring and is day to day.
Marlins starter Jose Urena earned a no-decision but continued his misery. After going 14-7 in a breakout 2017 season, Urena (0-7) leads the majors in losses, and the Marlins are 0-11 when he starts.
Against Washington, he allowed five hits, one walk and four runs in six innings, striking out seven.
Urena got in trouble in the second. After he hit Pedro Severino with a pitch, Taylor followed with his fourth homer of the season. He hit a 2-1 fastball that registered at 96 mph.
Miami tied the score 2-2 in the fourth. Starlin Castro singled and advanced to second when Brian Anderson was hit by a pitch. Both runners scored when Rojas sliced a single that was short-hopped in center field by a diving Taylor.
Washington went back on top in the sixth, taking a 4-2 lead on Adams’ 12th homer of the season — his ninth this month. After a double by Anthony Rendon, Adams hit a 96-mph fastball that landed just inches over the center-field wall, 407 feet away.
Miami tied the score 4-4 in the bottom of the sixth when Dietrich pulled his two-run homer to the upper deck in right. Anderson led off by drawing an eight-pitch walk. Dietrich, swinging at an 87-mph cutter, followed with his fifth homer of the year.
The Nationals won the game in the seventh off reliever Nick Wittgren (2-1), who loaded the bases with no outs by walking two batters after allowing a leadoff double to Taylor. Trea Turner drove in one run with an infield single, preceding Harper’s two-run double.
Miami cut its deficit to 7-5 in the bottom of the seventh on Anderson’s RBI double.
Washington added two unearned runs in the eighth, taking advantage of a throwing error by Lewis Brinson in center field and a fielding miscue by Rojas at shortstop.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-mia-was-recap/scherzer-notches-mlb-high-8th-win-in-beating-marlins-idUSMTZEE5QBFKTLU |
Trump on NK summit: "If it happens, it happens" 3:25pm EDT - 01:58
President Donald Trump on Thursday distanced himself from comments by national security adviser John Bolton that the ''Libyan model'' could be applied to North Korea. The comments apparently angered Pyong Yang and cast doubt on a planned summit with Kim Jong Un.
President Donald Trump on Thursday distanced himself from comments by national security adviser John Bolton that the "Libyan model" could be applied to North Korea. The comments apparently angered Pyong Yang and cast doubt on a planned summit with Kim Jong Un. //reut.rs/2KzfXsM | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/trump-on-nk-summit-if-it-happens-it-happ?videoId=427834419 |
DALLAS, May 9, 2018 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the third quarter of fiscal 2018 ended March 25, 2018.
Third Quarter Highlights :
Total consolidated revenue decreased 59.0% to $2.7 million compared to $6.5 million in the third quarter of fiscal 2017. Pizza Inn domestic comparable store retail sales increased 2.3% from the same period of the prior year despite the adverse impact of abnormal severe weather in several markets during the third quarter of fiscal 2018, while total domestic retail sales decreased by 3.6%. Pie Five comparable store retail sales decreased 12.6% from the same period of the prior year, while total system-wide retail sales decreased by 19.6%. Company-owned Pie Five average weekly sales decreased 10.9% year over year. Net loss improved by $1.5 million to $0.5 million for the third quarter of fiscal 2018 compared to $2.0 million for the same quarter of the prior year. On a fully diluted basis, the Company reported a loss of $0.03 per share for the third quarter of fiscal 2018 compared to a loss of $0.18 per share for the same period of the prior year. Adjusted EBITDA of ($0.2) million was $0.4 million better than the same quarter of the prior year. Company-owned Pie Five operating cash flow increased $0.1 million from the same period of the prior year. Net reduction of two Pie Five restaurants during the quarter brought the total Pie Five restaurants open at the end of the quarter to 78. During the second fiscal quarter ended December 24, 2017, the Company discontinued its Norco distribution division and revised its arrangements with third party suppliers and distributors of food, equipment and supplies. As a result, sale of food, equipment and supplies is no longer recognized as revenue and the cost of such items is no longer included in cost of sales. The historical Norco distribution division financial results are presented as net within discontinued operations.
"Last quarter was transitional as we streamlined operations and strengthened both Rave brands by prioritizing revenues and profitability for our franchisees over growth," said Scott Crane, Chief Executive Officer of Rave Restaurant Group, Inc. "Our leadership team continues to work on efficiency and effectiveness across all operations. Our targeted plan is progressing towards a solid foundation for future growth."
Third Quarter Fiscal 2018 Operating Results
Revenues of $2.7 million and $12.3 million for the third quarter and year to date fiscal 2018 were 59.0% and 40.7% lower, respectively, than the same periods of the prior year. For the three and nine month periods ended March 25, 2018, the Company reported a net loss of $0.5 million and $1.4 million, respectively, compared to a loss of $2.0 million and $11.4 million for the same periods of the prior year. On a fully diluted basis, the loss was $0.03 per share and $0.11 per share, respectively, for the third quarter and year to date fiscal 2018, compared to a loss of $0.18 per share and $1.07 per share for the same periods of the prior year. The decreased loss for the three-month period ended March 25, 2018 was primarily attributable to an $0.8 improvement in loss from continuing operations before taxes from Company-owned restaurants and a $0.7 million decrease in corporate expenses. The decreased loss for the nine-month period ended March 25, 2018 was primarily attributable to a $7.3 million improvement in loss from continuing operations before taxes from Company-owned restaurants and a $2.1 million improvement in corporate expenses. The Company continued to provide a full valuation allowance against its deferred tax assets. Adjusted EBITDA improved $0.4 million and $1.8 million for the three and nine month periods ended March 25, 2018 to ($0.2) million and $0.3 million, respectively.
In the second quarter, the Company made a strategic shift to discontinue its Norco distribution division. As a result, sale of food, equipment and supplies is no longer recognized as revenue and the cost of such items is no longer included in cost of sales.
"Our emphasis has been on refining the strategy to prioritize investment into areas where we can and must win," said Crane. "Our new supply chain model is an opportunity to intensify the focus on reducing cost of sales while providing enhanced service and efficiency for our franchisees."
Despite the adverse impact of abnormal severe weather in several markets during the third quarter of fiscal 2018, Pizza Inn domestic comparable store retail sales increased 2.3% and 2.0%, respectively, for the three and nine month periods ended March 25, 2018, compared to the same periods of the prior year. Pizza Inn total domestic retail sales decreased 3.6% and 2.6%, respectively, for the three and nine month periods ended March 25, 2018, compared to the same periods of the prior year.
"We are pleased to see continued positive same store sales trends from our legacy brand," said Crane. "Despite weather issues in January, Pizza Inn was able to end the third quarter on a high note and continues to see increased traffic and sales momentum. Pizza Inn is focusing on increasing top-line growth for franchisees with new initiatives such as all day buffet and an improved online ordering experience."
"The first location of our new kiosk concept, PIE, is on track to open later this spring in the Fort Lauderdale Airport," said Crane. "PIE is our new concept geared towards convenience stores and airports for a grab-and-go option. We are looking to continue expansion across the country."
Comparable store retail sales decreased by 12.6% for the most recent fiscal quarter compared to the same period in the prior year. Pie Five system-wide retail sales decreased 19.6% for the third quarter of fiscal 2018 when compared to the same period in the prior year, primarily driven by the decrease in average number of units open and reduced comparable store sales. Pie Five comparable store retail sales decreased by 14.9% during the first nine months of fiscal 2018 compared to the same period of the prior year. Year to date, Pie Five system-wide retail sales decreased 18.5% compared to the same period in the prior year, primarily driven by the decrease in average number of units open and reduced comparable store sales.
Pie Five continues to capitalize on the growth of delivery and health-based consumer trends. The cauliflower crust that was introduced in the second quarter of 2018 was recently added as a permanent addition to Pie Five's dough line-up. Cauliflower is healthy, low-carb, and gluten-free, making it a healthier option for consumers with dietary restrictions.
"Our cauliflower crust sales have exceeded our expectations," said Crane. "We are seeing increased frequency from existing customers and we are attracting new guests looking for a lower-carb option. In addition, our 14" pizzas and sandwiches have been well received by our guests. We are also gaining traction with airport expansion. We are currently open at Baltimore-Washington International and San Francisco International and have new airport locations planned for later this year. We have also partnered with new suppliers to find purchasing efficiencies that directly impact franchisees' bottom lines."
Development Review
In the third quarter of fiscal 2018, two new franchised Pie Five restaurants were opened, while three franchised restaurants and one Company-owned store were closed, bringing the quarter-end total unit count to 78 restaurants.
"We have deliberately shifted our focus to a franchise model that allows us to create brand-building strategies that lead to long-term success for our franchisees," said Crane.
During the third quarter of fiscal 2018, the number of Pizza Inn domestic units declined to from 156 units to 152 units, while international units declined by two units to 60 units.
"Pizza Inn is experiencing a resurgence in new development," said Crane. "We have a solid pipeline of new locations along with a refreshing of existing restaurants. We are also looking to PIE as a new concept for expansion. We closed two development deals for PIE in the third quarter and five more since the quarter ended, for a total of seven projected PIE units."
Conference Call
A conference call and audio webcast have been scheduled to discuss these results. Details of the conference call are as follows:
Date:
Wednesday, May 9, 2018
Time:
5 p.m. Central time
Dial-In #:
1-844-492-3725 U.S. & Canada
1-412-317-5108 International
The conference call will be webcast at raverg.com . A web-based archive of the conference call will also be available at the above website.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in evaluating operating performance. EBITDA, Adjusted EBITDA and restaurant operating cash flow are non-GAAP financial measures that the Company believes are useful to investors in understanding its operating performance. However, these non-GAAP financial measures should not be viewed as an alternative or substitute for its financial statements prepared in accordance with generally accepted accounting principles.
RAVE Restaurant Group, Inc. considers EBITDA and Adjusted EBITDA to be important supplemental measures of operating performance that are commonly used by securities analysts, investors and other parties interested in our industry. The Company believes that EBITDA is helpful to investors in evaluating its results of operations without the impact of expenses affected by financing methods, accounting methods and the tax environment. The Company believes that Adjusted EBITDA provides additional useful information to investors by excluding non-operational or non-recurring expenses to provide a measure of operating performance that is more comparable from period to period. The Company believes that restaurant operating cash flow is a useful metric to investors in evaluating the ongoing operating performance of Company-owned restaurants and comparing such store operating performance from period to period. Management also uses these non-GAAP financial measures for evaluating operating performance, assessing the effectiveness of business strategies, projecting future capital needs, budgeting and other planning purposes
"EBITDA" represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, stock compensation expense, pre-opening expense, gain/loss on sale of assets, costs related to impairment, other lease charges, non-operating store costs and discontinued operations. "Restaurant operating cash flow" represents the pre-tax income earned by Company-owned restaurants before (1) allocated marketing and advertising expenses, (2) depreciation and amortization, (3) pre-opening expenses, (4) operations management and extraordinary expenses, (5) impairment and other lease charges, and (6) non-operating store costs. A reconciliation of these non-GAAP financial measures to net income is included with the accompanying financial statements.
Note Regarding Forward Looking Statements
Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of RAVE Restaurant Group, Inc. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that the objectives and plans of RAVE Restaurant Group, Inc. will be achieved.
About RAVE Restaurant Group, Inc.
Founded in 1958, Dallas-based RAVE Restaurant Group [NASDAQ: RAVE] owns, operates and franchises approximately 290 Pie Five Pizza Co. and Pizza Inn restaurants domestically and internationally. Pie Five Pizza Co. is a leader in the rapidly growing fast-casual pizza space offering made-to-order pizzas ready in under five minutes. Pizza Inn is an international chain featuring freshly made pizzas, along with salads, pastas, and desserts. The Company's common stock is listed on the Nasdaq Capital Market under the symbol "RAVE". For more information, please visit www.raverg.com .
Contact:
Investor Relations
RAVE Restaurant Group, Inc.
469-384-5000
RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
March 25,
March 26,
March 25,
March 26,
2018
2017
2018
2017
REVENUES:
$ 2,665
$ 6,498
$ 12,294
$ 20,744
COSTS AND EXPENSES:
Cost of sales
299
3,756
3,441
12,061
General and administrative expenses
1,698
2,902
5,809
8,427
Franchise expenses
613
587
1,957
1,850
Pre-opening expenses
-
29
114
83
Loss/(Gain) on sale of assets
31
345
(134)
1,044
Impairment of long-lived assets and other lease charges
70
(110)
751
5,116
Bad debt
264
73
477
424
Interest expense
26
37
157
39
Depreciation and amortization expense
133
578
733
2,095
Total costs and expenses
3,134
8,197
13,305
31,139
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES
(469)
(1,699)
(1,011)
(10,395)
Income tax expense / (benefit)
6
5
(8)
15
LOSS FROM CONTINUING OPERATIONS
(475)
(1,704)
(1,003)
(10,410)
Loss from discontinued operations
(17)
(258)
(422)
(973)
NET LOSS
$ (492)
$ (1,962)
$ (1,425)
$ (11,383)
LOSS PER SHARE OF COMMON STOCK - BASIC:
Loss from continuing operations
$ (0.03)
$ (0.16)
$ (0.08)
$ (0.98)
Loss from discontinued operations
(0.00)
(0.02)
(0.03)
(0.09)
Net loss
$ (0.03)
$ (0.18)
$ (0.11)
$ (1.07)
LOSS PER SHARE OF COMMON STOCK - DILUTED:
Loss from continuing operations
$ (0.03)
$ (0.16)
$ (0.08)
$ (0.98)
Loss from discontinued operations
(0.00)
(0.02)
(0.03)
(0.09)
Net loss
$ (0.03)
$ (0.18)
$ (0.11)
$ (1.07)
Weighted average common shares outstanding - basic
14,940
10,657
13,456
10,602
Weighted average common and
potential dilutive common shares outstanding
14,940
10,657
13,456
10,602
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
March 25,
June 25,
2018 (unaudited)
2017
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$ 979
$ 451
Accounts receivable, less allowance for bad debts of $298 and $249, respectively
1,568
2,761
Notes receivable, less allowance for bad debts of $95 and $0, respectively
853
675
Inventories
13
79
Income tax receivable
5
194
Property held for sale
552
671
Prepaid expenses and other
488
295
Total current assets
4,458
5,126
LONG-TERM ASSETS
Property, plant and equipment, net
1,839
3,808
Intangible assets definite-lived, net
218
239
Long-term notes receivable
325
127
Deposits and other
243
246
Total assets
$ 7,083
$ 9,546
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable - trade
$ 713
$ 4,165
Short-term debt
-
1,000
Accrued expenses
863
1,265
Deferred rent
35
101
Deferred revenues
68
212
Total current liabilities
1,679
6,743
Convertible notes
1,557
2,749
Deferred rent, net of current portion
218
655
Deferred revenues, net of current portion
700
1,425
Other long-term liabilities
38
53
Total liabilities
4,192
11,625
SHAREHOLDERS' EQUITY (DEFICIT)
Common stock, $.01 par value; authorized 26,000,000 shares; issued 22,166,674 and 17,786,049 shares, respectively; outstanding 15,047,274 and 10,666,649 shares, respectively
222
178
Additional paid-in capital
33,135
26,784
Accumulated deficit
(5,830)
(4,405)
Treasury stock at cost
Shares in treasury: 7,119,400
(24,636)
(24,636)
Total shareholders' equity (deficit)
2,891
(2,079)
$ 7,083
$ 9,546
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
March 25,
March 26,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$ (1,425)
$ (11,383)
Adjustments to reconcile net loss to cash used in operating activties:
Depreciation and amortization
704
2,080
Amortization of intangible assets definite-lived
29
37
Amortization of debt issue costs
29
-
Impairment of long-lived assets and other lease charges
751
4,773
Stock compensation expense
29
143
(Gain)/loss on sale/disposal of assets
(134)
1,044
Provision for bad debt
477
423
Changes in operating assets and liabilities:
Accounts receivable
1,127
39
Inventories
66
65
Accounts payable - trade
(4,240)
512
Accrued expenses
(417)
(321)
Deferred rent
(503)
(167)
Deferred revenue
(734)
17
Prepaid expenses and other
(188)
(294)
Cash used in operating activities
(4,429)
(3,032)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets
1,706
102
Purchase of intangible assets definite-lived
(9)
-
Capital expenditures
(884)
(258)
Cash provided by (used in) investing activities
813
(156)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of stock
5,144
-
Proceeds from stock options
-
806
Proceeds from issuance of convertible notes
-
2,882
Issuance (payments) of short-term debt
(1,000)
1,000
Cash provided by financing activities
4,144
4,688
Net increase in cash and cash equivalents
528
1,500
Cash and cash equivalents, beginning of period
451
873
Cash and cash equivalents, end of period
$ 979
$ 2,373
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest paid
$ 170
$ 25
Taxes paid
$ 48
$ 29
Non-cash activities:
Capital expenditures included in accounts payable
$ 81
$ -
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
RAVE RESTAURANT GROUP, INC.
ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
March 25,
March 26,
March 25,
March 26,
2018
2017
2018
2017
Net loss
$ (492)
$ (1,962)
$ (1,425)
$ (11,383)
Interest expense
26
37
157
39
Income taxes
6
5
(8)
15
Depreciation and amortization
133
578
733
2,095
EBITDA
$ (327)
$ (1,342)
$ (543)
$ (9,234)
Stock compensation expense
10
53
29
143
Pre-opening costs
-
29
114
83
(Gain)/Loss on sale/disposal of assets
31
345
(134)
1,044
Impairment of long-lived assets and other lease charges
70
(110)
751
5,116
Discontinued operations and closed and non-operating store costs
-
454
72
1,338
Adjusted EBITDA
$ (216)
$ (571)
$ 289
$ (1,510)
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
View original content with multimedia: http://www.prnewswire.com/news-releases/rave-restaurant-group-inc-reports-third-fiscal-quarter-2018-financial-results-300645138.html
SOURCE RAVE Restaurant Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-rave-restaurant-group-inc-reports-third-fiscal-quarter-2018-financial-results.html |
ROME—A political impasse in Italy that has rattled global markets and unsettled the country’s European partners stretched into a fourth day, as Italian President Sergio Mattarella searched for a way to foster the creation of a new government and stave off fresh elections.
Mr. Mattarella was considering Wednesday the possibility of reviving a coalition government supported by Italy’s two large antiestablishment parties—the 5 Star Movement and the League—that had seemed poised to take power last weekend. However, with tensions... | ashraq/financial-news-articles | https://www.wsj.com/articles/italys-president-searches-for-solution-to-political-impasse-1527680847 |
May 15, 2018 / 5:42 AM / Updated 8 minutes ago Shipping's financiers turning the tide on shipbreaking practices Jonathan Saul , Simon Jessop 10 Min Read
LONDON (Reuters) - The shipping industry has long been criticised by campaigners for allowing vessels to be broken up on beaches, endangering workers and polluting the sea and sand. FILE PHOTO: Workers dismantle a decommissioned ship at the Alang shipyard in the western Indian state of Gujarat, March 27, 2015. REUTERS/Amit Dave/File Photo
Now, it is being called to account from a quarter that may have a bit more clout - its financial backers.
Norway’s $1 trillion Oil Fund, a leader in ethical investing, in February sold its stake in four firms because they scrap on the beach.
Three of the firms excluded by Norway’s fund - Taiwan’s Evergreen Marine, Precious Shipping ( PSL.BK ) and Thoresen Thai Agencies (TTA) ( TTA.BK ) of Thailand - say they have been unfairly singled out. The fourth, Korea Line ( 005880.KS ), declined to comment.
Norwegian life insurer KLP soon followed, selling shares in the one of the four it owned and blacklisting the other three.
Further exclusions are likely, said KLP, the fund and its advisory Council on Ethics. The council’s chief adviser, Aslak Skancke, said the divestments had already effected wider change, including encouraging companies to seek cleaner scrapping.
The fund contacted several firms in its portfolio during its investigation, Skancke said, “and when we made them aware of the possibility of exclusion from the fund, they ... decided to change their policy.” He declined to name the companies.
Three leading pensions funds - Caisse de Depot, CCP and OMERS - are reviewing their investments in shipping over ethical and green considerations, a finance source familiar with the matter said. OMERS declined to comment. Caisse de Depot and CCP did not respond to requests for comment.
The steps add to momentum on the issue from European Union regulators and courts, in particular pressure to measure up to standards for inclusion on the EU’s list of approved ship-breaking yards, which is due to be updated later this year.
It’s a revolution that has been a long time coming, environmental, labour and human rights activists say. But a transition won’t be easy, for owners or breakers.
More than 80 percent of ageing commercial ships are broken up on the beaches of Bangladesh, Pakistan and India. Industry leaders in South Asia say they cannot afford to upgrade their sites and remain competitive.
And not all beaching is the same. In its most criticised forms, workers cut up ships with little more than their hands and blowtorches, with parts and pollutants dropping directly onto the sand. Other sites have cranes, impermeable surfaces and safety standards for workers and equipment.
“No one has ever really been able to come up with a reasonable definition” of beaching, said John Stawpert, manager for environment and trade at the International Chamber of Shipping, which represents most of the world’s merchant fleet.
“If there was to be a blanket ban on ‘beaching’ there would be a very, very serious capacity problem because there is nowhere else big enough to deal with it at the moment,” he said.
Beaching in South Asia also pays more, an important consideration as the shipping industry emerges from a decade in the doldrums due to over-ordering of ships and slowing global trade, 90 percent of which is transported by sea.
Financial sources estimate shipping companies face a $30 billion funding gap in 2018, because even though the business is recovering, they are still not getting enough money from banks who are constrained by stricter capital requirements.
Commerzbank has said it will exit shipping financing and invest its capital elsewhere; others, such as Deutsche Bank, say they aim to cut their exposure to the sector. Slideshow (2 Images)
For a graphic on ship scrapping, click here FINANCING
Leading Dutch shipping finance houses ABN AMRO ( ABNd.AS ) and ING, Sweden’s Nordea ( NDA.ST ), Norway’s DNB ( DNB.OL ) and Denmark’s Danske Bank ( DANSKE.CO ), as well as the Netherlands’ NIBC, say they are taking a hard look at their borrowers’ policies.
“We believe actors that do not take the environmental and social risk seriously will have problems accessing capital markets in the future,” said Kristin Holth, DNB’s leader for Ocean Industries.
Most of the 18 institutional investors contacted by Reuters said they preferred engagement to divestment, at least at first.
Sasja Beslik, head of group sustainable finance at Nordea, said the bank had “no issue with divestments - we’ve done that over the years and are not afraid of doing that.”
But he added that in the case of ship breaking, the approach for now was to encourage companies to “take responsibility”.
A spokesman for ABN AMRO said in a statement if clients did not comply with the bank’s sustainability policies, there would be “a phase of engagement”.
“If engagement is without result, the ultimate consequence is that the relationship with (the) client will be ended,” he added.
Europe has a powerful voice as the world’s second-largest ship-owning region after China, with an estimated $301 billion worth of tonnage, according to valuation company VesselsValue.
The EU’s decision to draw up a list of approved ship-breaking yards in December 2016 was the first regulatory step with real teeth; the Hong Kong Convention on recycling drawn up in 2009 does not take a position on beaching and has only a handful of signatories so far.
Courts in Europe are playing a role, too. In March, Dutch company Seatrade and two of its directors were found guilty of violating rules banning the transport of waste from the EU to India when it sailed ships there to have them demolished, one of the first criminal cases of its kind.
The case “sets an important precedent”, said Ingvild Jenssen, founder and coordinator of NGO Shipbreaking Platform, a coalition of environmental, human and labour rights organisations formed in 2005 which has mapped out direct links between shipowners and beaching operations.
Skancke said Shipbreaking Platform’s work played an important role in its decision to divest. BEACHING
In beaching, ships are run to ground in inter-tidal areas that would normally teem with sea life.
Oil, sludge, paint chips and slag can get washed out to sea with the tide, environmental and rights campaigners say. Other toxic materials, like asbestos, get absorbed into the sand.
The yards - centred in Pakistan (mainly Gadani), India (Alang) and Bangladesh (Chittagong) - employ tens of thousands of people, of whom dozens are killed each year, the campaigners say. An oil tanker blast in 2016 in Gadani killed at least 26 workers and injured dozens.
Government officials and shipowners say conditions have improved significantly in recent years.
“From the day of the (Gadani) accident until this day improvements have been brought at the yards, like working conditions,” Hashim Gilzai, the government commissioner with administrative control over the yard, told Reuters.
Bangladesh passed regulations in January to upgrade facilities and impose tougher penalties, said Shamsul Areefin, additional secretary with the ministry of industries.
The challenge was how to put expensive infrastructure in place while remaining cost competitive, said Nitin Kanakiya, secretary of India’s Ship Recycling Industries Association.
“We cannot afford these huge capital investments,” he said. “And if we invest this much, our economic significance will go away.” FUND’S METHODS DISPUTED
Taiwan’s Evergreen, one of the four firms excluded by the Norwegian fund, said it “specifically demanded” that vessels be broken up at certified green recycling shipyards. TTA said it was compliant with all international rules and regulations.
Khalid Hashim, managing director of Precious Shipping, one of Thailand’s largest dry cargo ship owners, disputed the way the fund was going about its goal because it would be easy to sell ageing ships to third parties before their end of life.
“In that case we would be whiter than the snow that falls in Norway but the buyers of our ships would, a few years later, scrap the ships at the beaches of the Indian sub-continent.”
Skancke said the fund’s actions were just the beginning of a process, starting with Pakistan and Bangladesh.
“Now the question remains, can you still do this in a responsible manner?” he said. “And that is a question that will have implications for how we view companies which send ships for beaching in India.”
The ICS’s Stawpert said continuing improvements in South Asia operations would allow the region to remain at the centre of global ship-breaking.
But Shipbreaking Platform’s Jenssen said that was not possible as long as beaching continued.
“Our role is to promote clean and safe solutions and to make sure that there is no double standard in the way the environment and workers are protected around the world,” she said.
“It is key to make sure that the surrounding environment is not contaminated. This is impossible on a tidal beach, as is cleaning up an oil spill.” Additional reporting by Joyce Lee in Seoul, Stine Jacobsen in Copenhagen, Joachim Dagenborg and Gwladys Fouche in Oslo, Syed Raza Hassan and Drazen Jorgic in Islamabad, Ruma Paul in Dhaka and Sudarshan Varadhan in New Delhi; Editing by Sonya Hepinstall | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-shipping-investment-beaching-insight/shippings-financiers-turning-the-tide-on-shipbreaking-practices-idUKKCN1IG0JJ |
Half of Americans fail this quiz on Social Security retirement benefits Forty-seven percent of adults ages 50 and above could not pass a simple Social Security quiz. Two topics that particularly confused quiz takers: full retirement age and spousal benefits. Not fully understanding Social Security strategies can result in big losses for retirees if they make a mistake when claiming benefits. CNBC.com SIphotography | Getty Images
If you can't pass a simple five-question quiz on Social Security retirement benefits, you're not alone.
Almost half of adults ages 50 and above — 47 percent — failed the quiz that mutual life insurance company MassMutual recently sent out in an online survey.
Aspiring retirees can take some comfort in the fact that those results are actually an improvement from a similar survey conducted three years ago. That 10-question quiz resulted in a failure rate for 72 percent of the general population and a 62 percent defeat for those ages 50 and up.
"The good news is we're making progress," said David Freitag, a financial planning consultant and Social Security expert at MassMutual. "The bad news is we have a long way to go."
Two topics that stumped quiz takers were the ideal age for claiming Social Security and spousal eligibility to receive retirement benefits.
When asked to answer true or false to the statement, "Under current Social Security law, my benefits will not be reduced if I claim them at age 65," only 49 percent answered the correct answer, "False."
Most individuals who reach retirement today can receive their full benefits at age 66 or 67, depending on the year in which they were born .
This is what is known as full retirement age, which is often confused with the age by which you typically must sign up for Medicare — 65.
"You are going to be taking a reduction in benefits if you don't fully understand your full retirement age," Freitag said. show chapters
The next question that stumped respondents asked them to answer true or false to the statement, "My spouse is eligible to receive Social Security retirement benefits, even if he or she has no individual earnings history."
Just 54 percent of respondents responded with the correct answer, which is "True."
Not understanding the nuances of Social Security retirement benefits can cost couples.
If a married couple went to buy an annuity that would pay $5,000 per month for the rest of their lives, while adjusting for inflation at 2 percent per year, they would likely pay more than $1 million. "It's a staggering number," Freitag said.
Social Security retirement benefits are often worth that same sum over your lifetime.
And for married couples — who have many options based on their ages and eligibility for benefits — there is a lot at stake.
"If you have an asset in front of you that's worth more than $1 million, it's worth understanding," Freitag said.
Another key finding of MassMutual's research found that 86 percent of respondents ages 50 to 59 have not set up an online account with the Social Security Administration. Meanwhile, 60 percent of the 1,007 total individuals surveyed, ages 50 and up, have yet to create their online accounts.
Setting up a My Social Security account not only helps you protect your benefits from getting stolen , it also helps you double check your earnings record upon which those benefits are based.
Mistakes, which can be prompted by job changes or misprocessed 1099 forms, are common, according to Freitag. If you have 30 people in one room, 10 percent of them will likely have an error on their Social Security record, he said.
Making sure those records are accurate is crucial, as the Social Security Administration takes your highest 35 years of earnings to calculate your benefits.
"People need to be aware of how much they're contributing to the Social Security system," Freitag said.
Quiz questions (Answers = True or False)
1. Under current Social Security law, my benefits will not be reduced if I claim them at age 65.
2. My spouse is eligible to receive Social Security retirement benefits, even if he or she has no individual earnings history.
3. If my spouse dies, I will continue to receive both my own benefit and my deceased spouse's benefit; the total Social Security benefits I receive will not change.
4. Social Security retirement benefits are based on my earnings history; I'll receive the same monthly benefit amount whether I start collecting before or after my full retirement age.
5. If I am still working when I claim my Social Security, my benefit might be reduced, depending on my earnings and my age.
Answers | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/half-of-americans-fail-this-quiz-on-social-security-retirement-benefits.html |
(Reuters) - Pipeline operator Williams Cos ( WMB.N ) said on Thursday it will buy all outstanding shares of its master limited partnership William Partners LP ( WPZ.N ) for $10.5 billion.
The offer represents a premium of 6.4 percent based on Wednesday’s closing price, the company said.
Tulsa, Okla-based Williams owns about 74 percent of Williams Partners LP.
Reporting by Akshara P in Bengaluru; Editing by Gopakumar Warrier
| ashraq/financial-news-articles | https://www.reuters.com/article/us-williamspartners-m-a-williams/williams-to-buy-rest-of-williams-partners-in-10-5-billion-deal-idUSKCN1II18K |
May 29, 2018 / 7:36 AM / Updated an hour ago Daily Briefing: Italy deadlock fuels euro break-up bets Mark John , Mike Dolan 7 Min Read
LONDON (Reuters) - Carlo Cottarelli, the ex-IMF official appointed to form an Italian government after this weekend's showdown between its president and the two parties that won the March election, faces an uphill battle. Former senior International Monetary Fund official Carlo Cottarelli arrives to talk to the media after a meeting with Italy's President Sergio Mattarella at the Quirinal Palace in Rome, May 28, 2018
He is almost certain to fail to get backing from parliament because there is no way that lawmakers from the anti-establishment 5-Star and eurosceptic League can back him while remaining true to their principles. Even as a caretaker premier he may find it impossible to pass a budget for next year, in which case new elections could come as early as September.
With some models predicting that 5-Star and League could between them control up to two-thirds of the new parliament, the question is whether they turn the election into a vote on staying in the euro , or merely demand a radical overhaul of its rules.
One way of benchmarking the risk this poses to the single currency is the Euro Breakup Index that survey group sentix has published each month since the final days of the sovereign debt crisis. Its reading this month suggests 13 percent of all surveyed investors expect the euro to break up within the next twelve months, compared to a high of 73 percent in July 2012 and a low of 6.3 percent just a month ago.
A fresh blow has been dealt to British PM Theresa May's suggestion of using technology to overcome the Irish border question after Brexit, with UK manufacturers declaring it unrealistic .
The so-called “max fac” plan in which Britain and the EU would be separate customs areas but would try to use technology to reduce trade delays and costs at the border is one of two proposals current under consideration; like the other one - a new form of customs “partnership” - it had in any case been dismissed out of hand by Brussels.
Now the EEF manufacturers' association has branded it a "non-starter", arguing that despite similar arrangements at the U.S.-Canada border, most goods there were still subject to normal checks. That comes after the EU’s Brexit negotiator Michel Barnier at the weekend urged Britain to stop “playing hide and seek” over what it wants from post-Brexit ties with the EU.
In Hungary, Viktor Orban's government will today submit to parliament an even tougher version of its bill on regulating NGO activities , adding criminal penalties for groups deemed to be financing illegal immigration.
The legislation is part of the nationalist right-wing government’s campaign against George Soros, the Hungarian-born U.S. financier known for funding liberal causes - hence its nickname the “Stop Soros” bill.
MARKETS AT 0655 GMT South Korean President Moon Jae-in shakes hands with North Korean leader Kim Jong Un as he leaves after their summit at the truce village of Panmunjom, North Korea, in this handout picture provided by the Presidential Blue House on May 26, 2018
Italy’s political and constitutional crisis deepens and financial markets continue to recoil at the prospect of at least another six months of uncertainty about where it will all end up as new elections sometime in October are now expected.
The interim technocrat government appointed by President Mattarella will be headed by former IMF official Cottarelli, but the two parties who tried to form a government – 5-Star and the League are now calling for the impeachment of the President for rejecting their extreme anti-euro pick for economy minister and effectively collapsing the proposed coalition’s chances of power.
Markets now fear the two parties will campaign on a more explicit euro exit ticket in new elections later this year.
The 10-year Italian-German government bond yield premium, which has now doubled in just two weeks, climbed further to 2.55 percentage points early on Tuesday – its highest since October 2013, although still less than half of the 2012 peak hit shortly before European Central Bank chief Draghi’s ‘whatever it takes’ intervention on behalf of the euro.
Italy’s 10-year nominal yield topped 2.90 percent, its highest since 2014, and two-year yields hit 1.93 percent, their highest since 2013.
With markets also nervy about a vote of confidence in Spanish Prime Minister Rajoy on Friday over corruption allegations, the euro was also under the cosh and fell below $1.16 for the first time since November last year. After Italian stocks dropped more than 2 percent on Monday, European stock futures pointed to further losses today – with eyes on Italian bank stocks that shed more than 4 percent on Monday.
The overall mood on world markets was gloomy as a result, amid fears for the damage to European business confidence more widely. Ten-year U.S. Treasury yields fell below 2.90 percent for the first time since mid-April. Asia’s major bourses were down between 0.5-1.0 percent, with losses offset partly by renewed optimism about a U.S.-North Korea summit next month.
Emerging markets remained under pressure, however, with Brazil stocks hit hard by transport strikes and protests that many fear could boost food protests. Turkey’s lira edged back lower after strengthening more than 2 percent on Monday when the central bank moved to simplify its complex interest rate structure to help battle the currency’s plunge this year. Brent crude was steady just above $75 per barrel.
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-tuesday/daily-briefing-italy-deadlock-fuels-euro-break-up-bets-idUKKCN1IU0O6 |
May 9, 2018 / 1:07 PM / Updated 9 minutes ago BRIEF-Cipla Partners With Mannkind For Marketing, Distribution Of Afrezza In India Reuters Staff
May 9 (Reuters) - Cipla Ltd:
* PARTNERS WITH MANNKIND FOR EXCLUSIVE MARKETING, DISTRIBUTION OF AFREZZA IN INDIA
* CO WILL BE RESPONSIBLE FOR OBTAINING REGULATORY APPROVALS AND FOR ALL MARKETING AND SALES ACTIVITIES FOR AFREZZA Source text: bit.ly/2jKMUH2 Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cipla-partners-with-mannkind-for-m/brief-cipla-partners-with-mannkind-for-marketing-distribution-of-afrezza-in-india-idUSFWN1SG190 |
HONG KONG (Reuters) - Manufacturing activity remained relatively solid in major Asian economies such as China and Japan in April, but exports showed signs of weakness across the region, a worrying development given heightened Sino-U.S. trade tensions.
FILE PHOTO: The People's Republic of China flag and the U.S. Stars and Stripes fly on a lamp post along Pennsylvania Avenue near the U.S. Capitol during Chinese President Hu Jintao's state visit, in Washington, D.C.,U.S., January 18, 2011. REUTERS/Hyungwon Kang/File Photo High-level U.S. and Chinese officials meet in China this week, with trade expected to be top of the agenda as both sides have threatened reciprocal tariffs on hundreds of billions of dollars worth of imports.
The meetings’ outcome could be crucial for the outlook for Asian exporters as Purchasing Managers Index (PMI) surveys of factory activity are already pointing to a slowdown.
“What we’re seeing is a cyclical soft patch in exports after a very strong rise last year,” said Dong Chen, senior Asia economist at Pictet Wealth Management.
“Without considering the potential trade war, we’re not very worried about it, we think it’s fairly normal. But if we think about the trade war ... then the outlook is quite uncertain. It could potentially bring more damage going forward.”
Tensions between the United States and China escalated earlier this year, when President Donald Trump threatened tariffs on up to $150 billion of Chinese goods to punish China over unfair joint-venture and intellectual property practices.
China, which denies allegations it coerces technology transfers through these channels, has threatened equal retaliation, including tariffs on U.S. soybeans and aircraft.
A Trump administration delegation including Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and advisers Peter Navarro and Larry Kudlow is heading to China for talks.
Ross said on Tuesday Trump was prepared to levy tariffs if the delegation did not reach a settlement to reduce trade imbalances. Lighthizer said he was not looking to negotiate changes to China’s state-driven economic system, but would seek to expose it to more foreign competition.
“The agreement to talk, even if not yet to begin formal negotiations, is ... a step in the right direction, albeit one that brings a risk of negative market reaction when followed by inevitable disappointment as talks enter a more protracted phase,” said Jon Harrison, managing director for emerging markets macro strategy at TS Lombard.
ALREADY LOSING MOMENTUM The momentum in global trade, which has been responsible for much of the world’s growth in the past year or two, may be already weakening, as firms that are part of supply chains that could be hit by tariffs may be ordering fewer components for products they sell overseas, some analysts say.
China’s Caixin/Markit PMI climbed to 51.1 in April from a four-month low of 51.0 in March, and topped economists’ forecast for a modest slowdown to 50.9.
The survey’s findings suggested continued strength in the domestic economy, where consumption was a major growth driver in the first quarter.
But a sub-index on export orders shrank for the first time since November 2016. An official PMI survey on Monday also showed external orders slowed last month.
Japan saw a similar trend. The Markit/Nikkei PMI rose to 53.8 in April versus a flash reading of 53.3 and a final 53.1 in the previous month. But growth in export orders slowed sharply to only marginal levels due to a stronger yen.
Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song Factory activity in South Korea contracted for a second month in April, with both domestic and export orders shrinking. Some firms said they had scaled back production due to weaker global demand, particularly for electronics and autos.
Data on Wednesday showed South Korean exports declined in April for the first time in 18 months.
In Taiwan, another Asian hi-tech powerhouse, factory growth slowed to six-month lows.
Business growth in the United States and Europe, while still strong, has slowed to more modest levels with U.S. manufacturers complaining about rising commodity prices in anticipation of trade tariffs.
On the positive side, domestic orders remained strong and a long spell of sharply higher input prices appears to be leveling off.
This suggests many Asian central banks can leave interest rates low to keep supporting their economies, analysts said.
“The big picture is that inflation in most countries in the region is set to stay benign, giving their central banks scope to keep monetary policy accommodative to support growth,” said Krystal Tan, Asia economist at Capital Economics.
DOUBLE-WHAMMY
A resurgent dollar against emerging market currencies could also restore some of Asian exporters’ competitiveness.
However, that may not apply to the trio of Asian countries with trade deficits — India, Indonesia and Philippines — which have recently taken a one-two punch.
A rise in U.S. Treasury yields US10YT=RR to 3 percent and expectations of further Federal Reserve interest rate hikes have increased concerns about potential portfolio outflows, while oil prices LCOc1 at 3-1/2 year highs around $75 per barrel have significantly raised import costs.
The U.S. Federal Reserve is expected to hold rates steady this week, but will likely further encourage expectations of a June rate hike, which could potentially keep pushing U.S. yields higher.
All three countries saw their currencies and stock markets selling off in the past week and policymakers are reacting.
Indonesia’s central bank said last week it was prepared to raise rates to defend the rupiah and that it has recently intervened heavily in currency markets.
The Reserve Bank of India withdrew a restriction that allowed foreign investors to only invest in corporate and government debt with tenures of three years or more.
“India and Southeast Asia are particularly at risk if oil prices rise further,” TS Lombard’s Harrison said.
Reporting by Marius Zaharia; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-economy/asia-sees-signs-of-export-weakness-before-key-u-s-china-trade-talks-idUSKBN1I30JN |
May 15 (Reuters) - Boston Pizza Royalties Income Fund :
* BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2018 FIRST QUARTER RESULTS INCLUDING SYSTEM-WIDE GROSS SALES OF $265.5 MILLION FOR THE PERIOD, AN INCREASE OF 1.7%
* BOSTON PIZZA ROYALTIES INCOME FUND QTRLY SAME STORE SALES GROWTH OF 0.2% FOR PERIOD COMPARED TO 0.0% FOR SAME PERIOD ONE YEAR AGO
* BOSTON PIZZA ROYALTIES INCOME FUND QTRLY LOSS PER UNIT $0.07 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-boston-pizza-royalties-income-repo/brief-boston-pizza-royalties-income-reports-quarterly-loss-per-unit-of-0-07-idUSASC0A29V |
Published 3:19 AM ET Tue, 8 May 2018 CNBC.com
— This is the script of CNBC's news report for China's CCTV on April 18, Wednesday.
It was a boom year for Netflix according to the latest released earnings. Netflix's revenue reached 3.7 billion USD in the first quarter and increased 7.41 million new subscribers, topping the growth record of Netflix, which is beyond the market's expectation.
New subscribers during the last quarter included 1.96 million new US users and the total number of user reached 0.125 billion that is far beyond the Wall Street's estimates, thus, the investors have confidence to the Netflix's potential in the US and other overseas market.
In the overnight trade of US stock, Netflix stock price soared nearly 9.2%, closed at 336.06 USD/share, and had 0.5% increase in the after-hours trade.
The market focus on how can Netflix keeps the good momentum and how to be invincible in the fierce competition of content market. The latest earnings tell that Netflix is still heavily dependent on international market and drive user growth by original content. Create original content and keep competitiveness on innovation are Netflix's current strategy.
Currently, Netflix has taken original content in 17 countries, and the content "localization" will continue to attract the interest of international users, says the Chief Content Officer. Netflix supports multi-language subtitles, which makes the foreign language content also popular in the US. And English content is still hot in international market. As for the future strategy, Netflix will cooperate with different cable providers in the US, including Comcast and T-Mobile, to keep their customers and keep them from. Meanwhile, Netflix will continue to vigorously develop the mobile APP and obtain the content authorization in China market that is a big cake for Netflix.
But Netflix is facing challenge. In order to create more original content, Netflix's cash flow is negative and had 0.287 billion USD debt in the last quarter. It's estimated that Netflix will continue to invest 7.5 to 8 billion USD on content and 2 billion USD on marketing. Adequate cash support will be very important, cause Netflix burn money even faster than Tesla
Netflix has to compete with Amazon and Disney on video service. Analyze expected that Amazon will invest 5 billion USD on content this year, compared to YouTube and other video platform, Netflix still has a long way to go on user base.
However, from Netflix's outlook, it may continue the strong performance; the expected revenue of the 2 nd quarter is 3.93 billion USD. We will keep an eye on this issue. Business | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/cctv-script-180418.html |
to fight@
* U.S. says it still holds threat of imposing tariffs on $50 bln of Chinese goods
* China doesn't want to fight but isn't afraid to - Xinhua
* U.S. plans to shorten length of visas issued to some Chinese citizens (Adds context)
SHANGHAI/BEIJING, May 30 (Reuters) - China's state media on Wednesday lashed into a U.S. announcement that it would press ahead with restrictions on investment by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war.
The United States said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China and would use it unless Beijing addressed the issue of theft of American intellectual property.
The declaration by the White House came after the two sides had agreed earlier this month to look at steps to narrow China's $375 billion trade surplus with America, and days ahead of a visit to the Chinese capital by U.S. Commerce Secretary Wilbur Ross for further talks.
China commerce's ministry reacted swiftly overnight with a short statement, saying it was surprised and saw it as contrary to the consensus both sides had reached recently.
Chinese tabloid the Global Times said the United States was suffering from a "delusion" and warned that the "trade renege could leave Washington dancing with itself".
The widely read Global Times is run by the ruling Communist Party's official People's Daily, although its stance does not necessarily reflect Chinese government policy.
"The Chinese government will have the necessary measures in place to deal with a U.S. withdrawal from any settled agreement. If the U.S. wants to play games, then China would be more than willing to play along and do so until the very end," it said.
Fears of a trade war between the world's two biggest economies had also receded after the Trump administration said it had reached a deal that would put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying U.S. technology parts.
Still hanging in the balance, however, is San Diego-based Qualcomm Inc's proposal to acquire NXP Semiconductors NV - a $44 billion deal that requires clearance from China's antitrust regulators.
State news agency Xinhua said China hoped that the United States would not act impulsively but stood ready to fight to protect its own interests.
"China's attitude, as always, is: we do not want to fight, but we are also not afraid to fight," it said in a commentary.
"China will continue to hold pragmatic consultations with the United States' delegation and hope that the United States will act in accordance with the spirit of the joint statement," it said.
Commerce Secretary Ross is scheduled to visit Beijing from June 2 to June 4 to try and get China to agree to firm numbers for additional U.S. exports to the country.
VISAS
The deal to reduce China's trade surplus with the U.S. was separate from the U.S. probe into China's alleged theft of intellectual property.
A White House official said on Tuesday that the U.S. government plans to shorten the length of visas issued to some Chinese citizens as part of a strategy to prevent intellectual property theft by U.S. rivals.
Citing a document issued by the Trump administration in December, the official said the U.S. government would consider restrictions on visas for science and technology students from some countries to ensure "intellectual property is not transferred to our competitors."
The China Daily newspaper said the repeated U.S. claim that China had forced foreign firms to transfer their technologies to Chinese businesses was without evidence and was being used as an excuse to facilitate its trade protectionism.
It said technology transfers between U.S. companies and their Chinese partners were the result of normal business practices, not coercive policies. (Reporting by Brenda Goh in SHANGHAI and Ryan Woo and BEIJING; Editing by Kim Coghill) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-1-chinas-state-media-slam-u-s-trade-announcement-say-beijing-ready-to-fight.html |
WINNIPEG, Manitoba (Reuters) - Production of Canada’s biggest crop, canola, has expanded rapidly in recent years amid strong demand for the vegetable oil it produces.
But the other processed canola product, meal, takes a backseat to U.S. soymeal to feed certain livestock, due to a reduced protein level.
Seed developer DowDuPont Inc hopes to change that as early as next year.
DowDuPont is in late development stages of a canola variety with higher protein content rivaling that of soybeans, which dominate the pig feed market. DowDuPont aims to start selling ProPound canola as early as 2019, said Dave Dzisiak, North America commercial leader for grains and oilseeds at the company.
“The food industry really wants more options,” Dzisiak said in an interview. “Canola could create a whole new opportunity.”
DowDuPont’s move comes as other agriculture majors, such as Cargill Inc and Archer Daniels Midland Co are turning to peas as a fast-expanding protein source.
ProPound canola meal will primarily target pig and poultry farms in Canada, the United States and China, as well as fish farms.
Soybeans currently have the edge on canola because soymeal, separated from the beans, contains more protein than canola meal. But DowDuPont’s ProPound would narrow that gap, producing canola meal with 44 percent protein, and less fiber, from canola’s typical level of 37 percent. Soymeal has 47 percent protein.
Developing high-protein canola has long been possible for plant breeders, but only at the expense of canola’s yield, or the amount of valuable oil in each seed. The breakthrough represented in ProPound has been ratcheting up protein levels without diminishing the same plant’s yield or oil content, Dzisiak said.
While most of Canada’s canola is grown from genetically modified seeds, the high-protein trait was achieved through years of incremental, traditional plant-breeding.
In a Saskatoon, Saskatchewan laboratory, DowDuPont’s work included marking canola genes from different strains to identify for breeders which plants contain desirable traits, and where in the genome they are located. With that information, breeders then select varieties of canola and cross them hundreds of times to come up with something new.
Canola meal typically sells for about 30 percent less than soymeal, reflecting its lesser protein content, but achieving a comparable protein level may shrink that discount to 10 percent, allowing canola meal exporters to reap greater profits while undercutting soymeal, Dzisiak said.
Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Brian Thevenot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-crops-protein-canola/dowdupont-bets-on-canola-in-race-to-boost-plant-proteins-idUSKCN1IJ1F2 |
May 20, 2018 / 12:43 PM / in 40 minutes Macedonia's main opposition party rejects proposal for new country name Reuters Staff 3 Min Read
SKOPJE (Reuters) - Macedonia’s main opposition party, the nationalist VMRO-DPMNE, said it was against changing the country’s name to Republic of Ilinden Macedonia, undermining prospects for a solution of a decades-long dispute with Greece. FILE PHOTO: A person walks near a sign that reads "welcome to Macedonia" at the Macedonia-Greece border April 16, 2018. REUTERS/Ognen Teofilovski
Macedonia’s NATO and EU accession process has been blocked by Greece which disputes the former Yugoslav republic’s name, saying it implies a territorial claim over its northern province of the same name.
Prime Minister Zoran Zaev and his Greek counterpart Alexis Tsipras discussed the proposal on the sidelines of the Western Balkan-EU summit in Sofia last week.
However, Zaev would need the support of VMRO-DPNE for any change of name to take effect. Tsipras is also struggling to win political backing for the plan in Greece. FILE PHOTO: A car travels past a Greek border stone and a sign of Republic of Macedonia at the Macedonia-Greece border April 16, 2018. REUTERS/Ognen Teofilovski
Zaev’s coalition needs to secure a two-thirds majority in the 120-seat parliament to get backing for constitutional changes required to get the new name approved.
“VMRO-DPNE,will not support a change to the constitution with the goal to change the constitutional name,” party leader Hristijan Mickoski said on Sunday afternoon after meeting Zaev. FILE PHOTO: Greek Prime Minister Alexis Tsipras meets with Macedonian Prime Minister Zoran Zaev at the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018. REUTERS/Stoyan Nenov
For Macedonians Ilinden, or August 2 is a symbolic date - in 1903, the region rose against Ottoman rule, while on the same day in 1944 foundations were laid for establishing of the republic of Macedonia within the Former Yugoslavia.
For his part, Tsipras failed to secure support from his coalition ally and the opposition parties on Saturday.
His ally, the small right-wing Independent Greeks party, has repeatedly said that it will not back any name that includes the term ‘Macedonia’, while the main opposition conservative New Democracy party said the name was “unacceptable.”
But on Sunday afternoon Zaev said: “With this name we are making a full distinction from the region Macedonia in Greece, distinction in every aspect.”
Both Macedonia and Greece are under pressure to resolve the dispute, as Western countries see the region’s integration into the EU and NATO as a way to improve stability 20 years after the decade of wars in the 1990s. Reporting by Kole Casule; additional reporting by Renee Maltezou in Athens; Writing by Ivana Sekularac; Editing by Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-macedonia-greece-name/macedonias-main-opposition-party-rejects-proposal-for-new-country-name-idUSKCN1IL0G0 |
(Repeats with no changes in text. The opinions expressed here are those of the author, a columnist for Reuters.)
* GRAPHIC: China and India's appetite for Iranian crude: reut.rs/2In5u68
By Clyde Russell
NUSA DUA, Indonesia, May 9 (Reuters) - Saudi Arabia is in pole position to be the major beneficiary of U.S. President Donald Trump’s decision to walk away from the Iranian nuclear deal and reimpose sanctions on the Islamic Republic.
It’s little surprise that one of the few voices of support for Trump’s move was from Saudi Arabia, the main rival to Iran in the volatile Middle East.
The Saudis stand to enjoy a double-whammy windfall as crude oil prices may remain strong and state producer Saudi Aramco will also likely to be able to pump more oil to replace any Iranian barrels lost because of the reimposed sanctions.
A cherry on top of this is that customers who had been turning away from Saudi crude, such as the world’s top importer China, may be forced to buy more from the Kingdom.
This would allow the Saudis to regain market share lost since the 2016 deal between the Organization of the Petroleum Exporting Countries (OPEC) and allies, such as Russia, to reduce output in order to tighten global oil markets.
The main risk for the Saudis is that the U.S. decision inflames an already tense situation in the Middle East, resulting in increased conflict and even the possibility of outright war.
However, the Saudis are probably taking a calculated risk that the conflict situations won’t worsen much, and in the meantime they stand to gain a financial windfall and weaken their key rival at the same time.
Whether the eventual reality aligns with what the Saudis hope for is inherently uncertain, but there are some points worth noting.
Firstly, despite the usual flourish of belligerence and flamboyance in Trump’s announcement, not much is likely to happen for several months.
This is because the U.S. Treasury Department has indicated that sanctions won’t be reimposed immediately, rather that it will take up to 180 days to allow Iranian oil customers and other companies involved in doing business with Tehran to make plans.
It’s also not clear what sanctions will be reimposed and in what form, with the main risk being the so-called secondary sanctions that would target companies that do business with other entities involved with Iran.
REPLACING IRANIAN OIL This means for the moment it is pure speculation as to how much Iranian oil may be lost to the market.
Most analyst estimates seem to vary from around 200,000 to 500,000 barrels per day (bpd) being at risk, which would be enough to add to an already existing tightness in global crude markets.
But it’s also worth noting that even the upper end of this range could be replaced relatively easily by the rest of OPEC and its allies party to the agreement to restrict production.
In addition, crude exports from the United States also have the capacity to increase, especially if oil prices remain high, thereby incentivising shale producers to drill more wells.
In short, the global oil supply chain can handle the loss of 500,000 bpd of Iranian crude, although doing so may come at the cost of higher prices.
It also remains uncertain as to how buyers of Iranian crude will respond to the U.S. decision. Virtually all of them, from Europe to Asia, vehemently disagree with Trump’s move.
China’s imports from Iran were 655,000 bpd in the first quarter, up 17.4 percent from the same period in 2017 and enough to make Iran the sixth-biggest supplier, although the gap to number five Brazil is miniscule.
China imported 1.1 million bpd from Saudi Arabia in the first quarter, down 5.7 percent, making the Kingdom the second biggest supplier behind Russia.
India, Asia’s second-biggest crude importer, brought in 522,700 bpd of Iranian crude in the first quarter, down 8.8 percent from the same period last year.
The South Asian nation’s imports from Saudi Arabia were up 1.9 percent to about 811,000 bpd, but the big mover was imports from Iraq, up a massive 45 percent to 1.13 million bpd.
While both India and China have scope to lower their imports from Iran, they will likely be reluctant, especially given the ongoing dispute over pricing between China’s top refiner Sinopec and Saudi Arabia.
The most likely outcome is that Asian crude buyers will do only the barest minimum to give the appearance of complying with whatever measures the Trump administration takes - or even openly defy them.
The least likely outcome is that Asian countries cooperate fully with the United States in its renewed conflict with Iran.
While the next months are likely to be characterised by uncertainty, it’s likely the United States is going to find it considerably harder to make the rest of the world bend to its will this time, especially when the major financial beneficiaries are its own oil producers and the Saudi Arabians.
Editing by Kenneth Maxwell
| ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-crude-iran/rpt-column-saudi-arabia-stands-to-win-most-from-trump-ditching-iran-deal-russell-idUSL3N1SG1W0 |
Walmart kicks off annual meeting 1 Hour Ago CNBC's Courtney Reagan takes a look at what's likely to be on the agenda at Walmart's annual shareholder meeting, including a vote on executive compensation. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/walmart-kicks-off-annual-meeting.html |
Apple reportedly vetting North Carolina as potential site for new campus 2 Hours Ago North Carolina lawmakers are preparing a bid for a new Apple campus, according to a report in the Triangle Business Journal. Citing unnamed sources in real estate, law and the North Carolina government, the local business journal said the Research Triangle Park "tops Apple's short list." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/apple-campus-north-carolina.html |
May 5, 2018 / 4:03 AM / in 28 minutes First NASA lander to study Mars' interior due for California launch Gene Blevins 4 Min Read
VANDENBERG AIR FORCE BASE, Calif., May 5 (Reuters) - A powerful Atlas 5 rocket was poised for liftoff early on Saturday from Vandenberg Air Force Base in California, carrying to Mars the first robotic NASA lander designed entirely for exploring the deep interior of the red planet.
The Mars InSight probe was due to blast off from the central California coast at 4:05 a.m. PDT (1105 GMT), creating a luminous predawn spectacle of the first U.S. interplanetary spacecraft to be launched over the Pacific.
The lander will be carried aloft for NASA and its Jet Propulsion Laboratory (JPL) atop a two-stage, 19-story Atlas 5 rocket from the fleet of United Launch Alliance, a partnership of Lockheed Martin Corp and Boeing Co.
The payload will be released about 90 minutes after launch on a 301 million-mile (484 million km) flight to Mars. It is due to reach its destination in six months, landing on a broad, smooth plain close to the planet’s equator called the Elysium Planitia.
That will put InSight roughly 373 miles (600 km) from the 2012 landing site of the car-sized Mars rover Curiosity.
The new 800-pound (360-kg) spacecraft marks the 21st U.S.-launched Martian exploration, dating to the Mariner fly-by missions of the 1960s. Nearly two dozen other Mars missions have been launched by other nations.
Once settled, the solar-powered InSight will spend two years - about one Martian year - plumbing the depths of the planet’s interior for clues to how Mars took form and, by extension, the origins of the Earth and other rocky planets.
InSight’s primary instrument is a French-built seismometer, designed to detect the slightest vibrations from “marsquakes” around the planet. The device, to be placed on the surface by the lander’s robot arm, is so sensitive it can measure a seismic wave just one-half the radius of a hydrogen atom.
Scientists expect to see a dozen to 100 marsquakes over the course of the mission, producing data to help them deduce the depth, density and composition of the planet’s core, the rocky mantle surrounding it and the outermost layer, the crust.
The Viking probes of the mid-1970s were equipped with seismometers, too, but they were bolted to the top of the landers, a design that proved largely ineffective.
Apollo missions to the moon brought seismometers to the lunar surface as well, detecting thousands of moonquakes and meteorite impacts. But InSight is expected to yield the first meaningful data on planetary seismic tremors beyond Earth.
Insight also will be fitted with a German-made drill to burrow as much as 16 feet (5 meters) underground, pulling behind it a rope-like thermal probe to measure heat flowing from inside the planet.
Meanwhile, a special transmitter on the lander will send radio signals back to Earth, tracking Mars’ subtle rotational wobble to reveal the size of the planet’s core and possibly whether it remains molten.
Hitching a ride aboard the same rocket that launches InSight will be a pair of miniature satellites called CubeSats, which will fly to Mars on their own paths behind the lander in a first deep-space test of that technology. (Reporting and writing by Steve Gorman in Los Angeles; Editing by Cynthia Osterman) | ashraq/financial-news-articles | https://www.reuters.com/article/space-mars/first-nasa-lander-to-study-mars-interior-due-for-california-launch-idUSL1N1SB07U |
May 8 (Reuters) - Innospec Inc:
* Q1 SALES ROSE 23 PERCENT TO $360.7 MILLION * Q1 EARNINGS PER SHARE VIEW $0.91 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.02 EXCLUDING ITEMS
* BOARD APPROVED A FURTHER 15 PERCENT INCREASE IN SEMI-ANNUAL DIVIDEND TO 44 CENTS PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-innospec-reports-q1-earnings-per-s/brief-innospec-reports-q1-earnings-per-share-0-90-idUSASC0A0RL |
May 15 (Reuters) - Therapeutic Solutions International Inc :
* THERAPEUTIC SOLUTIONS INTERNATIONAL, INC., TO INITIATE CLINICAL TRIAL OF PATENTED CANCER IMMUNOTHERAPY ADJUVANT NANOSTILBENE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-therapeutic-solutions-to-initiate/brief-therapeutic-solutions-to-initiate-clinical-trial-of-cancer-immunotherapy-adjuvant-nanostilbene-idUSASC0A2BH |
Consumer-goods conglomerate Newell Brands Inc. found a buyer for its packaging business and will look to shed at least two more businesses as the maker of Graco strollers continues its far-reaching turnaround plan.
Newell has agreed to sell The Waddington Group, which makes disposable dinnerware and food containers for delis and restaurants, to Novolex Holdings LLC for about $2.3 billion, the company said Friday. Novolex makes paper and plastic packaging and is backed by private-equity firm Carlyle Group LP.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/newell-finds-waddington-buyer-and-puts-more-brands-up-for-sale-1525432751 |
(Reuters) - The U.S. Food and Drug Administration said on Tuesday it issued warning letters to three companies that illegally marketed and distributed products containing the substance, kratom, which they claimed treat opioid addiction and withdrawal.
A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. To match special report USA-FDA/CASES REUTERS/Jason Reed/File Photo The regulator has been clamping down on the substance, which it says has similar effects to narcotics such as opioids and has resulted in dozens of deaths.
The leaves of the kratom tree, native to Southeast Asia, can be used as a stimulant or sedative.
Front Range Kratom of Aurora, Colorado; Kratom Spot of Irvine, California; and Revibe Inc of Kansas City, Missouri received letters for illegally selling unapproved kratom-containing drug products with unproven claims, the FDA said here :newsml:reuters.com:20180522:nPn64XFyja.
“Despite our warnings that no kratom product is safe, we continue to find companies selling kratom and doing so with deceptive medical claims for which there’s no reliable scientific proof to support their use,” FDA Commissioner Scott Gottlieb said in a statement.
While kratom is not controlled under the Federal Controlled Substances Act, the U.S. Drug Enforcement Administration has listed it as a “drug and chemical of concern”.
The FDA has not approved it for any medical use and marketing it with claims that it can treat medical complications is a federal offence.
The warning letters included more than 65 kratom products with names like “Super Green Indo Kratom Capsules” and “50x Black Diamond Extract”, some of which claimed to treat pain, lower blood pressure, treat cancer and reduce neuron damage caused by strokes, the FDA said.
Front Range Kratom and Kratom Spot did not immediately respond to requests for comment. Reuters was unable to reach Revibe Inc.
Reporting by Tamara Mathias in Bengaluru; Editing by Bernard Orr and Maju Samuel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fda-kratom/fda-issues-warnings-letters-to-companies-selling-kratom-idUSKCN1IN1R9 |
* Euro at 11-month low on political turmoil in Italy
* Stocks slump in U.S., Europe, Asia
* Short-term Italian bond yields sees biggest spike in 26 years Markets fear a snap Italian election will be referendum on EU
* Yen, Swiss franc, Treasuries dominate safe-haven rally (Updates through U.S. stock market open; Changes dateline, previous London)
By Trevor Hunnicutt
NEW YORK, May 29 (Reuters) - A spiralling Italian political crisis provoked a global stock market selloff on Tuesday, cut the euro cut to an 11-month low and spiked short-term borrowing costs for the government in Rome.
Investors fear that repeat elections - which now seem inevitable in the euro zone’s third-largest economy - may become a de-facto referendum on Italian membership of the currency bloc and the country’s role in the European Union.
Safe-haven U.S. Treasury bonds rallied, as did the Japanese yen and the U.S. dollar, but gold was nearly unchanged with spot prices at $1,301.94 an ounce early in U.S. trading after earlier gains.
“As the slide continues, you ask where is the end,” said Saxo Bank’s head of FX strategy, John Hardy. Global contagion is a risk, he said, with the benchmark U.S. S&P 500 stocks index breaching key “technical” support levels.
Hardy recalled a promise made in 2012 by European Central Bank President Mario Draghi to keep the euro intact.
“If this continues for another couple of sessions, I think you will have to see some official (European) response. A ‘whatever it takes’ kind of moment,” he said.
The Dow Jones Industrial Average fell 276.17 points, or 1.12 percent, to 24,476.92, the S&P 500 lost 22.03 points, or 0.81 percent, to 2,699.3 and the Nasdaq Composite dropped 18.84 points, or 0.25 percent, to 7,415.02.
Short-dated Italian bond yields - a sensitive gauge of political risk - soared as much as 150 basis points to their highest since 2013 in their biggest move in 26 years .
The euro dropped towards $1.15 for the first time this year, down 0.8 percent on the day. Against the Swiss franc , it fell to 1.15 francs.
Stocks in Milan slid 2.3 percent on the main index after a 2.1 percent fall on Monday. Bank shares slumped more than 4 percent after losing the same amount in the previous session, bruised by the sell-off in government bonds, a core part of bank portfolios.
Adding to the uncertainty in Europe, Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday.
Spain’s bond-yield spread with Germany also went to its widest this year at 132 bps. Madrid’s IBEX bourse was down 2.2 percent.
Asia flinched, too. Japan’s Nikkei slipped 0.6 percent. Chinese and Hong Kong shares ended 0.6 to 0.7 percent in the red.
The dollar was up against almost all major currencies except the safe-haven Japanese yen.
The U.S. currency is heading for its best month since late 2015 - a move that is hurting many emerging market countries that borrow in dollars.
“The biggest contributor is fear of a euro zone crisis, and the spillover from that into demand for safe-haven currencies,” said Koon Chow, an FX strategist at UBP.
PLAYING IT SAFE Away from Europe, the focus was on the on-again, off-again U.S.-North Korean summit and the U.S.-China trade relationship.
An aide to North Korean leader Kim Jong Un arrived in Singapore on Monday, Japanese public broadcaster NHK reported, and the White House said a “pre-advance” team was travelling to the city to meet the North Koreans.
The reports indicate that planning for the summit, initially scheduled for June 12, is moving ahead even though President Donald Trump called it off last week. A day later, Trump said he had reconsidered, and officials from both countries were meeting to work out details.
Italian Prime Minister-designate Carlo Cottarelli will see the President Sergio Mattarella at 4:30 p.m. (1430 GMT), the president’s office said in a statement.
Mattarella effectively vetoed a coalition government of the anti-establishment 5-Star Movement and League party at the weekend. He has asked Cottarelli to form a stop-gap government to lead the country to early elections instead. Cottarelli is expected to announce his cabinet after the meeting.
OIL UNDER PRESSURE Oil struggled to rebound to the near-four-year highs it set earlier in the month. Crude is under pressure from expectations that Saudi Arabia and Russia would pump more oil, even as U.S. output rises.
That has pushed the spread between Brent and U.S. crude CL-LCO1=R to nearly $9 a barrel, its widest since March 2015 because of the depressed price of U.S. crude compared with Brent.
U.S. crude fell 1.87 percent to $66.61 per barrel and Brent was last at $75.42, up 0.13 percent on the day.
Reporting by Trevor Hunnicutt Additional reporting by Marc Jones in London and Swati Pandey in Sydney Editing by Nick Zieminski
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-worsening-italian-crisis-batters-stock-markets-euro-idUSL5N1T04U2 |
May 1, 2018 / 9:00 AM / Updated 14 minutes ago Malaysia's Najib dangles minimum wage hike, other benefits ahead of vote Reuters Staff 3 Min Read
KUALA LUMPUR (Reuters) - Malaysia’s Prime Minister Najib Razak promised on Tuesday to raise the minimum wage this year if he wins the May 9 general election, adding to a raft of promises to voters as he faces a resurgent opposition. FILE PHOTO - Malaysia's Prime Minister Najib Razak waits to submit his nomination papers in Pekan, Pahang, Malaysia April 28, 2018. REUTERS/Stringer
Najib’s former mentor, Mahathir Mohamad, now leads an opposition alliance united in the goal of unseating the prime minister and his Barisan Nasional (BN) coalition, which has ruled since the country gained independence from the British in 1957.
Najib told a Labour Day rally that he would raise the minimum wage from the current 1,000 ringgit ($255) per month in peninsular Malaysia and 920 ringgit in the eastern states of Sabah and Sarawak, if his coalition wins the polls.
“So if you want the minimum wage rate to be raised, you know what to do. Do we have a deal?” he said to cheers from some 2,000 people gathered at the rally.
Najib also announced 200 million ringgit for a skilled workers programme, an additional 60 million ringgit allocation for an insurance plan for retrenched workers and better maternity benefits for private sector workers.
Najib said this was all part of his administration’s efforts to better the lot of the country’s workers over his nine years in charge.
“If the Barisan Nasional government is a flower, the workers are the stem. Hence, do not be drawn to and drink from another ‘flower’,” he said, in a thinly-veiled reference to the logo of Mahathir’s new party.
Campaigning officially kicked off on Saturday, and Najib has since crisscrossed the country opening new schools, meeting voters and promising aid and benefits to voters in mostly rural constituencies that form the bedrock of support for his ruling coalition.
This general election, Malaysia’s 14th, is arguably the toughest faced by Najib’s undefeated coalition.
Besides the challenge from the 92-year-old Mahathir, Najib is also grappling with a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB) and anger over rising living costs.
BN are widely expected to retain power, but a weaker majority in the 222-seat parliament could leave Najib open to an internal leadership challenge.
($1 = 3.9200 ringgit) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-election-wages/malaysias-najib-dangles-minimum-wage-hike-other-benefits-ahead-of-vote-idUKKBN1I234O |
* Dollar rises to new 2018 high, pressuring gold * Gold prices likely to move lower -analyst (Recasts; updates prices, changes headline; adds comment, second byline, NEW YORK to dateline) By Renita D. Young and Peter Hobson NEW YORK/LONDON, May 25 (Reuters) - Gold prices dropped slightly on Friday, but still remained above $1,300 per ounce as investors digested news of saying a meeting with North Korea's leader could still go ahead. Spot gold lost 0.1 percent at $1,303.34 per ounce by 1:38 p.m. EDT (1738 GMT), yet was on track for a weekly gain of 0.9 percent, its biggest since March. Spot gold earlier hit a 10-day high at $1,307.80. U.S. gold futures for June delivery settled down 70 cents, or 0.1 percent, at $1,303.70 per ounce. "Gold has managed to hold onto a significant chunk of its gains made yesterday despite the U.S. trading conciliatory messages with North Korea again, something which has boosted the global stock markets and the U.S. dollar," said Forex.com analyst Fawad Razaqzada. Julius Baer analyst Carsten Menke said the uncertainty over the U.S.-North Korea meeting was likely to have only a temporary impact on gold, traditionally used as a safe place to park assets in times of instability. "Based on this pattern and on gold's very tight relationship with the U.S. dollar, this uplift in price should be temporary and we should fall back below $1,300 an ounce," he said. Dollar-priced gold tends to increase when the greenback weakens because this makes it cheaper for buyers with other currencies. The dollar reached a new 2018 high, helped by North Korea saying it was open to resolving issues with the United States. . On Thursday, gold rallied above $1,300 an ounce after Trump said the meeting with North Korea was off. Global shares also steadied, reducing the clamor for gold as a safer asset. Heading into a long holiday weekend in the United States, Dillon Gage's Walter Pehowich said trading activity was virtually mute. "I expect gold to stay between $1,300 and $1,308 for the weekend." Investors focused on the psychologically important $1,300 level, MKS trader Samuel Laughlin said, "as a pivot point for near-term price action." Gold had been trading in a range between about $1,310 and $1,360 since hitting a 1-1/2 year high in January but was pushed lower this month by a strengthening dollar and rising U.S. bond yields, which reduce the appeal of non-yielding gold. Meanwhile, silver lost 0.6 percent at $16.53 per ounce, headed for a weekly gain of 0.4 percent. It earlier hit $16.70, a 1-1/2-week high. Platinum dropped 1.4 percent at $896 per ounce, but up 1.9 percent on the week, while palladium declined 0.3 percent at $977.15, set for a 1.7 percent weekly gain. (Additional reporting by Apeksha Nair and Karen Rodrigues in Bengaluru Editing by David Goodman, Edmund Blair and Diane Craft)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-dips-slightly-as-trump-says-north-korea-talks-may-continue-idUSL2N1SW1D4 |
* Dollar index reaches highest since Dec. 28 overnight
* Euro’s slump on weak euro zone indicators lifts dollar
* Trump’s decision on Iran nuclear deal eyed, USD/JPY steady
* Soft Australia March retail sales data weigh on Aussie (Adds details and Quote: s, updates prices)
By Shinichi Saoshiro
TOKYO, May 8 (Reuters) - The dollar hovered near a four-month high on Tuesday, continuing to draw support from higher Treasury yields and upbeat prospects for the U.S. economy, leaving its major rivals such as the euro struggling and others including the Argentine peso down sharply.
The market’s attention was on U.S. President Donald Trump’s decision about the future of an international nuclear agreement with Iran, which he has repeatedly threatened to withdraw from.
Trump is expected to make an announcement on the nuclear deal at 1800 GMT. A U.S. withdrawal from the deal, which eased economic sanctions in exchange for Tehran limiting its nuclear programme, would impact risk sentiment in the broader markets.
“The currency market sees the Iran announcement as a potential risk. That said, this is a theme that has been long in the works and reaction, if any, could be limited,” said Shusuke Yamada, chief Japan FX strategist at Bank of America Merrill Lynch.
Diminished market concerns over perceived risks from the U.S.-China trade spat and North Korea, have helped shift investor focus back on dollar-supportive fundamentals over the past month.
“While a U.S. withdrawal from the (Iran) deal may be a dollar-negative theme, but at least for the short term it is hard to ignore the dollar’s broad strength, particularly against emerging market currencies like the Argentine peso,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo.
The dollar dipped was flat at 109.090 yen after going as high as 109.400 overnight. The yen is often sought in times of political tensions and market turmoil.
The dollar index against basket of six major currencies was 0.1 percent higher at 92.864 after reaching 92.974 overnight, its highest since Dec. 28.
The greenback received its latest boost as the euro sank below $1.19 for the first time this year the previous day in the wake of weaker-than-forecast data on German industrial orders and euro zone investor sentiment.
The euro was effectively flat at $1.1920 after plumbing $1.1897 the previous day, its lowest in more than four months.
The soft economic indicators added to already shrinking expectations of the European Central Bank raising interest rates any time soon, which has been a major drag on the common currency.
Rising U.S. Treasury yields and solid economic data have bolstered the dollar in recent weeks. While Friday’s U.S. payrolls data came in mixed, underlying strength in the labour market backed expectations of steady rate increases by the Federal Reserve.
Indeed, monetary policy normalisation in the United States, which has moved significantly ahead of other countries, has been a major dollar-supportive factor.
And persistent concerns over rising U.S. interest rates kept up the relentless sell-off in Latin American currencies overnight, with the Mexican, Chilean and Argentine pesos all falling more than 1 percent, while the Brazilian real lost 0.84 percent.
The Argentine peso’s slide stood out in particular as the country’s central bank had just raised rates on Friday.
Emerging market currencies have taken a hit in recent weeks as investors have shed high-yielding assets on expectations that accelerating U.S. inflation and a widening fiscal deficit could force the Fed to tighten policy at a quicker pace.
Elsewhere, the Australian dollar was down 0.25 percent at $0.7498 following the release of soft domestic retail sales data for March.
Upbeat China trade figures for April helped limit losses for the Aussie, often used as a proxy for China-related trades.
The New Zealand dollar was little changed at $0.7017 . (Editing by Shri Navaratnam and Jacqueline Wong)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-near-4-month-high-trumps-iran-decision-in-focus-idUSL3N1SF16D |
May 15 (Reuters) - Netlist Inc:
* Q1 GAAP LOSS PER SHARE $0.06 * Q1 REVENUE $8.9 MILLION VERSUS $9.4 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-netlist-q1-gaap-loss-per-share-006/brief-netlist-q1-gaap-loss-per-share-0-06-idUSASC0A2GB |
May 23 (Reuters) - Landis&Gyr Group AG:
* LANDIS+GYR AND PACIFIC EQUITY PARTNERS ANNOUNCE JOINT VENTURE FOR ACQUISITION OF ACUMEN METERING BUSINESS
* JOINT VENTURE WILL BE KNOWN AS INTELLIHUB HOLDINGS PTY LTD
* LANDIS&GYR GROUP- JOINT VENTURE HAS RAISED STARTING POSITION IN EXCESS OF A$500 MILLION OF CAPITAL TO FINANCE ROLLOUT OF SMART METERS IN AUSTRALIA
* WILL BE CONTRIBUTING BOTH CASH AND ITS INTELLIHUB BUSINESS WITH COMBINED EQUITY VALUE OF UP TO AUD 75 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-landisgyr-and-pacific-equity-annou/brief-landisgyr-and-pacific-equity-announce-jv-for-acquisition-of-acumen-metering-business-idUSFWN1SU13O |
May 2(Reuters) - China Quanjude Group Co Ltd
* Says Xu Jia resigns from CFO due to change in job role
Source text in Chinese: goo.gl/KD682U
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-quanjude-group-says-cfo-resi/brief-china-quanjude-group-says-cfo-resigns-idUSL3N1S90V2 |
Brings Together an Unparalleled Group of Brands to Serve Leisure Travelers, Travel Agents, Hotel Owners, and Other Partners
Provides Distribution Growth for AMR, Amstar and Unlimited Vacation Club®, and New Product to Mark Travel
NEWTOWN SQUARE, Pa. & MILWAUKEE--(BUSINESS WIRE)-- Apple Leisure Group and The Mark Travel Corporation (“Mark Travel”), two North American travel companies with premier brands offering a broad range of attractive travel and vacation experiences, have completed their previously announced merger. Financial terms of the transaction, initially announced on April 2, 2018, were not disclosed.
Apple Leisure Group is a leading seller of all-inclusive vacation packages, with capabilities and expertise to deliver exceptional value to travelers, as well as distribution reach and resort brand management expertise for hotel owners. Mark Travel is a recognized leader of owned and managed vacation brands including Funjet Vacations. Trisept Solutions, a sister company of Mark Travel widely recognized as providing industry-leading leisure travel technology, will also be part of the combined company.
“Joining forces to create a leading integrated leisure travel and technology solutions company makes a lot of sense for both of us as it will offer even more value for consumers and a wider array of products and services for travel agent, airline, hotel and other travel industry partners,” said Alex Zozaya, Chief Executive Officer of Apple Leisure Group, the combined enterprise. “The same traits that have made our two companies grow and succeed will be important contributors to growth and opportunity in the future.”
“The world’s leading airlines, hotels and resorts, tour operators, travel agencies, tourist bureaus, and theme parks rely on Trisept Solutions for the visibility they need to maximize their distribution,” said Bill La Macchia who will continue leading Trisept Solutions, LLC and serve as member of the Board of Directors. “We see only upsides for travel agents as a result of our two companies coming together as we will be able to help them better understand their customers’ needs, manage their suppliers and increase productivity.”
Apple Leisure Group distribution businesses, including Apple Vacations, Cheap Caribbean and Travel Impressions, will benefit from the integration of leading edge technology for travel merchandising and distribution solutions. Mark Travel’s tour businesses will also gain access to 52 high-end resorts and spas operating under the Zoëtry®, Secrets®, Dreams®, Breathless®, Now™ and Sunscape® brands.
About Apple Leisure Group
Apple Leisure Group® is a leading hospitality company in the North American travel industry. Its vertically integrated business model and robust infrastructure leverages the expertise of six innovative subsidiaries to deliver exceptional value to savvy travelers and strong resort performance to owners. ALG’s award-winning companies include: AMResorts®, provider of hotel brand management services under six luxury resort brands; Apple Vacations®, a tour operator primarily for destinations in Mexico and the Dominican Republic; Travel Impressions®, a prominent U.S. wholesaler possessing an extensive global portfolio; CheapCaribbean.com®, a popular online travel agency specializing in luxury vacation packages and resort accommodations in Mexico and the Caribbean; Amstar DMC, a destination management company offering premium airport transfers, tours and excursions; and Unlimited Vacation Club®, AMResorts’ popular guest loyalty program for discerning travelers who expect the very best in a vacation experience. For more information on Apple Leisure Group®, visit www.appleleisuregroup.com .
About The Mark Travel Corporation and Trisept Solutions
The Mark Travel Corporation, through its subsidiaries, provides leisure travel services to various destinations worldwide. It manages vacation brands of various airlines and hoteliers. The Mark Travel Corporation was founded in 1974 and is headquartered in Milwaukee, Wisconsin, with additional locations throughout the United States. Trisept Solutions has a strong, modern technology operating suite that connects over 88,000 agents with leading travel suppliers. The Mark Travel Corporation and Trisept Solutions operate as subsidiaries of La Macchia Enterprises, Inc. For more information on The Mark Travel Corporation, visit www.marktravel.com . For more information on Trisept Solutions, visit www.triseptsolutions.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006243/en/
Media:
For Apple Leisure Group:
Stanton
Charlyn Lusk, 646-502-3549
[email protected]
or
For The Mark Travel Corporation
Vice President Industry & Community Relations
Randi Becker, 414-934-1163
[email protected]
Source: Apple Leisure Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-apple-leisure-group-and-the-mark-travel-corporation-complete-transaction-to-join-forces.html |
CNBC.com Jung Yeon-Je | AFP | Getty Images People watch a television news screen showing pictures of US President Donald Trump (C) and North Korean leader Kim Jong-Un (R) at a railway station in Seoul on November 29, 2017.
President Donald Trump said Tuesday that the time and place of a critical summit with North Korea 's Kim Jong Un could be announced in the coming days.
The president did not give any more details on the meeting, during which he will try to craft a path toward the dictatorship giving up its nuclear and missile programs.
"I want to get peace. The main thing — we want to get peace. ... We'll see," Trump told reporters during an event at the White House. "We're setting up meetings right now and I think it's probably going to be announced over the next couple of days — location and date."
Asked later Tuesday about Trump's comments, White House press secretary Sarah Huckabee Sanders said the list of potential meeting locations has been "narrowed." She said she expects an announcement "soon."
On Friday, Kim and South Korean President Moon Jae-In met about the denuclearization of North Korea , but did not give any details about how they planned to achieve it. The pair signed a declaration saying they seek the "complete denuclearization of the Korean Peninsula."
On Saturday, Trump said he had a "long and very good talk" with Moon. In a tweet, he said "things are going very well." Trump tweet
The U.S., South Korea and their allies have pushed for North Korea to stop its nuclear and missile programs. They have used escalating economic sanctions to try to put pressure on Pyongyang.
Trump has repeatedly pushed China, which has supplied a key economic lifeline for North Korea, to do more to pressure the dictatorship.
Trump said that, regardless of where the meeting takes place, he wants to achieve peace.
"The main thing is to get it done. I want to get it done," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/trump-kim-jong-un-meeting-on-north-korea-nuclear-weapons-to-be-announced.html |
Caesars in 'best' position for sports betting, able to set up 'very quickly': CEO Michelle Fox Reblog Caesars has been focused on digital and mobile platforms and the sports-betting ruling plays right into that, CEO Mark Frissora says. Caesars Entertainment CZR is in the "best" position to take advantage of legal sports betting, its CEO Mark Frissora told CNBC on Tuesday. The U.S. Supreme Court ruled Monday that states can legalize sports betting, breaking up Nevada's monopoly on the practice. Reblog What to Read Next | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/caesars-in-best-position-for-sports-betting-able-to-set-up-very-quickly-ceo.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
CHICAGO (Reuters) - U.S. wheat futures rallied on Friday, with the benchmark Chicago Board of Trade soft red winter wheat contract surging 3 percent on forecasts for dry conditions that could further stress an already damaged crop.
FILE PHOTO: Wheat fields show drought affects near Colby, Kansas, U.S., May 1, 2018. Picture taken on May 1, 2018. REUTERS/Michael Hirtzer The weather outlook also threatened to slow planting progress in the U.S. Midwest, which was supportive of corn and soybean futures.
“Heavy rainfall across portions of the northern U.S. Plains and the western Midwest will further delay spring plantings, while unfavorable dry anomalies persist in the southern U.S. Plains,” Thomson Reuters Weather Research said in a note.
Corn futures were up 1.6 percent following China’s move to drop its anti-dumping probe into imports of U.S. sorghum on Friday, beating a hasty retreat from a dispute that wreaked chaos across the global grain market and raised concerns about rising costs and financial damage at home.
The decision also boosted soybean futures amid hopes it signaled that a move to settle all ongoing trade disputes between Beijing and Washington would follow soon.
“The whole complex is being supported by the idea that China is showing some flexibility and talk of a potential grand bargain,” said Jim Gerlach, president of Indiana-based A/C Trading.
Chinese Vice Premier Liu He is in Washington for talks aimed at resolving trade tensions between the world’s two largest economies.
At 11:31 a.m. CDT (1631 GMT), CBOT July soft red winter wheat futures were up 15 cents at $5.12-1/2 a bushel. CBOT wheat has risen for four days in a row and was on track for a weekly gain of 3.1 percent.
CBOT July corn futures were 6-3/4 cents higher at $4.02.
CBOT July soybean futures were up 1/4 cent at $9.95-1/4 a bushel.
Strength in soybeans was tempered by a U.S. Agriculture Department announcement that unknown buyers canceled sales to buy 949,000 tonnes of soybeans.
Soybean futures have fallen 0.8 percent this week and were on track for their third straight weekly loss. Corn futures were up 1.4 percent this week.
Additional reporting by Naveen Thukral in Singapore and Nigel Hunt in London; Editing by Dale Hudson and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-grains/u-s-wheat-futures-rally-corn-soy-firm-on-hopes-for-export-deal-idUSKCN1IJ29Z |
May 4 (Reuters) - China Biologic Products Holdings Inc :
* CHINA BIOLOGIC REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.21
* Q1 SALES ROSE 23 PERCENT TO $112.5 MILLION * EXCLUDING TIANXINFU, SALES FOR 2018 ARE EXPECTED TO GROW 6% TO 8% IN RMB TERMS
* EXPECTS THAT IT WILL BE CHALLENGING TO MEET ITS PREVIOUSLY PUBLISHED FULL YEAR GUIDANCE
* MAY LOWER FY GUIDANCE IF NO SIGNIFICANT IMPROVEMENT IN BUSINESS OPERATING CONDITIONS FOR REST OF YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-biologic-q1-earnings-per-sha/brief-china-biologic-q1-earnings-per-share-0-92-idUSASC09ZYZ |
WASHINGTON, May 8 (Reuters) - U.S. President Donald Trump planned to discuss his decision on the Iran nuclear deal in a phone call on Tuesday with French President Emmanuel Macron, a senior White House official said.
The phone call was scheduled for 10 a.m. EDT (1400 GMT), the official said. (Reporting By Steve Holland)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-trump-macron/trump-to-discuss-iran-with-frances-macron-early-on-tuesday-senior-white-house-official-idUSL1N1SF0QR |
May 23 (Reuters) - Universal Corp:
* Q4 EARNINGS PER SHARE $1.20 * Q4 REVENUE $607.5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-universal-q4-earnings-per-share-14/brief-universal-q4-earnings-per-share-1-44-excluding-items-idUSASC0A3GA |
Jefferies: "so little love for Ford," upgrade to "buy" 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/call-of-the-day-ford-upgraded-to-buy-at-jefferies.html |
PARIS (Reuters) - French electronics retailer Fnac Darty ( FNAC.PA ) and Germany’s MediaMarktSaturn ( CECG.DE ) said on Tuesday they had signed a memorandum of understanding to create a European retail alliance on purchasing, in a bid to boost their efficiency.
FILE PHOTO: The logo of Fnac Darty is seen during the company's 2017 annual results presentation in Paris, France February 22, 2018. REUTERS/Gonzalo Fuentes This is the latest alliance within the European retail industry, which has seen U.S. internet giant Amazon ( AMZN.O ) make inroads over the last year.
The deal will initially cover four areas: strategic partnership agreements with key suppliers, private label sourcing and licensing as well as innovation and data collaboration, the statement said.
The alliance will be open to other parties and its financial impact should start progressively from 2019, with a full effect targeted for 2020, the companies said, without giving further details.
Consumer electronics group MediaMarktSaturn is majority-owned by Germany’s Ceconomy, which is also the largest shareholder of Fnac Darty with a 24 percent stake.
MediaMarktSaturn had annual sales of 22 billion euros and Fnac Darty of 7.4 billion euros.
Reporting by Dominique Vidalon, Editing by Sarah White
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fnac-darty/fnac-darty-mediamarktsaturn-in-purchasing-alliance-idUSKCN1IG2IE |
DUBAI (Reuters) - Saudi Arabia’s economic reforms are going well, the International Monetary Fund said after annual consultations with authorities, urging the government not to boost spending in line with climbing oil prices.
FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas “Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030,” Tim Callen, head of an IMF team which held 12 days of talks with Saudi officials this month, said in a statement late on Tuesday.
Reporting by Andrew Torchia; Editing by Himani Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-imf/imf-says-saudi-reforms-going-well-urges-government-not-to-boost-spending-as-oil-rises-idUSKCN1IO0HL |
Beirut slum actors mirror real life in Cannes favourite Friday, May 18, 2018 - 02:05
The film ''Capharnaum'' is tipped for prizes at Cannes with the movie's star actors plucked from the very Beirut streets that the film portrays. Rough cut (No reporter narration).
The film "Capharnaum" is tipped for prizes at Cannes with the movie's star actors plucked from the very Beirut streets that the film portrays. Rough cut (No reporter narration). //reut.rs/2IvpFQk | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/beirut-slum-actors-mirror-real-life-in-c?videoId=428177883 |
U.S. housing wealth is becoming increasingly concentrated among older households with high credit scores, according to a new report by the Federal Reserve Bank of New York.
Though home equity and home prices have recovered in the past year after a long decline starting in 2006, the makeup of wealth ownership has changed.
Homeownership among... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-household-wealth-rises-largely-among-high-credit-score-borrowers-1526565620 |
KABUL (Reuters) - Islamic State fighters in Afghanistan are making hundreds of thousands of dollars a year from illegal mining of talc, much of which ends up in the United States and Europe, advocacy group Global Witness reported on Tuesday.
FILE PHOTO: Afghan National Army troops prepare for an operation against insurgents in Khogyani district of Nangarhar province, Afghanistan November 28, 2017. REUTERS/Parwiz/File Photo About 500,000 tonnes of talc, used in products ranging from paint to baby powder, were exported from Afghanistan in the year to March, according to Afghan mining ministry figures cited in the group’s report.
Almost all went to Pakistan, where much of it is re-exported. Pakistan provides more than a third of U.S. imports of talc and much also ends up in the European Union, it said.
“Unwitting American and European consumers are inadvertently helping fund extremist groups in Afghanistan,” Nick Donovan, Campaign Director at Global Witness, said in a statement, calling for stronger checks on imports.
Illegal mining of gemstones and minerals such as lapis lazuli is a major source of revenue for Taliban insurgents and the report said Islamic State was fighting for control of mines in Nangarhar, the province where it has its stronghold.
Nangarhar, on the border with Pakistan, has large deposits of talc as well as minerals such as chromite and marble, and sits on major smuggling routes used for drugs and other contraband.
The report Quote: d a senior Islamic State militant commander as saying that wresting control of mining assets from other armed groups in Nangarhar was a priority: “The mines are in the hands of the mafia ... At any price we will take the mines.”
Security officials in Afghanistan have long been concerned about the uncontrolled traffic in Nangarhar of commodities like talc and chromite, which the Global Witness report said “may be the least glamorous of conflict minerals”.
It said that while it was difficult to estimate the value of the trade to Islamic State, revenue from mining in Nangarhar could amount “anywhere from the high tens of thousands to the low millions of dollars a year”. Somewhere in the hundreds of thousands was a plausible mid-range estimate, it added.
The sum did not appear very high, it said, but the U.S. military estimated the strength of Islamic State in Nangarhar at somewhere between 750 to 2,000 fighters, meaning the funds would be a significant source of revenue to the movement.
An Afghan mining ministry spokesman said a special committee had already been established to coordinate approaches to the issue with security and intelligence services. The ministry planned a news conference this week to address some of the specific issues raised in the report.
Reporting by James Mackenzie; Editing by Mark Heinrich
Reuters Plus | ashraq/financial-news-articles | https://in.reuters.com/article/afghanistan-mining/baby-powder-helping-fund-islamic-state-in-afghanistan-report-idINKCN1IN26L |
Senate Majority Leader Mitch McConnell (R., Ky.) has lately been explaining all the reasons why President Trump and House Republicans will have a hard time restraining federal spending this year. Now the world’s investors are reminding Mr. McConnell why he needs to help enact reform. Let’s hope he’s listening.
As soon as early next week, the White House Office of Management and Budget is expected to send a package of suggested spending reductions to Capitol Hill. These proposed cuts are called rescissions because they would... To | ashraq/financial-news-articles | https://www.wsj.com/articles/foreign-investors-send-a-warning-to-mitch-mcconnell-1525111461 |
* Petronas Q1 profit boosted by higher oil prices
* Expects overall year-end performance to be “satisfactory”
* Finmin official: Petronas may contribute more to govt revenue
* Petronas may pay up to $2.3 bln more in taxes, dividends (Adds comment from finance ministry official, background)
By A. Ananthalakshmi
KUALA LUMPUR, May 30 (Reuters) - Malaysia may collect up to $2.3 billion more in taxes and dividends from Petroliam Nasional Berhad, or Petronas, this year, a finance ministry official said on Wednesday, as firmer oil prices boost profits at the state energy firm.
The new administration led by Mahathir Mohamad is relying more on Petronas - a significant contributor to government revenue and the country’s largest employer - to offset a revenue shortfall from the government’s plan to scrap a consumption tax.
Oil prices were trading close to 3-1/2-year highs on Wednesday as Petronas reported a 26-percent surge in first quarter profit.
With oil prices improving, Malaysia may collect 8-9 billion ringgit ($2-$2.26 billion) more in revenue from Petronas this year, Ong Kian Ming, a special officer to the finance minister, told Reuters.
He said the increase would come through corporate taxes and dividends to the government, but discussions are still ongoing.
Petronas said it was unable to comment on the matter.
Petronas paid 17.4 billion ringgit in taxes and 16 billion ringgit in dividends to the government in 2017.
Its contribution to government revenue typically increases with the company’s profitability. Last year, Petronas paid 5.8 billion ringgit more to federal and state governments as profits and oil prices rose.
A higher contribution from Petronas this year will help narrow the government’s revenue shortfall from effectively scrapping the goods and services tax, Ong told BFM radio station on Wednesday.
Aside from Petronas, the government was also looking at higher dividends from the central bank and sovereign fund Khazanah Nasional, Ong told BFM.
“These are all the options on the table,” he said.
PROFIT RISES Petronas said its January-March quarter profit totalled 13 billion ringgit ($3.26 billion), up from 10.3 billion ringgit in the same period last year. Revenue rose 2.5 percent to 57.9 billion ringgit.
Petronas said it expected overall year-end performance to be “satisfactory” subject to the volatility of oil prices and foreign exchange rates. The company is known to be conservative with its outlook.
Petronas had said it was budgeting for an oil price of $52 per barrel in 2018. Brent crude was trading at around $75 per barrel on Wednesday.
Petronas, like other oil majors, has taken a hit from lower oil prices, but sharp cost cuts - along with some recent stability in oil prices - helped the company’s profits and margins.
The company said in 2016 that it would reduce expenses by $12 billion over a four-year period, and has cut thousands of jobs to save costs amid low oil prices.
Its total production volume for the quarter rose to 2,461 thousand barrels of oil equivalent (boe) per day compared to 2,387 tboe/day in the same period last year.
Petronas also said its Refinery and Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor is on track for a 2019 start up.
The company said that the development was 90 percent completed at the end of April. ($1 = 3.9900 ringgit) (Reporting by A. Ananthalakshmi Editing by Richard Pullin and Darren Schuettler)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/petronas-results/update-1-malaysias-petronas-says-profit-jumps-by-more-than-a-quarter-idUSL3N1T12LD |
May 30, 2018 / 5:09 PM / Updated an hour ago Former England skipper Terry leaves Aston Villa Reuters Staff 1 Min Read
(Reuters) - Former England captain John Terry has left Aston Villa after the club failed to gain promotion to the Premier League. Soccer Football - Championship Play-Off Final - Fulham vs Aston Villa - Wembley Stadium, London, Britain - May 26, 2018 Aston Villa's John Terry in action Action Images via Reuters/Tony O'Brien
Villa lost the Championship playoff final 1-0 to Fulham at Wembley on Sunday.
The 37-year-old Terry joined Villa from Chelsea in July 2017 on a one-year deal. He made 36 appearances for Villa in all competitions last season, scoring one goal.
"We would like to place on record our most sincere thanks for the effort and professionalism he showed with us last season," Villa said in a statement on their website here .
“John is a true leader and was everything and more that we hoped. Hugely popular and influential in the dressing room, he played a real captain’s role in creating the incredible bond the players shared with our supporters, and vice-versa.” Reporting by Simon Jennings in Bengaluru; Editing by David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-ava-terry/former-england-skipper-terry-leaves-aston-villa-idUKKCN1IV2BN |
IRVINE, Calif. and SAN FRANCISCO, CalAmp (Nasdaq: CAMP), a technology solutions pioneer transforming the global connected economy, has been recognized as a 2020 Women on Boards Winning "W" Company for 2017.
The award recognizes companies that champion board diversity with at least 20 percent of their board seats held by women. Kimberly Alexy and Amal Johnson hold positions on CalAmp's board and comprise 29 percent of its members.
"We are honored to receive the 2020 Women on Boards award and are extremely proud of our team diversity. From the CEO, Michael Burdiek, to the board itself, CalAmp's leadership is committed to building a culture that is inclusive of different perspectives and diverse representation. We believe that diverse experiences combined with functional expertise leads to stronger business performance and competitive strategy," said Amal Johnson, Board Director at CalAmp and former executive chairwoman of the board of Author-it Software Corporation. Johnson also serves as the Chair of the CalAmp Compensation Committee and is a director of Intuitive Surgical, Inc., Essex Property Trust and Mellanox Technologies, Ltd.
"This recognition is exciting for our team but we know there is still work to be done to create a more diverse board culture across the industry. The board is continuously striving to bring in diversity of viewpoints that lead to more robust discussions and critical thinking," said Kimberly Alexy, Board Director at CalAmp. Alexy also serves as the Chair of the CalAmp Governance and Nominating Committee and is a director of Alteryx, Inc., Five9, Inc., FireEye, Inc., and Microsemi Corporation. "By focusing on governance and management best practices as well as the employee pipeline, we believe we can increase the pool of women applicants and foster greater diversity from entry-level roles and beyond to advance within the company."
CalAmp was also given a corporate governance Quality Score rating of "1" putting the company in the top decile of all companies rated by ISS (Institutional Shareholder Services).
2020 Women on Boards is a nonprofit campaign that aims to increase the percentage of women who serve on company boards to 20 percent or greater by the year 2020. According to 2020 Women on Boards co-founder and chair, Stephanie Sonnabend, the campaign has already exceeded its 20 percent national campaign goal.
About CalAmp
CalAmp (Nasdaq: CAMP) is a technology solutions pioneer transforming the global connected economy. We help reinvent businesses and improve lives around the globe with technology solutions that streamline complex IoT deployments and bring intelligence to the edge. Our software applications, scalable cloud services, and intelligent devices collect and assess business-critical data from mobile assets, cargo, companies, cities and people. We call this The New How, powering autonomous IoT interaction, facilitating efficient decision making, optimizing resource utilization, and improving road safety. CalAmp is headquartered in Irvine, California and has been publicly traded since 1983. For more information on CalAmp, visit calamp.com , or LinkedIn , Twitter , YouTube or CalAmp Blog .
CalAmp, CalAmp logo and LoJack are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries, and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.
releases/calamp-named-a-winning-company-for-2020-women-on-boards-diversity-award-300641815.html
SOURCE CalAmp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-calamp-named-a-winning-company-for-2020-women-on-boards-diversity-award.html |
May 15 (Reuters) - Trinity Merger Corp:
* ANNOUNCES PRICING OF $300 MILLION INITIAL PUBLIC OFFERING
* SAYS INITIAL PUBLIC OFFERING OF 30.0 MILLION UNITS PRICED AT $10.00/UNIT Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-trinity-merger-corp-announces-pric/brief-trinity-merger-corp-announces-pricing-of-300-mln-ipo-idUSASC0A2AP |
after the bell on Monday :
Shares of Adobe jumped close to 2.5 percent after the bell, before paring gains slightly and settling up nearly 1 percent. The software company on Monday announced an $8 billion stock repurchase program, which extends a previous $2.5 billion program through 2021. Adobe CFO John Murphy said the program "is reflective of our strong cash flow expectations and balance sheet, and reinforces our commitment to returning value and excess cash to our stockholders."
Adobe also on Monday announced the $1.68 billion acquisition of e-commerce platform Magento Commerce, which executives expect will make the Adobe experience more "shoppable."
Shopify stock dropped nearly 3 percent in extended trading after Adobe announced its acquisition. Magento and Shopify are rivals in the e-commerce space.
Pure Storage stock tanked nearly 8 percent in extended trading. The flash storage company reported first quarter earnings and revenue that proved less weak than Wall Street predicted. Pure Storage reported a loss of 7 cents on revenue of $255.9 million versus the 12 cent loss on $251.5 million analysts expected. Pure Storage anticipated second quarter revenue would fall between $296 million and $304 million, whereas the Street was hoping for $299 million in revenue next quarter.
Shares of Nordson fell nearly 6 percent in extended trading, after the dispensing equipment manufacturer reported weaker than anticipated third quarter outlook. The machinery company reported a strong second quarter, coasting on the effects of several automotive electronics acquisitions, but weak outlook stoked fears the momentum wouldn't last.
On a tear from the regular session, Micron stock continued its trajectory, gaining more than 4 percent after the bell. The semiconductor company announced a $10 billion share repurchase program, in conjunction with plans to return at least 50 percent of free cash flow to stockholders beginning in fiscal 2019.
Earlier in the day, Micron strengthened third quarter guidance. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/after-hours-buzz-adbe-shop-more.html |
May 15, 2018 / 1:32 PM / Updated an hour ago Mancini wants to take Italy back to the top Reuters Staff 2 Min Read
FLORENCE, Italy (Reuters) - Roberto Mancini outlined his plans to take Italy back to the top and recall maverick forward Mario Balotelli to the line-up after he was presented as their new coach on Tuesday. Soccer Football - Italy - Roberto Mancini Press Conference - Coverciano, Florence, Italy - May 15, 2018 New Italy coach Roberto Mancini after the press conference REUTERS/Max Rossi
The 53-year-old has been handed the daunting task of lifting Italy out of the doldrums after their failure to qualify for this year’s World Cup, the first time they will miss the tournament in 60 years.
The four-times world champions have also slumped to a record low of 20th in the FIFA rankings.
“I would like to be the coach who brings Italy back to the top. It will not be easy but we can do it,” he said, suggesting that he would aim to win Euro 2020.
“We have not won the European championship for many years and that is our first big event.”
Remembering that he first walked through the doors of Italy’s Coverciano training camp in 1978 with the under-14 team, Mancini said it was the right moment in his career to take on the challenge of coaching his country. Soccer Football - Italy - Roberto Mancini Press Conference - Coverciano, Florence, Italy - May 15, 2018 New Italy coach Roberto Mancini during the press conference REUTERS/Max Rossi
“Becoming a national team coach is not something trivial. The federation made me understand that they wanted me 100 percent and that made it easy for me to choose,” added the former Inter Milan, Manchester City, Galatasaray and Zenit St Petersburg coach.
“Being here in this role is important, and this was the right moment in my career.”
Although Mancini and Balotelli had several run-ins when the pair were at Manchester City, he suggested the Nice forward would be given another chance.
“We’ll talk, we’ll probably call him. We want to see him play the way he did at the European Championship (in 2012),” he said.
Balotelli has not been called up for Italy since the last World Cup when his attitude was the subject of barely-veiled criticism from some senior players.
After scoring in the 2-1 win over England, Balotelli covered the entire Italy page in a Panini album with stickers of himself and then posted it on his Facebook page. Writing by Brian Homewood in Lyon, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-italy-mancnin/mancini-wants-to-take-italy-back-to-the-top-idUKKCN1IG1ZW |
- VTL-308 Enrollment Completed with 151 Subjects
- On Track for Release of Topline Results in Third Quarter of 2018
SAN DIEGO, May 08, 2018 (GLOBE NEWSWIRE) -- Vital Therapies, Inc. (Nasdaq:VTL), a biotherapeutic company developing ELAD®, a cell-based therapy targeting the treatment of acute forms of liver failure, today announced results for the first quarter ended March 31, 2018.
“We are pleased to have completed enrollment in our VTL-308 clinical trial and we have met both our timeline and our targeted treatment enrollment criteria. We anticipate reporting topline results in September,” said Russell J. Cox, the Company’s Chief Executive Officer. “Our company focus has now turned to preparations for filing a biologics license application and plans for commercialization in the event of positive trial results.”
Key Recent Developments
VTL-308 completed enrollment at the end of March with 151 subjects enrolled. VTL-308 is the Company's phase 3 randomized, controlled, open-label trial, designed to evaluate the ELAD System in subjects with severe alcoholic hepatitis (sAH). The Company expects to report topline data in the third quarter of this year, likely in September.
The Company has updated the baseline characteristics of subjects enrolled in VTL-308 to include current data for 151 subjects. The data show that the means for these baseline characteristics continued to track the reference population from VTI-208, the Company’s prior phase 3 clinical trial with ELAD in subjects with sAH on which the design of VTL-308 is based. The updated baseline data are presented in the table below:
Data Age (years) MELD Bilirubin (mg/dL) INR Creatinine
(mg/dL) VTL-308 enrollment limits <50 yrs <30 ≥16 mg/dL ≤2.5 <1.3mg/dL VTI-208 reference population
(n=60) Mean
(range) 40.10
(28 - 49) 25.60
(20 - 29) 26.62
(16.6 - 52.6) 1.86
(1.0 - 2.5) 0.71
(0.10 - 1.30) VTL-308
(n=151) Mean
(range) 39.30
(23 - 49) 25.14
(19 - 29) 24.93
(16.0 – 44.7) 1.82
(0.95 – 2.50) 0.73
(0.30 – 1.27) The Company continues to present findings from its research into the mechanism of action of ELAD and potential other applications for the technology at scientific conferences. An abstract titled “Inflammation Biomarkers Decrease During ELAD Treatment in Alcoholic Hepatitis Subjects” was accepted for poster presentation at Digestive Disease Week, to be held June 2-5, 2018 in Washington, D.C. An abstract titled “Impact of ELAD C3A Cell Conditioned Medium Enhanced Perfusate Fluid on Functional Recovery of Extended Criteria Donor Livers during Normothermic Machine Perfusion” was accepted for poster presentation at both the International Liver Transplantation Society 2018 Annual Congress, to be held May 23-26 in Lisbon, Portugal, and the 2018 Annual Transplant Congress, to be held June 2-6 in Seattle, Washington. Posters and associated presentations are made available at http://ir.vitaltherapies.com in the "Clinical Publications and Presentations" section promptly after they have been presented publicly.
First Quarter 2018 Financial Results
Cash Position
Cash and cash equivalents at March 31, 2018, totaled $43.6 million compared to $56.9 million at December 31, 2017. The Company believes its current cash position should provide funding through the first quarter of 2019, past the expected announcement of VTL-308 top-line trial results.
Results of Operations
Three Months Ended March 31, 2018
The Company reported a net loss of $14.4 million for the three months ended March 31, 2018, which compared with a net loss of $12.6 million for the same prior year period. This resulted in a net loss of $0.34 per share for the three months ended March 31, 2018, as compared to a net loss of $0.39 per share for the corresponding period in 2017, on both a basic and diluted basis. These per share figures are based on weighted-average common shares outstanding of 42,368,864 shares and 32,645,103 shares, respectively, with the increase in common shares outstanding at March 31, 2018 primarily attributable to shares issued as part of the Company’s follow-on offering in March of 2017.
Research and development expenses increased to $10.2 million for the three months ended March 31, 2018 as compared to $9.6 million for the three months ended March 31, 2017. General and administrative expenses were $4.3 million for the three months ended March 31, 2018, as compared to $3.1 million for the three months ended March 31, 2017.
Upcoming Investor Conferences
The Company will be presenting at the following upcoming conferences:
The Bank of America Merrill Lynch 2018 Health Care Conference on Thursday, May 17, 2018 at 1:15 PM Eastern in Las Vegas, NV.
The Jefferies 2018 Global Healthcare Conference on Friday, June 8, 2018 at 8:30 AM Eastern in New York City.
A live webcast of each presentation will be available on the Investor Relations page of the Company's website at: http://ir.vitaltherapies.com/ . An archive of each presentation will be available for replay following the conference.
Conference Call Details
Vital Therapies will host a conference call to discuss these results and provide a corporate update today at 4:30 PM ET, which will be open to the public. The conference call dial-in numbers are (855) 765-5682 for domestic callers and (919) 825-3204 for international callers. The conference ID number for the call is 5845687. Participants can access the live webcast via a link on the Vital Therapies website in under “Events” at: http://ir.vitaltherapies.com/ .
For those unable to listen in at the designated time, a conference call replay will be available for one week following the conference call. The conference call replay numbers for domestic and international callers are (855) 859-2056 and (404) 537-3406, respectively. The conference ID number for the replay is 5845687.
About Vital Therapies, Inc.
Vital Therapies, Inc. is a biotherapeutic company developing a cell-based therapy targeting the treatment of acute forms of liver failure. The Company’s ELAD System is an extracorporeal human allogeneic cellular liver therapy currently in phase 3 clinical trials. Vital Therapies, Inc. is based in San Diego, California. Vital Therapies® and ELAD® are trademarks of Vital Therapies, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning or implying the conduct of our clinical trials and the timing of the release of the results, and statements regarding our projected cash runway. Forward-looking statements are based on management's current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements.
Risks and uncertainties include, but are not limited to, difficulty maintaining regulatory approvals in the United States or Europe, in particular for a combination product and open-label clinical trials; our limited experience in conducting pivotal clinical trials and significant issues regarding our clinical trials such as clinical sites’ adherence to protocols; assumptions regarding the number of subjects enrolled; changes to regulatory requirements; the need to comply with and meet applicable laws and regulations; unexpected adverse events or safety issues; event rates may vary from projections; and the use of cash, which can vary based on the timing of incurring costs for activities to support our clinical development and any applications for marketing approval, and whether or when we begin building any significant commercial infrastructure. There can be no assurance that data from any of our clinical trials will be sufficient to support an application for marketing in any country or that any such application will ever be approved.
These and other risks regarding our business are described in detail in our Securities and Exchange Commission filings, including in our Annual Report on Form 10-Q for the quarter ended March 31, 2018. These forward-looking statements speak only as of the date hereof, and Vital Therapies, Inc. disclaims any obligation to update these statements except as may be required by law.
Contact:
Vital Therapies, Inc.
Al Kildani
Vice President, Investor Relations and Business Development
858-673-6840
[email protected]
Vital Therapies, Inc. Condensed Consolidated Balance Sheets (unaudited, in thousands) March 31,
2018 December 31,
2017 Cash and cash equivalents $ 43,647 $ 56,901 Prepaid expenses and other current assets 1,188 1,220 Property and equipment, net 2,072 2,155 Other assets 101 108 Total assets $ 47,008 $ 60,384 Accounts payable, accrued expenses and other current liabilities $ 9,666 $ 10,281 Long-term liabilities 47 59 Stockholders' equity 37,295 50,044 Total liabilities and stockholders' equity $ 47,008 $ 60,384
Vital Therapies, Inc. Condensed Consolidated Statements of Operations (unaudited and in thousands, except share and per share data) Three Months
Ended March 31, 2018 2017 Operating expenses: Research and development $ 10,157 $ 9,628 General and administrative 4,335 3,059 Total operating expenses 14,492 12,687 Loss from operations (14,492 ) (12,687 ) Other income 104 85 Net loss $ (14,388 ) $ (12,602 ) Net loss per share, basic and diluted $ (0.34 ) $ (0.39 ) Weighted-average common shares outstanding, basic and diluted 42,368,864 32,645,103
Source:Vital Therapies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-vital-therapies-announces-first-quarter-2018-financial-results.html |
May 4, 2018 / 2:37 PM / in 2 hours Mediators call for dialogue as ETA disbands but Spain stands firm Claude Canellas , Vincent West 4 Min Read
CAMBO-LES-BAINS, France (Reuters) - Mediators called on Friday for talks to address remaining issues linked to the dissolution of separatist group ETA, including the status of prisoners, but Spain said it would not relent on jail conditions for convicted former militants. Jonathan Powell delivers the Arnaga Declaration alongside Cuauhtemoc Cardenas, Irati Agorria Cuevas, Bertie Ahern, Anaiz Funosas and Gerry Adams at the International Event to Advance in the Resolution of the conflict in the Basque Country, following Armed Basque separatists ETA announcement of their dissolution in Cambo-Les-Bains, France May 4, 2018. REUTERS/Vincent West
ETA declared its final dissolution this week, ending Western Europe’s last major armed campaign but leaving behind resentment after a 50-year drive for an independent Basque state that killed some 850 people.
“We believe that building peace requires political dialogue among all the key actors. To resort to security measures and prison alone rarely proves successful,” said former British government aide Jonathan Powell, reading from a statement that was also delivered in the distinct Basque language, French, and Spanish.
Gathered in Cambo-les-Bains, a town on the French side of the Basque Country, the mediators acknowledged the 305 former ETA members who are currently in jail in Spain and France.
“Deep wounds remain. Families and communities are still divided,” said Powell, who was involved in the mediation.
The status of the prisoners, some of whom are held in facilities hundreds of miles from their families, has become a bone of contention between Madrid and the Basque government.
As the ceremony was underway, Prime Minister Mariano Rajoy said Madrid would keep investigating the roughly 350 still-unsolved crimes attributed to ETA and sentences will continue to be served. (L-R) Cuauhtemoc Cardenas, Jonathan Powell, Irati Agorria Cuevas, Michel Camdessus, Bertie Ahern, Anaiz Funosas and Gerry Adams arrive to deliver the Arnaga Declaration at the International Event to Advance in the Resolution of the conflict in the Basque Country, following Armed Basque separatists ETA announcement of their dissolution in Cambo-Les-Bains, France May 4, 2018. REUTERS/Vincent West
“There has never been and there never will be any impunity,” Rajoy said in a televised speech.
The head of the Basque regional government, Inigo Urkullu said this week that Rajoy had been receptive to moving prisoners closer to home, as ETA’s dissolution had always been the condition for changing policy.
“It is a response to what most of Basque society has called for,” he told El Pais newspaper on Thursday.
Rajoy’s minority government relies on the Basque National Party (PNV) to pass measures in parliament.
But government spokesman Inigo Mendez de Vigo said on Friday Madrid would not change its policy on prisoners. Slideshow (3 Images)
“It’s clear that the government won’t modify its penitentiary policy,” de Vigo said at a news conference when asked if Madrid could change its stance.
Family members and other supporters of the prisoners have lobbied for years for prisoners to be moved, and for those who have fallen ill to be released.
Neither Spain nor France sent a government representative to the meeting, which was attended by the former of the Irish nationalist party Sinn Fein Gerry Adams and Ireland’s former prime minister Bertie Aherne.
Last month, ETA apologised to its victims and their relatives. About 850 people, including police, politicians and ordinary citizens, were killed in ETA bombings and shootings across Spain.
ETA was formed in 1959 by students angry at the repressive dictatorship of General Francisco Franco but carried out its first known killing in 1968. Its campaign included political assassinations, most notably of Franco’s chosen successor, Luis Carrero Blanco in 1973.
But as Spain returned to democracy after Franco’s death in 1975 and the Basque Country gained a large measure of autonomy, its attacks on the general populace, including a 1987 car bomb at a Barcelona supermarket which killed a pregnant woman and two children, horrified people and cost it support.
Crackdowns by Spanish and French police also weakened it.
Its demise comes as the Spanish government grapples with another separatist movement in the northeastern region of Catalonia. Although that is a non-violent campaign, it has brought on Spain’s most serious constitutional crisis in four decades and a government crackdown on its leaders. Writing by Isla Binnie; Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-eta/mediators-call-for-dialogue-as-eta-disbands-but-spain-stands-firm-idUKKBN1I51S3 |
GENEVA, May 29 (Reuters) - The World Health Organization said it was assuming 100-300 cases of Ebola in Democratic Republic of Congo over a three-month timeline, under a revised strategic response plan it published on Tuesday.
The WHO, which said the figure is not a prediction, had assumed there would be 80-100 cases in an earlier version of the plan, based on information as of May 15.
Congo’s Health Ministry said late on Monday there had been 54 cases of Ebola in the outbreak, including 35 confirmed, 13 probable and six suspected cases, and 25 deaths. There have been no deaths or new confirmed cases in the past two days. (Reporting by Tom Miles; editing by John Stonestreet)
| ashraq/financial-news-articles | https://www.reuters.com/article/health-ebola/whos-congo-ebola-plan-assumes-100-300-cases-over-three-months-idUSL5N1T024V |
ABU DHABI (Reuters) - Military transport planes from the United Arab Emirates landed on the sleepy Yemeni island of Socotra last week, unloading tanks and troops as part of the Gulf Arab state’s drive to extend its influence over a strategic waterway flanked by war zones.
General view of Martyrs Memorial Park opposite Sheikh Zayed Mosque in Abu Dhabi, UAE May 9, 2018. REUTERS/Satish Kumar The UAE, with a population of less than 10 million but the Arab world’s second-largest economy thanks to oil, is deploying its soldiers and cash to create a web of bases and armed allies in Yemen and Somalia as a bulwark against Islamist extremists and Iranian influence, according to diplomats as well as Yemeni and Somali officials.
But backing groups at loggerheads with their national governments threatens to bog down the UAE in the seemingly endless conflicts of two of the world’s poorest countries.
Lying between the Arabian Peninsula and Horn of Africa, Socotra island, best known for its otherworldly plant life, appeared far from the war until the UAE troops arrived, in a landing reported by Yemeni officials and media.
The Yemeni government accused the UAE of seizing the island’s ports and airport. A government source told Reuters that the UAE move was a power-play for “commercial and security interests” and accused the UAE of trying to colonize Yemen.
“They won’t get that from Yemen,” the source said. “Yes, Yemenis are poor but they fight for their sovereignty,”
The UAE foreign ministry, in a statement on Socotra, said it backed Yemen’s legitimate government and sought “to establish peace and stability and to support developmental projects for the island’s residents”.
The UAE has built up local army units in Yemen, increasing its influence along the Red Sea coast, but also opening up a rift with the country’s exiled government.
Across the Bab al-Mandeb strait, through which much of the world’s oil flows, the UAE also has a foothold in northern Somalia, where Emirati firms have set up commercial ports and its troops conduct military and training missions.
Abu Dhabi, political capital of the seven-emirate federation, is moving assertively against the threat it sees from Islamist groups such as al Qaeda, while promoting itself as a stable, open and largely tolerant Muslim country.
It has allied itself with Saudi Arabia in the war against the Houthi group in Yemen, and with three Arab powers in a boycott of Qatar, accusing it of backing terrorism.
The UAE has hired senior foreign military officers to modernize its army, including Australia’s former top special forces general, Mike Hindmarsh, who reports to Abu Dhabi’s powerful Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.
Hindmarsh oversees the Presidential Guard, the unit tasked with directing the UAE’s campaign in Yemen.
“They are taking the fight to the enemy around the region,” said a Western diplomat.
General view of Martyrs Memorial Park opposite Sheikh Zayed Mosque in Abu Dhabi, UAE May 9, 2018. REUTERS/Satish Kumar A Gulf source spelled out the UAE approach, saying it was protecting its interests in the region and promoting development to deter recruitment by Islamist groups.
“The UAE is helping to develop economically viable zones that create jobs and improve standards of living while also providing humanitarian and financial aid.”
“There is a comprehensive Emirati approach to fostering long-term stability in the region,” the source said.
SOUTH YEMEN REVIVED A monument of leaning pillars in Abu Dhabi shows the cost of this engagement: inscribed with soldiers’ names, the memorial pays tribute to the UAE’s “martyrs”.
The vast majority - more than 100 - fell in the three-year-old war the UAE is fighting in Yemen alongside Saudi Arabia against the Iranian-aligned Houthis.
Saudi Arabia’s main ally in the conflict, Yemen’s heavily Islamist government, is struggling against the Houthis, who control the north of the country and the capital, Sanaa.
The UAE, which has made the only visible gains by the coalition along the southwestern coast, has adopted a different strategy and cultivated its own friends in the war.
Across a string of small bases from the volcanic island of Perim at the mouth of the Red Sea to the dunes of Rawah near the Omani border, the UAE pays salaries and trains troops.
At the beginning of the Yemen war, the UAE prised from Iran’s orbit a struggling secessionist movement which hopes to revive the former state of South Yemen.
The socialist movement’s leaders left Yemen after the north and south were unified in 1994, and wound up in Hezbollah’s south Beirut stronghold, from where they ran a low-level insurgency in Yemen, diplomatic and southern political sources said.
Iranian Revolutionary Guard officials and Hezbollah schooled the southern commanders in guerrilla tactics in hopes of destabilizing Saudi Arabia’s southern flank, the sources said.
Slideshow (4 Images) But when the Houthis advanced into southern Yemen in 2015, promises of assistance from the UAE convinced the southern leadership to move to Abu Dhabi from where they could carry on the fight for their Yemeni homeland.
“They want to fight Iranian militias trying to seize our lands, and we do too. This is enough for the alliance to make sense for now,” one southern official told Reuters.
This alliance helped the UAE to seize the southern port of Aden in 2015. The UAE trained southern Yemeni forces who captured the other main port, Mukalla, from al Qaeda.
Mukalla airport, closed to commercial flights, now hosts Emirati helicopters, a training center, detention facility and also a small contingent of U.S. special forces helping to fight al Qaeda in nearby mountains.
Iran’s foreign ministry did not immediately respond to a request for comment on any involvement with the southern Yemeni secessionists. Hezbollah also declined to comment.
SOMALIA TUG-OF-WAR
Raids by Somali pirates on trade routes along the Horn of Africa helped draw the UAE, home to the Middle East’s busiest port, into the tangled politics of Somalia, which has grappled for over a decade with al Qaeda-linked Shabaab militants.
The UAE is deepening ties with the semi-autonomous regions of Somaliland and Puntland after state-owned Emirati firms DP World and P&O Ports signed deals there in 2016 and 2017.
UAE troops quickly followed, and have begun building a military base in Berbera, Somaliland, the region’s President Muse Bihi Abdi told Reuters while on a visit to Abu Dhabi.
“It will be the guarantee for our security, for our development in any case of terrorism ... They have the resources and knowledge better than us. We are a nation after a war, rebuilding,” he said.
The relationship - which includes investing hundreds of millions of dollars in Somaliland for projects such as a highway to Ethiopia and new airport - has angered the central government in Somalia, and the UAE has ended its military training mission in Mogadishu.
UAE Minister of State for Foreign Affairs Anwar Gargash told Reuters that support for the regions was not intended to split Somalia and his country had no quarrel with the central government.
“Our policy of recognizing a one-Somalia stands ... But at the same time we are able to support the people of Somaliland through humanitarian, developmental [projects].”
The president of Puntland, Abdiweli Mohamed Ali, told Reuters in Dubai that UAE personnel were training local forces to combat piracy as well as Islamist groups in Yemen or Somalia.
He denied that the UAE sought a long-term colonial presence.
“They are not occupying as a military force in Somalia,” he said. “It’s impossible. We are fierce fighters, we will never allow that to happen.”
Additional reporting by Aziz El Yaakoubi; Writing by Noah Browning; Editing by Ghaida Ghantous and Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/us-uae-security-yemen-somalia/uae-extends-military-reach-in-yemen-and-somalia-idUSKBN1IC12A |
TOKYO, May 21, 2018 /PRNewswire/ -- VT Holdings (TOKYO: 7593) is pleased to announce its results for the fiscal year ended March 31, 2018.
Summary of Results
In the core automotive business, despite the impact of the issue of non-qualified employees making inspections at Nissan Motor, influences from the decision to stop selling two light vehicle models abated. The combined sales of new and used cars totaled 95,159 units, up 12,243 units, or 14.8%, year on year, thanks to the full-year contribution of sales from 12 affiliates of UK subsidiary WESSEX GARAGES HOLDINGS LIMITED and Spanish subsidiary MASTER AUTOMOCION, S.L. However, one subsidiary's performance was lower than initial forecasts. Also, due to deteriorating financial circumstances, VT Holdings recorded an impairment loss of JPY454 million as extraordinary loss.
During the fiscal year ended March 31, 2018, the Company recorded consolidated net sales of JPY202,133 million (up 19.2% YoY), operating income of JPY6,780 million (down 10.7% YoY), ordinary income of JPY7,173 million (down 9.6% YoY) and profit attributable to owners of parent of JPY3,765 million (down 14.9% YoY).
In the automotive business, the Company's sales amounted to JPY193,005 million (up 18.6% YoY), with operating income of JPY6,391 million (down 15.1% YoY).
Within the automotive business, overall sales of new cars for the Group as a whole, including overseas sales, amounted to 40,089 units (up 19.3% YoY). This sharp year-on-year rise in unit sales compared with the previous year led to increases in segment sales and income and bolstered profitability. In the used car segment, overall sales for the Group as a whole were 55,070 units (up 11.7% YoY). Although up substantially on a unit basis year on year, sales rose but income was down slightly, reflecting sluggish export and domestic market prices.
Within the automotive business, the service segment generated sales and profit increases and the rent-a-car segment generated higher rental numbers due to new store openings, but income was down slightly despite higher sales, due in part to an increase in depreciation and amortization on vehicles in line with model changes made for customer satisfaction.
In the housing-related business, sales came to JPY8,935 million (up 32.8% YoY), and operating income was JPY735 million (up 35.8% YoY)
In the housing-related business, the Company is developing the condominium business in Aichi and Gifu prefectures. In the detached homes segment, the Company also is expanding its locations in Tokyo, Osaka and Nagoya. Performance was extremely favorable in the condominium business due to orders for and deliveries of completed condominiums. Performance was also generally robust in the detached homes segment, as VT Holdings worked to expand orders for commercial facilities from outside the Group.
Total assets as of March 31, 2018, were JPY136,757 million, up JPY15,264 million compared to JPY121,493 million one year earlier.
In the fiscal year ending March 31, 2019, the Japanese government is planning to raise the consumption tax rate. This move is likely to prolong the current unpredictability of the business climate; the Company will respond by taking measures to expand new car sales and improve customer satisfaction while working toward further increasing core profit in the used car and service segments. The Company also plans to expand operations through M&A. Consolidated earnings forecasts call for consolidated net sales of JPY210,000 million (up 3.9% YoY), operating income of JPY8,000 million (up 18.0% YoY), ordinary income of JPY8,200 million (up 14.3% YoY) and profit attributable to owners of parent of JPY4,800 million (up 27.5% YoY).
VT Holdings Co., Ltd. ( 7593 , First Section, TSE) "Summary of Consolidated Financial Results for the Year Ended March 31, 2018" is available here:
http://www.vt-holdings.co.jp/eng/ir/library/pdf/20180515_4Q.pdf
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This release is for the purpose of providing information to serve as a reference for investment decisions and not for the purpose of soliciting investment. Please make your own judgment on final decisions such as investment policy, timing and selection. Please be advised that we do not assume any responsibility for damages caused by this service.
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View original content: http://www.prnewswire.com/news-releases/vt-holdings-co-ltd-issues-operating-performance-for-the-fiscal-year-ended-march-31-2018-300651721.html
SOURCE VT Holdings Co., Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-vt-holdings-co-ltd-issues-operating-performance-for-the-fiscal-year-ended-march-31-2018.html |
May 2 (Reuters) - HNA Group Co Ltd:
* SAYS 2017 REVENUE UP 203.76 PERCENT Y/Y AT 594.06 BILLION YUAN ($93.45 billion)
* SAYS 2017 NET PROFIT UP 80.41 PERCENT Y/Y AT 2.63 BILLION YUAN
* SAYS 2017 EBITDA UP 18.54 PERCENT Y/Y AT 61.53 BILLION YUAN Source text in Chinese: bit.ly/2I2jO3Z ($1 = 6.3570 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-chinas-hna-group-posts-2017-financ/brief-chinas-hna-group-posts-2017-financial-results-idUSB9N1S0005 |
(Reuters) - Factbox on Morocco’s bid to host the 2026 World Cup, which will be decided at the FIFA Congress in Moscow on June 13
FILE PHOTO: Hicham El Amrani, CEO of Morocco's bid for World Cup 2026, speaks to the media after a meeting with the Danish, Norwegian, Swedish, Finnish, Faroese and Icelandic Soccer Unions to present their bid to host the Soccer World Cup 2026, in Copenhagen, Denmark, May 3, 2018. Ritzau Scanpix/Anders Kjaerbye/via REUTERS Main points of bid
*Reusable stadiums – Five new stadiums are to be built with temporary structures which will be removed after the World Cup to allow the venues to be turned into more sustainable facilities. They are called modular legacy stadiums.
*Proximity - Each host city can be reached by motorways or rail links with almost all venues having an airport close by.
*Tourist infrastructure – Morocco is a growing destination with tourism expanding rapidly since the country is a short distance from Europe, where most traveling fans hail from.
*Political positioning – Morocco is billing itself as a bridge between cultures and civilizations, with an African anchor, a bridge to Europe and as a stalwart of the Arab and Islamic world.
The numbers
*Overall investment – Almost $16 billion, mostly on improving infrastructure.
*Stadiums — $2.1 billion, fully funded and guaranteed by the National Government. The Ministry of Youth and Sports will own the 14 stadiums.
*Morocco’s bid book claimed the tournament was projected to create 110,000 jobs and generate an economic boost of almost $2.7 billion for Morocco from 2019 to 2026.
Venues proposed
*Morocco will use 14 stadiums situated in 12 cities — Agadir, Casablanca (2), El Jadida, Fes, Marrakech (2), Meknes, Nador, Ouadja, Ouarzazate, Rabat, Tanger, Tetouan.
Previous bids
2010 – Morocco made it to the final round of voting by the FIFA executive committee but was pipped by four votes by South Africa in an all-African contest.
2006 – Morocco was one of four countries bidding but was eliminated after the first round of voting. Germany won the right to host with a controversial victory over South Africa.
1998 – France was elected to host the World Cup for a second time with a 12-7 victory over Morocco as third candidate Switzerland withdrew before the vote.
1994 – Morocco’s first bid was found by FIFA inspectors to have only one stadium up to World Cup standards but still got seven votes with winners the U.S. garnering 10 and Brazil two.
Prospects
*Morocco has significantly increased its sporting and tourist infrastructure since it first bid more than two decades ago but it is a small country for a tournament that will be double the size of this year’s finals in Russia.
*The size of Morocco’s economy and the boost the country can offer FIFA coffers pails into insignificance in comparison to the potential of the joint north American bid.
*With Qatar hosting the 2022 finals, Morocco might be prejudiced by the lack of appetite for a second successive World Cup in the Arab-speaking world.
*Morocco will hope to turn anti-American sentiment across the world into votes but regional politics means it cannot be assured of a united African vote (54) as the cornerstone of their efforts.
Betting odds
Joint North American bid 2/3
Morocco 7/3
Reporting by Mitch Phillips; Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-2026-morocco-factbox/factbox-on-moroccos-world-cup-bid-idUSKCN1IV05S |
New awards of $2.2 billion, the largest volume of quarterly new awards in more than six years Backlog of $8.5 billion, a record high, with 53% of backlog comprised of higher-margin Civil projects
LOS ANGELES--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, today reported results for the three months ended March 31, 2018. Revenue for the first quarter of 2018 was $1,028.2 million compared to $1,117.4 million for the first quarter of last year. The revenue decrease was primarily attributable to various electrical projects in New York that are completed or nearing completion, as well as reduced project execution activity on a large tunnel project on the West Coast that is also nearing completion. Net loss attributable to the Company for the first quarter of 2018 was $12.1 million, or $0.24 per diluted share, compared to net income attributable to the Company for the first quarter of 2017 of $13.8 million, or $0.27 per diluted share. The results for the first quarter of 2018 were negatively impacted by an unfavorable pre-tax charge of $17.8 million (an after-tax impact of $12.7 million, or $0.25 per diluted share), which was due to the unexpected outcome of an arbitration decision related to a subcontractor dispute on a Civil segment project in New York that was completed in 2013. The volume reduction mentioned above also contributed to the lower net income for the first quarter of 2018.
Backlog as of March 31, 2018 was $8.5 billion, a record high, and up 18% compared to $7.2 billion as of March 31, 2017. New awards and adjustments to contracts in process totaled $2.2 billion in the first quarter of 2018. Significant new awards included the previously announced $1.4 billion Newark Liberty International Airport Terminal One Design-Build project, a government office building project in California valued at $215 million, and various electrical projects in New York and in the western and southern United States collectively valued at $147 million.
Demand for Tutor Perini’s construction services remains strong, especially in the civil and specialty end markets. Subsequent to the first quarter, the Company was identified as the low bidder on several new civil projects, including the $800 million Southwest Light Rail Transit (METRO Green Line Extension) project in Minneapolis, a $109 million tunneling project in Los Angeles and a $93 million bridge project in New York City. The Company anticipates booking the contract awards for these projects as soon as the second quarter of 2018.
“Our earnings for the first quarter of 2018 were below expectations, largely because of the unexpected arbitration decision. However, we anticipate that stronger performance later this year should offset the weakness experienced this quarter,” remarked Ronald Tutor, Chairman and Chief Executive Officer. “Our record backlog and $1 billion of pending civil awards reflect our continued success in capturing significant project opportunities. We believe that we are well positioned to win even more, sizable civil awards as long-term funding is released, which should result in continued backlog growth.”
Outlook and Guidance
Based on the current backlog and market outlook, the Company is affirming its guidance for 2018, with diluted earnings per share (EPS) expected in the range of $1.90 to $2.30. As previously noted in our earnings release for the fourth quarter and full year 2017, earnings in 2018 are anticipated to be weighted towards the second half of the year, consistent with the cyclicality of the Company’s business.
First Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, May 9, 2017, to discuss the first quarter 2018 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.
The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com . To listen to the webcast, please visit the Company's website at least 15 minutes prior to the start of the call to register and to download and install any necessary software. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on the website.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC). We are known for our major complex building project commitments, as well as our capacity to perform large and complex transportation and heavy civil construction for government agencies and private clients throughout the world.
Forward-Looking Statements
The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, inaccurate estimates of contract risks, revenue or costs, the timing of new awards or the pace of project execution; the requirement to perform extra, or change order, work resulting in disputes or claims, which may adversely affect our working capital, profits and cash flows; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against project owners, subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; a significant slowdown or decline in economic conditions; increased competition and failure to secure new contracts; client cancellations of, or reductions in scope under, contracts reported in our backlog; actual results could differ from the assumptions and estimates used to prepare financial statements; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses; decreases in the level of government spending for infrastructure and other public projects; inability to retain key members of our management, to hire and retain personnel required to complete projects or implement succession plans for key officers; failure to meet our obligations under our debt agreements; possible systems and information technology interruptions; failure to comply with laws and regulations related to government contracts; inclement weather; conversion of our outstanding Convertible Notes that could dilute ownership interests of existing stockholders and could adversely affect the market price of our common stock; the potential dilutive impact of our Convertible Notes in our diluted earnings per share calculation; economic, political and other risks, including civil unrest, security issues, labor conditions, corruption and other unforeseeable events in countries where we do business, resulting in unanticipated losses; impairment of our goodwill or other indefinite-lived intangible assets; and other risks and uncertainties discussed under the heading “Risk Factors” in our for the year ended December 31, 2017 filed with the Securities and Exchange Commission on February 27, 2018. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Tutor Perini Corporation Condensed Consolidated Statements of Operations Unaudited Three Months Ended March 31, (in thousands, except per common share amounts) 2018 2017 REVENUE $ 1,028,156 $ 1,117,361 COST OF OPERATIONS (961,088 ) (1,014,641 ) GROSS PROFIT 67,068 102,720 General and administrative expenses (67,993 ) (65,703 ) INCOME (LOSS) FROM CONSTRUCTION OPERATIONS (925 ) 37,017 Other income, net 780 417 Interest expense (15,065 ) (15,564 ) INCOME (LOSS) BEFORE INCOME TAXES (15,210 ) 21,870 Income tax benefit (provision) 4,268 (8,106 ) NET INCOME (LOSS) (10,942 ) 13,764 LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 1,182 — NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ (12,124 ) $ 13,764 BASIC EARNINGS (LOSS) PER COMMON SHARE $ (0.24 ) $ 0.28 DILUTED EARNINGS (LOSS) PER COMMON SHARE $ (0.24 ) $ 0.27 WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: BASIC 49,814 49,282 DILUTED 49,814 50,948 Tutor Perini Corporation Segment Information Unaudited Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Three Months Ended March 31, 2018 Total revenue $ 325,400 $ 490,617 $ 274,801 $ 1,090,818 $ — $ 1,090,818 Elimination of intersegment revenue (62,286 ) (376 ) — (62,662 ) — (62,662 ) Revenue from external customers $ 263,114 $ 490,241 $ 274,801 $ 1,028,156 $ — $ 1,028,156 Income (loss) from construction operations $ 2,839 $ 6,425 $ 7,235 $ 16,499 $ (17,424 ) (a) $ (925 ) Capital expenditures $ 19,196
$ 278 $ 419 $ 19,893
$ 77 $ 19,970
Depreciation and amortization (b) $ 5,756 $ 481 $ 1,112 $ 7,349 $ 2,838 $ 10,187 Three Months Ended March 31, 2017 Total revenue $ 338,108 $ 515,251 $ 315,696 $ 1,169,055 $ — $ 1,169,055 Elimination of intersegment revenue (33,533 ) (18,161 ) — (51,694 ) — (51,694 ) Revenue from external customers $ 304,575 $ 497,090 $ 315,696 $ 1,117,361 $ — $ 1,117,361 Income from construction operations $ 31,888 $ 5,242 $ 14,762 $ 51,892 $ (14,875 ) (a) $ 37,017 Capital expenditures $ 5,567 $ 45 $ 6 $ 5,618 $ 54 $ 5,672 Depreciation and amortization (b) $ 16,318 $ 518 $ 1,192 $ 18,028 $ 2,968 $ 20,996 (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income from construction operations. Tutor Perini Corporation Condensed Consolidated Balance Sheets Unaudited As of March, 31 As of December 31, (in thousands, except share and per share amounts) 2018 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents ($52,871 and $53,067 related to variable interest entities (VIEs)) $ 174,340 $ 192,868 Restricted cash 4,090 4,780 Restricted investments 53,161 53,014 Accounts receivable ($28,076 and $30,003 related to VIEs) 1,236,818 1,265,717 Retainage receivable ($18,627 and $12,410 related to VIEs) 530,897 535,939 Costs and estimated earnings in excess of billings 980,896 932,758 Other current assets ($30,093 and $0 related to VIEs) 132,298 89,316 Total current assets 3,112,500 3,074,392 PROPERTY AND EQUIPMENT , net of accumulated depreciation of $328,443 and $359,188 ($25,072 and $11,641 related to VIEs)
473,178 467,499 GOODWILL 585,006 585,006 INTANGIBLE ASSETS, NET 88,568 89,454 OTHER ASSETS 48,877 47,772 TOTAL ASSETS $ 4,308,129 $ 4,264,123 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 27,165 $ 30,748 Accounts payable ($9,183 and $19,243 related to VIEs) 659,290 699,971 Retainage payable 246,033 261,820 Billings in excess of cost and estimated earnings ($199,618 and $120,952 related to VIEs) 508,616 456,869 Accrued expenses and other current liabilities 118,334 132,438 Total current liabilities 1,559,438 1,581,846 LONG-TERM DEBT , less current maturities, net of unamortized discounts and debt issuance costs totaling $43,064 and $45,631
790,119 705,528 DEFERRED INCOME TAXES 106,763 108,504 OTHER LONG-TERM LIABILITIES 166,205 163,465 TOTAL LIABILITIES 2,622,525 2,559,343 COMMITMENTS AND CONTINGENCIES EQUITY Stockholders' Equity: Preferred stock - authorized 1,000,000 shares ($1 par value), none issued — — Common stock - authorized 75,000,000 shares ($1 par value), issued and outstanding 49,913,003 and 49,781,010 shares
49,913 49,781 Additional paid-in capital 1,087,164 1,084,205 Retained earnings 606,199 622,007 Accumulated other comprehensive loss (43,596 ) (42,718 ) Total stockholders' equity 1,699,680 1,713,275 Noncontrolling interests (14,076 ) (8,495 ) TOTAL EQUITY 1,685,604 1,704,780 TOTAL LIABILITIES AND EQUITY $ 4,308,129 $ 4,264,123
Tutor Perini Corporation Condensed Consolidated Statements of Cash Flows Unaudited Three Months Ended March 31, (in thousands) 2018 2017 Cash Flows from Operating Activities: Net income (loss) $ (10,942 ) $ 13,764 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation 9,301 20,110 Amortization of intangible assets 886 886 Share-based compensation expense 6,081 4,306 Change in debt discounts and deferred debt issuance costs 2,927 3,836 Deferred income taxes 186 (526 ) Loss (gain) on sale of property and equipment 1,471 (131 ) Other long-term liabilities 1,139 (1,824 ) Other (180 ) 267 Changes in other components of working capital (84,272 ) (73,533 ) NET CASH USED IN OPERATING ACTIVITIES (73,403 ) (32,845 ) Cash Flows from Investing Activities: Acquisition of property and equipment excluding financed purchases (19,970 ) (5,672 ) Proceeds from sale of property and equipment 3,303 259 Investment in securities, restricted (3,288 ) — Proceeds from maturities and sales of investments in securities 3,007 — NET CASH USED IN INVESTING ACTIVITIES (16,948 ) (5,413 ) Cash Flows from Financing Activities: Proceeds from debt 665,000 313,977 Repayment of debt (586,559 ) (296,485 ) Issuance of common stock and effect of cashless exercise (2,308 ) (10,809 ) Distributions paid to noncontrolling interests (5,000 ) — Debt issuance and extinguishment costs — (57 ) NET CASH PROVIDED BY FINANCING ACTIVITIES 71,133 6,626 Net decrease in cash, cash equivalents and restricted cash (19,218 ) (31,632 ) Cash, cash equivalents and restricted cash at beginning of period 197,648 196,607 Cash, cash equivalents and restricted cash at end of period $ 178,430 $ 164,975 Tutor Perini Corporation Backlog Information Unaudited Revenue New Awards in the Recognized in the Backlog at Three Months Ended Three Months Ended Backlog at (in millions) December 31, 2017 March 31, 2018 (a) March 31, 2018 March 31, 2018 Civil $ 4,118.2 $ 620.3 $ (263.1 ) $ 4,475.4 Building 1,701.4 1,025.9 (490.3 ) 2,237.0 Specialty Contractors
1,463.8 576.0 (274.8 ) 1,765.0 Total $ 7,283.4 $ 2,222.2 $ (1,028.2 ) $ 8,477.4 (a) New awards consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006412/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-tutor-perini-reports-first-quarter-2018-results.html |
May 11, 2018 / 11:42 AM / Updated 3 minutes ago Hamilton on top with Red Bull close behind Alan Baldwin 4 Min Read
BARCELONA (Reuters) - Formula One world champion Lewis Hamilton returned to the top of the timesheets in second Spanish Grand Prix practice on Friday, with the charging Red Bulls of Daniel Ricciardo and Max Verstappen hot on his heels. Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 11, 2018 Mercedes' Valtteri Bottas during practice REUTERS/Albert Gea
The Briton, who leads the championship by four points from Ferrari’s Sebastian Vettel after four long-haul races, lapped the Circuit de Catalunya in one minute 18.259 seconds on the soft tyres.
Australian Ricciardo’s car had some eye-catching aerodynamic upgrades for the start of the European season and ended 0.133 seconds slower after crashing in the morning, while Verstappen was third.
The two Red Bulls collided in Azerbaijan two weekends ago and are under close scrutiny by team bosses who could intervene if their rivalry risks overheating again in Sunday’s race.
Vettel, who will be chasing his fourth successive pole position on Saturday, was fourth and Hamilton’s team mate Valtteri Bottas fifth.
Vettel’s team mate Kimi Raikkonen suffered a power unit problem.
Bottas set the day’s overall fastest lap in the opening session with a time of 1:18.148 seconds on the soft tyres, a remarkable 0.849 faster than Hamilton who won from pole in Spain last year. Related Coverage Kubica embarrassed by Williams' lack of speed
Hamilton has not felt fully comfortable with his car and knows his championship advantage owes a lot to luck.
“The day was pretty good, but it was a tricky one because it was so windy out there,” said the Briton, who was gifted a win in Baku two weeks ago when Bottas had a puncture in the closing laps while leading.
“Every driver was struggling with the changing direction of the wind. You’re constantly arriving at each corner and the wind direction is never the same, so we saw lots of drivers going off.
“These conditions make it very difficult to define where the set-up needs to go.” Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 11, 2018 Ferrari's Sebastian Vettel and Mercedes' Valtteri Bottas during practice REUTERS/Albert Gea LUCKY BOY
The virtual safety car was deployed in the morning when Ricciardo’s car ran across the gravel and into the barriers.
“Thankfully, the damage is pretty light,” team principal Christian Horner told Sky Sports television. “It was the old front wing so he’s a lucky boy.”
Home hero Fernando Alonso started the weekend a morale-boosting sixth, behind Raikkonen, with his McLaren displaying a heavily-revised three-pronged nose — one of several conspicuous upgrades around the pit lane.
The Spaniard later slipped back to 12th.
Ferrari meanwhile caught the eye with wing mirrors mounted on the halo head protection device as an experiment.
Williams had another trying session as Polish reserve Robert Kubica took part in a race weekend for the first time since 2010, three months before he suffered serious injuries in a rally crash.
The former race winner was 19th, in 1:21.510, and faster than teenage Canadian team mate Lance Stroll, who was in last place on the timesheets with a best of 1:22.756 after his car went off into the gravel.
Kubica’s car had a newer floor than Stroll’s, however.
“Unbelievable how bad the balance is,” Stroll complained over the radio.
Kubica was replacing Russian rookie Sergey Sirotkin, who returned for second practice and was slowest in 1:22.060. Reporting by Alan Baldwin, editing by Pritha Sarkar and Ian Chadband | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain/mercedes-lead-the-way-in-spanish-gp-practice-idUKKBN1IC1A0 |
SHANGHAI, May 22, 2018 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced its unaudited financial results for the first quarter ended March 31, 2018.
Key Highlights for the First Quarter of 2018
Ctrip reported strong financial results in the first quarter of 2018. Net revenue increased 11% year-on-year to RMB6.7 billion (US$1.1 billion) in the first quarter of 2018. Net income attributed to Ctrip's shareholders increased by more than 19 times year-on-year to RMB1.1 billion (US$ 170 million) in the first quarter of 2018, compared to RMB52 million in the same period in 2017. Ctrip's international businesses sustained robust growth momentum. Excluding Skyscanner, international air ticketing accounted for over 40% of the group's air ticketing revenue, as we continue to ride the wave of Chinese outbound customers and expand our customer base in overseas markets. Skyscanner's direct booking program continues to gain momentum, delivering revenue growth of over 600% year-on-year in the first quarter. The Company increased its presence in lower-tier cities. Total gross merchandise volume of the offline stores grew around 50% year-on-year in the first quarter of 2018.
"I'm glad that Ctrip achieved solid results in the first quarter of 2018," said Jane Sun, Chief Executive Officer. "We are hugely grateful for the trust of our customers. Together with our partners, we strive to make their travel easier and more enjoyable. There are still many improvements for us to make, and also many areas where we can further unleash our potential. We are in a good position to capture growth in the travel industry, both domestically and globally, and we are very excited about the bright future ahead of us."
"In the past 19 years since the launch of Ctrip, we have claimed many firsts in the travel service area," said James Liang, Executive Chairman. "We must be mindful that Ctrip's success to date has come from the value we created for customers, and this will not change in the future. Despite the challenges and setbacks along the way, we believe that as long as we stick to customer centric principles and continually make investments and innovations, we will become the best travel service provider in the world and the pride of the travel industry."
First Quarter of 2018 Financial Results and Business Updates
For the first quarter of 2018, Ctrip reported net revenue of RMB6.7 billion (US$1.1 billion), representing an 11% increase from the same period in 2017. Net revenue for the first quarter of 2018 increased 9% from the previous quarter.
Accommodation reservation revenue for the first quarter of 2018 was RMB2.5 billion (US$397 million), representing a 23% increase from the same period in 2017, primarily driven by an increase in accommodation reservation volume. Accommodation reservation revenue for the first quarter of 2018 increased 14% from the previous quarter, primarily due to seasonality.
Transportation ticketing revenue for the first quarter of 2018 was RMB2.9 billion (US$460 million), which remained consistent with the same period of 2017. Transportation ticketing revenue decreased 1% from the previous quarter.
Packaged tour revenue for the first quarter of 2018 was RMB834 million (US$133 million), representing an 18% increase from the same period in 2017, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenue for the first quarter of 2018 increased 52% from the previous quarter, primarily due to seasonality.
Corporate travel revenue for the first quarter of 2018 was RMB180 million (US$29 million), representing a 25% increase from the same period in 2017, primarily driven by expansion in travel product coverage. Corporate travel revenue for the first quarter of 2018 decreased 13% from the previous quarter, primarily due to seasonality.
Gross margin was 82% for the first quarter of 2018, compared to 80% in the same period in 2017, and 83% for the previous quarter.
Product development expenses for the first quarter of 2018 increased by 10% to RMB2.2 billion (US$344 million) from the same period in 2017, primarily due to the increase in product development personnel related expenses. Product development expenses for the first quarter of 2018 increased 4% from the previous quarter. Product development expenses for the first quarter of 2018 accounted for 32% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses for the first quarter of 2018 accounted for 29% of the net revenue, which increased from 28% for the same period in 2017 and decreased from 30% for the previous quarter.
Sales and marketing expenses for the first quarter of 2018 increased by 11% to RMB2.1 billion (US$333 million) from the same period in 2017, primarily due to an increase in sales and marketing activities to strengthen our market position and personnel related expenses. Sales and marketing expenses for the first quarter of 2018 increased 3% from the previous quarter. Sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue, which increased from 30% for the same period in 2017 and decreased from 32% for the previous quarter.
General and administrative expenses for the first quarter of 2018 increased by 1% to RMB646 million (US$103 million) from the same period in 2017. General and administrative expenses for the first quarter of 2018 decreased 8% from the previous quarter, primarily on the back of more provision of trade and other receivables was made in previous quarter. General and administrative expenses for the first quarter of 2018 accounted for 10% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 8% of the net revenue, which increased from 7% for the same period in 2017 and decreased from 9% for the previous quarter.
Income from operations for the first quarter of 2018 was RMB590 million (US$95 million), compared to RMB374 million in the same period in 2017 and RMB303 million in the previous quarter. Excluding share-based compensation charges, Non-GAAP income from operations was RMB966 million (US$156 million), compared to RMB896 million in the same period in 2017 and RMB703 million in the previous quarter.
Operating margin was 9% for the first quarter of 2018, compared to 6% in the same period in 2017, and 5% in the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin was 14%, compared to 15% in the same period in 2017 and 11% in the previous quarter.
Income tax expense for the first quarter of 2018 was RMB179 million (US$29 million), compared to RMB139 million in the same period of 2017 and RMB238 million in the previous quarter. The change in the Group's effective tax rate primarily reflects profitability changes in our subsidiaries with different tax rates, certain non-tax deductible losses including the share based compensation and fair value change in equity securities investments.
Net income attributable to Ctrip's shareholders for the first quarter of 2018 was RMB1.1 billion (US$170 million), compared to RMB52 million in the same period in 2017 and RMB350 million in the previous quarter. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP net income attributable to Ctrip's shareholders was RMB2.1 billion (US$341 million), compared to RMB574 million in the same period in 2017 and RMB750 million in the previous quarter, primarily due to the net gain recognized from a number of investing activities.
Diluted earnings per ADS were RMB1.81 (US$0.29) for the first quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP diluted earnings per ADS were RMB3.48 (US$0.55) for the first quarter of 2018.
As of March 31, 2018, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB52.5 billion (US$8.4 billion).
New Accounting Standards
From January 1, 2018, the Company adopted the following new accounting standards.
1> The "New Revenue Accounting Standard"
The new revenue standard (ASC 606) was effective from January 1, 2018 and the revenue of the first quarter of 2018 was reported under the new standard. We adopt the full retrospective transition approach which requires the financial statements for 2016 and 2017 to be retrospectively adjusted.
The new standard does not change the presentation of substantially all of the Company' revenues, which continues to be reported on a net basis. However, the timing of revenue recognition for certain revenue streams is changed under the new standard. In particular, revenue for accommodation reservation services, which used to be recognized after end-users completed their stays, is changed to be recognized when the reservation becomes non-cancellable. Revenue for packaged-tour services, which used to be recognized when packaged-tours were completed, is changed to be recognized on the departure date of the tours.
Although the change in timing of revenue recognition does not have a significant impact to the Company's 2017 annual revenue and net income, the effects on quarterly revenue and net income are more significant due to the seasonality of the Company's business. The key line items of our quarterly operation results of 2017 that were previously released have been adjusted as follows:
Quarter Ended
March 31,
2017
June 30,
2017
September 30,
2017
December 31,
2017
RMB (million)
Revenues:
Accommodation reservation
2,023
2,326
2,998
2,184
Transportation ticketing
2,875
2,993
3,428
2,925
Packaged-tour
709
640
1,075
549
Corporate travel
144
199
203
207
Others
342
347
472
354
Total revenues
6,093
6,505
8,176
6,219
Net revenues
6,045
6,459
8,119
6,173
Gross profit
4,856
5,334
6,816
5,112
Income from operations
374
687
1,579
303
Net income attributable to
Ctrip.com International, Ltd.
52
359
1,394
350
Income from operations
(Non-GAAP)
896
1,215
1,963
703
Net income attributable to
Ctrip.com International, Ltd.
(Non-GAAP)
574
887
1,778
750
2> The "New Financial Instruments Accounting Standard"
The Company adopted the new financial instruments accounting standard from January 1, 2018 and approximately RMB6.3 billion of accumulated other comprehensive income, reflective of the net unrealized gain for the available-for-sale equity securities that existed as of December 31, 2017 was reclassified into retained earnings upon the initial adoption. After the adoption of this new accounting standard, the Company measures its available-for-sale equity securities at fair value with gains or losses recorded through the income statements, which could vary significantly from quarter to quarter. The impact of applying this new standard for the first quarter of 2018 resulted in a decrease of approximately RMB0.7 billion in net income, net of tax of RMB0.1 billion.
Business Outlook
For the second quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 12%-17%, which is calculated on the estimated net revenue of the second quarter of 2018 under the new revenue recognition standard and the net revenue of the second quarter of 2017 retrospectively adjusted. This forecast reflects Ctrip's current and preliminary view, which is subject to change.
Conference Call
Ctrip's management team will host a conference call at 8:00PM U.S. Eastern Time on May 22, 2018 (or 8:00AM on May 23, 2018 in the Shanghai/Hong Kong Time) following the announcement.
The conference call will be available on Webcast live and replay at http://ir.ctrip.com . The call will be archive for twelve months at this website.
Listeners may access the call by dialing the following numbers:
US:
+1-855-8219-305 or +1-240-254-3156
Hong Kong:
+852- 3077-3569
China:
800-820-8527 or 400-612-6501
International:
+65-6653-5870
Passcode:
47931460#
For pre-registration, please click http://event.onlineseminarsolutions.com/wcc/r/1674230-1/207A165A8E0CEB83CA17F9EEB0EDB823
A telephone replay of the call will be available after the conclusion of the conference call until May 30, 2018. The dial-in details for the replay:
International dial-in number:
+65-6653-5846
Passcode:
515080321#
Safe Harbor Statement
This announcement contains . These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident" or other similar statements. Among other things, quotations from management and the Business Outlook section in this press release, as well as Ctrip's strategic and operational plans, contain . Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip's ADSs, Ctrip's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Ctrip operates, failure to successfully develop Ctrip's existing or future business lines, damage to or failure of Ctrip's infrastructure and technology, loss of services of Ctrip's key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip's affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrip's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the issuance, and Ctrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Ctrip's unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, other income, income tax expenses, net income attributable to Ctrip's shareholders, and diluted earnings per ordinary share and per ADS, each of which (except for net commission earned) is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" and its share-based compensation charges are not tax deductible, and fair value changes of equity securities investments, net of tax, recorded under ASU 2016-1. Ctrip's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.
Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges and fair value changes of equity securities investments that have been and will continue to be significant recurring expenses in Ctrip's business for the foreseeable future.
Reconciliations of Ctrip's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.
For further information, please contact:
Investor Relations
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 196455
Email: [email protected]
Ctrip.com International, Ltd.
Unaudited Consolidated Balance Sheets
December 31, 2017
March 31, 2018
March 31, 2018
RMB (million)
RMB (million)
USD (million)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
18,243
17,253
2,751
Restricted cash
1,749
1,119
178
Short-term investments
28,130
34,123
5,440
Accounts receivable, net *
4,749
5,178
825
Prepayments and other current assets
6,547
8,642
1,378
Total current assets
59,418
66,315
10,572
Long-term deposits and prepayments
840
686
109
Land use rights
97
96
15
Property, equipment and software
5,616
5,785
922
Investments
25,574
25,224
4,021
Goodwill
56,246
56,488
9,006
Intangible assets
13,750
13,715
2,186
Other long-term receivable
237
230
37
Deferred tax assets
462
642
102
Total assets
162,240
169,181
26,970
LIABILITIES
Current liabilities:
Short-term debt and current portion of long-term debt
16,316
20,576
3,280
Accounts payable
7,459
9,416
1,501
Salary and welfare payable
3,465
3,345
533
Taxes payable
927
1,048
167
Advances from customers
7,868
6,254
997
Accrued liability for customer reward program
610
588
94
Other payables and accruals
5,517
6,042
963
Total current liabilities
42,162
47,269
7,535
Deferred tax liabilities *
3,895
3,786
604
Long-term debt
29,220
29,072
4,635
Other long-term liabilities
348
340
54
Total liabilities
75,625
80,467
12,828
SHAREHOLDERS' EQUITY
Share capital
5
5
1
Additional paid-in capital
71,341
71,885
11,460
Statutory reserves
384
384
61
Accumulated other comprehensive income **
80
479
76
Retained Earnings * / **
15,137
16,197
2,582
Treasury stock
(2,111)
(2,111)
(337)
Total Ctrip.com International, Ltd. shareholders' equity
84,836
86,839
13,843
Noncontrolling interests
1,779
1,875
299
Total shareholders' equity
86,615
88,714
14,142
Total liabilities and shareholders' equity
162,240
169,181
26,970
* The new revenue standard (ASC 606) was effective from January 1, 2018 and the revenue of the first quarter of 2018 was reported under new standard. We
adopt the full retrospective approach under which, the revenue and other major line items of consolidated statements of comprehensive income and related items of
balance sheet of the comparable periods were restated accordingly. The impact of applying this new standard for the first quarter and fourth quarter of 2017
resulted in a decrease of approximately RMB40 million and RMB0.2 billion in net revenue, respectively. Meanwhile, as of December 31, 2017, accounts receivable
and retained earnings increased with approximately RMB190 million. Deferred tax liabilities as of December 31, 2017 and income tax expenses of the first and
fourth quarter of 2017 were restated accordingly.
** The Company adopted the new financial instruments accounting standard from January 1, 2018 and approximately RMB6.3 billion of accumulated other
comprehensive income for the available-for-sale equity securities that existed as of December 31, 2017 was reclassified into retained earnings upon the initial
adoption. After the adoption of this new accounting standard, the Company measured its available-for-sale equity securities at fair value with gains or losses
recorded through the income statements, which could vary significantly from quarter to quarter. The impact of applying this new standard for the first quarter of
2018 resulted in a decrease of approximately RMB0.7 billion in net income, net of tax of RMB0.1 billion.
Ctrip.com International, Ltd.
Unaudited Consolidated Statements of Comprehensive Income
Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
March 31, 2017
December 31, 2017
March 31, 2018
March 31, 2018
RMB (million)
RMB (million)
RMB (million)
USD (million)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue*:
Accommodation reservation
2,023
2,184
2,487
397
Transportation ticketing
2,875
2,925
2,888
460
Packaged-tour
709
549
834
133
Corporate travel
144
207
180
29
Others
342
354
377
60
Total revenue
6,093
6,219
6,766
1,079
Less: Sales tax and surcharges
(48)
(46)
(35)
(6)
Net revenue
6,045
6,173
6,731
1,073
Cost of revenue
(1,189)
(1,061)
(1,244)
(198)
Gross profit
4,856
5,112
5,487
875
Operating expenses:
Product development ***
(1,963)
(2,074)
(2,160)
(344)
Sales and marketing ***
(1,881)
(2,034)
(2,091)
(333)
General and administrative ***
(638)
(701)
(646)
(103)
Total operating expenses
(4,482)
(4,809)
(4,897)
(780)
Income from operations
374
303
590
95
Interest income
130
336
480
77
Interest expense
(260)
(324)
(322)
(51)
Other (expense)/income **
(88)
337
397
63
Income before income tax expense, equity in
income of affiliates and non-controlling interests
156
652
1,145
184
Income tax expense * / **
(139)
(238)
(179)
(29)
Equity in income/(loss) of affiliates
27
(98)
78
12
Net income
44
316
1,044
167
Net loss attributable to non-controlling interests
8
34
16
3
Net income attributable to Ctrip.com International,
Ltd.
52
350
1,060
170
Comprehensive income attributable to Ctrip.com
International, Ltd. **
1,203
2,374
1,459
233
Earnings per ordinary share
- Basic
0.81
5.18
15.47
2.47
- Diluted
0.77
4.99
14.49
2.31
Earnings per ADS
- Basic
0.10
0.65
1.93
0.31
- Diluted
0.10
0.62
1.81
0.29
Weighted average ordinary shares outstanding
- Basic
64,940,107
67,498,755
68,506,090
68,506,090
- Diluted
68,483,538
73,845,325
75,855,705
75,855,705
*** Share-based compensation included in Operating expense above is as follows:
Product development
283
214
210
34
Sales and marketing
49
40
35
6
General and administrative
190
146
131
21
** Fair value changes of equity securities investments included in Net income is as follow:
Fair value loss of equity securities investments, net of tax
-
-
688
110
Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB (million), except % and per share information)
Quarter Ended March 31, 2018
GAAP Result
% of Net
Revenue
Non-GAAP
Adjustment
% of Net
Revenue
Non-GAAP Result
% of Net
Revenue
Share-based compensation included in Operating expense is as follows:
Product development
(2,160)
32%
210
3%
(1,950)
29%
Sales and marketing
(2,091)
31%
35
1%
(2,056)
31%
General and administrative
(646)
10%
131
2%
(515)
8%
Total operating expenses
(4,897)
73%
376
6%
(4,521)
67%
Income from operations
590
9%
376
6%
966
14%
Fair value changes of equity securities investments, net of tax
(688)
10%
688
10%
-
0%
Net income attributable to Ctrip's shareholders
1,060
16%
1,064
16%
2,124
32%
Diluted earnings per ordinary share (RMB)
14.49
13.34
27.83
Diluted earnings per ADS (RMB)
1.81
1.67
3.48
Diluted earnings per ADS (USD)
0.29
0.26
0.55
Quarter Ended December 31, 2017
GAAP Result
% of Net
Revenue
Non-GAAP
Adjustment
% of Net
Revenue
Non-GAAP Result
% of Net
Revenue
Share-based compensation included in Operating expense is as follows:
Product development
(2,074)
34%
214
3%
(1,860)
30%
Sales and marketing
(2,034)
33%
40
1%
(1,994)
32%
General and administrative
(701)
11%
146
2%
(555)
9%
Total operating expenses
(4,809)
78%
400
6%
(4,409)
71%
Income from operations
303
5%
400
6%
703
11%
Net income attributable to Ctrip's shareholders
350
6%
400
6%
750
12%
Diluted earnings per ordinary share (RMB)
4.99
5.42
10.41
Diluted earnings per ADS (RMB)
0.62
0.68
1.30
Diluted earnings per ADS (USD)
0.10
0.10
0.20
Quarter Ended March 31, 2017
GAAP Result
% of Net
Revenue
Non-GAAP
Adjustment
% of Net
Revenue
Non-GAAP Result
% of Net
Revenue
Share-based compensation included in Operating expense is as follows:
Product development
(1,963)
32%
283
5%
(1,680)
28%
Sales and marketing
(1,881)
31%
49
1%
(1,832)
30%
General and administrative
(638)
11%
190
3%
(448)
7%
Total operating expenses
(4,482)
74%
522
9%
(3,960)
66%
Income from operations
374
6%
522
9%
896
15%
Net income attributable to Ctrip's shareholders
52
1%
522
9%
574
10%
Diluted earnings per ordinary share (RMB)
0.77
7.55
8.32
Diluted earnings per ADS (RMB)
0.10
0.94
1.04
Diluted earnings per ADS (USD)
0.01
0.14
0.15
Notes for all the condensed consolidated financial schedules presented:
Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.2726 on March 30, 2018 published by the Federal Reserve Board.
View original content: http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-first-quarter-of-2018-financial-results-300652563.html
SOURCE Ctrip.com International, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-ctrip-reports-unaudited-first-quarter-of-2018-financial-results.html |
I know I don't look old enough but this summer will mark my thirty years in the City of London.
It was back in 1988 that I first stepped on to the trading floor of Kleinwort Benson at 20 Fenchurch Street and I'd like to think that that day was the start of a steep learning curve. A curve which I'm still on, by the way.
One of the early lessons that senior traders, and then more latterly senior journalists, tried to teach me was how to spot a rat. Rats come in various shapes and sizes but one's ability to spot one early enough to act upon does tend to ensure longevity in the cut throat Square Mile.
From Nick Leeson blowing up Barings to Marconi's slow-motion car crash, from Iceland becoming the world's most dangerous hedge fund to cryptocurrencies, some impending disasters are easier to spot than others.
Of course I'm not pretending to have either dealt perfectly upon all of these hiccups in the early days or shown great reporting prescience more latterly every time a rat comes along, but sometimes you just can't fail to get a win.
show chapters Buffett on missing Amazon and Google 10:42 PM ET Sat, 12 May 2018 | 02:08 I can tell you straight away the best and worst thing about my current job. The worst is going to bed before your five-year-old daughter at circa 7 p.m. so you can get up in the middle of the night five days a week. The best, however, is the fact that repeat dumb behavior by markets and certain participants hands out several freebies a year that will always make you look smarter than the average bear.
Take this month's Argentina blow up for example. When a country which has had more debt blowouts than I've had bottles of Malbec — and that is a significant number I can assure you — is issuing 100-year paper at sub-8 percent yields, as it was last summer, you know you only have to wait for the inevitable to happen before being proved right.
When investors can't help themselves but hoover up vast quantities of the likes of Snap or Go Pro at IPO (initial public offering), regardless of the actual proven fundamentals you know you pretty much just ride out the "you just don't get tech do you Steve" bull and wait for the quarterly reports to come in over the months ahead.
So, at the moment what are some of the no brainers out there?
show chapters SNAP earnings broke camel's back for some advertisers: Analyst 3:34 PM ET Wed, 2 May 2018 | 05:12 Well there is the perennial joke that is the Italian debt market, propped up by a central bank so terrified of letting markets decide on another shambles of a political situation. Elsewhere, there's an extension of the Argentina trade, otherwise known as "is this the moment the hedge fund hotel check out" gets jammed as people finally look at the current account deficit debacle of a host of emerging market countries?
Other favorites include pretty much any company that thinks it can "do an Amazon " and never actually make money until it has attained global domination ... I mean greater market share.
Guess what? You can't all be Amazon and one day soon the market will suss that.
Still, the repeat stupidity, greed and plain gullibility of the herd will hopefully keep me in business for the next thirty years.
(Editor's note: Both Snap and Go Pro were not immediately available for comment when contacted by CNBC.)
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/market-herds-greed-will-keep-me-in-business-steve-sedgwick.html |
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